Group 1: Silicon Wafer Industry - Leading silicon wafer companies have significantly raised their prices, with an average increase of 12% due to rising costs from upstream suppliers [1] - The silicon industry association indicates a strong willingness among wafer manufacturers to maintain higher prices, suggesting a bullish outlook for the silicon wafer market in December [1] Group 2: Silver Market - Spot silver prices have surged past $73 per ounce, reaching a new historical high [2] - The Guotou Silver LOF has announced a temporary suspension of trading due to significant premium risks in the secondary market, indicating that the fund has reached its physical capacity [2] Group 3: Consumer Market - The Ministry of Commerce is promoting consumption and market supply during the year-end and New Year period, implementing a dual approach of "policy + activities" to enhance diverse consumption scenarios [3] - The ministry encourages major supermarkets and shopping centers to extend operating hours and innovate themed activities to meet holiday consumer demand [3] Group 4: Currency and Real Estate - The Chinese yuan has strengthened, surpassing the 7.0 mark, with a peak of 6.9941, marking the highest level since October of the previous year [4] - Affected by the yuan's appreciation, core A-share assets and real estate are expected to benefit directly, potentially alleviating downward pressure in the real estate sector [4] Group 5: Gaming Industry - A total of 144 games were approved in December, marking a seven-year high, indicating a positive outlook for the gaming industry [12] - The growth in the gaming market is attributed to an increase in user ARPU, with recommendations to focus on long-term operations and overseas strategies for leading companies [12] Group 6: E-cigarette Market - The National Tobacco Monopoly Administration is working to balance supply and demand in the e-cigarette market, with stricter regulations expected to accelerate the exit of non-compliant production capacity [11] - The global e-cigarette industry is entering a new phase of product life and regulatory enforcement, with major brands actively engaging in market cultivation [11]

Group 1 - The Ministry of Commerce of China is promoting and facilitating compliant trade regarding the export restrictions on rare earth magnets to the US [1] - The National Tobacco Monopoly Administration is allowing legally compliant electronic cigarette manufacturers to consolidate and restructure production capacity through mergers [1] - The announcement from Hainan Airport indicates plans to transfer 90% equity of Sanya Airport for 500 million yuan [1] Group 2 - The National Tobacco Monopoly Administration is working to balance supply and demand in the electronic cigarette market and prevent disorderly competition risks [3] - The China Securities Regulatory Commission has initiated an investigation into Beiqing Song and its actual controller Ma Xuejun for suspected violations of information disclosure [1] - The recent increase in silicon wafer prices has been noted, with significant price hikes reported among silicon companies [3]

该法案已提交国民议会表决并一读通过，如最终获批，将于2026年2月1日 起正式生效。 阿塞拜疆"Apa"网12月19日报道，阿塞拜疆国民议会近日审议了《烟草及 烟草制品法》修正案，其中提出拟全面禁止电子烟及其组件的进口、出口、生 产、储存、批发、零售销售、使用。含尼古丁的电子烟属烟草制品范畴，电子 烟被定义为除食品、传统烟草制品、药品和医疗器械外，使用者通过带有吸嘴 或其他组件的装置吸入可能含有或不含尼古丁的蒸汽的产品，此类产品或配备 烟弹和烟油瓶，烟油瓶可一次性或多次使用，电子烟也可通过一次性烟弹进行 补充。草案明确，加热不燃烧烟草制品不属于电子烟范畴。凡含尼古丁的电子 烟，均被视为烟草制品，禁止市场流通。 （原标题：阿塞拜疆拟禁止进口、生产和销售电子烟） ...

Core Viewpoint - The National Tobacco Monopoly Administration is soliciting opinions on a draft notice aimed at implementing electronic cigarette industry policies to further promote supply-demand dynamic balance [1] Group 1: Policy Implementation - The draft emphasizes the need to strengthen capacity regulation in the electronic cigarette industry [1] - It advocates for a market demand-oriented approach to advance supply-side structural reforms in the electronic cigarette sector [1] - The principles of "fairness, openness, differentiated policies, and orderly implementation" will guide the management of approved production capacity for electronic cigarettes [1] Group 2: Production Capacity Management - The approved production capacity for electronic cigarettes should remain fundamentally stable [1] - Production enterprises related to electronic cigarettes must operate within the approved production capacity, with strict prohibitions against exceeding it [1] - Any adjustments to production capacity require a formal application for re-approval and adherence to licensing procedures [1] Group 3: Industry Consolidation - The draft allows compliant electronic cigarette production enterprises to consolidate and restructure production points to enhance management efficiency and capacity utilization [1]

