Huashang Fund's Zhang Mingxin manages Huashang Balanced Growth Hybrid A, which has increased over 190% in the past year.

When the market oscillates and diverges in search of direction, Zhang Mingxin, General Manager of the Equity Investment Department at Huashang Fund and manager of the Huashang Balanced Growth Hybrid Fund, appears particularly confident. In his view, only by anchoring to the essence of value and grasping the main theme of the era can one navigate through market cycles and achieve long-term sustainable returns.

Performance is the most compelling proof. As of March 31, 2026, the net value growth rate of Huashang Balanced Growth Hybrid A managed by Zhang Mingxin over the past year reached 190.83%, while the performance benchmark for the same period was 21.02%, with an excess return of 169 percentage points. Additionally, according to data from fund performance evaluation agencies, this fund ranked second among 1,920 similar funds over the past year. Behind this excellent performance is a long-tested investment methodology that resonates with the times.

Huashang Fund Zhang Mingxin: Prosperity Investment Based on Industry Trends

Zhang Mingxin

Chartered Financial Analyst (CFA)

General Manager of the Equity Investment Department at Huashang Fund

Fund Manager of Huashang Balanced Growth Hybrid and other funds

Zhang Mingxin holds a master’s degree in science and is a Chartered Financial Analyst (CFA). He is currently the General Manager of the Equity Investment Department at Huashang Fund. With 5.3 years of experience in securities research and over 5 years in securities investment, he previously served as Senior Equity Investment Manager at Yingda Insurance Asset Management and as Stock Investment Director in the Equity Investment Department. After years of frontline investment experience, he has gradually formed the core investment philosophy of “prosperity investment based on industry trends.”

In the context of significant shocks and transformations in the market investment environment and investment paradigm, the manager continuously summarizes and reflects. Zhang Mingxin admits: “Investment is an art, not an exact science. The difficulty lies in the fact that there is no universally applicable investment paradigm for all market conditions. Linear extrapolation is the most common mistake investors make.” In the long run, the most stable and certain investment paradigms are the mean reversion of deep value and value creation based on industry outbreaks. He always adheres to “industry trend investment driven by value,” systematically comparing industries to grasp the main theme of the era and enjoy its dividends. In his view, every investment must have a core logic—whether that logic is solid, trackable, and predictable is his most important risk control method.

Under the new market paradigm, he strives to conduct deeper research, closer to the essence of industry changes, with value as the core background, truly trading the changing value trends driven by industries. He believes that the core connotation of the methodology is relatively fixed, but the investment carriers and focus industries are constantly evolving with the times. Investment should not be dogmatic; all decisions are based on judgments of industry future trends and cross-sectional comparisons. Past holdings and gains or losses are sunk costs and should not be the core of investment decisions.

Exploring Niche Prosperity Directions Under the AI Big Trend

Zhang Mingxin’s Return on Office Significantly Outperforms

Recently, the 2025 fund annual report was disclosed. Reflecting on 2025, Zhang Mingxin stated that against the backdrop of ongoing economic transformation and technological innovation, the A-share market oscillated upward and remained strong. Market declines stem from fear, and fear arises from the unknown. Since September 2024, policies have firmly supported the economy, and precise regulatory measures for the capital market have set clear expectations and bottom-line thinking. Despite shocks from trade frictions and geopolitical tensions, the risks of significant economic and market downturns have been contained, boosting confidence in the market’s bullishness. Meanwhile, overseas AI industries began forming commercial loops in May, with industry singularity approaching. The convergence of three major factors mitigated geopolitical shocks and fostered a bull market driven by AI technological innovation.

Since March 4, 2025, Zhang Mingxin has managed Huashang Balanced Growth Hybrid Fund. From the start, he faced the impact of the outbreak of China-U.S. trade frictions. In the face of market volatility, he consistently practices the philosophy of “industry trend investment driven by value,” maintaining his core beliefs amid geopolitical uncertainties, trusting common sense, and systematically tracking and evaluating all industries to find certain industry trends. He uses these upward-trending industries to respond to uncertain market environments. Notably, as of March 31, 2026, Huashang Balanced Growth Hybrid A has increased by 176.58% since Zhang Mingxin took office, with a benchmark return of 20.36%, showing significant excess returns.

Looking back at the 2025 investment journey, Zhang Mingxin mentioned that in May, he tracked a surge in overseas reasoning token demand, with AI revenue soaring. He judged that the AI industry had completed its transformation from “0 to 1,” and decisively increased his holdings in overseas computing power sectors, which became key to the year’s excess returns.

