In complex and volatile markets, how can one achieve steady and sustainable progress? According to Zhang Mingxin, General Manager of the Equity Investment Department at HuaShang Fund and Portfolio Manager of the HuaShang Balanced Growth Mixed Fund, the key lies in anchoring to the essence of value, grasping the core trends of the era, and navigating through market cycles to achieve long-term sustainable returns. For him, the core of investing involves clarifying the source of profits, adhering to value fundamentals, focusing on industrial development trends, and seizing investment opportunities.
Data shows that the HuaShang Balanced Growth Mixed Fund A, managed by Zhang Mingxin, achieved a remarkable gain of 137.15% in 2025, ranking 4th among 1,895 peer funds. This not only reflects Zhang Mingxin's unique investment perspective and strong active management capabilities but also delivered tangible returns for investors.
Zhang Mingxin, a Chartered Financial Analyst (CFA), serves as General Manager of the Equity Investment Department at HuaShang Fund and manages the HuaShang Balanced Growth Mixed Fund. He emphasizes anchoring investment strategies to the main development trends of the era. To understand the source of clarity, one must trace it back to the living water at the source. Similarly, Zhang Mingxin believes that investing first requires clarifying the origin of profits—whether they come from market fluctuations, industry beta, or individual stock alpha. He states that only by making profits replicable and sustainable can one achieve steadier and longer-lasting success.
"Value is the foundation. On the basis of a comprehensive assessment of asset value, we build a safety margin at reasonable prices. Capturing trends is the focus. Through systematic cross-industry tracking and comparison, we identify high-growth sectors and seek alpha opportunities with Davis Double potential within upward-trending industries," Zhang Mingxin summarizes his investment framework as value-driven industrial trend investing.
The essence of investing is "betting on the future," a principle Zhang Mingxin firmly believes in. He argues that truly significant investment opportunities must align with the core trends of the era, fitting the current background,顺应ing the core direction of economic and social development, and possessing genuine value-creating capabilities. Reflecting on industrial changes over the past decade, waves such as mobile internet, consumption upgrades, the new energy revolution, and the current AI wave have profoundly transformed human life. During these periods, numerous enterprises embraced these trends, growing from small ventures into well-known companies.
"For fund managers, keeping pace with the times is not an option but a necessity. Through continuous tracking and research, identifying and participating in these industrial waves allows us to share in the dividends of different eras. Each era has its main trends; while the core methodology remains relatively fixed, the investment vehicles and key industries dynamically evolve with the times," Zhang Mingxin explains. To conduct effective industry comparisons and research, he and his investment team hold regular meetings to systematically contrast sectors of interest, selecting the "best expanding sub-industries."
When capturing specific investment opportunities, Zhang Mingxin adopts differentiated strategies based on the stage of the industrial cycle. Specifically, he focuses on the risk-growth investment phase during the 0-1 stage of an industry and the景气 investment phase during the 1-N stage. Additionally, he actively seeks turnaround opportunities in traditional industries.
Embracing the AI Wave Since the beginning of the year, the A-share market has shown strong performance, with sectors like aerospace, satellites, and AI applications taking turns in the spotlight. Zhang Mingxin notes that market expectations are largely bullish, and with limited downside risks, various types of capital are抢先 entering the market. At the same time, the pronounced赚钱 effect in thematic sectors has further strengthened market trends.
Looking ahead, Zhang Mingxin believes that the domestic economy is steadily advancing with high-quality development, policies continue to support the capital market, social confidence is further recovering, and external pressures are transforming into motivations for comprehensive deepening reforms. Meanwhile, geopolitical risks have temporarily eased, and industries represented by AI are achieving continuous breakthroughs. The overall upward trajectory of the market in 2026 remains unchanged, with many structural opportunities still available.
"The stock market is a voting machine in the short term but a weighing machine in the long run. Only sectors with clear upward industrial trends and continuously realized景气 earnings—those experiencing Davis Double—can sustain long-term growth," Zhang Mingxin asserts. He believes that in 2026, investment perspectives need to broaden further rather than focusing solely on a single industry. He will continue to systematically track and evaluate景气 changes across various sectors, identifying the best directions based on comparative analysis.
"Investing should not be driven by stubborn beliefs. All investment decisions should be based on assessments of future industrial trends and横向 comparisons. Historical holdings and gains or losses are sunk costs and should not be the core of decision-making," Zhang Mingxin states directly.
Regarding specific investment opportunities he favors, Zhang Mingxin indicates that AI and its衍生景气 sectors remain at the core of industrial focus. Domestic AI is a key area to watch in 2026. Among these, despite significant gains in 2025, overseas computing power sectors still offer some of the best matches in terms of valuation, growth rate, and earnings realization, and they will not be absent from the broader AI narrative.
