UB-SMIC@EC2611B

SMIC Releases Financial Report, Focusing on Factory Construction, Borrowing, and Capacity Expansion

SMIC and Hua Hong Release 2026 Q1 Earnings, Both Raise Q2 Revenue Guidance

SMIC Q1 Profit Rises 5%, Stock Opens High, Q2 Outlook Optimistic

SMIC: Special Memory Market Shortage, Cannot Directly Reallocate Capacity, Must Expand Total Output

SMIC Co-CEO: Q2 Gross Margin Expected to Rise Due to Higher ASPs

SMIC: Agreed on price hikes for scarce products with customers

SMIC's 40.6 billion yuan plan to acquire remaining stake in SMIC Beijing approved by Shanghai Stock Exchange

SMIC Releases Q1 2026 Earnings, Revenue and Profit Double Increase, Adjusts Capacity to AI and Auto Sectors

SMIC announces Q1 2026 results with a 0.4% year-over-year increase in net profit

SMIC plans to carry out hedging business not exceeding 50% of its audited net assets in 2025

BNP Paribas is bullish on SMIC, viewing it as a core engine for China's AI ambitions

SMIC Releases Q1 Report: More Optimistic About Full-Year Operations Based on Order Book

SMIC Q1 2026 Net Profit RMB 1.361 Billion, Up 0.4% YoY

SMIC Forecasts Q2 Revenue Growth of 14-16% and Raises Gross Margin Guidance to 20-22%

SMIC Q1 Revenue $2.505B, Guides Q2 Revenue Growth of 14%-16%

SMIC's 40.6 Billion RMB Acquisition of SMIC Northern Passes Review, Creating Largest STAR Market M&A Case

SMIC to Announce Q1 2026 Financial Results After Hong Kong Market Close on May 14

SMIC released FY2026 Q1 earnings on May 14 During-Market (BJT), actual revenue HKD 19.97 B (forecast HKD 19.6 B), actual EPS HKD 0.1927 (forecast HKD 0.1969)

SMIC's Acquisition of XMC Progress Boosts Sci-Tech Chip Index

SMIC Issues Announcement on Revisions to its Acquisition Report (Registration Draft)

RADIANCE HLDGS

ANCHORSTONE

RIVERINE CHINA

REACH NEW HLDGS

FINELAND LIVING

NUR HOLDINGS

GOLDEN LEAF INT

UBOT HOLDING

MAN YUE TECH

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DBS analyst Jim Hin Kwong Au has maintained a Buy rating for Semiconductor Manufacturing International (0981) with a price target of HK$87.40. The analyst, known for a 30.1% average return and 69.23% success rate, is part of a Strong Buy consensus for the stock, which has an average price target of HK$89.65.

- A report from Jim Hin Kwong Au at DBS maintains a Buy rating on Semiconductor Manufacturing International with a price target of HK$87.40.  
- Au is a 5-star analyst with an average return of 30.1% and a 69.23% success rate, focusing on the Technology sector.  
- The general analyst consensus for Semiconductor Manufacturing International indicates a Strong Buy rating with an average price target of HK$89.65.

Tip Ranks

SMIC

Hwabao WP CSI HK Connect Information Technology Composite ETF

Guotai CSI Semiconductor Material Equipment Theme ETF

XI2CSOPHSTECH

ChinaAMC Guozheng Semiconductor Chip ETF

ChinaAMC SSE STAR Semiconductor Material & Equipment Thematic ETF

ICBCCS CNI HK Connect Technology ETF

Micron Tech

BYD ELECTRONIC

ASMPT

SMIC HK SDR 5to1

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

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0515 | Dolphin Research Focus: 🐬 Macro/Industry 1) Today is Jerome Powell's final day as Fed Chair, and Kevin Warsh begins his first term. On the same day, Governor Stephen Miran tendered his resignation and will step down as Warsh takes office.The leadership change opens a window for a policy shift at the Fed. Warsh, a hawk, advocates QT plus rate cuts and may tweak the inflation framework.Miran voted against at all six FOMC meetings; his exit weakens the dovish camp. In the near term, this heightens uncertainty around monetary policy, affecting global liquidity and asset pricing...

