什么是烟草概念，涵盖哪些产业链

Industry Overview - The tobacco industry is a unique consumer goods sector with a supply chain that spans agriculture, manufacturing, commerce, and retail [1] - The supply chain begins with the cultivation of tobacco leaves, which are primarily grown by farmers in specific regions under suitable climatic conditions [1] - The midstream segment involves the production of tobacco products such as cigarettes, cigars, and e-cigarettes, requiring high craftsmanship and quality control [1] - The downstream segment includes wholesale, logistics, and retail sales, with a highly concentrated distribution network in China [1] Market Dynamics - The tobacco industry is significantly influenced by policies, including production quotas, tax adjustments, and advertising restrictions, which can have profound effects on all segments of the supply chain [2] - The global trend towards smoking cessation and public health initiatives is prompting companies to accelerate their transformation efforts, exploring harm-reduction products and diversification strategies [2] - Despite the relatively stable demand due to the inelastic nature of tobacco consumption, long-term growth potential is constrained by smoking control policies and increasing health awareness [1][2] Investment Considerations - Investors should consider the policy environment, industry barriers, changes in consumer demand, and companies' innovation capabilities when evaluating the tobacco sector [2] - A comprehensive understanding of the entire supply chain is essential for rationally assessing the long-term value and potential risks of related assets [2]