Core Insights - The report from CICC indicates that the consumption data for the National Day and Mid-Autumn Festival holidays in 2025 shows strong performance, driven by longer holiday periods and a high level of domestic and outbound travel [1] Group 1: Consumption Trends - Overall consumption data reflects a youthful and experience-oriented trend, with notable performance in discretionary categories such as home appliances and outdoor sports [1] - The average daily flow of cross-regional personnel in mainland China from October 1 to 8 increased by 6.2% year-on-year, indicating a robust travel environment [1] - The average spending per trip during the holiday increased by 14.6% year-on-year, attributed to the ongoing recovery of outbound tourism and a rise in long-distance and segmented travel within the country [1] Group 2: Retail Performance - The Ministry of Commerce's monitoring of 78 key business districts showed a year-on-year increase in foot traffic and sales of 4.2% and 4% respectively during the first three days of the holiday [1] - Data from the National Immigration Administration revealed that the average daily number of inbound and outbound travelers exceeded 2 million, marking a 15% year-on-year increase [1] Group 3: Investment Recommendations - CICC recommends focusing on sectors benefiting from self-indulgent consumption trends, such as trendy toys and e-cigarettes, highlighting companies like Pop Mart (09992), Blucor (00325), and Smoore International (06969) [1] - The report also suggests investing in domestic brands in the beauty and personal care sectors, recommending companies like Mao Geping (01318), Giant Bio (02367), and Shanghai Jahwa (600315) [1] - Attention is drawn to retail sectors that may benefit from supportive domestic policies and seasonal catalysts [1]

第三季度，思摩尔国际收入41.97亿元，创单季度收入历史新高，同比增加27.2%，环比增加27.5%；期内利润约3.17亿元，同比下降16.4%，环比增长5.7%； 经调整利润4.44亿元，同比增长4.0%，环比增长4.8%。 整体业绩来看，思摩尔国际三季度营业收入保持高增长，但净利润表现依旧逊色，无法扭转"增收不增利"尴尬局面。 资料显示，思摩尔国际主要经营两个业务板块：1）面向企业客户业务（「ToB业务」），为全球烟草巨头等提供电子雾化设备、HNB（加热不燃烧）设备 等解决方案；2）研究、设计、制造及销售自有品牌电子雾化产品及雾化美容产品。 对于营收的增长，思摩尔国际称，主要得益于面向企业客户业务，及自有品牌业务增长所带动。 面向企业客户业务方面，报告期内，公司全力支持战略客户在全球更多主要市场成功推出加热不燃烧新品，产品出货量大幅增加，带动该业务收入同环比均 实现快速增长。 10月13日，电子烟龙头思摩尔国际（06969.HK）上演了一出"过山车"行情。 今日开盘伊始，该股大幅拉涨4.3%，但随即又迅速回落，涨幅一度收窄至0.26%；截至发稿前，该股涨幅为1.56%，报15.58港元/股。 股价剧烈震荡 ...

Group 1: Alibaba Group (阿里巴巴) - Daiwa Securities maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 205 due to optimistic expectations for Alibaba Cloud's business prospects and long-term gross margin outlook [1] - JPMorgan upgrades Alibaba-SW to "Overweight" and raises the target price to HKD 240, citing the company's stock performance over the past three months and optimistic growth opportunities in cloud revenue and e-commerce synergy [1] Group 2: Gao Xin Retail (高鑫零售) - Macquarie Securities downgrades Gao Xin Retail to a "Neutral" rating and lowers the target price to HKD 1.7, anticipating a decline in same-store sales due to significant subsidies in instant retail and pressure on gross margins [2] Group 3: Budweiser APAC (百威亚太) - CMB International maintains a "Buy" rating for Budweiser APAC but lowers the target price to HKD 9.5, noting that the current stock price reflects short-term sales pressure and a potential marginal improvement in Q4 [3] Group 4: Galaxy Entertainment Group (金界控股) - Citigroup maintains a "Sell" rating for Galaxy Entertainment but raises the target price to HKD 5.4, as the company's Q3 gaming revenue significantly exceeded expectations, leading to a 20%-24% increase in profit forecasts [4] Group 5: Sands China Ltd. (金沙中国有限公司) - Haitong International initiates an "Outperform" rating for Sands China Ltd. with a target price of HKD 25.6, highlighting the company's strong market position in Macau and the positive impact of the Londoner project on EBITDA margins [5] Group 6: Contemporary Amperex Technology Co. (宁德时代) - JPMorgan maintains a "Neutral" rating for Contemporary Amperex Technology Co. while raising the target price to HKD 600, based on a valuation adjustment for 2026, despite a projected 20% upside in stock price [6] Group 7: Smoore International Holdings (思摩尔国际) - UBS maintains a "Sell" rating for Smoore International, setting a target price of HKD 13.11, citing rising R&D and sales expenses along with gross margin pressure leading to a projected 40% decline in net profit for 2025 [7] Group 8: Standard Chartered Group (渣打集团) - Goldman Sachs maintains a "Neutral" rating for Standard Chartered Group, raising the target price to HKD 135, expecting a 6% year-on-year growth in adjusted pre-tax profit for Q3 due to strong non-interest income and cost reductions [8] Group 9: Cheung Kong Infrastructure Holdings (长江基建集团) - Morgan Stanley maintains a "Market Perform" rating for Cheung Kong Infrastructure Holdings, increasing the target price to HKD 54 based on the latest regulatory asset value and extending the valuation timeframe to 2026 [9][10]

