Semiconductors

SMIC

应用材料AMAT

Deep Research

AMAT

INTC

NVDA

NVDL

07788

07388

NVDY

NVDD

NVDX

NVDQ

SSNGY

00981

AVGO

04335

HSMD

688981

Dolphin Research’s prior deep dive on AMAT outlined the company’s core product lines and its positioning across key equipment sub-sectors.This note links AMAT’s outlook and valuation to wafer fab capex trends.As $Applied Materials(AMAT.US) operates in semiconductor equipment at the top of the value chain, its demand is highly sensitive to upstream investment cycles.Its customers are wafer fabs across logic (TSMC, Intel) and memory (Samsung, SK hynix).Hence, our forecasts for AMAT’s performance...

Applied Materials

First Trust Multi Cap Value Alpha

Intel

NVIDIA

Hudbay Minerals

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Taiwan Semiconductor

Samsung Electronics 

Outfront Media

Micron Tech

Broadcom

United Microelectronics

INTEL-T

SMIC HK SDR 5to1

Memory Upcycle, AI Capex: Is AMAT Finally Set to Break Out?

DELL

Financial Analysis

TECH

OPEN

GOOG

GOOGL

GGLS

GGLL

OPENL

OPENW

OPENZ

Dell Technologies (DELL.N) released its financial report for the third quarter of fiscal year 2026 (ending October 2025) after the U.S. stock market closed on November 26, Beijing time: 1. Core performance: $Dell Tech(DELL.US) reported revenue of $27 billion for the quarter, an increase of 10.8% year-on-year, close to market expectations ($27.3 billion). The company's revenue growth of nearly $2.7 billion this quarter was primarily driven by contributions from AI server shipments. The company's gross margin for the quarter was 20.7%, down 1.1 percentage points year-on-year, slightly better than market expectations (20%). Compared to service revenue...

Bio-Techne

Dell Tech

Opendoor Tech

Alphabet - C

Alphabet

Direxion Daily Googl Bear 1x Shares

Direxion Daily GOOGL Bull 2X Shares

Opendoor Tech Series A - CW26

Opendoor Tech Series K - CW26

Opendoor Tech Series Z - CW26

Dell DELL: Storage Price Increase Adds to Troubles? AI Guidance Provides Support

Conference Minutes

ASML

600810

The following are the minutes of SMIC's Q3 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;SMIC: Not focusing on short-term results, is AI 'domestic chips' the true belief?&#34; 1. Review of SMIC's (00981.HK) key financial information 1. The company achieved sales revenue of USD 2.382 billion in the third quarter of 2025, a quarter-on-quarter increase of 7.8%, with a gross margin of 22%, up 1.6 percentage points from the previous quarter; operating profit was USD 351 million, and EBITDA was USD 1.43 billion...

VanEck HIP Sustainable Muni ETF

NextDecade

Ameriprise Financial

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

SOXS

SOXL

SOXX

CP00062

TRUE

SMIC (0981.HK/688981.SH) released its third-quarter financial report for 2025 (ending September 2025) after the Hong Kong stock market closed on the evening of November 13, 2025, Beijing time. The key points are as follows: 1. Overall performance: SMIC achieved revenue of USD 2.38 billion in the third quarter of 2025, which was basically in line with market expectations (USD 2.35 billion), representing a quarter-on-quarter growth of 7.8%, slightly better than the guidance range (quarter-on-quarter growth of 5-7%). The company's revenue growth this quarter...

