华商基金叶峰：2026结构性机会显著 AI仍是成长风格中最大的产业趋势

Core Viewpoint - The A-share market showed strong performance in 2025, with the Huashang Core Gravity Mixed Fund C achieving a return of 69.07%, ranking in the top 10 among 128 similar funds, and maintaining a solid investment experience for its holders [1][8]. Fund Performance - The Huashang Core Gravity Mixed Fund A had a net value growth rate of 69.77% in the past year, ranking 17th out of 219 funds, and a 51.39% growth rate over the past three years, ranking 28th out of 213 funds [10]. - The Huashang Core Gravity Mixed Fund C achieved a net value growth rate of 69.07% in the past year, ranking 10th out of 128 funds, and a 49.56% growth rate over the past three years, ranking 13th out of 101 funds [10]. - The performance benchmark for the fund recorded a return of 12.02% for the past year and 17.02% over the past three years [10]. Investment Strategy - The fund's "core gravity" is reflected in three aspects: fundamentals, valuation, and capital, which are crucial for driving asset price performance [10]. - The fund aims to build a cost-effective portfolio based on macroeconomic judgments, industry comparisons, and in-depth research, while controlling drawdowns to provide reasonable returns to holders [10]. Manager Insights - Ye Feng, the fund manager, emphasizes a "dynamic balance approach" to manage the portfolio, focusing on quality growth stocks when they are relatively cheap and reliable value opportunities when value stocks are low [12]. - Ye Feng maintains a positive outlook for 2026, expecting structural opportunities to emerge as the economy seeks a bottom and liquidity remains loose [12][13]. Future Opportunities - Ye Feng is optimistic about the growth style-led market in 2026, particularly around AI, which is seen as the largest industrial trend, with potential opportunities in AI storage and semiconductor equipment [13]. - The fund is closely monitoring the expansion of AI-related industries and the impact of electric vehicle disruptions on energy storage [13].