Core Viewpoint - The article emphasizes the importance of value investing amidst a global wave of technological innovation, highlighting the need to focus on industry trends for sustainable long-term performance [1][6]. Fund Performance - As of December 10, 2025, the net value growth rate of Huashang Balanced Growth Mixed Fund A reached 140.87% for the year [1][6]. - According to data from Galaxy Securities, Huashang Balanced Growth Mixed Fund C ranked seventh in its category for both the past year and the past three years [1][6]. - The performance comparison shows that the fund's net value growth rates for the year are 139.53% for Fund C and 140.87% for Fund A, with a benchmark return of 23.89% [2][7]. Investment Philosophy - Zhang Mingxin, the fund manager, advocates for value investing as a sustainable investment strategy, emphasizing the need for comprehensive value assessment and reasonable pricing to provide a safety margin [5][11]. - The focus is on identifying industries in an upward economic cycle to achieve new highs, utilizing cross-industry comparisons and in-depth research of the industrial chain to find alpha stocks that can deliver significant returns [5][11]. Market Trends - The article notes that the AI industry trend is strengthening, with AI applications reshaping various sectors and increasing investments from major overseas companies [5][11]. - The fund's strategy includes maintaining core allocations in overseas computing power while also participating in domestic AI and semiconductor sectors [12]. Fund Management Background - Zhang Mingxin holds a master's degree in science and is a Chartered Financial Analyst (CFA), with 10 years of experience in the securities industry, including 5.3 years in research and 4.7 years in investment [8][10].

Core Viewpoint - The Chinese public fund industry has entered a new era of deep interest alignment with investors, marked by the approval of the first batch of 26 floating management fee rate funds, including the Huashang Zhiyuan Return Mixed Fund, which will be launched on July 1 [1][5]. Fund Structure and Management Fees - The Huashang Zhiyuan Return Mixed Fund employs a floating management fee mechanism linked to the holding period and performance, enhancing investor experience [1][2]. - The fund's performance benchmark is a combination of the CSI 500 Index (65%), the CSI Hong Kong Stock Connect Composite Index (15%), and the CSI All Bond Index (20%) [2]. - Management fees are structured as follows: - 1.20% annual fee if held for less than one year - 1.50% annual fee if the annualized excess return exceeds 6% and the holding return is positive - 0.60% annual fee if the annualized excess return is -3% or lower - 1.20% annual fee for other scenarios [2][3]. Fund Management and Performance - Huashang Fund has nearly 20 years of experience in active equity investment, with its active equity funds ranking in the top ten for absolute returns over the long term [5]. - Zhang Mingxin, the fund manager, has nearly 10 years of experience in the securities industry and emphasizes a core investment philosophy based on industry trends and comprehensive value assessment [5][6]. - The fund aims to balance deep value and growth while focusing on industry recovery and marginal changes to seek alpha in upward-trending sectors [7]. Future Outlook - The launch of the Huashang Zhiyuan Return Mixed Fund provides investors with a new tool to participate in the market, aiming to create long-term excess returns and align interests with investors [7].