Huashang Fund's Zhang Mingxin: Overall, continue to operate along the prosperity mainline represented by the AI industry.

Huashang Fund released on the 27th the third-quarter reports for the three products managed by fund manager Zhang Mingxin, namely Huashang Balanced Growth Mixed, Huashang Advantage Industry Mixed, and Huashang Zhiyuan Return Mixed. Data showed that the three products had combined assets of 34.492 billion yuan at the end of the third quarter, shrinking about 38% from the end of the second quarter. The reports showed that as of the end of the third quarter, the top ten holdings of Huashang Balanced Growth Mixed were: Zhongji Innolight, Eoptolink, Yuanjie Technology, Sanhuan Group, Shengyi Technology, Fenghua Advanced Technology, Dongshan Precision, Changguang Huaxin, Shijia Photons, and Honghe Technology. Compared with the end of the previous quarter, the newly added top holdings were Dongshan Precision, Shijia Photons, and Honghe Technology, while Boqian New Materials, Yongding Shares, and Yunnan Germanium exited the top ten holdings. Zhang Mingxin said in the third-quarter report that the technology sector underwent a deep adjustment this quarter, and disturbances and games in holdings structure and capital flows greatly reduced the market's predictability, sharply compressed the effective boundaries of various investment paradigms, and increased investment difficulty. In terms of operations, the fund still adhered to a prosperity investment strategy based on changes in fundamentals; the stock market is a voting machine in the short term and will certainly be a weighing machine reflecting fundamental changes in the long term. Overall, it continued to operate along the prosperity mainline represented by the AI industry, and dynamically optimized holdings based on core criteria including the verifiable degree of prosperity across the entire AI upstream and downstream industrial chain, marginal changes in supply-demand patterns, product volume ramp-up progress, and changes in holdings structure.