Investment Rating - The report maintains an "Overweight" rating for the education sector and highlights potential opportunities in the new consumption market [1]. Core Insights - The report emphasizes the importance of high school education reform and recommends specific companies such as Tianli International Holdings and Xueda Education, while also suggesting attention to Kevin Education [5]. - It identifies key trends in AI and consumption, recommending companies like Connet Optical, Small Commodity City, and Core International [5]. - The report notes a strong performance in the retail sector during the 618 sales event, with significant growth in categories like apparel and beauty products [5]. - The report highlights the increasing trend of family-oriented travel during the Dragon Boat Festival, with nearly 90% of the top 50 scenic spots being family-friendly [5][6]. Industry Updates - The social service industry saw a 2.5% year-on-year increase in cross-regional personnel flow during the Dragon Boat Festival, with a total of 65.37 million people traveling [5]. - E-commerce platforms like Alibaba and JD.com reported over 30% growth in apparel and beauty categories during the 618 sales event [5]. - The report mentions the opening of the 100th store under the "Fat Donglai" model by Yonghui Supermarket, indicating a significant expansion in the retail sector [5]. Company Announcements - Three Gorges Tourism Group appointed a new general manager on June 3, 2025 [5]. - Guangzhou Restaurant announced a share buyback of 500,000 shares, representing 0.088% of its total share capital [5]. - China Youth Travel Service transferred 17.37% of its shares to its parent company, Everbright Group, without compensation [5].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 19.50 CNY, while the current price is 14.86 CNY [2][11]. Core Views - The company plans to acquire 65% of Siyi Industrial to enhance its service ecosystem and become the preferred service provider for parent-child families [3][11]. - The acquisition is expected to create synergies in member operations, market layout, channel sharing, and business expansion, further driving the company's growth [11]. Financial Summary - Revenue projections are as follows: - 2023A: 8,753 million CNY - 2024A: 9,337 million CNY (up 6.7%) - 2025E: 11,329 million CNY (up 21.3%) - 2026E: 13,296 million CNY (up 17.4%) - 2027E: 15,507 million CNY (up 16.6%) [5] - Net profit (attributable to the parent) is projected to grow significantly: - 2023A: 105 million CNY - 2024A: 181 million CNY (up 72.4%) - 2025E: 380 million CNY (up 109.5%) - 2026E: 518 million CNY (up 36.4%) - 2027E: 667 million CNY (up 28.8%) [5] - Earnings per share (EPS) forecast: - 2023A: 0.08 CNY - 2024A: 0.14 CNY - 2025E: 0.30 CNY - 2026E: 0.41 CNY - 2027E: 0.53 CNY [5] Market Data - The company's market capitalization is 18,750 million CNY, with a total share capital of 1,262 million shares [6]. - The stock has traded within a range of 4.91 to 16.36 CNY over the past 52 weeks [6]. Strategic Acquisition - The acquisition of Siyi Industrial, a leading enterprise in hair care services, is expected to enhance the company's market position and service offerings [11]. - Siyi Industrial has a strong brand presence with over 2,503 stores and more than 200,000 members, projecting a revenue of 7.23 billion CNY in 2024 [11]. Industry Outlook - The hair care market in China is projected to grow from 570.9 billion CNY in 2023 to 812.5 billion CNY by 2028, with a CAGR of 7.3% [11]. - The company aims to lead the market with its "Technology Hair Care 3.0" strategy, focusing on integrating new technologies and business models [11].

亏损金额同比收窄，海外储备订单回暖 曲美家居(603818) 林纸产品 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 ——曲美家居跟踪报告 | [table_Authors] 刘佳昆(分析师) | 吕科佳(分析师) | [Table_Target] 目标价格： | 4.99 | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | | | | 登记编号 S0880524040004 | S0880525040069 | | | 本报告导读： 2024 年公司亏损金额同比收窄，同时现金储备及债务水平优化。从经营上来看，海 外订单企稳回升，国内产品竞争力提升&发力新媒体平台内容资产。 投资要点： | | | | 52 周内股价区间（元） | 2.07-3.92 | | --- | --- | | 总市值（百万元） | 2,645 | | 总股本/流通A股（百万股） | 689/687 | | 流通 B 股/H 股（百万股） | 0/0 | [Table_Balance] 资产负债表摘要(LF) -33% -21 ...

