---
title: "Morgan Stanley: Strong domestic AI GPU demand, upgrades SMIC's Hong Kong stock rating to Overweight"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/262150307.md"
description: "Morgan Stanley published a report stating that the AI applications in mainland China are thriving, and the policy support for domestic AI GPUs is expected to boost the demand for advanced wafer foundry in the next two years. The bank upgraded the rating of SMIC from in line with the market to overweight, raised the earnings per share forecast for 2026/27, and increased the target price from HKD 40 by 100% to HKD 80, assuming that the gross margin will improve with the yield enhancement, and expects that the demand for AI high-performance computing will bring a higher revenue structure. The bank downgraded the rating of Hua Hong Semiconductor from in line with the market to underweight, expressing concerns about the sustainability of the mature node business. The bank raised the target price from HKD 38 by 58% to HKD 60"
datetime: "2025-10-22T02:48:45.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/262150307.md)
  - [en](https://longbridge.com/en/news/262150307.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/262150307.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/262150307.md) | [English](https://longbridge.com/en/news/262150307.md)


# Morgan Stanley: Strong domestic AI GPU demand, upgrades SMIC's Hong Kong stock rating to Overweight

On October 22, Jinshi Data reported that Morgan Stanley released a report indicating that the rapid development of AI applications in mainland China, along with policy support for domestic AI GPUs, is expected to boost the demand for advanced wafer foundry services in the next two years. The firm upgraded the rating of SMIC (00981.HK) from in line with the market to overweight, raised the earnings per share estimates for 2026/27, and increased the target price from HKD 40 to HKD 80, a 100% increase, assuming that the gross margin will improve with yield enhancement and anticipating that the demand for AI high-performance computing will lead to a higher revenue structure. The firm downgraded the rating of Hua Hong Semiconductor (01347.HK) from in line with the market to underweight, expressing concerns about the sustainability of the mature node business. The target price was raised from HKD 38 to HKD 60, an increase of 58%

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