【重要事项】 中芯国际：存储器、BCD供不应求都在涨价 协创数据：拟不超110亿元采购服务器，用于为客户提供云算力（核心股）服务 【投资&签约】 晶瑞电材：拟6亿元投建西部地区集成电路制造产业链配套关键材料综合基地 温州宏丰：拟定增募资不超过4.5亿元，用于锂电铜箔及电子铜箔扩产项目和半导体（核心股）蚀刻引 线框架项目 沪电股份：拟投资33亿元新建高端印制电路板生产项目，以满足高速运算服务器等中长期增量需求 联合光电：与灵智云创签署业务合作框架合同，为其提供机器人（核心股）产品的组装加工及相关服务 航天彩虹：参与电科蓝天IPO战略配售契合长期发展战略 翰博高新：参股公司芯东进拟收购资产布局湿电子化学品行业 中国交建：2025年新签合同额1.88万亿元 同比增长0.13% 中国中冶：1月新签合同额736.5亿元 胜宏科技：1.6T光模块PCB已实现产业化作业 智光电气：控股子公司获得2.1亿元储能（核心股）设备订单 特锐德：预中标1.37亿元EPC总承包工程 【业绩】 华虹半导体（核心股）：2025年第四季度销售收入达6.599亿美元 同比增长22.4% 潞安环能：1月商品煤销量同比增长16.8% 金橙子业绩快 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.27 CNY [4][11] Core Insights - The company reported Q4 revenue of 2.49 billion USD, exceeding its guidance, with a quarter-on-quarter growth of 12.8% and a year-on-year growth of 4.5% [10] - The company is expected to benefit from the ongoing domestic substitution in the supply chain, with a projected 18% year-on-year revenue growth from Chinese customers in 2025 [10] - The company is focusing on increasing the proportion of high-value-added products, with a 1.5% quarter-on-quarter growth in wafer revenue in Q4 2025 [10] Financial Forecast and Investment Recommendations - The forecasted net profit attributable to the parent company for 2025-2027 is 5.04 billion, 6.74 billion, and 8.04 billion CNY respectively, with adjustments made to gross margin and expense ratios [4][11] - The company’s revenue is projected to grow from 45.25 billion CNY in 2023 to 90.36 billion CNY in 2027, reflecting a compound annual growth rate [6][14] - The gross margin is expected to stabilize around 21.9% in 2025 and 2027, with net profit margins improving gradually [6][14]

Group 1 - The core viewpoint is that SMIC anticipates continued growth in the domestic industry chain due to the return of overseas supply chains and the replacement of older products by new domestic products by 2026 [1] - There is a strong demand for storage driven by artificial intelligence, which is squeezing the supply of storage chips for mid-to-low-end applications, leading to supply shortages and price increases for terminal manufacturers [1] - The company expects a decrease in mid-to-low-end orders while orders related to AI, storage, and mid-to-high-end applications are increasing [1] Group 2 - The supply of storage and BCD is insufficient, leading to price increases, while some competitors are reducing their mature production capacity, resulting in a decline in market supply [2] - Prices for new, competitive products are rising, while standard products that do not undergo iteration are seeing price declines [2] - The company will prioritize support for iterative products in R&D, engineering, and capacity to stabilize product prices and enhance control over average selling prices (ASP) [2]

Group 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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION * 00981 於2026年2月12日舉行之臨時股東大會投票表決結果 董事會欣然宣佈，載於臨時股東大會（「臨時股東大會」）通告之建議決議案，已獲股東 於2026年2月12日舉行之臨時股東大會上以投票表決方式正式通過。 茲提述本公司日期為2026年1月28日之通函（「該通函」），內容有關（其中包括）： 除特別註明外，本公告所用詞彙與該通函所界定者具相同涵義。 臨時股東大會投票表決結果 董事會欣然宣佈，載於該通函所載附的臨時股東大會通告之建議決議案，已獲股東於 2026年2月12日舉行之臨時股東大會上以投票表決方式正式通過。 於臨時股東大會當日，已發行股份總數為8,000,504,003股股份（包括6,000,941,454股香港 股份，以及1,999,562,549股人民幣股份）。 * 僅供識別 - ...

