Core Viewpoint - Gansu Shangfeng Cement Co., Ltd. has made significant progress in its semiconductor equity investments, with its invested companies achieving important milestones in their public offerings [1][2]. Group 1: Investment Progress - On October 23, the China Securities Regulatory Commission approved Beijing Angrui Microelectronics Technology Co., Ltd.'s initial public offering (IPO) registration, which is a company invested in by the Suzhou Industrial Park Chip Venture Capital Partnership, a fund established by Shangfeng Cement [1][2]. - Suzhou Chip holds 257,700 shares of Angrui Micro, representing a 0.35% stake prior to the public offering [2]. - Angrui Micro specializes in integrated circuit design, focusing on RF and analog fields, and is recognized as a national-level "little giant" enterprise [2]. Group 2: Fund Investments - The Zhongjin Material (Anhui) New Materials Industry Investment Fund, in which Shangfeng Cement invested 200 million yuan, has successfully completed the IPO of Xi'an Yiswei Material Technology Co., Ltd., raising approximately 4.636 billion yuan through the issuance of 538 million shares at a price of 8.62 yuan per share [2][3]. - The fund focuses on new materials, particularly inorganic non-metallic materials and composite materials, and has several projects nearing capitalization, including companies in fuel cell membranes and photolithography films [3]. Group 3: Strategic Development - Shangfeng Cement is leveraging a dual strategy of core business and equity investment to penetrate strategic emerging sectors such as semiconductors and new materials, which is expected to yield substantial investment returns and provide valuable experience for the company's industrial transformation and growth [3].