Core Viewpoint - The A-share market showed strong performance in 2025, with the Huashang Core Gravity Mixed Fund C achieving a return of 69.07%, ranking in the top 10 among 128 similar funds, and maintaining a solid investment experience for its holders [1][8]. Fund Performance - The Huashang Core Gravity Mixed Fund A had a net value growth rate of 69.77% in the past year, ranking 17th out of 219 funds, and a 51.39% growth rate over the past three years, ranking 28th out of 213 funds [10]. - The Huashang Core Gravity Mixed Fund C achieved a net value growth rate of 69.07% in the past year, ranking 10th out of 128 funds, and a 49.56% growth rate over the past three years, ranking 13th out of 101 funds [10]. - The performance benchmark for the fund recorded a return of 12.02% for the past year and 17.02% over the past three years [10]. Investment Strategy - The fund's "core gravity" is reflected in three aspects: fundamentals, valuation, and capital, which are crucial for driving asset price performance [10]. - The fund aims to build a cost-effective portfolio based on macroeconomic judgments, industry comparisons, and in-depth research, while controlling drawdowns to provide reasonable returns to holders [10]. Manager Insights - Ye Feng, the fund manager, emphasizes a "dynamic balance approach" to manage the portfolio, focusing on quality growth stocks when they are relatively cheap and reliable value opportunities when value stocks are low [12]. - Ye Feng maintains a positive outlook for 2026, expecting structural opportunities to emerge as the economy seeks a bottom and liquidity remains loose [12][13]. Future Opportunities - Ye Feng is optimistic about the growth style-led market in 2026, particularly around AI, which is seen as the largest industrial trend, with potential opportunities in AI storage and semiconductor equipment [13]. - The fund is closely monitoring the expansion of AI-related industries and the impact of electric vehicle disruptions on energy storage [13].

Core Viewpoint - The article highlights the launch of the Huashang Quality Selection Mixed Fund, which aims to create long-term sustainable returns for investors by adhering to the core investment philosophy of "upholding value, embracing change, and dynamic balance" [1][8]. Fund Overview - The Huashang Quality Selection Mixed Fund (Class A: 026177, Class C: 026178) will end its fundraising period on January 23, 2026 [1][6]. - The fund will be managed by Ye Feng, the Assistant General Manager of the Research and Development Department at Huashang Fund [1][2]. Investment Strategy - The fund will allocate 60%-95% of its assets to stocks, with a maximum of 50% invested in Hong Kong Stock Connect targets [10][11]. - Ye Feng emphasizes a "dynamic balance approach" to portfolio management, focusing on quality growth stocks when they are relatively cheap and reliable value opportunities when value stocks are low [3][9]. - The fund will prioritize companies with sustained competitive advantages and high intrinsic value, maintaining a long-term perspective in stock selection [10][11]. Market Focus - Ye Feng plans to focus on opportunities within the AI industry and its sub-sectors, while also considering AI applications, AI + new energy, innovative pharmaceuticals, non-ferrous metals, and certain cyclical sectors [3][10]. - The investment strategy will adapt to changing market conditions, aiming for a balanced industry exposure while concentrating on select stocks to manage potential market volatility [4][10]. Performance Metrics - As of December 31, 2025, Huashang Fund's actively managed equity funds achieved a five-year absolute return of 90.58%, ranking 5th among 139 comparable fund companies [11]. - Over a seven-year period, the absolute return reached 341.72%, placing 4th among 121 comparable companies [11].

