Spring Gala Showcases Abilities, But Funds Aren't Buying It? Humanoid Robots: Say Goodbye to Imagination, Embrace Delivery Power, Institutions Are Quietly Betting!

Why are institutions quietly betting on the performance realization of robots?

Copying homework is less effective than seeking true wisdom; knowing the reason behind it is even more important.

Author | Los

Editor | Xiao Bai

During the Spring Festival, robots became the hottest topic on the streets, but now they have become “vegetables” in the mouths of investors.

After the holiday, the robot index opened high and then declined, moving sideways without much change, leading investors to question: if funds are not interested, does that mean robots no longer have investment value? Let’s explore some opportunities through the holdings of public funds.

(Source: Choice Data, Robot (H30590) Index Chart)

Saying goodbye to the “imagination” from 0 to 1, institutions focus on “performance realization”

According to Choice data and Shenwan’s third-level industry classification, the robot sector includes only 20 listed companies. However, based on the proportion of holdings at the end of Q4, passive funds are the main investors in these companies, while active funds show little interest.

For example, Greetech Harmonics (10.23%) and Robot (8.77%) have relatively high holdings. At the end of Q4, active public fund products held only 1.8% of Greetech Harmonics’ circulating shares, and Robot did not appear in the top ten holdings of any active fund.

(Source: Choice Data)

The main reason is that these 20 companies generally have small circulating market caps and poor performance. This restricts active allocation by institutional funds in two ways: one, small market cap makes it difficult to accommodate large capital inflows; two, weak performance fails to provide sufficient safety margins for investment.

Among these 20 companies, 14 issued performance forecasts for 2025, but only 4 are expected to be profitable. For robots with public fund holdings exceeding 8%, their 2025 performance is also below expectations, with projected losses of 310 million to 440 million yuan.

(Source: Choice Data)

Quarterly reports only reflect the top ten data, and since only fund companies have released quarterly reports so far, while listed companies have not, the data is not entirely accurate. However, from the changes in the number of funds, the institutional moves in Q4 mainly involved exiting, with 4-6 funds withdrawing from companies like Xinbang Intelligent, Keda, and Leise Intelligent.

It’s understandable that, under large-scale sell-offs, even positive news cannot stir up short-term waves in the robot sector.

But companies like Greetech Harmonics, with more stable performance, still have investment value. Its stock price has performed well this year, rising over 20%.

As a global leader in harmonic reducers, Greetech Harmonics’ resilience lies in its ability to maintain profitability for many years, even amid slowing growth. Its net profit attributable to parent company in 2025 is expected to be between 115 million and 130 million yuan, a year-on-year increase of 104.7% to 131.4%.

(Source: Market Cap Wind APP)

Regarding reducers, other representative companies not included in Choice’s robot classification include Shuanghuan Transmission, Ningbo Dongli, and Zhongda Liede.

Among them, public funds also hold a relatively high proportion of Shuanghuan Transmission, reaching 10.5% at the end of Q4. Under the pattern of gear industry leaders and RV reducers, the company’s performance remains steady, with net profits positive every year since 2019, and 2025’s third quarter net profit reaching 900 million yuan, a year-on-year increase of 21.7%.

(Source: Market Cap Wind APP)

At the same time, in Q4, public funds increased their holdings of Ningbo Dongli slightly, reaching 4% at the end of the quarter, mainly purchased by Liu Gesong of GF Fund and Wu Yuanyi of Penghua Fund.

(Source: Choice Data)

In terms of performance, Ningbo Dongli’s net profit attributable to parent in 2025 is projected to be between 195 million and 205 million yuan, a 3.24 to 3.46 times increase year-on-year.

(Source: Company Announcement)

From the actions in Q4, large funds are gradually abandoning the concept of “imagination” and beginning to embrace “performance realization.”

Seeking a “safety cushion”: solid main business combined with multiple concepts

01 What are the highlights of these mechanical equipment stocks?

Among the 31 industries in Shenwan, the most closely related to the robot concept are machinery, automobiles, and household appliances. Next, we examine whether the companies with the highest public fund holdings in Q4 are related to robot businesses.

In the machinery sector, 11 companies saw public fund holdings increase by more than 2 percentage points in Q4, of which 8 are related to robots.

These include upstream core component companies like Wuzhou New Spring and Lixing Shares, mainly engaged in precision bearings and screw drives, as well as midstream companies like Weichuang Electric and Rongqi Technology, and companies introducing robots into cultural tourism scenes like Dafen Industrial, and those combining lasers and robots like Jepte.

Additionally, Dingtai High-tech responded in investor Q&A that “the company currently has certain technical accumulation in embodied intelligence-related fields, but specific products are not yet developed, nor have they been externally tested by customers.”

(Source: Choice Data)

From the secondary market performance, stocks favored by public funds have generally outperformed the components of Shenwan’s robot concept in Choice data. The average increase of these 8 stocks this year has reached 16.28%.

At the end of Q4, five companies—Wuzhou New Spring, Dingtai High-tech, Jepte, and Weichuang Electric—had public fund holdings exceeding 10%.

