SMIC 0981.HK 981 HK EQUITY: FOUNDRY No material change to near-term demand Memory price a swing factor to 2026E end-demand outlook; maintain Neutral Play safe previewing next year; maintain Neutral and raise TP to HKD75.0 SMIC expects full loadings in a seasonally slower 4Q25E, driven by continued supply chain localization, including its domestic customers' share gains at the expense of overseas counterparts. While management sees rush orders pulling in chips to match memory supply secured for device builds ...