每经AI快讯，思摩尔国际(06969.HK)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。 ...

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]

Core Viewpoint - The report from Guojin Securities indicates that the decline in traditional cigarette sales is an irreversible trend, with tobacco giants focusing on new tobacco products as a core driver for long-term development. The European market is transitioning from disposable to refillable and open products, creating new opportunities for compliant companies [1]. Group 1: Philip Morris International - In Q1-Q3 2025, Philip Morris International's new tobacco business generated revenue of 12.5 billion yuan, a year-on-year increase of 16.0%, with revenue contribution rising by 3.0 percentage points to 41.3% [1]. - In Q3 2025, the revenue from new tobacco products increased by 18.9% to 4.4 billion USD, continuing a favorable growth trend [1]. - The HNB shipment volume reached 116.7 billion sticks in Q1-Q3 2025, a year-on-year increase of 12.2%, with Q3 shipments up by 15.5% to 40.836 billion sticks [2]. Group 2: British American Tobacco - In H1 2025, British American Tobacco's new tobacco business revenue was 1.689 billion GBP, a year-on-year decrease of 1.2%, with vapor products down 15.0% and HNB products down 3.2% [3]. - The Glo market share increased by 0.4 percentage points to 16.8% by H1 2025, with Glo Hilo launched in Japan, Poland, and Italy since September 2025 [3]. Group 3: Altria - In Q1-Q3 2025, Altria's oral tobacco business revenue was 2.096 billion USD, a slight year-on-year increase of 0.6%, while Q3 revenue decreased by 4.6% [4]. - The On! brand achieved sales of 134 million cans in Q1-Q3 2025, a year-on-year increase of 14.8% [4]. - Altria has completed the redesign of NJOY ACE and is assessing the possibility of re-entering the U.S. market after resolving patent disputes [4]. Group 4: Imperial Brands - In FY2025, Imperial Brands' new tobacco business revenue was 368 million GBP, a year-on-year increase of 11.9%, with European new tobacco revenue growing by 7.7% [5]. - The company launched new products in the UK, France, Italy, and Greece, contributing to stable revenue growth in the European market [5]. Group 5: Japan Tobacco - In Q1-Q3 2025, Japan Tobacco's new tobacco business generated revenue of 91.3 billion JPY, a year-on-year increase of 20.7%, with sales volume up by 27.0% [7]. - The Ploom Aura product has achieved cumulative sales of over 2 million units, marking the fastest record in Japanese tobacco history [7]. - Japan Tobacco plans to invest 650 billion JPY in Ploom Aura's development and marketing from 2025 to 2027, indicating a focus on the competitive HNB market [7]. Group 6: Investment Recommendations - The report recommends focusing on Smoore International (06969) due to the significant expansion of the compliant vapor market in Europe and the ongoing global promotion of Hilo [8]. - It also suggests paying attention to the new tobacco industry chain, including vapor, HNB, and oral tobacco products [8].

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]