I can confirm the same issue on macOS 27.2 and macOS 27.3 Beta 1. In my case, the SMB server is running TrueNAS CORE 13, and the affected files are Minshall+French (XSym) symbolic links. I was able to reproduce the issue consistently: Relative symlinks without .. work correctly. Relative symlinks containing .. are incorrectly interpreted as regular 1067-byte files. Long relative target paths without .. work correctly. The same symlinks work correctly on macOS 14.8.8 when accessing the identical SMB share. Disabling SMB metadata caching (nomdatacache), switching to SMB 2.1, and disabling SMB streams did not resolve the issue. This regression is affecting production workflows involving linked media files. I have also submitted a separate bug report: FB25362340.