中金研究本篇报告为新型烟草系列研究第三篇,旨在加热不燃烧(HNB)全球竞争加剧背景下,复盘国际烟草龙头发展历程,归纳成功经验并推演发展趋势。我们认为,强势单品、试销反馈、全球铺开、盈利提升构成HNB全球扩张路径,市场预期、营收成长、业绩兑现三者共同驱动资本市场表现。点击小程序查看报告原文Abstract摘要1、国际烟草HNB发展复盘。1)菲莫国际:2021年推出IQOS ILUMA,采用电磁感应...
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