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].

Group 1 - The core point of the news is that Jiangsu Jiejie Microelectronics Co., Ltd. experienced a stock decline of 5.03%, with a current share price of 30.58 yuan and a total market capitalization of 25.445 billion yuan [1] - The company, established on March 29, 1995, specializes in the research, design, production, and sales of power semiconductor discrete devices, with its main business revenue composition being 67.12% from power semiconductor devices, 30.73% from power semiconductor chips, 1.42% from other sources, and 0.73% from packaging and testing of power devices [1] Group 2 - Among the top ten circulating shareholders of Jiejie Microelectronics, the Southern Fund's Southern CSI 500 ETF (510500) entered the list in the second quarter, holding 7.3814 million shares, which accounts for 1.02% of the circulating shares [2] - The Southern CSI 500 ETF has a total scale of 113.438 billion yuan and has achieved a year-to-date return of 28.06%, ranking 1804 out of 4218 in its category [2] Group 3 - The fund manager of Southern CSI 500 ETF is Luo Wenjie, who has a tenure of 12 years and 182 days, with the fund's total asset scale at 138.999 billion yuan [3] - During his tenure, the best fund return was 150%, while the worst return was -47.6% [3]

Core Viewpoint - The article highlights the surge in gold prices, which have surpassed $4,300 per ounce, driven by increased risk aversion amid geopolitical tensions and economic concerns, with a year-to-date increase of over 60% [1] Group 1: Market Trends - International gold prices have reached a historical high, breaking the $4,300 per ounce mark for four consecutive trading days [1] - The gold ETF (518800) has seen a more than 3% increase in the afternoon session, with its scale surpassing 25 billion yuan, and a net inflow of over 2.8 billion yuan for five consecutive days [1] Group 2: Economic Factors - The rise in gold prices is attributed to multiple factors, including expectations of interest rate cuts, concerns about the U.S. economy, and a weakening of the dollar's credibility [1] - Increased demand for safe-haven assets is noted due to tensions in U.S.-China trade relations and worries about loan fraud in U.S. regional banks [1] Group 3: Investment Recommendations - Investors are advised to be cautious of short-term price surges and to focus on the long-term investment value of gold [1] - Attention is drawn to the gold ETF (518800), which directly invests in physical gold, and the gold stock ETF (517400), which covers the entire gold industry chain [1]

Core Viewpoint - The global market remains resilient despite recent fluctuations, with structural differentiation evident, particularly in the performance of gold and U.S. stocks, while bonds face slight pressure [1]. Market Overview - In September, the global market continued its strong performance, with most indices rising, except for the dividend sector, Germany, and Vietnam, which saw slight declines. Gold was the standout performer, surging approximately 11% for the month, while Chinese bonds fell about 0.6% [2]. Investment Strategies - The "Rui Ding Tou Global Version" portfolio achieved a monthly return of 4.41% in September, with a cumulative return of 15.98% year-to-date. Despite a minor decline of 0.17% during a recent market adjustment, the portfolio maintains a strong upward trend. Over the past three years, it has consistently delivered positive returns, averaging over 10% annually, ranking in the top 9% among similar public funds [6]. - The "Lazy Balanced Portfolio" aims to reduce volatility by increasing the proportion of bonds and cash. In September, it recorded a monthly return of 2.84%, with a projected annual return of 5.13% for 2024. Although its returns are slightly lower than the Rui Ding Tou Global Version, it exhibits significantly lower volatility, making it suitable for risk-averse investors [10]. Performance Metrics - The Rui Ding Tou portfolio has a maximum drawdown of -35.21% and an annualized volatility of 18.23%, with a Sharpe ratio of 0.77, indicating a balanced risk-return profile [12]. - The Lazy Balanced Portfolio has a maximum drawdown of -27.45% and an annualized volatility of 11.01%, with a Sharpe ratio of 0.02, reflecting its stability in turbulent market conditions [14]. Market Sentiment - Recent U.S.-China trade tensions are viewed as a temporary shock rather than a trend reversal, with expectations for supportive measures from the upcoming "Fourteenth Five-Year Plan" meeting. The overall market resilience suggests potential for further investment opportunities despite short-term volatility [13][22].

