UB-SMIC@EC2606C

Data shows SMIC was the second most shorted stock in Hong Kong's semiconductor sector

SMIC's stock price fell by more than 3% on the first trading day of the Year of the Horse

Hong Kong semiconductor stocks weaken, SMIC's share price falls by more than 2%

Zhitong Finance reports net southbound capital inflow into SMIC

SMIC Discloses Tight Supply for Some Products to Meet Urgent Market Demand

DBS Group Sees SMIC Benefiting from Localized Supply Chains and Cuts Earnings Forecast

China reportedly accelerates chip equipment localization, aiming for 70% self-sufficiency by 2027

U.S. Government Proposes New Rule Restricting Federal Purchase of Products and Services Containing SMIC Semiconductors

SMIC Experiences Significant Southbound Net Fund Outflow

Industry report indicates that driven by an AI super cycle, demand for expansion in mature processes by Chinese foundries like SMIC remains robust

Huawei reportedly initiates independent chip production with SMIC's assistance

Korean Media: SMIC's Imported Equipment Idles Due to Lack of Western Parts Under '50% Rule'

SMIC Applies for Gate-All-Around Transistor Patent to Enhance Performance

NetEase self-media platform analysis suggests SMIC is expected to surpass Samsung to become the world's second-largest chip foundry

U.S. proposes new rule to restrict government procurement of products and services containing SMIC semiconductors

Zhitong's Hong Kong Stock Connect data shows Southbound fund inflows to SMIC on February 17

SMIC saw two major transactions involving HK$65.7 million

Bocom International maintains buy rating on SMIC, says impact of memory price hikes on demand may be relatively controllable

Southbound Stock Connect Records Net Outflow of HK$391 Million from SMIC

Semiconductor equipment sector sees a rebound

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DBS Group Research has lowered the target price for SMIC to 87.4 yuan, maintaining a "Buy" rating. As China's leading 7nm wafer foundry, SMIC benefits from the localization of its supply chain. Short-term profit margins are affected by depreciation, expected to remain in the teens to twenties percentage range. Potential upside comes from improvements in yield and utilization of new capacity, rather than product price increases. Earnings forecasts for 2026 and 2027 have been lowered by 10% and 12%, respectively

AASTOCKS

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

SMIC

Guotai CSI Semiconductor Material Equipment Theme ETF

ChinaAMC Guozheng Semiconductor Chip ETF

DBS Bank lowered the target price for SMIC to 87.4 yuan, maintaining a "Buy" rating with revaluation potential

CICC maintains SMIC's "outperform industry" rating, stating in its report that the company's performance in the fourth quarter of last year met expectations, with H-share revenue of USD 2.489 billion and a gross margin of 19.2%. It is expected that revenue will reach USD 9.327 billion in 2025, with a gross margin of 21%. The company guides that the revenue growth in 2026 will exceed the industry average, but due to pressure from consumer electronics demand, it has lowered its revenue/profit expectations for 2026 by 3%/7%. The target price for A-shares is maintained at RMB 150, and the target price for H-shares is maintained at HKD 100

In "The Big Banks," CICC maintains SMIC's "outperform industry" rating, with fourth-quarter performance in line with expectations

BOCOM International Holdings has maintained a Buy rating on Semiconductor Manufacturing International (0981) with a price target of HK$91.00, while the stock closed at HK$70.35. The analyst consensus suggests a Moderate Buy rating with an average price target of HK$86.15, indicating a potential upside of 22.46%. Additionally, DBS also reaffirmed a Buy rating with a price target of HK$87.40.

- BOCOM International Holdings Company has maintained a Buy rating on Semiconductor Manufacturing International, setting a price target of HK$91.00.  
- The stock closed at HK$70.35, with an overall Moderate Buy analyst consensus rating and an average price target of HK$86.15, suggesting a 22.46% upside.  
- Additionally, DBS has also reiterated a Buy rating with a price target of HK$87.40 in a report released on February 12.

