Core Insights - Yunnan's Qujing City has achieved a 45.9% increase in foreign trade import and export volume in the first three quarters of the year, driven by the development of new productive forces and a modern industrial system [1][2] Group 1: Economic Development - Qujing City is focusing on optimizing traditional industries while nurturing emerging and future industries, leading to a robust support system from traditional sectors like tobacco, coal, and electricity [1] - The city is also advancing in new sectors such as green aluminum, silicon photovoltaic, and new energy batteries, alongside stable growth in advanced equipment manufacturing, new materials, and biomedicine [1] - The local government has established seven provincial-level foreign trade transformation bases, resulting in a 66% increase in the number of enterprises engaged in foreign trade compared to the end of the 13th Five-Year Plan [1] Group 2: Industrial Strategy - Qujing is committed to intelligent, green, and integrated development, promoting synchronized advancements in new industrialization, information technology, urbanization, and agricultural modernization [2] - The city is accelerating the establishment of an advanced manufacturing center and implementing three major projects: upgrading traditional industries, nurturing emerging industries, and planning for future industries [2] - Industrial investment accounts for 57.1% of fixed asset investment, while the added value of the private economy constitutes 57.6% of the regional GDP [2]

近一年中国烤烟出口情况统计图 相关报告：智研咨询发布的《2026-2032年中国烟草行业市场全景调查及投资潜力研究报告》 根据中国海关数据显示：2025年10月中国烤烟出口数量为0.62万吨，同比下降39%，出口金额为0.31亿 美元，同比下降36.2%。 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Viewpoint - The article emphasizes the importance of dividend strategies in investment, highlighting their ability to provide stable returns and lower volatility compared to other investment options, especially in the context of changing market sentiments over the past decade [1][2]. Summary by Sections Dividend Strategy Overview - The dividend strategy has shown a cumulative increase of 150.71% over the past decade, significantly outperforming the CSI 300 total return index (41.73%) and the Wind All A index (42.88%) [1]. - The dividend strategy is considered suitable for family asset allocation as a foundational asset [1]. Value Investment Principles - Value investing focuses on long-term cash flow returns, as defined by Graham in "Security Analysis," emphasizing the importance of cash flow over the type of asset [3]. - Buffett's distinction between investors and speculators highlights the focus on cash flow generation and the quality of business models [3]. Indicators of Dividend Stocks - High dividend yield indicates a company's ability to generate consistent cash flow and suggests a strong business model with good governance [4]. - Historical data shows that companies like Philip Morris have provided substantial returns through consistent cash flow and dividends, even during industry downturns [4]. Suitable Indices for Long-term Investment - Three indices suitable for long-term investment include the National Value 100 Total Return Index, National Free Cash Flow Total Return Index, and CSI Dividend Total Return Index, all showing lower volatility and higher returns [10][18]. - The National Free Cash Flow Total Return Index has the highest annualized return of 16.8% over the past decade, while the CSI Dividend Total Return Index has the lowest volatility at 17.6% [11][12]. Investment Strategies - A balanced approach to investing in the three indices can optimize returns and reduce volatility, with a proposed "index allocation combination" yielding a 262% return over the past decade [20][22]. - Investors can customize their allocations based on the characteristics of each index, using the CSI Dividend Index for defensive positions and the National Free Cash Flow Index for growth opportunities [23][24]. ETF Recommendations - Recommended ETFs include the Value ETF tracking the National Value 100 Index, the Free Cash Flow ETF tracking the National Free Cash Flow Index, and the Dividend ETF tracking the CSI Dividend Index, all designed to align with value investing principles [27].

香港海关将继续推广完税标签制度，并积极与烟草业界（包括香烟入口商）进行沟通，包括邀请他 们参与第二阶段的先导计划。香港海关稍后将举行讲解会向业界提供标签附贴流程资料及派发试行完税 标签样本作参考，并会透过问卷形式收集业界的意见，期望有关计划能够有助于完善完税标签制度的规 划，有效区分已完税和未完税香烟，打击"白牌烟"。 （责任编辑：王治强 HF013） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 智通财经APP获悉，香港海关10月6日开展为期三个月的完税标签制度先导计划于早前完成第一阶 段的测试，并于11月17日展开第二阶段先导计划。 在第一阶段测试中，香港海关除了于海关课税室为旅客带入或以货件进口香港的完税香烟附贴试行 完税标签外，亦借用香港本地香烟生产商的设备于实际操作环境中进行技术测试，包括构建电脑模组测 试数据系统、于生产过程中附贴试行完税标签及将有关产品暂存保税仓，并于完税后推出零售市场的整 ...

Core Insights - The core viewpoint of the article highlights the growth in cigarette production in China, with a notable increase in September 2025 compared to the previous year, indicating a slight recovery in the industry [1]. Production Data - In September 2025, China's cigarette production reached 222.6 billion sticks, reflecting a year-on-year growth of 2.3% [1]. - Cumulatively, from January to September 2025, the total cigarette production in China amounted to 2,041.68 billion sticks, showing a modest increase of 0.3% compared to the same period in the previous year [1].

