Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Huashang Fund's Zhang Mingxin is a fund manager with profound research background and a systematic investment framework, managing a total fund size of 4.241 billion yuan as of the end of the second quarter of 2025. His investment philosophy of "value as the foundation, trend as the wings" enables him to maintain strong adaptability and competitiveness in complex market environments [2]. - Zhang Mingxin's two current public - offering funds, Huashang Equal - Growth and Huashang Advantage Industry, have excellent performance. As of September 22, 2025, their excess returns relative to similar funds reached 67.07% and 57.18% respectively, and their performance rankings are among the top 0.86% and 1.25% in similar funds [2]. - Another fund he manages, Huashang Zhiyuan Return, is a floating - rate fund, which reflects the confidence of Huashang Fund and the fund manager in its future performance [3]. - The product YDZC - Taihe Preferred No. 2 managed by Zhang Mingxin at Yingda Insurance Asset Management achieved an excess return of 75.05% relative to the CSI 300 index. From early 2021 to early 2025, it achieved a positive return of 44.01% while the market declined by 31.04% [3]. - Based on the fund TM attribution analysis, Zhang Mingxin shows significant and positive stock - selection ability and strong adaptability under different market conditions and value - growth style dominance [3]. - Zhang Mingxin is long - term optimistic about the AI industry trend, believing that overseas computing power is the starting point of a long - cycle, and AI applications are reshaping the world. He also believes that there may be systematic investment opportunities in new consumption, innovative drugs, and military trade and defense industries [4]. Summary According to the Directory 1. Investment Philosophy Kernel: Value as the Foundation, Trend as the Wings 1.1 Investment Framework - Zhang Mingxin believes that investment is to find the paradigm of "stocks will rise in this situation", and the essence of stock - selection is to find the market's feedback mechanism to information. He has formed an investment philosophy of industry trend investment driven by value [9]. - Value investment aims to achieve the highest - probability investment paradigm. He believes that value = deep value + growth value + gaming value, and mainly earns from company growth value and partial deep - value regression. He participates in different stages of the industry cycle [11]. - The core investment concept is industry trend investment driven by value, which can balance short - term and long - term performance. It requires comprehensive value assessment, cross - industry tracking, and finding alpha targets in booming industries. Zhang Mingxin is good at rotating investments in multiple industries [13]. 1.2 Views on the Market - In 2025, the market first strengthened due to the global large - model equalization wave led by DeepSeek, then declined due to the global trade war initiated by the US, and finally gradually returned to trading fundamentals after a series of policies [17][18]. - Zhang Mingxin continued to follow the investment philosophy of industry trend investment based on value. After the market decline in early April, he adjusted his positions and increased the allocation of overseas computing power sectors in May, achieving good returns [18]. - Looking forward to the second half of the year, the economy has a bottom line, policies support the capital market, and the AI industry's progress is expected to drive the long - term bullishness of the capital market [19]. 2. Fund Performance: Past Managed Funds Achieved Excess Returns of 75.05% in a Bear Market, and Currently Managed Funds Continue the Excellent Historical Performance 2.1 Overview of the Fund Manager's Managed Fund Performance - As of the end of the second quarter of 2025, Zhang Mingxin managed a total fund size of 4.241 billion yuan. The product YDZC - Taihe Preferred No. 2 achieved an excess return of 75.05% relative to the CSI 300 index from early 2021 to early 2025, ranking first among 68 similar products [21]. - Huashang Equal - Growth and Huashang Advantage Industry had excess returns of 67.07% and 57.18% respectively relative to similar funds as of September 22, 2025, and their performance rankings were among the top 0.86% and 1.25% in similar funds [22]. 2.2 Introduction to Fund Basic Information - Huashang Equal - Growth A (011369.OF) is a partial - stock hybrid fund. Zhang Mingxin took over on March 4, 2025, and the fund size was about 185 million yuan as of June 30, 2025 [24]. - Huashang Advantage Industry (000390.OF) is a flexible - allocation fund. Zhang Mingxin took over on March 12, 2025, and the fund size was about 4.055 billion yuan as of June 30, 2025 [25]. 3. Fund Performance: Currently Managed Products Have Outstanding Excess Performance, and Past Managed Products Had Positive Excess Returns in Each Full Year 3.1 Performance of Currently Managed Funds - Zhang Mingxin has strong performance - acquisition ability. From March 4, 2025, to September 22, 2025, Huashang Equal - Growth A had a fund return of 93.25%, ranking 37/4488 (top 0.82%) among similar funds, with an excess return of 71.23% relative to the benchmark [27]. - Huashang Advantage Industry A had a recent quarterly return of 79.29%, ranking 36/2326 (top 1.54%) among similar funds, with a Sharpe ratio of 4.83 [29]. 3.2 Historical Performance of Past Managed Products - From January 28, 2021, to January 19, 2025, the Taihe Preferred No. 2 product managed by Zhang Mingxin had positive excess returns in each full year, with excess returns of +22.69%, +29.48%, and +9.62% relative to the CSI 300 index in 2022, 2023, and 2024 respectively [33]. - Zhang Mingxin adheres to the investment idea based on fundamentals and industry trends, and achieved significant absolute and relative returns for clients by selecting booming growth industries during the volatile capital market from 2022 to 2024 [33]. 4. Source of Excess Returns: Significant and Positive Stock - Selection Ability and Strong Adaptability under Different Market Conditions and Value - Growth Style Dominance 4.1 Stock - Selection and Timing Ability of the Fund Manager - The T - M model is used to measure the stock - selection and timing ability of the fund manager. The analysis shows that the Taihe Preferred No. 2 fund showed significant and continuous positive stock - selection ability during certain periods [36][39]. 4.2 Strong Adaptability under Different Market Conditions and Value - Growth Style Dominance - The analysis shows that Zhang Mingxin showed strong adaptability under different market rise - fall ranges and different value - growth style dominance when managing the Taihe Preferred No. 2 fund, and had stronger adaptability to the small - cap style compared to the large - cap style [42][49]. 5. Conclusion - Zhang Mingxin is a fund manager with strong investment ability. His currently managed funds have excellent performance, and his past managed products also achieved good results. He is long - term optimistic about the AI industry and other sectors, and investors interested in relevant fields are recommended to pay attention to Huashang Equal - Growth, Huashang Advantage Industry, and Huashang Zhiyuan Return [50][52].