Investment summary:
Talk every Monday: the electronic cigarette management measures and the second exposure draft of the national standard are released
Event: the State Tobacco Monopoly Administration issued the measures for the administration of electronic cigarettes. On March 11, the State Tobacco Monopoly Administration issued the measures for the administration of electronic cigarettes. The administrative measures, including general provisions, production and quality management, sales management, import and export trade and foreign economic and technical cooperation, supervision and inspection, and supplementary provisions, have six chapters and 45 articles, which stipulate the production, sales, transportation, import and export, supervision and administration of e-cigarettes within the territory of the people’s Republic of China, and came into force on May 1. The State Tobacco Monopoly Administration issued the national standard for electronic cigarettes (second draft for comments). On March 11, the state tobacco monopoly administration also publicly solicited opinions on the national standard for electronic cigarettes (the second draft for comments), and the period for Soliciting Opinions ended March 17.
There are three main changes in the content of the national standard of electronic cigarette (second exposure draft). Compared with the national standard for electronic cigarette (Exposure Draft) issued on November 30, 2021, the content changes of the national standard for electronic cigarette (second exposure draft) are mainly reflected in three aspects: atomizer design, waterproof of electronic cigarette set and quantity of atomizer additives.
In terms of aerosol design, the new standard prohibits flavors other than tobacco. The first exposure draft has no explicit provisions on the design of atomized products. As long as the additives of atomized products “should not make the products present the characteristic flavor that is inductive to minors”, the second exposure draft released this time, It is required that the design of e-cigarette atomization “shall not induce minors, and the characteristic flavor of the product shall not show other flavors except tobacco”, and “the atomization shall contain nicotine”, which makes clear restrictions on the design of atomization.
In terms of waterproof of electronic cigarette sets, the provisions of the new standard are more stringent. The first exposure draft requires that the waterproof of electronic cigarette set shall be implemented in accordance with the provisions of 14.2.4 in GB / T 42082017. On this basis, the second exposure draft adds the step of “visual inspection to determine whether there is fire and explosion”, and requires that the electronic cigarette be fully discharged after the waterproof test, and then charged to full power, and visual inspection to determine whether there is fire and explosion.
In terms of atomization additives, the number of temporarily licensed substances has been reduced. In the appendix of the first exposure draft, there are 122 temporary licensed substances for atomization additives, while the corresponding quantity of the second exposure draft is only 101. The reduced additives mainly include plum extract, rose oil, fragrant lemon oil, orange oil, sweet orange oil, bitter Neroli oil, Asian mint oil, etc.
The supervision of e-cigarette industry is becoming stricter, which is beneficial to the leading enterprises in the industry. Although in the short term, due to the taste restrictions of the new standards, the e-cigarette consumption market will be impacted to some extent, in the long run, more stringent national standards will help the long-term healthy development of the e-cigarette industry and improve the industry access threshold. With the withdrawal of enterprises that do not meet the relevant regulations in the industry, leading enterprises will seize more market share, At the same time, it will improve its own performance. Recommended: smore International (6969. HK), Shenzhen Jinjia Group Co.Ltd(002191) ( Shenzhen Jinjia Group Co.Ltd(002191) . SZ).
Market review (March 7-march 11):
Among the Shenwan level industries, the light industry manufacturing industry fell by 4.57% this week, ranking 17th among the Shenwan 31 level-1 industries, outperforming the market. Among the sub sectors, the paper sector performed better, down 3.57%, and the household goods sector performed poorly, down 5.98%; The textile and garment industry fell 4.99% this week, ranking 22nd among Shenwan’s 31 primary industries, losing the market. Among the sub sectors, the clothing and home textile sector fell 4.74%, the textile manufacturing sector fell 4.75%, and the jewelry sector fell 6.24%.
Industry data tracking:
Furniture: the price of TDI this week is higher than that of last week, and the price of MDI is higher than that of last week.
Papermaking: according to Zhuo Chuang information, in terms of pulp, on March 11, the market price of coniferous pulp was 730089 yuan / ton, up 5.66% from last Friday; The market price of broad-leaved pulp was 615455 yuan / ton, up 3.02% from last Friday; The market price of natural color pulp was 643333 yuan / ton, up 1.71% from last Friday; The market price of chemical mechanical pulp was 530000 yuan / ton, up 1.92% from last Friday. In terms of packaging paper, on March 11, the market price of corrugated paper was 376563 yuan / ton, down 1.71% from last Friday; The market price of white cardboard was 638000 yuan / ton, up 1.51% from last Friday. In terms of cultural printing paper, on March 11, the market price of double offset paper was 617500 yuan / ton, up 1.02% from last Friday; In terms of daily paper price, it was 683347% higher than that on Friday / November. Textile and clothing: on March 11, the price of cotton was 2268000 yuan / ton, down 0.01% from last week; The price of yarn has decreased and the price of polyester has increased. Investment strategy: Recently, the policy margin of the real estate industry has been relaxed. We believe that we can pay attention to the home sector in the near future. It is suggested to pay attention to [ Oppein Home Group Inc(603833) ], [ Suofeiya Home Collection Co.Ltd(002572) ]; It is suggested to pay attention to [ Jason Furniture (Hangzhou) Co.Ltd(603816) ], [ Xlinmen Furniture Co.Ltd(603008) ].
Risk tips: raw material price fluctuation risk and exchange rate fluctuation risk.
