【AI应用端盘初活跃 久其软件等多股涨停】智通财经1月27日电，早盘AI应用端活跃，久其软件、三维 通信、凯文教育、遥望科技涨停，值得买、流金科技、普元信息等跟涨。消息面上，据腾讯研究院，开 源项目Clawdbot在硅谷爆火，可在Mac mini上运行，兼具本地AI智能体和聊天网关双重身份，通过 WhatsApp、iMessage等随时对话。 转自：智通财经 ...

Macro Research - The report highlights a "double hit" moment for US dollar assets due to Trump's comments on Greenland and tariff threats, alongside the early dissolution of the Japanese House of Representatives leading to a sell-off in Japanese bonds [3][4][22] - The US dollar's credit breakdown is re-emerging, with significant impacts on US stocks, bonds, and currencies, resulting in a strong performance of safe-haven assets like gold and silver, while cryptocurrencies face pressure [3][4][22] Strategy Research - In Q4 2025, active funds significantly reduced their holdings in A-shares and Hong Kong stocks, with a focus on increasing allocations to cyclical and financial value stocks, while reducing exposure to technology and healthcare sectors [7][26] - The report indicates a clear rotation in fund styles, with a notable shift towards large-cap cyclical and financial stocks, while growth and consumer sectors saw reductions in allocations [26][27] Fixed Income Research - The appreciation of the RMB and increased foreign exchange settlements may tighten interbank liquidity, depending on whether the central bank will actively increase the supply of base currency [11][14] Industry Research: Photovoltaic Equipment - The report anticipates a new cycle for the photovoltaic equipment industry driven by SpaceX and Tesla's plans to deploy a combined 200GW of solar capacity, with key equipment manufacturers expected to benefit [15][16] - The demand for solar expansion is expected to rise due to the increasing need for low-orbit satellites and the commercialization of space computing, which will drive the demand for core equipment [15][16] Fund Allocation Insights - The report notes a significant increase in allocations to cyclical and financial sectors, particularly in upstream industries like metals and chemicals, driven by improved supply-demand dynamics and geopolitical tensions [27][28] - The technology sector shows a marked divergence, with communication equipment receiving substantial increases due to AI infrastructure investments, while many tech segments faced reductions [27][28]

从资金流向上来看，当日教育板块主力资金净流出4.41亿元，游资资金净流入6325.94万元，散户资金净 流入3.77亿元。教育板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600730 | 中国高科 | 10.50 | -6.00% | 42.04万 | 4.52亿 | | 300192 | 科德教育 | 21.75 | -4.52% | 19.34万 | 4.29亿 | | 300010 | 豆神教育 | 7.46 | -4.36% | 138.59万 | 10.48 乙 | | 002607 | 中公教育 | 2.91 | -3.64% | 285.24万 | 8.41亿 | | 002093 | 国脉科技 | 11.55 | -2.61% | 31.99万 | 3.71亿 | | 000526 | 学大教育 | 39.47 | -2.59% | 2.20万 | 8763.22万 | | 600880 | 博瑞传播 | 6.02 | -2.11% | 59.13万 ...

证券之星消息，1月23日教育板块较上一交易日上涨1.03%，博瑞传播领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。教育板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600880 | 博瑞传播 | 6.15 | 4.59% | 81.46万 | | 4.96 Z | | 300688 | 创业要马 | 31.65 | 2.26% | 14.41万 | 4.59 Z | | | 002659 | 凯文教育 | 6.56 | 1.86% | 28.72万 | | 1.87亿 | | 300010 | 豆神教育 | 7.80 | 1.69% | 106.77万 | | 8.29亿 | | 002607 | 中公教育 | 3.02 | 1.34% | 216.47万 | | 6.50亿 | | 300359 | 全通教育 | 5.75 | 0.70% | 13.46万 | 7721.18万 | | | 30 ...

