2025年上半年，人工智能领域首次超越半导体成为一级市场最大投资赛道。[1]AI领域融资达1812亿元，而半导体赛道融资1627亿元，投向823家企业。[1]其中，DeepSeek融资510亿元，占AI赛道融资的28%。[1]
在半导体内部，芯片设计领域获得最多关注，共获得358笔投资。[1]电子元器件赛道获得118笔投资。[1]投资逻辑已发生转变，从"国产替代和供应链安全"转向"国产超越和AI算力自主重构"。[1]产业链上的链主企业成为投资主导力量，中芯聚源上半年投资33家公司（其中16家为半导体企业）、芯联资本投资14家公司（其中7家为半导体企业）、豪威集团投资7家公司（其中6家为半导体企业），这些产业方推动了大额交易的达成。[1]
从地域分布看，长三角地区占据投资优势。[1]上海有122家企业获投，占全国15%。[1]其中上海新昇融资114.48亿元，占上半年赛道融资的7%。[1]长三角的6座城市进入全国投资排名前十。[1]
In the first half of 2025, artificial intelligence has unseated semiconductors as the leading investment track in China's technology sector. The AI industry attracted 181.2 billion yuan, exceeding semiconductor financing of 162.7 billion yuan invested in 823 companies [1]. This marks the first time AI funding has surpassed semiconductors in scale.
Within the AI sector, DeepSeek alone secured 51 billion yuan in financing, representing 28 percent of total AI track investments [1]. Meanwhile, the semiconductor industry saw significant shifts in investment patterns. Chip design remained the most-funded subsector with 358 investment deals, followed by electronic components with 118 deals [1]. However, the investment logic underlying semiconductor funding has fundamentally changed from emphasis on "domestic substitution and supply chain security" to focus on "domestic advancement and AI computing power self-reconstruction" [1].
Industrial players have emerged as dominant forces in steering semiconductor investments. Mid-sized and large-scale transactions are increasingly driven by ecosystem anchors and established industry investors. Zhongxin Juyuan, Xinlian Capital, and OmniVision have become principal investment actors, with Zhongxin Juyuan investing in 33 companies in the first half of 2025, including 16 semiconductor enterprises [1]. Xinlian Capital invested in 14 companies, of which seven were semiconductor-focused [1], while OmniVision's seven investments included six semiconductor companies [1].
Geographically, Shanghai and the Yangtze River Delta region dominate semiconductor investment activity. Shanghai alone saw 122 companies receive funding, accounting for 15 percent of national totals [1]. Six cities within the Yangtze River Delta region ranked among China's top ten investment destinations [1]. Shanghai Xinsheng notably raised 11.448 billion yuan, representing 7 percent of the semiconductor track's total first-half financing [1].
