华商基金童立：2026年关注科技与新质生产力 国内科技产业链表现或更具弹性

Core Viewpoint - The A-share market has shown active performance with a continuous increase in profitability, and the products managed by Tong Li of Huashang Fund ranked in the top 20% of their peers in 2025 [1][17]. Group 1: Performance and Management - As of the end of 2025, all products managed by Tong Li ranked in the top one-third over the past 3 and 5 years, providing a good holding experience for investors [1][17]. - Tong Li has been with Huashang Fund since 2011, serving in various roles and currently as the Research Director and General Manager of the Research and Development Department [1][17]. Group 2: Investment Philosophy - Tong Li's investment philosophy can be summarized in three keywords: long-termism, three-dimensional stock selection, and left-side layout [4][20]. - His investment style reflects a long-term perspective, emphasizing that true investors will be rewarded over time despite short-term market fluctuations [4][20]. Group 3: Stock Selection Logic - Tong Li employs a "three-dimensional framework" focusing on industry prosperity, strong potential, and genuine growth to uncover intrinsic value [4][20]. - He maintains a broad capability circle, covering growth sectors like TMT and high-end manufacturing, as well as cyclical industries like chemicals and non-ferrous metals, balancing value and growth [4][20]. Group 4: Timing and Positioning - Tong Li does not excessively predict short-term market fluctuations but adjusts equity positions based on macroeconomic cycles, focusing on industry rotation and left-side layout [5][21]. - In 2024, he reduced exposure to risk while focusing on sectors like digital economy and dual-carbon economy, demonstrating a cautious investment style and keen industry insight [5][21]. Group 5: Future Outlook - Looking ahead, Tong Li remains optimistic about technology and new productive forces, particularly in AI applications, smart driving, robotics, and semiconductor self-control [6][23]. - He anticipates that global macroeconomic fluctuations in 2026 may exceed those of 2025, and he will remain vigilant to adapt investment strategies accordingly [6][23]. Group 6: Fund Performance Rankings - The performance rankings of various funds managed by Huashang Fund indicate strong relative performance, with several funds ranking in the top tiers over 1, 3, and 5 years [9][24]. - Specific rankings include: - Huashang New Trend Preferred Flexible Allocation Mixed Fund: 11/446 over 5 years [9][24] - Huashang Research Selected Flexible Allocation Mixed Fund: 52/446 over 5 years [9][24].