Core Viewpoint - In a complex and ever-changing market, the essence of investment lies in anchoring value, grasping the main line of the era, and achieving long-term sustainable returns [1][13]. Investment Philosophy - Investment should clarify the source of profits, whether from market fluctuations, industry beta, or individual stock alpha, ensuring that profits are replicable and sustainable [4][16]. - Value is fundamental, and a comprehensive assessment of asset value should be conducted to build a safety margin at reasonable prices [4][16]. - The investment framework is based on value-driven industrial trend investment, focusing on high-prosperity industries and identifying alpha stocks during upward trends [4][16]. Market Trends and Opportunities - The current market is characterized by strong performance in sectors such as aerospace, satellites, and AI applications, with a consensus on bullish expectations and limited downside risks [7][18]. - The domestic economy is steadily advancing towards high-quality development, supported by policies that nurture the capital market and restore social confidence [7][18]. - The AI industry is highlighted as a core area for investment, with significant potential in domestic AI expected in 2026 [19]. Specific Investment Opportunities - Key sectors of interest include AI and its derivatives, solid-state batteries, robotics, and innovative pharmaceuticals [19]. - The robotics industry is currently in the risk growth investment phase, focusing on whether T-chain robots can achieve large-scale production [19]. - The innovative pharmaceutical sector is anticipated to benefit from policy support, with potential for significant market size and profitability [19]. Performance Metrics - The Huashang Balanced Growth Mixed Fund A achieved a remarkable growth rate of 137.15% in 2025, ranking 4th among 1895 similar funds [1][13]. - The fund's performance over the years shows a net value growth rate of 29.60% (2021), -32.04% (2022), -9.33% (2023), 3.99% (2024), and 137.15% (2025) [9][21].

Group 1 - The A-share market in 2025 saw significant growth, with the Shanghai Composite Index achieving its best annual performance since 2020, rising by 18.41% [1][22] - The public fund industry in China surpassed 37 trillion yuan for the first time, indicating a new development stage for the asset management industry [1][22] - A number of fund managers with strong active management capabilities delivered impressive results as market sentiment improved [1][22] Group 2 - Huashang Fund's active equity funds achieved an average return of 64.91% in 2025, with several funds exceeding 100% growth, including Huashang Balanced Growth Mixed A at 137.15% [2][23][24] - The success of Huashang Fund is attributed to its "deep research-driven investment" philosophy, focusing on value-driven industrial trend investments [2][24] - The company plans to continue focusing on sectors such as AI, robotics, and innovative pharmaceuticals in 2026, aiming to capture structural opportunities [3][24] Group 3 - Over the past seven years, Huashang Fund ranked 4th in active equity and 1st in active fixed income among peers, with a five-year absolute return of 90.58% [4][26] - The company received the "Active Equity Investment Golden Bull Fund Company Award" in December 2025, coinciding with its 20th anniversary [4][26] - Huashang Fund has created a total investment return of 52.252 billion yuan for its investors and has distributed 28.637 billion yuan in dividends as of December 31, 2025 [5][27] Group 4 - Huashang Fund has been actively embracing industry changes while maintaining its core focus on active management, including the development of index-enhanced products [6][28] - The company has been building a composite team since 2009 to integrate active and quantitative investment strategies, enhancing its research and risk control processes [6][28] - Future plans include expanding the index-enhanced product line and exploring multi-asset strategies to contribute to high-quality industry development [8][29]

Core Viewpoint - The article highlights the strong performance of Huashang Fund, a public fund management company with nearly 20 years of experience, emphasizing its active management capabilities and consistent positive returns across various funds [1][8]. Fund Performance Summary - As of September 30, 2025, Huashang Fund's actively managed fixed income funds ranked first in absolute returns over the past 7 and 5 years [1][9]. - The actively managed equity funds ranked second in the past 7 years and third in the past 5 years [1][9]. Specific Fund Highlights - **Huashang Advantage Industry Flexible Allocation Mixed A Fund**: - Achieved a net value growth rate of 102.44% in the past year, with 5-year and 7-year growth rates of 205.07% and 464.21% respectively [3][10]. - Ranked second among peers over the past 5 years [3][10]. - **Huashang New Trend Preferred Flexible Allocation Mixed Fund**: - Recorded a net value growth rate of 51.08% in the past year, with 5-year and 7-year growth rates of 159.94% and 429.65% respectively [5][12]. - Ranked fifth among peers over the past 5 years [5][12]. - **Huashang Runfeng Flexible Allocation Mixed A Fund**: - Achieved a net value growth rate of 146.96% in the past year, with 5-year and 7-year growth rates of 193.05% and 332.42% respectively [6][13]. - Ranked among the top ten in its category for all time frames [6][13]. - **Huashang Yuanheng Flexible Allocation Mixed A Fund**: - Achieved a net value growth rate of 132.57% in the past year, with 5-year and 7-year growth rates of 200.52% and 297.54% respectively [6][14]. - Consistently ranked among the top ten in its category [6][14]. - **Huashang Shengshi Growth Mixed Fund**: - Ranked sixth among 586 similar funds over the past 5 years [7][15]. Management Team and Strategy - Huashang Fund emphasizes a strong research and management team, with each fund manager employing distinct investment strategies [8]. - The company focuses on active management and deep research to enhance investor returns, aiming for sustainable long-term performance [8].

