据悉，英美烟草首席执行官Tadeu Marroco同时提及公司明年面临的其他压力，其中包括澳大利亚烟草 监管政策趋严带来的冲击，以及对新兴产品品类的持续投入，也将对利润增长形成一定压制。根据英美 烟草的最新指引，2026年营收增速将落在3%-5%的中期目标区间下限，经调整后的营业利润增速预计为 4%-6%。 消息面上，思摩尔国际大客户英美烟草(BTI.US)近日公布最新业绩指引，预计其2026年业绩将处于中期 目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增 长。 思摩尔国际(06969)早盘跌超8%，较年内高点23.92港元已腰斩，截至发稿，跌7.65%，报11.34港元，成 交额3.13亿港元。 ...

思摩尔国际(06969)早盘跌超8%，较年内高点23.92港元已腰斩，截至发稿，跌7.65%，报11.34港元，成 交额3.13亿港元。 来源：智通财经网 消息面上，思摩尔国际大客户英美烟草(BTI.US)近日公布最新业绩指引，预计其2026年业绩将处于中期 目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增 长。 据悉，英美烟草首席执行官Tadeu Marroco同时提及公司明年面临的其他压力，其中包括澳大利亚烟草 监管政策趋严带来的冲击，以及对新兴产品品类的持续投入，也将对利润增长形成一定压制。根据英美 烟草的最新指引，2026年营收增速将落在3%-5%的中期目标区间下限，经调整后的营业利润增速预计为 4%-6%。 ...

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，概不對因本公告全部或任何部分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 | 流動資產 | 15,081.47 | | --- | --- | | 非流動資產 | 12,938.09 | | 流動負債 | 5,681.36 | | 非流動負債 | 547.49 | | 資產淨額（ 不包含商譽） | 21,790.71 | | 歸屬於本公司股東的權益 | 21,766.68 | | 少數股東權益 | 24.03 | – 1 – 本公告所載信息僅根據目前對本集團未經審核綜合管理賬目的初步審閱所得出，而該等資 料尚未經獨立核數師審閱。上述信息可能並不代表本集團整個財政年度的財務表現。股東 及潛在投資者於買賣本公司證券時，請勿依賴上述資料，並務請審慎行事。 承董事會命 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） 財務更新自願性公告 截至2025年9月 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.68%, Green Power Environmental (01330) at 69.12%, and Da Zhong Public Utilities (01635) at 69.03% [1] - Alibaba-W (09988), Meituan-W (03690), and Pop Mart (09992) saw the largest increases in holding amounts over the last five trading days, with increases of +3.329 billion, +1.319 billion, and +1.060 billion respectively [1] - The largest decreases in holding amounts were observed in Zijin Mining (02899) at -861 million, SMIC (00981) at -815 million, and Lenovo Group (00992) at -430 million [1][2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 100.87 billion shares, 72.68% holding ratio [1] - Green Power Environmental (01330): 2.80 billion shares, 69.12% holding ratio [1] - Da Zhong Public Utilities (01635): 3.68 billion shares, 69.03% holding ratio [1] - Other notable companies include Haotian International Construction Investment (01341) at 68.75% and China Shenhua (01088) at 67.00% [1] Recent Increases in Holdings (Last 5 Trading Days) - Alibaba-W (09988): +3.329 billion, +21.6752 million shares [1] - Meituan-W (03690): +1.319 billion, +13.7526 million shares [1] - Pop Mart (09992): +1.060 billion, +4.9058 million shares [1] - Other companies with significant increases include ZTE Corporation (00763) and China Merchants Bank (03968) [2] Recent Decreases in Holdings (Last 5 Trading Days) - Zijin Mining (02899): -861 million, -26.2640 million shares [2] - SMIC (00981): -815 million, -12.1252 million shares [2] - Lenovo Group (00992): -430 million, -43.6821 million shares [2] - Other companies with notable decreases include China Mobile (00941) and China Pacific Insurance (02328) [2]

智通财经APP获悉，国金证券发布研报称，从海外各烟草巨头2025年发展来看，传统卷烟销量下滑已是 不可逆转的趋势，各烟草巨头均将新型烟草作为保障公司长期发展的核心动力。英法等国已全面禁止一 次性烟，欧洲市场正处于由一次性向换弹式、类换弹式及开放式产品需求转换过程中，合规企业发展机 遇正重新开启。HNB方面，各烟草巨头竞相布局其中，美国市场26年有望正式开启，其全球渗透率有 望进一步提升，将带来广阔扩容空间。凭借Hilo优秀的产品性能且BAT进一步完善营销策略后，Hilo有 望重塑当前HNB竞争格局。 国金证券主要观点如下： 菲莫国际：25Q3新型烟草延续较优增长，期待26年IQOS登陆美国市场 2025Q1-Q3，菲莫国际新型烟草业务实现营收125亿元，同比增长16.0%%，收入占比同比提升3.0pct至 41.3%，其中25Q3新型烟草营收同比+18.9%至44亿美元，延续较优增长态势。 加热烟草方面，25Q1-Q3公司HNB出货量达1167亿支，同比增长12.2%，其中25Q3出货量同比+15.5%至 408.36亿支。截止25Q3，IQOS全球市占率同比提升0.5pct至5.8%，环比25Q2提升0.1 ...

