金吾财讯 | 思摩尔国际(06969)短线拉升，截至发稿，涨7.08%，报18.31港元，成交额1.73亿港元。长江证券表示，公司基本面趋势好、底部坚定看好全球新烟趋势下公司的成长潜力。1）雾化烟：主业修复趋势明确，有望受益行业监管转向和大客户市占率提升加速增长；2）HNB 业务：考虑到当前IQOS 全球70%+市场份额，Glo Hilo 份额提升空间大，且行业仍持续增长（预计年化双位数以上增长）、行业渗透率提升空间广阔（当前全球渗透率仅约6%），长期成长动能充沛，期待2025Q4 新进入市场的销售表现；3）医疗雾化（具备完整的吸入产品开发能力、与CDMO 合作）、特殊用途雾化（开始复苏）、美容雾化（岚至取得若干进展、获二类医疗器械认证）等长期成长业务趋势向好。此外若英美烟草今年延续2024 年10 月举办资本市场日的活动节奏，2025Q4 或可期待更多Glo Hilo 销售情况的官方指引。
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