Xiaomi YU7 GT slated for end-May launch; XPeng GX flagship to debut next week | Daily News Recap

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On May 15th, at the midday close, the three major indices of the Hong Kong stock market collectively weakened, with the Hang Seng Tech Index falling over 1%. On the market, the semiconductor sector showed significant divergence, with SMIC surging over 4% against the trend due to strong performance and second-quarter guidance, while third-generation semiconductors and Korean chip leveraged ETFs plummeted sharply. In addition, boosted by expectations of mass production of humanoid robots, AI application concept stocks such as UBTECH performed actively; on the other hand, pharmaceutical and some technology heavyweight stocks declined simultaneously, with market risk aversion sentiment significantly rising

- Hong Kong stocks experienced a collective decline at midday, with the Hang Seng Index falling 0.87% to 26,160.03 points.  
- Semiconductor stocks showed resilience, with SMIC rising 4.20% due to strong Q1 revenue and bullish Q2 guidance.  
- The macroeconomic backdrop includes rising U.S. long-term Treasury yields, impacting high-valuation sectors and prompting significant profit-taking in semiconductor stocks.

Market Pulse

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Morgan Stanley

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KNOWLEDGE ATLAS

HORIZONROBOT-W

Tesla

NVIDIA

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INNOSCIENCE

HUA HONG SEMI

MONTAGE TECH

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XL2CSOPHYNIX

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MAO GEPING

TENCENT

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HSCEI ETF

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AT&M

XIAOMI-W

Xiaomi Corporation

Montage Technology

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MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

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MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

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NVIDIA Corporation

Hua Hong

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

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Alibaba HK SDR 5to1

XIAOMI-WR

Xiaomi HK SDR 2to1

Hong Kong Stock Market Midday Review | Three major indices collectively decline, SMIC rises over 4% against the trend after earnings, semiconductor and pharmaceutical sectors plummet

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The following is Dolphin Research's transcript of SMIC's FY26Q1 earnings call; for our take, see 'Price hikes on one hand, new narratives on the other — is SMIC about to surge?'. I. $SMIC(00981.HK) results highlights.1) Shareholder returns: No payout for 2025 as FCF remains negative. The company is in a critical capacity expansion phase, prioritizing capacity build-out and R&amp;D.2) Q2 guidance: revenue up 14%-16% QoQ on stronger shipments and ASP. GPM at 20%-22%...

SMIC (Trans): Foundry prices edging higher; pricing tailwind to persist

SMIC (0981.HK/688981.SH) posted its Q1 2026 results after the HK close on May 14 (Beijing time). The quarter covered the period ended Mar 2026. Key takeaways: 1) Headline results:$SMIC(00981.HK) reported revenue of $2.5bn, slightly below market est. ($2.52bn). Revenue rose 0.7% QoQ, broadly in line with guidance (flattish QoQ). Growth in industrial and auto end-markets was largely offset by weakness in smartphones...

Price hikes and a fresh story — is SMIC set to rally?

