“国家大基金三期”调整策略，应对美国技术封锁

Core Viewpoint - China's major chip investment funds are shifting focus towards critical areas such as lithography machines and semiconductor design software to overcome U.S. restrictions on technology development [1][2]. Group 1: Investment Strategy - The National Integrated Circuit Industry Investment Fund Phase III (referred to as "Big Fund Phase III") aims to support domestic companies and key technology bottlenecks, particularly in areas dominated by ASML's lithography systems and Synopsys and Cadence's chip design tools [1][2]. - The new fund has raised 344 billion RMB, which is only part of its target capital, indicating a more cautious investment approach in the semiconductor sector [1][2]. - Compared to previous phases, Big Fund Phase III plans to hold investments for a longer duration [1]. Group 2: Market Context - The U.S. has long restricted China's access to chips, equipment, and software, hindering Beijing's ambitions in the semiconductor field, which is crucial for developing advanced artificial intelligence [1][3]. - The fund's previous large-scale investments have not led to significant breakthroughs, except for Huawei's development of a precision mobile processor in 2023 [2]. Group 3: Future Plans - Big Fund Phase III is preparing for its first major investments in the coming months, with part of its mission being to promote industry consolidation through mergers and acquisitions [2]. - If the new fund reaches its initial fundraising target, it will become the largest semiconductor fund in China's history, surpassing the total of the previous two phases [2].