Group 1 - The report from Credit Lyonnais indicates that in 2024, the revenue from the US market will account for 13% of Semiconductor Manufacturing International Corporation's (SMIC) total revenue and 10% of Huahong Semiconductor's total revenue [1] - The impact of US tariffs on both companies is expected to be limited due to the relatively small proportion of their US business [1] - Potential retaliatory tariffs on US chips by China and other countries may stimulate domestic demand, which could be beneficial for SMIC and Huahong [1] Group 2 - The report highlights that China is continuously promoting domestic semiconductor production, which is favorable for both SMIC and Huahong [1] - Credit Lyonnais sets a target price of HKD 59.2 for SMIC and HKD 36.9 for Huahong, both rated as "outperform" [1]