华宝基金：“新兴消费A”成立近5年净值下跌14.63%，重仓白酒、互联网平台企业

Core Viewpoint - The Huabao Emerging Consumption Mixed Fund A has consistently underperformed since its establishment in March 2021, with significant short- and medium-term losses compared to its benchmark [1][4]. Fund Performance - As of January 29, 2026, the fund's net value increased by 7.36% over the past year, lagging behind its benchmark by over 15 percentage points [4]. - Since its inception, the cumulative net value has decreased by 14.63%, ranking 1260 out of 1664 in its category [4]. Fund Management - The fund has experienced multiple changes in management, with the current manager being Wu Xinyi, who took over after the departure of Tang Hui in November 2024 [5]. Investment Strategy - The fund primarily invests in high-quality listed companies within the emerging consumption theme, aiming for steady asset appreciation while controlling risks [2][3]. - The investment strategy involves active asset allocation based on macroeconomic research and market liquidity considerations [3]. Portfolio Composition - As of the end of 2025, the fund's stock investments accounted for 89.34% of its total assets, with a high concentration in its top ten holdings, which represent over 75% of the fund's net value [6]. - Major sectors include food and beverage, home appliances, and the internet, with significant holdings in liquor companies such as Kweichow Moutai and Wuliangye, as well as internet giants like Meituan and Tencent [6]. Market Outlook - The fund manager noted that while competition among internet platforms has intensified, it is a necessary phase for establishing barriers to entry, and these platforms remain among the highest return on equity (ROE) business models [7]. - The liquor industry has faced significant demand fluctuations, but the manager believes that drinking demand is a historically validated basic need, presenting current price levels as attractive investment opportunities [7].