香港联交所最新资料显示，9月15日，思摩尔国际(06969)股东将股票由永隆银行转入中信证券经纪香 港，转仓市值51.96亿港元，占比4.51%。 此前思摩尔国际发布截至2025年6月30日止6个月中期业绩,该集团取得收益人民币60.13亿元(单位下 同)，同比增加18.3%;调整后期内溢利7.37亿元，同比减少2.1%;期内溢利4.92亿元，同比减少27.96%;每 股基本盈利8.08分。 ...

行业报告 | 行业研究周报 新兴产业 证券研究报告 美国多州出台电子烟新规，25 年 7 月中国电子烟出口额稳步回升 本周关注：美国多州出台电子烟新规；25 年 7 月中国电子烟出口额稳步回升 美国多州电子烟新政落地，严格限产品包装、成分、产地与广告 自 2025 年 9 月 1 日起，美国多州包括德克萨斯、威斯康星、阿肯色和加利福尼亚等相继实施电子 烟新规。 德克萨斯州严限产品包装、成分、产地与广告投放；威斯康星州仅允许 FDA 批准产品销售；阿肯 色州进行渐进式执法，严管非法产品；加利福尼亚州建立无味烟草清单，要求零售商只能销售清单 上的产品。同时，新规规定违者面临高额罚款甚至刑事处罚。 这些举措旨在加强对电子烟行业的监管，保护公众健康，尤其是青少年群体，提高产品质量与安全 性。根据行业预测，随着美国多州同步收紧电子烟监管，相关从业商将进行供应链、包装、营销策 略等改变，市场上的电子烟产品种类可能减少，行业布局将面临重大重塑。 25 年 7 月中国电子烟出口额稳步回升，美国市场波动，阿联酋市场表现显著 根据中国海关总署数据，2025 年 1-7 月，电子烟产品（包括电子烟及类似的个人电子雾化设备、 其他含 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 21.22 CNY per share based on a 30X PE for 2026 [5]. Core Viewpoints - The company has established comprehensive strategic partnerships with global clients such as PMI and Logitech, integrating multiple business segments including smart control components, innovative consumer electronics, health environment, and automotive electronics [3]. - The company has adopted an innovative UDM model, enhancing its competitive barriers through overseas capacity expansion and a dual strategy of "big triangle + small triangle" [3]. - The company plans to raise up to 800 million CNY through a private placement to fund the construction of manufacturing bases in Malaysia and Mexico, as well as to expand health environment product capacity and upgrade its R&D center [3]. - The HNB (Heated Not Burned) market remains robust, with PMI maintaining over 70% market share globally, and the company is expected to benefit from increased demand and a favorable supply chain position [3][4]. Summary by Sections 1. UDM System Achievements - The company has transitioned from a single product focus to a diversified growth strategy, leveraging its UDM model to enhance customer satisfaction and build strong partnerships with major clients [16][17]. - The UDM model integrates a unified management system with intelligent manufacturing, allowing for high flexibility and traceability, which improves client relationships [28][30]. 2. HNB Market Dynamics - The global shift towards new tobacco products is evident, with the HNB market expected to grow significantly, driven by consumer health concerns and PMI's established market position [40][43]. - PMI's early investments in HNB technology have created substantial barriers to entry for competitors, solidifying its market leadership [46][47]. 3. Diverse Business Growth - The company is experiencing growth across various segments, including innovative consumer electronics, automotive electronics, and health environment products, with strategic partnerships enhancing its market position [4][20]. - The automotive electronics sector is particularly promising, with the company entering the supply chains of major domestic new energy vehicle manufacturers [4][20]. 4. Financial Forecasts - Revenue projections for 2025-2027 are 4.498 billion CNY, 5.669 billion CNY, and 7.099 billion CNY, reflecting year-on-year growth rates of 25.91%, 26.03%, and 25.21% respectively [5][9]. - Net profit forecasts for the same period are 405 million CNY, 550 million CNY, and 703 million CNY, with corresponding growth rates of 61.09%, 35.75%, and 27.89% [5][9].

