Core Viewpoint - SMIC's fourth-quarter performance guidance has declined due to the traditional off-season and fluctuations in the mobile market, leading to cautious procurement in industries such as mobile phones and network communication equipment [1] Group 1 - SMIC's joint CEO Zhao Haijun indicated that the company has adopted a conservative outlook for shipment forecasts in the next two quarters [1] - The decline in performance guidance is attributed to a shortage of storage supply and rising prices, impacting the procurement behavior of various industries [1] - To meet urgent orders related to storage and analog products, the company postponed the shipment of some mobile products in the third quarter [1]

Core Viewpoint - The semiconductor ETF from Southern (159325) opened with a decline of 1.62%, indicating a bearish trend in the semiconductor sector [1] Group 1: ETF Performance - The Southern Semiconductor ETF (159325) opened at 1.456 yuan, reflecting a decrease of 1.62% [1] - Since its establishment on October 31, 2024, the fund has achieved a return of 47.93%, while its return over the past month has been -6.60% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC: down 0.08% - Cambricon: down 2.52% - Haiguang Information: down 2.13% - Northern Huachuang: down 1.13% - Lanke Technology: down 2.97% - Zhaoyi Innovation: down 5.05% - Zhongwei Company: down 2.48% - OmniVision: down 1.18% - Changdian Technology: down 1.15% - Unisoc: down 1.81% [1]

Core Viewpoint - Semiconductor manufacturers, including SMIC, indicate that original equipment manufacturers (OEMs) in various sectors such as automotive and smartphones will face pricing pressure due to market dynamics [1] Group 1 - The joint CEO of SMIC highlights that OEMs across different industries will experience pricing challenges [1]

Group 1 - The core viewpoint of the articles highlights the growth of the consumer-grade AR/VR glasses market in China, with significant sales increases driven by new product launches and technological advancements [1][2] - CINNO Research reported that in Q3 2025, the sales volume of consumer-grade AR/VR glasses reached 169,000 units, representing a 17% quarter-over-quarter growth and a 57% year-over-year growth [1] - Consumer-grade AR devices were identified as the main growth driver, with sales reaching 130,000 units, marking a 109% year-over-year increase [1] Group 2 - The CSI Consumer Electronics Theme Index (931494) includes 50 listed companies involved in component production and consumer electronics brand design, reflecting the overall performance of the sector [2] - As of October 31, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index accounted for 56.3% of the index, with notable companies including Luxshare Precision, Cambricon, and Industrial Fulian [2] - The Consumer Electronics ETF (561600) closely tracks the CSI Consumer Electronics Theme Index, providing investors with exposure to the performance of the sector [2]

Core Viewpoint - The company anticipates stable to slight revenue growth in Q4 despite it being a traditional off-season, with a revenue guidance of flat to 2% growth quarter-over-quarter [1] Group 1: Revenue Guidance - The company projects Q4 revenue to be flat to a 2% increase compared to the previous quarter [1] - Full-year sales revenue is expected to exceed $9 billion, marking a new milestone for the company's revenue scale [1] Group 2: Operational Performance - The production lines are expected to remain fully loaded, indicating strong operational efficiency [1] - The gross margin guidance for Q4 is set at 18% to 20%, consistent with the guidance provided for Q3 [1] Group 3: Market Conditions - Although customer inventory replenishment has slowed, the ongoing industry chain switching and iteration effects are expected to mitigate the typical seasonal downturn [1]

据每日经济新闻，中芯国际折合8英寸月产能首次突破100万片大关。值得注意的是，中芯国际并不是一 味大规模建设产能。公司产能提升的同时，产能利用率也逐步提高。今年第三季度，上市公司产能利用 率达95.8%，上个季度为92.5%，环比增长3.3个百分点。 周四A股低开高走，沪指收涨4029.50点再创10年新高。板块方面，电池、能源金属、半导体等行业表现 较好，聚焦芯片产业链中/上游的半导体设备ETF（561980）收涨0.71%，单日"吸金"（资金净流入）约 1200万元，成分股神工股份大涨8.81%。 消息面上，半导体设备ETF（561980）权重股中芯国际昨日发布2025年第三季度报告。 报告显示，今年第三季度中芯国际实现营业收入171.62亿元，同比增长9.9%；归属上市公司股东的净利 润15.17亿元，同比增长43.1%；基本每股收益0.19元/股；另外，今年前三季度公司营业收入495.1亿 元，同比增长18.2%，归属于上市公司股东的净利润38.18亿元，同比增长约四成。 招商证券指出，HBM、HBF等高带宽存储技术的快速发展，加之产能优先向高端产品倾斜，使得供应 商掌握定价权，传统DRAM与NAND ...