Beyond the AI industry chain, Zhang Mingxin is also关注ing sectors such as solid-state batteries, robotics, and innovative pharmaceuticals. The robotics industry is currently in the 0-1 investment phase, with focus on whether T-chain robots can enter mass production, while closely monitoring appropriate price levels. In innovative pharmaceuticals, he emphasizes policy support and encouragement, anticipating significant turning points in market size and profit potential, and will continue tracking the R&D and global expansion progress of innovative pharmaceutical companies. Additionally, solid-state batteries are on the verge of commercial application, with investment opportunities expected to emerge once technological breakthroughs occur.
Data notes: As of December 31, 2025, fund manager Zhang Mingxin has 10.2 years of experience in the securities industry, including 5.3 years in securities research and 4.9 years in securities investment. Funds currently managed by Zhang Mingxin include: HuaShang Balanced Growth Mixed (since March 4, 2025); HuaShang Advantage Sector Flexible Allocation Mixed A (since March 12, 2025); HuaShang Advantage Sector Flexible Allocation Mixed C (since August 29, 2025); and HuaShang致远Return Mixed (since July 15, 2025). The views expressed represent the fund manager's investment philosophy. Detailed investment strategies for the fund can be found in the fund's legal documents.
Fund performance ranking data is sourced from Galaxy Securities, released in January 2026. HuaShang Balanced Growth Mixed A is classified as a hybrid fund—equity-oriented hybrid fund (equity allocation 60%-95%) (Class A); HuaShang Balanced Growth Mixed C is classified as a hybrid fund—equity-oriented hybrid fund (equity allocation 60%-95%) (Class C). The one-year performance period is from January 1, 2025, to December 31, 2025.
The net value growth rates of HuaShang Balanced Growth Mixed from 2021 to 2025 and the同期 performance benchmark growth rates are derived from the fund's periodic reports. The latest net asset value per share can be found on the HuaShang Fund official website.
HuaShang Balanced Growth Mixed A was established on April 8, 2021. Its performance benchmark is: CSI 800 Relative Growth Index Return × 80% + ChinaBond Composite Total Value Index Return × 20%. Fund manager changes during the performance period: Liang Hao (April 8, 2021 – June 20, 2022), Tong Li (May 19, 2022 – March 4, 2025), Zhang Mingxin (since March 4, 2025). Net value growth rates for 2021-2025 were 29.60% (April 8, 2021 – December 31, 2021), -32.04%, -9.33%, 3.99%, and 137.15%, respectively;同期 performance benchmark growth rates were 2.55% (April 8, 2021 – December 31, 2021), -21.29%, -12.99%, 5.92%, and 25.78%, respectively.
HuaShang Balanced Growth Mixed C was established on April 8, 2021. Its performance benchmark is: CSI 800 Relative Growth Index Return × 80% + ChinaBond Composite Total Value Index Return × 20%. Fund manager changes during the performance period: Liang Hao (April 8, 2021 – June 20, 2022), Tong Li (May 19, 2022 – March 4, 2025), Zhang Mingxin (since March 4, 2025). Net value growth rates for 2021-2025 were 29.03% (April 8, 2021 – December 31, 2021), -32.45%, -9.88%, 3.37%, and 135.75%, respectively;同期 performance benchmark growth rates were 2.55% (April 8, 2021 – December 31, 2021), -21.29%, -12.99%, 5.92%, and 25.78%, respectively.
Subscription fees for HuaShang Balanced Growth Mixed Class A (non-pension clients) vary by amount: 1.50% for amounts below 500,000 yuan; 1.20% for amounts between 500,000 yuan and 2 million yuan; 0.80% for amounts between 2 million yuan and 5 million yuan; a flat fee of 1,000 yuan per transaction for amounts of 5 million yuan or above. Class C shares do not charge subscription fees. Redemption fees for Class A are based on holding period: 1.50% for holdings less than 7 days; 0.75% for 7 to 30 days; 0.50% for 30 days to 1 year; 0.25% for 1 to 2 years; no fee for holdings of 2 years or more. Redemption fees for Class C: 1.50% for holdings less than 7 days; 0.50% for 7 to 30 days; no fee for holdings of 30 days or more. Sales service fee: Class A has none; Class C charges 0.60% per annum. The fund applies differentiated subscription fees for pension clients investing in Class A shares through the fund manager's direct sales center versus other investors. Details are available in the fund's prospectus and other legal documents.
Risk提示: The fund manager commits to managing and utilizing fund assets with honesty, diligence, and prudence but does not guarantee fund profitability or minimum returns. Past performance and net value do not indicate future results. The performance of other funds managed by the fund manager does not guarantee this fund's performance. Investors should carefully read the fund contract, prospectus, and fund product summary before investing. Specific investment strategies are detailed in the fund's legal documents. The above content does not constitute investment advice. Markets involve risks; fund investment requires caution. Investors are advised to choose products that match their risk tolerance and investment objectives.
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