Market Overview - On September 5, A-shares experienced a significant rebound, with the Shanghai Composite Index rising by 1.24% to 3812.51 points, reclaiming the 3800-point mark. The Shenzhen Component Index increased by 3.89% to 12590.56 points, while the ChiNext Index surged by 6.55% to 2958.18 points. The STAR Market 50 Index rose by 3.39% to 1268.55 points [1] - The total trading volume for the day was 2.35 trillion yuan, a decrease of 233.5 billion yuan compared to the previous trading day, with over 4800 stocks rising across the market [1] Key Sectors New Energy Sector - The new energy sector saw a substantial surge, with lithium mining, solid-state batteries, and Kirin batteries leading the gains. Stocks such as Ganfeng Lithium, Enjie, and Huasheng Lithium all hit the daily limit [1][2] - The government issued guidelines to promote the orderly layout of the photovoltaic and lithium battery industries, indicating a significant turning point for core industries in the new energy sector [2] Computing Hardware Sector - Computing hardware stocks rebounded, particularly in the CPO direction, with Shenghong Technology nearing a 20% limit up, reaching a new historical high. Other stocks like Tengjing Technology and Qingshan Paper also hit the limit [3] - OpenAI is set to collaborate with Broadcom to produce its self-developed AI chips starting next year, marking a trend towards self-developed high-performance computing chips among tech giants [3] Sports Industry - The sports industry sector experienced a notable rise, with stocks like Lisheng Sports and Huayang Racing hitting the limit. The State Council issued opinions to enhance sports consumption and promote high-quality development in the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030 [4] Institutional Insights - China International Capital Corporation (CICC) noted that the rapid rise in A-share trading does not hinder the mid-term trend, despite potential short-term adjustments. The current A-share valuation is reasonable, with a PE ratio below 14, indicating a relatively low level globally [5] - CITIC Securities stated that there are no substantial negative factors in the current market, attributing previous declines to a drop in risk appetite. The market may experience a sideways trend similar to early 2015, which could build momentum for the next upward phase [6][7] - Zheshang Securities highlighted that the decline in interest rates is a key driver of the current A-share market rally, with long-term growth potential remaining strong, particularly in hard technology sectors like robotics, semiconductors, and new energy [8]

Core Viewpoint - The Huangpi District Tobacco Monopoly Bureau is implementing strict regulations on e-cigarettes to protect minors' health, focusing on policy promotion, joint law enforcement, and source governance to combat illegal sales [1][2]. Group 1: Policy Promotion - The bureau is enhancing regulatory measures through a combination of online and offline methods, expanding the reach of e-cigarette legal knowledge [1]. - Online platforms such as official accounts and SMS are used to disseminate information, while offline efforts include direct outreach to retailers to explain regulations against selling to minors [1]. - Warning signs are posted around retail stores and schools to create a strong awareness atmosphere, leading to improved understanding of regulations among retailers and consumers [1]. Group 2: Joint Law Enforcement - The bureau collaborates with market regulation and public security departments to conduct special inspections in key areas like schools and youth activity centers [1]. - During inspections, the bureau verifies licenses, supply chains, and sales records to combat illegal production and sales of counterfeit products [1]. - A specific case involved a store selling to minors, which was penalized and required to rectify its practices, demonstrating effective law enforcement deterrence [1]. Group 3: Source Governance - The bureau focuses on cutting off illegal transactions by monitoring online sales of e-cigarettes, utilizing advanced tools for real-time analysis of social media and online platforms [2]. - Upon discovering illegal sales, the bureau collaborates with relevant departments to take precise action against identified illegal products [2]. - As a result of these efforts, the e-cigarette market order in Huangpi District has improved, with a reduction in sales points near schools and a significant decrease in illegal online sales [2]. Group 4: Future Directions - The bureau acknowledges ongoing challenges in e-cigarette regulation and plans to continue monitoring new trends, innovate work methods, and strengthen inter-departmental collaboration [2]. - There will be an emphasis on public education regarding the dangers of e-cigarettes to foster a community-wide participation in regulation efforts [2].

