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NANFANG COMM

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Today, the three major indices of A-shares opened with mixed performances. The Shanghai Composite Index rose slightly by 0.09%, the Shenzhen Component Index increased by 0.1%, while the ChiNext Index opened lower by 0.2%. The central parity rate of the RMB against the US dollar was adjusted to 6.9228. Lithium mining stocks rose due to Zimbabwe's suspension of lithium exports, with Ganfeng Lithium and Tianqi Lithium opening up by 4.4% and 5.9%, respectively. CATL opened lower by 1.7%. SMIC opened flat and plans to acquire a 49% stake in SMIC North

AASTOCKS

GANFENGLITHIUM

CATL

Penghua Guozheng Non-ferrous Metal Industry ETF

TIANQI LITHIUM

SMIC

ChinaAMC CSI Subdivision Non-ferrous Metal Sub-Industry ETF

GF CSI Rare Metals Theme ETF

Guotai CSI Non-ferrous Metal ETF

China Southern CSI SWS Non-Ferrous Metal ETF

Yinhua CSI Non-ferrous Metal ETF

Hwabao WP CSI Non-ferrous Metal ETF

Guotai CSI Non-Ferrous Metal Kuangye Theme ETF

Ganfeng Lithium

The three major A-share indices of Shanghai and Shenzhen opened mixed, lithium mining stocks rose, while CATL was slightly weak

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China's leading chipmakers are ramping up production of advanced semiconductors to meet rising domestic AI demand, despite U.S. export restrictions. Companies like SMIC and Huawei-linked firms are focusing on 7-nanometer and 5-nanometer chip technology. The initiative aims to increase output from under 20,000 to 100,000 wafers in one to two years, with a long-term goal of 500,000 by 2030. However, U.S. restrictions on advanced chipmaking equipment pose challenges. The report highlights escalating U.S.-China tech tensions and concerns over Taiwan's semiconductor supply chain.

- China's leading chipmakers are increasing advanced semiconductor production to meet AI demand, despite U.S. export restrictions.  
- Companies like SMIC and Huawei-linked firms are aiming to produce 100,000 wafers within two years, up from under 20,000, with a longer-term goal of adding 500,000 by 2030.  
- However, the impact of U.S. restrictions and Taiwan's semiconductor supply risk poses uncertainty for achieving these production targets.

benzinga_article

Guotai CSI All Share Integrated Circuit ETF

GTJA Allianz SSE STAR Chip Design Thematic ETF

E Fund CSI Semiconductor Material & Equipment Thematic ETF

ChinaAMC Guozheng Semiconductor Chip ETF

Tianshun

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

Harvest SSE STAR Chip ETF

Guotai CES Semiconductor Chip Industry ETF

China Merchants CSI Semiconductor Industry ETF

CHOHO

GTJA Allianz CSI All Share Semiconductors & Semiconductor Equipment ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

Harvest CSI All Share Integrated Circuit ETF

China's Top Chipmakers Race To Scale Advanced AI Chips Despite US Curbs As Demand Surges: Report

SMIC: The application documents for issuing shares to purchase assets and related transactions have been accepted by the Shanghai Stock Exchange

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With the support of the Chinese government, top chip manufacturers such as SMIC and Hua Hong Semiconductor are striving to double the production of advanced semiconductors to meet the demand for artificial intelligence. The goal is to increase the production of 7-nanometer and 5-nanometer chips from less than 20,000 to 100,000 within one to two years, and to plan for an additional increase of 500,000 chips by 2030. However, U.S. export controls may affect the realization of this production increase target

Hua Hong

HUA HONG SEMI

China aims to double advanced chip production capacity, with SMIC and Hua Hong leading the way to meet AI computing demands

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Today, the three major indices of A-shares opened 0.2% higher, with the Shanghai Composite Index at 4,123 points, the Shenzhen Component Index at 14,322 points, and the ChiNext Index at 3,313 points. The People's Bank of China conducted a reverse repurchase operation of 409.5 billion yuan, and the central parity rate of the yuan against the US dollar was reported at 6.9321. Chip stocks performed well, with SMIC opening 1% higher and Cambricon opening 0.8% higher. Film and television stocks performed poorly, with Hengdian Film falling to the daily limit and China Film opening 7.2% lower

Cambricon

The three major A-share indices of Shanghai and Shenzhen opened higher by 0.2%, chip stocks favored, while film and television stocks continued to decline

