In the first 15 trading days of 2025, the market has been volatile and weakening, with actively managed equity funds outperforming index funds. As of January 21, Yan Siqian's Penghua Carbon Neutrality Theme Fund has led the market with a year-to-date return of over 35%. Zhang Lu's Yongyuan Advanced Manufacturing Intelligence Fund also achieved a year-to-date return of over 30%; Wang Sen's Aviation Trends Leading, Shi Yan and Yang Delong's Qianhai Kaiyuan Shengxin also performed well year-to-date. Behind the short-term outperformance of these funds in the market, their fourth-quarter reports for 2024 also reveal the latest portfolio adjustments by fund managers, with a focus on the consumer electronics sector, particularly humanoid robots. Not only that, compared to the 9.87% year-to-date return of the humanoid robot index, the net asset returns of the above-mentioned actively managed equity funds have far exceeded that. Heavy investment in the humanoid robot sector By the end of last year, the top ten holdings of Penghua Carbon Neutrality Theme Fund were Beitech Technology, Hechuan Technology, Wuzhou Xinchun, Buke Stock, Shuanglin Stock, Zhaomin Technology, Siling Stock, Zhaowei Electromechanical, Zhongjian Technology, and Best. Among them, Hechuan Technology, Buke Stock, and others are individual stocks in the humanoid robot sector. The fund's top holding, Beitech Technology, is currently focusing on the humanoid robot field, with cumulative gains of 71% in the fourth quarter of last year and over 30% year-to-date. Stocks such as Ampere Dragon and Zhaomin Technology have also seen rapid price increases recently, boosting the net asset value of the Penghua Carbon Neutrality Theme Fund. Five of the top ten holdings of Yongyuan Advanced Manufacturing Intelligence Fund also overlap with the Penghua Carbon Neutrality Theme Fund. Beitech Technology is also the top holding of Yongyuan Advanced Manufacturing Intelligence Fund, and Zhaowei Electromechanical, Best, Buke Stock, and Zhaomin Technology are also among the fund's top holdings. The top holdings of Aviation Trends Leading and Qianhai Kaiyuan Shengxin also have significant overlap with the aforementioned two products. For example, the top holding of Aviation Trends Leading, Weichuan Electric, is also a top holding in Yongyuan Advanced Manufacturing Intelligence Fund. Qianhai Kaiyuan Shengxin also has top holdings such as Beitech Technology, Zhaomin Technology, and Zhaowei Electromechanical, which overlap with the abovementioned funds. Early entry In fact, not only did they start the year 2025 on a high note, but these funds have been performing well since the fourth quarter of last year. For example, the Penghua Carbon Neutrality Theme Fund achieved a net asset return of 19.30% in the fourth quarter of last year, Yongyuan Advanced Manufacturing Intelligence Fund and Aviation Trends Leading also achieved net asset returns of 31.71% and 19.29%, respectively, in the fourth quarter of last year. Funds also started to enter the market early in the fourth quarter of last year, with the Penghua Carbon Neutrality Theme Fund reaching a record size of 1.035 billion yuan by the end of last year, an increase of 786 million yuan from the previous period. During this period, the fund had a net purchase of 750 million shares, reaching a peak of 1.051 billion shares. Looking at the changes in fund size, Yongyuan Advanced Manufacturing Intelligence Fund's size increased to 1.762 billion yuan by the end of the fourth quarter of last year, with a net purchase of 953 million shares in the fourth quarter alone. Aviation Trends Leading has also moved out of the mini-fund, with a size of 107 million yuan by the end of last year. However, it is worth noting that although they have performed well in the short term, focusing on a single track not only brings outstanding performance but also often comes with significant net asset fluctuations. Wind data shows that only last year, the Penghua Carbon Neutrality Theme Fund and Yongyuan Advanced Manufacturing Intelligence Fund both had maximum drawdowns exceeding 30%. What are the opportunities for the humanoid robot sector in the future? In addition to holding individual stocks, the fund managers overseeing the above-mentioned products also mentioned their views on the future of the humanoid robot sector in their quarterly reports. According to Yan Siqian, stocks with the following advantages will have more significant investment opportunities in the future. 1. Opportunities for demand to continue to surpass industry growth rates. 2. Opportunities for supply-side reform and capacity clearance. 3. Export chain opportunities. 4. Technological upgrades or opportunities in emerging industries. She believes that domestic automobile companies have just started to enter the field, and humanoid robots and unmanned driving will bring new growth space for automobile and auto parts companies. It is worth noting that, as a carbon neutrality theme fund, the fourth quarter report mentioned that the fund supports the research, investment, and promotion of clean energy through investments in renewable energy, energy efficiency improvement, carbon capture and storage projects, and promotes the research and application of energy-saving and emission reduction technologies. The fund invests in the green and environmental protection industry, the electric vehicle-related industry chain, and intelligent manufacturing. "We expect that carbon neutrality will still be a global trend in 2025, and energy efficiency improvement and intelligent upgrade are our focus." Overall, she expects the overall market opportunities to be good, economic policy support to be implemented, and the economic fundamentals to bottom out and rebound can be expected. She predicts that the overall growth style will dominate, focusing on more investment opportunities in growth industries and individual stocks. Zhang Lu, on the other hand, stated that starting in 2025, a large number of domestic and foreign manufacturers will enter the humanoid robot industry, and some companies may launch iconic robot products and begin small-scale production, leading to the "iPhone moment" in the robot industry. "The humanoid robot sector is a big beta opportunity for the next 10 years." She mentioned that compared to other industries, the barriers to entry are higher, involving the integration of multiple disciplines and hardware and software coordination, so there are relatively high requirements for capital, technology, and resource integration. Moreover, the industry chain is long and complex, from upstream to core components and system components, to the middle of the robot body and system integration, to the downstream end applications. As a result, she believes that robots may be a rare opportunity in the future, akin to the iconic long and steady growth tracks of the Apple industrial chain in consumer electronics and the Tesla electric vehicle industrial chain. With the mass production of humanoid robots approaching, she stated that she will focus on high-quality companies in the humanoid robot industry chain with supply chain advantages, strong technological moats, and substantial value, including robot assembly companies, screw and equipment manufacturers, reducers, sensors, motors, and dexterous hands.