【导读】基金经理研判"开门红"：行情具备强劲动力，有望引领全年走向 2026年A股开局喜迎"开门红"，三大指数稳步攀升，市场交投活跃度持续升温，资金入场意愿显著增 强。 多位绩优基金经理在接受记者采访时表示，春季躁动行情已如期启动。相较于往年，今年春季躁动呈现 出政策导向鲜明、资金活力充沛、板块"多点开花"等特征，具备强劲的延续动力，有望引领全年市场走 向。 "开门红"彰显市场信心 对于2026年春季躁动行情，受访基金经理普遍判断，开年行情彰显了新一年投资者对权益市场的坚定信 心，同时，受益于"政策呵护+产业驱动"双轮发力的核心支撑，有望为全年市场走势打下良好基础。 富国创新科技基金经理罗擎表示，A股"开门红"反映了投资者对权益市场的参与热情较高。他看好科技 板块在2026年的投资前景，同时看好周期、消费、创新药、先进制造等板块。 嘉实基金研究部总监、嘉实资源精选基金经理刘杰表示，A股"开门红"不仅缓解了市场的紧张情绪，还 为实体经济注入了活力。当前市场正处于重要的转折点，政策支持和经济内在动力推动市场向前发展。 从中长期看，市场的基本面依然坚实。随着改革的深入和经济的转型升级，市场将更加成熟和稳定。 红土创 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China's economic strength, technological capabilities, and overall national power have reached new heights, leading to a vibrant capital market. Huashang Fund remains committed to prioritizing the interests of its investors, adhering to active management, and pursuing high-quality development [1][10]. Performance Summary - 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 companies. Over seven years, the absolute return reached 341.72%, placing it 4th among 121 peers [10]. - The company's actively managed fixed-income funds recorded a five-year absolute return of 45.22%, ranking 1st among 126 comparable firms, and a seven-year absolute return of 100.14%, also ranking 1st among 112 peers [10]. - In December 2025, Huashang Fund was awarded the "Active Equity Investment Golden Bull Fund Company Award" by China Securities Journal for its outstanding long-term performance [10]. Fund Specifics - The Huashang Balanced Growth Mixed Fund, managed by Zhang Mingxin, has shown remarkable performance, with the Huashang Balanced Growth Mixed C fund ranking 3rd in its category over the past year and 5th over the past three years [2][11]. - The Huashang Balanced Growth Mixed A fund ranked 4th in the past year and 8th over the past three years among its peers [11]. Management Philosophy - Zhang Mingxin, the General Manager of the Equity Investment Department at Huashang Fund, emphasizes that value investing is undoubtedly a sustainable investment approach. He advocates for a comprehensive value assessment and reasonable pricing to provide a good margin of safety, which is fundamental to investment [5][13]. - The company believes that only industries in an upward economic cycle can consistently reach new highs, and thorough cross-industry comparisons and in-depth research of the industrial chain are essential for identifying alpha assets that can achieve significant returns [5][13]. Future Outlook - Looking ahead, Huashang Fund will continue to prioritize the interests of its investors, adhere to the essence of the industry, deepen active management, and maintain a long-term perspective. The company aims to optimize resource allocation and fulfill its mission in the context of high-quality development [14].

"十四五"期间，我国经济实力、科技实力、综合国力跃上新台阶，资本市场迸发活力，华商基金始终秉 持初心，以持有人利益为先，坚守主动管理，追求高质量发展，注重持续提升投资者获得感，旗下主动 权益类基金、主动固收类基金长期业绩表现亮眼，在开展同类业务的基金公司中均排名前列。 根据基金评价机构最新数据，截至2025年12月31日，华商基金旗下主动权益类基金近五年绝对收益率达 90.58%，在139家可比公司中排名第5。近七年绝对收益率达341.72%，在121家可比公司中位列第4；公 司旗下主动固收类基金近五年绝对收益率达45.22%，在126家可比公司中排名第1。近七年绝对收益率 达100.14%，在112家可比公司中同样位列第1。 2025年12月，凭借令市场瞩目的长期表现，华商基金在第22届基金业金牛奖评选中脱颖而出，荣获中国 证券报颁发"主动权益投资金牛基金公司奖"。 在这其中，由华商基金权益投资部总经理张明昕管理、华商基金旗下主动权益产品华商均衡成长混合基 金业绩表现突出，数据显示，截至2025年12月31日，华商均衡成长混合C近1年业绩排名同类第三、近3 年业绩排名同类第五，为投资者在带来了实实在在的投资 ...

