1、 What is HNB? HNB is a direction of electronic cigarettes, characterized by non combustion when heated.

In the future, atomized electronic cigarettes will jointly replace trillions of traditional tobacco malls.

Currently, domestic HNBs cannot be legally sold, but HNB electronic cigarettes will be piloted (expected in the second half of 20 years), and the China Tobacco HNB circuit will usher in a 0-1 investment opportunity.

The pilot and policy of HNB is an important and key work for the track to start from scratch.

This means that domestic HNB e-cigarettes can be publicly sold, and domestic HNB Saidai ushers in a 0-1 industrial investment opportunity.

2、 Space Measurement of China Tobacco HNB Industrial Chain Electronic Cigarettes are currently mainly HNB and atomization tracks. This article will only review HNB.

The HNB industrial chain mainly consists of cigarette sets and cigarette bombs. Most links of cigarette bomb stores are supplied by China Tobacco (monopoly). However, HNB is a new technology, especially the link of slice and essence and spice with technical content. Now it is supplied by private enterprises independently or through joint ventures. Therefore, the key of HNB's investment link is slice and essence and spice.