Core Viewpoint - The article highlights the launch of the Huashang Quality Selection Mixed Fund by Huashang Fund, emphasizing the importance of identifying undervalued assets in a changing market environment to achieve sustainable long-term returns for investors [1][6]. Fund Overview - The Huashang Quality Selection Mixed Fund (Class A: 026177, Class C: 026178) is set to be managed by Ye Feng, the Assistant General Manager of the Research and Development Department at Huashang Fund, with a core investment philosophy of "upholding value, embracing change, and dynamic balance" [1][6]. - The fund will allocate 60%-95% of its assets to stocks, with a maximum of 50% of stock assets invested in Hong Kong Stock Connect targets [10]. Manager Profile - Ye Feng holds a master's degree from Peking University and has over 8 years of experience in the securities industry, including 3.5 years in securities investment [3][9]. - Ye Feng employs a "dynamic balance approach" in managing portfolios, focusing on quality growth stocks when they are relatively cheap and reliable value opportunities when value stocks are undervalued [9]. Investment Strategy - The fund aims to maintain a balanced industry exposure while concentrating on select stocks to manage potential market volatility and risks, striving for reasonable returns while controlling drawdowns [10]. - Ye Feng plans to focus on opportunities within the AI industry and its sub-sectors, while also considering investments in AI applications, AI + new energy, innovative pharmaceuticals, non-ferrous metals, and certain cyclical sectors [9][10]. Performance Metrics - Huashang Fund's actively managed equity funds have demonstrated strong performance, achieving a 90.58% absolute return over the past five years, ranking 5th among 139 comparable fund companies, and a 341.72% return over seven years, ranking 4th among 121 comparable companies [10].

Core Viewpoint - The article highlights the launch of the Huashang Quality Selection Mixed Fund by Huashang Fund, emphasizing its commitment to value investment and adaptability to market changes, aiming to provide sustainable long-term returns for investors [1][9]. Fund Overview - The Huashang Quality Selection Mixed Fund (Class A: 026177, Class C: 026178) is set to be managed by Ye Feng, the Assistant General Manager of the Research and Development Department at Huashang Fund [1][9]. - The fund's investment philosophy is centered around "upholding value, embracing change, and dynamic balance" [1][9]. Management Strategy - Ye Feng has over 8 years of experience in the securities industry, with a focus on dynamic balance in portfolio management, targeting quality growth stocks when they are relatively cheap and value stocks when they are undervalued [3][11]. - The fund will maintain a stock asset allocation of 60%-95% and can invest up to 50% of its stock assets in Hong Kong Stock Connect targets [4][13]. Investment Focus - The fund will prioritize companies with sustainable competitive advantages and high intrinsic value, while also being responsive to emerging industry trends, particularly in AI and related sectors [4][12]. - Ye Feng emphasizes the importance of thorough research and valuation in selecting stocks, aiming to build a cost-effective portfolio that can withstand market volatility [4][12]. Performance Metrics - Huashang Fund has received recognition for its strong performance, with its active equity funds achieving a 90.58% absolute return over the past five years, ranking 5th among 139 comparable fund companies [4][13]. - Over a seven-year period, the absolute return reached 341.72%, placing it 4th among 121 comparable companies [4][13]. Fundraising Details - The fundraising period for the Huashang Quality Selection Mixed Fund is from January 5 to January 23, 2026, with varying subscription fees based on investment amounts [6][15]. - Class A subscription fees range from 1.20% for amounts under 500,000 yuan to a flat fee of 1,000 yuan for amounts over 500,000 yuan, while Class C shares do not incur subscription fees [6][15].

Core Viewpoint - The article highlights the launch of the Huashang Quality Selection Mixed Fund by Huashang Fund, emphasizing its commitment to value investment and adaptability to market changes, aiming to provide sustainable long-term returns for investors [1][9]. Fund Overview - The Huashang Quality Selection Mixed Fund (Class A: 026177, Class C: 026178) is set to be managed by Ye Feng, the Assistant General Manager of the Research and Development Department at Huashang Fund [1][9]. - The fund's investment philosophy is centered around "upholding value, embracing change, and dynamic balance" [1][9]. Management Strategy - Ye Feng has over 8 years of experience in the securities industry, with a focus on dynamic balance in portfolio management, targeting quality growth stocks when they are relatively cheap and value stocks when they are undervalued [3][11]. - The fund will maintain a stock asset allocation of 60%-95% and can invest up to 50% of its stock assets in Hong Kong Stock Connect targets [4][13]. Investment Focus - The fund will prioritize companies with sustainable competitive advantages and high intrinsic value, while also being responsive to emerging industry trends, particularly in AI and related sectors [4][12]. - Ye Feng emphasizes the importance of thorough research and valuation in selecting stocks, aiming to build a cost-effective portfolio that can withstand market volatility [4][12]. Performance Metrics - As of December 31, 2025, Huashang Fund's active equity funds achieved a 90.58% absolute return over the past five years, ranking 5th among 139 comparable fund companies, and a 341.72% return over seven years, ranking 4th among 121 comparable companies [4][13]. Fundraising Details - The fundraising period for the Huashang Quality Selection Mixed Fund is from January 5 to January 23, 2026, with varying subscription fees based on investment amounts for Class A shares [6][15].

