华商基金余懿：中国资产处于低位蓄势状态 波动中孕育机遇

Market Overview - In Q4 2025, the Shanghai Composite Index experienced a cumulative increase of 2.22%, while the CSI 300 index saw a slight decline of 0.2%, indicating a strong oscillating state in the Chinese market [1] - Strong assets such as overseas computing power, storage, and metals continued to rise, reflecting a pricing trend for prosperous assets [1] - The military industry index, represented by satellites, aerospace, and rockets, also saw significant gains, indicating capital market interest in space exploration [1] Investment Strategy - The investment strategy for the Huashang Quality Value Mixed Fund emphasizes stock selection, with a strong focus on growth assets, particularly in the information industry [3] - Investments in AI infrastructure remain significant, particularly in fiber optics, optical devices, and CPO (Co-Packaged Optics), which are believed to be undervalued [3] - Adjustments in the energy sector include reducing positions in electric power equipment and new energy, reallocating to solid-state transformers and gas turbines to better align with long-term AI industry changes [3] Fund Performance - The Huashang Quality Value Mixed Fund A achieved a net value growth rate of 48.26% over the past year, significantly outperforming the benchmark return of 14.24% by 34.02% [2] - The fund's performance ranks in the top 25% of its category over the past year, reflecting effective management and strategic positioning [2] Future Outlook - Looking ahead to Q1 2026, confidence in Chinese assets remains strong, with expectations of increased competitiveness in various industries despite challenges [5] - The anticipated emergence of new defense technologies is expected to enhance China's competitive position globally [5] - The overall market remains in a strategic opportunity phase, with the A and H markets still at historically low levels [5] Sector Allocation - In Q4, the fund reduced holdings in electric power equipment, pharmaceuticals, and real estate while increasing investments in military, electronics, and telecommunications [6] - The overall investment style maintains a balanced allocation while enhancing growth-oriented investments across key sectors [6]