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].

Investment Rating - The report maintains a "Buy" rating for companies involved in brain-computer interface technology, indicating strong potential for growth and investment opportunities [5][6]. Core Insights - The invasive technology breakthroughs are expected to enhance consumer and medical rehabilitation market awareness of brain-computer interface technology, with significant advancements anticipated in 2025 [5]. - Non-invasive brain-computer interface products are likely to accelerate commercialization, presenting further investment opportunities [5]. - The report suggests focusing on companies that are leading in the brain-computer interface technology space, such as Sihuan Pharmaceutical, Yanshan Technology, Sanbo Brain Science, Chengyitong, Innovation Medical, and Dineike [5][6]. Summary by Sections Macro Strategy - The ZEW investor expectations index in Germany surged to its highest level in two years, reaching 51.6, significantly above market expectations [25]. - The report highlights the expansion of fiscal spending in Germany amidst legislative discussions aimed at overcoming the debt brake mechanism [25]. Fixed Income - The current yield spread for high-yield Chinese dollar city investment bonds is 313 basis points, while investment-grade bonds stand at 86 basis points, both at historically low levels [26][30]. - High-yield bonds are seen as having more room for spread compression compared to investment-grade bonds, making them attractive in a low-interest-rate environment [26][30]. Industry Analysis - The report emphasizes the importance of the environmental equipment manufacturing industry, with a focus on promoting high-quality development and the transition towards green, low-carbon, and circular economies [8]. - Companies like Weiming Environmental and Wangneng Environment are highlighted for their strategic initiatives and confidence in future growth [8].

Investment Rating - Industry rating is maintained as "Outperform the Market" [9] Core Insights - The report highlights the production launch of Smoore's high-end medical device project, which is expected to generate revenue of 1 billion yuan within three years [4] - The French ban on disposable e-cigarettes officially took effect on February 25, 2025, following legislative approval [5] - China's total e-cigarette export value for 2024 reached approximately 10.96 billion USD, showing a slight year-on-year decline of 1.11% [6] Summary by Sections Smoore's Medical Device Project - Smoore's skincare brand MOYAL has obtained a Class II medical device certificate and launched a non-invasive aerosol high-end medical device project, focusing on aerosol beauty equipment [4] - The project aims to achieve production in the first half of the year and expects to generate 1 billion yuan in revenue within three years [4] E-Cigarette Market Developments - The French government has implemented a ban on disposable e-cigarettes, making it the second EU country to do so after Belgium [5] - The e-cigarette export data for 2024 indicates a total export value of 10.96 billion USD, with the U.S. being the largest market, accounting for one-third of the exports [6] Company Performance - Smoore reported a revenue of 8.32 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.0%, with a net profit of 1.06 billion yuan, down 11.9% [7] - The company is positioned as a global leader in aerosol technology solutions, with increasing competitive advantages amid tightening regulations [7]

摘要 Q&A 请介绍一下思摩尔国际的股权激励目标及其对公司未来发展的影响。 思摩尔国际设定了到 2030 年实现市值 3,000 亿、4,000 亿、5,000 亿港币的股 权激励目标，并向核心创始人发放一定比例的股份。该目标引起了市场广泛关 注，主要集中在其与英美烟草合作推出的 Glo Hyper 产品的未来前景上。具体 而言，这款产品的竞争力如何、主要客户是否将其作为重点推广方向以及上市 节奏等因素都将对公司未来业绩产生重要影响。 中信建投｜大消费联合电话会 • 思摩尔国际的 Glo Hyper 产品市场表现具优势，虽口感略逊于 IQOS，但整 体水平达 IQOS 7-8 成，预计未来销量约 810 支烟弹，保守估计扣税后纯利 可达 40 亿元，若按七分钱计算，总利润可达 56 亿元，增长空间显著。 • 快递行业自 2025 年 3 月起进入淡季价格调整，各品牌降价幅度不一，中通 降幅最大，同比去年同期降幅更高。义乌地区低价竞争压力仍存，关注中 通和申通的投资机会，高频月度份额数据反映战略执行情况。 • 阿里巴巴对菜鸟网络的组织业务和人员调整，可能对快递行业格局产生较 大影响。关注阿里持股较多的申通快递， ...