Core Viewpoint - The outlook for 2026 indicates that the return of the supply chain overseas and the replacement of old products by new domestic products will continue to provide growth opportunities for the domestic industry chain [1] Group 1: Market Dynamics - The strong demand for artificial intelligence is impacting the supply of storage chips, particularly affecting the mid-to-low-end sectors, leading to supply shortages and price increases for terminal manufacturers [1] - Terminal manufacturers may raise prices to offset rising costs, which could subsequently reduce demand for end products [1] - Orders for mid-to-high-end applications related to AI and storage are increasing, while orders for mid-to-low-end applications are decreasing [1] Group 2: Company Positioning - The company maintains a favorable position in the current industry cycle due to its technological reserves and leading advantages in segments such as BCD, analog, storage, MCU, and mid-to-high-end display drivers [1] - The company plans to respond actively to urgent market demands and aims to continue revenue growth into 2026 [1] Group 3: Pricing Trends - The relationship between supply and demand is reflected in the pricing of the company's storage and BCD products, which are currently in short supply and experiencing price increases [1] - Prices for established products in categories like CIS and LCD Driver have stabilized, while new, competitive products are seeing price increases [1] - The company will prioritize support for iterative products in R&D, engineering, and capacity to consolidate product pricing and enhance control over average selling prices (ASP) [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.27 CNY [4][11] Core Insights - The company reported Q4 revenue of 2.49 billion USD, exceeding guidance with a quarter-on-quarter growth of 12.8% and a year-on-year growth of 4.5% [10] - The company is expected to benefit from the ongoing domestic substitution in the supply chain, with a projected 18% year-on-year revenue growth from Chinese customers in 2025 [10] - The company is focusing on increasing the proportion of high-value-added products, with a 1.5% quarter-on-quarter growth in wafer revenue in Q4 [10] Financial Forecasts - The forecasted net profit attributable to the parent company for 2025-2027 is 5.04 billion, 6.74 billion, and 8.04 billion CNY respectively, with adjustments made to gross margin and expense ratios [4][11] - Revenue projections for 2023-2027 are 45.25 billion, 57.80 billion, 67.31 billion, 78.96 billion, and 90.36 billion CNY, reflecting a year-on-year growth of -9%, 28%, 16%, 17%, and 14% respectively [6][14] - The gross margin is expected to improve from 21.9% in 2023 to 23.2% in 2026 and 2027 [6][14]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION 中 芯 國 際 集 成 電 路 製 造 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：00981） 魯國慶 陳山枝 楊魯閩 黃登山 海外監管公告 本公告乃中芯國際集成電路製造有限公司（Semiconductor Manufacturing International Corporation,「本公司」）根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《上海市錦天城律師事務所關於2026年第一次臨 時股東大會的法律意見書》，僅供參閱。 承董事會命 中芯國際集成電路製造有限公司 公司秘書 / 董事會秘書 郭光莉 中國上海，2026 年 2 月 12 日 於本公告日期，本公司董事分別為： 執行董事 劉訓峰 非執行董事 獨立非執行董事 ...

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 会议召开和出席情况 （一） 股东大会召开的时间：2026 年 2 月 12 日 （二） 股东大会召开的地点：上海市浦东新区张江路 39 号 5 号楼 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 2,754 | | --- | --- | | 普通股股东人数 | 2,754 | | 其中：A 股股东人数 | 2,753 | | 境外上市外资股股东人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 2,334,951,404 | | 普通股股东所持有表决权数量 | 2,334,951,404 | | 其中：A 股股东所持有表决权数量 | 587,264,760 | | 境外上市外资股股东所持有表决权数量 | 1,747,686,644 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 29.1850% | | 普通股股东所持有表决权数量占公司表决权数量 ...

Investment Rating - The investment rating for the company is "Buy" for both H-shares and A-shares, with target prices set at HKD 91 and RMB 170 respectively [6]. Core Insights - The report highlights the positive impact of AI-related demand on the company's average selling price (ASP), which is expected to rise due to supply constraints in mature processes and increased demand for AI-related products [2][3]. - The establishment of an advanced packaging research institute indicates the company's strategic focus on enhancing its capabilities in advanced packaging, aiming to create an integrated delivery capability similar to TSMC's Foundry 2.0 [3][22]. - The company is projected to maintain a capital expenditure level similar to 2025, with a focus on expanding its 12-inch wafer capacity and addressing the depreciation impact on profit margins [4][20]. Summary by Sections Financial Performance - In Q4 2025, the company reported revenues of USD 2.489 billion, a 4.5% increase quarter-over-quarter, and a gross margin of 19.2%, which aligns with previous guidance [14][16]. - The company expects Q1 2026 revenues to remain flat quarter-over-quarter, with a gross margin forecast of 18% to 20% [19]. Revenue and Profit Forecast - Revenue forecasts for 2026 and 2027 have been adjusted upwards by 1.9% and 4.1% respectively, with projected revenues of USD 110 billion, USD 134 billion, and USD 149 billion for 2026, 2027, and 2028 [20][22]. - Net profit forecasts for 2026 and 2027 have been revised downwards by 4.6% and 14.7% respectively, with expected net profits of USD 7.0 million, USD 7.9 million, and USD 9.7 million for the same years [20][22]. Market Position and Strategy - The company is recognized as the only scalable advanced process platform in mainland China, which provides it with strategic scarcity in the market [22]. - The report emphasizes the company's proactive investment in local production and the domestic AI industry chain opportunities, positioning it as a key beneficiary of the global supply chain restructuring [22].