Core Viewpoint - The National Integrated Circuit Industry Investment Fund (referred to as "Big Fund Phase I") is accelerating its investment recovery process by continuing to exit early investment projects, with recent announcements indicating a potential reduction of over 3 billion yuan in investments in two semiconductor companies [1][2]. Group 1: Investment Reduction Plans - The semiconductor equipment manufacturer, Tuojing Technology, announced that Big Fund Phase I plans to reduce its holdings by up to 843.5 million shares, representing no more than 3% of the company's total share capital, between December 12, 2025, and March 11, 2026 [2]. - Yandong Micro also disclosed that Big Fund Phase I intends to reduce its holdings by up to 21.41 million shares, or 1.5% of its total share capital, during the same period [2]. - The total estimated reduction amount for both companies is approximately 3.12 billion yuan, with Yandong Micro's reduction valued at about 522 million yuan and Tuojing Technology's at approximately 2.597 billion yuan [2]. Group 2: Historical Context and Strategy - This marks the third round of reductions for Yandong Micro in 2025, with previous reductions totaling 26.27 million shares and at least 507 million yuan in cashing out [3]. - The reduction actions are part of a systematic strategy by Big Fund Phase I, which has been actively reducing its stakes in various key companies across the semiconductor industry, including equipment, manufacturing, design, and testing sectors [4]. - Notable examples include the reduction of holdings in Beifang Huachuang, where Big Fund Phase I decreased its stake to below 5%, having initially invested 1.511 billion yuan and cashing out at least 5.5 billion yuan through multiple reductions [4][5]. Group 3: Future Implications - The series of reductions reflects a clear operational logic of "Phase I recovery, Phases II and III relay," as Big Fund Phase I enters the latter half of its investment recovery period [6]. - The larger Phase II and upcoming Phase III funds are expected to focus on critical areas of the semiconductor industry that require breakthroughs, such as advanced manufacturing processes and high-end equipment, continuing the mission to support China's semiconductor industry [6].