凯文教育首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | AI 教育开启增长新篇章 凯文教育(002659) | 52 周内股价区间(元) | 3.99-7.19 | | --- | --- | | 总市值(百万元) | 3,853 | | 总股本/流通A股(百万股) | 598/598 | | 流通 B 股/H 股(百万股) | 0/0 | 股票研究/[Table_Date] 2026.01.23 本报告导读： 建筑工程业 [Table_Industry] /工业 通过 AI 教育布局和核心教育资源的拓展，公司有望捕捉新的市场机遇。 | [Table_Invest] | 首次覆盖 | | --- | --- | | 评级 | 增持 | | 目标价格(元) ...

凯文教育首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | 许樱之(分析师) | 0755-82900465 | xuyingzhi@gtht.com | S0880525040012 | 本报告导读： 通过 AI 教育布局和核心教育资源的拓展，公司有望捕捉新的市场机遇。 投资要点： AI 教育开启增长新篇章 凯文教育(002659) | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 254 | 320 | 420 | 572 | 760 | | (+/-)% | 47.8% | 25.9% | 31.3% | 36.3% | 32.8% | | 净利润(归母) | -50 | -37 | 12 | 7 ...

Kevin Education Conference Call Summary Company Overview - **Company**: Kevin Education - **Industry**: Education Technology (EdTech) Key Points AI Product Launch and Expansion - Kevin Education's AI product "Zhiqi" has been piloted in 54 schools in Haidian District, covering approximately 135,000 students, which constitutes a significant portion of the district's K-12 student population [2][4] - The product is set for full rollout in Haidian District and plans to expand to other areas in Beijing and beyond [2][4] - The AI product has received positive feedback from schools and teachers, particularly for its capabilities in generating exams and assigning homework [2][7] Product Features and Development - The AI product leverages a partnership with Zhipu Huazhang, enhancing its ability to process complex text and integrate data across school environments [5] - It is designed to be user-friendly for teachers and aims to promote equitable education [5] - The product is currently available on both Apple and Android platforms, with plans for a subscription model priced at approximately 200 to 300 yuan per year [2][9] Growth Projections - Kevin Education anticipates a 10% increase in student enrollment at its two schools in Beijing by 2026, with new projects in the Chaoyang District and potential branch openings in Haidian [2][9] - The company expects traditional business revenue and profits to continue increasing, with the AI education segment projected to achieve profitability in its first year [3][13] Asset Management and Financial Strategy - One of the key tasks for 2026 is to communicate with potential investment partners regarding asset disposal to optimize the company's asset structure [2][10] - The company has received support from local education authorities for its initiatives, and there is a focus on enhancing product performance and market share following the initial rollout [8] Market Trends and Future Outlook - The AI education market is expected to grow significantly, driven by government investment and increasing participation from schools and parents [11] - Kevin Education plans to allocate more resources to AI education while also improving its traditional business operations [11] Student Engagement and Feedback - The AI product currently serves 135,000 students, with ongoing data collection to enhance its functionality and accuracy [12] - Feedback from the Haidian District indicates high acceptance among teachers and an increase in usage metrics [7] Additional Insights - The company is positioned to benefit from the ongoing development of large model technologies, which may accelerate the adoption of AI tools in education [11] - The integration of AI in education is seen as a long-term trend, with potential for significant market opportunities [11]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The luxury goods retail revenue in China is showing signs of recovery, with high-end brands like LVMH, Hermès, and Prada experiencing positive growth since Q2 2025 [15][16] - The global network literature market is witnessing rapid growth, particularly in Latin America, with WebNovel reaching nearly 400 million cumulative users by October 2025 [34][35] - The micro-drama and comic-drama market in China is projected to exceed 100 billion yuan in 2025, significantly surpassing the film box office revenue [37][38] - The probiotic market is expanding, with a focus on next-generation probiotics (NGPs) like AKK bacteria, which show significant potential in health applications [55][63] Summary by Sections 1. Duty-Free Shopping - Post-New Year duty-free shopping in Hainan shows strong growth, with sales reaching 3.89 billion yuan and a 49.6% year-on-year increase in shopping amount [31][33] - The high net worth individuals are expected to drive luxury consumption, with a notable increase in spending on preservation-type luxury goods [15][16] 2. Network Literature - The Chinese network literature market reached 49.55 billion yuan in 2024, with a 29.37% year-on-year growth, while the overseas market grew by 10.68% [34] - WebNovel has cultivated nearly 530,000 authors and over 820,000 original works, with a significant increase in user engagement [34][35] 3. Micro-Drama - The micro-drama and comic-drama market in China is expected to reach 100 billion yuan in 2025, with a 98% year-on-year growth [37][38] - The user base for micro-dramas is approaching 700 million, with a strong preference among female viewers [40][42] 4. Probiotics - The global probiotic market is projected to grow at a CAGR of 8.7%, reaching 93.49 billion USD by 2028, with China's market expected to reach 134.89 billion yuan by 2024 [55][63] - Next-generation probiotics like AKK bacteria are gaining traction, with significant potential in health management and consumer interest [55][63]