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

iShares Semiconductor ETF

Semiconductor

Truecar

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

SMIC 3Q25 Quick Interpretation: The company's revenue and gross margin for this quarter exceeded guidance expectations. The revenue growth was driven by an increase in both wafer shipments and average selling price, with the proportion of 12-inch wafers rising, which contributed to the average price. The increase in average price this quarter was greater than the increase in unit cost, leading to a rise in gross margin. Although the gross margin improved significantly this quarter, the company's guidance for the next quarter remains quite flat. The company expects revenue to grow by 0-2% quarter-on-quarter, which is below market expectations (2.7% quarter-on-quarter growth); the company's gross margin guidance for the next quarter remains in the 18-20% range, relatively conservative, but it also suggests that the company may face pressure from increased unit costs next quarter. Looking at specific business segments: The company's customers are mainly concentrated in China, with domestic revenue accounting for 86%. Among various downstream markets, demand for consumer electronics, industrial and automotive, and smart home has picked up, while the proportion of mobile phone business has fallen back to around 20%. The company's capital expenditure for this quarter reached $2.39 billion, setting a new quarterly high. The company previously revealed that the full-year capital expenditure for 2025 will be flat compared to 2024, suggesting that fourth-quarter capital expenditure will be $1.64 billion. Since the fourth quarter often has a significant capital expenditure performance throughout the year, Dolphin Research expects the company's full-year capital expenditure to exceed last year's $7.33 billion. Overall, although the traditional semiconductor industry has not truly recovered, SMIC still maintains a high level of capital expenditure and expansion pace. Although the company's gross margin is only around 20%, lower than peers like UMC and GlobalFoundries, the company enjoys a higher valuation level, mainly due to the long-term belief in the company's continuous growth and process breakthroughs. In the current situation, as long as the company continues to maintain high capital investment and steady expansion, short-term performance disturbances will not affect investors' &#34;long-term confidence.&#34; Whenever technological friction, geopolitical risks, and other factors escalate, the value of the company and the local supply chain will further manifest. For more information, please follow Dolphin Research's subsequent commentary and management communication minutes. $SMIC(00981.HK) $SMIC(688981.SH)

Today’s Key News Recap

09988

09888

K3SD

RIVN

09626

07299

OpenAI

TSLA

00700

VIPS

01698

89988

HBBD

BABA

89888

HBUD

BIDU

BILI

80700

HTCD

TCEHY

TCTZF

1113 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. Trump signed a temporary federal government funding bill passed by both houses of Congress at the White House, ending the longest federal government shutdown in history that lasted 43 days. In the short term, it can restart federal services, issue back pay to employees, alleviate the impact on people's livelihood such as aviation delays and welfare interruptions, and resume the release of economic data to stabilize market expectations. However, the bill is only a temporary solution and does not address core differences such as healthcare subsidies and the remaining 9 annual appropriations, so there is still a risk of a shutdown after January 30...

BABA-W

BIDU-SW

BIDU ADR US

Meta Platforms

Rivian Automotive

BILIBILI-W

FL2CSOPGOLD

SPDR Gold Shares

Pro Ultr Silver

iShares Silver Tr

Disney

Tesla

TENCENT

Vipshops

TME-SW

BABA-WR

Alibaba HK SDR 5to1

Alibaba

BIDU-SWR

Baidu HK SDR 10to1

Baidu

Bilibili

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

Tencent Music

Circle

Alibaba's 'Qianwen' plans to revamp to catch up with ChatGPT; Baidu's Kunlun Chip Supernode unveiled | Today's Important News Recap

SFTBY

9984

SOBKY

MBLY

ASIC

LAKE

01696

NVMI

NOVAQ

NOVA

CCGWW

The following are the minutes of the Q3 2025 earnings call for $Intel(INTC.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Intel: Stopping Losses and Recovering! Can the 'American SMIC' Poach TSMC?&#34; 1. Core Financial Data of Intel's Earnings Report Q3 Financial Data: Revenue: $13.7 billion, exceeding the upper limit of the expected range, with a quarter-on-quarter growth of 6%. Gross Margin: (Non-GAAP) Gross margin was 40%, 4 percentage points higher than the performance guidance. This performance was attributed to revenue growth, improved product mix, and reduced inventory write-downs...

SoftBank

SoftBank Group Corp.

