5月份，全省社会消费品零售总额2352.21亿元、同比增长8.5%，比上月加快0.4个百分点，今年以来呈 逐月加快态势，高于全国2.1个百分点；其中，限额以上单位消费品零售额增长16.2%，比上月加快1.3 个百分点，高于全国8.2个百分点。1-5月，全省社会消费品零售总额11820.14亿元、增长7.5%，比上月 加快0.3个百分点，高于全国2.5个百分点；其中，限额以上单位消费品零售额增长14.3%，比1-4月加快 0.4个百分点，高于全国8.0个百分点。超八成商品零售保持增长。5月份，在限额以上单位的23类商品 中，有19类商品零售额实现同比增长，增长面达82.6%、与上月持平。两新政策效应持续释放。5月 份，在大规模设备更新等政策措施带动下，全省限额以上单位机电产品及设备类商品零售额增长 46.1%；在消费品以旧换新等政策措施带动下，全省限额以上单位计算机及其配套产品、智能手机、可 穿戴智能设备、家用电器和音像器材类、新能源汽车零售额分别增长1.7倍、1.6倍、86.1%、47.3%、 27.0%，对全省限额以上单位零售额增长贡献率达56.8%、同比提高23.6个百分点。基本生活消费品增长 较快。5月 ...

Core Insights - The tobacco market is experiencing diversification with innovations in cigarette shapes, packaging styles, and color schemes, leading to a trend towards diversification, specialization, and youthfulness [1] Group 1: Microbial Technology - Microbial fermentation technology developed by Shaanxi Tobacco Company in collaboration with renowned universities enhances cigarette production by transforming chemical components in tobacco leaves [2] - This technology effectively removes undesirable odors produced during combustion and balances the chemical composition, generating natural aromatic components [2] - High-end products like "Tianxia Chang'an" and "Qinglv Yan'an" have achieved zero flavoring agent addition throughout the production process, significantly increasing the natural aroma of the smoke [2] Group 2: Venturi Filter Stick - The classic physical principle of the Venturi effect has been innovatively applied to the mouthpiece of Silk Road Chang'an cigarettes, resulting in a Venturi filter stick [3] - This design reduces the heat and irritation of the smoke, providing a smoother and more comfortable smoking experience [3] Group 3: Group Processing - Group processing involves separate processing of tobacco leaves based on their characteristics, moving away from the traditional "one-pot" method [4] - This technique enhances the quality and uniqueness of cigarette products, achieving refined design, flexible processing, and intelligent control [4] - The combination of microbial technology, Venturi filter sticks, and group processing represents the core support for the quality of Shaanxi Tobacco's cigarettes, showcasing innovation in technology application within the industry [4]

Summary of China Tobacco Hong Kong Conference Call Company Overview - **Company**: China Tobacco Hong Kong - **Industry**: Tobacco Key Financial Highlights - **2024 Revenue**: HKD 13 billion, a 10% year-on-year increase [2][3] - **Gross Profit**: Increased by 26.6% to nearly HKD 1.4 billion [2][3] - **Earnings Per Share (EPS)**: Grew by 42% [2][3] - **Dividend**: Planned increase in dividend to HKD 0.46 per share, with an increase in mid-term dividend frequency [2][4][8] Business Performance and Strategy - **Post-Pandemic Export Performance**: Strong recovery in cigarette exports, particularly in Thailand, Singapore, Hong Kong, Macau, and duty-free shops in mainland China [2][5] - **Duty-Free Market Expansion**: Ongoing efforts to expand the duty-free cigar market and increase the self-operated export ratio, currently at approximately 0.5% [2][5] - **Core Business Segments**: - Bulk tobacco products (import and export) - Cigarette exports (traditional Chinese brands) - New tobacco products (limited to heated non-combustible products) [3] Regional Operations - **Brazil Operations**: Managed by China Tobacco Brazil, covering the entire supply chain from planting to sales, with 111,000 tons of tobacco imported into China in 2024, including Brazilian imports [2][6] - **Impact of US-China Tariff Policies**: Limited impact on the company, with only the tobacco import business affected; plans to import approximately 20,000 tons of tobacco from the US [2][9] Supply Chain and Quality Assurance - **Cigar Leaf Procurement**: Primarily sourced from the Dominican Republic and Zambia, with a focus on ensuring quality stability for the existing 20,000 tons of cigar leaves [2][10][11] - **Quality Control**: Current suppliers have not met quality expectations, leading to no increase in procurement volume [2][10] Market Outlook - **Tobacco Industry Growth**: Expected compound annual growth rate (CAGR) of approximately 6% over the next 3-5 years, driven by domestic demand and international market expansion [3][27] - **Long-term Growth Logic**: Based on domestic cigarette formulation needs and the cost-effectiveness of foreign tobacco [28] Challenges and Risks - **Geopolitical Factors**: Uncertainties in US tobacco exports due to geopolitical issues, with over 10,000 tons of planned exports still under internal discussion [25][26] - **Market Volatility**: Tobacco prices subject to cyclical fluctuations and climate impacts, with a stable growth expectation despite potential short-term disruptions [24] Future Developments - **Expansion Plans**: Continued focus on expanding overseas customer base and enhancing supply chain resilience [7][13] - **Innovation in Products**: Development of proprietary technologies for heated non-combustible products, with positive feedback on domestic innovations [13][15] Conclusion China Tobacco Hong Kong is positioned for steady growth with a strong financial performance and strategic expansion plans, while navigating challenges in the geopolitical landscape and ensuring quality in its supply chain.

