近期份额规模变动情况： 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02-2.54%2024-12-310.000.020.020.02-47.96%2024- 09-300.000.020.040.04-27.77% 数据显示，该基金近3个月收益率21.12%，近一年收益率62.68%，成立以来收益率为55.51%。其股票持 仓前十分别为：申洲国际、巨子生物、泉峰控股、思摩尔国际、中国燃气、名创优品、中国东方教育、 舜宇光学科技、新奥能源、H&H国际控股，前十持仓占比合计87.11%。 截至2025年6月30日，格林基金旗下格林港股通臻选混合C（017001）期末净资产0.07亿元，比上期减少 55.76%，该基金经理为刘赞。 简历显示，刘赞先生:中国国籍,美国纽约州立大学理学硕士,曾获香港证监会颁发的4号牌(就证券提供意 见)、9号牌(提供资产管理)资格。2009年6月至2012年9月,任职于南方基金管理有限公司,担任研究员。 2012年10月到202 ...

展望2025年第三季度，本基金重点关注AI科技进步（AI端侧和应用、算力投资等）、新兴消费（悦己、国货潮流等）、创新药等有产业趋势方向，保持较 高港股仓位。本基金将采取积极的投资策略，重点布局 A 股成长方向，以及港股互联网等方向。 AI基金金鹰责任投资混合A（011155）披露2025年二季报，第二季度基金利润22.44万元，加权平均基金份额本期利润0.0071元。报告期内，基金净值增长率 为1.55%，截至二季度末，基金规模为1524.4万元。 该基金属于偏股混合型基金，长期投资于TMT股票。截至7月18日，单位净值为0.528元。基金经理是李恒，目前管理4只基金近一年均为正收益。其中，截 至7月18日，金鹰责任投资混合A近一年复权单位净值增长率最高，达11.43%；金鹰新能源混合A最低，为2.26%。 基金管理人在二季报中表示，2025 年第二季度沪深300指数上涨1.25%、恒生指数上涨4.12%，军工、银行、通信、传媒、农业表现领先，食品、家电、钢 铁、建材、汽车表现靠后，顺周期品种特别是可选消费在经历去年以来补贴刺激后，已开始担忧需求持续性了，而AI相关产业特别是出口相关的展现出较 高业绩增长，在 ...

在县域经济崛起与产业转型的双重背景下，职业教育正从传统的"技能培训"角色升级为破解人才困境的 核心抓手。 有着"职教航母"之称的中国东方教育，正通过"政策+职教+产业"的闭环模式，为县域经济注入技能型人 才。这家老牌职教龙头更是探索出一条职教下沉的可持续路径——从课程精准适配到校企深度共生，从 就业生态多元构建到职教品牌壁垒强化。 这一实践不仅为县域经济提供了"技能输血"，也为中国职业教育与区域经济协同发展提供了可复制的样 本。在这一模式下，职业教育也不再是单一的教育行为，而是深度嵌入地方经济体系的关键环节。 01 | 职教下沉的战略价值与社会需求 随着目前经济和消费市场进入结构性转型的阶段，县域经济的重要性被进一步提出。 县域经济本身就在我国经济中占据着重要地位。2024年，中央经济工作会议提出要大力发展县域经济。 众多互联网企业也将县域经济看作下一步的发展曲线，众多消费企业将"万店"视作扩张目标，而县城正 是实现万店的增量市场，平台则将县城视作新鲜市场，认为是当下避免内卷式竞争的重要突破点。 但县域经济崛起，以及这一消费市场的发掘存在不少痛点。首先，县城经济的生产生活条件整体上落后 于一、二线城市，人才" ...

Group 1: Government Initiatives - The State Council's Employment Promotion and Labor Protection Working Group issued guidelines for a large-scale vocational skills enhancement training initiative from 2025 to the end of 2027, targeting the supply of skilled labor in manufacturing and service sectors, aiming to provide over 30 million subsidized training opportunities [1] - Shanghai plans to implement a three-year action plan for building a strong education system, focusing on modern vocational education, deepening industry-education integration, and enhancing governance capabilities in vocational education [1] - Guangzhou released implementation opinions to strengthen the high-skilled talent workforce, promoting reforms in the modern vocational education system and integrating vocational and general education [1] Group 2: Industry Developments - China Oriental Education (00667) is a nationwide vocational training institution offering professional training services in culinary arts, information technology, automotive services, and fashion beauty [2] - South China Vocational Education (06913) operates two schools and plans to restructure its colleges, adding new programs in dental and optical technology, with over 40 diverse subjects offered [2] - China Spring Education (01969) operates six private vocational schools, with a total enrollment of 104,000 students, and is positioned to benefit from the growth of private vocational education in Central China [3] - Zhonghui Group (00382) reported a 21.7% revenue growth in higher vocational education, with higher vocational education accounting for 84.9% of total revenue [3] - Fenbi (02469), a leading vocational education company, launched an AI-based product that generated over 14 million yuan in sales within two months, indicating a successful scale-up of its AI strategy [3] Group 3: Company Performance - Neusoft Ruixin Group (09616) reported a 14.9% increase in revenue from educational resource output to 220 million yuan, while its lifelong education business saw a 12.3% decline in revenue to 140 million yuan [4]

