SIASUN(SZ:300024)2025-04-15 14:30Summary of Conference Call Company/Industry Involved - The discussion primarily revolves around the humanoid robotics industry and the performance of Tianhong Fund, a significant player in the investment sector. Key Points and Arguments Humanoid Robotics Industry 1. Market Trends: Since 2025, humanoid robots have become a hot topic in both industry and capital markets, with significant interest following the performance of tech stocks related to AR and AI models [7][20][21]. 2. Upcoming Events: A notable event is the first humanoid robot half marathon scheduled for April 13, which aims to showcase the advancements in humanoid robotics [8][9]. 3. Technological Advancements: The iteration speed of humanoid robots has significantly improved, with recent developments showing more natural movements compared to earlier models [10][20][27]. 4. Competition: Domestic companies like Yushuo and Zhiyuan are catching up with international leaders such as Tesla and Boston Dynamics, showcasing impressive capabilities in their latest robot models [20][27][28]. 5. Market Potential: Successful demonstrations in events like the humanoid robot marathon could enhance consumer awareness and demand, potentially leading to commercialization in various sectors [18][19][35]. Tianhong Fund 1. Product Evolution: Tianhong Fund's flagship product, Yu'ebao, has seen rapid growth, peaking over 1 trillion yuan, but is now diversifying into non-money market funds due to regulatory changes [2][4]. 2. Investment Strategy: The fund is focusing on various asset classes, including fixed income and equity funds, to compensate for the decline in money market fund sizes [2][3]. 3. Management Expertise: The team managing Tianhong Fund has extensive experience, ensuring effective fund management and tracking [3][4]. Other Important Insights 1. Industry Events: The humanoid robot marathon is expected to provide a platform for showcasing the latest advancements in robotics, enhancing public engagement and interest [8][19]. 2. Technological Integration: The integration of AI and robotics is crucial for the future development of humanoid robots, with ongoing improvements in their operational capabilities [21][22][35]. 3. Investment Opportunities: The current market environment presents opportunities for investments in defensive sectors and domestic consumption, especially in light of recent trade policies [49][50]. Conclusion The humanoid robotics industry is on the brink of significant advancements, with upcoming events poised to showcase these developments. Concurrently, Tianhong Fund is adapting its strategies to navigate regulatory changes and market demands, indicating a dynamic investment landscape.