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Core Viewpoint - The individual investor adopts a contrarian investment style, focusing on deep value opportunities, particularly in stocks that have recently experienced sell-offs due to non-recurrent events, while also considering insider buying as a positive signal [1] Investment Strategy - The investment portfolio is split approximately 50%-50% between shares and call options, indicating a balanced approach between equity and derivatives [1] - The investor's timeframe for holding positions typically ranges from 3 to 24 months, suggesting a medium-term investment horizon [1] - Fundamental analysis is employed to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] - Technical analysis is utilized to optimize entry and exit points, with a focus on support and resistance levels on weekly charts [1] Stock Selection Criteria - Preference is given to stocks that have undergone a recent sell-off, particularly when there is insider buying at the new lower price, indicating potential recovery [1] - The investor screens through thousands of stocks, primarily in the US, but is open to owning shares in less stable markets, referred to as "banana republics" [1] - Professional background checks are conducted on insiders who purchase shares post-sell-off to ensure credibility and alignment with shareholder interests [1]

2025全年收入增长平稳，受竞争活动及资源重新分配影响。Glo品牌在全球主要市场的销量份 额-1.2pct，主要受日本竞争影响，同时公司逐步淘汰传统设备线。高端新品Glo Hilo日本达份额1%(高端 市场2%)，波兰及意大利市场份额获取更快。2026年Glo品牌目标整体份额降幅收窄、企稳回升，主要 由Glo Hilo驱动。 雾化电子烟继续受益市场环境优化，新型口含烟高增延续 美国市场改善推动2025 H2收入表现提升(2025H1同比-13%)。Vuse品牌在主要市场价值份额+0.1pct，其 中美国+0.7pct，部分市场增长被加拿大非法电子烟影响。与此同时，高端新产品Vuse Ultra在加拿大、 德国和法国市场试水表现优异，预计2026年加速全球推广。新型口含烟方面，2025全年Velo Plus驱动美 国地区业务实现三位数增长，推动美国地区市场率+9.2pct至15.6%，在全球主要市场份额+5.9pct至 31.8%。同时，Velo Plus启动进入欧洲市场，预计初期采取类似美国的促销策略。新品方面，2025年9月 以来Velo shift在瑞典市场反馈积极。 智通财经APP获悉，国泰海通发布研报 ...

思摩尔国际(06969)再跌超4%，截至发稿，跌4.53%，报11.81港元，成交额6444.65万港元。 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。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%。 值得注意的是，英国一项新的税收政策即将实施，根据新规，电子烟税将于2026年10月1日正式生效， 电子烟液每毫升额外加收22便士税费，且需在现有20%增值税基础上叠加征收。天风证券（601162）表 示，英国电子烟税即将落地，2ml换弹式、尼古丁袋或将成新风口。 ...

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。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%。 值得注意的是，英国一项新的税收政策即将实施，根据新规，电子烟税将于2026年10月1日正式生效， 电子烟液每毫升额外加收22便士税费，且需在现有20%增值税基础上叠加征收。天风证券表示，英国电 子烟税即将落地，2ml换弹式、尼古丁袋或将成新风口。 智通财经APP获悉，思摩尔国际(06969)再跌超4%，截至发稿，跌4.53%，报11.81港元，成交额6444.65 万港元。 ...

Core Insights - British American Tobacco (BTI) is a leading global tobacco company expanding its portfolio to include innovative products beyond traditional tobacco, aiming to capture a larger market share and adapt to changing consumer preferences [1][3] Financial Performance - On December 10, 2025, Morgan Stanley adjusted BTI's grade to "Underweight" while maintaining a "hold" action, with the stock price at $58.68, but raised the price target from 3,000 GBp to 3,050 GBp, indicating a cautious yet optimistic outlook [2][6] - BTI's current stock price is $58.65, reflecting a 2.37% increase or $1.36, with fluctuations between a low of $57.82 and a high of $58.715 on the same day [4] - Over the past year, BTI's stock reached a high of $59.29 and a low of $34.82, showcasing its market volatility [4] Market Position - BTI has a substantial market capitalization of approximately $128.7 billion, indicating a strong presence in the industry [5][6] - Today's trading volume for BTI stands at 1,973,242 shares, reflecting active investor interest [5]

European Union officials have held multiple, undisclosed meetings with the tobacco industry, which uses political connections to try to influence policy in the bloc and beyond, a report by campaign gr... ...

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%。 ...

Core Points - The conference call is led by Victoria Buxton, Group Head of Investor Relations, along with Tadeu Marroco, Chief Executive, and Javed Iqbal, Interim Chief Financial Officer [1] - The focus of the discussion will be on constant currency adjusted measures, particularly related to the Canadian Combustibles business [2] - There will be an opportunity for questions later in the call [3]