Group 1 - The core point of the article is the announcement of the appointment of Shen Cheng as the new fund manager for the Hua Fu Industrial Upgrade Flexible Allocation Mixed Fund (002064) effective December 3, 2025 [1] - As of December 2, 2025, the net value of the Hua Fu Industrial Upgrade Flexible Allocation Mixed Fund was 2.8705, reflecting a decrease of 0.19% from the previous day, while it has increased by 57.82% over the past year [1] - Shen Cheng holds a master's degree in Technology Economics and Management from Shanghai Jiao Tong University and has previously worked at several securities firms before joining Hua Fu Fund Management Company in November 2021 [1] Group 2 - The funds managed by Shen Cheng include Hua Fu Technology Momentum Mixed A, Hua Fu New Energy Equity Initiation A, and Hua Fu New Energy Equity Initiation C, with respective returns of 26.18%, 20.73%, and 23.79% since their respective management dates [1] - The Hua Fu Technology Momentum Mixed A fund made a significant investment in Zhao Wei Electric in the second quarter of 2024, with an estimated return of 157.02% based on the average prices at which the stock was bought and sold [1]

Core Points - New Yichang's stock price increased by 5.3% to 70.89 CNY per share, with a total market capitalization of 7.24 billion CNY [1] - The company specializes in the research, production, and sales of intelligent manufacturing equipment in industries such as LED, capacitors, semiconductors, and lithium batteries [1] - The revenue composition of New Yichang includes 81.87% from die bonding machines, 11.15% from capacitor aging testing equipment, 3.31% from parts and maintenance, 2.73% from other equipment, and 0.94% from lithium battery equipment [1] Shareholder Insights - Huafu Fund's Huafu Industrial Upgrade Flexible Allocation Mixed A (002064) entered the top ten circulating shareholders of New Yichang, holding 458,000 shares, which is 0.45% of the circulating shares [2] - The fund has achieved a year-to-date return of 63.68% and a one-year return of 57.76%, ranking 441 out of 8219 and 421 out of 8125 respectively [2] - The fund manager, Chen Qi, has a tenure of 6 years and 23 days, with the fund's total asset size at 892 million CNY [2] Fund Holdings - Huafu Industrial Upgrade Flexible Allocation Mixed A (002064) reduced its holdings by 42,000 shares in the third quarter, maintaining 458,000 shares, which constitutes 6.49% of the fund's net value [3] - The fund has realized a floating profit of approximately 1.6351 million CNY from its investment in New Yichang [3]

Core Insights - Huafu Fund has achieved significant performance in its public offerings, particularly in "equity" products, following an upgrade of its "fixed income+" product system and proactive positioning in equity products [1][2] - The fund's strategic focus on artificial intelligence ETFs and humanoid robotics has resulted in impressive returns, with the Huafu Technology Momentum Mixed A yielding over 190% since the market rally began on September 24, 2024 [1] - The artificial intelligence ETF has also performed well, with returns exceeding 150%, and its latest scale approaching 8 billion yuan [1] Group 1: Equity Investment Performance - Huafu Fund has strategically invested in over ten thematic directions, including artificial intelligence, humanoid robotics, innovative pharmaceuticals, semiconductors, military industry, new energy, controllable nuclear fusion, and autonomous driving [1] - The Huafu IoT World Flexible Allocation Mixed A and Huafu Industrial Upgrade Flexible Allocation Mixed A have both achieved returns over 120% since the market rally began [1] Group 2: Fixed Income Investment Strategy - The fund has categorized its "fixed income+" products into different types based on volatility characteristics, setting corresponding return targets and drawdown standards [2] - The Huafu Anxin Bond A, categorized as high volatility, has yielded over 40%, while the Huafu Enhanced Return Bond has achieved over 15% since September 24, 2024 [2] - The Huafu Convertible Bond A, a convertible bond tool, has delivered returns exceeding 48% [2] Group 3: Product Innovation and Investor Engagement - Huafu Fund is exploring regular dividend distribution models to enhance investor satisfaction, with products like Huafu Rongsheng One-Year Holding Mixed and Huafu Jilu 90-Day Rolling Holding Bond having distributed dividends ten times this year [2] - The company's forward-looking strategy in equity and optimization in fixed income products have shown substantial effectiveness [2]

Core Insights - Huafu Fund's public offerings have shown impressive performance in the third quarter of 2025, with multiple equity and "fixed income+" funds ranking in the top 10% of the industry for investment management capabilities over the past year [1][2] Group 1: Equity Investment - Huafu Fund has strategically focused on artificial intelligence ETFs since 2019, becoming one of the early fund managers to invest in this sector [1] - The Huafu Technology Momentum Fund has concentrated on humanoid robotics since Q4 2023, capitalizing on market opportunities [1] - The Huafu Technology Momentum Mixed A and the artificial intelligence ETF ranked first (1/219) and fourth (4/392) respectively among similar products over the past year [1] Group 2: Fund Performance - The artificial intelligence ETF has surpassed 8 billion yuan in scale as of October 29, 2025, reflecting strong investor interest [1] - Huafu Fund has diversified its product offerings across over 10 thematic directions, including artificial intelligence, humanoid robotics, innovative pharmaceuticals, semiconductors, new energy, and autonomous driving [2] - The Huafu IoT World Flexible Allocation Mixed A and Huafu Industrial Upgrade Flexible Allocation Mixed A ranked in the top 10% of similar products in the past year, focusing on the semiconductor and electronics sectors [2] Group 3: Fixed Income Investment - Huafu Fund categorizes its "fixed income+" products based on volatility characteristics and sets corresponding return targets and drawdown standards [2] - The Huafu Anxin Bond A, positioned as a high-volatility "fixed income+" product, ranked in the top 3% (13/499) among similar products over the past year [2] - The Huafu Enhanced Return Bond, categorized as a medium-volatility "fixed income+" product, ranked in the top 9% (23/266) among similar products [2]