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 ...

Group 1 - The global tobacco market is projected to reach $951.4 billion in 2024, with a year-on-year growth of 2.6% [1] - Cigarettes and cigars are expected to account for $775.6 billion, while new tobacco products will reach $87 billion, showing significant growth in the latter category at 13.1% [1] - The new tobacco sector, including e-cigarettes and heated tobacco products, is anticipated to grow, with e-cigarettes projected at $23 billion and heated tobacco at $38.9 billion, reflecting growth rates of 9% and 13% respectively [1] Group 2 - Smoore International (06969) is positioned as a leading manufacturer of vaporized electronic products, with positive feedback on its Glo Hilo product linked to British American Tobacco [2] - The HNB business of Smoore International is expected to show strong growth and profitability potential by 2026 as market penetration increases [2] - China Tobacco Hong Kong (06055) is advancing its exclusive cigarette export business through a framework agreement with Mongkun Company, which is expected to enhance revenue and profitability [2]

Investment Rating - The report maintains an "Accumulate" rating for the tobacco industry [1] Core Insights - The global tobacco market is projected to reach $951.4 billion in 2024, with a year-on-year growth of 2.6%. The market segments include combustible tobacco at $775.6 billion, new tobacco products at $870 billion, and others [11][19] - New tobacco products, particularly heated tobacco and electronic cigarettes, are experiencing significant growth, with heated tobacco expected to grow by 13.1% year-on-year [11][19] - Major players like Philip Morris International and British American Tobacco are increasing their focus on smoke-free products, indicating a shift in industry dynamics towards reduced harm alternatives [1][66] Summary by Sections Global Tobacco Market - The global tobacco market is expected to grow to $951.4 billion in 2024, with combustible tobacco at $775.6 billion and new tobacco products at $870 billion, reflecting growth rates of 1.6%, 1.9%, and 13.1% respectively [11][19] - The market is dominated by Asia-Pacific, Western Europe, and North America, with China, the USA, and Indonesia being the top three consumers [14][19] Philip Morris International - Philip Morris International's revenue is projected to be $378.78 billion in 2024, with a year-on-year organic growth of 9.8%. The revenue split is 61% from combustible products and 38% from smoke-free products [46][49] - The IQOS brand continues to grow, with user numbers reaching 32.2 million in 2024, a 12% increase year-on-year [55][59] - The company is actively expanding its smoke-free product offerings, aiming for smoke-free products to account for over two-thirds of its revenue by 2030 [65] British American Tobacco - British American Tobacco's revenue is expected to be £25.867 billion in 2024, with a slight organic growth of 1.3%. The revenue breakdown shows a decline in combustible tobacco but growth in new tobacco products [66][69] - The company is diversifying its product range, focusing on electronic cigarettes and heated tobacco, with new product launches expected to drive future growth [66][69] Investment Recommendations - The report suggests focusing on companies like Smoore International, which is linked to British American Tobacco's new HNB product, and the OEM for Philip Morris International's IQOS, Yingqu Technology [1]

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]

Market Overview - On May 13, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling by 1.87%, the Hang Seng China Enterprises Index down by 2.02%, and the Hang Seng Tech Index decreasing by 3.26% [1] Sector Performance - The Apple-related stocks experienced significant declines, including: - Highway Electronics (01415.HK) down 7.69% - Sunny Optical Technology (02382.HK) down 7.64% - BYD Electronics (00285.HK) down 7.11% - AAC Technologies (02018.HK) down 3.07% - Q Tech (01478.HK) down 3.41% [1] - The automotive supply chain, including lithium batteries and Tesla-related stocks, also saw declines: - Jinli Permanent Magnet (06680.HK) down 4.88% - Xpeng Motors-W (09868.HK) down 5.35% - NIO-SW (09866.HK) down 5.17% - Xiaomi Group-W (01810.HK) down 3.85% - Li Auto-W (02015.HK) down 3.05% [1] - Semiconductor stocks faced notable declines: - Hua Hong Semiconductor (01347.HK) down 4.24% - SMIC (00981.HK) down 4.05% - Beike Micro (02149.HK) down 2.86% - Shanghai Fudan (01385.HK) also declined [1] Technology Sector - Technology-related stocks, including short video concepts, cloud office, and cloud computing, mostly weakened: - Weimob Group (02013.HK) down 5.52% - Kuaishou-W (01024.HK) down 4.62% - Bilibili-W (09626.HK) down 3.14% - Alibaba-W (09988.HK) down 3.89% - NetEase-S (09999.HK) down 2.96% - Kingsoft Cloud (03896.HK) down 5.91% [2] - Other consumer sectors, including holiday concepts, sports goods, home appliances, and beer, also saw declines: - Meituan-W (03690.HK) down 4.91% - China Resources Beer (00291.HK) down 4.63% - Hisense Home Appliances (00921.HK) down 2.33% [2] Biopharmaceutical Sector - The biopharmaceutical and medical aesthetics sectors showed resilience, with notable gains: - Kintor Pharmaceutical-B (02171.HK) up 14.94% - Peijia Medical-B (09996.HK) up 9.2% - Yiming Oncology-B (01541.HK) up 7.77% - Genscript Biotech (02367.HK) up 5.64% [2] Gold Sector - The gold sector saw gains in the afternoon, with significant increases: - Tongguan Gold (00340.HK) up 15.79% - Chifeng Jilong Gold Mining (06693.HK) up 5.19% - Lingbao Gold (03330.HK) up 5.37% - Shandong Gold (01787.HK) up 4.75% - China Gold International (02099.HK) up 4.26% - Zhaojin Mining (01818.HK) up 3.45% [3] - The international gold price rebounded, influenced by uncertainties in U.S. macroeconomic policies and inflation concerns, which may support gold prices throughout the year [3]