Tip Ranks

New Buy Rating for Semiconductor Manufacturing International (0981), the Technology Giant

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Citigroup raised the target price for SMIC to 75 yuan, and the target price for HUA HONG SEMI to 115 yuan. The financial reports of both companies for the fourth quarter of 2025 met guidance, but the outlook for the first quarter of 2026 was slightly below expectations. SMIC predicts that revenue for the first quarter of 2026 will remain flat, with a gross margin of 18% to 20%; HUA HONG SEMI expects revenue to reach 650 million to 660 million USD, with a gross margin of 13% to 15%. Both are optimistic about the growth prospects of artificial intelligence and localized demand

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HUA HONG SEMI

Citi raised the target price for SMIC to 75 yuan, and the target price for Hua Hong was raised to 115 yuan

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Semiconductor Manufacturing International Corporation (SMIC) shareholders approved the acquisition of the remaining 49% equity interest in SMNC during an extraordinary general meeting on February 12, 2026. Approximately 29.19% of the share capital was represented, with China IC Fund abstaining from voting. The acquisition will be financed through renminbi-denominated shares. The latest analyst rating for SMIC stock (HK:0981) is a Buy, with a price target of HK$87.40. SMIC is a key player in the global semiconductor industry, focusing on integrated circuit manufacturing.

- Semiconductor Manufacturing International Corporation held an extraordinary general meeting on 12 February 2026, where shareholders approved the acquisition of the remaining 49% equity interest in SMNC, funded through renminbi-denominated shares.  
- Approximately 29.19% of the share capital participated in the vote, with China IC Fund and its associates abstaining due to their holdings.  
- The latest analyst rating for the stock (HK:0981) is a Buy, with a price target of HK$87.40, reflecting positive sentiment in the market.

ICBCCS CNI HK Connect Technology ETF

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Hwabao WP CSI HK Connect Information Technology Composite ETF

SMIC Shareholders Approve SMNC Acquisition at Extraordinary Meeting

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Applied Materialsshares fell 1.4% to $335.08 premarket after a $252 million settlement with the U.S. Commerce Department for illegal exports to China. The company made 56 unauthorized shipments of chipmaking equipment to SMIC in 2021 and 2022. Analysts expect a 4% revenue decline in Q1 to $6.87 billion and adjusted EPS of $2.20. Despite a 32% YTD increase, the stock's valuation may be high at 33 times expected earnings compared to its five-year average of 19.

- Applied Materials (AMAT.O) shares fell by 1.4% to $335.08 after agreeing to a $252 million settlement for illegal equipment exports to China.  
- The U.S. Commerce Department identified 56 illegal shipments of chipmaking equipment to China's SMIC, totaling $126 million, without the necessary export licenses.  
- Analysts expect a 4% year-over-year revenue decline to $6.87 billion for AMAT's fiscal Q1 results, with a buy rating from Wall Street and shares near their record high, suggesting potential overvaluation at 33 times expected earnings.

Reuters

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China Merchants CSI Semiconductor Industry ETF

GF Fund CSI Semiconductor Material Equipment Theme ETF

Guotai CSI All Share Integrated Circuit ETF

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iShares Semiconductor ETF

ChinaAMC CSI Semiconductor Material & Equipment Thematic ETF

VanEck Semiconductor ETF

BUZZ-Applied Materials shares dip after China export settlement

DBS analyst Jim Hin Kwong Au has maintained a Buy rating on Semiconductor Manufacturing International (0981) with a price target of HK$87.40. He is a 5-star analyst with a 21.5% average return and a 64.08% success rate. The current analyst consensus for the company is a Moderate Buy, with an average price target of HK$85.40.

