Core Insights - The 2025 China Cigar (Sichuan) Expo showcased the growth potential of the Chinese cigar industry, emphasizing international cooperation and cultural exchange [1][2][4] Industry Development - The expo attracted participants from countries like Cuba and the Dominican Republic, with over 100 exhibitors from the cigar accessory sector, highlighting the global interest in the Chinese cigar market [2][8] - Key discussions at the expo included the development of the cigar industry, market expansion, and quality improvement of cigar leaves, indicating a focus on enhancing the entire supply chain [2][3] Market Performance - In 2023, China's cigar sales volume ranked second globally, with a year-on-year sales growth of 12.55%, reflecting a robust market performance [5][6] - The Longcheng brand, as a leading Chinese cigar brand, holds the largest market share and production capacity in the country, indicating its dominance in the domestic market [6][9] Cultural Integration - The expo featured immersive experiences that combined cigar tasting with cultural activities, promoting a deeper understanding of the cigar lifestyle among enthusiasts [2][3] - Sichuan Tobacco has been actively promoting cigar culture through various initiatives, including the establishment of a cigar culture museum and national touring exhibitions [8][9] International Strategy - Sichuan Tobacco is enhancing its international presence by participating in global cigar exhibitions and collaborating with renowned international brands, which strengthens its competitive edge [6][7] - The company aims to position Chinese cigars as a significant player in the global market, aspiring to create a "third pole" for cigars worldwide [7][8]

Group 1: Evolution of Consumption Society in Japan and the U.S. - The generational shift has profoundly influenced the evolution of consumption societies in Japan and the U.S. [1] - In Japan, the Taisho and early Showa generations led the transition from the first to the second consumption society, followed by the New Human Generation and part of the Baby Boomer generation driving the third consumption society [1] - In the U.S., Baby Boomers focus on unique product advantages, Generation X prefers time-saving products, Generation Y is enthusiastic about energy-saving and green consumption, while Generation Z contributes significantly to digital and gaming consumption [1] Group 2: Current State and Potential of China's Consumption Society - The post-90s and post-95s generations in China have developed consumption concepts similar to Japan's New Human Generation and the U.S. Baby Boomers, emphasizing spiritual satisfaction and personalized consumption [2] - Compared to Japan and the U.S., China's service consumption currently stands at 46.1%, indicating significant room for growth in the service sector [2] Group 3: Characteristics of the Third Consumption Society and Self-Satisfaction Consumption Trends - In the third consumption society, consumers prioritize emotional and psychological factors over mere functionality when selecting products, leading to a shift in brand positioning from "leader" to "supporting role" [3][10] - Self-satisfaction consumption is emerging as a key trend, focusing on emotional resources, emotional resolution solutions, and legal emotional release [6][11] Group 4: Emotional Consumption Trends - Emotional resources include the pet economy, IP toys, and temple economy, catering to spiritual and emotional needs [6] - Emotional resolution solutions are found in beauty and personal care products, gold and jewelry, and new-style food and beverages that address appearance and safety anxieties [6] - Legal emotional release is represented by outdoor activities, light alcoholic beverages, and tobacco products, which help consumers manage stress [6]

Group 1 - The financing conference in Xuchang showcased 223 key project financing needs totaling 101.96 billion yuan, highlighting the city's industrial development potential and investment value [1] - Xuchang has developed ten industrial clusters and sixteen industrial chains, forming a new industrial system led by future industries, supported by emerging industries, and based on traditional industries [3] - The city has become a significant production base for electric power equipment, automotive parts, tobacco, elevators, and artificial diamonds, among others, positioning itself as a key player in various sectors [3] Group 2 - Xuchang plans to implement 398 provincial and municipal key projects by 2025, with a total investment of 346.17 billion yuan and an annual planned investment of 136.31 billion yuan [4] - As of the end of April, 168 new projects have commenced construction, accounting for 64.4% of the annual target of 261 new projects [4]

