Galaxy CSI Robotics Index Initiated Annual Report Analysis: Net assets surged by 515%, management fees increased by 26 times, the robotics sector remains prosperous

Core Financial Metrics: Net Profit Turns Profit, Net Asset Scale Expands Over 5 Times

The annual report for 2025 of the Galaxy CSI Robot Index Fund (hereinafter referred to as the “Galaxy CSI Robot Index Fund”) shows that the fund achieved a net profit of 33,776,184.36 yuan for the year, turning from a loss in 2024 (-711,780.86 yuan) to a profit. The net assets at the end of the period totaled 402,136,415.53 yuan, a growth of 515.2% compared to the end of 2024 (65,364,857.32 yuan), indicating significant expansion.

Net Value Performance: Closely Tracks Index, Both Share Classes Outperform Benchmark

In 2025, the net value growth rate of Class A shares of the Galaxy CSI Robot Index Fund was 29.58%, while Class C was 29.19%, compared to the benchmark return of 29.37% during the same period. Class A shares achieved excess returns of 0.21%, while Class C shares slightly underperformed the benchmark by 0.18%, with overall tracking error controlled within the contractually agreed 4%, consistent with the passive index fund positioning.

• | | Net Value Volatility | 1.86% | 1.86% | 1.90% |

Investment Strategy and Operations: Fully Replicates Index to Capture Robot Industry Dividends

The fund adopts a passive index investment strategy, fully replicating the CSI Robot Index. In 2025, the global robot industry entered its commercialization phase, with the integration of AI large models and embodied intelligence technologies driving core hardware costs down. The policy “Guiding Opinions on the Innovative Development of Humanoid Robots” was implemented, and the industry experienced a year-over-year compound growth rate of over 50%. The fund closely tracks index adjustments, with stock investments accounting for 94.53% of the fund’s net asset value for the year. The top three holdings, iFlytek (9.32%), Huichuan Technology (9.28%), and Top Group (7.56%), are all core enterprises in the robot industry chain.

Cost Analysis: Management Fees Surge 26 Times with Scale, Trading Costs Rise in Tandem

Management and Custodian Fees: Significant Growth Driven by Scale

In 2025, the fund’s management fee was 1,415,125.85 yuan, an increase of 2658.0% compared to 2024 (51,322.45 yuan); the custodian fee was 283,025.14 yuan, also up 2658.0% from 2024 (10,264.50 yuan). The fee growth aligns closely with the fund’s scale expansion (515%), maintaining the contractual rates of 0.5% (management fee) and 0.1% (custodian fee).

Trading Costs: Increased Stock Trading Volume Drives Up Costs

During the reporting period, the fund’s stock trading income was 8,680,795.78 yuan, a 1967.0% increase from 2024 (419,568.69 yuan); trading costs were 258,978.19 yuan, up 980.0% from 2024 (23,980.08 yuan), primarily due to the stock trading amount increasing from 2024’s 5,695,846.66 yuan to 192,221,266.95 yuan, with trading volume expanding 32.7 times.

Related Transactions: Galaxy Securities Contributes 58.9% of Stock Trading Volume

The fund achieved stock transactions totaling 393,025,472.80 yuan through related party Galaxy Securities, accounting for 58.91% of the total stock transactions during the period, with commission payable of 70,746.44 yuan, resulting in a commission rate of approximately 0.018%, which is on par with non-related party CITIC Construction Investment Securities (commission rate 0.018%), with no signs of profit transfer found.

Holder Structure: Institutional Holdings Account for 25%, Single Institution Holds 21% of Class C

As of the end of 2025, the total number of fund holders was 30,001, with institutional investors holding shares totaling 65,440,290.55, accounting for 25.32%. Among them, a single institutional investor held 54,774,511.59 shares of Class C, representing 21.19% of the total Class C shares, posing liquidity risk due to potential large redemptions.

Manager’s Outlook: Robot Sector Returns to Tech Main Line, Tesla Mass Production as Catalyst

The manager believes that in 2026, technology will remain the main line of investment, with the robot sector expected to benefit from the anticipated release of Tesla’s Optimus V3 in Q1 2026 and mass production by the end of the year (with a potential five-year output of 100,000 units per month). Orders from domestic supply chains will accelerate (with companies like UBTECH and Zhiyuan receiving orders worth hundreds of millions), leading the industry into a phase driven by orders and capital. It is recommended to focus on core components of robots (reducers, servo motors) and application scenarios.

Risk Warning and Investment Suggestions

Risk Warning:

2. Liquidity Risk: A single institution holds over 20% of Class C shares; concentrated redemptions could force the fund to liquidate assets, impacting net value.
3. Industry Volatility Risk: The robot sector showed signs of correction in Q4 2025; caution is advised regarding emotional fluctuations at high valuations.
4. Tracking Error Risk: Adjustments to constituent stocks and large subscriptions/redemptions may lead to increased tracking errors.

Investment Suggestions:

• Long-Term Investors: Consider accumulating at lower prices to capture the long-term growth dividends of the robot industry, with priority given to Class A shares (no sales service fee).
• Short-Term Investors: Pay attention to events such as Tesla’s Optimus mass production progress and policy catalysts, while managing positions.

(Data Source: Galaxy CSI Robot Index Fund 2025 Annual Report)

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