CFA協(xié)會(huì)編撰了一系列的行業(yè)指南旨在加深會(huì)員及業(yè)內(nèi)人士對不同產(chǎn)業(yè)的認(rèn)知。在已出版的煙草行業(yè)指南中筆者對公開上市的煙草公司進(jìn)行了全面的分析，并在驅(qū)動(dòng)消費(fèi)，開發(fā)新產(chǎn)品，監(jiān)管以及法律環(huán)境等各方面提出了建議。金程CFA小編為大家提供免費(fèi)下載。

　　Abstract

　　The global tobacco industry, which generated aggregate revenues in excess of US$770 billion in 2012, is a tale of two markets. In developed markets, industry volumes are in decline because of tax increases, tightening regulations, demographic changes, and a propensity to trade down to lower-cost products due to limited disposable income growth. In contrast, in emerging markets in Asia, the Middle East, and Africa, aggregate consumption is on the rise because of population growth and economic development. In this comprehensive examination of the industry, the author provides an overview of key consumption drivers, new product development initiatives, and the regulatory and legal landscape, as well as practical guidance for effective analysis of publicly traded tobacco companies.