新教育业务增长环比提速，出国留学相关业务展现韧性 智通财经APP获悉，国信证券发布研报称，维持新东方-S(09901)"优于大市"评级，该行上调公司2026- 2028财年归母净利润至4.8/5.6/6.2亿美元，最新市值对应PE为19.5/17.0/15.2x。面对中高考改革、地缘政 治带来的经营环境不确定性，公司作为K12及出国留学业务龙头，在已有的教研、品牌、用户基础核心 优势上，进一步聚焦高质量发展并持续提能提质，成效已逐步体现于续班率与经营利润率提升上。考虑 到核心教育业务在低预期上企稳向好，同时东方甄选(01797)FY2026H1扭亏为盈，有望持续修复。 国信证券主要观点如下： 收入增长提速，经营效率显著提升 FY2026Q2，公司实现净营收11.91亿美元/+14.7%，超出市场预期(12%)。实现NG经营利润8913万美 元/+206.9%。盈利能力持续改善。截至报告期末，递延收入21.62亿美元，同比增长10.2%。 报告期内，新教育业务依旧是增长核心，受益于续班率提升，同比增长21.6%，环比提速(FY26Q1为 15.3%)其中，非学科类辅导业务覆盖学生约105.8万人次/+6.4%， ...

国信证券发布研报称，维持新东方-S(09901)"优于大市"评级，该行上调公司2026-2028财年归母净利润 至4.8/5.6/6.2亿美元，最新市值对应PE为19.5/17.0/15.2x。面对中高考改革、地缘政治带来的经营环境不 确定性，公司作为K12及出国留学业务龙头，在已有的教研、品牌、用户基础核心优势上，进一步聚焦 高质量发展并持续提能提质，成效已逐步体现于续班率与经营利润率提升上。考虑到核心教育业务在低 预期上企稳向好，同时东方甄选(01797)FY2026H1扭亏为盈，有望持续修复。 高质量发展主线明确，谨慎扩张网点、关注续班率及盈利能力指标，报告期内经营利润率继续修复 国信证券主要观点如下： 截至FY26Q2期末，公司教学网点共有1379个，环比+2%，延续高质量发展主线，谨慎扩张网点。报告 期内公司Non-GAAP经营利润率同比增长4.7pct至7.5%。其中毛利率53.3%/+1.3pct;管理费用率31.4%， 同比基本持平;销售费率16.3%/-2.6pct，主要受益于谨慎的门店扩张战略及教育业务续班率提升。后续将 继续从组织优化(如2026年1月留学语培的国际教育板块与留学中介的前 ...

新东方-S（09901.HK） 优于大市 聚焦高质量发展，全年收入增速指引上调 证券研究报告 | 2026年02月27日 风险提示：行业竞争加剧、政策趋严、业务渗透率提升缓慢、股东减持等。 投资建议：我们上调公司 2026-2028 财年归母净利润至 4.8/5.6/6.2 亿美元 （原值：4.3/4.8/5.3 亿美元），最新市值对应 PE 为 19.5/17.0/15.2x。面 对中高考改革、地缘政治带来的经营环境不确定性，公司作为 K12 及出国 留学业务龙头，在已有的教研、品牌、用户基础核心优势上，进一步聚焦高 质量发展并持续提能提质，成效已逐步体现于续班率与经营利润率提升上。 考虑到核心教育业务在低预期上企稳向好，同时东方甄选 FY2026H1 扭亏为 盈，有望持续修复，我们维持新东方-S"优于大市"评级。 | 盈利预测和财务指标 | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万美元) | 4,314 | 4,900 | 5,470 | 6,071 | 6,691 | | ( ...

新教育业务增长环比提速，出国留学相关业务展现韧性。报告期内，新教育 业务依旧是增长核心，受益于续班率提升，同比增长 21.6%，环比提速（FY26Q1 为 15.3%）其中，非学科类辅导业务覆盖学生约 105.8 万人次/+6.4%，考虑 系基数逐步扩大、同时公司阶段性更加侧重于提高教学质量及续班率指标； 智能学习系统活跃付费用户达 35.2 万/+34.9%。出国留学相关业务合计同比 微增，优于此前市场预期（预计同比-5%），展现品牌韧性，其中出国备考 业务收入同比+4.1%，咨询业务同比-3.0%。成人及大学生相关业务收入同比 增长 12.8%，增速环比略有下滑（FY2026Q1+14.4%）。 高质量发展主线明确，谨慎扩张网点、关注续班率及盈利能力指标，报告期 内经营利润率继续修复。截至 FY26Q2 期末，公司教学网点共有 1379 个，环 比+2%，延续高质量发展主线，谨慎扩张网点。报告期内公司 Non-GAAP 经营 利润率同比增长 4.7pct 至 7.5%。其中毛利率 53.3%/+1.3pct；管理费用率 31.4%，同比基本持平；销售费率 16.3%/-2.6pct，主要受益于谨慎的门店扩 ...