Investment Rating - The report indicates a positive outlook for the new tobacco products industry, with a focus on the growth potential of smokeless tobacco and nicotine pouch segments [8]. Core Insights - The global market for new tobacco products is projected to reach $86.96 billion in 2024, reflecting a year-on-year growth of 13.1%, with significant contributions from smokeless tobacco, vaping, heated tobacco, and oral nicotine products [2][17]. - The report highlights the strong performance of smokeless tobacco and nicotine pouch products, with the latter expected to grow by 51.0% year-on-year in 2024 [2][3]. - The market dynamics are shifting, with North America, Western Europe, and Asia-Pacific regions showing robust growth, particularly in the U.S., which remains the largest market for new tobacco products [23][24]. Summary by Sections 1. Global Market Overview - The new tobacco products market is expanding steadily, with a compound annual growth rate (CAGR) of 16.8% from 2017 to 2024 [17]. - By 2025, the market is expected to continue its growth trajectory, with projections indicating increases across all product categories [2][17]. 2. Nicotine Pouches - The global nicotine pouch market is experiencing rapid growth, with a projected market size of 21.2 billion pouches in 2024, marking a 37% increase year-on-year [3]. - Major tobacco companies dominate this segment, with significant market shares held by PMI, BAT, and Altria [3]. 3. Philip Morris International (PMI) - PMI's revenue from new tobacco products is expected to reach $14.66 billion in 2024, a 17.0% increase, with heated tobacco product shipments growing by 11.5% [4]. - The number of PMI's new tobacco users has reached 32.2 million, with a 72.0% replacement rate of traditional cigarette consumers [4]. 4. British American Tobacco (BAT) - BAT is accelerating its "smokeless strategy," with its modern oral tobacco segment showing a 47% revenue increase [5]. - The launch of the Glo Hilo product is anticipated to disrupt the current heated tobacco market dynamics [5]. 5. Altria - Altria's NJOY brand has shown significant growth, with a 15.3% increase in sales volume in 2024 [6]. - The on! brand also experienced a 40.2% increase in sales, indicating a strong performance in the oral nicotine segment [6]. 6. Imperial Brands - Imperial Brands reported a 24.2% revenue increase in its new tobacco segment, driven by strong performance in Europe [6]. - The company is actively launching new products to cater to changing consumer preferences [6]. 7. Japan Tobacco - Japan Tobacco's new tobacco revenue is projected to reach 989 billion yen in 2024, reflecting a 21.1% increase [7]. - The Ploom brand is expanding its presence in emerging markets, contributing to overall sales growth [7]. 8. Investment Recommendations - The report recommends focusing on companies like Smoore International, which is well-positioned to benefit from the expanding vaping market and partnerships with major players like BAT and NJOY [8].

本田的EV工厂（资料图，本田提供） 2024年，日本企业对中国的净投资额约为5100亿日元，比2017年达到的最近峰值的1.3万亿日元减 少了6成左右。对美国的净投资额为11.9万亿日元，在各国中最高。日企的海外投资收益方面，来自 中国的收益仅比上年微增，而美国占最多的四分之一以上…… 日本企业的海外投资收益在2024年首次突破30万亿日元。从美国获得的收益占整体的四分之 一以上，成为最大来源。这反映出日本企业扩大企业并购和在美工厂建设的效果。受美国特 朗普政府的关税政策影响，美国经济的不确定性加强，警惕过度依赖美国的声音也在出现。 日本财务省和日本银行（央行）的国际收支统计数据显示，来自海外子公司的股息等收入总 和的"直接投资收益"在2024年同比增长8%，达到30.4万亿日元。连续4年创下历史新高。收益 金额在过去10年内增至大约3倍。 按国家和地区来看，来自美国的收益最多，达到7.9万亿日元，占总收益的26%。金融和保险 业的收益增长尤为明显。由于日元贬值，按美元计价的收益换算成日元的金额增加。 与对美投资形成对比的是，日本企业在中国的业务正趋于低迷。2024年，日本来自中国的直 接投资收益为2.6万亿 ...

Market Overview - The Hong Kong stock market saw all three major indices close higher on May 8, with the Hang Seng Index rising by 0.37%, the Hang Seng China Enterprises Index increasing by 0.7%, and the Hang Seng Tech Index up by 0.56% [1] Sector Performance - The pharmaceutical sector showed signs of recovery, with notable gains in companies such as Zhaoyan New Drug (up 5.63%), WuXi Biologics (up 3.92%), and Kanglong Chemical (up 1.62%) [1] - The automotive sector was active, highlighted by Li Auto-W, which rose by 4.96% ahead of the launch of its new L series models [1] - Technology-related stocks, including mobile gaming and cloud computing, mostly experienced gains, with Boyaa Interactive rising by 10.38% and Tencent Holdings increasing by 1.67% [2] Consumer Sector - The consumer sector saw collective movements in cosmetics, tobacco, and home appliances, with China Tobacco Hong Kong rising by 8.27% and JS Global Life increasing by 3.39% [2] - Conversely, retail and luxury goods stocks faced declines, with Samsonite dropping by 3.64% and Prada falling by 3.82% [2] Notable Stock Movements - Geely Automobile rose by 4.41% as it announced plans to privatize its brand Zeekr at a premium of 13.6% [4] - Youju Holdings surged by 150% following a change in controlling interest and a buyout offer at a 41.7% discount [5] - Shanghai Auntie saw a significant first-day listing increase of 40.03%, bringing its total market capitalization to HKD 16.225 billion [6]