Group 1 - Hong Kong's Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (02727) surged by 15.72%, with its A-shares hitting the daily limit, driven by positive developments in the controllable nuclear fusion sector [1] - Huahong Semiconductor (01347) climbed 6.75%, reaching a new high as domestic supply chain localization accelerates, with local foundry demand expected to expand rapidly [1] - Jiangxi Copper (00358) increased by 11%, being a leading copper smelting company in China, with a potential resumption of production at a copper mine owned by First Quantum [1] - Luoyang Molybdenum (03993) rose by 8%, as cobalt prices surged over 11% in the previous two days due to strict export controls in the Democratic Republic of Congo [1] - Hang Seng Bank (00011) jumped 26% following HSBC's recommendation to privatize the bank [1] - Solar stocks saw gains in early trading, with prices in the photovoltaic industry chain continuing to rise in September, particularly in upstream sectors [1] - High-speed rail infrastructure stocks led the gains, with record railway investment progress and the initiation of the "14th Five-Year" railway development planning [1] Group 2 - ZTE Corporation (00763) saw both A and H shares rise, with the overseas debut of its Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, making a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with several constituent stocks like Innovent Biologics (09969) and Sino Biopharmaceutical (01177) experiencing declines of over 6% [3] - Smoore International (06969) dropped over 9%, having fallen more than 30% from its yearly high, with UBS projecting lower earnings than market consensus [3]

Group 1 - Smoore International (06969) has seen a decline of over 7%, reaching a low of HKD 15.85, which is more than a 30% drop from its yearly high of HKD 23.92 [1] - UBS reported that they recently met with the management of Japan Tobacco in Tokyo and held an investor meeting with Smoore's management in Shenzhen [1] - Despite the US increasing efforts to combat illegal e-cigarettes starting in early 2025, feedback from field investigations suggests that the impact of enforcement may weaken due to inconsistent enforcement [1] Group 2 - Chinese customs data indicates a 39% increase in e-cigarette exports in August, suggesting that Chinese e-cigarette exporters are adapting to US enforcement measures [1] - UBS forecasts a 20% year-on-year revenue growth for Smoore International in 2025, primarily driven by e-cigarette sales, but anticipates a 40% decline in net profit due to rising R&D and sales expenses, along with margin pressure [1] - The firm's net profit predictions for 2025-2027 are 18-45% lower than market consensus, maintaining a "Sell" rating with a target price of HKD 13.11 [1]

瑞银预计，思摩尔国际2025年收入同比增长20%，主要由电子烟销售推动，但由于研发和销售费用上升 以及毛利率压力，净利润同比下降40%。该行对2025-27年的净利润预测比市场共识低18-45%。维持思 摩尔国际"沽售"评级，目标价13.11港元。 智通财经APP获悉，思摩尔国际(06969)再跌超7%，盘中低见15.85港元，较年内高点23.92港元已跌超 30%。截至发稿，跌6.62%，报16.08港元，成交额2.61亿港元。 瑞银发布研报称，近期与日本烟草公司管理层在东京会面，并在深圳与思摩尔管理层举行投资者会议。 虽然美国自2025年初以来加强打击非法电子烟，但从实地考察的反馈来看，由于执法力度不一致，美国 执法的影响可能会减弱。这一点从中国海关数据得到证实，8月份电子烟出口量增长39%，表明中国电 子烟出口商正在适应美国的执法。 ...

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 ...

瑞銀发布研报称，维持思摩尔国际(06969)"沽售"评级，目标价13.11港元。 该行表示，近期与日本烟草公司管理层在东京会面，并在深圳与思摩尔管理层举行投资者会议。虽然美 国自2025年初以来加强打击非法电子烟，但从实地考察的反馈来看，由于执法力度不一致，美国执法的 影响可能会减弱。这一点从中国海关数据得到证实，8月份电子烟出口量增长39%，表明中国电子烟出 口商正在适应美国的执法。 瑞银预计，2025年收入同比增长20%，主要由电子烟销售推动，但由于研发和销售费用上升以及毛利率 压力，净利润同比下降40%。该行对2025-27年的净利润预测比市场共识低18-45%。 ...

该行表示，近期与日本烟草公司管理层在东京会面，并在深圳与思摩尔管理层举行投资者会议。虽然美 国自2025年初以来加强打击非法电子烟，但从实地考察的反馈来看，由于执法力度不一致，美国执法的 影响可能会减弱。这一点从中国海关数据得到证实，8月份电子烟出口量增长39%，表明中国电子烟出 口商正在适应美国的执法。 智通财经APP获悉，瑞銀发布研报称，维持思摩尔国际(06969)"沽售"评级，目标价13.11港元。 瑞银预计，2025年收入同比增长20%，主要由电子烟销售推动，但由于研发和销售费用上升以及毛利率 压力，净利润同比下降40%。该行对2025-27年的净利润预测比市场共识低18-45%。 ...

Core Insights - The report from CICC indicates that the 2025 National Day and Mid-Autumn Festival holiday will span 8 days, coupled with more flexible leave arrangements, which is expected to stimulate a more active consumption window [1] - The Ministry of Culture and Tourism has announced that over 480 million yuan in consumption subsidies will be distributed during the consumption month, which is anticipated to further enhance residents' willingness to spend and boost holiday consumption [1] Group 1: Consumer Trends - The extended holiday peak is expected to improve travel sentiment year-on-year [1] - The report emphasizes a long-term focus on self-consumption, recommending sectors such as trendy toys and e-cigarettes, with specific companies like Pop Mart, Blokus, and Smoore International highlighted [1] Group 2: Domestic Brands and Policy Impact - The report suggests a trend towards the rise of domestic brands, recommending beauty and personal care sectors, including companies like Mao Geping, Juzhibio, Shanghai Jahwa, and Shanghai Jahwa [1] - Attention is drawn to sectors benefiting from policy catalysts, particularly retail, supported by domestic demand policies and seasonal boosts [1]