Among them, public fund holdings of Wuzhou New Spring increased by 5 percentage points in Q4, with Zhang Lu of Yongying Fund and Yan Siqian of Penghua Fund making the largest purchases.

(Source: Choice Data)

Wuzhou New Spring has orders for screw products and robot bearings. Its semi-annual report in 2025 disclosed that its reverse planetary roller screw products have continued to receive small batch orders from multiple clients.

(Source: Company Semi-Annual Report)

Moreover, Wuzhou New Spring is a stock with dual concepts of robotics and commercial aerospace. Its semi-annual report shows that its aerospace and high-end gas turbine bearing products have received small batch orders, marking initial progress in the commercial aerospace supporting field.

(Source: Company Semi-Annual Report)

Jepte has gained institutional favor with “better-than-expected performance + multiple concepts.” Its public fund holdings increased by 2.3 percentage points in Q4, with 39 funds holding shares and an active fund holding ratio of 12.7%, mainly purchased by Wu Yuanyi of GF Fund.

Jepte’s laser business is a cornerstone. The company expects net profit attributable to parent in 2025 to reach 280 million yuan, a year-on-year increase of 111.4%. Its business spans robotics, new energy (power batteries), and optical communications, providing market imagination space.

(Source: Company Announcement)

Driven by multiple factors, Jepte’s stock price has surged over 90% by the end of February, showing excellent performance.

(Source: Market Cap Wind APP)

Additionally, the secret behind Ding Tai High-tech’s 10-bagger rise is hidden in the institutional heavy positioning.

At the end of Q4, institutional holdings increased to 16%, up 4 percentage points from the previous quarter, with only fund manager Jin Zicai holding over 8%. Under heavy institutional support, the stock hit a new high of 219.9 yuan on February 25, with a more than tenfold increase since early 2025.

The soaring stock price is supported by performance: benefiting from explosive demand for AI servers, high-end PCB tools have seen rising prices and volume. The company expects net profit in 2025 to exceed 410 million yuan, an increase of over 80%.

(Source: Company Announcement)

Overall, the current institutional layout strategy is very clear: based on performance certainty, favoring companies with stable main businesses and potential for new growth. Stocks with multiple concepts are especially favored by public funds.

02 Which auto parts companies involved in the robot track are favored by institutions?

Looking at the automotive sector, 8 companies saw public fund holdings increase by more than 2 percentage points in Q4. Among them, 5 are related to the robot concept: Siling Zhuxu, Chaojie Shares, Zhejiang Rongtai, Riyi Electronics, and Xinquan Shares.

(Source: Choice Data)

In terms of institutional holdings, Siling Zhuxu, Zhejiang Rongtai, and Xinquan Shares are typical institutional stocks, with holdings over 20% at the end of last year, and continued increases in Q4.

Institutional favor for Siling Zhuxu did not stop in Q4. After continued public fund increases of over 7 percentage points, multiple institutions conducted intensive research at the beginning of 2026.

(Source: Choice Data)

Their appeal lies in a clear “fundamentals + growth pole” layout: on one hand, the company mainly produces brake and transmission system bearings, with six consecutive years of positive net profits and steady growth, demonstrating solid performance; on the other hand, new robot businesses have entered small batch production, opening new growth space.

(Source: Institutional Research)

Additionally, Chaojie Shares’ popularity follows the same logic as Wuzhou New Spring: solid main business + multiple concepts.

The company specializes in precision fasteners for automobiles, providing a stable performance foundation. Based on this, it is “dual-track” progressing into high-growth sectors:

One, its commercial aerospace business has entered the substantive delivery stage. According to the latest research on February 25, the company mainly manufactures structural components for commercial rockets, including major sections of the rocket body (shells), fairings, and other core parts.

(Source: Institutional Research)

Another, the humanoid robot sector has also “bloomed.” The company previously disclosed that its products include fasteners and precision machining parts, and it has received small batch samples and formal orders from some clients.

(Source: Company Semi-Annual Report)

Overall, companies with barriers in main business, stable cash flow, and already obtaining substantial orders in emerging, high-growth sectors (such as commercial aerospace and humanoid robots) are key focuses for institutions.

In the household appliance sector, only three stocks saw public fund holdings increase by more than 2 percentage points in Q4: Xing Shuaier, Jimi Technology, and Tianyin Electromechanical, with only Xing Shuaier indirectly holding 0.0051% of Yushu Technology, weakly related to the robot concept.

(Source: Company Investor Q&A)

In summary, investment in the robot sector has moved away from the “conceptual premium” phase. Going forward, the approach should be similar to public funds: focus on companies with solid main businesses, sufficient safety margins, diversified business layouts, and potential for secondary growth.

As a flagship sector of new productive forces, the long-term value of robots is well recognized. However, future excess returns will depend more on stock-picking insight and holding conviction.

Note: Data as of February 27, 2026.

Disclaimer: Funds are risky; investment should be cautious. This report (article) is based on publicly available market information (including but not limited to interim and annual reports, official interaction platforms) and is an independent third-party research; Market Cap Wind strives for objectivity and fairness but does not guarantee accuracy, completeness, or timeliness; the information or opinions expressed are for reference only and do not constitute investment advice. Market Cap Wind assumes no responsibility for actions taken based on this report.

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