SMIC 1Q26 First Take: Results were solid. Revenue was roughly in line with the Street, while GPM beat meaningfully. On margin drivers, ASP rose by approx. $9/wafer QoQ, while unit cost fell by $2/wafer, lifting GPM this quarter. Recent demand recovery in power-related products is driving price increases at mature nodes, which should support further margin expansion. Versus the print, next quarter guidance matters more, and management expects it to be 'quite good'. The company guides revenue up 14%–16% QoQ, well ahead of the Street at +7%. GPM is guided to 20%–22%, with the midpoint above the Street's 20.5%. For next quarter, Dolphin Research sees both volume and price lifting results. Demand recovery at mature nodes should support pricing, while ongoing capacity additions and higher utilization should also help. While margins and earnings remain at a relatively low base, guidance suggests the company is turning up from the trough. Among second-tier foundries, SMIC still carries expectations for China's push into advanced nodes. That has been the key reason it enjoyed a valuation premium in the past. However, with recent price hikes in some mature-node categories, rallies in UMC and GlobalFoundries have largely erased SMIC (H)'s relative valuation advantage. SMIC's recent share-price underperformance vs. peers stems from two factors: first, power and other mature-node products account for a relatively small mix; second, the market worries about a MATCH Act-driven escalation of sanctions on immersion DUV. Dolphin Research remains relatively confident in 2H growth. Smartphone demand should bottom in Q2 (per Qualcomm management), and the Ascend 950DT is moving into mass production. Price increases now seen in some mature-node categories could broaden into an upcycle for the wider semiconductor industry. With demand from Chinese AI customers (e.g., Cambricon), as long as advanced nodes can ship smoothly, valuation upside remains for the company.$SMIC(00981.HK) $SMIC(688981.SH)

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KNOWLEDGE ATLAS(02513) rose 36.9%, with a trading turnover 3.6 Billion HKD, and a year-to-date rose 889.7%. MONTAGE TECH(06809) rose 21.31%, with a trading turnover 2.7 Billion HKD, and a year-to-date rose 368.7%. GEELY AUTO(00175) fell 5.23%, with a trading turnover 2.5 Billion HKD, and a year-to-date rose 19.4%. GANFENGLITHIUM(01772) fell 3.96%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 54%.

- The Hang Seng Index rose by 0.15%, with a year-to-date increase of 3%.  
- The Hang Seng Tech Index increased by 0.46%, but has seen a year-to-date decline of 7.7%.  
- Notable stock performances include Zhicheng (02513) up 36.9%, with a total increase of 889.7% for the year, while Geely Auto (00175) fell by 5.23%, reflecting a year-to-date increase of 19.4%.

Top Gainers&Losers

MINIMAX-W

HUAQIN

GEELY AUTO

GANFENGLITHIUM

CPIC

TIANQI LITHIUM

Top 5 HK Stock Gainers/Losers (>100B) (5.13)

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Hong Kong stocks closed on May 6 with all three major indices in the green, led by the Hang Seng Index which rose 1.22%. Driven by a surge in global AI computing demand and better-than-expected earnings from overseas giants like AMD, the semiconductor sector exploded, with SMIC and Montage Technology delivering standout performances. Additionally, rising risk-off sentiment pushed the gold and non-ferrous resource sectors higher, while the mainland property and financial sectors also saw a collective rebound. However, significant divergence emerged among tech heavyweight stocks: Tencent Holdings attracted over HK$18.7 billion in turnover, topping the market, but its share price retreated

HSBC HOLDINGS

HK Stocks Close | Three Major Indices Rise Collectively; Semiconductor and Gold Sectors Lead Gains, Tech Weights Show Divergent Trends

On May 6th, Hong Kong stocks closed with all three major indices in the green, with the Hang Seng Tech Index leading the market with a 1.32% increase. Catalyzed by multiple overseas positive factors, including Samsung's market value surpassing $1 trillion and AMD's earnings report exceeding expectations, the Hong Kong semiconductor industry chain surged across the board, with Lanqi Technology soaring over 19% and SMIC attracting over 10 billion in capital to maintain the top spot in total trading volume. Meanwhile, boosted by the accelerated commercialization of overseas AI applications, the performance of internet giants showed significant divergence, with Alibaba and Baidu favored by funds and strengthening, while Tencent and Meituan experienced slight pullbacks. Additionally, sectors such as automotive, oil and gas, and innovative pharmaceuticals showed a collective pullback today

- The Hong Kong stock market closed with all three major indices rising, with the Hang Seng Index up 0.79% to 26,104.42 points.  
- The semiconductor sector saw significant gains, led by companies like Lattice Semiconductor, which surged 19.1%, while notable performers included SMIC and GigaDevice.  
- Meanwhile, traditional sectors such as automotive and pharmaceuticals experienced declines amid mixed performances in technology stocks influenced by positive overseas developments.

