Core Viewpoint - Shanghai Industrial Holdings is a comprehensive enterprise with four core businesses: infrastructure and environmental protection, healthcare, real estate, and consumer goods, having evolved since its establishment in 1996 as a red-chip company listed in Hong Kong [1][2]. Infrastructure and Environmental Protection - The company holds concession rights for three major expressways in Shanghai, providing stable revenue and cash flow due to consistent traffic and toll growth [1]. - The water business has a combined daily processing capacity exceeding 20 million tons, ranking among the top in the country, with platforms in Singapore and Hong Kong [1]. Real Estate - The real estate segment reported a loss of HKD 236 million in 2024, primarily due to impairment losses on property projects, despite holding a total land reserve of 4.2 million square meters [1]. Consumer Goods - The consumer goods segment, including Nanyang Tobacco and Yongfa Printing, has seen a recovery, with Nanyang Tobacco's net profit expected to grow by 86% to HKD 560 million in 2024, aided by increased overseas revenue following the commissioning of a factory in Malaysia [2]. Investment Outlook - The company is expected to benefit from the sale of a 19.5% stake in Yuefeng Environmental, which will generate HKD 2.33 billion in cash, potentially enhancing dividends [2]. - The stock is considered undervalued with a high dividend yield, showing a price-to-earnings ratio of 5.0x for 2025, and is projected to have a stock value between HKD 17.62 and HKD 18.35, indicating a premium of 22.5% to 27.6% over the current price [2].

Core Viewpoint - The article highlights the robust growth trend in the new tobacco industry, as evidenced by British American Tobacco's performance in the first half of 2025, particularly in the heated tobacco and new oral tobacco segments [1]. Group 1: Investment Recommendations - The global HNB (Heated Not Burned) industry is entering a new product lifecycle phase, with major brands actively engaging in market cultivation, leading to accelerated industry expansion [2]. - The vaping market faced challenges in the first half of 2025, with British American Tobacco's vaping business generating £737 million in revenue, a decrease of 15% year-on-year, primarily due to illegal products in the U.S. and Canada, as well as market dynamics in Europe and other regions [2]. - The company has exited markets like Malaysia and Saudi Arabia to improve investment returns, while the U.S. has seen a clearance of illegal disposable brand inventories, which will take time to impact the market [2]. Group 2: Performance Analysis - The overall performance of HNB products remained stable, with British American Tobacco's HNB business achieving £444 million in revenue, a slight increase of 1% year-on-year, and heated stick sales reaching 10.1 billion units, up 2% [3]. - The introduction of Glo Hilo has helped expand market share in trial regions, with a 1.5 percentage point increase in Glo's market share in Sendai [3]. - The new oral tobacco segment has shown significant growth, with revenue reaching £470 million, a 38% increase year-on-year, and sales volume of 5 billion pouches, up 42% [3]. - The U.S. market for new oral tobacco has surged, with a 206% increase in sales, and the Velo brand capturing a market share of 17% by July 2025, making it the fastest-growing brand in this category [3].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target valuation range of HKD 17.62 to HKD 18.35 per share, indicating a potential upside of 22.5% to 27.6% from the current price of HKD 14.67 [5][3]. Core Insights - The company has a stable foundation in its infrastructure and environmental sectors, particularly in toll roads and water services, while awaiting marginal improvements in real estate and tobacco sectors [1][2]. - The real estate segment reported a loss of HKD 236 million in 2024 due to impairment losses on property projects, despite holding quality land resources totaling 4.2 million square meters [2]. - The consumer segment, which includes leading companies in tobacco and printing, has shown signs of recovery, with net profit for Nanyang Tobacco increasing by 86% year-on-year to HKD 560 million in 2024 [2]. - The company has successfully generated significant cash flow through the sale of a 19.5% stake in Yuefeng Environmental, amounting to HKD 2.33 billion, which may lead to increased dividends [2]. - The company is considered undervalued with a high dividend yield compared to peers in the Hong Kong market [2]. Financial Projections and Valuation - The company is projected to achieve net profits of HKD 2.943 billion, HKD 3.084 billion, and HKD 3.197 billion for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 4.8%, 4.8%, and 3.7% [3][4]. - The estimated price-to-earnings (PE) ratios for the same years are 5.0, 4.7, and 4.6 times, indicating a favorable valuation compared to industry standards [3][4]. - The report highlights a stable revenue forecast, with expected revenues of HKD 29.711 billion in 2025, showing a slight increase from 2024 [4]. Business Segments Overview - The infrastructure and environmental segment remains robust, with the company holding 100% stakes in three major toll roads in Shanghai, which have shown stable traffic and revenue growth [1][40]. - The water services segment, comprising two platforms, has a combined daily treatment capacity exceeding 20 million tons, ranking among the top in the country [1][49]. - The real estate segment has faced challenges, with a significant decline in revenue and profitability due to market conditions and impairment losses [2][21]. - The consumer segment is recovering, with improved sales and profitability driven by international expansion and operational optimizations [2][21].

