The first batch of Q1 reports released: This is how "explosive funds" are created!

From 50 million to 1.3 billion, the scale has increased 26 times, and these changes occurred within the first three months of the year.

This is the scale growth trajectory of the Ping An Advanced Manufacturing Fund since the beginning of 2025, which also achieved the largest increase of 53.65% among equity funds in the year (as of the end of the first quarter).

Its first-quarter report was recently disclosed, becoming one of the most noteworthy reports in this "quarterly report unveiling season."

How was its performance achieved?

Will the rapid growth in scale affect its operations?

As the fund manager of this fund, how does Zhang Yinxian view the current market? What will be the next steps?

Binding the "Humanoid Robot" Theme

If we must give the Ping An Advanced Manufacturing Fund a "definition"—it should be "humanoid robots."

Fund manager Zhang Yinxian has previously expressed recognition of the "humanoid robot" theme on multiple occasions and has "vowed" to strive to participate in the rapid growth of the humanoid robot industry.

Zhang Yinxian recently noted that several domestic and foreign humanoid robot companies have set a goal of delivering over 1,000 humanoid robots in mass production by 2025 this year, which marks the industry's gradual arrival at the mass production moment. Therefore, the sector has begun an independent upward trend since the end of October last year, which was expected.

Frequent Adjustments of Heavyweight Stocks

The latest quarterly report shows that Ping An Advanced Manufacturing's allocation at the end of the first quarter indeed concentrated on the humanoid robot direction.

From the top ten heavyweight stocks, Zhang Yinxian significantly replaced heavyweight stocks within the first quarter, which requires the fund manager to be very familiar with the prospects and valuation ranges of related companies.

Specifically, in the first-quarter report, Zhang Yinxian added positions in Farsoon, Fengcai Technology, Longxi Co., Ltd., Zhejiang Haideman, Keda Li, and Sihui Fushi;

At the same time, he removed Zhaowei Electromechanical, Haoneng Co., Ltd., Top Group, Shuanglin Co., Ltd., Fuda Co., Ltd., and Anpeilong.

Overall, the newly added stocks are much less well-known compared to the removed stocks.

A backtrack of the portfolio reveals that, apart from Zhejiang Haideman, which was included in the holdings list by Zhang Yinxian at the end of 2024, the other heavyweight stocks are all new additions to this fund's portfolio.

This to some extent highlights Zhang Yinxian's broad stock selection map and diligent investment style.

Layout Flexibility and Certainty

Zhang Yinxian explained the reasons for the above operations in the quarterly report.

He believes that after a significant short-term rise in the humanoid robot sector, he had to make choices within the robot sub-sectors, such as being more willing to allocate positions in perception components, new manufacturing processes, potential new motor solutions, OEM assembly manufacturers, and companies actively expanding their robot business with relatively low valuations, after the market has adequately priced varieties that may face rapid deflation and intense homogenization competition.

He also stated, this aligns with the consistent investment approach of the Ping An Advanced Manufacturing product:

On one hand, it seeks certainty, looking for companies that have a high probability of entering the supply chain in the robot business;

On the other hand, it digs for flexibility, actively searching for excellent companies whose main business fundamentals are supported or improving while also expanding their robot business. Once these targets achieve a new breakthrough from 0 to 1, they are expected to gain opportunities for both valuation and performance boosts

The Potential of Humanoid Robots Exceeds That of New Energy Vehicles

Zhang Yinxian believes that the development trajectory of the humanoid robot industry will be comparable to that of smartphones and electric vehicles, with a longer sustained cycle and a larger market capacity.

He also predicts that, leveraging the strong manufacturing foundation accumulated in the smartphone and electric vehicle sectors, along with numerous visionary entrepreneurs and skilled engineers, there is reason to believe that the Chinese supply chain will play a pivotal role in the humanoid robot industry.

In addition, China's manufacturing industry accounts for more than one-third of the global total, and the core goal of humanoid robots is to achieve machine replacement of humans. This means that China can provide a wide range of application scenarios for manufacturers, assisting them in training, iteration, and upgrades, thereby accelerating the promotion of humanoid robots.

Zhang Yinxian revealed that he approaches investments in the humanoid robot industry with a "long-term growth stock" strategy. With the rapid iteration of artificial intelligence, rising labor costs, and humanity's continuous pursuit of a better life, under this irreversible trend, the humanoid robot industry will undoubtedly become a highly growth-oriented golden track in the coming years and even decades, harboring enormous development potential and investment opportunities.

However, he also stated that there are fluctuations in the investment journey. Currently, the static valuation of the sector is at a relatively high level, and the significant short-term gains may face adjustment pressure, with high volatility. This is often a problem encountered in the investment process of growth-oriented tracks, and he hopes investors will view it rationally and invest in batches.

Significant Growth in Scale and Increased Positions

Under Zhang Yinxian's guidance, the Ping An Advanced Manufacturing fund he manages has been highly sought after by investors. Currently, the fund's scale has grown from less than 50 million yuan at the beginning of the year to over 1.32 billion yuan, a 26-fold increase since the beginning of the year.

This is partly due to the rise in net value, and partly due to actual capital inflows. In particular, the C class shares of the fund have seen significant subscriptions and redemptions, indicating that short-term preference funds are actively engaging with this fund.

However, the fund manager remains optimistic in his layout strategy and has not slowed down due to the accelerated inflow and outflow of funds.

The Q1 report shows that the fund's latest position has further increased to around 90.8%. Zhang Yinxian has "welcomed" that batch of holders with a high position.

Risk Warning and Disclaimer

The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk