Zhi Tong Cai Jing·2026-01-08 03:08Core Viewpoint - Morgan Stanley expresses a positive outlook on SMIC (00981), highlighting its role as a "key supporter of localized AI in China" and maintaining a favorable view on Chinese chip equipment companies [1] Group 1: Market Demand and Supply - The demand for advanced logic chips is expected to remain strong, which will benefit SMIC [1] - There is uncertainty regarding the approval of H200 chip purchases by all cloud service providers, which may impact the adoption of domestic chips [1] - It is anticipated that cloud service providers will use H200 in conjunction with local chips, particularly for inference demand [1] Group 2: Future Projections - Morgan Stanley expects the H200 chip to help meet China's training needs and potentially increase demand for inference chips, thereby expanding market demand [1] - AI capital expenditures are projected to grow, with China's chip self-sufficiency rate expected to rise from 24% in 2024 to 30% by 2027 [1]