CITIC Securities pointed out that the global new tobacco market situation from June to July 2024 is relatively positive: in June 2024, China's electronic cigarette exports continued to perform well, with a YoY increase of 5.9% to $1 billion. The HNB core market in Japan continues to have high growth in demand, but the promotion of IQOS in the United States has been postponed to 4Q24. The promotion of consumption tax and ban on flavored tobacco products in the European market may have an impact on demand. As for traditional tobacco, the Chinese cigarette production in 1H24 is steadily increasing, with a YoY increase of 1.6% to 1.4 trillion cigarettes; in June, the export amount of Chinese cigarettes increased significantly YoY by 122%. The trend of rising import and export prices of tobacco leaves continues, and the export price of tobacco leaves remains stable.
中信证券：中国电子烟出口延续向好，国际烟草龙头2H展望乐观
CITIC Securities: China's electronic cigarette exports continue to perform well, and the outlook for the international tobacco leader in 2H is optimistic.
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