SMIC(600810.SH)

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

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

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The ethylene glycol Main Contract hit the daily limit, quoted at 5,706 yuan/ton, currently up 10.99%

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April 7 Midday Market Wrap: ChiNext Index Surges and Recedes to Drop 0.46%, Chemical Sector Collectively Rallies

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

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

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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)

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Henan will support leading enterprises such as PINGMEI COAL and Luoyang Bearing to take the lead in forming an innovation consortium

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SMIC (Minutes): Storage price increase, terminal manufacturers are becoming more conservative in their plans for next year.

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SMIC: Not Competing for Short-term Results, Is AI 'Domestic Chip' the True Belief?

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