指数基金产品研究系列报告之二百四十七：华夏中证机器人ETF投资价值分析

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The robotics industry is expected to experience an "intelligent explosion" similar to that in the ADAS/AD field between 2025 - 2026, and the current investment in robotics may have long - term returns through "technology spill - over" to the "low - altitude economy" [1][17] - The CSI Robotics Index is well - structured, with nearly 60% of its weight in the machinery and equipment industry. It has both offensive and defensive capabilities and strong growth potential, and its current valuation is relatively safe with high certainty of profit growth, so it will perform well in 2025 [1] - The Huaxia CSI Robotics ETF closely tracks the CSI Robotics Index, aiming to minimize tracking deviation and error, and it has a relatively large scale in the market [68] 3. Summary by Relevant Catalogs 3.1 Robot Engineering: Integrating Smart Cars and Paving the Way for Future Low - Altitude Economy - Historical Reference: Potential "Intelligent Explosion" in the ADAS/AD Field of Smart Cars - The development of robotics can draw lessons from the history of smart cars, with an estimated 2 - 3 - year difference in industrial maturity between the two. Around mid - 2024, there was an explosion in the intelligent level of ADAS/AD, and it is predicted that robotics will have a similar situation between 2025 - 2026 [4][11][17] - "Technology Spill - Over": From Smart Cars to Robotics and Low - Altitude Economy - The CAPEX quarterly trend may verify the "technology spill - over" from smart cars to robotics. The peak of smart car hardware investment may have shifted to robotics. Specific technologies such as chips, motors, control systems, and energy systems in AD/ADAS can be applied to robotics, and the combination of AD and robotics can also have a technology spill - over effect on the low - altitude economy [23][24][26] - Severely Undervalued: Industrial and Consumer Robots - Similar to the "climbing Mount Everest and laying eggs along the way" strategy in the AD/ADAS field and AGI - related computing power development, in the process of developing towards "humanoid robots", industrial and consumer robots are currently undervalued, and it is expected that they will show good development starting from 2025 [31][34][36] 3.2 CSI Robotics Index: Distinct Theme and Promising Growth - Simple and Effective Index Compilation - The CSI Robotics Index was officially released by CSI Index Co., Ltd. on February 10, 2015, with a base date of December 31, 2010. It selects sample stocks from relevant companies in the robotics industry to reflect the trend of robotics - related stocks. Compared with the Guozheng Robotics Industry Index, there are differences in sample selection and weighting [37] - Nearly 60% Weight in the Machinery and Equipment Industry - As of May 20, 2025, the index has 69 constituent stocks with an average total market value of 16.9 billion yuan. The industry distribution is relatively wide, with the top three industries in terms of weight being machinery and equipment (59.78%), computer (19.0%), and household appliances (6.75%). The top ten weighted stocks account for 50.38% of the total weight [40][44][48] - Offensive and Defensive Capabilities Highlight Allocation Value - Since 2015, the CSI Robotics Index has outperformed the SW Machinery and Equipment Index and the CSI 300 Index in terms of cumulative returns. Its annualized return is 3.91%, with an annualized volatility of 32% and a Sharpe ratio of 0.12, and its maximum drawdown is lower than that of the machinery and equipment index, showing good offensive and defensive capabilities [52][55][56] - Strong Earnings Growth and Valuation Leading - The index's operating income and net profit attributable to the parent are expected to grow in 2025 and 2026. The expected earnings per share in 2025 and 2026 are 0.56 yuan and 1.02 yuan respectively, with year - on - year increases of 51.4% and 82.1%. As of May 20, 2025, the index's PE and PB are slightly higher than the median, but the current valuation is safe and the profit growth is highly certain [59][61][62] 3.3 Huaxia CSI Robotics ETF - The Huaxia CSI Robotics ETF was established on December 17, 2021, with a fund manager named Mr. Hua Long. As of May 22, 2025, its circulation scale is 13.236 billion yuan. It closely tracks the CSI Robotics Index, aiming to minimize tracking deviation and error, and it has a relatively large scale among robotics - themed ETFs in the market [68][69] 3.4 Fund Manager Information - Fund Manager Introduction - Huaxia Fund relies on an asset - allocation - centered and full - category - covered research system, continuously upgrading and improving its public - offering product line. As of May 22, 2025, it has 104 ETFs under its management, with a total scale of 719.8 billion yuan [73] - Fund Manager Profile - Mr. Hua Long, a master's degree holder, joined Huaxia Fund Management Co., Ltd. in July 2016. He has served as a researcher and assistant fund manager in the quantitative investment department and is currently managing 18 funds with a total scale of 1.9556 billion yuan [78]