Amid frequent supportive macroeconomic policies, the capital market shows signs of vitality. As the Lunar Year of the Horse approaches, which sectors are poised to lead the market with dynamic momentum? Let’s examine the insights of Huashang Fund’s portfolio manager on market trends and investment strategies.
Wang Yiwen, Assistant General Manager of the Equity Investment Department at Huashang Fund and Portfolio Manager of the Huashang Strategy Selection Flexible Allocation Mixed Fund, indicated that the current market may be in the mid-phase of an upward trend driven by a new industry cycle, with artificial intelligence serving as the dominant sector in this cycle. He maintains a focus on selecting investment directions from the perspective of industrial evolution, carefully picking individual stocks with a long-term holding mindset, and leveraging deterministic opportunities within industry trends to navigate market uncertainties.
Wang Yiwen joined Huashang Fund in 2013, starting as a researcher covering machinery, home appliances, and small to mid-cap stocks. He later served as team leader for industrial and consumer sectors, gradually growing into a seasoned equity fund manager. Currently, as Assistant General Manager of the Equity Investment Department, he manages several funds, including the Huashang Strategy Selection Flexible Allocation Mixed Fund. With nearly 13 years of experience in securities—7.3 years in research and 5.6 years in investment—his diverse cross-industry experience has shaped his value-growth strategy centered on mid-level industrial research. This approach involves selecting sectors based on industrial evolution and choosing stocks with a long-term perspective.
Wang’s investment strategy can be summarized as “core assets as a foundation, enhanced by industry cycles.” He believes that core assets, as a “suboptimal choice” within a full cycle, offer advantages such as quality, controllable risk, high liquidity, and large capacity, providing solid bottom support. Meanwhile, leading industries within industrial cycle investments, as the “optimal choice,” offer greater elasticity, aiding in return enhancement. Combining both effectively improves the risk-return profile of the portfolio.
Wang suggests that the current market is in the mid-stage of an upward trend driven by a new industry cycle. In his view, artificial intelligence is the dominant industry in this cycle, encompassing two key areas: computing power (including semiconductor equipment materials, GPU chips, storage, optical communication, and liquid cooling) and AI applications (such as humanoid robots, autonomous driving, industrial AI, and agents). Core assets, on the other hand, focus on sectors like non-ferrous metals, basic chemicals, non-bank finance, machinery equipment, and power equipment.
In the latest periodic report for the Huashang Strategy Selection Flexible Allocation Mixed Fund, Wang reviewed market conditions, noting that in the fourth quarter of 2025, the market experienced volatility with significant divergence in sector performance. Non-ferrous metals, petroleum and petrochemicals, and communications were among the top performers, while pharmaceuticals, real estate, and personal care sectors lagged. The fund’s holdings remained generally stable, with major allocations in upstream resources, digital economy, smart electric vehicles, green energy, defense and military industry, biopharmaceuticals, and consumer services.
Data note: The fund manager’s views and strategy information are sourced from periodic fund reports. The sectors of focus reflect the manager’s assessment and may adjust with market conditions; they do not represent actual fund allocations. Specific investment strategies and targets are detailed in the fund’s legal documents and periodic reports.
Wang Yiwen’s fund management history: Huashang Strategy Selection Flexible Allocation Mixed Fund (since May 11, 2020), Huashang Future Theme Mixed Fund (since January 10, 2023), Huashang Industry Opportunities Mixed Fund (since March 4, 2024), and Huashang Prosperity Growth Mixed Fund (since March 12, 2025).
Subscription fees for the Huashang Strategy Selection Flexible Allocation Mixed Fund (for non-pension clients) vary by amount: below ¥500,000, the fee is 1.5%; between ¥500,000 and ¥2 million, 1.2%; between ¥2 million and ¥5 million, 0.8%; and above ¥5 million, a flat fee of ¥1,000 per transaction. Redemption fees are as follows: holdings under 7 days incur a 1.5% fee; 7 days to under 1 year, 0.50%; 1 to under 2 years, 0.25%; and holdings of 2 years or more, 0%. The fund does not charge a sales service fee. Differentiated subscription rates apply to pension clients investing through the fund manager’s direct sales center; details are available in the fund’s prospectus and legal documents.
Risk warning: The above content does not constitute investment advice. Market risks exist, and fund investments require caution. The fund manager is committed to managing fund assets with integrity, diligence, and prudence but does not guarantee profits or minimum returns. Past performance and net asset value do not indicate future results, and the performance of other funds managed by the manager does not assure this fund’s performance. Investors should carefully read the fund contract, prospectus, and product summary before investing and select products matching their risk tolerance and investment objectives.
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