After a rapid rise in the third quarter, debates arose over an “AI infrastructure bubble.” During this period, he conducted extensive research with the Huashang Fund research team, closely evaluated industry trends, established a benchmark evaluation model for global AI revenue and computing power investments, identified core driving factors of the sector, and closely tracked changes. Overall, he believes the AI industry trend will continue to advance, with ongoing investment acceleration domestically and internationally. However, the sustainability and predictability of Capex by major overseas firms are diverging. Google’s large model Gemini 3 has made significant progress, with clear application scenarios, becoming a new leader in the AI industry. Consequently, he increased holdings related to Google’s industry chain and other segments benefiting from scale-up trends, such as optical chips and other niche technologies.

Overall, in 2025, he maintained an optimistic outlook on the market, focusing on continuously seeking investment opportunities. Under the strengthening AI industry trend, his strategy centered on overseas computing power, continuously exploring niche prosperity directions within the AI big beta trend, such as optical chips, Google’s industry chain, energy storage, robotics, and other sectors, ultimately delivering good returns for investors.

Future Outlook: Following the Mainline of Technological Innovation Represented by AI

Looking ahead to 2026, Zhang Mingxin believes that the “policy support + industry-driven” dual-support pattern remains solid. The domestic economy is steadily progressing toward high-quality development, with policies continuously supporting the capital market and social confidence further restored. Overall, he expects increased market volatility in 2026, but significant structural opportunities will remain.

The depth and breadth of the AI industry continue to expand, with a new cycle of industrial revolution already taking shape. Past revolutions replaced manual labor with machinery, but this cycle involves AI replacing mental work—the ultimate form of AI. The final outcome of this industrial transformation remains uncertain, but society will inevitably face intense value creation, restructuring, and even destruction.

The capabilities of domestic and overseas large AI models are further enhanced. Applications represented by agents are beginning to deeply reshape various industries. 2026 will be the year AI truly changes our world. The core elements of this industrial revolution include manpower, technology, resources, and energy. As industries advance, demand levels will continuously explode and rise—from chips, optical modules, PCBs, copper, storage, electricity, to fiber optics—exposing supply chain weaknesses. Our investments will continue to align with this upward industry beta, constantly seeking the next niche prosperity direction.

Undoubtedly, the new wave of technological innovation represented by AI is the main theme of the current era. As participants in the secondary market, recognizing and engaging with this industrial wave, and participating in the value creation process within it, are essential to continuously enjoy the dividends of the times.

Zhang Mingxin states that the investment horizon for 2026 should be broader, not limited to a specific direction. While industries are booming, it does not mean smooth sailing; technological progress is never linear. Good companies do not necessarily mean good stocks, and optimism about industry development does not imply blind confidence. He emphasizes thorough assessment of win rates and odds, evaluating the relationship between stock prices and industry cycle positions, and adjusting holdings based on value changes. Beyond the AI industry chain, he continues to track investment opportunities in autonomous driving, solid-state batteries, robotics, innovative drugs, and new consumption sectors.

Meanwhile, he notes that for practitioners, 2026 will also bring many challenges to active equity management. First, the application of new technologies like social media and AI in investment deepens, significantly improving market efficiency through “information equality” and “cognitive equality.” The traditional moat built by institutional research systems has been greatly eroded, making active alpha harder to generate. Second, after last year’s gains, many sectors and stocks have accumulated substantial gains, and some overvalued stocks carry certain risks.

Zhang Mingxin affirms that he will continue to rely on his long-practiced methodology, maintaining conviction amid changing markets, and continuously evolving with the industry wave of the times, aiming to deliver long-term, steady, and sustainable excess returns for investors. For investors, he recommends maintaining optimism but avoiding blindly chasing highs, trusting common sense, and letting professionals do their jobs.

When value meets trend, and professionalism embraces the era, the path to long-term returns becomes clearer. As Zhang Mingxin deeply believes—by anchoring to the essence of value in industry waves and grasping industry trends amid changing times, one can create sustainable returns amid the tides of the capital market.

Data note: As of March 31, 2026, fund manager Zhang Mingxin has 10.5 years of securities industry experience, including 5.3 years in securities research and 5.2 years in securities investment. The funds he manages include Huashang Balanced Growth Hybrid (since March 4, 2025), Huashang Advantage Industry Flexible Allocation Hybrid A (since March 12, 2025), Huashang Advantage Industry Flexible Allocation Hybrid C (since August 29, 2025), and Huashang Zhi Yuan Return Hybrid (since July 15, 2025). The views and investment philosophy in the text are from the fund’s periodic reports; detailed investment strategies are in the fund’s legal documents.

