全球卷烟市场在 20 世纪伴随工业革命带动的技术进步、两次世界大战的催化等迎来高速发展。 其中发达国家卷烟消费量在20世纪上半叶增速较快，以美国市场为例，人均卷烟消费量从1900 年的刚刚发展起步提高到 1960 年的 4000 支以上。同一阶段，菲莫国际把握时代发展机遇，通过出色营销实现自身α与行业β的共振。公司部分知名且成功的营销案例包括：1）将“硬汉” 气质巧妙融入香烟。1954 年，万宝路品牌营销策划人巧妙引入美国西部牛仔形象，强调“硬汉”气质，给烟民带来了满足感和优越感，奠定了品牌的文化象征地位； 2）将万宝路融入“美国生活方式”，强化流量的持续性。早期品牌宣传会采用运动植入等方式，比如漫画书皮展示滑雪运动员，雪板形似火柴，背景融入烟草元素，并标注“不要吸烟”等字样。

潮玩谷子&文创：仍处高景气阶段，关注 IP 产业链深度布局及转型标的。2024 年 潮玩文创行业呈现分化态势，潮玩赛道延续高增长，泡泡玛特、卡游营收分别同比+1 06.9%/+277.8%。传统玩具&文创企业如晨光股份、奥飞娱乐业绩承压，但积极通过 I P 转型（晨光提升 IP 化占比）和品类创新（奥飞拓展潮玩）寻求突破。此外，行业呈 现以下特点：IP 竞争白热化（24 年泡泡玛特四大超级 IP 营收超 10 亿元，布鲁可签 约近 50 个全球主流 IP，阿里鱼等平台型企业加速入局）；品类泛化加速（24 年谷子经济推动卡游徽章、立牌及贴纸等谷类产品增长 858.7%）；全球布局深化（泡泡玛特 25Q1 美洲市场收入暴增 9 倍）。

根据欧睿统计，2024 年全球新型烟草产品市场规模达 869.6 亿美元，同比增长 13.1%，其中无烟烟草/雾化电子烟/加热烟草/无烟口服尼古丁产品全球市场规模分别为 138.2/230.4/388.5/112.5 亿美元，分别同比0.1%/+8.9%/+12.7%/+51.0%，口服尼古丁产品加速增长，而雾化电子烟与加热烟草产品也均延续增长态势。根据欧睿预测，2025 年全球新型烟草市场仍将维持稳健增长，2025 年无烟烟草/雾化电子烟/加热烟草/无烟口服尼古丁产品全球市场规模预计分别同比+0.6%/+0.9%/+12.9%/+36.1%至 139.1/232.4/438.8 /153.0 亿美元。

E-cigarettes and vapes are electronic devices that heat a liquid, often containing nicotine, flavorings, and other chemicals, to create an inhalable aerosol or vapor. Unlike traditional cigarettes, they do not burn tobacco. E￾cigarettes are typically cigarette-shaped, while vapes come in various forms, including pens and box mods, offering customizable experiences with varying nicotine levels and flavors.

E-cigarettes are electronic devices that stimulate the experience of smoking. They operate by heating a liquid that produces an aerosol, which is inhaled by the user. The aerosol vapor contains nicotine, flavorings, and other chemicals. The liquid used in e-cigarettes to produce aerosol is known as e-liquid.

The global e-cigarette market is defined by the industry engaged in the production, distribution, and sale of electronic cigarettes, also known as e-cigarettes or vapes. These are battery-powered devices that deliver nicotine, flavorings, and other chemicals to users through an aerosol, commonly referred to as vapor, without involving the combustion that characterizes traditional tobacco products. The market includes a variety of e-cigarette products, ranging from disposable e-cigarettes, which are single-use devices pre-filled with e-liquid, to rechargeable e-cigarettes, which are reusable devices that allow users to refill e-liquid and recharge the battery.

The World Health Organization's (WHO) Framework Convention on Tobacco Control (FCTC) advises countries to consider plain packaging. This approach mandates health warnings on tobacco packages, bans branding elements like colors and logos, standardizes font size and color (often an unappealing brown), and formats the packaging uniformly. These regulations aim to diminish product promotion, enhance warning visibility, reduce deceptive packaging, and decrease tobacco consumption

The global e-cigarette market is a part of the global tobacco market. The global tobacco market was valued at $807.86 billion in 2021 and reached $867.36 billion in 2023. The global tobacco market witnessed an incremental growth of $59.5 billion and registered a CAGR of 3.6% from 2021 to 2023.

烟蒂股是指市场估值低于实际价值的公司，巴菲特曾这样总结“烟蒂”投资 法:“在大街上捡到一只雪茄烟蒂，短得只能再抽一口，也许冒不出多少烟， 但‘买便宜货’的方式却要从那仅剩的一口中发掘出所有的利润”。A 股当前 自下而上便宜筹码足够多，被低估的烟蒂股未来 2-3 年可能获得丰厚收益，华 创策略《烟蒂股》系列报告希望从多个角度出发，挖掘真正被低估的价值。 系列首篇《守着低估值&龙头能迎来春天吗?》发现，低估值胜率下降但赔率 仍高，便宜还是硬道理，核心在于如何判断真实价值的低估。抛开传统估值方 法，本文给出三个视角判断企业是否被低估:1、清算价值;2、自由现金流; 3、企业倍数。

Snus is a form of smokeless tobacco that undergoes a special manufacturing process. Snus is steampasteurized, unlike dipping tobacco which is fire-cured. Swedish food regulations, which apply to the manufacturing of snus, limit the permitted amounts of certain components in snus products.