JPMorgan believes that less than 30% of SMIC's product portfolio is benefiting from tight supply and demand. They expect a mild 3% year-over-year blended ASP improvement by 2026, as price increases are limited to analog and memory products. Pricing pressure continues for other products due to weaker smartphone and PC demand. Despite a rising leading-edge wafer revenue mix, SMIC's blended ASP has not significantly increased, largely due to sub-optimal yields.