Zhi Tong Cai Jing·2025-10-10 02:21Core Viewpoint - Semiconductor stocks continue to decline, with significant drops in major companies like SMIC and Hua Hong Semiconductor, attributed to adjustments in margin financing rates due to high static P/E ratios [1] Group 1: Stock Performance - SMIC (00981) fell by 5.03%, trading at HKD 79.3 [1] - Hua Hong Semiconductor (01347) decreased by 4.11%, trading at HKD 81.7 [1] - Shanghai Fudan (01385) dropped by 2.84%, trading at HKD 43.86 [1] - ASMPT (00522) declined by 2.46%, trading at HKD 93 [1] Group 2: Margin Financing Adjustments - Several brokerages adjusted the margin financing rates for SMIC from 0.7 to 0.00 and for Bawen Storage from 0.5 to 0.00 [1] - The adjustment to a zero financing rate is a unified action by brokerages due to the static P/E ratios exceeding 300 [1] Group 3: Market Outlook - Citigroup reported that despite a 34% valuation premium in the semiconductor index, the AI effect supports a reasonable valuation due to high growth rates, indicating potential for further upward movement in the semiconductor cycle [1] - Goldman Sachs anticipates that with the development of domestic AI solutions, SMIC and Hua Hong Semiconductor are expected to become leading foundries in China and benefit in the long term [1]