市场部执行，精耕细作。各市场部以"精准指导—动态优化—资源保障"为核心，推动服务落地。在一次 专项提升行动中，某市场部针对低执行率客户重新规划了拜访路径。客户经理通过平台分析客户需求， 将原本分散的拜访点整合为高效路线，一周内完成优先级客户全覆盖。这一改进也获得了客户的积极回 应。武汉某医药连锁店的采购主管陈经理感慨："以前客户经理来拜访总是'打游击'，现在他们带着数 据和方案上门，我们的合作更高效了。市场部还通过灵活调整人员分工，确保服务无死角。 为深化客户经理职能转型，武昌营销部围绕"9233"移动拜访平台中的三大核心指标——服务策略执行 率、拜访覆盖率以及拜访预警异常情况，从区营销部统筹、市场部执行到客户经理落实三个层面齐心协 力，构建了一个从目标分解到过程管控直至闭环优化的工作机制，助力营销服务质量提升。 营销部引领，精准导航。区营销部通过将核心指标纳入年度考核体系，为一线人员提供了明确的目标方 向。在"周通报+月总结"的动态监测机制下，客户经理的服务效率显著提升。此外，区局组织的"平台操 作演练会"也收获了好评。客服部用PPT演示派单逻辑，手把手教会营销人员如何通过平台反馈需求。 现在客户经理能精准 ...

新型口含烟美国市场高歌猛进，牵引业绩高增 2025H1英美烟草新型口含烟业务实现营收4.70亿英镑，同比+38%，口含烟销量50亿袋，同比+42%，美 国市场销量增长206%。2025年5月美国VeloPlus推出后Velo市场份额达9%，7月份额达17%，成为增速最 快口含烟品牌，复购率70%。美国新型口含烟市场超20亿英镑(超过非法雾化电子烟市场)，规模预计在 未来2年内翻倍。 投资建议 智通财经APP获悉，国泰海通发布研报称，上半年，HNB整体表现平稳，得益GloHilo推出，Glo仙台市 占率提升1.5pct(Week5数据)，成功立足高端市场，产品较塞尔维亚版更适配用户，9月日本全面推广并 上新分体机，下半年如期进入核心市场。25H1英美烟草新型口含烟业务实现营收4.70亿英镑，同比 +38%，口含烟销量50亿袋，同比+42%，美国市场销量增长206%。美国新型口含烟市场超20亿英镑(超 过非法雾化电子烟市场)，规模预计在未来2年内翻倍。 国泰海通主要观点如下： 雾化市场上半年承压延续，静候格局改善 2025H1英美烟草雾化电子烟业务实现营收7.37亿英镑，同比-15%，雾化烟弹销量同比-13%，主 ...

点击蓝字，关注我们 目前两个关键时点： 一是8月7日 ，白宫宣布的最新对等关税生效的日期，相当于原定的8月1日往后 挪了1周。目前看来，加拿大、墨西哥、印度等，都有继续谈判的空间。 二是8月12日 ，是原定中美 暂缓的截至日期。但根据7/27-7/30中美第三轮高层经贸会谈，双方将继续推动已暂停的美方对等关税 24%部分以及中方反制措施如期展期。这意味着中美双方将保持当前的关税状态，并继续延期90天， 这次延期后， 新截止日期将延至11月12日。 在这两个关键时间节点之前，全球可能存在一定的避险 情绪。 国内宏观关注： 7 月政治局会议后，相关宏观政策的具体执行与落地成效；其次，中美贸易关系进展 及海外主要经济体的宏观环境变化。 策略上聚焦三大主线： 本次策略推荐标的 | 港股 | | | | | --- | --- | --- | --- | | 证券代码 | 证券简称 | 7月涨跌幅 | 所属行业 | | 3690.HK | 美团-W | -2.95% | 可选消费 | | 6181.HK | 老铺黄金 | -29.71% | 可选消费 | | 2050.HK | 三花智控 | 3.98% | 工业 | ...

