多支基金并进，上海黑马VC，2年新募超20亿

Core Viewpoint - The continuous innovation in the integrated circuit industry presents ongoing investment opportunities, with domestic funds gaining ground against USD funds through strategic investments in semiconductor companies [1][26]. Group 1: Investment Strategies and Fundraising - New Micro Capital has invested in over 100 integrated circuit-related companies since its establishment in 2010, significantly contributing to the listing of 12 enterprises, thus acting as a "capital engine" for the integrated circuit industry in Shanghai and nationwide [3][4]. - The newly launched New Micro Huixin Fund aims for a total scale of 2 billion RMB, with over 1.4 billion RMB already subscribed, focusing on semiconductor chips, equipment, materials, and extending into smart vehicles and renewable energy [4][6]. - New Micro Capital has successfully raised over 2 billion RMB across multiple new funds in the past two years, including the Anhui New Micro Zhike Fund and the Chongqing New Micro Chengyu Fund [5][10]. Group 2: Ecosystem and Industry Positioning - New Micro Capital's investment approach is centered around creating an ecosystem by identifying "pivot" companies in the integrated circuit sector, which allows for systematic investments in upstream and downstream enterprises [19][20]. - The firm has strategically invested in key materials and equipment suppliers to enhance the domestic supply chain, such as Glory Electronics and Zhi Cheng Semiconductor, addressing critical dependencies on imports [20][21]. - In the commercial aerospace sector, New Micro Capital has invested in companies like Yuanxin Satellite and Zhongke Aerospace, demonstrating its strategy of building an ecosystem around pivotal enterprises [22][23]. Group 3: Market Challenges and Future Outlook - The current investment climate is challenging, with a shift from a scenario where 10% of projects could yield success to one where only 1% may be profitable, necessitating a more discerning investment strategy [26][27]. - Despite the competitive landscape in the semiconductor industry, there remains significant growth potential for Chinese companies, as leading firms like Nvidia and ASML have yet to emerge domestically [27][28]. - New Micro Capital emphasizes the importance of understanding technological, industrial, and corporate development trajectories to accurately position projects for future success [28][29].