SIASUN(SZ:300024) Sou Hu Cai Jing·2025-07-14 15:04Core Viewpoint - The report highlights the performance and investment strategies of various funds under Tongtai Fund, particularly focusing on the Tongtai Industrial Upgrade Mixed Fund, which has shown significant changes in its portfolio and profitability in the second quarter of 2025 [2][5]. Fund Performance Summary - Tongtai Industrial Upgrade Mixed Fund, managed by Wang Xiu, has a focus on assets related to industrial upgrades and has seen a notable shift in its top holdings towards the robotics industry, with six out of the top ten stocks being related to this sector [2][5]. - The fund's net asset value (NAV) for Class A shares was 1.6399 yuan, with a net value growth rate of -0.29%, resulting in a realized loss of 481,000 yuan for the quarter [5][6]. - Class C shares of the same fund reported a NAV of 1.6187 yuan and a net value growth rate of -0.38%, with a realized loss of 431,260 yuan [5][6]. Investment Strategy - Wang Xiu indicated a strategic shift back towards the robotics sector due to significant price corrections, with a focus on three main lines: leading manufacturers, core component companies capable of import substitution, and quality firms in the AI and robotics integration space [6][7]. - The fund's top holdings include Horizon Robotics, which accounts for 9.01% of the portfolio, and other companies in the robotics supply chain [5][6]. Comparison with Other Funds - In contrast, the Tongtai Financial Selected Stock Fund achieved positive returns in the second quarter, with Class A shares showing a NAV of 1.0541 yuan and a growth rate of 7.20%, while Class C shares had a NAV of 1.0388 yuan and a growth rate of 7.09% [7][8]. - The Financial Selected Stock Fund focused on long-term investments in the financial sector, particularly in brokerage and fintech stocks, benefiting from a recovering A-share market [8][9]. Other Fund Performances - The Tongtai Vision Mixed Fund and Tongtai Huile Mixed Fund reported negative returns, with the Vision Mixed Fund's Class A shares showing a realized loss of 139,220 yuan and a net value growth rate of 17% [9][10]. - The Huile Mixed Fund, focusing on TMT and technology growth sectors, also reported negative performance, with Class A shares realizing a loss of 74,150 yuan [9].