Core Insights - SMIC's stock price decreased by 1.90% on November 11, with a trading volume of 4.074 billion yuan, indicating a negative market sentiment towards the company [1] - The financing data shows a net financing outflow of 1.20 billion yuan on the same day, suggesting reduced investor confidence [1] - As of November 11, the total financing and securities lending balance for SMIC reached 13.677 billion yuan, indicating a high level of trading activity [1] Financing Summary - On November 11, SMIC had a financing buy-in of 530 million yuan, with a total financing balance of 13.648 billion yuan, representing 5.80% of its market capitalization [1] - The financing balance is above the 80th percentile of the past year, indicating a high level of leverage [1] - The securities lending data shows a repayment of 23,300 shares and a sell-out of 16,100 shares, with a total securities lending balance of 29.749 million yuan, also above the 70th percentile of the past year [1] Company Performance - As of June 30, SMIC had 252,300 shareholders, a decrease of 2.20% from the previous period, while the average number of circulating shares per person increased by 2.26% to 8,223 shares [2] - For the first half of 2025, SMIC reported a revenue of 32.348 billion yuan, a year-on-year increase of 23.14%, and a net profit attributable to shareholders of 2.301 billion yuan, up 39.76% year-on-year [2] - The top ten circulating shareholders include several ETFs, with notable increases in holdings, indicating institutional interest in SMIC [2]

Core Viewpoint - SMIC's stock price increased by 4.23% on November 6, with a trading volume of 9.061 billion yuan, indicating strong market interest and activity [1] Financing Summary - On November 6, SMIC had a financing buy-in amount of 1.549 billion yuan, with a net financing buy of 350 million yuan after 1.2 billion yuan was repaid [1] - The total financing and securities lending balance for SMIC reached 14.179 billion yuan, with the financing balance accounting for 5.67% of the circulating market value, indicating a high level of leverage [1] - The securities lending data showed a repayment of 18,300 shares and a sale of 9,305 shares, with a total selling amount of 1.1617 million yuan, while the securities lending balance was 32.65 million yuan, also at a high level [1] Company Performance - As of June 30, SMIC had 252,300 shareholders, a decrease of 2.20%, while the average circulating shares per person increased by 2.26% to 8,223 shares [2] - For the first half of 2025, SMIC reported a revenue of 32.348 billion yuan, a year-on-year increase of 23.14%, and a net profit attributable to shareholders of 2.301 billion yuan, up 39.76% year-on-year [2] - The top ten circulating shareholders included several ETFs, with notable increases in holdings, indicating growing institutional interest [2]

Core Insights - SMIC's stock price increased by 0.23% on October 29, with a trading volume of 9.111 billion yuan [1] - The financing data indicates a net financing outflow of 267 million yuan for SMIC on the same day [1] - As of October 29, the total margin balance for SMIC reached 15.111 billion yuan, with a financing balance of 15.075 billion yuan, representing 5.67% of its market capitalization [1] Financing Overview - On October 29, SMIC had a financing buy-in of 1.446 billion yuan, while the financing repayment amounted to 1.712 billion yuan [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] - The short-selling data shows a repayment of 17,300 shares and a short sale of 13,100 shares, with a short-selling balance of 3.579 million yuan, also above the 80th percentile of the past year [1] Company Profile - SMIC, established on April 3, 2000, is located in Shanghai and specializes in integrated circuit wafer foundry services across various technology nodes from 0.35 microns to 14 nanometers [1] - The company's main revenue source is integrated circuit wafer foundry, accounting for 93.83% of total revenue, with other services contributing 6.17% [1] Shareholder Information - As of June 30, the number of shareholders for SMIC was 252,300, a decrease of 2.20% from the previous period [2] - The average number of tradable shares per shareholder increased by 2.26% to 8,223 shares [2] - Major institutional shareholders include various ETFs, with significant increases in holdings for several funds, indicating growing institutional interest [2]

Company Overview - Jinghe Integrated Circuit Co., Ltd. is located in Hefei, Anhui Province, and was established on May 19, 2015. The company went public on May 5, 2023. Its main business involves 12-inch wafer foundry services, focusing on advanced process research and application, providing various process nodes and different technology platforms for customers [1]. Financial Performance - As of October 23, Jinghe Integrated's stock price fell by 5.01% to 33.17 CNY per share, with a trading volume of 662 million CNY and a turnover rate of 1.66%. The total market capitalization is 66.544 billion CNY [1]. - The company's revenue composition is primarily from integrated circuit wafer foundry services, accounting for 98.20%, with other supplementary services contributing 1.32% and additional services at 0.48% [1]. Fund Holdings - According to data, Guotou Ruijin Fund holds a significant position in Jinghe Integrated, with its fund, Guotou Ruijin SSE Sci-Tech Innovation Board Comprehensive Price Index Enhanced A (023903), owning 306,700 shares, representing 1.34% of the fund's net value, making it the eighth-largest holding. The estimated floating loss today is approximately 536,800 CNY [2]. - The fund was established on April 23, 2025, with a current scale of 162 million CNY and has achieved a return of 35.56% since inception [2]. Fund Management - The fund manager, Yin Ruifei, has a tenure of 12 years and 31 days, managing assets totaling 3.379 billion CNY, with the best fund return during his tenure being 274.12% and the worst at -22.36% [3]. - Co-manager Qian Han has been in the role for 2 years and 71 days, overseeing assets of 936 million CNY, with a best return of 35.49% and a worst return of 0.8% during his management period [3].

