Zhi Tong Cai Jing·2025-11-18 02:54Core Viewpoint - Semiconductor stocks are performing strongly despite market conditions, with notable increases in share prices for companies like Hua Hong Semiconductor, SMIC, and others [1] Company Summary - SMIC reported a high capacity utilization rate of 95.8% in Q3, indicating strong demand and a supply-demand imbalance [1] - The company is experiencing a shortage of memory components in the mobile market, leading to significant price increases [1] - SMIC has prioritized urgent orders for various memory types, including NOR/NAND Flash and MCU, which has resulted in a temporary decrease in the proportion of mobile business [1] Industry Summary - The trend towards supply chain security and self-sufficiency is expected to continue in the long term, as highlighted by recent analyses [2] - The performance of SMIC supports the logic of domestic substitution, providing intrinsic support for the equipment sector [2] - Looking ahead to Q4 2025 and 2026, strong demand for artificial intelligence is anticipated to drive growth in computing power, storage, and advanced packaging, with ongoing opportunities in semiconductor equipment and materials [2]