【公募基金】华宝基金汤慧：以产业趋势为纲，以赔率空间为目

Core Viewpoint - The article analyzes the investment capabilities of Tang Hui, the manager of Huabao Growth Strategy Fund, highlighting her dynamic investment system based on industry trends and stock odds, which has led to superior performance compared to peers [2][3][31]. Fund Manager Information - Tang Hui has a background as a senior strategy analyst at Haitong Securities and joined Huabao Fund in June 2015, currently managing three products [4][30]. - Since taking over the Huabao Growth Strategy Fund on May 9, 2020, it has achieved a total scale of 146 million yuan by September 30, 2025, outperforming 97% of similar funds [6][30]. Performance Analysis - The Huabao Growth Strategy Fund has recorded a cumulative excess return of 83.04% since Tang Hui's tenure, significantly surpassing its performance benchmark [7][8]. - The fund's performance was particularly strong in years other than 2023, where it faced challenges due to market downturns, but is expected to show aggressive performance as the market recovers in 2025 [8][30]. Investment Framework - Tang Hui's investment framework combines a top-down approach focusing on macro trends with a bottom-up stock selection based on valuation and odds, allowing her to identify key positions within industry chains [14][16]. - The investment strategy emphasizes a combination of beta (60%-70%) and alpha (30%-40%) to balance risk and return, focusing on sectors with high growth potential [14][34]. Stock Selection and Portfolio Management - The portfolio management strategy involves dynamic adjustments based on market conditions, with a high turnover rate reflecting active tracking of industry trends and stock valuations [27][29]. - The fund's holdings are diversified across key positions in industry chains, ensuring exposure to multiple growth opportunities while managing risk through strategic stock selection [24][20]. Operational Characteristics - Tang Hui maintains a relatively high stock position and focuses on industry allocation and stock selection for excess returns, with a disciplined approach to portfolio adjustments based on market signals [27][29]. - The fund's operations are characterized by a responsive decision-making process, allowing for quick adjustments in response to changes in market conditions and stock valuations [29][30].