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].

七月流火，上证指数持续走强，市场赚钱效应持续改善。 八月未央，A股市场继续保持强势，截至8月18日收盘，上证指数报3728.03点，创2015年8月20日以来收 盘新高，A股全天成交2.81万亿元，为历史第三高成交额。 在这其中，华商均衡成长混合基金凭借敏锐的直觉和专业的素养继续为投资者提供高效的资产管理服 务。截至2025年8月19日，华商基金旗下主动权益产品华商均衡成长混合基金的A类、C类基金份额近1 年净值增长率分别录得98.25%、97.09%。 华商基金权益投资部副总经理 华商均衡成长混合基金经理 当前市场普遍认为，在政策呵护、产业升级、市场信心提振等因素的合力下，市场中期向上趋势或依然 明确，A股有望延续向好态势，主动权益基金的长期配置优势或将继续得到显现。 "我们将密切跟踪资本市场核心因素的演化，秉承基于价值的产业趋势投资理念，力争为持有人实现较 好的投资收益。"华商基金张明昕表示。 数据说明：华商均衡成长混合A类的近1年（20240820-20250819）、近3年（20220820-20250819）的净 值增长率分别为98.25%、46.06%，华商均衡成长混合C类的近1年（2024082 ...

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]

Group 1 - The core viewpoint of the articles highlights the positive signals in China's economy 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, including state-owned enterprises and public funds, which boosts 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 a balanced investment approach that combines value-driven and trend-based strategies, focusing on industries in an upward cycle [4][5] - The investment strategy includes a keen observation of industry trends, particularly in AI, robotics, innovative pharmaceuticals, and military industries, which are expected to show significant growth potential [5][6] - The company aims to achieve stable returns by closely tracking core factors in the capital market and adhering to a value-based investment philosophy [6]