Group 1 - The stock of Smoore International (06969) increased by over 6%, currently up 6.29% at HKD 21.64, with a trading volume of HKD 501 million [1] - Smoore International is holding a board meeting today to consider and approve the interim results for the six months ending June 30, 2025, and to declare an interim dividend if applicable [1] - The company anticipates revenue of RMB 6.013 billion for the first half of 2025, representing an 18% year-on-year growth; however, it expects a pre-tax profit of approximately RMB 629 million to RMB 769 million, a decrease of 5% to 23% year-on-year [1] Group 2 - The decline in profit is primarily attributed to an increase of RMB 176 million in non-cash share-based payment expenses, as well as significant growth in distribution, sales expenses, and legal service costs [1] - UBS noted that the preliminary results indicate an 18% year-on-year revenue growth for the first half, driven by a recovery in the vape business, with increased shipments ahead of U.S. tariffs [1] - The company expects a year-on-year decline in net profit of 21% to 35% in the second half, mainly due to high expenses related to stock options granted in the fourth quarter and S&D [1] Group 3 - Zheshang Securities believes that British American Tobacco is heavily investing in resources and marketing for Glo Hilo, with positive trial feedback in Japan and early deployments in some European countries, indicating a favorable outlook for future volume growth [1] - Additionally, the growth of oral tobacco remains strong, and the regulation of illegal vaping products is expected to lead to a recovery, maintaining a positive outlook for core supplier Smoore International [1]

Core Points - The China Securities Index Hong Kong 100 Consumer Index (H100) reported a value of 2694.66 points, showing a monthly increase of 0.26%, a quarterly increase of 4.02%, and a year-to-date increase of 17.21% [1] Group 1 - The H100 index is categorized based on the China Securities Industry Classification Standard, with a base date of December 31, 2004, and a base point of 1000.0 [1] - The index is fully composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The industry composition of the H100 index includes 40.82% in food, 32.58% in soft drinks, 15.98% in alcohol, and 10.62% in tobacco [1] Group 2 - The index sample is adjusted biannually, specifically on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2] - Adjustments to the index occur in response to changes in the parent index, special events affecting industry classification, or the delisting of sample companies [2]

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [6][8]. Core Views - The report highlights that the domestic price of broadleaf pulp has recently increased, while cultural paper and white card paper remain under pressure due to supply and demand factors. However, the waste paper sector shows a strong willingness to raise prices, continuing its upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. Summary by Sections 1. Recent Research Tracking and Investment Thoughts - The domestic price of broadleaf pulp has risen slightly, while cultural paper and white card paper prices are still under pressure. The waste paper sector continues to show strong price increase intentions, maintaining an upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. 2. Key Data Tracking - In July, China's furniture retail sales increased by 20.6% year-on-year, while sales in building materials and home furnishing markets decreased by 12.9% year-on-year. The total retail sales of social consumer goods in July reached 38,780 billion yuan, with a year-on-year increase of 3.7% [39]. - The domestic price of broadleaf pulp has increased by 109 yuan/ton compared to July, influenced by international production cuts and price increases. The waste paper sector has also seen price increases, with waste paper prices rising by 21 yuan/ton for old books and 100 yuan/ton for old yellow board paper [18][22]. - In July, the U.S. furniture and home decor store sales increased by 5.1% year-on-year, maintaining a single-digit growth for 11 consecutive months. The inventory turnover ratios for U.S. furniture wholesalers and retailers indicate stable conditions, suggesting resilience in overseas demand [25][26]. 3. Company Announcements and Industry Dynamics - The report recommends focusing on leading companies in the home furnishing sector, such as Oppein Home, Sophia, and Gujia Home, which are expected to benefit from the recovery in home consumption. In the paper and packaging sector, it highlights Sun Paper as a key player benefiting from new capacity releases [5][14][15].