Investment Rating - The report does not explicitly provide an investment rating for the AI industry Core Insights - The AI industry is experiencing significant advancements, with major developments from companies like Google, Nvidia, and Salesforce, indicating a robust growth trajectory in AI applications and technologies [1][4][6][16] Summary by Sections 1. AI Industry Dynamics - Nvidia's market share in the Chinese AI chip market has dropped from 95% to 50% due to U.S. export controls, prompting the launch of a new GPU priced between $6,500 and $8,000 [4] - The UAE has become the first country to offer free access to ChatGPT Plus for its citizens, with a potential investment of up to $20 billion in AI infrastructure [5] - Salesforce's acquisition of Informatica for $8 billion marks its largest deal since acquiring Slack, aimed at enhancing its data management capabilities [6] - SpAItial has raised $13 million to develop realistic 3D environments, leveraging a team from Meta and Google [7] 2. AI Application Insights - VAST has upgraded its Tripo Studio with four new features, significantly enhancing 3D modeling efficiency [8] - AI Scientist Zochi's paper has been accepted at a top conference, showcasing the capabilities of AI in scientific research [9] - Anthropic has introduced a voice mode for Claude, allowing users to interact with documents and images through voice [10] - AKOOL has launched the AKOOL Live Camera, enabling real-time video generation with advanced AI capabilities [11] - Kyutai has released Unmute, a modular voice AI system that can quickly add voice interaction to any text LLM [12] 3. AI Large Model Insights - Odyssey, founded by experts in autonomous driving, has developed a world model for real-time video generation, securing $27 million in funding [15] - Google has released three variants of the Gemma model targeting healthcare, sign language, and dolphin communication [16] - Research indicates that Claude 4 employs a verifiable reinforcement learning paradigm, with predictions of significant advancements in AI capabilities by 2026 [17] 4. Technology Frontiers - Boston Dynamics' Atlas robot has been upgraded with 3D perception and real-time tracking capabilities, enhancing its operational efficiency in industrial tasks [18] - iOS 19 is expected to feature the largest design update in 12 years, focusing on visual consistency across Apple devices [19] - A team of AI scientists has discovered a new drug for treating dry age-related macular degeneration in just 2.5 months, demonstrating the potential of AI in scientific discovery [20]

Domestic Macro - The State-owned Assets Supervision and Administration Commission and other departments issued a notice on May 30 to enhance the salary distribution incentives for skilled talents in state-owned enterprises, introducing a special allowance linked to skill levels [5][12]. - On June 3, the State Council announced the implementation of the "Regulations on Government Data Sharing," aimed at building a digital government [5][13]. - The State Council issued a notice on June 5 to conduct the fourth national agricultural census, which will include rural households and agricultural production units [5][13]. - The Central Military Commission issued regulations to improve the quality and efficiency of military facility construction [5][13]. - The central bank is set to conduct a 1 trillion yuan reverse repurchase operation [5][14]. Domestic Industry - The Ministry of Industry and Information Technology released the "Computing Power Interconnection Action Plan" on May 30 [5][14]. - The Ministry of Ecology and Environment and other departments issued guidelines to strengthen ecological culture construction [5][14]. - The Ministry of Education emphasized the importance of transforming the blueprint for a strong education nation into reality [5][14]. - The Ministry of Commerce launched the "Service Consumption Season" for 2025 on June 3, promoting the integration of various service sectors [5][14]. - The National Energy Administration announced the first batch of pilot projects for the construction of a new power system on June 4 [5][14]. Local Policies - The Shanghai government held a press conference on May 30, announcing the Lujiazui Forum scheduled for June 18-19 [6][17]. - Beijing released a three-year action plan (2025-2027) to enhance property management services [6][17]. - The Shenzhen government issued a plan to promote high-quality development of service trade and digital trade [6][17]. - The Guangzhou government emphasized accelerating major project construction and optimizing industrial layout [6][17]. Overseas Dynamics - The U.S. announced an increase in import tariffs on steel to 50% on May 30 [7][19]. - The U.S. Trade Representative extended the exemption period for certain tariffs on China under Section 301 [7][19]. - India finalized a new electric vehicle policy allowing companies to import electric vehicles at a reduced tariff [7][19]. - On June 5, the U.S. announced a comprehensive travel ban on citizens from 12 countries [7][19].

Core Insights - The report emphasizes the importance of monitoring volume and price indicators to respond to unpredictable major events like the US-China tariff negotiations, focusing on market expectations and risk-reward balance [2][5] - Key volume-price factors that signaled market movements before critical dates include KUP1, cors, HIGH0, and KSFT1 [5][6] Phase 1: Accumulation of Bullish Forces Before April 3 - The market from late March to early April 2025 can be divided into "consolidation" and "breakout" phases, with bullish sentiment gradually building up [6][7] - On March 28 to April 2, the market showed signs of bullish testing, with T2506 fluctuating between 107.3 and 108.0, indicating tentative bullish entry without significant volume increase [6][7] - On April 3, the announcement of a dual tariff system by the US led to a bullish breakout, with T2506 opening significantly higher and surpassing previous highs [6][8] Phase 2: Marginal Exit of Speculative Funds Before May 12 - In early May 2025, the bond futures market exhibited a "price increase with volume decrease" characteristic, indicating cautious market sentiment ahead of tariff negotiation results [11][12] - On May 7, indicators KUP1, HIGH0, and KSFT1 signaled a reduction in bullish momentum, reflecting a shift in market dynamics [11][12] - By May 9, the cors indicator confirmed the marginal exit of bullish forces, suggesting a potential increase in downside risk [12][13] Current Indicator Performance - As of late May, the US tariff policy remains uncertain, and the domestic bond market is in a narrow fluctuation pattern, highlighting the need for timely market observation [15] - The KSFT1 indicator has issued a bullish signal, indicating a release of bearish sentiment, while other indicators have yet to confirm further changes in market dynamics [15]

