国家大基金三期，新动向！

Core Viewpoint - The recent 46% equity transfer of Anjieli Meiwai Electronics (Xiamen) Co., Ltd. to state-backed investment entities is expected to enhance its capacity in high-end packaging substrates and drive the development of China's semiconductor packaging sector [1][4][6]. Company Overview - Anjieli Meiwai was established in December 2019 and focuses on various technologies including substrates, HDI, and battery module technology, providing comprehensive solutions from design to assembly [1][4]. - The company anticipates a revenue of 7.9 billion yuan in 2024, with R&D investment constituting 8% of total revenue [1][4]. Investment Details - The equity transfer involved several state-owned entities, including the National Integrated Circuit Industry Investment Fund Phase III and local investment groups, aimed at supporting semiconductor manufacturing projects [1][6]. - The National Integrated Circuit Industry Investment Fund Phase III is a national capital platform established to promote the development of the semiconductor industry, with a long investment and recovery period to match the long cycles of semiconductor technology [6]. Industry Insights - IC substrates are critical in connecting and transmitting signals between bare chips and PCBs, and their importance is increasing as advanced packaging becomes essential for AI chip delivery capabilities [2][6]. - The transition from BT substrates to ABF substrates represents a significant technological advancement, raising requirements for equipment, materials, and yield [3][6]. - The capital injection from the National Fund and local state-owned enterprises is expected to accelerate Anjieli Meiwai's production capacity and technological upgrades, fostering collaboration across the semiconductor supply chain [3][6].