Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]

Group 1 - The core viewpoint of the article highlights the positive performance of electronic cigarette stocks, particularly China Tobacco Hong Kong and Smoore International, following the release of a government opinion on strengthening electronic cigarette regulation [1] - China Tobacco Hong Kong (06055) saw a rise of 6.13%, reaching HKD 34.3, while Smoore International (06969) increased by 4.66%, reaching HKD 12.35 [1] - The report from China Merchants Securities indicates a continued optimistic outlook for the tobacco sector, particularly for Smoore International and China Tobacco Hong Kong [1] Group 2 - Smoore International's HNB (Heat Not Burn) business is gradually showing revenue contributions, with optimistic data from BAT exchanges [1] - The upcoming launch of new products in multiple European countries in Q4, along with the expected increase in repeat purchases of cartridges from existing customers, is anticipated to boost revenue and gross margins [1] - The vaporization main business remains relatively stable, with regulatory clean-up in Europe leading to market share concentration, while U.S. regulations are tightening [1] Group 3 - China Tobacco Hong Kong demonstrates robust internal growth drivers, benefiting from a strong tobacco monopoly system with significant barriers to entry and a structured order plan [1] - The company has substantial quality assets outside its core operations and plays a crucial role in supporting China Tobacco's global expansion strategy, indicating potential for external growth [1]

该行指出，思摩尔国际HNB业务收入贡献逐步体现，BAT交流数据较为乐观，随着Q4欧洲多地新品登 陆以及存量客户烟弹复购有望同步提升收入及毛利率，雾化主业相对稳定，欧洲已体现监管出清带来的 份额集中，美国监管逐步收紧。而中烟香港内生增长动力稳健，主业得益于烟草专卖专营制度，壁垒深 厚，订单计划性强，同时具备出海扩张增长性，体外优质资产较多，公司承载中烟出海全球化战略使 命，外延增长具备想象空间。 电子烟概念股涨幅居前，截至发稿，中烟香港(06055)涨6.13%，报34.3港元；思摩尔国际(06969)涨 4.66%，报12.35港元。 消息面上，国办印发《关于全链条打击涉烟违法活动的意见》，全方位加强电子烟监管，严厉查处非法 生产、批发、运输、销售电子烟和电子烟出口回流等违法活动。招商证券发布研报称，烟草板块持续看 好港股思摩尔国际及中烟香港。 ...

12 月11 日，公司公告称，为推进股权激励计划，公司于12 月11日购买814 万股股份，每股均价为12.26 港元，总花费为9977 万港元，公司单日大额回购充分展现后续发展信心。 经营分析 Hilo 产品力逐渐得到验证，英美烟草促销力度持续加大。据BAT2025 年业绩预告，日本市场上BAT 积 极推进线上线下营销活动，产品品牌和性能引起消费者的强烈共鸣，来自传统卷烟和加热烟草消费者的 留存率约为50%。高留存率直接验证hilo 优秀的产品力，为后续烟弹起量奠定坚实基础。据BAT 官网， 近期hilo 于波兰市场上大幅提高优惠力度，Hilo 器具加两包烟弹仅售1 兹罗提，Hilo Plus 器具加两包烟 弹仅售79 兹罗提。依托BAT 完备的销售网络和足够的营销资源，后续Hilo 烟弹销售有望持续放量，为 思摩尔贡献核心盈利增量。 机构：国金证券 研究员：张杨桓/赵中平 事件简评 核心雾化业务持续修复，有望持续受益于欧美市场扩容。2024 年以来，美国监管部门持续加大对非法 电子烟的打击力度，非法产品的生存空间受到严重挤压。且FDA 官方表态谨慎支持扩大调味烟范围， 合规市场有望持续扩容。英法等国已全面 ...

格隆汇12月12日丨思摩尔国际(06969.HK)公告，于2025年12月12日，受托人已就股份奖励计划于市场上 购买合共799.1万股股份。 思摩尔国际(06969.HK)：受托人根据股份奖励计划购买799.1万股 思摩尔国际(06969.HK)：受托人根据 股份奖励计划购买814万股 相关事件 ...