Summary of the Conference Call on the Tobacco Industry and Philip Morris International Industry Overview - The traditional tobacco industry has experienced significant changes, particularly in the U.S. market, where per capita smoking volume grew at a compound annual growth rate (CAGR) of 8% from 1900 to 1960, but saw a 20% decline from 1975 to 1994 due to anti-smoking campaigns [1][5] - The global tobacco industry is shifting from traditional cigarettes to new tobacco products, with Philip Morris International (PMI) leading this transition [2][16] Key Points on Philip Morris International - PMI has become the largest tobacco company globally through globalization and has actively transitioned to new tobacco products, especially heated tobacco products (HTPs) [1][5] - As of 2024, PMI's smoke-free products cover nearly 40 million users, with IQOS users reaching 32 million and a user conversion rate of 72% [6][7] - PMI's market share for IQOS in the global market stands at 77%, indicating a dominant position [6][7] - PMI forecasts a 12%-14% growth in smoke-free product sales for 2025, with HTPs expected to grow by 10%-12% and nicotine replacement products by 38%-45% [7] Competitors and Market Dynamics - British American Tobacco (BAT) and Japan Tobacco are also increasing their focus on new tobacco products, aiming for 50% of their sales to come from these products by 2035. As of the end of 2024, their new product shares are 13% and 3%, respectively, compared to PMI's over 40% [8] - The heated tobacco category is seen as having explosive growth potential, with only three companies currently selling four products, led by PMI [11] Chinese Market Potential - China accounts for nearly 40% of global cigarette sales, presenting a significant growth opportunity for new tobacco products [9] - Although the domestic heated tobacco market has room for improvement compared to international leaders, the recent introduction of HTPs in the U.S. suggests potential changes in China [9][15] Emerging Trends and Future Outlook - The new tobacco industry is expected to be a long-term trend, with substantial opportunities arising from the global tobacco revolution over the next 5 to 10 years [16] - The development of nicotine pouches is growing, but they are unlikely to become mainstream due to their limited appeal [12] - Companies like Smoore International and China Tobacco Hong Kong are highlighted as key players in the new tobacco landscape, with Smoore being the most engaged in the heated tobacco sector [13][14] Conclusion - The tobacco industry is undergoing a significant transformation, with PMI at the forefront of this shift towards new tobacco products. The competitive landscape is evolving, with both established players and emerging companies vying for market share in a rapidly changing environment. The Chinese market, in particular, holds vast potential for growth in new tobacco products, making it a focal point for future developments in the industry [9][15][16]

Core Viewpoint - The article emphasizes the importance of compliance and legal tax payment as foundational elements for sustainable business development in the highland region of Shigatse, highlighting various companies' commitment to these principles. Group 1: Compliance and Internal Management - Companies in Shigatse, such as the Shigatse Tobacco Monopoly Bureau, prioritize legal tax payment and compliance as fundamental responsibilities, ensuring timely and full tax payments while enhancing internal financial management systems [1][2] - The Shigatse Tobacco Monopoly Bureau has been recognized as an "A-level Tax Credit Unit" for five consecutive years since 2019, reflecting its commitment to compliance and legal tax practices [1][2] - Regular tax self-inspection and correction processes are implemented to identify and rectify issues, thereby reducing tax risks [1] Group 2: Benefits of A-Level Tax Credit - The A-level tax credit status serves as a "golden business card" for companies, providing advantages such as electricity subsidies, tax incentives, and expedited processes, which lower operational costs and facilitate investment in technology and market expansion [4] - Companies with good credit ratings enjoy enhanced opportunities in bidding, financing, and business partnerships, as clients and partners prefer to collaborate with reputable firms [4] Group 3: Knowledge-Based Teams and Professional Development - The Shigatse Shengkang Agricultural Products Processing Co., Ltd. emphasizes the importance of a professional workforce, primarily composed of university graduates, to ensure long-term, standardized, and professional development [6] - The local tax authority has conducted various tax promotion activities, providing online consultations and on-site guidance to help companies navigate tax compliance, thereby fostering a culture of compliance awareness among employees [6][7] Group 4: Future Directions - The Shigatse Tax Bureau plans to continue optimizing services and guiding businesses towards honest tax payment and compliance, contributing to high-quality economic development in the region [7]