- Jim Hin Kwong Au from DBS has maintained a Buy rating on Semiconductor Manufacturing International, setting a price target of HK$87.40.  
- Hin Kwong Au is a 5-star analyst with a 21.5% average return and a 64.08% success rate, focusing on the Technology sector.  
- The current analyst consensus on Semiconductor Manufacturing International is a Moderate Buy, with an average price target of HK$85.40.

DBS Remains a Buy on Semiconductor Manufacturing International (0981)

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Nomura's research report indicates that SMIC is expected to meet its wafer revenue and gross margin expectations in the fourth quarter of 2025, with revenue in the first quarter of 2026 remaining flat and gross margin between 18% and 20%. Management expects that the full-year revenue growth in 2026 will exceed the industry average, with actual growth in the mid to high double digits. The company will benefit from the domestic semiconductor localization trend and strong demand driven by AI, maintaining a "Neutral" rating and a target price of 75 yuan

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Nomura expects SMIC's revenue to grow in the mid to high double digits this year, maintaining a "Neutral" rating

JP Morgan released a report stating that SMIC's gross margin in the fourth quarter of last year was lower than expected, mainly due to rising depreciation. It is expected that revenue will grow by 15% in 2026, but due to massive capital expenditures in the 2025/26 fiscal year, depreciation costs will rise by 30%, and gross margins will continue to be under pressure. At the same time, weak demand for smartphones, personal computers, and consumer electronics makes it difficult for average prices to rise significantly, therefore maintaining a "reduce" rating with a target price of 57 yuan

"Big Banks" JP Morgan: SMIC's gross margin last quarter was below expectations, maintaining a "Underweight" rating

SMIC Co-CEO Zhao Haijun revealed that the business in Q4 2025 is showing a "non-weak off-season" characteristic, with 12-inch capacity nearing full load. He pointed out that the strong demand for AI in storage has "squeezed" the mid-to-low-end markets such as mobile phones, leading to order differentiation, but high-end application orders have significantly increased. As a result, the company's capital expenditure in 2025 is expected to reach USD 8.1 billion, exceeding expectations, and plans to maintain a similar level of investment in 2026 to cope with the growth of mid-to-high-end and AI-related orders

- Semiconductor manufacturer SMIC reported a fourth-quarter sales revenue of $2.489 billion, a 4.5% quarter-on-quarter growth, and a capacity utilization rate of 95.7%.  
- CEO Zhao Haijun highlighted AI demand’s impact on the semiconductor supply chain, causing a squeeze on traditional markets, particularly in mid to low-end applications.  
- In response to strong market demand and an evolving order structure, SMIC’s capital expenditure for 2025 reached $8.1 billion, with similar investments planned for 2026 to maintain growth.

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SMIC conference call: "12-inch wafers are nearing full capacity," AI drives up storage demand squeezing orders for mobile phones and others, with capital expenditure remaining at a high level of $8.1 billion this year

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On February 11th, the three major indices of the Hong Kong stock market rose slightly during the session, with the Hang Seng Technology Index leading the gains at 0.74%, showing a narrow range of fluctuations overall. In terms of sectors, the hardware and storage sectors performed strongly, with Xiaomi Group surging 4.38% driven by expectations of AI and new products; the internet sector showed divergence, with Bilibili rising 5.41% and Tencent Holdings falling 1.09%. In terms of individual stocks, Synagistics and Ridge Outdoor soared over 35% due to positive news. The current market is in a macro data vacuum period, with investor sentiment primarily cautious

- On February 11, Hong Kong's stock indices showed a slight overall rise, with investor sentiment remaining cautious amid a lack of macroeconomic data.  
- The Hang Seng Index increased by 0.25%, while the Hang Seng Tech Index led gains at 0.74%, although major indices stayed below recent highs.  
- Market focus shifted towards upcoming retail sales and trade data, as well as inflation and unemployment metrics, which are crucial for assessing economic resilience.

