The curtain has risen on the first batch of mutual funds' Q4 2025 reports. As of January 13th, Wind data indicates that 15 actively managed equity funds have disclosed their Q4 reports, involving fund companies such as Huafu Fund, Debond Fund,金信基金,同泰基金, and Eastmoney Fund.
In terms of the size of the funds that have already reported, two products managed by Huafu Fund's Shen Cheng lead the pack. The total size of Huafu Tech Momentum A (007713.OF) reached 4.601 billion yuan, while Huafu New Energy A (012445.OF) totaled 4.162 billion yuan. According to public information, another fund managed by Shen Cheng, "Huafu Industrial Upgrade A," has not yet disclosed its Q4 2025 report.
Regarding performance, Huafu Tech Momentum A achieved a one-year return of 102.90%, with its two-year and three-year performances significantly surpassing both its benchmark and the market average. Meanwhile, Huafu New Energy A posted a one-year return of 79.31%, also substantially outperforming its benchmark and the peer average.
According to the Q4 report for Huafu Tech Momentum Mixed A, the fund's ending equity position was 87.34%. It continued its investment direction from the third quarter, primarily allocating to the humanoid robotics sector.
Specifically, the top two holdings from Q3, Sanhua Intelligent Control and Top Group, completely exited the top ten list. Zhejiang Rongtai leaped from the third-largest holding in Q3 to become the top holding in Q4, while Xinquan Automotive Trim also rose from fourth to second place.
Furthermore, the Q4 top ten holdings saw the inclusion of several "new faces" such as恒勃股份,统联精密,斯菱智驱, and伟创电气. These companies focus on core actuator components for robots, including robotic joints, precision gears, lead screws, and motor servo systems. Their introduction significantly increased the fund's "robotics purity," moving it away from its previous heavy reliance on the automotive supply chain.
The top ten holdings, in order, were Zhejiang Rongtai, Xinquan Automotive Trim,恒勃股份,统联精密,日盈电子,斯菱智驱,美湖股份,伟创电气,高测股份, and长盈精密.
In his outlook for the humanoid robotics industry, fund manager Shen Cheng referenced the "Guiding Opinions on the Innovative Development of Humanoid Robots" issued by the Ministry of Industry and Information Technology (MIIT) in November 2023. This document explicitly positions humanoid robots as a disruptive product following computers, smartphones, and new energy vehicles. Additionally, the National Development and Reform Commission (NDRC), at a press conference on November 27, 2025, stated it would promote the healthy and standardized development of the embodied intelligence industry, accelerating breakthroughs in key technologies and infrastructure construction.
The fund manager also noted that Tesla predicted at its 2024 annual shareholders meeting that the future ratio of humanoid robots to humans would exceed 1:1. At the November 2025 shareholders meeting, Elon Musk indicated that robot production lines would begin rapid capacity ramp-up, planning to start a 1 million unit per year production line at the Fremont factory and build a 10 million unit per year capacity line in Texas, with third-generation Tesla humanoid robot production expected to commence in 2026. Concurrently, international companies like Figure and 1X Technologies, as well as domestic players such as小鹏,宇树科技, and智元机器人, are also making active progress in this field.
However, the fund manager also cautioned that as the humanoid robotics industry is still in its early stages, investors need to be wary of uncertainties in technological pathways, changes in the pace of technological innovation, and potential delays in mass production scaling. He advised investors to reasonably control their investment allocation based on their own risk tolerance.
Turning to the Q4 2025 report for Huafu New Energy Equity Initiation A, the fund's ending equity position was 93.3%. Its top ten holdings, in order, were Sungrow Power Supply, CATL, Canadian Solar, Yahua Industrial Group, Sinomine Resource Group,佛塑科技,大中矿业, Do-Fluoride New Materials,华盛锂电, and永兴材料.
The most notable change was a fundamental adjustment to the fund's position in CATL. In Q3, CATL was the undisputed top holding (9.03% of net asset value), but by Q4, its weighting had been significantly reduced to 6.18%, dropping it to the second position. Sungrow Power Supply jumped from the third-largest holding in Q3 (5.25%) to become the top holding in Q4 (8.96%), and photovoltaic module leader Canadian Solar (3.58%) was newly added to the top ten.
The fund manager also analyzed the macroeconomic environment, expressing the view that the underlying conditions and fundamental trends supporting China's long-term positive economic development remain unchanged. Regarding specific allocations within the new energy sector, the fund increased its exposure to midstream lithium battery materials, upstream resources, and the photovoltaic sector during Q4, while reducing allocations to wind power, lithium batteries, humanoid robotics, and intelligent driving.
Delving into sub-sectors, Shen Cheng pointed out that in energy storage and lithium batteries, overseas large-scale energy storage has entered a growth phase driven by economics, with electricity demand from data centers fueled by AI development providing significant incremental demand for storage. Domestically, as power market reforms advance, the investment economics of large-scale energy storage power stations are becoming prominent. Following capacity rationalization in the lithium battery industry chain, the supply-demand structure has markedly improved, and the industry is entering a new cycle of price increases and profit expansion.
Regarding wind power, Shen Cheng stated that demand remains robust both domestically and internationally, and China's medium-to-long-term development plan for offshore wind power is expected to further support industry growth. The curtain has risen on the "anti-involution" phase in the photovoltaic industry, making high-efficiency cells and new technological directions worthy of close attention. Furthermore, in the new energy vehicle sector, the impact of domestic policy optimization has largely been reflected in stock prices. The MIIT announced the first batch of conditional L3 autonomous driving model access permits in December 2025. Technological advancement directions within the intelligentization supply chain, as well as automotive component segments that overlap with the second growth curve of humanoid robots, warrant attention.
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