Phoenix New Media Hong Kong stocks | E-cigarette concept stocks are collectively strong, with Si Moore (06969) up 5.51%, China Bolton (03318) up 5.45%, Huabao International (00336) up 4.94% and BYD Electronic (00285) up 2.24%.

Huaan Securities released a research report that the leader of the e-cigarette tends to be concentrated, and the channel-end value accounts for a large proportion. In the future, manufacturers may achieve sustainable high profits with core technologies. At the same time, the concentration of the e-cigarette industry will be further enhanced in the future, driving the coordinated development of the whole industry chain; 1) Brands: leading brands are willing to bind with excellent manufacturers considering the scarcity of core technology and the need to open up the market; head brands can effectively make up for the weak links of the industrial chain, and the improvement of its concentration is expected to promote the industrial chain as a whole. 2) manufacturer: the head manufacturer faces the global market and is less affected by policy uncertainty; the demand for innovation in the e-cigarette industry will increase in the future, or only the head enterprise can bear the cost of product innovation. at the same time, the technological iteration of head manufacturers will be more demand-oriented, forming a new stage of coordinated development of the whole industry chain under the pattern of demand-based competition. 3) Channel merchants: after the regulatory rules are on the ground, the license will be issued, and the follow-up channel development will face the test, or rely on channel management and customer resource management to build healthy and efficient channels.