Core Viewpoint - Semiconductor company SMIC (00981) announced a strategic partnership with a domestic semiconductor design firm to jointly develop advanced process chips, but market reaction has been cautious [1] Technical Analysis - As of the latest update, SMIC's stock price is at 51.2 HKD, with a temporary decline of 1.16% and a trading volume of 1.094 billion HKD, indicating relatively calm capital flow [1] - Technical indicators suggest a "neutral" signal with a strength of 8, showing no clear direction in the overall trend; multiple moving averages indicate a "sell" signal, and mid to long-term trends appear slightly weak [1] - The RSI value is at 58, reflecting significant short-term market divergence without a clear trend [1] - Support levels are identified at 48.8 HKD and 46.4 HKD, while resistance levels are at 53.5 HKD and 55.7 HKD; the current stock price is positioned between these levels, with a system-assessed upward probability of 55% [1] Product Performance - On August 15, SMIC's stock fell by 3.22%, while related warrants and certificates showed significant leverage effects, with increases of 19% for Societe Generale's bear certificate and 10% for Citigroup's put certificate shortly after [3] - Several warrants are highlighted for potential investment: UBS call warrants (15627) with a leverage of 5.1 times and an exercise price of 58.93 HKD, and UBS call warrants (13340) with a leverage of 4 times and an exercise price of 58.05 HKD [5][6] - For bearish positions, Citigroup's put warrant (14760) has a leverage of 3.9 times with an exercise price of 45.9 HKD, while UBS's put warrant (13698) has a leverage of 3.8 times with an exercise price of 45.88 HKD [5][6] Investment Products - For bullish sentiment on SMIC, UBS bull certificates (65489) offer a high actual leverage of 9.6 times with a low premium and a redemption price of 47 HKD; Societe Generale's bull certificate (59918) has a leverage of 9.4 times and the lowest premium [7][8] - For bearish sentiment, HSBC's bear certificate (63299) has the highest actual leverage of 10.6 times with a low premium, while Societe Generale's bear certificate (67110) has the lowest premium and an actual leverage of 12.8 times [7][8]