截至去年末，高毅资产持有拼多多133.3万股，相较于去年三季度末大手笔增持了62.9万股。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 从前十大持仓股情况来看，中概股是其布局重点，而且去年四季度高毅资产还加仓了拼多多、贝壳等中 概股，并且新进买入了逸仙电商。 美国证券交易委员会公开资料显示，截至2025年末，高毅资产美股持仓的前十大重仓股分别为华住酒店 集团、拼多多、谷歌、百胜中国、贝壳、雾芯科技、网易、爱奇艺、台积电和ISHARES TR，中概股占 据主导地位。 近日，高毅资产在美国证券交易委员会(SEC)公布了2025年末的美股持仓情况。 数据显示，截至2025年末，高毅资产在美股市场持有13家公司的股票，总市值超过6亿美元。 ...

Core Insights - Gao Yi Asset disclosed its US stock holdings as of the end of 2025, indicating a total market value exceeding 600 million USD across 13 companies [2] - The firm increased its positions in Chinese concept stocks such as Pinduoduo and Beike in the fourth quarter of the previous year, and initiated a new investment in Yixian E-commerce [2] - The top ten holdings of Gao Yi Asset in the US stock market include Huazhu Group, Pinduoduo, Google, Yum China, Beike, Wuxi AppTec, NetEase, iQIYI, TSMC, and ISHARES TR, with Chinese concept stocks dominating the portfolio [2]

经济观察网 雾芯科技（RLX Technology）近期在业务多元化与国际市场拓展方面有新的动态。 公司项目推进 雾芯科技自主研发的口服尼古丁产品已于2024年完成制样，并计划于2026年在欧美市场同步上市。该产 品旨在通过更便捷的使用方式拓展无烟烟草制品市场。 公司状况 公司发起的"看见爱：导盲犬伙伴计划"在2025-2026年期间持续进行，计划捐赠400万元用于20只导盲犬 的驯养、医疗及培训工作，首批10只导盲犬已于2025年交付。 业务进展情况 根据2025年第三季度财报，雾芯科技国际业务营收占比已达72%，公司通过并购整合（如2025年5月完 成的欧洲收购）持续扩大在亚太及欧洲市场的布局，未来可能进一步强化本地化运营。 产品研发进展 除口服尼古丁产品外，公司已在美国市场推出尼古丁口溶膜产品，并持续研发加热不燃烧（HNB）等 新型烟草制品，以拓展全球产品矩阵。 以上内容基于公开资料整理，不构成投资建议。 ...

经济观察网 雾芯科技计划于2026年在欧美市场同步上市其自主研发的口服尼古丁产品，并持续推进"看 见爱：导盲犬伙伴计划"。 股票近期走势 近7天（截至2026年02月12日），雾芯科技股价呈现波动，最新收盘价为2.35美元，单日下跌3.69%。区 间数据显示，从02月09日至02月12日，股价累计下跌2.49%，振幅为4.56%，最高价出现在02月12日的 2.46美元，最低价为同日的2.35美元。成交方面，02月12日成交量约190.6万股，成交金额约458.8万美 元；近5日涨跌幅为-0.84%，所属烟草板块同期上涨0.95%，而纳斯达克指数近五日微涨0.25%。 以上内容基于公开资料整理，不构成投资建议。 近期事件 根据经济观察网的报道，雾芯科技（RLX Technology）计划在2026年于欧美市场同步上市其自主研发的 口服尼古丁产品，该产品已获得全球渠道商的积极反馈。公司发起的"看见爱：导盲犬伙伴计划"将在 2025年至2026年期间持续实施，计划捐赠400万元用于20只导盲犬的驯养、医疗及培训工作，首批导盲 犬已交付并进入适应训练阶段。 业绩经营情况 根据2025年第三季度财报，雾芯科技国际业务 ...

Core Viewpoint - RLX Technology plans to launch its self-developed oral nicotine product in the European and American markets by 2026, receiving positive feedback from global distributors [1] Group 1: Product Development and Market Strategy - The oral nicotine product has garnered positive responses from global distributors, indicating strong market interest [1] - The company aims to strengthen its position in the Asia-Pacific and European markets through localized products and retail networks [1] Group 2: Corporate Social Responsibility - The "Seeing Love: Guide Dog Partner Program" will be implemented from 2025 to 2026, with a plan to donate 4 million yuan for the training, medical care, and education of 20 guide dogs [1] - The first batch of guide dogs has been delivered and is currently undergoing adaptation training [1] Group 3: Financial Performance - As of the third quarter of 2025, international business revenue accounted for 72% of the company's total revenue [1]

Core Insights - The report maintains a positive investment rating for the light industry sector, indicating a favorable outlook for potential investments [2][5] - The electronic cigarette industry in China is experiencing significant growth, with the leading brand, RELX, showing a revenue increase of 45.60% year-on-year for the first three quarters of 2025, alongside improvements in gross margin to 29.30% and net margin to 23.00% [5][27] - The industry is undergoing a transformation due to stringent regulations, leading to increased market concentration and providing opportunities for compliant and technologically advanced companies [5][27] Company Overview - The company, RELX Technology, focuses on the research, design, and sales of consumer-grade electronic vapor products, primarily through a comprehensive offline distribution and "brand store+" retail model [8][12] - The management team consists of experienced professionals with backgrounds in fast-moving consumer goods and technology, enhancing the company's strategic direction and operational management [11] Financial Performance - The company's financial data indicates a robust recovery, with a significant increase in net profit for the first three quarters of 2025, reflecting a strong operational performance [16][18] - The sales expense ratio has decreased significantly, contributing to improved profitability metrics [21] Industry Situation - The domestic electronic cigarette market is undergoing consolidation due to strong regulatory measures, with a comprehensive control system established for production, sales, and taxation [27] - Internationally, the market shows regional differentiation, with emerging markets becoming key growth areas while facing high entry barriers in developed regions [28] Competitive Advantages - The company has established a competitive edge through early compliance with regulations, a strong R&D framework supported by multiple laboratories and patents, and a robust supply chain management strategy [29][30] - The dual strategy of deepening domestic compliance while expanding into international markets positions the company favorably against competitors [29]

