基金经理赵旭照历任国泰君安证券股份有限公司研究员。2016年12月加入华泰保兴基金管理有限公 司，历任公司研究部研究员、权益投资部基金经理、研究部总经理助理。现任公司研究部副总经理(主 持工作)。其2018年起管理公募基金，至今已超7年。 中国经济网北京1月14日讯 据同花顺数据显示，在刚过去的2025年，华泰保兴健康消费C、华泰保 兴健康消费A分别下跌15.23%和14.71%。 从该基金2025年三季度前十大重仓股看，其集中重仓生物医疗股票，如鱼跃医疗、迈瑞医疗、联影 医疗、澳华内镜、南微医学、安杰思、开立医疗、惠泰医疗、爱博医疗、新产业。 | 名标 | 复权单位净 | | 累计单位 规模 亿 基金成立日 | 基金经理 | | --- | --- | --- | --- | --- | | | 值增长率% | 净值元 7 | | | | 华泰保兴健康消费C | -15.23 | 0.9016 | 0.04 2019-05-27 赵旭照 | | | 华泰保兴健康消费A | -14.71 | 0. 9441 | 0.01 2019-05-27 赵旭昭 | | (责任编辑：康博) ...

Core Viewpoint - The A-share market in 2025 exhibited a clear structural bull market, with significant performance disparities among active equity funds, highlighted by the top-performing fund achieving a record annual return of 233.29% while others faced substantial losses, including the worst performer with a -19.65% return [1][4]. Group 1: Market Performance - The Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, and Sci-Tech Innovation 50 Index rose by 18.41%, 29.87%, 49.57%, and 35.92% respectively in 2025 [1]. - A total of 4888 active equity products from 160 public fund institutions reported positive returns, while 144 products from 68 institutions experienced losses [1][9]. Group 2: Fund Performance Disparities - The top-performing fund, Yongying Technology Smart Selection, achieved a record annual return of 233.29%, surpassing the previous record set by Wang Yawei in 2007 [1]. - The worst-performing fund, Xinyuan Consumption Selection, recorded a -19.65% return, marking a significant gap of 252.94% from the top performer [2][4]. Group 3: Xinyuan Consumption Selection Analysis - Xinyuan Consumption Selection's poor performance is attributed to aggressive trading strategies, frequent personnel changes, and scale challenges, leading to a lack of coherent investment logic [3][5]. - The fund's industry allocation showed erratic shifts, moving from heavy investments in pharmaceuticals to technology and later to media, missing key market trends [5][6]. Group 4: Fund Manager Insights - Notable fund managers, including Wang Mingxu and Han Weijun, saw their products listed among the worst performers, with their total managed assets shrinking by over 70% compared to previous peaks [3][9][12]. - Xinyuan Consumption Selection faced a critical challenge to meet its scale assessment, needing to grow from 0.29 billion to 2 billion within three months [7][8]. Group 5: Institutional Investment Trends - Institutional ownership in Xinyuan Consumption Selection dropped from over 95% to 42.94% by mid-2025, indicating a significant withdrawal of institutional funds [7]. - The trend of multiple products from the same fund manager appearing on the loss list highlights a broader issue within the industry, affecting even previously successful managers [9][10].

产品业绩方面，权益基金中，偏股混合型基金华泰保兴健康消费A与偏债混合型基金华泰保兴科睿一年 持有混合发起A今年以来的收益为负，同时还与华泰保兴吉年盈混合A、华泰保兴价值成长A、华泰保 兴科睿一年持有混合发起A跑输同期基准收益率。拉长时间线看，华泰保兴健康消费A近一年、近两 年、近三年、近五年的收益均为负，分别为-7.4%、-20.81%、-28.04%与-37.74%；该基金自2019年5月 27日成立以来的收益为不足1%，至少跑输同期基准收益率25个百分点。 公开信息显示，华泰保兴基金成立于2016年7月26日，由华泰保险集团发起设立并控股，注册地为上海 市。去年10月25日，中国证监会核准安达有限公司成为华泰保兴基金的实际控制人。至此，华泰保兴基 金变身为外资系公募基金公司。 从产品结构看，华泰保兴基金旗下的固收产品占据绝对优势，也是公司近年规模增长的主力军，与公司 管理总规模扩容节奏同步：2024年年中以前，公司债券型基金规模始终低于300亿元；2024年三季度末 与四季度末，债基规模分别为353.39亿元与399.92亿元；今年一季度末债基规模突破400亿元，接近484 亿元；今年年中，债基规模突破了 ...