Core Viewpoint - The electronic cigarette sector, particularly the leading company Smoore International, has seen a resurgence in stock price, reaching a three-year high, despite a broader market decline, indicating a potential shift in investor sentiment and consumer behavior towards new consumption trends [1][2]. Group 1: Company Performance - Smoore International's stock price increased by 10.39% on May 13, bringing its market capitalization close to 100 billion HKD, recovering from previous losses and marking a three-year high [2]. - The company's 2024 revenue was reported at 11.8 billion CNY, a 5.3% increase from the previous year, while net profit decreased by 20.78% to 1.303 billion CNY [4]. - The sales revenue from Smoore's proprietary brand business reached approximately 2.475 billion CNY, reflecting a growth of about 34% compared to the previous year [4]. Group 2: Market Trends - There is a notable shift in consumer behavior towards "self-indulgent" consumption, with an increasing preference for domestic brands and products tailored to local needs, driven by rising consumer recognition and changing consumption patterns [1][7]. - The trend of "emotional value" in consumer products is gaining traction, particularly among female consumers, which aligns with Smoore's strategy to expand its product offerings beyond electronic cigarettes [5][6]. Group 3: Investment Insights - Fund managers have shown a cautious yet optimistic approach towards Smoore International, with some engaging in "exploratory heavy positions" despite the company's recent challenges, indicating a belief in its potential for recovery and growth [3][4]. - The focus on "self-indulgent" consumption products, such as beauty and wellness items, is expected to drive future growth for companies like Smoore, as they align with emerging consumer preferences [5][8].

Core Viewpoint - The release of the 2025 version of the Market Access Negative List signifies a continued effort to reduce market entry restrictions, enhancing the vitality of the market and promoting economic development [1][3]. Group 1: Market Access Changes - The number of items in the new negative list has decreased from 117 to 106, with national management measures reduced from 486 to 469 and local measures from 36 to 20 [1]. - Since the first version in 2018, the total number of items has been reduced by approximately 30%, from 151 to 106 [1][3]. Group 2: Specific Measures Removed or Adjusted - Eight national measures have been deleted, including the transition of the seal engraving industry from a licensing system to a filing system [3]. - Seventeen local measures have been removed, affecting sectors such as transportation logistics and vehicle leasing services [3]. - Eight national measures have been relaxed, including the establishment of TV production units and the management of drug wholesale and retail enterprises [3]. Group 3: New Regulations for Emerging Industries - The new list includes regulations for emerging sectors such as unmanned aerial vehicles and electronic cigarettes, ensuring that these areas are properly managed [5]. - Specific measures for the operation of civil unmanned aerial vehicles and the production and sale of electronic cigarettes have been incorporated into the list [5][6]. Group 4: Safety and Compliance - The new version emphasizes maintaining safety in critical areas, including financial and national security, by regulating the use of terms related to futures companies in non-financial institutions [5][6]. - The inclusion of these measures aims to protect legal rights and promote a balance between high-level safety and quality development [6]. Group 5: Future Actions - The National Development and Reform Commission, along with other departments, will conduct actions to clear market access barriers and rectify unreasonable regulations [9]. - The goal is to create a fair market access environment and support the establishment of a unified national market [9].

Core Viewpoint - The release of the "Market Access Negative List (2025 Edition)" indicates a significant reduction in restrictions, promoting a more open market environment and enhancing economic development [1][3][8]. Summary by Sections Reduction of Restrictions - The number of items in the new negative list has decreased from 117 to 106, with national specific management measures reduced from 486 to 469, and local management measures from 36 to 20 [1]. - Since the first edition in 2018, the total number of items has been cut from 151 to 106, representing a reduction of approximately 30% [2]. Enhanced Market Access - The new list has removed 8 national measures, such as changing the public seal engraving industry from a licensing system to a filing system, and reforming the sales of computer information system security products to a testing and certification system based on mandatory national standards [3]. - Additionally, 17 local measures have been deleted, covering areas like transportation logistics and vehicle rental services [4]. New Regulations for Emerging Industries - The updated list introduces new measures for emerging sectors, including unmanned aerial vehicles and electronic cigarettes, ensuring regulatory compliance in these areas [5]. - For instance, the operation qualification certificate for civil unmanned aerial vehicles is now included in the list, and electronic cigarette production and sales require specific approvals [5]. Focus on Safety and Compliance - The new list emphasizes maintaining safety in critical areas such as finance and production, with specific regulations to prevent unauthorized use of terms related to futures companies [5]. - This approach aims to balance high-level safety with quality development, ensuring that legitimate rights are protected while fostering growth [6]. Market Access Barrier Cleanup - The three departments will jointly conduct actions to clear market access barriers, aiming to eliminate unreasonable regulations and practices that hinder market entry [8]. - The "non-prohibition means entry" management model is highlighted as a significant reform that reduces institutional transaction costs for businesses [8].

