Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that major overseas tobacco companies, British American Tobacco and Japan Tobacco, have released their annual reports, indicating a slowdown in the market share growth of PLOOM and an acceleration in the iteration of new products by British American Tobacco [2] - British American Tobacco reported a revenue of £13.54 billion for the second half of 2025, a year-on-year increase of 0.1%, with new products contributing £1.97 billion, representing a 10.6% increase and accounting for 14.5% of total revenue [2] - Japan Tobacco's revenue for the fourth quarter of 2025 was ¥833.6 billion, a year-on-year increase of 10.2%, with new products generating ¥3.12 billion, a 34.5% increase, and accounting for 3.7% of total revenue [2] Summary by Sections British American Tobacco - The company experienced accelerated growth in new products in the second half of 2025, with revenue from vapor products decreasing by 5.5% year-on-year but increasing by 9.2% quarter-on-quarter [3] - The heat-not-burn (HNB) segment saw a revenue decline of 2.1% year-on-year, but the premium series HILO's increased market share helped maintain price levels [3] - Revenue from oral tobacco reached £700 million in the second half of 2025, with a significant year-on-year increase of 54.8%, driven by the nationwide launch of VELO PLUS [3] Japan Tobacco - Japan Tobacco's new product sales reached 3.9 billion units in the fourth quarter of 2025, a year-on-year increase of 30.0%, with HNB sales at 3.2 billion units, up 40.7% [4] - The market share of PLOOM in Japan was 15.7% in the fourth quarter of 2025, showing a slowdown in growth compared to previous quarters [4] - The company is expanding its global market presence, with new product launches in 19 countries as of February 2026 [4] Product Optimization and Global Expansion - Both British American Tobacco and Japan Tobacco plan to accelerate the global expansion of new products in 2026, despite anticipated intense competition in other regions [5] - Innovations in product features and differentiated consumption experiences are expected to enhance industry penetration rates [5] - British American Tobacco is set to launch a new HYPER device in the second quarter of 2026, which promises improved performance and user experience [5]

事件：海外烟草龙头集中发布年报。 2）日本烟草：Q4收入为8336亿日元（同比+10.2%），新烟为312日元（同比34.5%），占比为3.7%（同比 +0.7pct）。 【信达消费-点评】英美&日烟发布年报：PLOOM市占率斜率放缓，英美新品迭代加速 1）英美烟草：H2收入为135.4亿英镑（同比+0.1%），新烟为19.7亿英镑（同比+10.6%），占比为14.5%（同比 +1.4pct）。 2）日本烟草：Q4收入为8336亿日元（同比+10.2%），新烟为312日元（同比34.5%），占比为3.7%（同比+0.7pct 【信达消费-点评】英美&日烟发布年报：PLOOM市占率斜率放缓，英美新品迭代加速 事件：海外烟草龙头集中发布年报。 1）英美烟草：H2收入为135.4亿英镑（同比+0.1%），新烟为19.7亿英镑（同比+10.6%），占比为14.5%（同比 +1.4pct）。 25年受益于新品AURA上市，公司HNB板块表现优异，但25Q4日本PLOOM市占率为15.7%（Q3/Q2/Q1分别为 15.5%/13.6%/12.7%），爬坡斜率已然放缓，我们认为主要系竞品HILO上市后竞争进一步加剧、以及 ...

Pre-Market Performance Overview - LBank's pre-market trading has shown significant potential, with the highest return reaching 206x and the average return at 29x [1] - Top pre-market performers on LBank include $RED (20,677%), $BLUM (12,306%), and $HYPER (11,880%) [1] New Launch - MASK is launching Pre-Market Trading on LBank [1] - Recent premium pre-market launches on LBank include $WLFI, $BABY, $MON, and $BARD [1]

Promotion & Rewards - HTX Spot Grid Weekly 活动启动，注册即可获得 20 USDT [1] - 交易 ETH, ZEC, XRP, $ASTER, $HYPER 等，争夺 30,000 美元奖池 [1] Trading Strategy - 平台鼓励用户使用 Grid Bot 进行自动低买高卖 [1]

Core Insights - The PUMP token from Pump.fun has experienced a significant price increase of 13% in the last 24 hours and 39.8% over the past week, reaching $0.0053, nearing its debut price of $0.0055 from July [1][6] - The recent price surge is attributed to the listing of PUMP on Binance.US and various updates to the token launchpad, including user interface improvements and partnerships with other exchanges [2] Token Buyback and Revenue - Pump.fun has actively engaged in buying back its PUMP token, purchasing $2.5 million worth of the token on a single day, which accounted for over 100% of that day's revenue [3] - Overall, the platform has repurchased a total of $99.2 million worth of its own token, indicating a strong commitment to supporting its market value [3] Market Position and Performance - Pump.fun has regained market share in the token launchpad sector after a month of competition from the LetsBonk platform, as evidenced by Dune data [3] - The platform's daily revenue has returned to levels not seen since May, with a peak of $2.28 million in late August and $1.5 million on a recent Tuesday [4] Ecosystem and Market Dynamics - Despite the rise of PUMP, the broader category of its ecosystem tokens has remained relatively flat, although individual tokens have shown volatility with some experiencing double-digit gains or losses [4][5] - HYPER, a project within the top 50 by market cap, has seen a notable increase of 25% in a single day, while another meme coin, SPARK, has decreased by 12% [5] Airdrop Speculation - There is speculation among users regarding a potential PUMP airdrop, but predictions indicate an 84% likelihood that it will not occur by the end of September [7]