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Hong Kong stock market intraday | Hang Seng TECH Index up 0.74%, hardware sector strengthens, Xiaomi surges 4.38%, Tencent down 1.09%

Conference Minutes

Below is Dolphin Research's curated Trans of SMIC's Q4 2025 earnings call. For our analysis, see 'SMIC: Doubling Down Against the Cycle — Are domestic AI chips the 'hope of the whole village'?' 1) 2026 outlook: Full-year revenue growth is set to outpace the peer avg. CAPEX in 2026 is expected to be roughly flat vs. 2025 ($8.1bn), while depreciation will rise materially, up approx. 30%.2) Industry backdrop: The market is showing clear bifurcation. On one hand...

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SMIC (Trans): Street Too Bearish on Smartphones; Memory Shortage to Ease in Q3

SMIC 4Q25- revenue up 4% q/q and 13% y/y to $2.489B; 9thstraight quarter of y/y growth; 19.2% GM due depreciation load; 96% utilization rate; QMar revenue to be flat- 1.1M wafer shipments at $2.4k ASP- $8.1B capex in ’25 vs $7.3B in ’24- 2026 capex to remain same; SMIC forecasts its ’26 rev to outgrow the segments it participatesSource: Sravan Kundojjala

Financial Analysis

SMIC (0981.HK/688981.SH) released its Q4 2025 results (quarter ended Dec 2025) after the HK close on Feb 10, 2026 (Beijing time). Key takeaways: 1) Headline results: revenue of $2.49bn, in line with consensus ($2.42bn), up 4.5% QoQ and above guidance (0–2% QoQ). QoQ revenue growth was driven mainly by restocking demand in consumer electronics ...

SMIC: Doubling Down in a Downcycle — The Last Hope for Homegrown AI Chips?

Wow! You have an extraordinary 90% rate!

The market is very choppy, more options will be good as implied volatility is high!

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SMIC 4Q25 First Take: headline was mixed — revenue met expectations, but GPM underwhelmed. On the margin bridge, ASP rose by $37/wafer QoQ while unit cost increased by $56/wafer, driving GPM compression. While the company has pushed advanced nodes to a 7nm‑equivalent, lower yield continues to weigh on margins. Guidance matters more than the print, and the outlook remains muted. Management guides flat QoQ revenue vs. the Street at +3%, and GPM at 18–20% vs. the Street at 21%, implying continued margin pressure. Despite AI semis staying hot, results remain soft, largely due to a sluggish traditional semi market. Management is still cautious on the legacy demand recovery. Given SMIC’s unique positioning, valuation is not fully tethered to near‑term fundamentals. The company sits in the foundry industry’s second tier but is working to close the gap with TSMC, which keeps optionality and expectations alive. For more, follow Dolphin Research for subsequent commentary and Trans. $SMIC(00981.HK) $SMIC(688981.SH)

Taiwan Semiconductor

This week is much stronger overall than last week, but don't blindly chase highs.

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As much as I want to be bullish and hope stocks keep going up, I feel that the topping process is going on and a pullback is imminent. Stay safe!

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I was amazed by the 100-year bond. I know this is not the first time since 1990s. Many people may not see the long-term risks, such as the business will remain relevant far into the future. While the risk may seem low, technological disruption or obsolescence over such a long horizon can never be ruled out.

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Taking debt to fund the AI spending spree sounds alot like the dot com bubble!

Recently, many people have been following Elon's SPX.

SpaceX's moon city? Sounds meh than Mars colonisation..

UB-SMIC@EC2606C(22439.HK)

DBS Bank lowered the target price for SMIC to 87.4 yuan, maintaining a "Buy" rating with revaluation potential

In "The Big Banks," CICC maintains SMIC's "outperform industry" rating, with fourth-quarter performance in line with expectations

New Buy Rating for Semiconductor Manufacturing International (0981), the Technology Giant

Citi raised the target price for SMIC to 75 yuan, and the target price for Hua Hong was raised to 115 yuan

SMIC Shareholders Approve SMNC Acquisition at Extraordinary Meeting