新型烟草行业专题更新：英美烟草：GloHilo反馈亮眼，新型烟草加速扩张

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a positive outlook for investment opportunities in the new tobacco sector [4]. Core Insights - The new tobacco business of British American Tobacco is expected to accelerate growth in the second half of 2025, benefiting from a favorable industry environment [2]. - The global HNB (Heated Not Burned) industry is entering a new product lifecycle, with major brands actively engaging in market cultivation, leading to accelerated industry expansion [4]. - The Glo brand's market share is projected to stabilize and recover in 2026, primarily driven by the Glo Hilo product [4]. Summary by Sections HNB Market Performance - The Glo Hilo product has received positive feedback, with a market share of 1% in Japan and faster acquisition of market share in Poland and Italy [4]. - The overall revenue growth for 2025 is expected to be steady, influenced by competitive activities and resource reallocation [4]. E-Cigarette and New Products - The vaping market is benefiting from an improved market environment, with the Vuse brand gaining a 0.1 percentage point increase in market share, particularly in the U.S. where it rose by 0.7 percentage points [4]. - The Velo Plus product is driving significant growth in the U.S. market, achieving a 9.2 percentage point increase in market share to 15.6% [4]. Traditional Cigarette Business - The traditional cigarette business remains stable, with a slight decline in market share of 0.1 percentage points globally, but a 0.2 percentage point increase in the U.S. [4]. - The company anticipates a revenue growth of approximately 2% for the fiscal year 2025, with new tobacco revenue accelerating and expected to achieve double-digit growth in the second half of 2025 [4].