每经AI快讯，2月13日，国家烟草专卖局发布《关于落实电子烟产业政策 进一步推动供需动态平衡的通 知》，其中提到，推动市场供需平衡。统筹发挥有效市场和有为政府作用，在已核定产能范围内核定年 度生产规模，作为企业年度产销目标，切实化解并防范市场无序竞争风险。严格实施生产规模总量调 控，坚持分类施策，根据企业经营状况合理核定生产规模，从严从紧开展生产规模调整审核，合理确定 电子烟相关生产企业生产规模调整量。持续加强电子烟监管力度，对风险较高的市场主体，从严从紧限 制，重点核查管控，依法严厉查处企业出口回流、虚假报关、产品不符合国家标准和质量安全要求等违 法违规行为。电子烟相关生产企业应落实主体责任，加强合规能力建设，出口产品应提交符合目的地国 家（地区）法律法规和监管要求的证明文件，推动出口贸易全链条各环节合规。 ...

Investment Rating - The report maintains a "Positive" investment rating for the new tobacco industry [9]. Core Insights - The National Tobacco Monopoly Administration has issued a notice to implement electronic cigarette industry policies, aiming to regulate industry operations, curb excessive competition, prevent overcapacity risks, and enhance compliance among electronic cigarette manufacturers [2][6]. - The notice emphasizes the need for investment behavior regulation among electronic cigarette manufacturers, including requirements for new projects, technological renovations, relocations, and resuming construction [7]. - Key changes and impacts include: 1. Support for the exit of outdated and excess production capacity, benefiting large-scale electronic cigarette enterprises. As of January 2025, there are approximately 583 licensed electronic cigarette manufacturers in China, and the notice aims to facilitate the exit of inefficient capacity, allowing leading companies to consolidate and enhance their market position [7]. 2. Implementation of capacity quota management and increased compliance requirements for exports. The notice specifies that production capacity must be regulated, and companies focusing on exports must ensure that their products comply with the laws and regulations of the destination countries or regions [7]. 3. Separation of management for heated tobacco products and electronic cigarettes, indicating potential future changes in the new tobacco industry [7]. Summary by Sections - **Investment Opportunities**: The acceleration of globalization in the new tobacco sector presents investment opportunities for companies with core barriers or resource advantages. Key companies to watch include Smoore International (leading in electronic vaporization devices), China Tobacco Hong Kong (supporting China Tobacco's international mission), Hengfeng Paper (an undervalued player in the heated tobacco industry), and others involved in heated tobacco solutions or manufacturing [8]. - **Market Dynamics**: The notice aims to balance supply and demand in the electronic cigarette market, clarifying production scale requirements and adjustments, while also addressing the need to prevent overcapacity risks [12].