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [6][10]. Core Insights - Recent financial reports from major overseas tobacco companies for H1 2025 show overall stable performance, with new tobacco products continuing to drive growth. British American Tobacco, Philip Morris International, and Japan Tobacco have all raised their annual forecasts [18]. Summary by Relevant Sections British American Tobacco (BAT) - For H1 2025, BAT reported revenues of £12.069 billion, a decrease of 2.2% year-on-year, with new tobacco products accounting for 13.7% of total revenue [2][19]. - The revenue from heated tobacco products was £440 million, showing a slight increase of 0.8%, while the revenue from new oral tobacco products surged by 38.1% to £470 million [20][21]. Philip Morris International (PMI) - PMI's Q2 2025 net revenue reached $10.14 billion, reflecting a year-on-year increase of 7.1%, with smoke-free tobacco products making up 41.6% of total revenue [3][28]. - The global shipment of heated tobacco units was 38.8 billion, up 9.2% year-on-year, with IQOS market share in Japan increasing to 31.7% [29]. Japan Tobacco - Japan Tobacco reported Q2 2025 revenues of ¥907.6 billion, a 9.4% increase year-on-year, with heated tobacco product shipments rising by 31.2% [4][38]. - The company has adjusted its annual revenue growth forecast to 8.4% and operating profit growth to 14.6% [38]. Altria - Altria's Q2 2025 revenue was $6.1 billion, down 1.7% year-on-year, with oral tobacco product revenue increasing by 5.9% [5][12]. Market Overview - The light industry sector experienced a relative return of +0.16% last week, despite a decline of 1.59% in the overall sector [6][9]. - Furniture retail sales in June increased by 28.7% year-on-year, while building materials sales saw a decline of 8.9% [6][12]. Investment Recommendations - The report recommends focusing on leading companies in the home furnishing sector, such as Oppein Home, Sophia, and Kuka Home, as well as in the paper and packaging sectors, highlighting Sun Paper and Yutong Technology as key investment opportunities [9][16].

Group 1: China Market Focus - Extreme weather has led to a decline in manufacturing sentiment, with the manufacturing PMI for July at 49.3, down 0.4 points from the previous month and 0.7 points below the five-year average [13][12] - The political bureau meeting in July emphasized the need for macro policies to "continue to exert force and increase strength" to address structural economic issues [12] - The manufacturing PMI's decline is attributed to high temperatures and heavy rainfall, affecting production and demand, while price indices have shown a significant rebound due to anti-involution effects [13][12] Group 2: Stock Recommendations - Covos (603486 CH) is focusing on expanding its robotics core components and manufacturing project, with an expected annual output of 20 million key components and a projected revenue exceeding 1 billion yuan [21] - Zhaoyi Innovation (603986 CH) is positioned well in the AI era with its customized storage solutions, benefiting from trends in high bandwidth and low power consumption, and is expected to gain market share in the DRAM sector [21] Group 3: UK Market Focus - The UK economy is showing signs of risk, with GDP growth in April and May falling short of expectations, and a potential for two more interest rate cuts this year [31][29] - The UK stock market is facing structural challenges, with high international exposure and a strong pound affecting corporate earnings, while sectors like defense and utilities may perform better [32][31] Group 4: India Market Focus - India's economic growth is projected to slightly decline from 6.5% to 6.2% in the fiscal year 2026, with risks stemming from a slowdown in rural recovery and industrial activity [46] - The Indian government has approved significant defense contracts, with Hindustan Aeronautics (HNAL IN) expected to benefit from a substantial order backlog, indicating strong growth potential in the defense sector [51][46]

活动开展以来，各科所围绕战略转型、数字创新等主题研讨献策，形成调研文稿及专项建议十余篇，涵 盖品牌培育、市场净化等多领域。经整合提炼，汇编为《武昌区"十五五"发展规划建言献策》，为市局 规划提供了鲜活案例和创新思路，充分彰显职工"主人翁"担当。 "十五五"是武汉烟草高质量发展的重要机遇期，科学编制规划事关全局，为落实关于"顶层设计与问计 于民结合"的要求，武昌区局积极响应武汉市局号召，动员全体职工贡献智慧，以基层实践为蓝图绘制 添动力。 下一步，武昌区局将推动建议转化落地，并建立常态化建言通道，持续激发基层创新活力，以务实行动 助力武汉烟草书写"十五五"高质量发展新篇章！（王革凡） ...

拓效：多维发力释势能 筑基：精耕内容强内核 视频团队拆解特色文化为具象符号，将抽象内涵转化为镜头可捕捉的生活片段；脚本实行 "三审三 改"，通过匠人神情、生活仪式感等细节传递价值，深化文化渗透。 实践：协同构建参与生态 打破专业主导模式，动员商户、消费者等参与拍摄，让每个人成为文化传播 "活载体"；选取老街茶馆 等地域场景，用实景拍摄替代棚拍，强化观看代入感。 在数字化传播浪潮下，如何让特色文化破圈传播、让市场活力持续迸发？青山区营销部给出了创新答 案。为积极响应创新推进工作要求，客服部以短视频为突破口，探索出一条"文化传播有深度、市场拓 展有力度" 的新路径，通过系统化运作，实现了从认知提升到情感共鸣、从口碑积累到市场增长的递进 式突破。 破题：锚定痛点明方向 针对传统宣传 "文化表达抽象、受众互动弱" 的瓶颈，客服部以短视频连接文化与大众，聚焦 "提升认 知与兴趣"，追求"口碑与市场双提升"，为区域发展注入动能。 线上依托平台与群组裂变传播，线下结合宣讲会展播，形成 "观看 — 体验 — 分享" 闭环。短视频既推 动特色文化从小众到大众，又激活市场转化，实现文化与市场同频共振。 从内容创作的精耕细作，到参 ...