2026年开年，A股"春季躁动"行情启动，商业航天、脑机接口、半导体等板块轮番演绎，人形机器人、创新药概念股持续活跃。市场活跃 背景下，全市场寻找"最锋利的矛"，弹性较高的投资工具吸引短期资金竞相追逐。 在市场躁动行情中，银华智享混合型基金拟任基金经理方建表示，投资中既要打造"锋利的矛"，也要搭配控制回撤、降低波动的"盾"，收 益稳健、回撤较小、可以持续给客户赚钱的产品，以及集成电路等细分行业专家管理的主题基金，或是比较符合投资者需求的两类产品， 这也是他在产品线关注的重要方向。 落实到投资方法上，他会在全市场精选成长股，重点寻找未来3至5年业绩增长突出、确定性强的优质行业或赛道，从中选出已经走出来 的"从1到N"且距离天花板还有足够空间的核心龙头公司并长期持有，力争获取优质成长股业绩增长带来的长期回报。 在他看来， 学习 查理• 芒格"买入好行业里面的好公司并长期持有"，这个投资框架大道至简，但由于过往A股市场情绪波动较大，在坚持 正确的投资理念背景下，还需要兼顾投资者体验，才能长期陪伴投资者，力争让投资者能够享受到成长股投资的长期较好回报。 充分发挥成长股进攻性优势 兼顾绝对收益运作 方建，清华大学材料学 ...

12月5日晚间，信达澳亚基金公告称，方敬自12月5日起正式出任公司总经理一职，不再担任公司副总经理。此前，方敬于今年9月5日起代任信达澳亚基 金总经理职务。 | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 方敏 | | 是否经中国证监会核准取得高管任职 | | | 资格 | | | 中国证监会核准高管任职资格的日期 | - | | 任职日期 | 2025年12月5日 | | 过往从业经历 | 曾任职于中国人寿资产管理有限公司,中国民生银 | | | 行股份有限公司,中信证券股份有限公司,中新融 | | | 创资本管理有限公司和中国银河证券股份有限公 | | | 司,前海开源基金管理有限公司专户业务部负责人, | | | 曾任信达澳亚基金管理有限公司代任总经理、副总 | | | 经理。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 硕士研究生、硕士 | 来源：基金公告 公开资料显示，方敬拥有保险、银行、证券、基金等多领域的金融机构从业经历。他曾任职于中国人寿资管、中国民生银行、中信证券、中新融创资本 管理有限公司 ...

Core Viewpoint - The departure of veteran fund manager Li Xin from Huashan Fund Management has raised concerns about the stability of the company's investment research system, especially following the recent exit of other prominent managers and ongoing regulatory issues [2][3][11]. Group 1: Li Xin's Departure and Impact - Li Xin, a key figure at Huashan Fund, left the company on May 6, 2025, after managing a total of 7 funds with a combined scale of 8.016 billion yuan, achieving an annualized return of around 10% over the past six years [2][4][6]. - His exit was unexpected, as his managed funds had seen continuous growth for seven consecutive quarters prior to his departure, indicating strong investor confidence in his management abilities [6][9]. - Following Li Xin's departure, the management of his funds has been handed over to seven different managers, raising questions about their ability to maintain performance [9][12]. Group 2: Performance and Challenges of Huashan Fund - Over 30% of Huashan Fund's equity products have reported negative returns since inception, leading to scrutiny over the company's management capabilities [3][9]. - As of the end of Q1 2025, Huashan Fund's total management scale reached 686.037 billion yuan, with a significant portion (66.6%) coming from money market and bond funds, while equity funds accounted for a relatively small share [9][10]. - The company is facing internal challenges, including the fallout from a regulatory penalty involving former manager Zhang Liang, and external pressures from potential mergers following the consolidation of its parent company [11][12]. Group 3: Investment Strategy and Performance of Li Xin - Li Xin was known for his investment strategy focused on high positions, long cycles, and heavy investments in hard technology, leveraging his engineering background to analyze companies beyond surface-level financial data [6][7]. - His management of the Huashan Intelligent Equipment Theme Fund yielded a return of 223.04% over nearly ten years, with an annualized return of 12.68% [4][5]. - Li Xin's investment approach involved identifying opportunities along the industrial chain, particularly in the semiconductor and AI sectors, which contributed to the outperformance of his funds [6][7].