Core Viewpoint - The first quarter reports of public funds for 2025 indicate significant growth in fund sizes and impressive returns, particularly in sectors like humanoid robots and artificial intelligence, which are expected to continue thriving in the future [1][3][5]. Fund Performance - Four equity funds from Ping An Fund and Huafu Fund reported substantial increases in size and returns, with Huafu Technology Momentum Mixed Fund's size growing from 0.1 billion to 0.853 billion, a rise of over 700% [3]. - The same fund achieved returns of 37.12% and 36.9% for its A/C shares, ranking in the top 1% among similar products, while the average return for mixed equity funds was only 4.56% [3]. - Ping An Advanced Manufacturing Theme Fund's size increased from 0.048 billion to 1.321 billion, with returns of 53.65% and 53.43%, also ranking first and second among ordinary stock funds [3]. Investment Focus - Both active equity funds primarily invested in humanoid robot-related industries, with Ping An's fund manager emphasizing a long-term growth strategy despite potential short-term volatility [5][6]. - The investment strategy includes focusing on components and companies with lower valuations that are actively expanding their robot business [5]. Passive Products - Huafu CSI Artificial Intelligence Industry ETF's size rose from 1.914 billion to 3.059 billion, with its linked fund increasing from 0.383 billion to 0.949 billion, both achieving returns exceeding 5% [4]. - The ETF's performance closely tracked the CSI Artificial Intelligence Industry Index, which rose by 5.46% during the same period [4]. Industry Outlook - The outlook for the humanoid robot industry remains positive, with expectations of continued growth and significant contributions to economic development [6][7]. - The artificial intelligence sector is also projected to maintain high growth, with advancements in edge computing, autonomous driving, and AIGC (AI-generated content) expected to validate positive industry forecasts [7].