华富医疗创新生不逢时，基金经理廖庆阳能力引质疑

Core Insights - The public fund industry is nearing a total scale of approximately 36 trillion yuan, with active equity funds regaining prominence as the year-end rankings approach [9] - The newly established fund, Huafu Medical Innovation, is projected to be the worst performer of the year, with a net value of approximately 0.7665 yuan and a decline of about 23.35% since inception [3][11] - Fund manager Liao Qingyang has a mixed performance record, managing another fund, Huafu Health and Entertainment Flexible Allocation, which has a modest net value growth of around 25% this year [3][11] Fund Performance Analysis - Huafu Medical Innovation was launched in late July 2025, focusing on investments in quality listed companies related to medical innovation, with a performance benchmark significantly underperforming the CSI Medical Index [4][12] - The fund's performance has been hindered by a lack of market momentum in innovative pharmaceuticals since August and possibly due to rapid portfolio construction by the fund manager [4][12] - The other fund managed by Liao, Huafu Health and Entertainment, has also shown disappointing results, with all top ten holdings experiencing declines, including a major stock that fell approximately 27% [5][13] Managerial Changes - Chen Qi, a mid-level manager with over six years of experience, has resigned from all managed products, with his most successful fund achieving a return of 176.89% [6][14] - Chen's funds often had small asset sizes, indicating potential limitations in platform visibility, with one fund's size being only about 0.15 billion yuan [7][15] - Recent changes in the company's executive team include the appointment of Li Hongsheng as deputy general manager and financial officer, and the departure of veteran executive Chen Qiming [8][16]