Core Viewpoint - The article discusses the launch of the Huashang Quality Selection Mixed Fund by Huashang Fund, emphasizing its investment philosophy of "sticking to value, embracing change, and dynamic balance" to create sustainable long-term returns for investors [1][2]. Group 1: Fund Overview - The Huashang Quality Selection Mixed Fund will be managed by Ye Feng, who has over 8 years of experience in the securities industry, including 3.5 years in securities investment [1][4]. - The fund aims to allocate 60%-95% of its assets to stocks, with a maximum of 50% invested in Hong Kong Stock Connect targets [3][4]. - The fund's investment strategy focuses on selecting high-quality companies with sustainable competitive advantages and high intrinsic value, while maintaining a dynamically balanced portfolio [3][4]. Group 2: Investment Strategy - Ye Feng highlights a focus on opportunities within the AI industry, noting that investment in AI has become more complex, requiring deeper research and pricing analysis [2]. - The fund will prioritize undervalued growth assets and is open to various sectors, including AI applications, AI + new energy, innovative pharmaceuticals, and certain cyclical sectors [2]. - The investment approach aims to balance industry selection while concentrating on specific stocks to manage potential market volatility and risks [2]. Group 3: Performance Metrics - Huashang Fund's active equity funds have demonstrated strong performance, with a 90.58% absolute return over the past five years, ranking 5th among 139 comparable fund companies [3]. - Over a seven-year period, the absolute return reached 341.72%, placing 4th among 121 comparable companies [3].

Core Viewpoint - The article discusses the launch of the Huashang Quality Selection Mixed Fund, which aims to select high-quality listed companies and provide sustainable long-term returns for investors, managed by fund manager Ye Feng [1][9]. Fund Overview - The Huashang Quality Selection Mixed Fund will be available for subscription from January 5 to January 23, 2026, with stock assets comprising 60%-95% of the fund's total assets, and up to 50% of stock assets can be invested in Hong Kong Stock Connect [5][16]. - The fund's performance benchmark is a combination of the CSI 300 Index (60%), the CSI Hong Kong Stock Connect Composite Index (20%), and the China Bond Composite Index (20%) [5][16]. Fund Manager Profile - Ye Feng, a master's graduate from Peking University, has over 8 years of experience in the securities industry, including 3.5 years in securities investment, focusing on TMT, consumer, manufacturing, and cyclical industries [3][12]. - Ye Feng emphasizes a value-driven investment philosophy, focusing on fundamental research and understanding of valuations, while also being adaptable to positive changes in industry trends [3][12]. Performance Metrics - Since taking over the management of related products in May 2025, Ye Feng has achieved significant excess returns, with his managed funds outperforming their benchmarks by over 40 percentage points as of November 30, 2025 [4][13]. - Specific performance data includes: - Huashang Wan Zhong Innovation Flexible Allocation Mixed Fund A: 56.11% return, +43.89% excess return [4][13]. - Huashang Core Gravity Mixed Fund A: 56.82% return, +46.60% excess return [4][13]. Investment Strategy - The fund will focus on long-term evaluations of listed companies, analyzing factors such as business models, industry dynamics, profitability, management quality, governance structures, and valuation levels to select companies with sustainable competitive advantages [5][14]. - Future investment strategies will include a focus on AI industry trends and specific investment opportunities, with an emphasis on undervalued growth assets across various sectors [5][14][15]. Market Outlook - Ye Feng anticipates a broader range of investment directions and industries, aiming for a balanced portfolio that can withstand market volatility while pursuing returns [15].

