SIASUN(SZ:300024) Xin Lang Ji Jin·2025-10-21 03:35Core Insights - The report highlights the growth in equity fund sizes and emphasizes the technology sector as a core investment area for the 2025 fund [1][3] Fund Performance Summary - The total size of the funds managed by Tongtai has shown significant changes, with Tongtai Digital Economy A increasing by 0.94 billion to a total of 2.45 billion, and Tongtai Industrial Upgrade A rising by 2.95 billion to 4.39 billion [2] - Tongtai Industrial Upgrade A achieved a return of 30.65% in Q3, while Tongtai Kaitai A experienced a slight decline of 0.17% [2][3] Investment Strategy and Market Analysis - The fund manager Wang Xiu noted that macroeconomic factors such as the Federal Reserve's interest rate cuts and domestic policies have boosted market confidence and A-share activity [3] - The investment focus for Tongtai Industrial Upgrade A is on the humanoid robot sector, with top holdings including Dongjie Intelligent and Horizon Robotics, which collectively account for over 18% of the fund [3][4] - For Q4, there is optimism regarding the humanoid robot industry, driven by upcoming events such as Tesla's shareholder meeting and the release of Optimus 3 [6][10] Fund Composition and Holdings - Tongtai Kaitai A is primarily invested in stocks listed on the Beijing Stock Exchange, with major holdings including Lintai New Materials and Audiwei [8][9] - The total market value of the top ten holdings in Tongtai Industrial Upgrade A is approximately 243.49 million [4] Future Outlook - The report indicates that the North Exchange is expected to see accelerated high-quality expansion, which may enhance market sentiment and liquidity [10] - The performance of both funds will be influenced by the sustainability of the catalyst effects in the robot industry and the realization of institutional benefits from the North Exchange [15]