Core Insights - The stock market has significantly rebounded over the past year, leading to the emergence of high-performing fund products. Huashang Fund, with nearly 20 years of experience, focuses on enhancing investor returns through active management [1][8] - As of September 30, 2025, Huashang Fund's actively managed fixed-income funds ranked first in absolute returns over the past 7 and 5 years, while its actively managed equity funds ranked second and third, respectively [1][9] Fund Performance - Huashang Fund has six equity funds that achieved positive returns for five consecutive years from 2020 to 2024. These funds include: - Huashang Advantage Industry Flexible Allocation Mixed A - Huashang New Trend Preferred Flexible Allocation Mixed - Huashang Runfeng Flexible Allocation Mixed A - Huashang Runfeng Flexible Allocation Mixed C - Huashang Yuanheng Flexible Allocation Mixed A - Huashang Shengshi Growth Mixed [1][8] Individual Fund Highlights - **Huashang Advantage Industry Flexible Allocation Mixed A**: - 1-year net value growth rate: 102.44% - 5-year net value growth rate: 464.21% - Ranked 2nd in 5-year performance among 329 similar funds [3][10] - **Huashang New Trend Preferred Flexible Allocation Mixed**: - 1-year net value growth rate: 51.08% - 5-year net value growth rate: 429.65% - Ranked 5th in 5-year performance among 356 similar funds [5][10] - **Huashang Runfeng Flexible Allocation Mixed A**: - 1-year net value growth rate: 146.96% - 5-year net value growth rate: 332.42% - Ranked 3rd in 5-year performance among 356 similar funds [6][10] - **Huashang Runfeng Flexible Allocation Mixed C**: - 5-year performance ranked 1st among 129 similar funds [6][10] - **Huashang Yuanheng Flexible Allocation Mixed A**: - 1-year net value growth rate: 132.57% - 5-year net value growth rate: 297.54% - Ranked 2nd in 5-year performance among 356 similar funds [6][10] - **Huashang Shengshi Growth Mixed**: - Ranked 6th in 5-year performance among 586 similar funds [7][10] Management Strategy - Huashang Fund emphasizes active management and deep research, with a focus on building a talent pipeline among fund managers. Each manager has a unique investment philosophy, contributing to the overall performance of the funds [8][9]

Core Insights - The A-share market has shown strong performance, with the Shanghai Composite Index frequently breaking near 10-year highs, leading to increased optimism among investors [1] - Huashang Fund has demonstrated significant strength in active management, with its Huashang Advantage Industry Flexible Allocation Mixed A fund achieving a nearly 92% increase over the past year and a net value growth rate of over 1058% since inception [1][2] Fund Performance - Huashang Advantage Industry Flexible Allocation Mixed A ranks first in its category over the past 10 years, and has also performed well in 7-year, 5-year, and 3-year rankings [1][2] - Other funds under Huashang Fund, such as Huashang New Trend Preferred Flexible Allocation Mixed and Huashang Credit Enhanced Bond A/C, have also ranked first in their respective categories over the past 7 years [1] - The performance data is sourced from Galaxy Securities, with rankings reflecting the funds' standings among their peers [2] Fund Management - The Huashang Advantage Industry Flexible Allocation Mixed A fund is managed by Zhang Mingxin, who emphasizes a growth-value investment style focused on "investment based on industrial trends" [2][3] - Zhang's investment strategy includes a balanced approach between deep value and growth, with a focus on tracking industry trends and marginal changes [2] - In the second quarter, the fund increased its allocation to overseas computing power sectors, anticipating a surge in demand driven by advancements in AI technologies [2][3] Future Outlook - Zhang Mingxin expresses optimism regarding AI industry opportunities, suggesting that domestic AI developments will follow the lead of international advancements [3]