“国家队”，新动向！

Group 1 - The National Integrated Circuit Industry Investment Fund Co., Ltd. (referred to as "Big Fund Phase I") has recently approved a capital reduction distribution, returning an investment principal of 18 billion yuan to shareholders, reducing its registered capital from 98.72 billion yuan to 80.72 billion yuan [1] - Big Fund Phase I was established in 2014 with a 15-year duration, focusing on investment in the integrated circuit industry. The capital reduction distribution is a legal channel for returning shareholder contributions and a common method for private equity funds to manage capital flexibly [1] - The capital return of 18 billion yuan in 2025 indicates that the national-level industrial fund is gradually entering a virtuous cycle, considering the current exit situation of Big Fund Phase I [1] Group 2 - As of now, Big Fund is operating well, and the second phase and subsequent funds will continue to invest in the integrated circuit field to support the healthy and stable development of the industry [1] - The third phase fund has been established and put into operation in 2024, with a fundraising scale exceeding the combined scale of the first two phases [1]