On November 13, Zhao Haijun, Co-CEO of SMIC, said at the company's third-quarter earnings conference that industry certainty in the foreseeable future is mainly reflected in two aspects. First, AI demand is expected to extend the semiconductor upcycle, with the growth structure and cycle pattern changing accordingly. Second, localization across the entire industrial chain is still ongoing. Through strategic alignment with customers, the company keeps pace with the innovation speed of Chinese customers, strengthens its advantages in specialty and customized processes, advances capacity expansion guided by customer demand, builds leading advantages with a high-value-added product portfolio, stabilizes EBITDA (operating cash flow capability), improves cost control and operational efficiency, enhances operational resilience through cycles, and achieves high-quality and sustainable growth.