2022年3月，国家明确禁止销售除烟草口味外的调味电子烟。而在近期，不少家长反映，一种调配出各 种水果口味的电子烟出现在未成年人身边，引发全网关注。调味电子烟禁售规定已实行近三年，线上线 下情况如何？今年3月起，南都记者暗访广州市内电子烟门店发现，这种调配出各种水果口味的电子 烟，仍可通过各种隐秘的渠道轻易被购买。 很多电子烟门店柜面上虽摆放着烟草味电子烟产品，但在不远处的"仓库"里仍藏有禁售的水果味电子烟 产品，且个别门店仅支持快递或跑腿购买。南都记者调查发现，现市场售卖的水果味电子烟多为海外版 产品，还有"通配"烟弹出售，价格相对禁售前有所上调。 在一些内容电商平台，搜索"果味""水果味电子烟"等关键词，仍可以看到大篇幅分享使用水果味电子烟 的帖子，并通过评论、私信等方式引流至私域平台售卖水果味电子烟。 16家门店有13家卖果味烟 且不需要核验身份证 在实体电子烟门店，不少挂有"吸烟有害健康""未成年人严禁使用""购买请出示身份证"等标识，张贴 《关于进一步保护未成年人免受电子烟侵害的通告》，店内还悬挂着烟草专卖零售许可证、营业执照。 不少实体电子烟门店挂有"吸烟有害健康""未成年人严禁使用""购买请出示 ...

智通财经APP获悉，天风证券发布研报称，1-2月中国电子烟出口额下降，美国仍是最大市场。近日， Trump政府宣布将对几乎所有中国进口商品加征约34%的关税，中国产电子烟产品即将面临79%的关税 税率。新关税政策于4月9日生效。此次加征的34%关税将在原有税率基础上叠加。思摩尔国际(06969)印 尼工厂产能成熟有望平滑关税影响，同时在监管不断趋严的背景下，预计产业链集中度或将加速提升， 公司是提供雾化科技解决方案的全球领导者，壁垒优势不断凸显。建议关注，雾化产业链：赢合科技 (300457.SZ)等；烟草供应链：中烟香港(06055)等。 天风证券主要观点如下： 25年1-2月中国电子烟出口额下降，美国仍是最大市场 雾化产业链：赢合科技(300457.SZ)、金龙机电(300032.SZ)、雾芯科技(RLX.US)、金城医药 (300233.SZ)、润都股份(002923.SZ)。 烟草供应链：中烟香港(06055)、中国波顿(03318)、劲嘉股份(002191.SZ)、华宝国际(00336)、集友股份 (603429.SH)、顺灏股份(002565.SZ)、东峰集团(601515.SH)。 根据中国海关 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The report highlights the impact of the U.S. imposing tariffs on Chinese e-cigarette products, with a total tariff rate reaching 150% [2]. - The report emphasizes that Smoore's Indonesian production capacity is maturing, which is expected to mitigate the impact of these tariffs [3]. - In the first two months of 2025, China's e-cigarette exports decreased by 9.4% year-on-year, with the U.S. remaining the largest market, accounting for 39.64% of total exports [1]. Summary by Sections E-Cigarette Market Overview - In January 2025, e-cigarette exports amounted to $1.02 billion, a year-on-year decrease of 1.47%, while February saw exports drop to $498 million, down 22.07% [1]. - The average export price for e-cigarettes and similar devices was $71.1 per kilogram, with an average price of $3.93 per unit [1]. Company Focus: Smoore International - Smoore reported a pre-tax profit of 255 million yuan in Q1 2025, a decline of 36.3% year-on-year, with a post-tax profit of 192 million yuan, down 43.4% [3]. - The company invested approximately $500 million in building its first overseas factory in Indonesia, which is expected to have an annual output value of $860 million [3]. Industry Recommendations - The report suggests monitoring companies within the vaping supply chain, including Winbond Technology, Jinlong Electromechanical, and others [4]. - It also highlights companies in the tobacco supply chain such as China Tobacco Hong Kong and Jinjia Shares [4].

| | | | 2025年1-2月中国电子烟出口数据总览 | | | | | --- | --- | --- | --- | --- | --- | --- | | 月份 | 商品名称 | 第一数量 | 第一计 | 第二数量 | 第二计 | 美元 | | | | | 量单位 | | 量单位 | | | 1月 | 其他含尼古丁的非经 燃烧吸用的产品 | 19552080 | 千克 | 0 | - | 715.660.427 | | | 电子烟及类似的个人 | 77157946 | 台 | 4024796 | 千克 | 286.576.777 | | | 电子雾化设备 | | | | | | | 2月 | 其他含尼古丁的非经 燃烧吸用的产品 | 9800403 | 千克 | 0 | l | 367,934,445 | | | 电子烟及类似的个人 | 29028615 | 台 | 1838913 | 千克 | 130.305.997 | | | 电子雾化设备 | | | | | | | 总计 | | | | | | 1500477646 | -广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ...

