什么是电子烟概念，涵盖哪些产业链

Core Insights - The electronic cigarette industry is viewed as a harm-reduction alternative to traditional cigarettes, driven by increasing health awareness and clearer regulatory policies [1] - The industry has developed a complete supply chain, attracting significant investor interest [1] Upstream - The upstream segment includes the supply of core raw materials such as batteries, atomizers, chips, nicotine extracts, and e-liquid components [1] - The technological level of these materials directly impacts product safety and user experience, with atomization cores and battery management chips being the most technologically advanced components [1] Midstream - The midstream involves the design, research and development, and manufacturing of electronic cigarettes [1] - Companies in this segment must possess strong R&D capabilities and quality control systems to meet market demands for safety, taste, and aesthetics [1] - As products evolve towards smart features and adjustable power, technological innovation becomes a key competitive factor [1] Downstream - The downstream segment encompasses brand operation, channel sales, and end-consumer engagement [1] - Brands reach consumers through various channels, including online platforms, specialty stores, and convenience stores, employing marketing strategies to build customer loyalty [1] - The overseas market, particularly in Europe and North America, represents a significant consumer base, with export business accounting for a high proportion of overall sales [1] Regulatory Environment - The electronic cigarette industry is heavily influenced by regulatory policies, with increasing restrictions on flavors, tax policies, advertising bans, and measures to protect minors [2] - Changes in public perception regarding the health risks of electronic cigarettes may also impact market demand [2] - While the industry has a clear supply chain and rapid technological iteration, compliance risks and policy changes require close attention [2]