近期A股市场持续走强，市场乐观情绪升温，上证指数突破近10年高点。在此背景下，大批主动管理型 公募基金表现亮眼。截至2025年8月19日，华商优势行业灵活配置混合近一年涨幅72.52%，自成立以来 净值增长率高达967.56%，充分彰显了华商基金在主动管理领域的实力。 据银河证券数据显示，华商基金旗下有多只基金中长期业绩排名同类第一。其中： 华商优势行业灵活配置混合近10年业绩位列同类第一； 华商新趋势优选灵活配置混合、华商信用增强债券A/C近7年分别位列同类第一； 华商润丰灵活配置混合C、华商双翼平衡混合A、华商丰利增强定期开放债券A、华商信用增强债券 A/C、华商可转债债券A/C在近5年的同类基金中排名第一； 华商润丰灵活配置混合C近3年继续位列同类第一。 | 基金名称 | 近10年业绩排名 | 近7年业绩排名 | 近5年业绩排名 | 近3年业绩排名 | 银河证券基金分类 | | --- | --- | --- | --- | --- | --- | | 华商优势行业 | 第1 | 第2 | 第2 | 第6 | 灵活配置型基金(基准股 | | 灵活配置混合 | (58 只同类) | (328 只同类) | ...

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].

Group 1 - The core viewpoint of the articles highlights the positive economic signals in China since 2025, driven by various policies and the emergence of DeepSeek, which has sparked a wave of model equity in the global market [1] - The A-share market is experiencing improved liquidity and increased participation from long-term capital such as state-owned enterprises and public funds, contributing to a more active securities market and boosted investor confidence [1] - The recent US-China tariff reduction has alleviated concerns over trade tensions, restoring market risk appetite and stabilizing expectations for global economic order [1] Group 2 - Zhang Mingxin, Deputy Director of Equity Investment at Huashang Fund, emphasizes the importance of value-driven industrial trend investment, balancing short-term and long-term performance [3][4] - The investment strategy focuses on identifying alpha stocks through comprehensive cross-industry comparisons and in-depth research of industrial chains, particularly in sectors experiencing upward cycles [4] - The firm is concentrating on sectors such as AI, robotics, innovative pharmaceuticals, and military industry, with a keen eye on market dynamics and policy support [5][6]

Core Viewpoint - The article highlights a wave of fund self-purchases by various public funds in China, signaling confidence in the long-term stability and health of the Chinese capital market, with a total self-purchase amount of 145 million yuan [1][3]. Group 1: Fund Self-Purchases - Several public funds, including Pengyang Fund, Bosera Fund, and CMB Fund, announced self-purchases of their equity funds, with amounts of 30 million yuan, 65 million yuan, and 50 million yuan respectively, totaling 145 million yuan [1][3]. - The self-purchase actions are expected to trigger a new wave of self-purchases from other fund companies, as various institutions, including the central bank and listed companies, are also taking actions to stabilize the capital market [1][4]. Group 2: Historical Context and Trends - Over the past decade, the total self-purchase amount by public funds has approached 43 billion yuan, with equity funds accounting for approximately 9.395 billion yuan of that total [5][6]. - Historically, fund self-purchases tend to occur during market downturns, often at stage-specific lows, which contrasts with typical investor behavior [7]. Group 3: Confidence Transmission - Fund self-purchases not only reflect confidence in the capital market but also in the fund companies themselves, as seen in recent cases where funds initiated self-purchases during new fund launches or following key personnel changes [9][11]. - The trend of self-purchases is increasingly recognized as a collective behavior among fund companies, particularly during periods of market volatility [6][8].

Core Viewpoint - Public funds in China, including Pengyang Fund, Bosera Fund, and China Merchants Fund, have initiated self-purchase announcements, signaling confidence in the long-term stability and health of the Chinese capital market, with a total self-purchase amount of 145 million yuan [2][3]. Group 1: Fund Self-Purchase Actions - Pengyang Fund announced a self-purchase of 30 million yuan in its actively managed equity funds, with 15 million yuan already invested in specific funds on April 8 [2]. - Bosera Fund committed to investing 65 million yuan in its equity public funds, reinforcing its confidence in the market [2]. - China Merchants Fund declared a self-purchase of 50 million yuan in its stock and mixed public funds, promising to hold the investment for at least one year [3]. Group 2: Market Response and Trends - Other fund companies are expected to follow suit, potentially leading to a new wave of self-purchase activity, as institutions like the Central Bank and listed companies are also taking action to stabilize the market [3]. - Over the past decade, the total self-purchase amount by public funds has approached 43 billion yuan, with stock funds accounting for approximately 9.395 billion yuan of that total [4]. - Historical data indicates that self-purchase activities often occur during market downturns, typically at stage-specific lows, suggesting a counter-cyclical investment strategy [5]. Group 3: Confidence Transmission - Fund self-purchases not only reflect confidence in the capital market but also in the fund companies themselves, with many firms initiating self-purchases during new fund launches to signal trust [6]. - Recent examples include Anxin Fund, which invested 10 million yuan in its newly launched fund, committing to hold the investment for at least one year [6]. - The trend of self-purchases has been observed in various funds, including the A500 ETF, where firms like China Merchants Fund and Southern Fund made significant investments [7].