中游为电子烟的设计、研发与制造环节，涵盖产品结构设计、电子系统集成及规模化生产。该环节企业 需具备较强的研发能力和质量控制体系，以满足不同市场对安全性、口感和外观的需求。同时，随着产 品向智能化、可调节功率方向发展，技术创新成为竞争关键。 下游则涉及品牌运营、渠道销售和终端消费。品牌方通过线上电商平台、线下专卖店或便利店等多种方 式触达消费者，并借助营销策略建立用户粘性。海外市场尤其是欧美地区，是当前主要的消费市场之 一，出口业务在整体销售中占比较高。 电子烟是一种通过加热含尼古丁的液体产生气溶胶供人吸入的电子产品，其工作原理不同于传统卷烟的 燃烧方式，因此被部分使用者视为减害替代品。近年来，随着健康意识提升和监管政策逐步明确，电子 烟产业逐渐形成较为完整的产业链条，吸引了不少投资者关注。 整个电子烟产业链可分为上游、中游和下游三个环节。上游主要包括核心原材料的供应，如电池、雾化 器、芯片、尼古丁提取物以及烟油成分等。这些材料的技术水平直接影响产品的安全性和使用体验，其 中雾化芯和电池管理芯片是技术含量较高的部分。 需要提醒投资者的是，电子烟行业受政策影响较大。各国对电子烟的监管趋严，包括口味限制、税收政 策 ...

Group 1: Market Overview - The Hong Kong stock market indices collectively rose, with the Hang Seng Index up by 0.6%, the Hang Seng China Enterprises Index up by 0.67%, and the Hang Seng Tech Index up by 0.57% [1] - The electronic cigarette sector saw significant gains, with Smoore International rising by 12.87%, China Tobacco Hong Kong by 8.75%, and China Boton by 5.84% [1] Group 2: Regulatory Impact - China's upgraded electronic cigarette regulatory framework mandates that all production licenses will indicate approved production capacity, effective from June [1] - The stricter regulations are expected to eliminate non-compliant products, benefiting compliant companies by enhancing their market share and profitability [1] Group 3: Sector Performance - The nuclear power sector experienced substantial increases, with China National Nuclear Power rising by 11.91%, China General Nuclear Power by 28.31%, and China General Nuclear Power New Energy by 3.51% [1] - In the pharmaceutical sector, notable gains were observed in biopharmaceuticals and innovative drug concepts, with Innovent Biologics up by 14.14% and Zai Lab by 12.22% [2] - Coal stocks also saw upward movement, with Jinma Energy increasing by 24.14% and China Qinfa by 4.17% [2] Group 4: Brokerage and Other Sectors - Brokerage stocks showed positive performance, with Zhongtai Futures up by 6% and Everbright Securities by 4.72% [3] - Various consumer sectors, including film, baby products, dairy, sports, and food, experienced varying degrees of increase [4] Group 5: Declining Sectors - The home appliance sector faced declines, with TCL Electronics down by 2.9% and Midea Group by 2.58% [5] - Telecommunications and 5G concept stocks collectively weakened, with China Telecom down by 1.89% and China Unicom by 2.16% [5]

Core Viewpoint - Smoore International (06969.HK) experienced a significant stock price increase of 10.18%, closing at HKD 17.32 per share, marking a new high since September 2022 and breaking a two-year stagnation period [2]. Company Performance - For 2024, Smoore International is projected to achieve total revenue of approximately RMB 11.799 billion, reflecting a year-on-year growth of about 5.3%. The group's gross profit is expected to be around RMB 4.412 billion, with a gross margin of 37.4%, and a net profit of approximately RMB 1.303 billion. The board has also proposed a final dividend of HKD 0.05 per share [5]. Market Dynamics - The tightening regulations on illegal vaping products in the U.S. are seen as beneficial for compliant brands, with Smoore International positioned to gain from this trend as a leading electronic cigarette manufacturer [3][4]. - Other Hong Kong stocks in the electronic cigarette sector, such as Huabao International (00336.HK) and China Tobacco Hong Kong (06055.HK), also showed positive movements, indicating a broader market interest [3]. Analyst Ratings - First Shanghai Securities has issued a "Buy" rating for Smoore International with a target price of HKD 19, suggesting potential upside from the current stock price. The company is expected to benefit from its exclusive supply of heated not-burn (HNB) products to British American Tobacco, with significant profit growth anticipated starting in the second half of the year [6]. - Guojin Securities also highlighted the positive outlook for the HNB industry, indicating that Smoore International is well-positioned for growth due to its strategic partnerships and market expansion plans [6].