SMIC(SH:688981) 券商中国·2026-02-12 14:43Group 1 - The core viewpoint of the article highlights that the domestic industry chain will continue to experience growth due to the return of overseas supply chains and the replacement of old products by new domestic products by 2026 [1] - The strong demand for storage driven by artificial intelligence is squeezing the supply of storage chips for mid-to-low-end applications, leading to supply shortages and price increases for terminal manufacturers [1] - Orders related to AI, storage, and mid-to-high-end applications are increasing, while orders for mid-to-low-end products are decreasing due to the aforementioned factors [1] Group 2 - The company maintains a favorable position in the current industry cycle due to its technological reserves and leading advantages in various segments such as BCD, analog, storage, MCU, and mid-to-high-end display drivers [2] - The company plans to respond to urgent market demands and aims to continue revenue growth in 2026, with supply-demand dynamics leading to price increases for certain products [2] - The company prioritizes support for iterative products in R&D, engineering, and capacity to stabilize product prices and enhance control over average selling prices (ASP) [2]