Investment Rating - The report maintains a "Recommendation" rating for the education industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The education industry is experiencing a "three-dimensional resonance" with policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven. The industry is expected to benefit from a "Davis Double Play" in terms of performance and valuation under policy support [7][26]. - The integration of artificial intelligence (AI) into education is highlighted as a key investment theme, with leading education companies likely to benefit from the "AI + Education" trend [7][26]. Summary by Sections 1. Industry Policy Dynamics - On January 12, the Ministry of Education announced the approval of 14 new higher education institutions, including 7 public and 1 private vocational colleges [10][12]. - Guangdong plans to increase 200,000 ordinary high school seats by 2026 as part of its educational enhancement initiatives [10][12]. - Jiangsu's "AI + Education" action plan aims for over 70% penetration of new intelligent terminals by 2027 and a trillion-yuan industry scale by 2030 [10][12]. - The "China-UK Study Tour Pilot Program" was launched, facilitating deeper educational cooperation between the two countries [10][12]. 2. Company Dynamics - Zhonggong Education launched the "Zhonggong AI Interview" training product, enhancing its offerings in AI-driven education [13]. - Huatu Education held an "AI Transformation Upgrade Conference," marking its transition to an AI-driven growth model [13]. 3. Industry Performance - The education sector outperformed the CSI 300 index, with the CITIC Education Index increasing by 1.69% compared to a decline of 0.57% in the CSI 300 [7][15]. - The best-performing stocks in the education sector included Action Education (+9.65%), *ST Guohua (+7.99%), and Huatu Shanding (+4.73%) [19][20]. 4. Investment Recommendations - The report suggests focusing on three main investment lines: 1. "AI + Education" with companies like Kevin Education and Kede Education as potential leaders 2. Performance and valuation resonance with Action Education, Xueda Education, and Angli Education showing significant valuation advantages 3. Companies like Botong Co. and Huatu Shanding are actively seeking new growth avenues [26].

证券之星消息，1月16日教育板块较上一交易日下跌2.94%，博瑞传播领跌。当日上证指数报收于 4101.91，下跌0.26%。深证成指报收于14281.08，下跌0.18%。教育板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603377 | ST东时 | 4.28 | 4.14% | 15.57万 | 6571.22万 | | 003032 | *ST传智 | 6.76 | 3.05% | 9.64万 | 6483.49万 | | 605098 | 行动教育 | 47.51 | 1.84% | 2.22万 | 1.05亿 | | 600730 | 中国高科 | 11.57 | 1.14% | 1 38.17万 | 4.43亿 | | 300338 | ST开元 | 3.59 | 0.56% | 4.50万 | 1606.46万 | | 600636 | *ST国化 | 9.46 | 0.32% | 8.16万 | 7672.31万 | | 000526 | 学大教育 | ...