（文章来源：第一财经） 据国家烟草局，为贯彻落实国务院关于加强境内免税市场烟草制品监管的要求，国家烟草专卖局制定了 《境内免税市场烟草制品管理办法》，现予公布。其中提出国务院烟草专卖行政主管部门按照国营贸易 方式对免税烟草制品进出口实行统一管理。从事免税烟草制品零售业务的企业（以下简称零售企业）按 照本办法规定，向从事免税烟草制品批发业务的企业（以下简称批发企业）提出订货需求，由批发企业 向从事免税烟草制品供货业务的企业（以下简称供货企业）采购后，遵照烟草类货物国营贸易管理规定 将免税烟草制品进出口至境内免税市场。 ...

Investment Rating - The investment rating for the company is "Buy" [6][17]. Core Views - The report indicates that China Tobacco Hong Kong has reached a consensus with the State Tobacco Monopoly Administration to maintain its exclusive operation of duty-free cigarette exports within China, suggesting limited impact from recent policy changes [2][10]. - The company is expected to see significant revenue growth, with total revenue projected to increase from HKD 11.836 billion in 2023 to HKD 16.690 billion by 2027, reflecting a compound annual growth rate (CAGR) of approximately 7.4% [4][11]. - Net profit is forecasted to grow from HKD 599 million in 2023 to HKD 1.208 billion in 2027, with a notable increase of 59.7% in 2023 and a steady growth trajectory thereafter [4][11]. Financial Summary - Total revenue projections for the years 2023 to 2027 are as follows: - 2023: HKD 11,836 million - 2024: HKD 13,074 million (+10.5%) - 2025: HKD 14,378 million (+10.0%) - 2026: HKD 15,545 million (+8.1%) - 2027: HKD 16,690 million (+7.4%) [4]. - Net profit projections are: - 2023: HKD 599 million - 2024: HKD 854 million (+42.6%) - 2025: HKD 969 million (+13.5%) - 2026: HKD 1,092 million (+12.7%) - 2027: HKD 1,208 million (+10.6%) [4]. - The report maintains EPS forecasts for 2025, 2026, and 2027 at HKD 1.40, HKD 1.58, and HKD 1.75 respectively [10]. Market Data - The current stock price is HKD 32.65, with a market capitalization of HKD 22,583 million and a total share count of 692 million [6][7]. - The stock has traded within a 52-week range of HKD 13.82 to HKD 37.30 [7].