Cheche

Mobileye Global

Ategrity Specialty Holdings LLC

Lakeland Industries

SISRAM MED

Nova

SUNNOVA ENERGY INTERNATIONAL INC

Sunnova Energy

Cheche Group - CW28

Intel (Minutes): 18A is expected to contribute to profits by the end of 2026

AMDL

Intel released its Q3 2025 financial report (as of September 2025) after the U.S. stock market closed on the morning of October 24, 2025, Beijing time. The key points are as follows: 1. Core data: $Intel(INTC.US) achieved revenue of $13.65 billion this quarter, a slight year-on-year increase of 2.8%, slightly exceeding the upper limit of the company's guidance, mainly driven by the recovery of the client business. The gross margin for this quarter rebounded significantly to 38.2% from the previous quarter, which was significantly better than the guidance expectation (34.1%). The sharp decline in gross profit margin last quarter was primarily driven by non-operating expenses.The

GraniteShares 2x Long AMD Daily ETF

ING Groep

Intel: Stopping the Losses and Recovering! Can the 'American SMIC' Poach TSMC Talent?

03690

83690

HMTD

MPNGY

0917 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. The Ministry of Commerce and 9 other departments released the &#34;Several Policy Measures to Expand Service Consumption,&#34; proposing 19 initiatives across five areas, covering optimization of student holiday arrangements, enrichment of cultural and tourism product supply, enhancement of health and elderly care services, aiming to strengthen service consumption supply capacity and unleash service consumption potential. 🐬 Individual Stocks 1. $MEITUAN(03690.HK) Meituan rose nearly 5% today, accelerating its global expansion. Meituan officially launched the Keeta service in Kuwait at 11 a.m. local time on September 15...

MEITUAN

MEITUAN-WR

Meituan HK SDR 5to1

Meituan

Baidu Rises on Kunlun Chip Boost; Alibaba Unveils New AI Chip | Today's Important News Recap

The following are the minutes of the Q2 2025 earnings call for $SMIC(00981.HK) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;SMIC: 'Hot' Valuation Meets 'Cold' Answers, Is the Revaluation Road Suspended?&#34;. I. $SMIC(688981.SH) Review of Core Financial Information 1. Q3 2025 Performance Guidance: Revenue is expected to grow by 5% to 7% quarter-on-quarter. Gross margin: Expected to be in the range of 18% to 20%...

SMIC (Minutes): Demand slows in the fourth quarter, currently not considering accelerating capacity expansion.

Boosted by multiple positive news, SMIC's stock surged nearly 8% in the Hong Kong market

Shanghai Jiao Tong University's optical computing chip breakthrough triggers semiconductor stock rally, SMIC's share price soars

SMIC's stock price increased by over 5%

Chip stocks strengthen in early trading, SMIC rises over 4%

The SMIC-concept stock sector showed strong performance, rising nearly 3% overall

SMIC's stock price rises by 2.09% with a net inflow of over 50 million yuan from main funds

Hong Kong stocks open with active chip stocks, SMIC rises over 1%

SMIC received 387 million yuan in financing purchases on December 19

Brokerage analysis suggests the trend of domestic AI chip production will create broad opportunities for SMIC

Securities Times reports a wave of M&A among STAR Market semiconductor firms, including SMIC

Samsung launches the world's first 2nm smartphone chip, the Exynos 2600

SMIC sees over HK$10 billion in turnover from Southbound funds this week amid active trading

Chinese semiconductor equipment giant AMEC announces plan to acquire Hangzhou Zongui

Jiwei published a net profit ranking for China's chip concept stocks, with SMIC ranking first

SMIC Files Next Day Disclosure Report

Huaxia SSE STAR Market Composite ETF sees an increase in fund shares, with SMIC being one of its major holdings.

Jiwel Consulting releases a report predicting the global semiconductor market will approach $1 trillion by 2026

Chinese GPU designers Biren Technology and Tianshu Zhixin pass Hong Kong Stock Exchange listing hearings

US Think Tank Report States SMIC's 7nm Process is a Bottleneck, Widening the US-China AI Chip Gap