Group 1 - Moody's upgraded Pakistan's local and foreign currency issuer ratings and senior unsecured debt rating from Caa2 to Caa1, changing the outlook from "positive" to "stable" [9] - The IMF delegation is expected to visit Pakistan at the end of September for an economic review, with the anticipation of receiving a third loan tranche of $1 billion after the review [9] - As of August 8, the State Bank of Pakistan reported an increase of $11 million in foreign exchange reserves, reaching $14.2432 billion, while commercial banks' net foreign exchange reserves decreased by $10 million to $5.2535 billion [9] Group 2 - The Pakistan Bureau of Statistics reported a 0.31% increase in short-term inflation week-on-week and a year-on-year increase of 2.21%, with 17 out of 51 surveyed items experiencing price increases [9] - The Pakistan Securities and Exchange Commission announced the final revision of the public offering system, effective from August 6, 2025, aimed at enhancing IPO efficiency through competition, technology, and transparent pricing mechanisms [10] - The latest report from the Pakistan Bureau of Statistics indicated a 0.74% contraction in the large-scale manufacturing (LSM) sector for the fiscal year 2024-2025, despite a 4.14% year-on-year growth in June, with significant declines in sectors such as tobacco, textiles, and automotive [11]

Group 1 - The core viewpoint is that the first quantum security protection system in the tobacco industry has been launched, utilizing quantum communication technology to encrypt data transmission between the tobacco financial system and banking payment systems, enhancing information security during digital transformation [1][2] - The quantum communication technology is recognized as the only communication method that has been strictly proven to possess information-theoretic security, with applications in finance, government, and energy sectors, providing high-level information security services across various industries [1][2] - The tobacco industry's financial system is experiencing increased interaction with banks, leading to a surge in core financial data volume, necessitating enhanced information security measures for internal management and national economic security [1] Group 2 - The quantum security protection system covers external data transmission from the financial system and internal storage of core databases, establishing a quantum encryption channel between the tobacco company and partner banks to prevent data theft and tampering [2] - The system allows for full lifecycle encryption management of financial data, from production to circulation and archiving, protecting against unauthorized access and misuse by high-privilege users [2] - The solution integrates classical security with quantum protection without requiring system architecture modifications, significantly reducing the complexity and cost of security upgrades, and is expected to be easily replicated in more business scenarios in the future [2]

国泰海通证券指出，中烟香港卷烟出口独家经营区域为泰国、新加坡、中国港澳、中国境内免税，其 中，境内免税卷烟业务占比80%+、贡献2024年公司整体收入的约10%，为近年公司成长性较强的业务 板块，属于本次征求意见稿影响范畴。文件发布后中烟香港积极沟通，目前已就保持公司自中国烟草总 公司集团采购卷烟并独家销售至中国境内免税市场的经营地位达成共识。从7月27日公告内容来看，该 行认为本次事件对公司业务的实质性冲击有限，公司"资本市场运作和国际业务拓展平台"的定位不变， 长期仍具潜力，关注后续进展。 消息面上，7月25日，国家烟草专卖局发布《境内免税市场烟草制品管理办法（征求意见稿）》，中烟 香港公告回应上级部门相关管理办法，经积极沟通境内卷烟出口免税业务有望仍由中烟香港经营，暂无 实质变化。此外，中烟香港拟于8月22日(下周五)举行董事会会议批准中期业绩。 智通财经APP获悉，中烟香港(06055)早盘涨超7%，截至发稿，涨6.89%，报35.68港元，成交额1.42亿港 元。 ...