广州日报讯 （全媒体记者贾政、方晴通讯员穗府信）6月10日下午，广州市市长孙志洋到广东中烟工业 有限责任公司广州卷烟厂、广药集团走访调研。 调研中，孙志洋强调，全市各级各部门要牢固树立"服务企业就是服务发展"的理念，优化做好企业所需 的关键要素保障，设身处地为企业着想，千方百计为企业排忧解难，全力营造支持企业做强做优做大的 良好环境。 广东中烟工业有限责任公司总经理白云峰，广东中烟及广州卷烟厂、广药集团负责人参加。 （文章来源：广州日报） 孙志洋走进广东中烟广州卷烟厂车间，了解企业生产经营和数字化转型情况，并与企业负责人座谈交 流，倾听企业诉求建议。他对广东中烟长期以来对广州经济社会发展的大力支持表示感谢，希望广东中 烟主动融入粤港澳大湾区建设、国际消费中心城市培育建设等国家战略，注重创新引领，强化品牌培 育，充分发挥产业链核心企业优势，用好广州的市场和流量优势，打造更具韧性和竞争力的产业生态集 群。广州将全力做好服务对接，进一步深化与在穗央企的战略合作，在更高层次上实现相互赋能、共赢 发展。 在广药集团，孙志洋深入了解企业发展情况，认真听取企业转型发展的思路举措，勉励企业结合"十五 五"规划做好未来谋划，因 ...

Group 1 - The tourism market is releasing significant consumption potential due to the deep integration of cultural and tourism industries and the upgrading of consumer demand [1] - The tobacco industry is actively exploring innovative marketing services in the tourism market by optimizing terminal ecosystems, upgrading consumer experiences, and enhancing operational capabilities [1][3] - The industry focuses on scenario-based upgrades in retail terminal construction, integrating local cultural characteristics with terminal images to create distinctive retail environments [1] Group 2 - Digitalization is a key breakthrough in consumer experience innovation, with the industry leveraging big data and smart terminals to build an integrated online and offline service system [2] - Offline promotion of smart guide devices allows tourists to quickly access product information and consumption guides, while online platforms support product queries and orders, creating a seamless shopping experience [2] - Professional service teams are established to provide comprehensive guidance to retail operators in tourist areas, enhancing their operational capabilities and driving performance growth [2] Group 3 - The tobacco industry's innovative practices in tourism marketing not only enhance the shopping experience for consumers but also expand the operational space for retailers [3] - As the cultural tourism market continues to prosper, the tobacco industry will deepen its innovative exploration to create value while meeting tourism consumption demands [3]

Market Overview - The Hang Seng Index closed at 23,793, down 0.48% for the day but up 18.61% year-to-date[3] - The Hang Seng China Enterprises Index fell 0.63% to 8,630, with a year-to-date increase of 18.38%[3] - The Hang Seng Tech Index also decreased by 0.63% to 5,287, maintaining an 18.32% rise for the year[3] US Market Performance - The Dow Jones Industrial Average rose 1.05% to 42,763, with a year-to-date gain of 0.51%[3] - The S&P 500 increased by 1.03% to 6,000, reflecting a 2.02% rise year-to-date[3] - The Nasdaq Composite climbed 1.20% to 19,530, with a year-to-date increase of 1.13%[3] Sector Performance - Major tech stocks in Hong Kong saw declines, with Xiaomi dropping over 2% and Alibaba down more than 1%[8] - Gold stocks surged, with China Silver Group rising over 26% and Tongguan Gold increasing by more than 5%[8] - The semiconductor sector faced significant losses, with SMIC and BeiKe both falling over 4%[8] Capital Flows - Southbound capital recorded a net inflow of HKD 6.766 billion on June 6[8] - Meituan was the top net bought stock with HKD 8.613 billion, while Tencent saw a net outflow of HKD 5.884 billion[23] Economic Indicators - The US non-farm payrolls data for May showed an increase of 139,000 jobs, exceeding market expectations[11] - The unemployment rate remained stable at 4.2%, indicating a resilient labor market despite economic slowdown concerns[11] Investment Insights - Circle, dubbed the "first stablecoin stock," saw a significant rise of over 29% on its second day of trading, accumulating a total increase of over 247% in two days[8] - Morgan Stanley revised its year-end target for the S&P 500 from 5,200 to 6,000, reflecting a bullish outlook[11]

