欧洲洞察：全球烟草行业深度分析、Flutter美国机遇及英国地产股降级

ec podweather Raj Jilka * I Equity Research Team+44 0 (20) 7548 4305 I rjilka@jefferies.comMark Braley *IEquity Research Team+44 (0)20 7029 8717I mbraley@jefferies.comMitsidzo Rukuni * I Equity Research Team+44 (0)20 7029 8792 I mrukuni@jefferies.comGeorge Farmiloe * I Equity Research Team+440(20) 702987831gfarmiloe@jefferies.corJefferiesEMEAProductManagement*IEquity Research Team020 7029 8685I emea_prod_mgmt@jefferies.com JefferiesEMEA Click inside for our pick of the best large-cap names from 800+ stocks under coverageby JEF analysts.Global highlightsCopper Trump's surprise 50% copper tariff sent COMEX prices surging. We break downwinners from a rising price.Us Energy Drinks Our analysis shows growth is accelerating - category up 15%, comps easinginnovation working. We raise PTs on Monster and Celsius.China Mobile We launch coverage on Crystal and Lante, two optical component playsleveraged to smartphone upgrades, AR, and ADAS. Top Pick - Crystal.China Healthcare We expect considerable industry resistance to 200%+ tariffs but note limitedCN drug sales to the US whilst API tariffs inflation can be passed onExpertandCorporateaccessHealthcare / Back to School series with 30+ HC leaders (Aug-Nov)Europe / Structural Winners C-suite series (May-Sep)Healthcare / Swiss Healthcare Summit (Sep 3rd)Al / Jefferies Al & Capital Markets Summit (Sep 16th)Healthcare/ Jefferies Global Healthcare Conference (Nov 17th-20th)Event and registration details inside. Have a great weekend. Jefferies European Research.Please see important disclosure information on pages 7 - 12 of this report 9ecS微信Aution is prohibited. JefferiesEXPERTS & EVENTSJefferies 2025 C-Suite "Back to School" HealthcareBackgroundWe are thrlled to launch our 4th annual Healthcare C-Suite "Back to School" series, starting on Tues,26th August and running through to the autumn.Once again,we are catchingup withseniormanagementteamsfromarangeof companiesacrossthe border sector to gain new perspectives and helpful insights ahead of company close periods,results and other important upcoming events.CompaniesPlease see important disclosure information on pages 7 - 12 of this report. n is prohibited. JefferiesDate & Time(CEST)Tues, 26-Aug15:00Mon, 1 Sep14:00Tues, 2 Sep16:30Weds, 3 Sep14:00Weds, 3 Sep16:00Thurs, 4-Sep15:00Thurs, 4 Sep16:30Weds, 10-Sep16:00Fri, 12-Sep15:00Mon, 15-Sep15:00Mon, 15-Sep17:00Tues, 16-Sep15:00Tues, 16 Sep16:00Tues, 23 Sep15:00Weds, 24 Sep15:00Weds, 24 Sep16:00Thurs, 25-15:00SepThurs, 25 Sep16:00Mon, 29 Sep15:00Mon, 29 Sep16:00Tues, 30 Sep15:00Tues, 30 Sep16:30Wed, 1-0ct16:00Thurs, 2 Oct14:00Thurs, 2 Oct15:00Fri, 3 Oct13:00Mon, 20 Oct16:00Weds, 5 Nov15:00Tues, 11 Nov11:15TBCTBCTBCTBCTBCTBCTBCTBCTBCTBCLocation: VirtualRegister: HereJefferies Structural Winners: Virtual C-Suite Series2025BackgroundPlease see important disclosure information on pages 7 - 12 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesFollowing thepublication of our latest Structural Winners report, we will be showcasing companiesbelow and will continue to be updated.We think this is the best opportunity to buy these structural winners in the past 5 years and expectthat these leaders can ride out market volatility and generate superior risk-adjusted returns in thelong run.Date &Time: May - September 2025Location: VirtualRegister: HereJefferies Swiss Healthcare SummitBackgroundWe are delighted to invite you to attend the Jefferies Swiss Healthcare Summit, taking place inZurich on Wednesday, 3rd of September 2025. This summit aims to facilitate a discussion ofkey trends in the industry today, and longer-term opportunities ahead, between leading EuropeanHealthcare Companies and institutional investors. The format will consist of a series of 1x1 andsmall group meetings.Company NameAstraZeneca PLCGSK plcNovartis AGSartorius AGSiemens Healthineers AGSonova Holding AGZealand PharmaA/SDate & Time: September 3rdLocation: The Dolder Grand, Kurhausstrasse 65, 8032 Zurich, SwitzerlandRegister: HereAl and Capital MarketsBackgroundPlease join us for an afternoon of keynote presentations and panel discussions on the interplaybetween Artificial Intelligence and Capital Markets. The opening sessions will focus on applying Altechniques in trade execution, taking stock of where we are now and anticipating how new theoriescan be practically deployed. We will then look at Al's role in informing investment decision-making:Keynote SpeakersProfessor Rahul Savani (Professor of Computer Science; Theme Lead - Alan Turing Institute)Michael Bruck (Managing Partner - 71 Capital Ventures)Panel SpeakersDean Frankle (Boston Consulting Group's Lead for Asset and Wealth Management in WesternEurope, South America, and Africa)Please see important disclosure information on pages 7 - 12 of this report. TickerInvestorRelationsRepsAZN LNLaurenSwalesGSKLNJames Dodwell & Mick ReadeyNVSNicole ZinsliSARTFPetra MullerSHL GRCarloBeck&Marc Koebernic