On September 23, Goldman Sachs adjusted its 12-month target price for SMIC (00981.HK), elevating it from HK$73.1 to HK$83.5. Goldman Sachs anticipates that the long-term growth trajectory for China's AI chip demand will become increasingly apparent, providing a significant boost to domestic industry leaders in semiconductor foundry services, like SMIC. Analyst Allen Chang highlighted in a report that, propelled by heightened capital expenditure allocations from Chinese cloud service providers and an expanding portfolio of AI-driven terminal applications, the demand for AI chips in China is set to maintain its upward momentum. Furthermore, Goldman Sachs has also revised upwards its 12-month target price for SMIC's A-shares, raising it from RMB 160.1 to RMB 182.8. This adjustment continues to incorporate a 238% A-H valuation premium as a benchmark for determining the A-share target price.