Consumer Staples, Financials Nov 29, 2021 08:57 AM (GMT+8) · EqualOcean
Financial Associated Press, Nov. 29 - CITIC Securities research report pointed out that the "amendment" endows China Tobacco with regulatory responsibilities, and the e-cigarette industry has entered a legal regulatory era of "laws to follow". After the "amendment", the risk of "complete prohibition" of atomized categories is lifted, but the risk of "monopoly" remains. We judge the neutral situation of China Tobacco's monopoly operation in the wholesale link and the optimistic situation that China tobacco only dominates the supervision & Taxation and private enterprises' participation in all links of operation as the probable regulatory direction. The subsequent regulatory details under the guidance of China tobacco are expected to be issued one after another. The market of 21q3 atomized tobacco at home and abroad has reached the bottom, and the margin will be better in 2022. HNB's domestic market is waiting to bloom, and the potential supporting space is huge. Atomization and HNB technology leaders hope to further open the gap with competitors by virtue of technical iteration. Maintain the "stronger than the big market" rating of the new tobacco industry.

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