Jin Rong Shi Bao·2026-02-09 11:48Core Viewpoint - The recent announcements regarding share reductions by the National Integrated Circuit Industry Investment Fund (referred to as "National Big Fund") in various semiconductor companies indicate a strategic shift rather than a negative signal for the industry, suggesting a maturation phase for China's semiconductor sector under national strategic capital guidance [1][4]. Group 1: Share Reduction Announcements - On February 8, Anlu Technology announced that shareholders, including the National Big Fund, plan to reduce their holdings by up to 4% of the total share capital, with the National Big Fund intending to reduce its stake by no more than 8.02 million shares, representing up to 2% of total shares [1][2]. - Other semiconductor companies, such as Hushi Industry and Huizhiwei, have also disclosed similar reduction plans, with the National Big Fund's recent actions drawing significant market attention [2][3]. - Anlu Technology's performance forecast indicates a year-on-year revenue decline and continued net losses, although it has shown signs of sequential recovery starting from the second quarter [2]. Group 2: Nature and Mission of the National Big Fund - The National Big Fund is a strategic investment fund established to address challenges in the integrated circuit industry and promote its rapid development, operating with a market-oriented and professional approach [4]. - The first phase of the fund, established in 2014, focused on chip manufacturing, while the second phase, launched in 2019, targets semiconductor equipment and materials, with a third phase set to begin in May 2024, focusing on advanced manufacturing and AI chips [4][5]. Group 3: Investment Lifecycle and Market Positioning - The National Big Fund's recent share reductions are seen as a normal reflection of its investment lifecycle, as the first phase has entered a recovery period, allowing for capital recycling after supporting key semiconductor companies [5]. - Companies affected by the reductions, such as Hushi Industry and Anlu Technology, have become leaders in their respective fields, demonstrating self-sustaining capabilities and market competitiveness [5]. - The second and third phases of the National Big Fund are actively investing in the semiconductor industry, focusing on strategic enhancements while managing exits from mature projects [5].