Hong Kong Stock Market Midday Review | Three major indices collectively closed higher, semiconductor sector surged across the board, internet heavyweight stocks showed mixed performance

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ILUVATAR COREX(09903) rose 21.3%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 222.1%. BIREN TECH(06082) rose 8.22%, with a trading turnover 431.3 Million HKD, and a year-to-date rose 137.8%. YOFC(06869) fell 13.78%, with a trading turnover 7.4 Billion HKD, and a year-to-date rose 284.9%. EASTROC(09980) fell 9.73%, with a trading turnover 140.2 Million HKD, and a year-to-date fell 18.5%.

- The Hang Seng Index declined by 1.28%, with a year-to-date increase of 0.6%.  
- The Hang Seng Tech Index fell by 0.79%, accumulating a year-to-date drop of 11.7%.  
- Notable stock movements included Tianze Jichip rising 21.3% and Dongpeng Beverage dropping 9.73%, impacting their year-to-date performance significantly.

ILUVATAR COREX

BIREN TECH

WEICHAI POWER

EASTROC

KB LAMINATES

NIO-SW

OMNIVISION

Top 5 HK Stock Gainers/Losers (>100B) (4.30)

SMIC 1Q26- revenue up 1% q/q and 12% y/y to $2.5B; 10 straight quarters of y/y growth in revenue and wafer shipments; 20.1% GM due depreciation load- 93% utilization rate (slightly down q/q); QJun revenue to grow 15% q/q- 1.1M wafer shipments at $2.1k ASP - CY26 capex tracking 10% higher y/y; $8.1B capex in ’25Source: Sravan Kundojjala

Today’s Key News Recap

XPENG-W

XPeng

LI AUTO-W

Li Auto

Porsche

HWORLD-S

H World

Applied Materials

LEAPMOTOR

Conference Minutes

VanEck HIP Sustainable Muni ETF

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: SMIC SAID ITS OVERSEAS ORDERS INCREASED AS AI BOOM LED TO CAPACITY SHORTAGE IN OVERSEAS MARKETS - $Taiwan Semiconductor(TSM.US) $NVIDIA(NVDA.US) $AMD(AMD.US)

Taiwan Semiconductor

Financial Analysis

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Welcome to the Earnings Season Portfolio Check‑up Challenge!Once a week, you’ll sit down, review your holdings, analyse what earnings mean for you, and plan your next move.No daily pressure. Just 6 posts in 6 weeks. And yes – there are cash coupon prizes💰✨📅 Event period: Apr 21 – June 1, 2026✅ How to join: Post with【Week 1 – Your Headline】+ #My Portfolio Health Check, 30+ words on your earnings‑season thoughts + holdings screenshot🎁 Rewards: 6 weeks → SGD 20 | 5 weeks → SGD 10 | 4 weeks → SGD 5 ⭐️ Every week's “Best Health Check‑up” get an extra SGD 5 cash voucher!🚀 Start your portfolio check up now!🔎 More details: <a href="https://longbridge.com/topics/100000000601111?channel=WHAB0001">https://longbridge.com/topics/100000000601111?channel=WHAB0001</a>

UB-SMIC@EC2611B(29142.HK)

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

Xiaomi YU7 GT slated for end-May launch; XPeng GX flagship to debut next week | Daily News Recap

Hong Kong Stock Market Midday Review | Three major indices collectively decline, SMIC rises over 4% against the trend after earnings, semiconductor and pharmaceutical sectors plummet

SMIC (Trans): Foundry prices edging higher; pricing tailwind to persist

Price hikes and a fresh story — is SMIC set to rally?