Core Viewpoint - SMIC's stock price dropped by 5.03% to 120.90 CNY per share, with a trading volume of 10.097 billion CNY and a turnover rate of 4.10%, resulting in a total market capitalization of 967.209 billion CNY [1] Company Overview - SMIC, established on April 3, 2000, is located at 18 Zhangjiang Road, Pudong New District, Shanghai, and is listed since July 16, 2020. The company specializes in integrated circuit wafer foundry services across various technology nodes from 0.35 microns to 14 nanometers [1] - The revenue composition of SMIC is primarily from integrated circuit wafer foundry services, accounting for 93.83%, with other services contributing 6.17% [1] Fund Holdings - According to data, one fund under Fuan Da, the Fuan Da Advantage Growth Mixed A (710001), has a significant holding in SMIC. In the second quarter, the fund reduced its holdings by 43,100 shares, maintaining 222,000 shares, which represents 3.26% of the fund's net value, ranking as the ninth largest holding [2] - The Fuan Da Advantage Growth Mixed A fund was established on September 21, 2011, with a current size of 600 million CNY. Year-to-date, it has achieved a return of 61.53%, ranking 353 out of 8160 in its category; over the past year, it has returned 65.24%, ranking 520 out of 8021; and since inception, it has returned 350.14% [2] Fund Manager Information - The fund manager of Fuan Da Advantage Growth Mixed A is Shen Kun, who has been in the position for 10 years and 139 days. The total asset size of the fund is 718 million CNY, with the best return during his tenure being 79.73% and the worst being -18.06% [3]

Core Insights - SMIC's stock price dropped by 6.79% on October 14, with a trading volume of 17.322 billion yuan [1] - The net financing buy for SMIC on the same day was -1.38 billion yuan, indicating more repayments than new purchases [1] - As of October 14, the total margin balance for SMIC was 14.203 billion yuan, with a financing balance of 14.166 billion yuan, representing 5.57% of its market capitalization [1] Financing and Margin Trading - On October 14, SMIC had a financing buy amount of 2.901 billion yuan, while the financing repayment was 3.038 billion yuan [1] - The financing balance is at a high level, exceeding the 90th percentile of the past year [1] - In terms of securities lending, SMIC had a short selling amount of 5.96 million shares and a short selling balance of 37.8823 million yuan, also at a high level [1] Company Overview - SMIC, established on April 3, 2000, is located in Shanghai and specializes in integrated circuit wafer foundry services across various technology nodes from 0.35 microns to 14 nanometers [1] - The company's main revenue source is integrated circuit wafer foundry, accounting for 93.83% of total revenue, with other services making up 6.17% [1] Shareholder Information - As of June 30, 2025, SMIC had 252,300 shareholders, a decrease of 2.20% from the previous period [2] - The average number of tradable shares per shareholder increased by 2.26% to 8,223 shares [2] - Major institutional shareholders include various ETFs, with notable increases in holdings from several funds [2]

Core Insights - SMIC's stock rose by 6.66% on October 13, with a trading volume of 18.643 billion yuan, indicating strong market interest [1] - The financing data shows a net purchase of 3.23 billion yuan on the same day, with a total financing balance of 143.43 billion yuan, which is high compared to historical levels [1] - As of June 30, 2025, SMIC reported a revenue of 32.348 billion yuan, a year-on-year increase of 23.14%, and a net profit of 2.301 billion yuan, up 39.76% year-on-year [2] Financing and Trading Activity - On October 13, SMIC had a financing buy of 3.391 billion yuan and a repayment of 3.068 billion yuan, resulting in a net buy of 0.323 billion yuan [1] - The financing balance of 143.03 billion yuan represents 5.24% of the circulating market value, exceeding the 90th percentile of the past year [1] - The short selling activity on the same day included a repayment of 12.88 thousand shares and a sale of 5.52 thousand shares, with a total short balance of 3.951 million yuan, also at a high historical level [1] Shareholder Structure - As of June 30, 2025, SMIC had 252,300 shareholders, a decrease of 2.20% from the previous period, while the average number of circulating shares per person increased by 2.26% to 8,223 shares [2] - Major institutional shareholders include Huaxia's STAR 50 ETF and E Fund's STAR 50 ETF, both of which increased their holdings significantly compared to the previous period [2]