Core Viewpoint - The article highlights the collective efforts of Hunan enterprises and individuals in response to a significant fire incident in Hong Kong, showcasing solidarity and support for the affected community [1]. Group 1: Donations and Contributions - Multiple Hunan enterprises have actively participated in fundraising efforts, with the Hong Kong Hunan Association and 21 member organizations expected to donate 5 million HKD [2]. - Notable contributions include: - Lens Technology donating 13.1 million HKD - SANY Group donating 10 million HKD and providing energy equipment for emergency power supply - Afuni Future Capital donating 10 million HKD - Other companies like Zhongwei New Materials, Simore International, and Aier Eye Hospital each donating 5 million HKD [2]. - Additional donations include 2 million RMB from Yanjin Puzhi Food Co., 1 million HKD from Wanxing Technology, and 200,000 RMB from SHOWVEN [2]. Group 2: Individual Contributions - Several Hunan entrepreneurs have also made personal donations, including: - Hu Guoan, Vice President of the Hong Kong Hunan Association, donating 1 million RMB - Lian Zhen'en, Executive President of the association, donating 300,000 HKD - Other individuals contributing smaller amounts [3]. - SANY Group has activated a global disaster response mechanism to assist affected individuals [3]. Group 3: Call for Support and Initiatives - The Hong Kong Hunan Association has initiated a fundraising campaign, encouraging the community to donate cold-weather relief supplies and seek assistance if needed [4]. - The Changsha Municipal Federation of Industry and Commerce and the Changsha Guangcai Foundation have issued a call to action for local businesses to contribute to the relief efforts, emphasizing the importance of social responsibility [4].

Market Overview - The Hang Seng Index increased by 0.46%, gaining 119 points to reach 26,013 points, while the Hang Seng Tech Index rose by 0.51%. The morning trading volume in Hong Kong was HKD 114 billion [1]. Airline Sector - Airline stocks led the gains, with China Eastern Airlines (00670) rising over 6% due to improved oil cost dynamics benefiting airline performance [2]. Biotechnology Sector - The Hang Seng Biotechnology Index rose over 2%. Rongchang Biopharmaceutical (09995) increased by over 5%, and Kangfang Biotech (09926) rose over 4%. China Biopharmaceutical (01177) gained 2.59% following significant breakthroughs in its self-developed HER2 dual-target ADC for breast cancer. Junshi Biosciences (01877) also saw an increase of over 3% as its Toripalimab subcutaneous injection Phase III clinical trial met its primary endpoint, with plans for subsequent listing application [3]. Pharmaceutical Sector - Basilea Pharmaceutica (02616) rose over 6% after the European Commission approved a new indication for Sugliquide [4]. AI and Technology Sector - GDS Holdings (09698) increased nearly 4% as domestic AI chip supply improved, with Morgan Stanley projecting a surge in orders by the second half of next year [5]. - Changfei Optical Fiber (06869) rose nearly 7% due to increased interest in Google's TPU chips, with institutions optimistic about AI-driven growth. Smoore International (06969) gained over 4% after signing a long-term battery cell procurement agreement with EVE Energy to secure supply for its electronic cigarette products [6]. E-commerce Sector - Alibaba Group (09988) saw a decline of over 2% during trading, with its adjusted net profit for the second fiscal quarter dropping 72% year-on-year [7].

Core Viewpoint - Smoore International (06969.HK) has seen a significant increase in its stock price, rising over 4% to reach HKD 12.96, with a trading volume of HKD 146 million [1] Group 1 - The stock price of Smoore International increased by 4.6% [1] - The current trading price is HKD 12.96 [1] - The trading volume reached HKD 146 million [1]

Group 1 - Smoore International (06969) shares increased by 4.6%, reaching HKD 12.96, with a trading volume of HKD 146 million [1] - The company announced a renewed procurement framework agreement with EVE Energy (300014) for battery products, effective from January 2026 to December 2028 [1] - The procurement agreement is driven by the continuous growth of the global electronic vaporization product market, indicating a potential increase in product orders [1] Group 2 - Huafu Securities highlighted that the new procurement agreement is expected to enhance sales of Smoore's new tobacco products in new regions, particularly with the entry of international tobacco leaders' HNB products into mainstream markets [1] - The company is anticipated to benefit from a shift in European markets towards more profitable products like pod-based and open-system devices [1] - In the U.S., the enforcement of electronic cigarette regulations has strengthened, suggesting significant recovery potential for compliant product market share [1] Group 3 - Smoore International's diverse business segments, including vapor electronic cigarettes, HNB, vapor beauty, and vapor medical products, are entering a harvest phase [1] - The global launch of various products and multi-point catalysts are expected to drive future growth [1]

Core Viewpoint - Smoore International (06969) has seen a stock increase of over 4%, currently trading at HKD 12.96, with a transaction volume of HKD 146 million. The company has renewed its procurement framework agreement with EVE Energy, effective from January 2026 to December 2028, for battery products, indicating a positive outlook for the electronic vaporization product market [1]. Group 1 - The renewed procurement agreement with EVE Energy is expected to support the continuous growth of Smoore's product orders due to the expanding global electronic vaporization market [1]. - The company is likely to benefit from the entry of major international tobacco players' heated non-combustible (HNB) products into mainstream markets, which may contribute to sales growth in new regions [1]. - In Europe, particularly in the UK, there is potential for a shift towards more profitable pod-based and open-system products, enhancing profitability [1]. Group 2 - The enforcement of electronic cigarette regulations in the United States is expected to restore market share for compliant products, providing significant recovery opportunities [1]. - Smoore's diverse business segments, including vapor electronic cigarettes, HNB, vapor beauty, and vapor medical products, are entering a harvest phase, with global launches and multi-point catalysts anticipated [1].