Core Viewpoint - The article discusses the recent investment activities of the National Integrated Circuit Industry Investment Fund (also known as the "Big Fund") in the semiconductor sector, particularly focusing on the investment in Nantong Crystal Co., Ltd., which specializes in high-performance synthetic quartz materials essential for semiconductor manufacturing [4][5]. Group 1: Investment Activities - The National Integrated Circuit Industry Investment Fund has increased its stake in Nantong Crystal by investing 100 million RMB, acquiring a 25% share in the company [4]. - Nantong Crystal's registered capital has been raised from 300 million RMB to 400 million RMB, indicating a significant financial commitment from the fund [4]. - This investment marks the first publicly completed project by the National Integrated Circuit Industry Investment Fund in 2024 [4]. Group 2: Company Overview - Nantong Crystal focuses on the production of high-performance synthetic quartz materials, which are crucial for applications in lasers, semiconductors, and precision optics [4]. - The company aims to accelerate the development of the synthetic quartz industry and contribute to the localization of photomask technology, which is vital for semiconductor manufacturing [5]. - The photomask substrate is a key material in the photolithography process of semiconductor manufacturing, directly affecting process precision and yield [5]. Group 3: Market Context - The photomask substrate market is currently dominated by imports, with high-end photomask substrates having a domestic production rate of less than 3% [5]. - Major global suppliers include Corning (USA), Heraeus (Germany), and Shin-Etsu Chemical (Japan), indicating a significant reliance on foreign technology and materials [5]. - Nantong Crystal is working on overcoming technological barriers to enhance domestic production capabilities in this critical area [5]. Group 4: Parent Company Insights - Nantong Crystal's parent company, Zhongtian Technology, holds a 60% stake and is a leading manufacturer of underwater optical cables in China, with a market share of 30%-40% in special optical cables [6]. - Zhongtian Technology is also expanding into optical communication modules, having established a laboratory for developing high-speed optical modules [6]. - The company reported a revenue of 37.974 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 10.65% [6].