Investment Rating - The report assigns an "Accumulate" rating to the company, SMIC (688981.SH), with a target price of 146.45 CNY and a target market value of 1,171.597 billion CNY for 2025, based on a 7.6 times PB valuation [5][19]. Core Insights - SMIC is positioned as the leading wafer foundry in mainland China, with advanced process technology that is domestically leading. The company has a production capacity covering 350-7nm process nodes and has made breakthroughs equivalent to 5nm technology [5][19]. - The semiconductor market is expected to recover, driven by AI and a resurgence in consumer electronics demand, with global semiconductor market size projected to grow from 679 billion USD in 2025 to 1,061 billion USD by 2030, reflecting a 5-year CAGR of 9% [2][13]. - The company is focusing on expanding its advanced process capacity, particularly in the 7/5/3nm nodes, which are expected to significantly increase its market share and revenue potential [2][19]. Financial Projections - Revenue projections for SMIC from 2025 to 2027 are estimated at 699.24 billion CNY, 798.12 billion CNY, and 925.16 billion CNY, respectively. Corresponding net profits are projected at 59.67 billion CNY, 66.92 billion CNY, and 81.85 billion CNY [4][19]. - The company’s revenue growth rates are expected to be 21% in 2025, 14% in 2026, and 15.9% in 2027, indicating a strong recovery trajectory following a downturn in 2023 [4][19]. Market Position and Competitive Advantage - SMIC is the largest wafer foundry in mainland China, with a global market share projected to increase from 5.3% in 2023 to 6% in 2024, moving up to the third position globally [5][19]. - The company has a significant capacity for mature processes, with over 90% of its production currently in this category, but it also has substantial room for expansion in advanced processes [36][19]. Industry Trends - The semiconductor industry is entering a new growth cycle driven by AI and technological innovation, with a notable increase in demand for advanced integrated circuits [2][13]. - The global market for 7nm and below processes is expected to be nearly double that of mature processes, highlighting the importance of advanced technology in future growth [2][19]. Operational Efficiency - SMIC has been increasing its capital expenditures significantly, from 140.22 billion CNY in 2019 to 539.13 billion CNY, which is expected to enhance its production capabilities and operational efficiency [15][42]. - The EBITDA margin has shown a stable upward trend, indicating improved core profitability despite fluctuations in gross and net margins due to rising depreciation costs [43][42].

Group 1 - On September 19, SMIC's stock price decreased by 0.66%, with a trading volume of 17.944 billion yuan [1] - The financing data for SMIC on the same day showed a financing purchase amount of 3.526 billion yuan and a financing repayment of 3.229 billion yuan, resulting in a net financing purchase of 296 million yuan [1] - As of September 19, the total balance of margin trading for SMIC was 14.513 billion yuan, with the financing balance accounting for 5.96% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for SMIC was 252,300, a decrease of 2.20% from the previous period, while the average circulating shares per person increased by 2.26% to 8,223 shares [2] - For the first half of 2025, SMIC reported operating revenue of 32.348 billion yuan, a year-on-year increase of 23.14%, and a net profit attributable to shareholders of 2.301 billion yuan, reflecting a year-on-year growth of 39.76% [2] - Among the top ten circulating shareholders of SMIC as of June 30, 2025, notable increases in holdings were observed for several ETFs, including Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, indicating growing institutional interest [2]

Group 1 - On August 29, SMIC's stock fell by 3.74% with a trading volume of 18.711 billion yuan [1] - The financing data for SMIC on that day showed a buying amount of 3.746 billion yuan and a repayment of 3.223 billion yuan, resulting in a net buying of 0.523 billion yuan [1] - As of August 29, the total balance of margin trading for SMIC was 12.914 billion yuan, with a financing balance of 12.878 billion yuan, accounting for 5.64% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, SMIC had 252,300 shareholders, a decrease of 2.20% from the previous period, while the average circulating shares per person increased by 2.26% to 8,223 shares [2] - For the first half of 2025, SMIC reported a revenue of 32.348 billion yuan, a year-on-year increase of 23.14%, and a net profit attributable to shareholders of 2.301 billion yuan, up 39.76% year-on-year [2] - The top ten circulating shareholders of SMIC included several ETFs, with notable increases in holdings, such as the Huaxia SSE STAR 50 ETF and the E Fund SSE STAR 50 ETF, indicating growing institutional interest [2]