Group 1 - Citi has lowered the target price for Smoore International to HKD 21, maintaining an "Outperform" rating [1] - UBS has also reduced the target price for Smoore International to HKD 13.11, while maintaining a "Sell" rating [1]

Core Viewpoint - Citi has released a report predicting that Smoore International (06969) will experience a 44% year-on-year decline in net profit and a 7% decline in adjusted net profit for this year, with a recovery expected between 2026 and 2027 [1] Financial Performance - The company reported an 18% year-on-year increase in sales for the first half of the year, while net profit fell by 28% and adjusted net profit decreased by 2%, aligning with earlier profit warnings [1] - The decline in net profit is primarily attributed to a significant drop in sales in China and a decrease in gross margin due to product mix adjustments [1] Future Projections - The firm anticipates a gross margin of 36.4% for this year, improving to 38.8% next year [1] - From 2025 to 2027, the company is expected to achieve a compound annual growth rate (CAGR) of 16% in sales and 48% in adjusted net profit [1] Market Dynamics - Sales this year are expected to be driven mainly by capsule products, following the EU's ban on single-use e-cigarettes and the expansion of advanced personal vaporizers (APV) and heated non-combustible (HNB) products [1] Investment Strategy - The management indicated that this year will be an investment year, with an additional investment of 300 million RMB planned for research and development in medical and heated non-combustible products [1]

Core Viewpoint - Citi has lowered the target price for Smoore International (06969) to HKD 21, maintaining an "outperform" rating, anticipating a 44% decline in net profit and a 7% drop in adjusted net profit for this year, with recovery expected in 2026-2027 [1] Financial Performance - The company reported an 18% year-on-year increase in sales for the first half of the year, while net profit fell by 28% and adjusted net profit decreased by 2%, aligning with earlier profit warnings [1] - The expected gross margin for this year is 36.4%, with an increase to 38.8% projected for next year [1] Future Projections - The firm anticipates a compound annual growth rate (CAGR) of 16% in sales and 48% in adjusted net profit from 2025 to 2027 [1] - Sales in the current year are expected to be primarily driven by capsule products, following the EU's ban on single-use e-cigarettes and the expansion of advanced personal vaporizers (APV) and heated non-combustible (HNB) products [1] Investment Strategy - Management has indicated that this year will be an investment year, with an additional RMB 300 million allocated for research and development in medical and heated non-combustible products [1]

Core Points - The Singapore government announced stricter penalties for e-cigarette violations starting September 1, particularly targeting the use and sale of e-cigarettes containing banned substances [1] - The new regulations classify "etomidate" as a Class C drug under the Misuse of Drugs Act, with a temporary enforcement period of six months [1] - Individuals caught possessing, using, or purchasing e-cigarettes with harmful substances will face increased fines and mandatory rehabilitation programs, with repeat offenders facing harsher penalties [1] Regulatory Changes - Starting September 1, penalties for holding, using, or purchasing e-cigarettes will be increased, with first-time offenders facing higher fines and repeat offenders required to undergo a three-month rehabilitation program or face more severe penalties [1] - The maximum punishment for importing, selling, or distributing e-cigarettes containing etomidate includes up to 15 strokes of the cane and a maximum of 20 years in prison [1] Health Concerns - Etomidate is a sedative drug typically used for intravenous anesthesia, and its consumption through e-cigarettes can lead to severe side effects such as nausea, vomiting, seizures, and in severe cases, organ failure or death [2]

Group 1 - The core viewpoint is that Smoore International (06969) has experienced a significant decline in net profit for the first half of the year, primarily due to increased R&D expenses and other costs, leading to a drop in stock price [1][2] - For the first half of the year, Smoore International reported revenue of 6.013 billion RMB, an increase of 18.3% year-on-year, while adjusted net profit was 737 million RMB, a decrease of 2.1%, and net profit was 492 million RMB, down 27.96% [1] - The company declared an interim dividend of 0.20 HKD per share, compared to 0.05 HKD per share in the same period last year [1] Group 2 - UBS reported that the decline in net profit was largely due to increased stock-based compensation, rising sales and development expenses, and a higher tax rate [2] - Management remains optimistic about revenue growth in the second half of the year, citing favorable policies for e-cigarettes in the US and Europe, although short-term profitability will still be impacted by R&D expenses [2] - UBS has lowered its earnings forecast for the company from 10% to 33% for the years 2023 to 2027, reflecting higher sales, marketing, and R&D expenditures, and has reduced the target price from 14 HKD to 13.11 HKD while maintaining a "sell" rating [2]