SIASUN(SZ:300024) Zhong Guo Zheng Quan Bao·2025-06-29 20:22Group 1 - The core focus of the news is on the performance and investment strategy of the Ping An Advanced Manufacturing Theme Equity Fund, particularly its emphasis on humanoid robots, which has led to significant growth in net asset value this year [1][2]. - The fund manager, Zhang Yinxian, highlights that the humanoid robot industry has been developing for years, with a notable surge in interest and investment since early 2024, indicating a potential production boom in 2025 [2][3]. - The investment strategy involves selecting companies with a high probability of entering the robot supply chain and those improving their core business while actively expanding into robotics [3][4]. Group 2 - The humanoid robot sector is expected to experience substantial growth, with market size projected to reach trillions of yuan, driven by technological advancements, increasing market demand, and supportive policies [2][5]. - Zhang Yinxian emphasizes the importance of understanding the competitive landscape in the manufacturing sector, focusing on supply-side dynamics rather than demand, which is often more unpredictable [8][9]. - The investment approach prioritizes companies with strong governance and technological synergies between their main business and new robotics initiatives, aiming for a "Davis double" effect when breakthroughs occur [3][7]. Group 3 - The next significant growth phase for humanoid robots is anticipated to shift from demonstration to practical applications, addressing current limitations in technology and functionality [5][6]. - The manufacturing industry is characterized by a focus on B2B transactions, where product cost-effectiveness plays a crucial role in maintaining competitive advantages [9]. - Zhang Yinxian's investment philosophy includes a preference for companies with manageable debt levels and reasonable valuation metrics, typically within a price-to-earnings ratio of 15 to 20 [9].