Economic Overview - After two years of growth driven by military spending related to the Ukraine war, Russia's economy is now slowing, with declining oil revenues and an increasing budget deficit [1] - The Kremlin is looking to ordinary citizens and small businesses to stabilize its finances [1] Tax Increases - A proposed increase in value-added tax (VAT) from 20% to 22% is expected to generate up to 1 trillion rubles (approximately $12.3 billion) for the state budget, effective from January 1 [2] - The legislation also lowers the VAT collection threshold for businesses from 60 million rubles ($739,000) to 10 million rubles ($123,000) by 2028, targeting tax avoidance schemes [2] Impact on Small Businesses - The new VAT regulations will affect previously exempt businesses, including corner stores and beauty salons, potentially leading to financial strain [3][2] - Concerns have been raised that the requirement for small businesses to collect VAT may lead to closures, resulting in lower budget revenues instead of the intended increase [6] Additional Tax Proposals - The government is considering increasing taxes on various goods, including spirits, wine, beer, cigarettes, and vapes, with specific increases outlined for stronger spirits [4] - Other proposed fee increases include those for renewing driver's licenses and a potential tech tax on digital equipment, which could reach up to 5,000 rubles ($61.50) for high-priced items [4] Public Sentiment - The economic slowdown and tax increases indicate that both President Putin and ordinary Russians will face difficult choices between military spending and consumer welfare [5] - Public reactions in Moscow reflect a mix of dismay and resignation, particularly regarding the impact of higher food prices on poorer regions and low-income individuals [5]

Group 1 - The U.S. House of Representatives is set to vote on a bill to end the government shutdown on November 13 at 8:00 AM Beijing time [14] - The White House indicated that the non-farm payroll and inflation data for October may never be released [14] - The Atlanta Fed President Bostic unexpectedly announced his retirement, reaffirming a hawkish stance shortly after [14] Group 2 - The OPEC report suggests that global oil supply will balance with demand by 2026, leading to a decline in crude oil prices [3] - WTI crude oil fell by 4.14% to $58.44 per barrel, while Brent crude oil dropped by 3.79% to $62.43 per barrel [3][7] - The U.S. stock market saw the Dow Jones Industrial Average rise by 0.68%, while the Nasdaq Composite Index fell by 0.26% [3] Group 3 - European stock indices closed higher, with Germany's DAX30 up by 1.22% and the UK FTSE 100 up by 0.12% [4] - The Hong Kong Hang Seng Index rose by 0.85%, closing at 26,922.73 points, with a trading volume of 236.39 billion HKD [4] - In the A-share market, the Shanghai Composite Index fell by 0.07%, while the Shenzhen Component Index dropped by 0.36% [5] Group 4 - The China Securities Regulatory Commission reported that foreign investors hold over 3.5 trillion CNY in A-shares [14] - The China Photovoltaic Industry Association stated that circulating rumors online are false [14]

Core Viewpoint - China Tobacco Hong Kong (06055) has signed exclusive global distribution agreements for "Crown" cigars with Anhui Tobacco Industrial Co., Ltd., marking a significant step in establishing a global sales platform for Chinese cigars [1] Group 1: Company Developments - China Tobacco Hong Kong's stock rose over 4% in early trading, currently at HKD 38.68 with a trading volume of HKD 45.83 million [1] - The company has completed exclusive distribution agreements with Sichuan Tobacco, Hubei Tobacco, and Anhui Tobacco, and an exclusive agency agreement with Shandong Tobacco, indicating a robust strategy for global market penetration [1] Group 2: Market Position and Growth Potential - China Tobacco Hong Kong is the only capital platform under China Tobacco Group, benefiting from a strong regulatory environment and deep market barriers [1] - The company is expected to have stable internal growth drivers and significant potential for external growth, supporting China Tobacco's globalization strategy [1]

Core Viewpoint - China Tobacco Hong Kong (06055) has signed exclusive global distribution agreements for "Wangguan" cigars, indicating a strategic move to establish a global sales platform for Chinese cigars [1] Group 1: Company Developments - China Tobacco Hong Kong's stock rose over 4% in early trading, currently at 38.68 HKD with a trading volume of 45.83 million HKD [1] - The company has signed exclusive global distribution agreements with Anhui Tobacco, Sichuan Tobacco, and Hubei Tobacco, completing the initial phase of its global sales platform for Chinese cigars [1] Group 2: Market Position and Growth Potential - China Tobacco Hong Kong is the only capital platform under China Tobacco Group, benefiting from a strong regulatory environment and deep market barriers [1] - The company is expected to have stable internal growth driven by its core business, with significant potential for overseas expansion and a strong pipeline of quality external assets [1]

Economic Growth - Kunming's economic total has continuously surpassed 700 billion and 800 billion yuan since the start of the 14th Five-Year Plan, contributing to the province's economic growth rate increasing from 13.3% in 2020 to 31.9% in 2024 [1] - The city has focused on industrial development, with five industry chains including chemicals, metallurgy, tobacco, digital economy, and biomedicine reaching a scale of 100 billion yuan, while two additional chains in equipment manufacturing and new materials are accelerating towards the same goal [1] Industrial Development - Kunming has implemented reforms to address development challenges and stimulate market dynamics, establishing key industrial cooperation parks such as the Mohan-Ding border cooperation zone and the Shanghai-Yunnan Port Kunming Science and Technology City [1] - A total of 49 projects have been launched in the Mohan area, and the Shanghai-Yunnan Port Kunming Science and Technology City has attracted 123 enterprises [1] Investment Environment - The city has been recognized as one of the top investment hotspots in China for three consecutive years, significantly improving its business environment [1] - Kunming has taken the lead in the western region by introducing regulations to promote the development of the private economy and establishing an "Entrepreneur Day" [1] Trade and Tourism - Kunming is transforming its geographical advantages into developmental strengths, expanding its openness to a broader range of areas and depths [2] - The city's foreign trade import and export volume has increased from 54.59% in 2021 to 61.7% in 2024, indicating a significant rise in its trade activities [2] - In 2024, Kunming is expected to receive 996,000 inbound tourists, a year-on-year increase of 147.6%, with international tourism revenue reaching 417 million USD, up 129.6% year-on-year [2]