Group 1 - The first batch of equity funds has entered the second quarter report disclosure period, with three funds from Tongtai Fund leading the way [1] - Tongtai Yuanjian focuses on the North Exchange market and ranks high among similar funds, while Tongtai Financial Selection maintains a focus on the financial sector [1][4] - The North Exchange market has seen a significant rebound, with the North Zheng 50 Index up 35.9% year-to-date as of July 9 [3] Group 2 - Tongtai Yuanjian's net value increased by 47.06% year-to-date, indicating strong performance in a volatile market [3] - Tongtai Industry Upgrade shifted its focus from bank stocks to the humanoid robot industry, reflecting a strategic adjustment due to market conditions [4] - The financial sector remains a key focus for Tongtai Financial Selection, which emphasizes the low valuation of brokerage and fintech stocks [4] Group 3 - The overall market is still leaning towards technology growth sectors, particularly small-cap stocks, with Tongtai Industry Upgrade showing a year-to-date net value increase of 17.32% [4] - As of the end of the second quarter, Tongtai Yuanjian's scale decreased to 237 million, while Tongtai Industry Upgrade's scale increased significantly to 145 million [4] - The second half of the year is expected to see continued focus on technology and finance, with potential growth in fintech and robotics sectors [6][7]

Core Viewpoint - The article highlights the positive outlook of fund managers on new quality productivity sectors, particularly in technology innovation and robotics, as evidenced by the recent disclosures of the first batch of equity fund reports for Q2 2025 [1][8]. Fund Performance and Holdings - The first three equity funds to disclose their Q2 reports are the Tongtai Industrial Upgrade Mixed Fund, Tongtai Financial Select Stock Fund, and Tongtai Vision Flexible Allocation Mixed Fund [5]. - The Tongtai Industrial Upgrade Mixed Fund saw its scale increase from less than 10,000 to 145 million, while the Tongtai Financial Select Stock Fund grew by approximately 6 million to 49.934 million [5]. - The Tongtai Industrial Upgrade Mixed Fund increased its stock asset allocation to 90.16% of total assets, with a significant shift in its top ten holdings from banking stocks to robotics, with six of the top ten now in the robotics industry chain [5][6]. - The Tongtai Financial Select Stock Fund reduced its allocation from 93.63% to 84.32%, focusing on brokerages and fintech, with half of its top ten holdings being newly added stocks [6]. - The Tongtai Vision Flexible Allocation Mixed Fund increased its allocation from 78.65% to 85.74%, maintaining a focus on companies listed on the Beijing Stock Exchange, particularly in hard technology sectors [6]. Investment Strategy and Market Outlook - Fund managers are actively adjusting their portfolios, utilizing quantitative multi-factor strategies to select strong momentum factors for portfolio adjustments [7][10]. - The outlook for the robotics industry is optimistic, with expectations of entering a production ramp-up phase driven by increased orders from leading manufacturers and breakthroughs in large model technologies [9]. - The financial sector is viewed as a "flag bearer" for the bull market, with brokerages' valuations at historical lows, suggesting potential for significant earnings elasticity as the A-share market recovers [9]. - The fintech sector is expected to benefit from policy support and advancements in AI, big data, and cloud computing, indicating long-term growth potential [9]. - The article also notes the potential of stablecoins to reshape cross-border payments and enhance the internationalization of currencies [9].