国泰海通证券指出，中烟香港卷烟出口独家经营区域为泰国、新加坡、中国港澳、中国境内免税，其 中，境内免税卷烟业务占比80%+、贡献2024年公司整体收入的约10%，为近年公司成长性较强的业务 板块，属于本次征求意见稿影响范畴。文件发布后中烟香港积极沟通，目前已就保持公司自中国烟草总 公司集团采购卷烟并独家销售至中国境内免税市场的经营地位达成共识。从7月27日公告内容来看，该 行认为本次事件对公司业务的实质性冲击有限，公司"资本市场运作和国际业务拓展平台"的定位不变， 长期仍具潜力，关注后续进展。 中烟香港(06055)早盘涨超7%，截至发稿，涨6.89%，报35.68港元，成交额1.42亿港元。 消息面上，7月25日，国家烟草专卖局发布《境内免税市场烟草制品管理办法（征求意见稿）》，中烟 香港公告回应上级部门相关管理办法，经积极沟通境内卷烟出口免税业务有望仍由中烟香港经营，暂无 实质变化。此外，中烟香港拟于8月22日(下周五)举行董事会会议批准中期业绩。 ...

Macro Insights - The US July CPI shows a moderate increase, with core CPI rising 0.3% month-on-month, aligning with market expectations, alleviating concerns about significant inflation rebound [2] - The core CPI year-on-year increased by 0.2 percentage points to 3.1%, slightly above the expected 3.0% [2] - The market anticipates a 96% probability of a Federal Reserve rate cut in September, influenced by the manageable inflation pressures from tariffs [2] Fixed Income Insights - AI is becoming a central theme in the market, impacting investment, employment, and asset prices, leading to a structural divergence in stock performance [3] - The report suggests that AI could enhance labor productivity, potentially leading to a scenario where stock market performance outpaces GDP and employment growth [3] - Long-term, AI may alleviate debt pressures but could also exacerbate income and opportunity disparities [3] Energy Sector Insights - National electricity generation in July is estimated to increase by 3.2% year-on-year to 924.9 billion kWh, with coal, hydro, and renewable energy sources contributing differently [4] - The report anticipates a positive growth momentum for thermal power generation despite some pressure from hydroelectric output recovery [4] Banking Sector Insights - The introduction of a personal consumption loan interest subsidy policy aims to stimulate domestic demand, with a 1% annual subsidy rate [5] - Major banks are responding positively to the subsidy policy, indicating a favorable outlook for structural opportunities in the banking sector [5] Company-Specific Insights - Wanchen Group (300972 CH) is accelerating the acquisition of minority shareholder equity, with stable earnings in April and May, leading to an upgraded target price of 212.66 CNY and a "Buy" rating [7] - Guizhou Moutai (600519 CH) reported a 9.2% year-on-year increase in total revenue for H1 2025, indicating a solid foundation for achieving its annual growth target [11] - Pengding Holdings (002938 CH) is focusing on AI-related capacity investments, with a revenue increase of 24.75% year-on-year in H1 2025, leading to an upgraded target price of 69.2 CNY [12] - Desay SV (002920 CH) benefited from the smart driving trend, achieving a 25.25% year-on-year revenue growth in H1 2025, with a positive outlook for future growth [17] - City Development Environment (000885 CH) reported a revenue increase of 11.25% year-on-year in H1 2025, indicating stable growth in waste treatment operations [21]

（原标题：古巴2025年上半年雪茄出口增长） 古巴《格拉玛报》8月9日报道，古巴农业部报告显示，2025年上半年，古 巴手工卷制雪茄出口量达600万支，高于去年同期水平。古巴烟草集团负责人 表示，目前手工卷制雪茄生产已恢复至满负荷，上半年对销售商哈伯纳斯公司 的烟草交付进度已达90%，对古巴内贸部的烟草交付则超额完成。机制雪茄生 产去年年末至今年年初曾受零部件缺乏严重影响，但目前产量已恢复至计划的 80%左右。 ...

格隆汇8月12日丨中烟香港(06055.HK)宣布，本公司将于2025年8月22日（星期五）举行董事会会议，以 （其中包括）(i)考虑及批准刊发本公司及其附属公司截至2025年6月30日止六个月的中期业绩，并将其 刊登于香港联合交易所有限公司和本公司网站；(ii)考虑宣布及派发中期股息（如有）；(iii)考虑暂停办 理本公司股份过户登记手续（如有需要）；及(iv)处理其他事务（如有）。 ...