股票研究/[Table_Date] 2025.06.05 稳定币，新交易场景的一般等价物 [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——稳定币专题研究 | [table_Authors] 刘欣琦(分析师) | 孙坤(分析师) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880515050001 | S0880523030001 | 本报告导读： 稳定币源起加密货币，成为新交易场景下的一般等价物；各地区加速立法，规范行 业发展。当前已经形成五方参与的发行和流通完整生态。 投资要点： 股 票 研 究 行 业 专 题 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Summary] 稳定币源起加密货币，构建新交易场景的一般等价物。稳定币是一 种与法定货币或现实资产挂钩的加密货币，其产生源自加密货币世 界中人们的交易需求。稳定币出现前，数字资产与现金因为在不同 的市场，结算低效，难以顺畅交易，流动性匮乏导致价格剧烈波动。 稳定币锚定法币后，成为数字资产与现金的交易中介，用 ...

航空供给低增时代,需求驱动票价上行 -交通运输行业2025年中期投资策略 【航空行业】 2025/ 05 / 30 行业评级： 增持 名：岳鑫 (分析师) 邮箱:yuexin@gtht.com 电话：0755-23976758 证书编号: S0880514030006 姓名:陈亦凡 (研究助理) 邮箱:chenyifan2@gtht.com 电话:0755-23976666 证书编号:S088012407002 投资要点 (行业评级:增持) 国泰海通证券2025中期货股会 01 中国航空"超级周期"长逻辑，万事俱备只欠东风 02 供给： 内因主导外因叠加，供给进入低增时代 需求: 航空人口红利持续，需求继续稳健增长 策略: 预期低位战略布局长逻辑,增持航空 风|险提示： 经济波动风险，油价汇率风险，行业政策风险，增发摊薄风险，安全事故风险等 请参阅附注免责声明 2 03 04 05 【回顾】中国航空消费仍处初级阶段，需求（量× 价）韧性良好目长期空间巨大。2023-24年从压制性需求释放逐步进入新常态 【展望】2025年以来假期亲子游旺盛目展会季公商活跃，需求驱动票价同比转正。航空人口红利尚未结束，需求将继续 ...

Investment Rating - The investment rating for Geely Automobile is "Buy" [1][8] Core Views - In May 2025, Geely's new energy vehicle sales reached a record high of over 138,000 units, with optimistic expectations for annual sales and operating performance due to the launch of several key models [3][8] - The report anticipates Geely's net profit attributable to shareholders for 2025-2027 to be 16.3 billion RMB, 18.2 billion RMB, and 23.7 billion RMB respectively, with corresponding EPS of 1.62 RMB, 1.81 RMB, and 2.35 RMB [8][10] - The report highlights a 46% year-on-year increase in May sales, with total sales reaching 235,000 units, including 138,000 new energy vehicles, which represents a 178% increase in pure electric vehicle sales and a 76% increase in plug-in hybrid sales [8][10] Financial Summary - Revenue is projected to grow from 147.965 billion RMB in 2022 to 321.801 billion RMB in 2025, reflecting a growth rate of 34% [7][10] - Gross profit is expected to increase from 20.896 billion RMB in 2022 to 51.810 billion RMB in 2025 [7] - Net profit is forecasted to rise significantly from 5.123 billion RMB in 2022 to 16.299 billion RMB in 2025, marking a 222% increase [7][10] - The report provides a PE ratio forecast of 22 for 2024, decreasing to 12 for 2025, and further to 11 for 2026 [7][10] Sales Performance - For the first five months of 2025, Geely's total sales reached 1.173 million units, a 49% year-on-year increase, with new energy vehicle sales accounting for 603,000 units [8][10] - The report outlines a sales target of 2.71 million units for 2025, with a specific target of 1.5 million new energy vehicles [8][10] - Geely plans to launch 10 new energy models in 2025, which is expected to enhance sales growth certainty [8][10]

金融工程/[Table_Date] 2025.06.05 | 风格及行业观点月报（2025.06） | [Table_Authors] | 郑雅斌(分析师) | | --- | --- | --- | | | | 021-38676666 | | 风格轮动模型持续得到验证，行业轮动两模型均推荐配置非银 | 登记编号 | S0880525040105 | | 本报告导读： | | 卓洢萱(分析师) | | 风格轮动模型层面，2025Q2，宏观量价双驱大小盘、价值成长模型分别发出大盘、 | | 021-38676666 | | 价值信号。5 月，风格轮动模型预判获得持续印证。行业轮动模型层面，5 月，单因 子多策略模型表现较优，月收益率为 3.31%，相对基准的超额为 0.33%。 | 登记编号 | S0880525040128 | 投资要点： 基 本 面 量 化 月 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 金 融 工 程 6947146 [Table_Summary] 风格层面，2025Q2，大小盘双驱轮动策略发出大盘信号,5 月，大盘 占优，相对小盘的月超额为 0.56%。2025Q2， ...