Since 2026, structural opportunities in A-shares have continued to unfold, with the technology growth theme led by AI becoming one of the directions with the highest consensus among investors. From computing power infrastructure to the implementation of application scenarios, every deepening of the industrial trend has stirred waves throughout the capital market.
In this sea full of volatility and opportunity, Zhang Mingxin, General Manager of the Equity Investment Department at Huashang Fund, has consistently adhered to his own investment philosophy, continuing to cultivate deep expertise within industrial trends. Data from fund evaluation institutions shows that as of August 31, 2026, the Huashang Balanced Growth Mixed A fund he manages ranked 4/1943, 3/1585, and 3/961 among peer funds over the past 1 year, 3 years, and 5 years respectively, all ranking in the top 1% of peers. With solid performance, he has repaid the trust of unitholders.
Huashang Balanced Growth Mixed Fund Performance Ranking (Zhang Mingxin's tenure: March 4, 2025 to present)
Data note: Data as of August 31, 2026. For more details, please refer to the data notes at the end of the article.
Zhang Mingxin, Chartered Financial Analyst (CFA)
General Manager of the Equity Investment Department at Huashang Fund
Fund Manager of Huashang Balanced Growth Mixed Fund and other funds
Looking at the present and looking to the future, Zhang Mingxin stated that the economic downturn has a bottom line, policies continue to support the capital market, and the depth and breadth of the AI industry wave are the core factors determining the height of the market.
Zhang Mingxin elaborated specifically that, on the industrial side, he understands this round of AI revolution through a "three-ring progressive" framework. The first layer is the technology closed loop: after the release of GPT-3.5 at the end of 2022, the industry went through repeated doubts from "toy theory" to "bubble theory," but technology companies, through continuous investment in research and development and capital expenditure, achieved a self-reinforcing closed loop of capital investment-model training-technological progress. The second layer is the commercial closed loop: when technological accumulation crosses a critical point, a commercial closed loop from the research and development side to the application side and converting into ARR revenue begins to emerge—in May 2025, coding was the first to complete the revenue closed loop, and in early 2026, Agent further transformed technological capabilities into scaled applications, driving ARR at leading model companies led by Anthropic to grow at an extremely steep slope, initially achieving a commercial closed loop of capital investment-revenue. The third layer is the productivity closed loop: if the technology and commercial closed loops continue to deepen and break through critical points in the future, AI is expected to achieve a leap from "value transfer" to "value creation"—by enhancing total factor productivity, pushing open the boundaries of the social production function and driving the elevation of civilization levels. At present, the industry has stood above the commercial closed loop and is evolving toward the productivity closed loop. When the three rings resonate, that is when a larger-scale super cycle fully unfolds.
In the mighty evolution of this round of industrial transformation, it means both enormous investment opportunities and the possibility that any static judgment may be overturned. For investment, Zhang Mingxin will build a tracking and decision-making framework around four core dimensions: In terms of direction, technological progress determines the industry direction: for core links in the industrial chain, it is necessary to continuously and dynamically assess which have achieved "0 to 1" breakthroughs, which are bottlenecks, and which will eventually be disrupted. In terms of rhythm, the revenue cycle determines the investment rhythm: he will closely track core indicators such as the CAPEX and OCF status of leading overseas cloud providers, the slope of ARR growth at leading model companies, and the depth and breadth of Agent penetration into various industries, dynamically assessing the health and sustainability of the commercial closed loop, thereby calibrating the intensity and direction of investment. In terms of height, value creation determines the industry height: the ultimate height of this round of industrial revolution depends on whether AI can truly break through "replacing existing labor" to "creating incremental value"—on the one hand, AI for Science accelerates drug discovery and materials discovery, and leading overseas model companies have successively launched products for scientific research, directly connecting models with scientific databases and research toolchains, and the scientific research workflow itself is being rebuilt; on the other hand, with GPT-6 Astra achieving breakthroughs in multimodal understanding and computer use capabilities, the threshold for software operation has further declined, and AI continues to reshape production processes and efficiency boundaries across industries. The creation of incremental value has only just begun, and he will continue to track the key process of AI penetration in various industries evolving from "value transfer" to "value creation."
