Core Insights - Chengdu state-owned capital has achieved a remarkable return of 100 billion yuan from an investment of less than 1 billion yuan in Haiguang Information over a decade, showcasing a successful case of strategic investment in the semiconductor industry [1][2][8]. Investment Strategy - The investment approach taken by Chengdu state-owned enterprises emphasizes equity binding instead of one-way subsidies, aiming to cultivate "chain leaders" and develop the entire semiconductor industry chain [2][11]. - The investment in Haiguang Information was driven by a long-term strategic vision rather than short-term financial gains, reflecting a shift from traditional government subsidy models to a partnership model where risks and rewards are shared [12][14]. Market Position - Haiguang Information has become a significant player in the semiconductor sector, with its market value reaching approximately 622.7 billion yuan, contributing to a combined market value of over 8,063 billion yuan with its merger partner Zhongke Shuguang [3][5]. - The top five stocks on the Sci-Tech Innovation Board, including Haiguang Information, represent a strong embodiment of China's semiconductor capabilities, with four out of five being semiconductor-related [3]. Financial Performance - Chengdu state-owned capital's investment in Haiguang Information has yielded a capital return rate exceeding 100 times, with the current market value of their holdings around 106.1 billion yuan, compared to an initial investment of just over 400 million yuan [8][10]. - The financial data indicates that Haiguang Information's subsidiaries, Haiguang Integrated and Haiguang Microelectronics, have significantly contributed to its performance, with the former accounting for 90% of total revenue in the first half of the year [13]. Long-term Commitment - The investment from Chengdu state-owned enterprises reflects a commitment to long-term value creation, focusing on industry contribution, job creation, and technological breakthroughs rather than immediate financial returns [14]. - The strategic decision to invest in Haiguang Information was made with the understanding that the semiconductor industry requires substantial R&D investment, with Haiguang Information allocating 95.35% of its revenue to R&D [10].