Core Viewpoint - The article discusses the launch of the Huashang Quality Selection Mixed Fund by Huashang Fund, which aims to select high-quality listed companies and provide sustainable long-term returns for investors, starting from January 5, 2026 [1]. Group 1: Fund Launch and Management - The Huashang Quality Selection Mixed Fund will be managed by Ye Feng, who has over 8 years of experience in the securities industry, focusing on sectors such as TMT, consumer, manufacturing, and cyclical industries [1][6]. - The fund's investment philosophy emphasizes "sticking to value, embracing change, and dynamic balance," aiming to select quality stocks based on in-depth research and understanding of fundamentals [1][5]. Group 2: Performance and Strategy - Since taking over in May 2025, Ye Feng's managed funds have significantly outperformed their benchmarks by over 40 percentage points, showcasing strong stock selection and portfolio management capabilities [2][3]. - The Huashang Quality Selection Mixed Fund will allocate 60%-95% of its assets to stocks, with a maximum of 50% in Hong Kong Stock Connect targets, and its performance benchmark is a composite of various indices [3][4]. Group 3: Future Outlook - Ye Feng plans to focus on investment opportunities in the AI sector and related fields, emphasizing the need for in-depth research and valuation in this evolving landscape [5]. - The investment strategy will prioritize undervalued growth assets while maintaining a balanced approach across industries to manage potential market volatility [5].

Core Insights - The article discusses the launch of the Huashang Quality Selection Mixed Fund, which will be managed by fund manager Ye Feng, starting from January 5, 2026, aiming to create long-term sustainable returns for investors through a value-driven investment philosophy [1][11]. Fund Overview - The Huashang Quality Selection Mixed Fund will have a stock asset allocation of 60%-95% and can invest up to 50% of its stock assets in Hong Kong Stock Connect targets [6][16]. - The fund's performance benchmark is a combination of the CSI 300 Index return (60%), the CSI Hong Kong Stock Connect Composite Index (20%), and the China Bond Composite Index (20%) [6][16]. Fund Manager Profile - Ye Feng, a master's graduate from Peking University, has over 8 years of experience in the securities industry, including 3.5 years in securities investment [4][19]. - Ye Feng emphasizes a long-term, stable investment style, focusing on sectors such as TMT, consumer, manufacturing, and cyclical industries [4][14]. Performance Metrics - Since taking over the management of related products in May 2025, Ye Feng's funds have significantly outperformed their benchmarks by over 40 percentage points [4][5]. - Specific performance data from May 27, 2025, to November 30, 2025, shows the following returns: - Huashang Wan Zhong Innovation Flexible Allocation Mixed Fund A: 56.11% with a 43.89% excess return - Huashang Wan Zhong Innovation Flexible Allocation Mixed Fund C: 55.71% with a 43.49% excess return - Huashang Core Gravity Mixed Fund A: 56.82% with a 46.60% excess return - Huashang Core Gravity Mixed Fund C: 56.48% with a 46.26% excess return [5][15]. Investment Philosophy - Ye Feng's investment philosophy includes a commitment to value, focusing on in-depth research of fundamentals and valuation, while also being adaptable to positive changes in industry directions [4][14]. - The fund aims to select high-quality companies with sustainable competitive advantages and high intrinsic value through comprehensive analysis of business models, industry dynamics, profitability, management quality, and governance structures [6][16]. Future Outlook - Ye Feng plans to focus on investment opportunities within the AI industry and related sectors, emphasizing the need for detailed research and pricing strategies [8][18]. - The investment strategy will aim for a balanced portfolio across industries while concentrating on specific stocks to manage potential market volatility [8][18].