Investment Rating - Industry rating is maintained as "Outperform the Market" [9] Core Insights - The new tobacco market continues to grow, with heated tobacco products leading in market size and nicotine pouches experiencing the fastest growth [2][3] - The global tobacco market is undergoing significant changes, with Japan's tobacco business expanding rapidly [4] - The global supply of tobacco leaves is facing shortages, leading to widespread price increases across the industry [14] Summary by Sections Electronic Cigarettes - In 2024, global e-cigarette sales are projected to reach $23.04 billion, a year-on-year increase of 9.5% [3] - Sales of disposable e-cigarettes grew by 18.9% to 840 million units, generating $6.42 billion in revenue, up 19.6% [3] - Open system e-cigarettes saw sales of 85.16 million devices and 12.23 million liters of e-liquid, with revenues of $2.62 billion and $5.49 billion respectively [3] Traditional Tobacco Products - Traditional oral tobacco products, including chewing and snuff tobacco, are experiencing a decline, with 2024 sales expected to drop by 0.8% to 115,000 tons [3] - Revenue from traditional oral tobacco is projected to decrease by 0.1% to $13.82 billion [3] Nicotine Pouches - Nicotine pouch sales are expected to grow by 36.9% to 21.23 billion pouches in 2024, with revenue reaching $11.25 billion, a 51.0% increase [3] - The United States leads in nicotine pouch sales with 13.88 billion pouches sold [3] Heated Tobacco Products - Sales of heated tobacco products are projected to grow by 12.7% to $38.85 billion in 2024 [3] - The volume of heated tobacco devices sold is expected to increase by 11.7% to 45.26 million units, with revenue rising by 14.7% to $2.44 billion [3] Company Performance - Philip Morris International reported a net income of $14.66 billion from its smoke-free products, a 14.2% increase, accounting for 38.7% of total revenue [5] - British American Tobacco's Vuse e-cigarette sales declined by 5.9% to 616 million units, impacted by illegal disposable e-cigarettes in the U.S. [6] - Japan Tobacco's Ploom brand heated tobacco sales grew by 24.2% to 218,000 boxes, primarily driven by the Ploom X model [7] Market Dynamics - The global tobacco market is experiencing intense competition, with multinational companies showing divergent growth patterns [4] - The supply chain for tobacco is under pressure due to climate-related shortages and rising prices [14]

在全球烟草行业的版图中，雪茄一直占据着独特而重要的地位。近年来，中国雪茄产业迅速崛起，成为 全球雪茄市场中不可忽视的力量。其中，四川中烟凭借其深厚的历史底蕴、卓越的产品品质和创新的东 方美学，在中式雪茄的发展进程中发挥着引领作用，逐步在全球雪茄舞台上崭露头角。 全链条创新锻造卓越品质 中国雪茄产业的发展可以追溯到20世纪初。1918年，"益川工业社"在四川什邡成立，开启了中国雪茄产 业化发展的道路。 "益川工业社"正是四川中烟长城雪茄厂的前身，雪茄在什邡兴起也并非偶然。与古巴等世界著名雪茄产 地相比，什邡同样处在北纬30度"烟草黄金生长带"，被誉为"中国雪茄之都"。 长城雪茄烟叶取自什邡大泉坑，这里的烟叶品质独特优良。稳定的原料供应和严格的原料筛选标准，为 其品质提供了保证。 行业数据显示，2024年长城雪茄各项主要指标均列全国第一，市场份额持续保持领先优势，展现了长城 雪茄作为中国雪茄领军品牌的实力。 《2024年中式高端手工雪茄市场年度发展报告》分析指出，新兴市场中，亚太和拉美等近年来均加快成 长，尤其是中国市场成为后起之秀，2023年销售规模位居全球第二，长期看有望潜移默化改变全球雪茄 市场格局。这为中 ...

Group 1 - The article emphasizes that increasing tobacco product tax rates is the most effective method to curb tobacco and cigarette consumption, with Nepal having the lowest comprehensive tax rates in South Asia [1] - The Deputy Secretary of the Ministry of Health and Population, Gopikrishna Regmi, noted that despite high inflation, tobacco and cigarette prices have not increased due to low taxes, making it easy for smokers to purchase cigarettes [1] - The article references a study from the Nepal National Cancer Research Center indicating that a 10% increase in tobacco product prices would lead to a 5% decrease in consumption [1] Group 2 - The spokesperson for the Ministry of Finance stated that although tobacco and cigarette tax rates are low, they have increased by 300% over the past decade, with at least a 10% increase each year [1] - The Chairman of Action Nepal highlighted that Nepal has the lowest tobacco tax rates in South Asia, suggesting that both the health hazard tax and the consumption tax should be raised to around 32% [1] - The article cites a 2023 report from the Health Rights and Tobacco Control Network Nepal, showing that South Asian countries have significantly higher tobacco product tax rates, with Sri Lanka at 77%, Bangladesh at 73%, Pakistan at 61%, and India at 58% [2]

