轻工造纸行业研究:国内HNB行业开启或已是大势所趋,重视相关供应链布局机遇

国金证券
Dec 25, 2025

(以下内容从国金证券《轻工造纸行业研究:国内HNB行业开启或已是大势所趋,重视相关供应链布局机遇》研报附件原文摘录)基本观点为什么我们认为国内HNB行业开启或已是大势所趋?1、国际烟草巨头全面转向新型烟草,HNB已是头部烟草企业重要增长驱动力。全球范围内卷烟市场萎缩已是不可逆转的趋势,全球吸烟率从2005年的30.75%持续下降至2022年的21.74%,卷烟市场规模自2018年的53908亿支...

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