智通财经APP讯，思摩尔国际(06969)发布公告，于2025年12月12日，受托人已就股份奖励计划于市场上 购买合共799.1万股股份(股份购买)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） 自願性公告 | 股份購買日期： | 2025年12月12日 | | --- | --- | | 已購買股份總數： | 7,991,000股 | | 每股股份平均代價： | 約12.4835港元 | | 不包括所有相關開支、交易徵費、佣 總代價（ | 約99,755,620港元 | 金、稅項、稅費及稅款）： – 1 – 受託人所持股份數目結餘： 於股份獎勵計劃的規限下，董事會或委員會可不時酌情挑選任何合資格參與者作為選定參 與者參與股份獎勵計劃，並按其可能酌情決定的有關條款及條件並在其規限下，向任何選 定參與者授出其可能酌情決定數目的獎勵股份。 承董事會命 思摩爾國際控股有限公司 根據股份獎勵計劃購買股份 本公告乃由思摩爾國際控股 ...

国金证券主要观点如下： 事件简评 12月11日，公司公告称，为推进股权激励计划，公司于12月11日购买814万股股份，每股均价为12.26港 元，总花费为9977万港元，公司单日大额回购充分展现后续发展信心。 Hilo产品力逐渐得到验证，英美烟草促销力度持续加大 据BAT2025年业绩预告，日本市场上BAT积极推进线上线下（300959）营销活动，产品品牌和性能引起 消费者的强烈共鸣，来自传统卷烟和加热烟草消费者的留存率约为50%。高留存率直接验证hilo优秀的 产品力，为后续烟弹起量奠定坚实基础。据BAT官网，近期hilo于波兰市场上大幅提高优惠力度，Hilo 器具加两包烟弹仅售1兹罗提，Hilo Plus器具加两包烟弹仅售79兹罗提。依托BAT完备的销售网络和足 够的营销资源，后续Hilo烟弹销售有望持续放量，为思摩尔贡献核心盈利增量。 国金证券发布研报称，思摩尔国际(06969)作为头部烟草巨头核心供应商，且自营的开放式产品持续贡 献业绩增量，有望充分受益于欧美合规雾化市场扩容。海外新型烟草渗透率提升的长期趋势确定，公司 依托自身技术实力、量产能力深度绑定大烟草集团享受产业发展大趋势的优势地位突出。公司 ...

据BAT2025年业绩预告，日本市场上BAT积极推进线上线下营销活动，产品品牌和性能引起消费者的强 烈共鸣，来自传统卷烟和加热烟草消费者的留存率约为50%。高留存率直接验证hilo优秀的产品力，为 后续烟弹起量奠定坚实基础。据BAT官网，近期hilo于波兰市场上大幅提高优惠力度，Hilo器具加两包 烟弹仅售1兹罗提，Hilo Plus器具加两包烟弹仅售79兹罗提。依托BAT完备的销售网络和足够的营销资 源，后续Hilo烟弹销售有望持续放量，为思摩尔贡献核心盈利增量。 核心雾化业务持续修复，有望持续受益于欧美市场扩容 智通财经APP获悉，国金证券发布研报称，思摩尔国际(06969)作为头部烟草巨头核心供应商，且自营的 开放式产品持续贡献业绩增量，有望充分受益于欧美合规雾化市场扩容。海外新型烟草渗透率提升的长 期趋势确定，公司依托自身技术实力、量产能力深度绑定大烟草集团享受产业发展大趋势的优势地位突 出。公司雾化、HNB业务向上的趋势没有变化，各项业务积极信号正不断涌现，建议积极关注，维 持"买入"评级。 国金证券主要观点如下： 事件简评 12月11日，公司公告称，为推进股权激励计划，公司于12月11日购买814 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The company demonstrates confidence in its future development by repurchasing 8.14 million shares at an average price of 12.26 HKD, totaling 99.77 million HKD [2]. - The Hilo product line is gaining traction, with strong promotional efforts from British American Tobacco (BAT) leading to a 50% retention rate among traditional and heated tobacco consumers, which supports future sales growth [3]. - The core vaping business is recovering, benefiting from regulatory crackdowns on illegal e-cigarettes in the U.S. and a shift in European markets towards compliant products. BAT expects revenue recovery in the U.S. market by the second half of 2025, with a projected market share increase [4]. - The company is well-positioned to capitalize on the expanding compliant vaping market in Europe and the U.S., with a focus on accelerating the global promotion of Hilo products by 2026 [4]. Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are 0.22, 0.37, and 0.59 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 53, 31, and 20 [5]. - Revenue is expected to grow from 11,168 million CNY in 2023 to 20,462 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.48% [10]. - The net profit is projected to recover from 1,303 million CNY in 2024 to 3,656 million CNY by 2027, indicating a significant growth trajectory [10].