近日，华商基金发布了旗下产品2025年第三季度报告。数据显示，截至今年三季度末，华商基金多资产 投资部副总经理胡中原管理的华商润丰灵活配置混合C近五年净值增长率高达215.01%，在同类基金中 排名第一位（数据来源：银河证券）。 华商润丰灵活配置混合C 自2019年成立以来的各年度表现 | 年度 | 净值增长率 | 同期业绩比较 基准收益率 | | --- | --- | --- | | 2024 年 | 32.77% | 11.36% | | 2023 年 | 0.64% | -5.47% | | 2022 年 | 2.94% | -12.97% | | 2021 年 | 8.52% | 1.29% | | 2020 年 | 58.78% | 18.27% | | 2019 年 (20190619-20191231) | 6.50% | 8.28% | 数据来源：基金定期报告； 该基金A类份额数据详见文末数据说明 华商润丰灵活配置混合基金经理胡中原自2014年北京大学硕士毕业后即加入华商基金，早期专注债券交 易领域，2017年开始负责债券交易管理，2018年正式转战投资领域。正是这种债转股的独特路径，塑造 ...

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 Viewpoint - The A-share market has shown significant structural trends in 2023, with the Shanghai Composite Index breaking through 3800 points in August, leading to accelerated rotation of market hotspots and fluctuations among various sectors [2] Fund Performance - Fund manager Hu Zhongyuan has consistently ranked in the top ten for all mixed funds he manages over the past 1, 3, and 5 years, with specific funds achieving first place in their categories [2][3] - The Huashang Runfeng Flexible Allocation Mixed A fund has achieved impressive returns of 146.96%, 193.05%, and 332.42% over the past 1, 5, and 7 years, respectively, ranking in the top ten of its category [5][6] - The Huashang Yuanheng Flexible Allocation Mixed A fund has also shown strong performance, with returns of 132.57%, 200.52%, and 297.54% over the same periods, ranking in the top 1% of its category [5][6] Investment Philosophy - Hu Zhongyuan's investment philosophy prioritizes the risk-reward ratio, focusing on industry comparisons and minimizing alpha in stock selection while adhering to a dual diversification principle in portfolio management [4] - His investment framework is based on industry cycles and win rates, selecting industries with clear upward trends in revenue and profit for allocation [6][8] Market Strategy - Hu Zhongyuan has successfully executed multiple industry switches, such as moving from liquor and pharmaceuticals to coal and pork in 2021, and from new energy to consumer sectors in 2022, demonstrating effective market timing [6][7] - He emphasizes a diversified management approach, balancing high-growth sectors with stable defensive sectors to mitigate overall portfolio volatility [7][8] Future Outlook - Hu Zhongyuan maintains an optimistic outlook for the A-share market in 2025, driven by policy support and liquidity easing, which are expected to lead to a long-term valuation recovery [10] - Key investment areas include artificial intelligence, communication, electronics, and the evolving Chinese pharmaceutical sector, reflecting positive changes in consumer behavior and innovation capabilities [10]

Group 1 - The A-share market has shown significant structural trends this year, with the Shanghai Composite Index breaking through 3800 points in August, followed by accelerated rotation of market hotspots and fluctuating performance across sectors [1] - Despite the complexity of the market, it serves as a test for fund managers' abilities, with Hu Zhongyuan from Huashang Fund being highlighted for maintaining a steady upward performance curve [1] - Hu Zhongyuan's managed mixed funds have ranked in the top ten of their category over the past 1, 3, and 5 years, with specific funds achieving first place in their respective categories [1] Group 2 - Hu Zhongyuan's investment philosophy prioritizes the risk-reward ratio, focusing on industry comparisons and minimizing alpha in stock selection while adhering to a dual diversification principle in portfolio management [3] - The Huashang Runfeng Flexible Allocation Mixed A fund has achieved impressive returns of 146.96% over the past year, 193.05% over five years, and 332.42% over seven years, consistently ranking among the top funds in its category [3][5] - Hu Zhongyuan's management of the Huashang Yuanheng Flexible Allocation Mixed A fund has also resulted in significant returns, with 132.57% over the past year and 200.52% over five years, placing it in the top 1% of its category [3][5] Group 3 - Hu Zhongyuan emphasizes a diversified approach in portfolio construction, controlling the holding ratio of any single sector and spreading investments across various stages of the industry chain to mitigate concentration risks [7] - His strategy of combining high-growth sectors with stable defensive sectors helps to balance overall portfolio volatility, enhancing the investment experience [7] - Hu Zhongyuan's success is attributed to his deep understanding of industries and markets, focusing on fundamental research rather than short-term market fluctuations [7][8] Group 4 - Hu Zhongyuan's background in bond trading has instilled a strong focus on controlling downside risks, ensuring that every investment has sufficient potential returns to cover associated risks [9][10] - His extensive research covers over 30 major industries and more than 100 sub-sectors, allowing him to adapt to market changes effectively [9] - Hu Zhongyuan's dual expertise in both equity and fixed income markets enables him to flexibly manage investment strategies across asset classes [10] Group 5 - Looking ahead, Hu Zhongyuan is optimistic about the A-share market in 2025, driven by a combination of policy support and liquidity easing, which is expected to lead to a long-term valuation recovery [10] - Key investment opportunities are identified in sectors such as artificial intelligence, communications, electronics, and healthcare, driven by ongoing industry developments and demographic changes [10]

