2020 年7 月世界卫生组织发布了《加热烟草制品信息表-第二版》，向受众提供了市场监管建议，将HNB 产品作为烟草制品进行监管。其中日本为HNB 的代表市场，将其视为烟草制品进行监管。美国对于新型烟草上市审核严格，必须通过PMTA 申请，目前仅IQOS 品牌通过申请。

投资建议：1）HNB 产业链：国内市场--重点推荐：华宝国际/华宝股份（国 内烟用香精龙头）、劲嘉股份（国内烟标龙头，积极卡位新型烟草）、中烟 香港（收购上游巴西烟叶加工商，中烟唯一资本平台）；其次建议关注：集 友股份、顺灏股份、东风股份等；国际市场--盈趣科技（IQOS 精密件二级 供应商）；2）雾化产业链：重点推荐：思摩尔国际（全球雾化代工龙头）、 建议关注：雾芯科技（国内雾化品牌龙头）。

Tobacco comes from the plant family known as Nicotiana genus and Solanaceae. There are more than 70 species of tobacco. The strongest variant is Nicotiana rustica that can be found in several countries. Tobacco is also used in dry form. The dried leaves of tobacco are mainly used in cigars, pipes, and cigarettes for smoking. Tobacco can also be consumed as snuff, snus, dipping, and chewing tobacco. It is considered risky for causing various diseases affecting lungs, liver, and heart. Tobacco is cultivated similar to agriculture products. It is cultivated annually and harvested into several ways. It also has significant impact on the economy. There are different types of tobacco cultivated such as aromatic fire-cured, brightleaf tobacco, burley tobacco, cavendish, criollo tobacco, dokha, Turkish tobacco, perique, shade tobacco, white burley, and wild tobacco.

本周关注：8 月26 日，FDA 宣布对3 个公司的55000 种调味电子烟产品发布第一批电子尼古丁传递系统(ENDS)产品的营销拒绝令(MDO)，由于其缺乏足够的证据证明其对成年吸烟者的益处大于其对青少年公共健康的风险；7 月28 日，FDA 官网更新PMTA 申请审查进度。

换弹式电子烟口感丰富、携带方便及换油便捷等特点，成为中国目前最主要的电子烟品类，深受商家和消费者的欢迎。换弹式电子烟用户目前以男性消费者为主，高线级城市中的中高收入及中层管理人群是其主要消费群体。同时换弹式电子烟用户兴趣爱好广泛，聚会应酬偏多；且在具有较高的时尚流行感，对商品品质较为看重。

事件：7 月 31 日，国家统计局发布：6 月中国制造业 PMI 为 50.9%，前值 51.0%；非制造业商务活动指数 53.5%，前值 55.2%。

Tobacco comes from the plant family known as Nicotiana genus and Solanaceae. There are more than 70 species of tobacco. The strongest variant is Nicotiana rustica that can be found in several countries. Tobacco is also used in dry form. The dried leaves of tobacco are mainly used in cigars, pipes, and cigarettes for smoking. Tobacco can also be consumed as snuff, snus, dipping, and chewing tobacco. It is considered risky for causing various diseases affecting lungs, liver, and heart. Tobacco is cultivated similar to agriculture products. It is cultivated annually and harvested into several ways. It also has significant impact on the economy. There are different types of tobacco cultivated such as aromatic fire-cured, brightleaf tobacco, burley tobacco, cavendish, criollo tobacco, dokha, Turkish tobacco, perique, shade tobacco, white burley, and wild tobacco.

7 月 13 日菲莫国际（PMI）在官网发布了一份各国卫生机构对加热不燃烧产品 看法的概览，相关卫生机构包括美国 FDA、英国 PHE 和 UKCOT、法国 BfR、 韩国 MDFS、荷兰 RIVM、日本环境卫生厅、韩国食品药品安全部等。

后疫情时代新房需求增速有放缓趋势，二手房和“老破小”改造成为家居市场增长点，2021年至今，家居行业零售端需求释放明显，2-4 月的变化超出历史增长平均水平。海外家具需求猛增，出口型家居企业从中获益。2018年以来中国电子烟市场增长迅速，低渗透率提供充足成长空间，电子烟参考烟草监管助力行业良性竞争，龙头公司也有望受益于良好的市场环境实现收入增长。

1）HNB 产业链：国内市场--重点推荐：华宝国际/华宝股份（国内烟用香精龙头）、劲嘉股份（国内烟标龙头，积极卡位新型烟草）；其次建议关注：集友股份、顺灏股份、东风股份等；国际市场--盈趣科技（IQOS精密件二级供应商）；2）雾化产业链：重点推荐：思摩尔国际（全球雾化代工龙头）、建议关注：雾芯科技（国内雾化品牌龙头）。