Core Viewpoint - The A-share market is expected to experience a robust upward trend in 2026, with a solid foundation for the "spring rally" compared to previous years, driven by macroeconomic policies and risk appetite recovery [1] Group 1: Market Overview - In 2025, the A-share market showed significant structural opportunities, with major alpha concentrated in growth and cyclical sectors [5] - The first quarter saw a notable "spring rally," primarily driven by thematic trends in the technology sector, including robotics, low-altitude economy, and AI applications [5] - The second quarter experienced volatility due to external tariff expectations, leading to adjustments in broad market indices [5] - By the third quarter, there was a clear recovery in growth style valuations, particularly in computing power, semiconductors, and technology stocks, alongside a strong performance in the cyclical sector driven by liquidity easing [5] - The fourth quarter entered a phase of oscillation, characterized by alternating industry rotations as the main trading opportunity [5] Group 2: Investment Strategy - The investment strategy focuses on high-quality industry leaders, with a preference for mid to large-cap stocks to mitigate the impact of small-cap volatility [5] - The approach emphasizes balanced sector allocation to prevent excessive volatility from rapid industry rotations [5] - For 2026, the outlook remains positive, with broad market indices expected to maintain reasonable valuation levels, supported by ongoing technological innovation and favorable liquidity conditions [6] - The strategy will continue to utilize quantitative diversified allocation to maintain a stable return profile [6]

Group 1 - The A-share market in 2025 experienced a significant structural differentiation, leading to a robust upward trend, with expectations for a solid "spring rally" in 2026 [1][6] - The manager of Huashang Fund, Haiyang, employs a dual strategy of "balanced growth + quantitative empowerment" to navigate the spring rally effectively [1][6] - Haiyang remains optimistic about the macroeconomic state improving as counter-cyclical economic policies are gradually implemented, anticipating a recovery in quality small and mid-cap stocks as risk appetite increases [1][6] Group 2 - In 2025, the A-share market revealed clear structural opportunities, with major alpha concentrated in growth and cyclical sectors [4][10] - The first quarter saw a notable spring rally driven by thematic trends in the technology sector, with significant valuation increases in sub-sectors like robotics, low-altitude economy, and AI applications [4][10] - The investment strategy focused on high-quality industry leaders, favoring mid to large-cap stocks while reducing exposure to small-cap factors to mitigate volatility risks [4][10] Group 3 - Looking ahead to 2026, most broad market indices are expected to maintain reasonable valuation levels, with ongoing technological innovation and favorable liquidity conditions [5][11] - The market is anticipated to continue showcasing structural opportunities in both cyclical and technological sectors, with a positive outlook for small and mid-cap quality stocks as risk preferences recover [5][11] - Haiyang plans to maintain a diversified quantitative allocation strategy to ensure stable returns through product portfolio configuration [5][11]

Core Viewpoint - The article emphasizes that technological innovation is a core driver for high-quality economic development, highlighting the launch of the Huashang SSE Sci-Tech Innovation Board 100 Index Enhanced Fund as a tool for investors to capitalize on hard technology and sci-tech opportunities [1][3]. Fund Overview - The Huashang SSE Sci-Tech Innovation Board 100 Index Enhanced Fund (Class A: 023323, Class C: 023324) is currently being offered, focusing on the sci-tech sector [1]. - The SSE Sci-Tech Innovation Board 100 Index includes 100 stocks selected from the Sci-Tech Innovation Board based on market capitalization and liquidity, covering various industries such as semiconductors, pharmaceuticals, power equipment, machinery manufacturing, computers, and healthcare [1][3]. Investment Strategy - Unlike traditional passive index funds, the Huashang SSE Sci-Tech Innovation Board 100 Index Enhanced Fund employs a quantitative stock selection model aiming to achieve investment returns that exceed the target index while closely tracking it [1][3]. - The fund is managed by Dr. Ai Dingfei and Dr. Hai Yang, who utilize a multi-factor quantitative selection framework and a systematic risk and return monitoring approach [2][3]. Performance Metrics - Huashang Fund has demonstrated strong performance in active management, ranking 8th in the industry with a 68.39% return over the past five years and 3rd with a 147.27% return over the past seven years [3][5]. - The fund aims to leverage its expertise in technology and research to capture structural growth opportunities in the market [3]. Fund Details - The fundraising period for the Huashang SSE Sci-Tech Innovation Board 100 Index Enhanced Fund is from July 9, 2025, to September 30, 2025 [4].