近日，中国东方教育集团（00667.HK）与新华社"中国名牌"共同发布了最新的品牌故事视频《大行业 小人物》。视频镜头聚焦四位职教名师，他们在教学一线的坚守与自我精进，正是中国东方教育数万名 职教老师的生动缩影。短短数日，视频曝光量突破千万，无数网友在弹幕中写下"致敬职教老师""技能 改变人生"的感言。 这部引发广泛共鸣的故事片，绝非简单的教师群像展示，而是通过微观叙事，解码职业教育机构如何深 度嵌入产业肌理，成为推动中国经济转型升级的隐形引擎。 锚定产业变革：构建动态适配的人才供给体系 周后超指导学生中餐实训课堂操 作（图片截选品牌故事） 餐饮业5万亿元市场规模与2000万就业岗位的背后，是新东方烹饪教育构建的"技艺传承—心态培育—产 业适配"三维培养模型。周后超老师"教一百道菜不如种一颗种子"的教育理念，实则暗合餐饮业从传统 后厨到现代餐饮管理的升级需求。70万名毕业生不仅填补了基础岗位缺口，他们大多数成为连锁餐饮品 牌的技术骨干或自主创业者，推动行业从"量的积累"转向"质的提升"。这种人才供给不是被动响应，而 是通过跟踪餐饮业态变化，将分子料理、智能厨房等前沿技术融入课程体系，实现人才培养与产业升级 的 ...

Group 1 - China Oriental Education's stock closed at HKD 6.930 on July 9, 2023, marking a 3.59% increase from the previous trading day, with an intraday high of HKD 7.040, the highest in nearly a year [1] - The company experienced a net inflow of HKD 14.93 million in capital on the same day, with no specific data on inflows and outflows [1] - Founded in 1988 in Hefei, Anhui, China Oriental Education operates 234 schools across 30 provinces and Hong Kong, with approximately 150,000 students and over 11,000 employees as of June 30, 2024 [1] Group 2 - China Oriental Education has contributed significantly to the development of practical and versatile talents in response to economic and social needs, aiding in rural labor transfer and re-employment training for laid-off workers [2] - The company has pioneered a direct chain vocational education model, recognized as a benchmark for the development of vocational education in China, earning the title of "Vocational Education Aircraft Carrier" from authoritative media [2] - Over its 30 years of rapid growth, China Oriental Education has established the Xinhua Education Research Institute for independent vocational education research and continues to explore innovative educational products and talent cultivation models [2]

Core Viewpoint - The article emphasizes the importance of vocational education in preparing students for employment, highlighting the proactive approach of institutions like China Oriental Education in aligning their curriculum with market demands and industry needs [2][12]. Group 1: Vocational Education Approach - China Oriental Education operates multiple vocational training brands, including New Oriental Culinary Education and Anhui Xinhua Computer Education, focusing on practical skills and job readiness [1][4]. - The teaching methodology involves reverse engineering the curriculum based on job market requirements, ensuring that students acquire relevant skills for specific roles, such as JAVA engineers [2][9]. - Instructors are often industry professionals, providing students with real-world insights and hands-on experience in a simulated work environment [5][11]. Group 2: Student Development and Success - Students at Anhui Xinhua Advanced Technical School are reported to secure job offers before graduation, indicating the effectiveness of the training programs [7][8]. - The institution emphasizes not only technical skills but also personal development, aiming to cultivate well-rounded individuals who are prepared for both professional and personal challenges [12][13]. - Success stories, such as that of a student overcoming personal challenges to excel in automotive repair, illustrate the transformative impact of the education provided [15]. Group 3: Continuous Learning and Adaptation - The faculty at these vocational schools actively engage in continuous learning to keep up with industry advancements, such as AI and new automotive technologies [8][9]. - Regular updates to the curriculum and training programs are implemented to reflect the latest market trends and technological innovations [8][11]. - The commitment to lifelong learning among educators ensures that students receive the most current and applicable knowledge in their fields [12][16].