Investment Rating - The report maintains a "Buy" rating for companies involved in brain-computer interface technology, indicating strong potential for growth and investment opportunities [5][6]. Core Insights - The invasive technology breakthroughs are expected to enhance consumer and medical rehabilitation market awareness of brain-computer interface technology, with significant advancements anticipated in 2025 [5]. - Non-invasive brain-computer interface products are likely to accelerate commercialization, presenting further investment opportunities [5]. - The report suggests focusing on companies that are leading in the brain-computer interface technology space, such as Sihuan Pharmaceutical, Yanshan Technology, Sanbo Brain Science, Chengyitong, Innovation Medical, and Dineike [5][6]. Summary by Sections Macro Strategy - The ZEW investor expectations index in Germany surged to its highest level in two years, reaching 51.6, significantly above market expectations [25]. - The report highlights the expansion of fiscal spending in Germany amidst legislative discussions aimed at overcoming the debt brake mechanism [25]. Fixed Income - The current yield spread for high-yield Chinese dollar city investment bonds is 313 basis points, while investment-grade bonds stand at 86 basis points, both at historically low levels [26][30]. - High-yield bonds are seen as having more room for spread compression compared to investment-grade bonds, making them attractive in a low-interest-rate environment [26][30]. Industry Analysis - The report emphasizes the importance of the environmental equipment manufacturing industry, with a focus on promoting high-quality development and the transition towards green, low-carbon, and circular economies [8]. - Companies like Weiming Environmental and Wangneng Environment are highlighted for their strategic initiatives and confidence in future growth [8].

行业报告 | 行业研究周报 重点推荐：思摩尔国际-电子雾化设备制造商，未来有望受益于电子雾化 设备市场持续扩张 公司发布 2024 年 Q3 业绩，24Q1-Q3 公司实现营收 83.23 亿元，同比 增加 4.0%，实现税后利润 10.62 亿元，同比下降 11.9%;24Q3 实现营 收 32.86 亿元，同比增加 14.1%，环比增加 16.5%，实现税后利润 3.79 亿元，同比下降 22.5%，环比增加 10.2%。我们认为，公司作为提供雾 化科技解决方案的全球领导者，壁垒优势不断凸显，在监管不断趋严的背 景下，预计产业链集中度或将加速提升。 其他建议关注： 新兴产业 证券研究报告 思摩尔高端医疗器械项目投产；法国一次性电子烟禁令生效，24 年中国电子烟出口额保持稳 定 本周关注：思摩尔高端医疗器械项目投产；法国一次性电子烟禁令生效， 24 年中国电子烟出口额保持稳定。 思摩尔旗下科技护肤品牌取得二类医疗器械证书。近日，思摩尔旗下科技 护肤品牌 MOYAL 岚至取得了二类医疗器械证书，并于 2 月 26 日广西贺 州高新区产业举行"无创雾化高端医疗器械项目投产仪式"，项目主要生产 雾化美容设备等产品 ...

Investment Rating - Industry rating is maintained as "Outperform the Market" [9] Core Insights - The report highlights the production launch of Smoore's high-end medical device project, which is expected to generate revenue of 1 billion yuan within three years [4] - The French ban on disposable e-cigarettes officially took effect on February 25, 2025, following legislative approval [5] - China's total e-cigarette export value for 2024 reached approximately 10.96 billion USD, showing a slight year-on-year decline of 1.11% [6] Summary by Sections Smoore's Medical Device Project - Smoore's skincare brand MOYAL has obtained a Class II medical device certificate and launched a non-invasive aerosol high-end medical device project, focusing on aerosol beauty equipment [4] - The project aims to achieve production in the first half of the year and expects to generate 1 billion yuan in revenue within three years [4] E-Cigarette Market Developments - The French government has implemented a ban on disposable e-cigarettes, making it the second EU country to do so after Belgium [5] - The e-cigarette export data for 2024 indicates a total export value of 10.96 billion USD, with the U.S. being the largest market, accounting for one-third of the exports [6] Company Performance - Smoore reported a revenue of 8.32 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.0%, with a net profit of 1.06 billion yuan, down 11.9% [7] - The company is positioned as a global leader in aerosol technology solutions, with increasing competitive advantages amid tightening regulations [7]