SIASUN(SZ:300024) Xin Lang Ji Jin·2025-04-22 09:51Core Viewpoint - The first quarter of 2025 has seen a significant structural market trend in the A-share market, with a clear divergence in performance among equity funds exceeding 10 billion yuan in size, particularly driven by the carbon neutrality theme while consumer and energy sectors remain under pressure [1][2]. Fund Performance - The top-performing fund, Penghua Carbon Neutrality Theme A, achieved a return of 60.26%, followed by Yongying Advanced Manufacturing Select A at 52.32%, both focusing on sectors benefiting from policy support such as new energy and high-end manufacturing [2][3]. - In contrast, funds related to consumer, medical, and some traditional energy themes have underperformed, with notable declines such as XINGQUAN Trend Investment at -6.31% and Huaxia Energy Innovation A at -0.89% [2]. Fund Holdings and Adjustments - Yongying Advanced Manufacturing Select A saw its fund size grow from 1.401 billion shares at the end of 2024 to 6.011 billion shares by the end of Q1 2025, with a total scale of 11.518 billion yuan [3]. - The fund's top ten holdings include Beite Technology, Zhejiang Rongtai, and Zhenyu Technology, with a combined net asset value proportion of approximately 21.06% [3][4]. - The concentration of the top ten holdings has decreased, indicating a more balanced portfolio structure, with the top five holdings' proportion dropping from 29.63% in Q4 2024 to 24.73% in Q1 2025 [5]. Sector Allocation - The manufacturing sector remains dominant, accounting for 87.59% of the fund's net asset value, although this represents a decrease of 3.96% from the previous period [4]. - The fund has shifted its focus from industrial automation and traditional manufacturing to new energy vehicles and semiconductor sectors, reflecting a strategic realignment in response to market conditions [5][6]. Industry Insights - The human-shaped robot sector is identified as a significant long-term investment opportunity, characterized by high barriers to entry and a complex supply chain [6]. - Investors are advised to conduct thorough research and avoid impulsive decisions based on market trends, emphasizing the importance of understanding the risk-return profile of the sector before making investment choices [6].