一、市场: ●2月26日收盘：美股连续第二日收高 人工智能概念股普涨 北京时间2月26日凌晨，美股周三收高，人工智能概念股普涨。道指、纳指、标普500指数均上涨。英伟达、赛富时等公司将公布财报，投资者重新评估科技 股估值，对人工智能资本支出存疑虑。英伟达股价收高，但其近月表现不佳，市场担忧人工智能支出不可持续。有投资官认为投资者不应与黄仁勋对赌，当 前市场担忧有些过度。软件板块延续涨势，甲骨文等个股走高，Workday因营收预测疲软大跌。此外，投资者关注美伊局势、关税政策及特朗普国情咨文相 关内容。 ●2月26日美股成交额前20：微软遭日本反垄断机构调查 周三美股成交额前20的部分公司有新动态。英伟达收高1.41%，盘后公布财报，第四季度调整后每股收益超预期，CEO称客户竞相投资AI算力；特斯拉收高 1.96%，针对其的招聘歧视诉讼继续推进，但原告证据薄弱；微软收高2.98%，遭日本反垄断机构调查，因可能在云服务市场不正当竞争；AMD收跌 1.39%，与Meta签多年协议供应GPU；Meta收高2.25%，宣布与AMD五年战略伙伴关系；奈飞收高5.97%，派拉蒙提高收购华纳兄弟报价；Coinbase收高 13 ...

| 10 | 房多多 | +10.28% | +0.110 | | --- | --- | --- | --- | | | DUO | 0.00% 盘后 | | | TF | 正业生物 | +10.22% | +0.0823 | | | ZYBT | -2.66% 盘后 | | | 41 | 才要 | +9.37% | +0.420 | | | DOYU | 0.00% 盘后 | | | (H) | 浩希健康 | +8.69% | +0.100 | | | HAO | | | | 闪 | 闪送 | +8.41% | +0.215 | | | FLX | 0.00% 盘后 | | | i | 小i机器人 | +8.30% | +0.0184 | | | AIXI | +5.42% 盘后 | | | ತ | 万物新生 | +8.14% | +0.460 | | | RERE | 0.00% 盘后 | | | | 金生游乐 | +7.84% | +0.141 | | | GDHG | +1.67% 盘后 | | | | 比特数字 | +7.74% | +0.130 | | | BTBT | -0.01% 盘后 | ...

For those looking to find strong Consumer Discretionary stocks, it is prudent to search for companies in the group that are outperforming their peers. Is New Oriental Education (EDU) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.New Oriental Education is a member of the Consumer Discretionary sector. This group includes 256 individual stocks and currently holds a Zacks Sector Rank of #10. The Zacks Sector Rank considers 16 different groups, measu ...