Investment Rating - Industry rating is maintained at "Outperform" [6] Core Insights - British American Tobacco focuses on expanding the Glo product line in the second half of the year, with expectations for revenue growth driven by innovative products [1] - For the fiscal year 2025, British American Tobacco anticipates revenue growth of 1-2% and adjusted operating profit growth of 1.5%-2.5%, indicating strong resilience [1] - The U.S. market is expected to recover revenue and profit growth due to enhanced delivery capabilities of combustible tobacco products and the Velo Plus brand [1] - Despite a 9% year-on-year decline in industry sales, British American Tobacco has solidified its market share in the U.S. [1] - The electronic cigarette export value from China remained stable in April 2025, with a total export value of $8.77 billion, showing a year-on-year decline of 1.84% [4] Summary by Sections Emerging Tobacco Products - Velo is the fastest-growing product in the oral tobacco category, with a market share increase of 270 basis points to 14.3% and a modern oral tobacco share increase of 350 basis points to 29.7% [2] - The U.S. market saw a total volume share increase of 550 basis points to 11.9%, driven by high trial and retention rates [2] - Glo's market share decreased by 90 basis points due to intense competition in Japan, but the launch of Glo Hilo in Serbia showed promising results [2] E-Cigarettes - Vuse maintains its global value share leadership, but the U.S. and Canadian markets are affected by illegal products [3] - The company expects a double-digit revenue decline in the first half of the year, with improvements anticipated in the second half due to the phased launch of the Vuse Ultra product [3] - Long-term goals include revenue growth of 3-5% and adjusted operating profit growth of 4-6% by 2026 [3] Market Performance - The top five export destinations for Chinese e-cigarettes accounted for 65.96% of total exports, with the U.S. being the largest market at $3.34 billion [4] - The UAE market has shown significant growth, surpassing Malaysia to become the fifth-largest destination for Chinese e-cigarette exports [4] Investment Opportunities - Suggested companies to focus on include Smoore International, Yinghe Technology, and others in the vaping supply chain [5]

Investment Rating - The industry investment rating is "Hold" [1] Core Insights - British American Tobacco (BAT) forecasts a revenue growth of 1-2% for H1 2025, with adjusted operating profit expected to increase by 1.5%-2.5% [3][18] - The Glo Hilo product has shown positive market response, with a significant increase in conversion rates in Serbia and expected revenue acceleration in the second half of the year [3][19] - The heated tobacco market is projected to reach approximately $34.463 billion in 2023, with a year-on-year growth of 12.22% [3][23] Summary by Sections Weekly Topic - BAT's H1 2025 performance forecast indicates a slight decline in market share in key markets, but a recovery in the US market with a 10 basis point increase in sales volume and revenue share [3][18] - The Velo product line has seen a market share increase to 29.7%, with double-digit revenue growth, while the Glo Hilo's innovative launch is expected to boost performance in the latter half of the year [3][18] Weekly Market Review - From June 2 to June 6, 2025, the Shanghai Composite Index rose by 1.13%, with the light industry manufacturing sector increasing by 2.18%, ranking 8th among 31 sectors [4][28] - The textile and apparel sector saw a 1.89% increase, ranking 11th among the same sectors [4][28] Key Data Tracking Home Furnishing - In the week of May 25 to June 1, 2025, the transaction area of commercial housing in 30 major cities was 2.1262 million square meters, a 3.25% increase month-on-month [7][36] - The sales area of commercial housing for the first four months of 2025 was 28.3 million square meters, a year-on-year decrease of 2.8% [7][36] Packaging and Paper - As of June 6, 2025, the prices for various paper products showed slight fluctuations, with needle pulp priced at 5977.5 yuan/ton, a decrease of 0.43% [8][48] - The price of waste paper products remained stable, with waste yellow board paper priced at 1478 yuan/ton [8][48] Textile and Apparel - As of June 6, 2025, the cotton price index in China was 14561 yuan/ton, showing a slight decrease of 0.12% [10][10] - In April 2025, the retail sales of clothing and textiles reached 108.8 billion yuan, a year-on-year increase of 2.2% [10][10]