半导体大基金投资地图解析

Investment Rating - The report maintains an "Overweight - A" rating for the semiconductor industry, with specific stock recommendations including "Buy - A" for Northern Huachuang and "Add - A" for Zhongwei Company [1][2]. Core Insights - The National Integrated Circuit Industry Investment Fund (Big Fund) aims to accelerate the development of the entire semiconductor industry chain, targeting international advanced levels by 2030 [4][6]. - The Big Fund's investment strategy focuses primarily on the manufacturing sector, emphasizing support for leading companies across the industry chain [7][10]. - The first phase of the Big Fund has entered an exit period, while the second phase will concentrate more on equipment and materials [10][16]. Summary by Sections 1. Big Fund Phase One: Accelerating Industry Chain Development - Established in September 2014, the Big Fund raised a total of 138.72 billion yuan, making it the largest single-phase industrial investment fund in China at that time [4][5]. - The fund's investment plan spans 15 years, with the first phase (2015-2019) focused on investment, the second phase (2019-2024) on exit, and the third phase (2025-2030) on extension [4][6]. 2. Investment Layout of Big Fund Phase One - The investment layout is primarily in manufacturing, with 46% in foundry, 17% in design, 6% in materials, 13% in packaging and testing, and 18% in ecosystem development [1][7]. - The fund supports breakthroughs in advanced process technology and capacity expansion in wafer manufacturing, addressing the domestic gap in advanced process capabilities [7][9]. 3. Transition to Phase Two - The second phase of the Big Fund will focus on domestic semiconductor equipment and materials, aiming to enhance the industry's self-sufficiency [10][16]. - The exit of the first phase is seen as a structural adjustment rather than a negative signal for the industry's future, allowing for reinvestment in companies that require further support [10][16]. 4. Investment Recommendations - The report suggests investing in leading companies within the semiconductor industry, particularly those involved in critical areas such as EDA, advanced packaging, and specialized manufacturing processes [13][16].