Core Viewpoint - The Capital Group Dividend Value ETF (CGDV) is described as misleadingly labeled, as it aims to produce a dividend yield higher than the S&P 500 while incorporating growth stocks, which differentiates it from traditional value ETFs [4][6][14]. ETF Overview - CGDV's mandate is to generate a dividend yield exceeding the S&P 500's current yield of approximately 1.3%, with CGDV achieving a yield of around 1.8% [5][11]. - The ETF has performed well since its inception, keeping pace with NASDAQ returns and outperforming traditional value ETFs [5][6]. Investment Strategy - CGDV includes a mix of growth and value stocks, with significant holdings in companies like NVIDIA, which contributes to its performance dynamics [6][10]. - The ETF allocates about 20% to mid-cap stocks and approximately 8-10% to foreign stocks, primarily from developed markets [7][10]. Holdings and Diversification - The top holdings of CGDV include major U.S. companies such as Eli Lilly, Microsoft, and NVIDIA, indicating a focus on large-cap stocks [8][10]. - The ETF is positioned as a way to diversify a core holding, offering slightly more foreign and mid-cap exposure compared to traditional indices [13]. Target Investor Profile - CGDV is suited for investors seeking total returns rather than solely focusing on dividends, appealing to those who are comfortable with some level of risk and potential share liquidation for cash needs [12][13]. - Traditional value investors may find CGDV less appealing due to its growth-oriented approach, which diverges from classic value investing principles [14][19]. Market Outlook - The ETF is not hedged against market downturns, but it has shown resilience during market shocks, indicating a potential for stability [17]. - The overall market outlook remains bullish, with expectations of continued growth driven by lower borrowing costs and expanding profit margins for growth companies [20][21].

Core Viewpoint - The individual investor adopts a contrarian investment style, focusing on deep value opportunities, particularly in stocks that have recently experienced sell-offs due to non-recurrent events, while also considering insider buying as a positive signal [1] Investment Strategy - The investment portfolio is split approximately 50%-50% between shares and call options, indicating a balanced approach between equity and derivatives [1] - The investor's timeframe for holding positions typically ranges from 3 to 24 months, suggesting a medium-term investment horizon [1] - Fundamental analysis is employed to assess the health of companies, including their leverage and financial ratios compared to sector and industry averages [1] - Technical analysis is utilized to optimize entry and exit points, with a focus on support and resistance levels on weekly charts [1] Stock Selection Criteria - Preference is given to stocks that have undergone a recent sell-off, particularly when there is insider buying at the new lower price, indicating potential recovery [1] - The investor screens through thousands of stocks, primarily in the US, but is open to owning shares in less stable markets, referred to as "banana republics" [1] - Professional background checks are conducted on insiders who purchase shares post-sell-off to ensure credibility and alignment with shareholder interests [1]

Group 1 - The core viewpoint is that British American Tobacco (BTI.US) is expected to see accelerated growth in its new tobacco business in the second half of 2025, benefiting from a favorable industry environment and product lifecycle expansion [1] - The HNB (Heated Not Burned) segment is showing positive feedback for new products, with a goal for global expansion in 2026, despite a slight decline in market share for the Glo brand in 2025 due to competition [1] - The Glo Hilo product has achieved a 1% market share in Japan and is gaining traction in Poland and Italy, with expectations for stabilization and recovery in market share by 2026 [1] Group 2 - The vaping segment continues to benefit from an improved market environment, with a projected revenue increase in the second half of 2025, following a 13% year-on-year decline in the first half [2] - The Vuse brand has seen a 0.1 percentage point increase in market share, particularly in the U.S. where it rose by 0.7 percentage points, despite some growth being impacted by illegal vaping products in Canada [2] - The new oral tobacco product Velo Plus is expected to drive significant growth in the U.S. market, with a projected increase in market share by 9.2 percentage points to 15.6% and a global market share increase of 5.9 percentage points to 31.8% [2] Group 3 - Traditional cigarette operations remain stable, with a slight decline in market share of 0.1 percentage points, but a positive outlook for the second half of 2025 driven by improved conditions in the U.S. market [3] - The company anticipates a revenue and adjusted operating profit growth of approximately 2% for the fiscal year 2025, with accelerated growth in new tobacco revenue expected to achieve double-digit growth in the second half [3] - The company plans to increase its share buyback program to £1.3 billion in 2026, up from £1.1 billion in 2025 [3]

