芯片突发！“国家队”，大举增持！

Group 1 - The National Integrated Circuit Industry Investment Fund increased its stake in SMIC from 4.79% to 9.25% as of December 29, 2025 [1] - SMIC announced a new joint venture contract and capital increase agreement with the National Integrated Circuit Fund, introducing new investors including the third phase of the big fund and the leading integrated circuit fund [1] - The total capital increase for SMIC Southern is $7.778 billion (approximately 54.3 billion RMB), with $3.5773 billion allocated to registered capital and $4.2007 billion to capital reserves [1] Group 2 - In December 2025, the semiconductor sector experienced a structural market driven by price increases in the industry chain, expanding AI computing power demand, and strengthening domestic substitution logic [2] - The equipment and materials segments are expected to have the strongest certainty due to top-level design support, while digital chips and advanced packaging and testing are highlighted as key areas of focus due to technological iterations [2]