E-cigarettes are electronic devices that stimulate the experience of smoking. They operate by heating a liquid that produces an aerosol, which is inhaled by the user. The aerosol vapor contains nicotine, flavorings, and other chemicals. The liquid used in e-cigarettes to produce aerosol is known as e-liquid.

The global e-cigarette market is defined by the industry engaged in the production, distribution, and sale of electronic cigarettes, also known as e-cigarettes or vapes. These are battery-powered devices that deliver nicotine, flavorings, and other chemicals to users through an aerosol, commonly referred to as vapor, without involving the combustion that characterizes traditional tobacco products. The market includes a variety of e-cigarette products, ranging from disposable e-cigarettes, which are single-use devices pre-filled with e-liquid, to rechargeable e-cigarettes, which are reusable devices that allow users to refill e-liquid and recharge the battery.

The World Health Organization's (WHO) Framework Convention on Tobacco Control (FCTC) advises countries to consider plain packaging. This approach mandates health warnings on tobacco packages, bans branding elements like colors and logos, standardizes font size and color (often an unappealing brown), and formats the packaging uniformly. These regulations aim to diminish product promotion, enhance warning visibility, reduce deceptive packaging, and decrease tobacco consumption

The global e-cigarette market is a part of the global tobacco market. The global tobacco market was valued at $807.86 billion in 2021 and reached $867.36 billion in 2023. The global tobacco market witnessed an incremental growth of $59.5 billion and registered a CAGR of 3.6% from 2021 to 2023.

烟蒂股是指市场估值低于实际价值的公司，巴菲特曾这样总结“烟蒂”投资 法:“在大街上捡到一只雪茄烟蒂，短得只能再抽一口，也许冒不出多少烟， 但‘买便宜货’的方式却要从那仅剩的一口中发掘出所有的利润”。A 股当前 自下而上便宜筹码足够多，被低估的烟蒂股未来 2-3 年可能获得丰厚收益，华 创策略《烟蒂股》系列报告希望从多个角度出发，挖掘真正被低估的价值。 系列首篇《守着低估值&龙头能迎来春天吗?》发现，低估值胜率下降但赔率 仍高，便宜还是硬道理，核心在于如何判断真实价值的低估。抛开传统估值方 法，本文给出三个视角判断企业是否被低估:1、清算价值;2、自由现金流; 3、企业倍数。

Snus is a form of smokeless tobacco that undergoes a special manufacturing process. Snus is steampasteurized, unlike dipping tobacco which is fire-cured. Swedish food regulations, which apply to the manufacturing of snus, limit the permitted amounts of certain components in snus products.

E-cigarettes are electronic devices that stimulate the experience of smoking. They operate by heating a liquid that produces an aerosol, which is inhaled by the user. The aerosol vapor contains nicotine, flavorings, and other chemicals. The liquid used in E-cigarettes to produce aerosol is known as e-liquid.

家居：国常会对地产积极定调，关注 315 对 Q1 订单的巩固更新：1）近期地产端积极表态与降息措施陆续催化，后续楼市成交有望企稳；2）本轮 315 大促延续 23Q4 以来的让利力度，定制与成品配套融合趋势更为显著。投资建议：1）消费趋于理性，质价比至关重要，看好成本费用管控能力突出的龙头长期取胜，持续看好索菲亚、志邦家居、欧派家居、江山欧派等龙头；2）重视地产交易结构变化后的翻新市场占比提升，持续看好顾家家居、敏华控股、喜临门、慕思股份、瑞尔特、好太太等龙头；3）关注龙头分红价值，如敏华控股、索菲亚、慕思股份、顾家家居等。

轻工作为传统制造业，一方面：伴随以地产链为代表的部分行业渐进成熟期，在当前政策预期下需求难有较大弹性；另一方面：过去三年作为资本开支大年，诸如造纸等行业存在产能过剩等问题，且在未来较长一段时间产能持续去化；在此背景下，行业投资从过去“买赛道”的β式投资变成对好公司的精耕细研，当行业的毛利率被供需格局压制的背景下，优秀的公司的成本管控、组织效能等竞争要素提到更加重要的高度，关注龙一的提估值机会。

美国一次性烟份额边际趋稳，全球监管正逐步趋严。近年来一次性电子烟产品在海外快速兴起，但今年二季度以来，欧美一次性烟发展态势边际出现分化。美国市场方面，根据 CDC 数据，截至 2023 年 10 月，美国电子烟市场中一次性产品销量同比-13.0%至 1.2 亿支，份额达 57.2%，虽然一次性产品份额占比仍然较高，但边际来看，份额环比相对平稳，或主因美国 FDA 逐步加大对一次性产品的监管力度。欧洲市场方面，根据 Ash 统计，截至 2023 年 8 月，成年人/未成年人吸食一次性电子烟的比例分别为 31.0%/69.0%，分别较 2021 年提升 28.7/61.3pct，一次性电子烟仍处于发展红利期。