Investment summary:
Talk every Monday: intensive release of e-cigarette policies to promote the orderly development of the industry
Event: e-cigarette related policies appeared frequently this week, and the regulatory rules were gradually improved. The State Administration of tobacco supervision and administration of the people’s Republic of China issued the mandatory standard for electronic market (GB 41700) on February 2028. On April 15, the State Tobacco Monopoly Administration issued the guiding opinions on the issuance of tobacco monopoly production enterprise licenses to e-cigarette related production enterprises, the guiding opinions on the layout of e-cigarette wholesale enterprises, the guiding opinions on the layout and license management of e-cigarette retail outlets, the detailed rules for the implementation of technical review of e-cigarette products and the detailed rules for the traceability management of e-cigarette products.
The national standard of electronic cigarette was officially issued to promote the orderly development of the industry. The compulsory national standard of e-cigarette shall be formulated by the National Technical Committee for tobacco standardization and relevant technical institutions organized by the State Administration of market supervision and administration in conjunction with the state tobacco monopoly administration. The contents of the standard mainly include: first, clarify the terms and definitions of electronic smoke, atomization and other related terms; Second, put forward the principle requirements for the design of electronic cigarette and the selection of raw materials; Third, put forward clear technical requirements for electronic cigarette set, atomization and release respectively, and give supporting test methods; Fourth, it stipulates the marks and instructions of electronic cigarette products.
The guidance on the issuance of tobacco monopoly production enterprise licenses to e-cigarette related production enterprises defines the conditions for licensing and non licensing. The main contents of this paper are as follows: first, it stipulates the basic principles of issuing licenses for relevant tobacco monopoly production enterprises; The second is to clarify the scope of relevant licenses (e-cigarette products, aerosols and nicotine for e-cigarette); The third is to clarify the license conditions for applying for the license of relevant tobacco monopoly production enterprises and the situation of not issuing the license; Fourth, it defines the handling authority, application method, approval time limit and handling process of applying for and handling the license of relevant tobacco monopoly production enterprises; Fifthly, it defines the responsibility subject, work requirements and other safeguard measures for organizing and carrying out relevant work.
The guiding opinions on the layout of e-cigarette wholesale enterprises stipulates that the standard conditions for the layout of e-cigarette wholesale enterprises are divided into general conditions and prohibited conditions. The main contents of this paper are as follows: firstly, it defines the three basic principles of the layout of e-cigarette wholesale enterprises (market orientation, territorial operation and strengthening supervision); Second, it stipulates the standard conditions for the layout of e-cigarette wholesale enterprises, which are divided into general conditions and prohibited conditions; Third, put forward relevant work requirements.
The guidance on the layout and license management of e-cigarette retail outlets defines the requirements for license access. The main contents of this paper are as follows: first, clarify the overall requirements, including the main objectives and working principles; Second, it defines the license type, scope and applicable object of e-cigarette retail license (citizens, legal persons or other organizations engaged in e-cigarette retail business in China); Third, clarify the requirements for e-cigarette retail licensing, including licensing conditions, quantity management and layout planning; Fourth, it defines the handling authority, application method, approval time limit, acceptance and approval, and the implementation of “one store and one certificate” in e-cigarette retail outlets; Fifthly, it stipulates the requirements for supervision during and after the event, such as strengthening market supervision and supervision measures for illegal acts; Sixth, put forward safeguard measures such as strengthening responsibility implementation, strengthening communication and coordination, and strict discipline requirements.
The detailed rules for the implementation of the technical review of electronic cigarette products specify that electronic cigarette products that fail to pass the technical review shall not be put on the market. The main contents of this paper are as follows: firstly, it defines the effectiveness of technical review and the management functions of each management subject; Second, it defines the basic conditions of the application for technical review, including the conditions of the applicant, the conditions for applying for e-cigarette products and the materials required for the application; Third, it defines the main process, working methods and relevant requirements of technical review.
The detailed rules for the traceability management of electronic cigarette products clearly take QR code as the means. The e-cigarette traceability platform collects relevant information in the production, circulation and service of e-cigarette products by means of QR code, and supports the traceability and supervision of e-cigarette products. Electronic cigarette products shall be marked with two-dimensional code on the outer package according to the requirements of “one object and one code”. The information content of the two-dimensional code shall be uniformly generated by the electronic cigarette traceability platform. The marked two-dimensional code shall comply with the regulations on the management of two-dimensional code labels of electronic cigarette products. E-cigarette manufacturers shall apply for two-dimensional code of e-cigarette products listed and circulated on the e-cigarette traceability platform. Electronic cigarette products without two-dimensional code on the outer package shall not be listed for circulation.
The e-cigarette industry policy has been gradually improved, which is beneficial to the compliance leading enterprises. After the implementation of the national standard, a series of supporting regulatory rules were issued, which is conducive to the healthy and stable development of the e-cigarette industry. It is recommended to pay attention to the industry leader: smore International (6969. HK).
Market review (April 11-april 15):
Among the shenwanyi level industries, the light industry manufacturing industry fell by 2.62% this week, ranking 14th among the Shenwan 31 level-1 industries, outperforming the market. Among the sub sectors, the household goods sector performed better, down 0.96%, and the packaging and printing sector performed poorly, down 5.10%; The textile and garment industry fell 3.47% this week, ranking 19th among Shenwan’s 31 primary industries, outperforming the market. Among the sub sectors, the jewelry sector fell 5.26%, the textile manufacturing sector fell 3.90%, and the clothing and home textile sector fell 2.61%.
Industry data tracking:
Furniture: the price of TDI this week is lower than that of last week, and the price of MDI is lower than that of last week.
Papermaking: according to Zhuo Chuang information, in terms of pulp, on April 15, the market price of coniferous pulp was 712518 yuan / ton, up 1.71% from last Friday; The market price of broad-leaved pulp was 601136 yuan / ton, down 0.55% from last Friday; The market price of natural color pulp is 650000 yuan / ton, unchanged from last Friday; The market price of chemical mechanical pulp was 548333 yuan / ton, up 0.92% from last Friday. In terms of packaging paper, on April 15, the market price of corrugated paper was 381250 yuan / ton, up 0.16% from last Friday; The market price of white cardboard was 645000 yuan / ton, up 1.02% from last Friday. In terms of cultural printing paper, on April 15, the market price of double offset paper was 623750 yuan / ton, unchanged from last Friday; In terms of household paper, the market price on April 15 was 700833 yuan / ton, down 0.36% from last Friday.
Textile and clothing: on April 15, the price of cotton was 2252462 yuan / ton, down 0.84% from last week; The price of yarn has fallen, and the price of polyester has fallen.
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.
