胡中原 华商基金多资产投资部副总经理 华商安元债券基金拟任基金经理 华商双翼平衡混合基金经理 华商润丰灵活配置混合基金经理 "固收+"产品能否真正实现攻守兼备，极大程度取决于基金经理的资产配置能力与跨市场把握力。华商 安元债券基金拟任基金经理胡中原，拥有超11年证券从业经历，其中证券投资经验达6.5年。他毕业于 北京大学，从债券交易员做起，逐步覆盖股债多资产投资，目前已然形成了完善的投资体系，成为一名 优秀的股债全能型基金经理，在管理"固收+"产品时具备天然的优势。 进入12月，市场走出震荡行情，叠加低利率环境的背景下，越来越多的投资者开始关注兼具防御与增长 潜力的配置方向。华商基金年度收官之作——华商安元债券基金（A类：026045，C类：026046）目前 正在发行，并将于2025年12月26日结束募集。该基金拟由股债全能型基金经理胡中原掌舵，旨在通过大 类资产配置框架，把握债券、股票市场的投资机会，力争为投资者带来高质量的持基体验。 "固收+"产品的核心魅力，源于其"进可攻、退可守"的投资特点。它通过债券资产打底积累安全垫，辅 以权益类资产或其他类资产增强收益弹性，降低组合波动，再借助科学的大类资产配置 ...

Core Viewpoint - The article discusses the investment strategy of Hu Zhongyuan, a fund manager at Huashang Fund, emphasizing the importance of both offensive and defensive strategies in investment, particularly during market adjustments [4][8]. Group 1: Investment Strategy - Hu Zhongyuan employs a "dual diversification" strategy in product allocation, focusing on industry diversification to reduce portfolio volatility by including both high-growth and stable defensive sectors [5][9]. - The fund managed by Hu Zhongyuan, Huashang Runfeng Flexible Allocation Mixed Fund, has shown impressive long-term performance, with a net value increase of 193.98% over nearly seven years, significantly outperforming the benchmark and the CSI 300 index [5][6]. - The investment framework is based on industry cycles and win rates, selecting industries with upward revenue and profit trends for allocation, while avoiding a preset preference for any specific industry [6][7]. Group 2: Market Adaptation - Hu Zhongyuan has demonstrated a proactive approach to market changes, such as shifting investments from high-valued sectors like liquor and pharmaceuticals to undervalued sectors like coal and pork during market fluctuations [7][10]. - The fund's performance during market downturns has been notable, with a smaller drawdown compared to many peers, attributed to a mix of defensive public utilities and bond assets [10]. Group 3: Market Outlook - The current market is viewed as favorable, with structural opportunities expected due to ongoing policy support, ample liquidity, and evolving industry dynamics [11][12]. - Key factors supporting the A-share market include sustained policy effects, a favorable funding environment, and emerging structural investment opportunities in sectors like artificial intelligence, new consumption, and innovative pharmaceuticals [12][13][14].

Group 1 - The A-share market has shown significant upward movement, with over 120 funds being liquidated and some funds achieving returns exceeding 88% as of June 30, 2025 [1] - The Huashang Runfeng Flexible Allocation Mixed Fund C (007509) has ranked first among its peers over the past three and five years, demonstrating strong performance under the management of fund manager Hu Zhongyuan since March 2019 [1][4] - Hu Zhongyuan has a solid financial background and 11 years of experience in the securities industry, focusing on risk-return ratios in his investment philosophy [2][5] Group 2 - Hu Zhongyuan believes that the current market has significant potential, with structural trends expected to dominate in the second half of the year, supported by positive signals from multiple departments to stabilize the stock market [3] - The current liquidity in the market and the declining value of real estate assets make equity assets more attractive for wealth management among residents [3] - Emerging industries such as artificial intelligence, new consumption, innovative pharmaceuticals, and solid-state batteries are expected to provide more structural investment opportunities in the A-share market [3] Group 3 - The Huashang Runfeng Flexible Allocation Mixed Fund A has also performed well, ranking 2nd and 3rd in its category over the past three and five years, respectively [4] - The fund's performance from 2019 to 2024 shows a net value growth rate of 16.03%, 59.02%, 8.69%, 3.05%, 0.74%, and 32.90%, compared to its benchmark growth rates [4][5] - The fund has undergone changes in management, with Hu Zhongyuan taking over in March 2019 and continuing to manage the fund to date [4][5]