Summary of the Conference Call Transcript Industry Overview - **Industry**: China Consumer Sector - **Outlook**: The sector is believed to be in the early stage of a multi-year recovery cycle that began in Q3 2024, with expectations for gradual improvement in consumer sentiment and spending through 2026E [2][11][12] Key Insights - **Valuation**: MSCI China Consumer Discretionary and Staples are trading at 17x and 15x 12-month forward PE, approximately one standard deviation below the 10-year averages, indicating that current valuations do not reflect a potential consumption recovery [2][9] - **Consumer Confidence**: The China Consumer Confidence Index has been trending upwards since September 2024, suggesting a gradual restoration of consumer confidence despite ongoing challenges in the property market [12][19] - **K-shaped Recovery**: The recovery is characterized by a K-shaped trend, where mid- to high-income consumers in tier-1 cities are expected to lead spending, while lower-tier city consumers remain focused on value for money [3][48] Consumer Behavior Trends - **Shifting Preferences**: A UBS Evidence Lab survey indicates a divergence in consumer behavior, with over 50% of mid- to high-income consumers reporting investment gains and showing strong spending intentions, particularly in premium and experiential categories [3][37] - **Spending Intentions**: The strongest spending intentions are noted in beauty and skincare (41%) and tourism (37%), reflecting a shift towards experiential and premium spending [51] - **Investment Gains**: 64-74% of mid- to high-income consumers reported increased investment returns, with many planning to reinvest or spend on travel, health services, and consumer electronics [40][41] Stock Implications - **Company Ratings**: - Upgrades to Neutral for Fenjiu due to expected benefits from non-business baijiu consumption - Buy ratings maintained for companies like MIXUE, Guming, China Foods, CR Beer, and YUM China, among others [4] - **Dividend Payouts**: Premium baijiu companies are noted for their >75% dividend payout, which is expected to protect share prices from downside risks [4] Structural Growth Opportunities - **Emerging Themes**: Key investment themes for 2026E include changing consumer preferences, corporate restructuring, and industry consolidation, particularly in sectors like home appliances and mass-market consumption [14][50] - **Corporate Restructuring**: Companies are expected to adapt their business models to align with changing consumer behaviors, which may lead to sustainable long-term earnings growth [4][50] Risks and Challenges - **Property Market Downturn**: The ongoing downturn in the property market is anticipated to weigh on household balance sheets, potentially impacting consumer spending [13][48] - **Policy Support**: The pace of recovery is contingent on stabilizing the property market and effective policy implementation to boost consumption [13][48] Conclusion - The China consumer sector is poised for a recovery, driven by improving consumer confidence and shifting spending patterns. However, the recovery will be uneven across different income groups and city tiers, necessitating a nuanced investment approach to capture emerging opportunities while being mindful of potential risks associated with the property market downturn.

Group 1 - The core point of the article is that RLX Technology (RLX.US) has extended its existing stock repurchase plan by 24 months until December 31, 2027, allowing for the repurchase of up to $500 million of its American Depositary Shares (ADS) [1] - The initial stock repurchase plan was established in December 2021 and was previously extended in December 2023 [1] - As of December 31, 2025, the company has repurchased approximately 170 million ADS, totaling around $330 million, leaving a remaining unused quota of approximately $170 million [1] Group 2 - The National Tobacco Monopoly Administration has recently solicited opinions on a draft notice regarding the implementation of electronic cigarette industry policies to further promote supply-demand balance [2] - The draft notice proposes to strengthen the regulation of electronic cigarette production capacity, emphasizing a market demand-oriented approach for supply-side structural reform in the electronic cigarette industry [2] - It outlines that production enterprises must operate within their approved production capacity and prohibits production beyond this limit, with provisions for capacity adjustment requiring re-approval and compliance with licensing procedures [2]

Group 1: Company Updates - RLX Technology (RLX.US) shares rose over 3% to $2.37 following the announcement of an extension of its existing stock repurchase plan until December 31, 2027 [1] - The current stock repurchase plan, initially established in December 2021, was extended in December 2023, allowing the company to repurchase up to $500 million of its American Depositary Shares (ADS) by December 31, 2025 [1] - As of December 31, 2025, the company has repurchased approximately 170 million ADS, totaling around $330 million, leaving a remaining unused quota of approximately $170 million [1] Group 2: Industry Regulations - The National Tobacco Monopoly Administration has solicited opinions on a draft notice regarding the implementation of electronic cigarette industry policies to further promote supply-demand balance [2] - The draft notice emphasizes the need for capacity regulation in the electronic cigarette industry, advocating for supply-side structural reforms driven by market demand [2] - It outlines that electronic cigarette production enterprises must operate within their approved capacity and prohibits production beyond this limit, with provisions for capacity adjustment through formal application processes [2]

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author has over a decade of experience in the Asian equity market, providing investment ideas particularly centered on the Hong Kong market [1] Group 2 - The investing group offers a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1]