Zhang Mingxin admitted frankly that he is also clearly aware of the challenges currently faced. At present, the ARR revenue of leading large model companies mainly comes from the replacement and transfer of human labor value across industries, and the leap toward "creating incremental value" is still in an early validation stage. At the market pricing level, although from the perspective of the industrial cycle the AI trend is still continuing, volatility and divergence during the process are increasing. In this process, the continuous verification of industry prosperity, marginal changes in supply and demand patterns, product volume ramp-up progress, and structural changes in holdings are all variables that need to be closely tracked. "Under rapid industrial progress, every link may be redefined at any time. We acknowledge our own cognitive boundaries. At present, any arbitrary bullish or bearish view is not a rigorous investment approach. Deeply researching the industry to establish an analytical framework, sorting out core factors, and closely tracking changes and responding dynamically—we believe this is the correct way to participate in the investment opportunities of the era."
Finally, Zhang Mingxin stated that technological progress has never been linear, and long-term optimism does not mean smooth sailing. Changes in fundamentals and the degree of stock price pricing have always been two equally important core dimensions in investment. So-called value investment is about finding the direction of value concentration and creation in the economy and society. In the future, he will continue his consistent value-based industrial trend investment approach, continuously evolving amid the industrial waves of the era, and strive to achieve long-term stable excess returns for unitholders.
Data note: Fund peer performance ranking data was released by the fund evaluation institution China Galaxy Securities in September 2026, with data as of August 31, 2026. The fund category is equity-biased funds (stock limits 60%-95%) (Class A and non-Class A). Relative return, also called excess return, represents the portion of fund return exceeding the performance benchmark over a certain period. The information in this article is only the fund manager's investment philosophy. The investment strategy of this fund is detailed in the fund legal documents. For more information, please refer to the fund prospectus and other fund legal documents.
As of June 30, 2026, Zhang Mingxin has 10.7 years of securities industry experience, including 5.3 years of securities research experience and 5.4 years of securities investment experience. Zhang Mingxin's fund management history: Huashang Balanced Growth Mixed Securities Investment Fund (March 4, 2025 to present), Huashang Advantage Industry Flexible Allocation Mixed Securities Investment Fund (March 12, 2025 to present), Huashang Zhiyuan Return Mixed Securities Investment Fund (July 15, 2025 to present). Huashang Balanced Growth Mixed Securities Investment Fund was established on April 8, 2021; its performance benchmark was revised on June 1, 2026; please read the legal documents for details; the performance benchmark is the CSI 800 Index return rate * 85% + China Bond-Composite Full Price (Total Value) Index return rate * 15%. The latest fund unit net value is available on the Huashang Fund official website. Previous fund managers of Huashang Balanced Growth Mixed Securities Investment Fund: Liang Hao (April 8, 2021 to June 20, 2022), Tong Li (May 19, 2022 to March 4, 2025), Zhang Mingxin (March 4, 2025 to present). 011369-Huashang Balanced Growth Mixed Securities Investment Fund A; 011370-Huashang Balanced Growth Mixed Securities Investment Fund C. Pension clients who subscribe for this fund through the company's direct sales center are subject to a specific subscription fee rate; please refer to this fund's prospectus and related announcements for details.
Risk disclosure: The fund manager of this fund undertakes to manage and operate the fund assets with honesty, credit, diligence, and prudence, but does not guarantee that the fund will definitely make a profit, nor does it guarantee a minimum return. The past performance of the fund and its net value level do not indicate its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. When investors purchase funds, please carefully read the fund contract, prospectus, and other fund legal documents. Investors are kindly requested to choose products that match their risk tolerance and investment objectives. The above views are only judgments on the current market, do not serve as a guarantee for future investment, and do not represent investment advice. Markets carry risks, and fund investment requires caution.
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