Core Viewpoint - Smoore International (06969) has seen a decline of over 4%, currently trading at HKD 11.81, with a transaction volume of HKD 64.45 million. This drop is influenced by the performance guidance from its major client, British American Tobacco (BTI.US), which indicates challenges in the U.S. e-cigarette market due to regulatory pressures and intense competition [1] Group 1: Company Performance - British American Tobacco has revised its 2026 performance guidance, projecting revenue growth at the lower end of its mid-term target range of 3%-5% due to regulatory pressures in the U.S. e-cigarette market [1] - The adjusted operating profit growth for British American Tobacco is expected to be between 4%-6% for the same period [1] Group 2: Regulatory Environment - A new tax policy in the UK will come into effect, imposing an additional tax of 22 pence per milliliter on e-liquids starting October 1, 2026, which will be added on top of the existing 20% value-added tax [1] - Tianfeng Securities indicates that the upcoming UK e-cigarette tax may create new opportunities for 2ml cartridge systems and nicotine pouches [1]

Core Viewpoint - Smoore International (06969) has seen a decline of over 4%, currently trading at HKD 11.81, with a transaction volume of HKD 64.45 million. This drop is influenced by the performance guidance from its major client, British American Tobacco (BTI.US), which anticipates its 2026 earnings to be at the lower end of its mid-term targets due to regulatory pressures and intense competition in the U.S. e-cigarette market [1][1][1]. Group 1 - British American Tobacco expects its 2026 revenue growth to be between 3%-5%, aligning with the lower end of its mid-term target range, while adjusted operating profit growth is projected at 4%-6% [1][1]. - A new tax policy in the UK will impose an additional tax of 22 pence per milliliter on e-liquids starting October 1, 2026, which will be added on top of the existing 20% value-added tax [1][1]. - Tianfeng Securities indicates that the upcoming UK e-cigarette tax may create new opportunities for 2ml cartridge systems and nicotine pouches [1][1].

Core Insights - British American Tobacco (BTI) is a leading global tobacco company expanding its portfolio to include innovative products beyond traditional tobacco, aiming to capture a larger market share and adapt to changing consumer preferences [1][3] Financial Performance - On December 10, 2025, Morgan Stanley adjusted BTI's grade to "Underweight" while maintaining a "hold" action, with the stock price at $58.68, but raised the price target from 3,000 GBp to 3,050 GBp, indicating a cautious yet optimistic outlook [2][6] - BTI's current stock price is $58.65, reflecting a 2.37% increase or $1.36, with fluctuations between a low of $57.82 and a high of $58.715 on the same day [4] - Over the past year, BTI's stock reached a high of $59.29 and a low of $34.82, showcasing its market volatility [4] Market Position - BTI has a substantial market capitalization of approximately $128.7 billion, indicating a strong presence in the industry [5][6] - Today's trading volume for BTI stands at 1,973,242 shares, reflecting active investor interest [5]

European Union officials have held multiple, undisclosed meetings with the tobacco industry, which uses political connections to try to influence policy in the bloc and beyond, a report by campaign gr... ...

据悉，英美烟草首席执行官Tadeu Marroco同时提及公司明年面临的其他压力，其中包括澳大利亚烟草 监管政策趋严带来的冲击，以及对新兴产品品类的持续投入，也将对利润增长形成一定压制。根据英美 烟草的最新指引，2026年营收增速将落在3%-5%的中期目标区间下限，经调整后的营业利润增速预计为 4%-6%。 消息面上，思摩尔国际大客户英美烟草(BTI.US)近日公布最新业绩指引，预计其2026年业绩将处于中期 目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增 长。 思摩尔国际(06969)早盘跌超8%，较年内高点23.92港元已腰斩，截至发稿，跌7.65%，报11.34港元，成 交额3.13亿港元。 ...

思摩尔国际(06969)早盘跌超8%，较年内高点23.92港元已腰斩，截至发稿，跌7.65%，报11.34港元，成 交额3.13亿港元。 来源：智通财经网 消息面上，思摩尔国际大客户英美烟草(BTI.US)近日公布最新业绩指引，预计其2026年业绩将处于中期 目标的低端，原因是美国电子烟市场的监管压力和激烈竞争，抵消了其业务组合中其他领域的强劲增 长。 据悉，英美烟草首席执行官Tadeu Marroco同时提及公司明年面临的其他压力，其中包括澳大利亚烟草 监管政策趋严带来的冲击，以及对新兴产品品类的持续投入，也将对利润增长形成一定压制。根据英美 烟草的最新指引，2026年营收增速将落在3%-5%的中期目标区间下限，经调整后的营业利润增速预计为 4%-6%。 ...

Core Points - The conference call is led by Victoria Buxton, Group Head of Investor Relations, along with Tadeu Marroco, Chief Executive, and Javed Iqbal, Interim Chief Financial Officer [1] - The focus of the discussion will be on constant currency adjusted measures, particularly related to the Canadian Combustibles business [2] - There will be an opportunity for questions later in the call [3]