思摩尔国际（06969）早盘股价上涨6.97%，现报17.80港元，成交额2.41亿港元。
国泰海通发布研报指出，根据英美烟草官网，近期Glo Hilo产品上线日本。2016年12月，英美烟草Glo 第一代产品在宫城县首府仙台市发布。据此前在塞尔维亚发布的产品，Glo Hilo在加热性能及产品便携性等维度有明显升级，相应抽吸体验也大幅优化，未来产品性能或持续迭代改善。公司同核心客户英美烟草合作研发新一代加热不燃烧产品Glo Hilo试点市场反馈理想。
东吴证券表示，加热不燃烧2024年销量209亿支，有机同比-0.3%，glo Hilo将于25年6月在日本上市，后续拓展欧洲市场，预计2026年在美国上市，新品助力HNB快速增长。该行认为，英美烟草推动无烟转型，HNB新品将成为重要支撑，预计无烟产品（含传统口含烟）收入占比在2026/2035年突破20% /50%。
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