华商基金张明昕：坚守价值投资 聚焦产业趋势 拥抱科技投资浪潮

Core Viewpoint - The article emphasizes the importance of value investing in the context of a global wave of technological innovation, highlighting the need to focus on industry trends and pursue sustainable long-term performance [1][3]. Fund Performance - As of December 10, 2025, the net value growth rate of Huashang Balanced Growth Mixed Fund A reached 140.87% for the year, while Fund C achieved a growth rate of 139.53% [2]. - Over the past year, Fund C ranked 7th among its peers with a growth rate of 103.35%, and Fund A ranked 9th with a growth rate of 104.55% [2]. - In the last three years, Fund C also ranked 7th with a growth rate of 90.52%, while Fund A ranked 9th with a growth rate of 93.96% [2]. Investment Strategy - Zhang Mingxin, the fund manager, advocates for a core investment strategy focused on industries in an upward economic cycle, particularly emphasizing the AI sector and its expanding applications [3][4]. - The fund continues to maintain a core allocation towards overseas computing power while also participating in investments in domestic AI and semiconductor sectors [4]. Manager Background - Zhang Mingxin has a master's degree in science and is a Chartered Financial Analyst (CFA) with 10 years of experience in the securities industry, including 5.3 years in research and 4.7 years in investment [3]. - His investment philosophy centers on "investment based on industry trends," aiming for stable value appreciation and performance growth [3].