大基金一期加速退出，拟减持两家半导体龙头

Core Viewpoint - The National Integrated Circuit Industry Investment Fund (referred to as "Big Fund Phase I") is accelerating its investment recovery process by advancing exits from early investment projects, with recent announcements from semiconductor companies Yandong Micro (688172.SH) and Tuojing Technology (688072.SH) regarding significant share reductions totaling over 3 billion yuan [3][4]. Group 1: Investment Reduction Plans - Tuojing Technology announced that Big Fund Phase I plans to reduce its holdings by up to 843,500 shares, representing no more than 3% of the company's total share capital, between December 12, 2025, and March 11, 2026 [4]. - Yandong Micro disclosed that Big Fund Phase I intends to reduce its holdings by up to 2,141,430 shares, or 1.5% of its total share capital, during the same period [4]. - The total estimated reduction amount for both companies is approximately 3.12 billion yuan, with Yandong Micro's reduction valued at about 522 million yuan and Tuojing Technology's at approximately 2.597 billion yuan [4][5]. Group 2: Strategic Implications - The recent reductions indicate a strategic shift for Big Fund Phase I, focusing on orderly exits from earlier projects to facilitate capital recycling and prepare for future investments in cutting-edge areas of the semiconductor industry [6]. - Throughout 2025, Big Fund Phase I has systematically reduced its stakes in several key companies across the semiconductor supply chain, including notable cases like North Huachuang (002371.SZ), where its stake has fallen below 5% after nearly ten years of investment [7]. - The fund's investment history shows a significant return, having invested 1.511 billion yuan in North Huachuang and subsequently realizing at least 5.5 billion yuan through various reductions [7]. Group 3: Future Investment Focus - The ongoing reduction activities reflect a clear operational logic of "Phase I recovery, Phase II and III succession," as Big Fund Phase I enters the latter half of its investment recovery period [8]. - The larger Big Fund Phase II (established in 2019) and Phase III (established in 2024 with a registered capital of 344 billion yuan) will focus on supporting critical areas of the semiconductor supply chain that require breakthroughs, such as advanced manufacturing processes and high-end equipment [8].