Core Viewpoint - The National Tobacco Monopoly Administration is soliciting opinions on a draft notice aimed at implementing electronic cigarette industry policies to further promote supply-demand dynamic balance [1] Group 1: Policy Implementation - The draft emphasizes strengthening capacity regulation for electronic cigarettes [1] - It advocates for a market demand-oriented approach to advance supply-side structural reform in the electronic cigarette industry [1] - The principles of "fairness, openness, classified policies, and orderly implementation" will guide the management of approved production capacity for electronic cigarettes [1] Group 2: Production Capacity Management - The approved production capacity for electronic cigarettes should remain fundamentally stable [1] - Electronic cigarette manufacturers are required to operate within the approved production capacity, with strict prohibitions against exceeding it [1] - Any adjustments to production capacity must be formally applied for and go through the licensing process [1] Group 3: Industry Consolidation - The draft allows compliant electronic cigarette manufacturers to consolidate production points to enhance management efficiency and capacity utilization [1]

港股晨报 2025 年 12 月 22 日 国投证券（香港）有限公司 • 研究部 1. 国投证券国际视点：圣诞行情临近，市场明显反弹 港股市场上周五回暖，三大指数集体收涨。其中，恒生指数升 0.75%，国企指 数升 0.68%，恒生科技指数升 1%，多个板块呈现普涨格局。大市成交金额回升 至2,212亿元，主板总卖空金额约452亿元，占可卖空股票总成交金额约22.19%。 南向资金流（北水）方面，周五净流入约 34 亿元。港股通 10 大成交活跃股中， 北水净买入最多的是腾讯控股 700.HK、阿里巴巴 9988.HK、长飞光纤光缆 6869.HK；净卖出最多的是中国移动 941.HK、地平线机器人－Ｗ9660.HK、中芯 国际 981.HK。 分板块来看，烟草概念股表现突出。消息面上，国务院办公厅近日印发《关于 全链条打击涉烟违法活动的意见》，明确要求全方位加强电子烟监管，严打非 法生产与出口回流等乱象。此举将有效净化市场环境，为合规企业带来更大的 发展空间与机遇，提振了板块信心，中烟香港 6055.HK 与思摩尔国际 6969.HK 领涨。消费板块整体做好，汽车股亦表现亮眼，小鹏 9868.HK、零跑 9 ...

Market Performance - Last week, Hong Kong stocks showed a rebound, with the Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index rising by 0.8%, 0.7%, and 1.1% respectively[1] - Large insurance and domestic bank stocks performed steadily in the latter half of the week, supporting the market's recovery[1] - The pharmaceutical sector saw a rebound after the U.S. Senate passed the revised 2026 National Defense Authorization Act, benefiting companies like WuXi Biologics and WuXi AppTec[1] Sector Highlights - The automotive sector rebounded significantly, with XPeng Motors rising by 7.6% after receiving an L3 autonomous driving road test license in Guangzhou[4] - The healthcare sector's Hang Seng Medical Care Index fell by 1.8% overall but rose by 1.7% on Friday, indicating a potential recovery[5] - The renewable energy and utilities sectors experienced a general decline, although the photovoltaic sector saw slight gains due to expected policy support[6] Economic Indicators - The U.S. Michigan Consumer Sentiment Index for December was reported at 52.9, below Bloomberg's forecast of 53.5 but above the previous value of 51.0[3] Investment Opportunities - The upcoming IPO of Insilico Medicine, a prominent AI-driven drug discovery company, is noteworthy due to its rapid revenue growth and strong backing from reputable investors[5] - The recent policy on e-cigarette regulation is expected to create new opportunities for compliance-driven growth in the domestic market[1]

