Group 1 - The Hang Seng Index fell by 0.55%, down 131 points, closing at 23,695 points, while the Hang Seng Tech Index decreased by 0.66% [1] - The early trading volume in Hong Kong stocks reached HKD 1,076 million [1] - Robot-related stocks were active, with DCH Holdings (00179) rising nearly 6% and SUTENG (02498) increasing over 2% due to the upcoming CMG World Robot Competition [1] Group 2 - Eucan Vision Bio-B (01477) surged over 18% after OT-703 was approved for real-world research in Boao, Hainan [2] Group 3 - Smoore International (06969) rose over 5% as Glo Hilo is set to launch in Japan, with positive feedback from the trial market for heated non-combustible products [3] - Youjia Innovation (02431) increased over 5% after its L4 autonomous driving minibus received project designation, following a series of product showcases at the Shanghai Auto Show [3] Group 4 - Maanshan Iron & Steel (00323) saw a rise of over 7% as the steel industry showed improving performance in Q1, with institutions noting a marginal improvement in the sector's fundamentals [4] - InnoCare Pharma (02577) surged over 15% due to a partnership with NVIDIA for the next-generation 800V power architecture, drawing attention to third-generation semiconductors [4] Group 5 - Gu Ming (01364) increased by 4.5%, reaching a new high, with expectations of being included in the Hong Kong Stock Connect next month and a projected net increase of over 2,000 stores for the year [5] Group 6 - Dekang Agriculture and Animal Husbandry (02419) rose over 7%, with stock prices hitting a new high as institutions are optimistic about the company's valuation recovery potential [6] Group 7 - Gome Retail (06808) saw an early rise of nearly 7%, reporting a turnaround with a profit of RMB 410 million for the year, while Dehong Capital will promote the development of various store formats [7] - New Town Development (01030) fell over 3% amid reports of plans to issue guaranteed bonds domestically, aiming to raise RMB 1.5 to 2 billion [7] - Alibaba Health (00241) dropped over 4%, despite a year-on-year profit increase of over 62%, with analysts stating that profits did not meet expectations [7]

Summary of Conference Call Records Industry Overview - The new consumption sector shows significant differentiation, with the personal care industry growing faster than medical beauty and cosmetics. Brand iteration is accelerating, leading to widening performance gaps among companies such as Mao Ge Ping, Shangmei, and Juzi Biological, which are experiencing rapid growth, while Shanghai Jahwa and Huaxi Biological are seeing slower growth [1][4]. Key Insights and Arguments - **Beauty Sector Valuation**: The beauty sector still has room for valuation improvement, with PEG values referencing 2019 levels. Recommended companies include Jingbo Biological, Juzi Biological, and Dengkang Oral Care, along with Japanese brands Perfect Diary and Shangmei Life [1][5]. - **Food and Beverage Sector**: Focus is on food additives and snacks, with Baiming Chuangyuan expected to experience rapid growth from 2024 to 2026 due to capacity release and new product approvals. The current valuation is around 20 times. The konjac products are driving explosive growth in the snack sector, with attention on Yanjinpuzi and Wehaomei [1][6]. - **High School Education Reform**: The reform in the high school education system is favorable for private high schools, with Tianli International Holdings being undervalued at a PEG of about 0.3 and an annual growth rate of approximately 35%. Other companies like Xueda Education and Kevin Education are also worth monitoring [1][7][8]. - **Domestic Brands Growth**: Domestic brands are rapidly rising, while overseas brands, particularly from Japan and South Korea, are declining. The American brand group has collapsed in the domestic market, with only L'Oréal managing to sustain itself, but its momentum is expected to diminish next year [2]. Additional Important Insights - **AI in Consumption**: The AI-enhanced consumption sector is thriving, with AI glasses, AI e-commerce, AI education, and AI toys being the four core directions. Recommended companies include Kangnait Optical, with attention on Focus Technology, Xiaogoods City, and Haizhu Wang [3][11]. - **Traditional Retail Recommendations**: In traditional retail, focus on high dividend-yielding stocks. Companies like Chongqing Department Store, Bubugao, and Dashang Co. are highlighted for their stability and dividend performance [12]. - **Pet Industry Trends**: The pet industry is showing strong sales trends, particularly during the 618 shopping festival, with domestic brands rapidly gaining market share. Brands like Guibao Pet and Zhongchong Co. are maintaining strong growth momentum [16][17]. - **Home Appliance Sector**: The home appliance sector is expected to see improved revenue due to promotional activities and national subsidy policies, despite increased price competition. Companies like Midea and Haier are actively engaging in price wars to boost sales [18][19][20]. Conclusion The new consumption sector is characterized by rapid growth in personal care and food sectors, with significant opportunities in AI applications and domestic brands. The education reform and pet industry trends also present promising investment avenues. The home appliance sector faces challenges but shows potential for recovery through strategic pricing and export opportunities.

