金评天下丨关注“大基金三期”的投资节奏与方向

Core Viewpoint - The "National Team" fund, specifically the China Integrated Circuit Industry Investment Fund Phase III, has begun to make strategic investments in the artificial intelligence and high-end semiconductor sectors, indicating a shift towards collaborative investment approaches [2][4][5]. Group 1: Investment Activities - The China Integrated Circuit Industry Investment Fund Phase III, with a registered capital of 344 billion yuan, has made its first investment in the artificial intelligence sector through a partnership model [2]. - In September, the listed company Tuojing Technology announced plans to increase capital in its subsidiary, with the National Investment Group as a partner, contributing up to 450 million yuan [3]. - The fund's investment in the domestic IC substrate company Anjieli Mewei on December 11 continues the trend of collaborative funding [4]. Group 2: Investment Focus and Strategy - The investment direction of the fund has diversified, targeting not only artificial intelligence but also high-density interconnect solutions and semiconductor packaging substrates, which are crucial for various technology sectors [4]. - The first phase of the fund focused on integrated circuit manufacturing, while the second phase extended to upstream equipment and materials, with the third phase showing flexibility in investment across multiple sectors [5]. - The fund's investment activities have accelerated in 2023, with expectations for more frequent investments and clearer direction by 2026, potentially guiding the technology industry and capital markets [5].