- The report utilizes the Barra CNE5 model, which defines 10 style factors including Beta, Momentum, Size, Earnings Yield, Residual Volatility, Growth, BP, Leverage, Liquidity, and Non-linear Size. Positive factor exposure indicates preference for the style, while negative exposure indicates avoidance[36][38][39] - The funds managed by the fund manager exhibit high exposure to Beta, Growth, Liquidity, and Non-linear Size factors, indicating a stable mid-cap growth style. The factor exposures show minimal volatility between reporting periods, suggesting a mature and stable investment framework[39][42][43] - Compared to the benchmark index (CSI 800 for Huashang Xin'an and CSI 300 for Huashang Shuangqu Youxuan), the funds have higher exposure to Beta, Momentum, Growth, Liquidity, and Non-linear Size factors, while exposure to Size, Earnings, BP, and Leverage factors is lower. This indicates a smaller market cap and stronger growth attributes relative to the benchmarks[39][41][43] - Huashang Xin'an fund's cumulative return since 2025 reached 39.87%, significantly outperforming its benchmark (12.32%) and the CSI 800 index (18.49%). The fund also consistently outperformed in short, medium, and long-term periods across various metrics such as return, maximum drawdown, and annualized volatility[24][27][28] - Huashang Shuangqu Youxuan fund's cumulative return since 2025 reached 41.90%, significantly outperforming its benchmark (10.54%) and the CSI 300 index (15.66%). Similar to Huashang Xin'an, it consistently outperformed in short, medium, and long-term periods across various metrics[28][31][33]