2025年落下帷幕，公募基金业绩出炉。永赢科技智选混合基金以233.29%的收益率，获得2025年主动偏 股型基金冠军。该年度业绩，超过了王亚伟管理的华夏大盘精选基金2007年226.24%的收益率，创下18 年来的新纪录。 从公募基金业绩表现看，据Choice统计，衡量公募基金投资能力的主动偏股型基金， 2025年度平均收益率高达32%。其中，年度收益率超过50%的基金约为800只，年度净值翻倍的基金超 过70只。从上述业绩领先基金的持仓情况看，绝大多数源于重仓了以AI为代表的科技板块。从重仓股 数据看，截至2025年三季度末，永赢科技智选混合、中航机遇领航混合、信澳业绩驱动混合、汇安成长 优选混合、华商均衡成长混合等基金的前十大重仓股中，几乎全部是AI相关概念股。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2025年只剩一个交易日了。对于基金经理而言，这最后4个小时的交易时间，就是最后的年度业绩决战 时刻。 从年内基金业绩排名看，截至12月30日，重仓AI概念股的基金业绩居前，年内净值翻倍的基金超过80 只。其中，永赢科技智选混合基金以239.78%的收益率大幅领跑，基本锁定年度冠军。但当前排名前十 的基金业绩差距较小，最终年度排名充满变数。从部分绩优基金经理的最新观点看，科技成长方向依然 是接下来关注的重点。 年度排名充满变数 在2025年的震荡上行行情中，公募基金整体业绩表现不错。据Choice资讯统计，截至12月30日，在4600 多只主动权益类基金中，年内平均收益高达31.25%，833只基金年内收益率超过50%，更有80多只基金 年内净值翻倍。 以下是年内收益率超过130%的主动权益类基金。 | 县 : 名称 | 今年以来回报 | | --- | --- | | | % | | 永赢科技智选混合发起A | 239.78 | | 中航机遇领航混合发起A | 176.65 | | 恒越优势精选混合A | 153.31 | | 红土创 ...

科技创新浪潮席卷全球，中国资产迎来系统性地价值重估的背景下，如何把握这一科技创新投资大时 代？华商基金权益投资副总监、华商均衡成长混合基金经理张明昕表示，要坚守价值投资，聚焦产业趋 势，追求长期可复制可持续的业绩。他管理的华商均衡成长混合基金业绩表现突出。截至2025年12月10 日，华商均衡成长混合A今年以来净值增长率高达140.87%。银河证券数据显示，截至2025年11月末， 华商均衡成长混合C近1年、3年业绩排名双双位列同类第七，为投资者在复杂多变的市场中带来了较好 的持有体验。 | 时间区间 | | 华商均衡成长混合C | 华商均衡成长混合A | | 业绩比较基准 收益率 | | --- | --- | --- | --- | --- | --- | | | 净值增长率 | 业绩排名 | 净值增长率 | 业绩排名 | | | 今年以来 2025.1.1 - 2025.12.10 | 139.53% | 不适用 | 140.87% | 不适用 | 23.89% | | 近1年 | 103.35% | 第7 | 104.55% | 第9 | 19.81% | | 2024.12.1-2025.11.30 ...

科技创新浪潮席卷全球，中国资产迎来系统性地价值重估的背景下，如何把握这一科技创新投资大时 代？华商基金权益投资副总监、华商均衡成长混合基金经理张明昕表示，要坚守价值投资，聚焦产业趋 势，追求长期可复制可持续的业绩。他管理的华商均衡成长混合基金业绩表现突出。截至2025年12月10 日，华商均衡成长混合A今年以来净值增长率高达140.87%。银河证券数据显示，截至2025年11月末， 华商均衡成长混合C近1年、3年业绩排名双双位列同类第七，为投资者在复杂多变的市场中带来了较好 的持有体验。 | 华商均衡成长混合近1年、3年业绩排名均列同类前十 | | --- | | 时间区间 | | 华商均衡成长混合C | 华商均衡成长混合A | | 业绩比较基准 收益率 | | --- | --- | --- | --- | --- | --- | | | 净值增长率 | 业绩排名 | 净值增长率 | 业绩排名 | | | 今年以来 2025.1.1 - 2025.12.10 | 139.53% | 不适用 | 140.87% | 不适用 | 23.89% | | 近1年 | 103.35% | 第7 | 104.55% | ...