Market Overview - The Hong Kong stock market experienced a half-day trading session on February 16, with all three major indices opening lower but recovering. The Hang Seng Index closed up 0.52% at 26,705.94 points, with a total turnover of 849.97 billion HKD. The Hang Seng Tech Index rose 0.13%, while the Hang Seng China Enterprises Index increased by 0.42% [1] - For the year of the Snake, the Hang Seng Index has gained over 32%, the Hang Seng Tech Index has risen over 13%, and the China Enterprises Index has increased by over 23% [1] Blue Chip Performance - Zijin Mining (02899) led the blue-chip stocks, rising 4.67% to 43.52 HKD, contributing 18.71 points to the Hang Seng Index. Citigroup raised its target prices for Zijin's A-shares and H-shares by over 30% due to increased gold and lithium price forecasts and higher gold sales [2] - Other notable blue-chip performers included China Hongqiao (01378) up 3.92%, CNOOC (00883) up 3.71%, while HSBC Holdings (00005) fell 1.11% [2] Sector Highlights - The technology sector showed mixed results, with Alibaba down 0.45%, Baidu up over 1%, and Tencent up 0.19%. The storage chip sector saw significant price increases, with companies like Lianqi Technology and Zhaoyi Innovation reaching new highs [3] - The storage chip price surge is expected to improve profitability across the NAND industry, with Kioxia projecting a 50% increase in average selling prices starting Q1 2026. Morgan Stanley estimates Kioxia's adjusted gross margin will reach 66% in Q1 [3] - The large model AI sector also saw significant gains, with MINIMAX (00100) up 24.56% and Zhipu AI (02513) up 4.74%. MINIMAX launched a new flagship programming model, while Zhipu announced a price increase for its AI programming subscription [4] Commodity and Energy Stocks - The non-ferrous metals sector experienced broad gains, with Luoyang Molybdenum (03993) up 6.35%, China Nonferrous Mining (01258) up 5.55%, and Zijin Mining (02899) also contributing to the sector's performance [4] - The oil and shipping sectors remained active, with rising sentiments among shipowners due to geopolitical tensions, leading to higher freight rates [10] Recent Developments - The Hang Seng Index Company announced its quarterly review results, with companies like CATL, Luoyang Molybdenum, and Laopuhuang being added to the Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [7] - Haizhi Technology Group (02706) saw a significant rise of 29.59% on its second day of trading, attributed to its focus on AI solutions and rapid revenue growth [8] - Fubo Group (03738) also experienced an 8.22% increase, driven by the popularity of its new copyright management platform [9]

Economic Indicators - The latest CPI data from the US shows a decrease in the annual rate from 2.7% to 2.4%, the lowest since May 2025, with market expectations at 2.5% [1] - The core CPI annual rate fell from 2.6% to 2.5%, marking the lowest level since March 2021, aligning with market expectations [1] - Following the CPI release, the probability of the Federal Reserve easing policies in June increased from 63% to 69%, with a 50% chance of a third rate cut this year [1] Stock Market Performance - The three major US stock indices showed mixed results, with the Dow Jones up 0.1%, S&P 500 up 0.05%, and Nasdaq down 0.22% [2] - Over the week, the Dow Jones fell by 1.23%, S&P 500 by 1.39%, and Nasdaq by 2.1% [2] Individual Stock Movements - Major tech stocks experienced declines, with Apple and Nvidia down over 2%, while Tesla saw a slight increase of 0.09% [4] - Semiconductor stocks performed well, with the Philadelphia Semiconductor Index rising by 0.66%, driven by significant gains in Applied Materials and ARM [4] - Gold stocks showed strong performance, with several companies like Coeur Mining and Harmony Gold seeing increases of over 6% [4] Commodity Prices - Gold and silver prices surged, with gold closing at $5042.808 per ounce, up over 2.4%, and silver reaching $77.338 per ounce after a rise of over 5% [6] Geopolitical Developments - The US is increasing military presence in the Middle East, with President Trump confirming the deployment of a second aircraft carrier strike group to pressure Iran into negotiations [8] - Trump emphasized the need for a deal with Iran within a month, warning of severe consequences if negotiations fail [9] - Israeli officials expressed skepticism about the potential agreement, stressing the importance of including issues related to Iran's nuclear capabilities and missile programs [9]

来源：中国网 香港山成集团（PPW）总裁陈华俊指出，此次与新东方文旅的合作，标志着一种可持续、可拓展的户 外赛事生态共建模式的开启。他表示，此次合作远不止于IP授权，而是致力于将德爷的冒险精神深度融 入赛事、探索营、主题营地及衍生品之中，与新东方文旅一起在中国庞大的文旅教育市场内，构建一个 完整的IP价值生态，为中国青少年创造独特的成长体验。 项目起航，首发城市与赛事安排正式亮相 活动现场，施柯与陈华俊分别代表新东方文旅集团与香港山成集团（PPW）签署战略合作协议。双方 发布"德爷荒野挑战赛"，并携手完成"德爷荒野挑战赛"战旗授旗仪式，象征赛事正式启航。 该赛事以英国著名探险家埃德·斯塔福德的荒野生存理念为核心，打造"轻探险"赛事体系，兼具挑战 性、趣味性与教育性，旨在培养青少年的探索精神、团队协作与逆境应对能力。 2026年2月10日，新东方文旅集团与香港山成集团（PPW）在北京新东方文旅集团总部举行"德爷荒野挑 战赛品牌独家授权暨战略联合发布会"。发布会上，新东方文旅集团与香港山成集团（PPW）签署战略 合作协议。双方共同推出2026"德爷荒野挑战赛"，并揭晓项目首发试点城市与赛事安排。双方高层、合 作伙 ...