华商基金张明昕管理 华商均衡成长混合C近1年、3年业绩同类前五

Core Viewpoint - During the "14th Five-Year Plan" period, China's economic strength, technological capabilities, and overall national power have reached new heights, leading to a vibrant capital market. Huashang Fund remains committed to prioritizing the interests of its investors, adhering to active management, and pursuing high-quality development [1][10]. Performance Summary - As of December 31, 2025, Huashang Fund's actively managed equity funds achieved a five-year absolute return of 90.58%, ranking 5th among 139 comparable companies. Over seven years, the absolute return reached 341.72%, placing it 4th among 121 peers [10]. - The company's actively managed fixed-income funds recorded a five-year absolute return of 45.22%, ranking 1st among 126 comparable firms, and a seven-year absolute return of 100.14%, also ranking 1st among 112 peers [10]. - In December 2025, Huashang Fund was awarded the "Active Equity Investment Golden Bull Fund Company Award" by China Securities Journal for its outstanding long-term performance [10]. Fund Specifics - The Huashang Balanced Growth Mixed Fund, managed by Zhang Mingxin, has shown remarkable performance, with the Huashang Balanced Growth Mixed C fund ranking 3rd in its category over the past year and 5th over the past three years [2][11]. - The Huashang Balanced Growth Mixed A fund ranked 4th in the past year and 8th over the past three years among its peers [11]. Management Philosophy - Zhang Mingxin, the General Manager of the Equity Investment Department at Huashang Fund, emphasizes that value investing is undoubtedly a sustainable investment approach. He advocates for a comprehensive value assessment and reasonable pricing to provide a good margin of safety, which is fundamental to investment [5][13]. - The company believes that only industries in an upward economic cycle can consistently reach new highs, and thorough cross-industry comparisons and in-depth research of the industrial chain are essential for identifying alpha assets that can achieve significant returns [5][13]. Future Outlook - Looking ahead, Huashang Fund will continue to prioritize the interests of its investors, adhere to the essence of the industry, deepen active management, and maintain a long-term perspective. The company aims to optimize resource allocation and fulfill its mission in the context of high-quality development [14].