Core Viewpoint - The performance of actively managed equity funds has significantly improved, with an average return of over 48% in the past year, and more than 270 funds have doubled their net value [1][2]. Group 1: Fund Performance - As of August 28, 2023, 4378 actively managed equity funds reported an average return of 48.13%, with 4354 funds achieving positive returns [2]. - A total of 586 funds generated returns exceeding 80%, and 274 funds saw their net value double, with some funds achieving returns over 200% [2]. - Notable high-performing funds include 中信建投北交所精选两年定开混合基金 with a return of 264.31%, 华夏北交所创新中小企业精选两年定开混合基金 at 241.75%, and 中欧数字经济混合基金 at 237.52% [2]. Group 2: Investment Strategies - Fund managers are focusing on structural opportunities, particularly in sectors like artificial intelligence, innovative pharmaceuticals, and new consumption [4]. - The AI industry is expected to continue its growth trajectory, with significant investment opportunities in AI applications, autonomous driving, and humanoid robots [4][5]. - Fund managers are adjusting their portfolios to include stable assets like banks and insurance while increasing exposure to technology assets such as robotics and AI computing [5]. Group 3: Market Outlook - The overall sentiment towards the equity market has become more positive, with expectations that the most severe systemic shocks have passed [4]. - There is an emphasis on monitoring macroeconomic events that could introduce volatility, while still identifying opportunities in sectors like AI, innovative pharmaceuticals, and non-ferrous metals [4][5].

Core Viewpoint - The A-share market continues to show strength, with the Shanghai Composite Index reaching a new high since August 2015, driven by favorable policies, industrial upgrades, and improved market confidence [1][3]. Market Performance - As of August 18, the Shanghai Composite Index closed at 3728.03 points, marking a significant increase [1]. - The total trading volume in the A-share market reached 2.81 trillion yuan, the third-highest in history [1]. Fund Performance - The Huashang Balanced Growth Mixed Fund, managed by Zhang Mingxin, reported impressive one-year net value growth rates of 98.25% for Class A and 97.09% for Class C [1][3]. - Over the past three years, the net value growth rates for Class A and Class C were 46.06% and 43.46%, respectively, significantly outperforming the benchmark return rates of 31.07% and -6.10% [3]. Investment Strategy - Zhang Mingxin emphasizes a value-driven investment approach focused on industry trends, aiming to identify alpha stocks that can achieve "Davis Double" returns [1][3]. - The fund manager has a strong background in risk growth investment and has actively participated in key growth sectors such as new energy vehicles, photovoltaic energy storage, AI, and robotics [1][3]. Fund Management Background - Zhang Mingxin has nearly 10 years of experience in the securities industry, with a focus on both research and investment [4]. - The Huashang Balanced Growth Mixed Fund was established on April 8, 2021, and has undergone management changes, with Zhang Mingxin taking over on March 4, 2025 [4].

Group 1 - The A-share market continues to show strength, with the Shanghai Composite Index reaching 3728.03 points as of August 18, marking the highest closing since August 20, 2015 [1] - The trading volume in the A-share market reached 2.81 trillion yuan, ranking as the third highest in history [1] - Huashang Fund's Balanced Growth Mixed Fund has demonstrated strong performance, with A and C class fund shares achieving net value growth rates of 98.25% and 97.09% respectively over the past year [1][3] Group 2 - Zhang Mingxin, the deputy director of equity investment at Huashang Fund, emphasizes a value-driven investment approach focused on industry trends [1][3] - The fund manager has a track record of focusing on risk growth investments in the early stages of industries and participating in core growth directions such as new energy vehicles, photovoltaic energy storage, AI, and autonomous driving [1][3] - The fund's performance over the past three years shows net value growth rates of 46.06% for A class and 43.46% for C class, significantly outperforming the benchmark return rates of -6.10% [3][4]