Core Viewpoint - The article discusses the current state of the A-share market, highlighting a shift in investment focus from technology sectors to traditional industries, with banks and commodities showing resilience amid market fluctuations [3][6]. Market Performance - On October 17, A-share indices weakened, with the Shanghai Composite Index down 1%, Shenzhen Component Index down nearly 2%, and the ChiNext Index down 2.37% [3]. - A total of 4,192 stocks in the Shanghai, Shenzhen, and Beijing markets experienced declines [3]. Sector Analysis - Sectors such as electric grid equipment, semiconductor chips, photovoltaic wind power, and nuclear fusion saw significant declines [5]. - The banking sector, however, showed an upward trend, with the banking index rising for seven consecutive days. Agricultural Bank of China achieved a historical high, supported by regulatory approval for acquisitions [5]. Investment Trends - There has been a noticeable style shift in the market, with traditional sectors like banking, coal, and liquor gaining traction, while technology-related sectors such as electronics and computing have faced corrections [6]. - Analysts suggest that the current liquidity environment, influenced by the Federal Reserve's interest rate cuts, may enhance market risk appetite and support a balanced investment strategy between growth and value [6]. Future Outlook - Fund managers believe that the technology sector's growth narrative remains intact, with potential for recovery following recent corrections. The focus is expected to return to high-growth and long-term growth themes [7]. - The article emphasizes the importance of monitoring market conditions, suggesting that high-dividend and consumer sectors may be more attractive in the short term, while advanced manufacturing could be a key focus in the medium term [6][7].

Core Viewpoint - BlackRock Fund, as the first wholly foreign-owned public fund management company in China, has not met market expectations after four years of operation, with underperformance in product returns and management scale, compounded by frequent personnel changes in 2023 [1][2]. Performance Summary - Initial fundraising in June 2021 reached 6.681 billion yuan, but the scale declined significantly, dropping to 4.321 billion yuan by the end of 2023. By the end of 2024, the scale briefly exceeded 10 billion yuan, only to fall again to 5.601 billion yuan in Q1 2025. As of June 30, 2025, the management scale was 6.86 billion yuan, and by September 30, 2025, it rose to 13.502 billion yuan, largely due to the issuance of a new bond fund [2][3]. - The performance of BlackRock's equity funds has been poor, with a three-year return of -13.59%, significantly lagging behind peers and the CSI 300 index, which has a return of +16.29% during the same period [4][7]. Product Performance - The flagship equity product, BlackRock China New Vision, has a return of -32.45% since inception, consistently underperforming against industry benchmarks and the CSI 300 index [8][9]. - Recent performance metrics show that year-to-date returns for BlackRock China New Vision are 13.09%, while the CSI 300 index has a return of 17.37% [11]. Personnel Changes - BlackRock Fund has experienced significant turnover in its equity team, with three changes in the general manager position within four years. The recent departure of Chief Equity Investment Officer Shen Yufei raised concerns about the effectiveness of the management team [10][12]. - The frequent changes in leadership, including the resignation of the chairman and other key executives, have led to questions about the company's adaptability in the Chinese market [12][13]. Strategic Shift - The appointment of new executives with strong backgrounds in fixed income suggests a strategic pivot towards the fixed income market, as evidenced by the launch of multiple bond funds in 2025 [13][14]. - The recent issuance of the BlackRock China Bond Investment Preferred Green Bond Index Fund, which raised 6 billion yuan, indicates a focus on expanding the fixed income product line to stabilize management scale [2][13].

Core Viewpoint - The sudden resignation of fund manager Zou Jiangyu from BlackRock's Advanced Manufacturing One-Year Holding Mixed Fund raises questions about the motivations behind the change, especially given the fund's recent strong performance and the appointment of a manager with a less favorable track record [2][3][6]. Performance Summary - Zou Jiangyu achieved an investment return of approximately 48.96% during his tenure, significantly outperforming the average return of similar products (14.57%) and the CSI 300 index (19.88%) [3]. - The fund experienced a remarkable increase of 70.39% over the past six months and a year-to-date return of 63.29% [4]. - Zou successfully raised the fund's net value from 0.93 yuan to around 1.5 yuan in June [4]. Manager Transition - The new manager, Dan Xiuli, has a history of managing underperforming funds, including the BlackRock China New Horizons fund, which has seen losses of approximately 33% [2][7]. - Dan Xiuli's recent management of multiple products has raised concerns among investors, particularly regarding her ability to manage high-performing funds [6][8]. Talent Flow and Company Dynamics - The frequent personnel changes at BlackRock, including the departure of key figures such as the chairman and several fund managers, suggest potential instability within the company's management structure [8][9]. - The industry is experiencing a trend of talent mobility, which may impact investor confidence and necessitate a reevaluation of the company's reliance on individual fund managers [5].