Investment Rating - The report maintains an "Outperform" rating for the education sector [2] Core Insights - The education industry has two core functions: academic advancement and employment, leading to various sub-sectors. K12 education is characterized as a long-term growth sector with strong underlying demand and a long user lifecycle [3] - The K12 education market has previously reached valuations exceeding 1 trillion RMB, with leading companies like TAL Education, New Oriental, and Gaotu achieving peak market caps of 349.3 billion, 235 billion, and 217.8 billion RMB respectively [3] - The report highlights that the education sector is currently in a recovery phase post "Double Reduction" policy and pandemic, with structural investment opportunities still present [3] Summary by Sections Industry Trends - Favorable policies such as birth subsidies are expected to improve education consumption expectations, while K12 education is undergoing normalized regulation [6] - The population trend indicates a decline in the number of elementary school students starting in 2024 due to decreasing birth rates, although the demand for high school education remains strong [11][13] - There is a persistent strong desire for higher education, with the expansion of ordinary undergraduate degrees continuing [17][18] Market Performance - From January 1 to June 12, 2025, the education sector index rose by 5.04%, outperforming the broader market by 5.50 percentage points [24] - The report notes significant stock performance differentiation within the sector, with companies like China Oriental Education leading in vocational training due to a reassessment of blue-collar skill training value [30] Sub-sector Analysis - K12 Education: The report emphasizes the ongoing demand for K12 education despite regulatory challenges, with a focus on high-quality educational institutions benefiting from favorable demographic trends [30] - Vocational Education: The demand for vocational skills training is expected to grow, particularly as the labor market evolves [30] - AI in Education: The report highlights the rapid development and integration of AI in educational products, with traditional education companies accelerating their AI product offerings [22][24]

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by more than 10% [3][46]. Core Insights - The education sector has shown significant stock performance differentiation since early 2025, with notable gains in companies such as China Oriental Education (+139%) and Gaotu Group (+74%) [1][11]. - Demand within the education sector is highly variable, with high school education and K9 high-age training showing the strongest demand, while vocational schools and study abroad programs face pressure [1][11]. - The K12 education sector is entering a new phase of competition, emphasizing brand and teaching capabilities as key drivers for growth, with a slowdown in the rapid expansion of physical locations [2][28]. - The recovery pace varies among companies, with some like China Oriental Education and Gaotu Group showing strong performance due to strategic focus on K12 education [2][33]. Summary by Sections Demand Differentiation - Demand for educational services is closely tied to their effectiveness in enhancing employment and academic opportunities, with high school education being the most in-demand segment [1][11]. - The report highlights that nearly half of families allocate extra funds for children's education, indicating a robust market for educational services [11][27]. Competitive Landscape - The K12 education sector is witnessing a shift from rapid expansion to focusing on existing locations, with a notable decrease in the growth rate of K9 non-academic training institutions [2][28]. - The number of registered high school academic training institutions remains stable, suggesting a consolidation phase in the market [2][28]. Recovery Trends - Since the implementation of new regulations in May 2022, the K12 education sector has begun to recover, with companies like Zhuoyue Education focusing on compliant high school-related businesses [2][33]. - Companies such as Yuhua Education and Xijiao International Holdings are addressing financial restructuring, indicating a gradual recovery in market sentiment [2][33]. Investment Recommendations - The report suggests a focus on companies like Tongcheng Travel, Ctrip Group, and Meituan, which are expected to benefit from favorable policies aimed at boosting domestic demand [3][46].

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [3][46]. Core Insights - The education sector has shown significant stock performance differentiation since early 2025, with notable gains from companies like China Oriental Education (+139%) and Gaotu Group (+74%) [1][11]. - Demand differentiation in education services is driven by the effectiveness in enhancing employment and academic opportunities, with high school education showing the most rigid demand [1][11]. - The K12 education sector is entering a new phase of competition, emphasizing brand and teaching capabilities as key drivers for growth [2][28]. - The recovery pace varies among companies, with some like China Oriental Education and Gaotu Group showing strong performance due to strategic focus on K12 education [2][33]. Summary by Sections Demand Differentiation - Demand for education services varies significantly based on the perceived value in enhancing academic and employment outcomes, with high school education and K9 high-age training showing the strongest demand [1][11]. - The consumer willingness to invest in children's education remains high, with nearly half of families allocating extra funds for this purpose [11][27]. K12 Education Competition - The K12 education sector is experiencing a slowdown in the rapid expansion of physical locations, shifting focus to enhancing existing outlets [2][28]. - The number of new K9 profit-oriented non-academic training institutions has decreased significantly in early 2025 compared to the previous year [2][28]. Recovery Trends - Since the implementation of the "Double Reduction" policy in May 2022, the K12 education sector has gradually recovered, with companies like Zhuoyue Education focusing on compliant high school-related businesses [2][33]. - Companies like China Oriental Education are expected to see a gradual easing of pandemic-related impacts as they adapt to new market conditions [2][33]. Investment Recommendations - The report suggests a focus on companies such as Tongcheng Travel, Ctrip Group, and Meituan, among others, as potential investment opportunities in the current economic environment [3][46].