SMIC (00981.HK): Q2 gross margin 25.3%, up 5.2 percentage points (520 bps) QoQ.

Aug 13 — China's Shanghai Composite Index opened +10.49 pts (+0.27%) at 3,957.16; Shenzhen Composite opened +122.05 pts (+0.85%) at 14,536.48; CSI 300 Index opened +26.06 pts (+0.56%) at 4,716.97; ChiNext Index opened +54.79 pts (+1.52%) at 3,656.88; STAR 50 Index opened +26.47 pts (+1.52%) at 1,763.46.

Sichuan published interim policies to advance compute-network construction, directing upgrades to compute-park infrastructure and urging direct connections between backbone and metro communications networks and compute parks. The province will accelerate a “millisecond computing” action plan, coordinate primary and backup power and support intelligent microgrids for parks. Financing for qualifying compute-park infrastructure will be prioritised via local government special bonds and policy financial tools. The plan backs shared compute services — including scheduling platforms, compute marketplaces and token factories — and aims to boost high-quality compute supply. For large-model training/inference and industry-model development, Sichuan calls for appropriately ahead-of-demand deployment of smart compute, accelerated construction of 10,000-card smart-compute clusters, and balanced allocation between general-purpose, smart and supercomputing resources to raise the smart-compute share. Key universities, research institutes, industry leaders and AI firms are encouraged to prioritise provincial compute resources; eligible users may receive compute vouchers.