Core Viewpoint - The A-share market has shown significant structural trends in 2023, with the Shanghai Composite Index breaking through 3800 points in August, leading to accelerated rotation of market hotspots and fluctuating performances across sectors [1] Fund Performance - Hu Zhongyuan, a fund manager at Huashang Fund, has consistently ranked in the top ten for all mixed funds he manages over the past 1, 3, and 5 years, demonstrating strong market understanding and asset allocation skills [1][2] - Specific fund performances include: - Huashang Shuangyi Balanced Mixed A ranked 1st in its category for 1, 3, and 5 years [2] - Huashang Runfeng Flexible Allocation Mixed C ranked 1st over 5 years and in the top five for 1 and 3 years [2] Investment Philosophy - Hu Zhongyuan's investment philosophy prioritizes the risk-reward ratio, focusing on industry comparisons and minimizing alpha in stock selection while adhering to a dual diversification principle in portfolio management [3] - His managed funds, such as Huashang Runfeng Flexible Allocation Mixed A, have achieved significant returns since he took over in March 2019, with 1-year, 5-year, and 7-year returns of 146.96%, 193.05%, and 332.42% respectively [3][4] Investment Strategy - Hu Zhongyuan emphasizes a framework based on industry cycles and win rates, selecting industries with clear upward trends in revenue and profit for allocation [5] - He has successfully executed multiple industry switches, such as moving from liquor and pharmaceuticals to coal and consumer sectors, which have contributed to excess returns [5][6] - His strategy includes a dual approach of "industry diversification + stock diversification," which helps mitigate overall portfolio volatility [6] Market Outlook - Looking ahead, Hu Zhongyuan is optimistic about the A-share market in 2025, driven by a combination of policy support and liquidity easing, which he believes will lead to a long-term valuation recovery [8] - Key investment areas include artificial intelligence, communication, electronics, and the evolving Chinese pharmaceutical sector, which are expected to present new opportunities [8]

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]

Group 1 - 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] - The Huashang Advantage Industry Flexible Allocation Mixed Fund has achieved a remarkable one-year growth rate of 91.59% and a net value growth rate of 1058.27% since its inception [1][3] - Huashang Fund has multiple funds ranked first in their respective categories over various time frames, showcasing its strength in active management [1][2] Group 2 - The Huashang Advantage Industry Flexible Allocation Mixed Fund ranks first among 205 similar funds over the past 10 years, and has consistently performed well in the last 3, 5, and 7 years [2][3] - The fund is managed by Zhang Mingxin, who focuses on growth value and industry trend-based investments, emphasizing the importance of aligning with significant industry trends [3][7] - The fund's performance benchmark is based on a combination of the CSI 300 Index and the Shanghai Government Bond Index, with historical net value growth rates reported for the years 2020-2024 [8]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index breaking a nearly 10-year high, leading to impressive performances from actively managed public funds, particularly those managed by Huashang Fund [1][2]. Fund Performance Summary - Huashang Advantage Industry Flexible Allocation Mixed Fund has achieved a one-year return of 72.52% and a net value growth rate of 967.56% since its inception [1][3]. - According to data from Galaxy Securities, multiple funds under Huashang Fund rank first in their respective categories over various time frames, including: - Huashang Advantage Industry Flexible Allocation Mixed Fund ranks first in the past 10 years [2]. - Huashang New Trend Preferred Flexible Allocation Mixed Fund and Huashang Credit Enhanced Bond A/C rank first in the past 7 years [2]. - Huashang Runfeng Flexible Allocation Mixed C, Huashang Double Wings Balanced Mixed A, Huashang Fengli Enhanced Regular Open Bond A, and others rank first in the past 5 years [2]. - Huashang Runfeng Flexible Allocation Mixed C continues to rank first in the past 3 years [2]. Fund Management and Strategy - The Huashang Advantage Industry Flexible Allocation Mixed Fund is managed by Zhang Mingxin, who focuses on growth value and industry trend-based investments [3][6]. - The investment strategy for the second quarter emphasizes a balance between deep value and growth, with significant increases in allocations to overseas computing power sectors due to a surge in demand [6]. - Zhang Mingxin expresses optimism about AI industry opportunities, noting that overseas AI has already rebounded and domestic AI is expected to follow suit [6].