Group 1: Company Performance - Semiconductor industry leader SMIC reported strong Q3 2025 results, with total revenue of 17.162 billion yuan, a quarter-on-quarter increase of 6.9% and a year-on-year increase of 9.9%, marking a record high for quarterly revenue [1] - SMIC's net profit attributable to shareholders reached 1.517 billion yuan in Q3, a year-on-year increase of 43.1% and a quarter-on-quarter increase of 60.64% [1] - For the first three quarters of 2025, SMIC's total revenue was 49.51 billion yuan, an 18.2% increase compared to the same period last year, with a net profit of 3.818 billion yuan, up 41.1% year-on-year [3] Group 2: Industry Trends - The "14th Five-Year Plan" emphasizes the need for breakthroughs in key technologies across various sectors, including integrated circuits and advanced materials, which is expected to significantly boost the growth potential of China's semiconductor industry [1] - The Hong Kong Stock Information Technology ETF (159131) focuses on the semiconductor industry and has successfully launched, providing investors with a new tool to capture investment opportunities in Hong Kong's hard technology assets [1][2] - The Hong Kong Stock Information Technology Index, which the ETF tracks, consists of 42 hard technology companies, with a significant focus on hardware (70%) and software (30%), making it well-positioned to capture trends in AI and hard technology [2] Group 3: Market Performance - The Hong Kong Stock Information Technology Index has seen a cumulative increase of 89.60% from December 30, 2022, to October 31, 2025, outperforming other Hong Kong technology indices [4] - As of October 31, 2025, the price-to-earnings ratio of the Hong Kong Stock Information Technology Index was 40.75, significantly lower than major global technology indices, indicating potential growth opportunities for investors [6] - The ETF managed by Huabao Fund has reached an asset management scale of 131.494 billion yuan, ranking among the top ten in the industry [6]

Core Viewpoint - SMIC demonstrated robust growth in Q3 2025, with revenue and gross profit increasing both year-on-year and quarter-on-quarter, showcasing strong business resilience amid market fluctuations [2][5][11]. Financial Performance - In Q3 2025, SMIC achieved total sales revenue of $2.382 billion, a 7.8% increase from Q2 2025 and a 9.7% increase from Q3 2024 [4][5]. - Gross profit reached $522.81 million, reflecting a 16.2% quarter-on-quarter growth and a 17.7% year-on-year growth, with a gross margin of 22.0% [5][12]. - Operating profit surged to $351.07 million, up 133.0% from Q2 2025 and 106.6% from Q3 2024 [5][12]. - Net profit for the period was $315.47 million, marking a 115.1% increase from the previous quarter and a 41.3% increase from the same quarter last year [5][12]. Business Structure and Market Dynamics - The revenue distribution shows that the China market remains the core pillar, contributing 86.2% of total revenue in Q3 2025, up from 84.1% in Q2 2025 [7][8]. - The wafer foundry business continues to dominate, accounting for 95.2% of total revenue, with consumer electronics demand being particularly strong at 43.4% [7][8]. - The company is experiencing a shift in its business structure, with industrial and automotive sectors growing steadily, now representing 11.9% of revenue [7][8]. Capacity and Production - SMIC's monthly capacity increased from 991,300 8-inch equivalent wafers in Q2 2025 to 1,022,800 in Q3 2025, indicating ongoing capacity expansion [9][10]. - The wafer sales volume reached 2,499,465 units in Q3 2025, a 4.6% increase from Q2 2025 and a 17.8% increase year-on-year [10][11]. - Capacity utilization improved to 95.8%, up from 92.5% in the previous quarter, reflecting strong market demand [10][11]. Cost Management and R&D Investment - Operating expenses decreased significantly, down 42.6% quarter-on-quarter and 37.4% year-on-year, totaling $171.74 million [12][15]. - R&D expenditures reached $203.15 million, with an 11.7% increase from Q2 2025, supporting ongoing technological advancements [12][15]. Future Outlook - The company anticipates Q4 2025 revenue to remain flat or grow by 2%, with a gross margin guidance of 18% to 20% [16][17]. - SMIC expects to surpass $9 billion in annual sales revenue for 2025, marking a significant milestone [17][19].

Core Viewpoint - SMIC's management indicated that despite the traditional seasonal slowdown in Q4, customer inventory replenishment has slowed, but the industry chain's iterative effects continue, resulting in a "not-so-slow" off-season, with production lines remaining fully loaded [1] Group 1 - The gross margin guidance for the company is set at 18%-20%, which remains consistent with the guidance provided for Q3 [1] - The company's estimated annual sales revenue is expected to exceed $9 billion, marking a new milestone in revenue scale [1]

Capital Expenditure - SMIC's full-year capital expenditure for this year is projected to be similar to or slightly higher than last year [1] Geopolitical Impact - The company's capital expenditure and procurement are affected by geopolitical factors [1]