Fund performance data in the text are from Huashang Fund, verified by the custodian bank, with benchmark data from Wind Information; Huashang Balanced Growth Hybrid C’s net value growth over the past year (April 1, 2025 – March 31, 2026) was 189.12%, and since Zhang Mingxin’s appointment (March 4, 2025 – March 31, 2026), it was 174.82%. Fund evaluation data are from Galaxy Securities, published in April 2026, with data as of March 31, 2026. The A and C share classes are respectively classified as equity funds (stock allocation 60%-95%). Huashang Balanced Growth Hybrid C’s performance ranking over the past year and three years is 2/1524 and 2/1029; Huashang Balanced Growth Hybrid A’s three-year performance ranking is 2/1507.

Huashang Balanced Growth Hybrid was established on April 8, 2021. Its benchmark is the return of the CSI 800 Relative Growth Index multiplied by 80% plus the ChinaBond Composite Full Price (Total Value) Index multiplied by 20%. The annual net value growth rates from 2021 to 2025 for Huashang Balanced Growth Hybrid A are 29.60% (from April 8, 2021, to December 31, 2021), -32.04%, -9.33%, 3.99%, and 137.15%; for Huashang Balanced Growth Hybrid C, they are 29.03% (April 8, 2021, to December 31, 2021), -32.45%, -9.88%, 3.37%, and 135.75%. The benchmark growth rates for the same periods are 2.55%, -21.29%, -12.99%, 5.92%, and 25.78%. Fund manager changes during the period: Liang Hao (April 8, 2021 – June 20, 2022), Tong Li (May 19, 2022 – March 4, 2025), Zhang Mingxin (since March 4, 2025).

Huashang Advantage Industry Flexible Allocation Hybrid was established on December 11, 2013, with an investment scope amended on December 28, 2020, to include depositary receipts. Its benchmark is the return of the CSI 300 Index multiplied by 55% plus the Shanghai and Shenzhen Government Bond Index multiplied by 45%. The annual performance for 2021–2025 for Class A are 15.57%, 8.97%, 3.13%, 6.14%, and 105.40%; benchmark performances are -0.66%, -10.69%, -4.64%, 12.26%, and 10.14%. From August 29, 2025, the fund added Class C shares. Fund manager changes: Zhou Haodong (August 5, 2016 – March 12, 2025), Zhang Mingxin (since March 12, 2025).

Huashang Zhi Yuan Return Hybrid was established on July 15, 2025, with a benchmark of the CSI A500 Index return multiplied by 65%, plus the CSI Hong Kong Stock Connect Composite Index (RMB) return multiplied by 15%, plus the CSI All Bond Index return multiplied by 20%. No complete annual performance data is available yet; Zhang Mingxin has managed it since inception.

The net value growth rates for 2021–2025 and the benchmark growth rates are from the fund’s periodic reports. The latest fund unit net value can be found on Huashang Fund’s official website.

Huashang Balanced Growth Hybrid Class A purchase fee rates vary by amount: less than 500k yuan at 1.50%; between 500k and 2 million yuan at 1.20%; between 2 million and 5 million yuan at 0.80%; 5 million yuan or more at a flat 1,000 yuan per transaction. Class C shares do not charge a purchase fee. Redemption fee rates depend on holding period: for Class A, less than 7 days at 1.50%; 7–30 days at 0.75%; 30 days to 1 year at 0.50%; 1–2 years at 0.25%; over 2 years no fee. For Class C, less than 7 days at 1.50%; 7–30 days at 0.5%; no fee thereafter. Sales service fee for A is not charged; for C, 0.6% per year. The fund applies different purchase fee rates for pension investors purchasing directly through the fund manager’s sales center, as detailed in the fund’s prospectus and legal documents.

Risk reminder: The fund manager commits to managing and using the fund assets with honesty, diligence, and prudence but does not guarantee profits or minimum returns. Past performance and net value do not predict future results. Performance of other funds managed by the manager does not guarantee the fund’s performance. Investors should carefully read the fund contract, prospectus, and key information documents. For specific investment strategies, refer to the legal documents. The above does not constitute investment advice. Markets carry risks; investment should be cautious. Investors are advised to choose products aligned with their risk tolerance and investment goals.

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