今年以来，A股市场呈现显著的结构性行情。8月沪指一路向上冲破3800点，但随之而来的是市场热点 的加速轮动，各板块之间涨跌互现、此起彼伏。尤其是3800点后市场高位震荡，行情较难把握，甚至有 不少投资者可能错失行情。 尽管复杂的行情加大了投资的难度，但同时也是检验基金经理能力的试金石，在波动的环境下保持稳健 向上的曲线，才是真正优秀的基金经理，华商基金胡中原正是其中之一。 据银河证券数据，胡中原在管的所有混合型基金，近1年、3年、5年的业绩排名，均位列同类前十。其 中，华商双翼平衡混合A近1年、3年、5年业绩均位列同类第一；华商润丰灵活配置混合C近5年业绩位 列同类第一，近1年、3年业绩均位列同类前五，可见胡中原对市场的理解力与资产配置的掌控力。 | | 业绩排名 | | | | | --- | --- | --- | --- | --- | | | 近1年 近3年 | | 近5年 | 近7年 | | 基金名称 | 2024.09.01至 | 2022.09.01全 | 2020.09.01至 | 2018.09.01 套 | | | 2025.08.31 | 2025.08.31 | 2025.08.31 ...

尽管复杂的行情加大了投资的难度，但同时也是检验基金经理能力的试金石，在波动的环境下保持稳健 向上的曲线，才是真正优秀的基金经理，华商基金胡中原正是其中之一。 据银河证券数据，胡中原在管的所有混合型基金，近1年、3年、5年的业绩排名，均位列同类前十。其 中，华商双翼平衡混合A近1年、3年、5年业绩均位列同类第一；华商润丰灵活配置混合C近5年业绩位 列同类第一，近1年、3年业绩均位列同类前五，可见胡中原对市场的理解力与资产配置的掌控力。 名数据来自银河证券，2025年9月发布，更多说明详见文末。 投资之道：风险收益比是第一要义 每个基金经理都有自己的投资之道，或攻或守，亦或攻守相宜。 今年以来，A股市场呈现显著的结构性行情。8月沪指一路向上冲破3800点，但随之而来的是市场热点 的加速轮动，各板块之间涨跌互现、此起彼伏。尤其是3800点后市场高位震荡，行情较难把握，甚至有 不少投资者可能错失行情。 胡中原的投资之道则是"风险收益比为第一要义"。在权益投资体系，他以中观行业比较为核心，个股选 择淡化阿尔法，组合管理坚持双重分散原则。简洁直白却又十分有效。 从其管理的华商润丰灵活配置混合A表现来看：自2019年3月接 ...

今年以来，A股市场呈现显著的结构性行情。8月沪指一路向上冲破3800点，但随之而来的是市场热点 的加速轮动，各板块之间涨跌互现、此起彼伏。尤其是3800点后市场高位震荡，行情较难把握，甚至有 不少投资者可能错失行情。 尽管复杂的行情加大了投资的难度，但同时也是检验基金经理能力的试金石，在波动的环境下保持稳健 向上的曲线，才是真正优秀的基金经理，华商基金胡中原正是其中之一。 据银河证券数据，胡中原在管的所有混合型基金，近1年、3年、5年的业绩排名，均位列同类前十。其 中，华商双翼平衡混合A近1年、3年、5年业绩均位列同类第一；华商润丰灵活配置混合C近5年业绩位 列同类第一，近1年、3年业绩均位列同类前五，可见胡中原对市场的理解力与资产配置的掌控力。 | 基金名称 | | 业绩排名 | | | | | --- | --- | --- | --- | --- | --- | | | | 近1年 | 近3年 | 近5年 | 近7年 | | | | 2024. 09. 01 至 | 2022.09.01 至 | 2020.09.01 至 | 2018. 09. 01 至 | | | | 2025. 08. 31. | ...

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].