Core Viewpoint - The company aims to enhance its operational management and core competitiveness while improving its market value management mechanisms through various strategies such as share buybacks, cash dividends, and investor relations management [1][2]. Group 1: Market Value Management - The company completed its first share buyback of 200 million yuan in October 2024 and subsequently canceled the repurchased shares in December 2024 [1]. - In March 2025, the company established a comprehensive market value management system, outlining its goals, principles, and mechanisms [1]. - A new share buyback plan of 200 million to 400 million yuan was disclosed in April 2025, with the first buyback operation completed in September 2025 [1][2]. Group 2: Financial Performance - For the first half of the year, the company reported total revenue of 6.785 billion yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 1.7 billion yuan, up 36% [2]. - The securities segment achieved a total revenue of 5.798 billion yuan, with a 32.4% increase when excluding the impact of the futures subsidiary [3]. - The investment business net income surged by 110%, indicating strong performance in wealth management and institutional business [2]. Group 3: Strategic Initiatives - The company is focused on professional management enhancement and business transformation of its subsidiaries, aiming to create a leading industrial financial management platform [2]. - The securities subsidiary is working to establish itself as a competitive and distinctive investment bank [2]. - The trust subsidiary is exploring various trust business areas, including family, retirement, and charitable trusts, to build a comprehensive family financial service system [2].

Market Overview - The three major A-share indices experienced a collective decline in the morning session, with the Shanghai Composite Index down by 1%, the Shenzhen Component Index down by 1.99%, and the ChiNext Index down by 2.37% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.189 trillion yuan, a decrease of 34 billion yuan compared to the previous day [1] - Over 4,100 stocks in the market fell, indicating a broad-based decline [1] Sector Performance - The photovoltaic, energy storage, and charging pile concepts saw significant declines, with the leading energy storage battery ETF and photovoltaic ETF down by 5.07% and 4.96%, respectively [4] - The AI hardware sector also experienced a widespread pullback, with related stocks collectively retreating [1] - Conversely, the Fujian sector and gas stocks performed well, with the latter reaching historical highs [1] ETF Performance - International gold prices reached new highs for five consecutive days, leading to gains in gold ETFs, with Huaan Fund's gold ETF and Bank of China Shanghai Gold ETF rising by 3.22% and 3.21%, respectively [3] - Gold stocks also showed strong performance, with various gold stock ETFs increasing by 1.59%, 1.44%, and 1.37% [3] - Dividend strategy ETFs saw slight increases, with the China Construction Bank's CSI 300 Dividend ETF and the low-volatility dividend ETF rising by 0.62% and 0.57%, respectively [3]

Core Viewpoint - The recent surge in gold prices has led multiple banks to warn about investment risks, prompting fund companies to limit purchases of gold-related products [2][3] Fund Management and Restrictions - Huatai Fund announced that starting from October 16, 2025, the maximum amount for single or multiple purchases and regular investment in Huatai Gold and Precious Metals (QDII-LOF-FOF) A and C shares will be capped at 20,000 yuan [2] - A month prior, the fund had already set a limit of 50,000 yuan for large purchases and regular investments [4] Fund Performance - For the first half of 2025, Huatai Gold and Precious Metals (QDII-LOF-FOF) A shares achieved a net value growth rate of 24.64%, while C shares had a growth rate of 24.14%, both compared to a benchmark return of 25.48% [6] - The fund reported a revenue of 89.47 million yuan, a year-on-year increase of 452%, and a net profit of 86.37 million yuan, up 468% [7] Fund Expenses - Total operating expenses for the fund were 3.10 million yuan, a 211% increase year-on-year, with management fees rising to 2.25 million yuan, up 224% [8][9] Fund Management and Strategy - The fund's risk rating is classified as medium, with investment strategies including precious metals asset allocation, ETF investment, money market instruments, and financial derivatives [5] - The fund manager, Guo Beibei, has 14 years of experience in the securities industry and is the deputy director of the index and quantitative investment department at Huatai Fund [5] Company Overview - Established in 2005, Huatai Fund is known for its active equity management capabilities and has developed a diverse product matrix covering various risk-return profiles [10] - In July 2025, Huatai Fund appointed a new chairman, Lu Weiming, who has a background in securities and has been with the company since 2022 [11]