Electrically heated smoking article

An electrically heated smoking article, comprising:

• a filter layer;
• a hollow tube layer stacked at a lower end of the filter layer;
• an aerosol-forming substrate layer stacked below the hollow tube layer and including a mixture of a solid moisture absorbent and a liquid aerosol-forming substrate capsule;
• and
• a wrapping portion surrounding the filter layer, the hollow tube layer, and the aerosol-forming substrate layer to maintain a stack structure,
• wherein the liquid aerosol-forming substrate capsule includes a liquid aerosol-forming substrate at a center, a first emulsifier-formed layer completely surrounding the liquid aerosol-forming substrate, a first coating material layer covering a surface of the first emulsifier-formed layer, and a hydrophilic second emulsifier-formed layer surrounding the entire first coating material layer,
• wherein the second emulsifier-formed layer is formed of a second emulsifier including one or more materials selected from the group consisting of polyoxyethylene sorbitan monostearate, polyglycerol monooleate, polyoxyethylene sorbitan monolaurate, polyoxyethylene sorbitan monooleate, polyoxyethylene sorbitan monopalmitate, and sucrose stearate.