Wind数据显示，截至2026年1月14日，全市场业绩位居前三十的产品中，医疗主题基金几乎占据半壁江山，包括银 河康乐混合、招商前沿医疗保健、金鹰医疗健康、万家健康产业等一批新年内绩优产品，不少基金开年两周时间 的收益率已远超去年全年业绩。例如，银河基金旗下的银河康乐混合2025年的收益率为17.05%，该产品开年两周 的收益率已达到24%，万家基金旗下的万家健康产业基金2026年开年后两周迅速获取26.55%的收益率。 为何这些医疗主题基金2026年开年突然发力？深圳地区一位公募研究部人士告诉记者，核心原因是这些医疗主题 基金大部分并非创新药主题基金，虽然这些产品的行业主题名称极为相似，但它们的持仓重点并非创新药，而是 偏重医疗科技。 证券时报记者 王小芊 2026年开年仅半个月，一批踏空2025年行情的另类医疗主题基金，就迎来业绩红包，多只产品两周收益远超去年 全年。 证券时报记者注意到，这波医疗主题基金行情的核心并非创新药，而是重仓AI医疗科技方向的基金。这些产品大 多数在去年踏空医药赛道行情，但是凭借AI应用的叙事延伸到医疗互联网科技赛道，不少基金经理今年仅凭借少 数几只个股的腾飞就带动了整只产品净值 ...

2026年开年仅半个月，一批踏空2025年行情的"另类医疗主题基金"，在新年不久就迎来业绩红包，多只产 品两周收益远超去年全年。 券商中国记者注意到，这波医疗主题基金行情的核心并非"创新药"，而是重仓AI医疗科技方向的基金，这些产 品大多在去年踏空医药赛道行情，但凭借AI应用的叙事延伸到医疗互联网科技赛道，不少基金经理仅凭少数 几只个股的大涨即带动整只产品净值的逆袭。 医疗基金业绩开门红 开年短短半个月，医疗主题基金就再次拥抱高弹性。Wind数据显示，截至2026年1月14日，全市场30强业绩产 品中，医疗主题基金的占比占据半壁江山，包括银河康乐混合、招商前沿医疗保健、金鹰医疗健康、万家健康 产业等一批新年内绩优产品。 券商中国记者注意到，方舟健客是一只融合AI技术的慢性病管理类移动互联网APP，其医疗APP下载量长期排 名同类产品前列，在2026年1月12日—13日，方舟健客股价从2.090港元迅猛飙升到最高4.18港元，两天时间的 股价涨幅超100%，一举推动泰康医疗健康基金净值排名进入全市场前列。 基金判断AI医疗变现在即 关于AI医疗赛道是故事还是现实的判断，多位基金经理认为一两年内可看到AI医疗的业 ...

Core Insights - Many fund managers issued "apology letters" in their 2025 semi-annual reports, reflecting underperformance and the challenges faced in a rapidly changing A-share market [2][3] - The apologies highlight individual judgment errors and the broader issues of valuation system reconstruction and investment paradigm shifts [2][3] Group 1: Fund Performance and Apologies - Fund manager Fu Hongzhe of Taikang Medical Health Fund acknowledged underperformance, attributing it to overly conservative operations and missed opportunities in innovative drug assets [3][4] - Xu Jun from Guolianan Fund also apologized for the underperformance of his fund, citing a strategy that failed to adapt to the "stronger get stronger" market dynamics [5][6] - Even funds that achieved positive returns, like Huaxia Fund's Xu Xiaohui, expressed regret for not meeting expectations due to underestimating market valuation fluctuations [5][6] Group 2: Investment Strategy Reflections - Fund managers' apologies have sparked discussions on the need for deeper reflections on investment strategies and market adaptability [6][7] - Key areas of misjudgment included excessive concern over geopolitical risks, premature sector switching, and insensitivity to changes in valuation systems [6][7] - The industry is witnessing a shift towards greater transparency and accountability among fund managers, which may foster trust and promote healthy industry development [7] Group 3: Market Outlook and Challenges - The market is expected to face uncertainties in the second half of the year, including macroeconomic recovery, policy implementation, and international relations [7] - Fund managers will be tested on their ability to navigate complex environments while maintaining strategy stability and flexibility [7]