Group 1 - Glo Hilo series will launch in Japan on June 9, 2025, starting with a pilot in Sendai before nationwide rollout [1] - The Glo Hilo electronic cigarette features two models: a basic version with a 76g weight and a Plus version with a modular design weighing 107g, both offering different battery life and charging capabilities [1] - The phased rollout strategy aims to optimize product strategy through small-scale testing [1] Group 2 - Innovative electronic cigarette solutions include STAR RING, the world's first fingertip gyroscope e-cigarette, and SQUEEZY POD, the world's first tactile cartridge e-cigarette, both designed for enhanced user experience [2] - The company is entering a new product capacity release cycle, with positive feedback expected from the Japanese market launch in June, potentially expanding into the European and American markets [2] - Long-term projections indicate significant market share growth for the Glo series compared to IQOS, with expected revenue growth rates of 10.9%, 19.08%, and 16.63% for 2025-2027 [2]

盘前市场动向 1. 5月16日(周五)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.24%，标普500指数期货涨0.27%，纳指期货涨 0.27%。 | = US 30 | 42,425.00 | 42,450.00 | 42,252.00 | +102.30 | +0.24% | | --- | --- | --- | --- | --- | --- | | = US 500 | 5,933.10 | 5,933.10 | 5,904.10 | +16.20 | +0.27% | | 트 US Tech 100 | 21,393.80 | 21,396.40 | 21,269.00 | +58.00 | +0.27% | 2. 截至发稿，德国DAX指数涨0.66%，英国富时100指数涨0.44%，法国CAC40指数涨0.57%，欧洲斯托克50指数涨0.48%。 | ඝ 伦敦布伦特原油 | 2025年7月 | 64.73 | 65.22 | 64.18 | +0.20 | +0.31% | | --- | --- | --- | --- | --- | --- | --- | | 트 WTI原油 | ...

基金"试探性"重仓反而收获满满 几乎被国内市场和投资者遗忘的电子烟板块的龙头股，股价创下了三年新高。 5月13日，在恒生指数收盘大跌1.8%的背景下，只有少数基金重仓持有的电子烟巨头思摩尔国际收盘涨幅超 10%，市值逼近1000亿港元，不仅早已收复4月7日的杀跌损失也创下股价的三年新高。值得一提的是，在新消 费已成港股和A股的独立行情之际，且国内股票市场日渐流行"情绪价值"、"悦己消费"的背景下，原先即拥有 大量女性消费用户的思摩尔国际正试图突破电子烟这一印象，并在国内市场以雾化医美业务作为吸引基金经理 的第二增长曲线。 鹏华指数与量化投资部基金经理张羽翔也观察到，部分出口转内销企业开始针对国内需求定制产品，而消费者 对国产品牌的认可度也在提升，推动消费者行为发生深刻变化，医美、宠物经济等"悦己型"消费增速亮眼，性 价比导向强化、国货偏好提升、注重环保和持续性成为当下消费行为一些较为显性的趋势变化。 思摩尔国际在悄无声息中为试探性重仓的基金经理找到"情绪价值"。 由于电子烟政策监管，伴随着市场的遗忘以及思摩尔国际的股价持续杀跌，思摩尔国际不仅从许多消费者、投 资者脑海中消失，也因为阴跌时间实在太长，在信仰崩塌 ...

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].