1. This big fund is a major investor in the chip industry in China. It is the abbreviation of National Integrated Circuit Industry Investment Fund Co., Ltd., which was established under the guidance of Ministry of Industry and Information Technology and Ministry of Finance on September 20 14. The background of this fund is to invest in the domestic science and technology industry, so that the domestic science and technology industry can get financial support, and then gradually develop and grow, thus building the country's independent and controllable ability.

2. At present, there are two phases of large funds. The first phase mainly invests in chip manufacturing, and the equipment and materials account for a small proportion. The second phase of large fund investment, first, the key investment may be more inclined to design materials and equipment, while increasing downstream applications, such as the previous North Huachuang; Second, I believe that investment will focus on applications, such as photoresist.

3. As the fund is a special investment, its way of participating in enterprises is direct equity financing, which is directly linked with local governments and society.