轻工纺服行业周报：英美烟草推高端Glo系列，加速布局无烟未来

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The report focuses on British American Tobacco's (BAT) strategy to promote its high-end Glo series and accelerate its transition to a smoke-free future. The new tobacco audience is expanding, driven by health trends and product transformation. The number of vaping e-cigarette users is expected to reach 101 million by 2030 [2][26] - The report highlights that the nicotine product revenue is projected to grow at a CAGR of 4.6% from 2024 to 2035, surpassing the previous growth rate of 3.8% from 2017 to 2023 [2][26] - BAT plans to launch the Glo Hilo, a high-end heated tobacco device, by the end of 2024, with further market expansion expected in 2025 [2][34] Summary by Sections Weekly Focus - The report discusses BAT's high-end Glo series and its strategy for a smoke-free future, emphasizing the growth of new tobacco consumers, particularly among younger demographics in Europe [2][26] Weekly Market Review - From November 11 to November 15, 2024, the Shanghai Composite Index fell by 3.52%, with the light industry manufacturing sector down 3.68% and textile and apparel down 3.38% [2][38] Key Data Tracking Home Furnishing - The report notes a significant decline in real estate transactions, with a 28.31% decrease in the transaction area of commercial housing in major cities [5] - Furniture sales in October 2024 reached 15.2 billion yuan, a year-on-year increase of 7.4% [5] Packaging and Paper - The report tracks prices of various paper products, noting fluctuations in prices for wood pulp and recycled paper [5] Textile and Apparel - Cotton prices in China are reported at 15,368 yuan per ton, with retail sales of clothing and textiles in October 2024 amounting to 134.7 billion yuan, reflecting an 8% year-on-year increase [6][8] Industry News - The report indicates that BAT's revenue from non-combustible products has reached 18% of total revenue, with a higher percentage of 27% when excluding traditional combustible tobacco products in the U.S. [2][32]