首发丨半导体最受期待的CVC，完成12.5亿募集

Core Viewpoint - The establishment of "Xilian Capital" marks a significant milestone in China's semiconductor industry, indicating a shift towards a more mature stage characterized by deep domestic substitution, mergers, and innovation [3][4][19]. Group 1: Industry Development - The semiconductor industry in China is evolving rapidly, with "Xilian Integrated" becoming a model enterprise, ranking as the world's tenth largest dedicated wafer foundry and leading in silicon carbide business in Asia [3]. - The establishment of the Science and Technology Innovation Board (STAR Market) is crucial for the growth of the semiconductor sector, facilitating smoother IPO processes and attracting investments [4][19]. - The rise of "Xilian Capital" signals that the speed of China's semiconductor industry growth is exceeding expectations, transitioning from an era of internal competition to one of collaboration and innovation [3][4]. Group 2: Investment Strategy - "Xilian Capital" aims to raise a primary fund of over 1.5 billion yuan, focusing on upstream semiconductor sectors such as equipment, materials, and design companies, as well as downstream fields like AI and robotics [5][6]. - The fund's investor lineup includes major industry players and market-oriented funds, indicating a highly market-oriented structure that enhances collaboration and resource sharing [6][7]. - The investment strategy emphasizes building a long-term "friend circle" among investors to create sustainable value and a closed-loop investment ecosystem [7][10]. Group 3: Market Opportunities - Despite concerns about market saturation, the semiconductor sector in China still presents numerous investment opportunities due to low domestic substitution rates and the need for self-sufficiency [19][20]. - The focus on high-value, differentiated products is essential to meet the increasing demand for quality and efficiency in the semiconductor industry [19][20]. - The collaboration between "Xilian Capital" and leading companies aims to address critical challenges in the industry, such as the development of key technologies and components [26][27]. Group 4: Future Goals - The long-term goal of "Xilian Capital" is to establish a competitive ecosystem for power and analog chips in China, enabling the country to lead in global semiconductor innovation [48][50]. - The strategy includes fostering deep cooperation with top enterprises to solve critical issues and enhance the overall competitiveness of the semiconductor industry [26][27]. - The emphasis on creating a collaborative ecosystem reflects the understanding that competition in the semiconductor field is increasingly about ecosystem strength rather than isolated success [49][50].