在快消品竞争日益激烈的当下，武汉烟草硚口营销部始终心系卷烟零售户，致力于提升他们的经营能 力。客户经理充分发挥主观能动性，多维度发力，通过"让市场说话""让数据说话""以指导说话"三项务 实举措，为零售户经营发展注入强劲动力。 让市场说话，洞察先机强信心 客户经理小吴深知市场信息对于零售户经营的重要性。他经常穿梭于大街小巷，密切关注着市场动态。 有一次，小吴在走访客户王老板的店铺时，发现周边新开设了一家大型商业街，人流量明显增加。他意 识到，这可能会对王老板的生意产生影响，立刻展开了细致的市场调研。 调查后，小吴一边观察王老板店铺的动销情况，一边与王老板交流："王老板，最近周边变化可不小 啊，您有没有注意到商业街那边的人流量对咱们店的影响？"王老板皱着眉头说："唉，小吴啊，我也发 现了，感觉最近店里的生意有点受影响呢，这可咋办啊？"小吴安慰道："别着急，王老板。我这几天做 了些调研，发现虽然商业街带来了竞争，但也带来了新的消费群体。咱们只要把握好他们的消费偏好， 调整一下商品结构，生意肯定能好起来。" 随后，小吴将收集到的市场价格波动、消费偏好变化等信息及时反馈给王老板，并详细讲解了当前经营 形势。王老板听后 ...

证券研究报告·行业深度报告·商贸零售 商贸零售行业深度报告 烟草行业专题报告：新型烟草继续增长，巨 头加码无烟产品 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：监管政策不确定，新产品推广不及预期，市场竞争加剧等。 2025 年 05 月 18 日 证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 研究助理 王琳婧 执业证书：S0600123070017 wanglj@dwzq.com.cn 行业走势 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 2024/5/20 2024/9/17 2025/1/15 2025/5/15 商贸零售 沪深300 相关研究 《4 月我国出口额超预期，关注非美 出口核心标的小商品城》 2025-05-12 《关注五一旅游出行高峰，景区公司 天气全梳理》 2025-04-28 东吴证券研究所 1 / 18 请务必阅读正文之后的免责声明部分 ◼ 全球烟草：传统卷 ...

大型企业的税收 中石油、中石化、国家电网、工商银行等大型央企，每年都为国家财政贡献数以万亿计的税收。 这些数字不仅是单纯的财务数据，更代表了国企作为国家经济发展的"主力军"所承担的责任与使命。 国有企业的税收贡献远超其他企业类型，其重要性无可忽视。 在中国的税收体系中，国企为国家提供了强大的财力支持，助力国家在基础设施建设、民生保障和社会福利等多个领 域的投入。 税收是国家重要财政收入之一，它是国家实现公共服务的重要来源。 纳税是企业和个人的义务，尤其是国有企业，在经济中扮演着至关重要的角色，特别是在税收贡献方面。 作为国家经济的"支柱"，这些企业不仅在推动经济发展中发挥着核心作用，更承担着沉甸甸的社会责任。 其中有一个纳税大户，给国家上1.4万亿，相当于22个茅台，20个华为，这个企业究竟是谁呢？ 而这些企业背后的巨大资源和产业链，也使得它们在国家经济结构中占据举足轻重的位置。 无论是大型能源企业，还是交通、通信等领域的国企，它们的税收支撑着整个国家的财政平稳运行。 国企的税收贡献不仅仅是财力上的支持，它们还承担着推动社会和谐、促进就业和创新发展的任务。 从提供大量就业岗位，到为社会保障体系提供资金，国企的 ...

Core Insights - The article discusses a recent initiative by the Central South Market Department to enhance the efficiency of cigarette retail operations through a "Utilization Improvement Special Action" aimed at optimizing supply structure and improving retail profitability [1][2] Group 1: Precision Guidance - Customer managers are conducting "one-on-one" operational diagnostics based on historical sales data and local consumption characteristics to address issues like "hesitant ordering" and "lack of knowledge in ordering" [1] - A "Cigarette Scientific Ordering Guide" has been developed to help customers understand methods for "demand-based ordering and dynamic adjustments," effectively reducing instances of unsold stock and stockouts [1] Group 2: Precision Analysis - Utilizing a big data platform, customer managers monitor key indicators such as ordering behavior, sales rates, and inventory turnover to identify low-utilization customer groups [1] - Tailored brand cultivation strategies are being implemented based on the differing needs of various business districts and customer types, such as promoting high-end cigarette brands in specific commercial areas and recommending mid-range and pocket cigarettes in community convenience stores [1] Group 3: Precision Service - A "regular follow-up + dynamic support" mechanism has been established to reinforce the effectiveness of the utilization improvement efforts, including daily communications with customers experiencing significant utilization fluctuations [2] - Monthly "benchmark customer experience sharing sessions" are held to promote successful ordering models, and digital tools like WeChat and store management systems are used to provide real-time supply information and market trends [2] - Since the launch of the initiative, the cigarette utilization rate in the Central South Market Department's jurisdiction has increased by 8% year-on-year, with improved inventory turnover efficiency and steady profit growth [2]