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The Hang Seng Index's early gains expanded to over 600 points, rising above the 27,000 mark. MEITUAN, SMIC, and Zijin Mining each rose by 5%, while KNOWLEDGE ATLAS plummeted by 15%

TRACKER FUND

Hang Seng Index

HSCEI ETF

KNOWLEDGE ATLAS

MEITUAN

The Hang Seng Index's early gains expanded to over 600 points, rising above the 27,000 mark. MEITUAN, SMIC, and Zijin Mining each rose by 5%, while KNOWLEDGE ATLAS plummeted by 15%

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In terms of sectors, leading technology stocks, semiconductors, non-ferrous metals, and new energy vehicle stocks performed well, with Zijin Mining, Meituan, and SMIC rising over 5%; large model concept stocks retreated, with KNOWLEDGE ATLAS falling nearly 23% and MINIMAX dropping over 13%

- On February 23, the Hang Seng Index and the Hang Seng Tech Index experienced strong fluctuations, with the Hang Seng Index rising 2.53% and the Hang Seng Tech Index increasing 3.34%.  
- Notable performers included Zijin Mining, Meituan, and SMIC, each rising over 5%, while stocks like Zhicheng dropped nearly 23% following prior gains.  
- In the gold sector, China Gold International saw a rise of over 6%, and the significant increase in gold prices has reached over 5,100 USD.

ZIJIN MINING

Meituan

Hang Seng TECH Index

Zijin Mining

iShares Semiconductor ETF

VanEck Semiconductor ETF

GF Fund CSI Semiconductor Material Equipment Theme ETF

ChinaAMC CSI Semiconductor Material & Equipment Thematic ETF

ICBCCS CNI HK Connect Technology ETF

SPDR S&P Semicon

Hang Seng TECH surged over 3%, Meituan rose over 5%, while the "dual giants of large models" KNOWLEDGE ATLAS and MINIMAX showed significant pullbacks

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

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

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

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.

XI2CSOPHSTECH

Hwabao WP CSI HK Connect Information Technology Composite ETF

SMIC Shareholders Approve SMNC Acquisition at Extraordinary Meeting

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

Applied Materials

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)

SOXL

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

Direxion Semicon Bull 3X

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

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...

VanEck HIP Sustainable Muni ETF

GlobalFoundries

Intel

INTEL-T

SMIC HK SDR 5to1

United Microelectronics

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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This week's market faces a triple test: critical US economic data meets major tech earnings. How are you adjusting your portfolio for the volatility? Comment your top pick for the week and earn Task Coins!

Amazon

MONTAGE TECH

Montage Technology

Direxion Daily AMZN Bull 2X Shares

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Coreweave

Tesla

Alphabet - C

Alphabet

Meta Platforms

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iShares Silver Tr

Pro Ultr Silver

GLD SG

🔥 IPO Pops, AI Hype, Data Storm: Monday Market Checklist | Feb 9, 2026

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.

股市江湖故事会

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!

Is betting on a Moon city smarter than funding the AI arms race? Explore key moves from Google, SpaceX, and Tesla, plus a major pharma lawsuit. Comment your view to earn task coins!

Hims & Hers Health

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Coca Cola

AXERA

RIDGE OUTDOOR

Microsoft

Novo Nordisk AS

LEAD

Siren Divcon Leaders Dividend ETF

🔥 Market Buzz: The AI Spending Race & Musk's Moon Shot | Tue, Feb 10, 2026

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.

Because the AI bubble is too big now, and the stock index has exceeded expectations.

All the AI companies are getting downgraded! Even for the big tech, this is a warning sign of what's to come!

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

I think many retail investors are still pulling into silver.

UB#SMIC RP2812B(69003.HK)

The three major A-share indices of Shanghai and Shenzhen opened mixed, lithium mining stocks rose, while CATL was slightly weak

China's Top Chipmakers Race To Scale Advanced AI Chips Despite US Curbs As Demand Surges: Report

SMIC: The application documents for issuing shares to purchase assets and related transactions have been accepted by the Shanghai Stock Exchange

China aims to double advanced chip production capacity, with SMIC and Hua Hong leading the way to meet AI computing demands

The three major A-share indices of Shanghai and Shenzhen opened higher by 0.2%, chip stocks favored, while film and television stocks continued to decline