Core Viewpoint - The recent issuance of the "Opinions on Comprehensive Crackdown on Tobacco-related Illegal Activities" by the State Council aims to strengthen regulatory enforcement against tobacco counterfeiting, smuggling, and illegal sales, particularly focusing on the electronic cigarette sector [1][2][3]. Group 1: Regulatory Measures - The "Opinions" emphasize a comprehensive crackdown on the smuggling of tobacco products, including electronic cigarettes, by enhancing international law enforcement cooperation and targeting the sources of counterfeit tobacco abroad [1][2]. - There will be strict implementation of tobacco-related laws in special areas such as customs supervision zones and bonded areas, prohibiting the sale of tobacco products without proper licenses [2]. - The document outlines a full-chain regulatory system for tobacco production and sales, including the management of raw materials and machinery used in tobacco production [2][5]. Group 2: Focus on Electronic Cigarettes - The regulation of electronic cigarettes is highlighted, with a focus on combating illegal production, wholesale, transportation, and sales, as well as addressing issues related to non-nicotine electronic cigarettes [2][3]. - The market for electronic cigarettes is currently facing significant challenges from counterfeit products, many of which are imported from overseas, leading to a call for stricter regulatory measures [3][4]. Group 3: Legal Framework - The "Opinions" align with existing criminal laws, specifically targeting smuggling and the production and sale of counterfeit products, which are core offenses under the Criminal Law [5][6]. - The document stresses the need to sever the supply chain for counterfeit tobacco materials and machinery, reinforcing the legal framework for tackling tobacco-related crimes [5][6]. - Illegal operations, including unlicensed sales and the use of the internet for illegal tobacco sales, are identified as serious offenses that disrupt market order and violate the tobacco monopoly system [6].

Core Viewpoint - The global e-cigarette industry is entering a new product life cycle and regulatory enforcement period, with major brands actively engaging in market cultivation, leading to accelerated industry expansion. Companies with product technology and supply chain competitiveness are recommended for investment [1]. Regulatory Environment - On December 18, 2025, the State Council issued an opinion on cracking down on illegal tobacco activities, emphasizing strict regulation of e-cigarettes. Key measures include comprehensive strengthening of e-cigarette regulation, severe penalties for illegal production, wholesale, transportation, and sales, as well as enhanced efforts against e-cigarettes containing addictive substances [1]. - The policy aims to combat non-compliant e-cigarette exports from the source, accelerating the clearance of excess industry capacity [1]. Market Impact - The leading compliant manufacturer, Smoore International, is expected to benefit from the tightening of industry regulations. The company's vaping business is anticipated to improve due to changes in the regulatory environment in the U.S. and Europe, with further upward adjustments expected by 2026 [1]. - British American Tobacco forecasts a single-digit decline in its vaping business in the second half of 2025, a significant improvement compared to a 13% decline in the first half of 2025, primarily due to strengthened enforcement at federal and state levels in the U.S. [2]. - Sales of the Vuse brand in states implementing e-cigarette product listings increased by 7% [2]. Export Data - According to Chinese customs, the export value of e-cigarettes to the U.S. from May to July 2025 saw significant year-on-year declines of 39%, 67%, and 14% respectively [2].

Investment Rating - The report assigns an "Overweight" rating for the electronic cigarette industry, indicating a potential increase in value relative to the market index [4]. Core Insights - The electronic cigarette industry is entering a new product life and regulatory enforcement cycle, with major brands actively engaging in market cultivation, leading to accelerated industry expansion [2][4]. - The Chinese government has issued strict regulations to combat illegal activities related to electronic cigarettes, which is expected to expedite the exit of non-compliant production capacity from the market [4]. - The report highlights that leading compliant manufacturers, such as Smoore International, are likely to benefit from the tightening regulations [4]. Summary by Sections Regulatory Environment - The State Council has emphasized comprehensive regulation of electronic cigarettes, including strict measures against illegal production, wholesale, transportation, and sales [4]. - The focus is on international cooperation to tackle non-compliant electronic cigarette exports, which will help clear out the industry [4]. Market Dynamics - Smoore International is expected to see improvements in its aerosol business due to changes in regulatory environments in the US and Europe, with a potential recovery in 2026 [4]. - British American Tobacco anticipates a single-digit decline in its aerosol business in the second half of 2025, a significant improvement compared to a 13% decline in the first half of 2025 [4]. Financial Projections - Smoore International's earnings per share (EPS) are projected to be 0.17 RMB for 2025, increasing to 0.41 RMB by 2027, with a price-to-earnings (PE) ratio decreasing from 67 in 2025 to 28 in 2027 [5]. - British American Tobacco's EPS is forecasted to rise from 2.83 GBP in 2025 to 3.09 GBP in 2027, maintaining a stable PE ratio of 15 [5].