证券时报·数据宝统计，截至上午10:29，上证综指3639.18点，涨跌幅为0.11%，A股总成交额为8327.86 亿元。到目前为止，今日有20只A股的5日均线主动下穿10日均线，其中昂利康、成都先导、赛升药业 等个股的5日均线较10日均线距离最大，分别达-1.78%、-1.64%、-1.40%。（数据宝） 部分5日、10日均线死叉个股 | 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 002940 | 昂利 | 3.44 | 3.35 | 56.59 | 57.62 | -1.78 | 56.21 | -2.44 | | | 康 | | | | | | | | | 688222 | 成都 | 0.18 | 1.41 | 23.11 | 23.49 | -1.64 | 22.56 | -3.96 | | ...

证券研究报告 | 2025年08月08日 AI 教育产业跟踪 多邻国 2025Q2 业绩超预期，国内 AI 教育有望迎来催化 优于大市 行业研究·行业快评 社会服务·教育 投资评级：优于大市（维持） 证券分析师： 曾光 0755-82150809 zengguang@guosen.com.cn 执证编码：S0980511040003 证券分析师： 张鲁 010-88005377 zhanglu5@guosen.com.cn 执证编码：S0980521120002 联系人： 周瑛皓 zhouyinghao@guosen.com.cn 事项： 2025 年 8 月 7 日，多邻国发布 FY2025Q2 业绩，收入及调整后 EBITDA 利润率表现超出彭博一致预期，此外 公司上修 2025 年全年收入及调整后 EBITDA 利润率指引，验证 AI 教育应用盈利能力。 国信社服观点：1）建议关注 AI 教育国际龙头强劲财报对国内 AI 教育赛道的情绪催化：二季度多邻国面 临社交平台舆论事件的短期扰动，但当季营收与调整后 EBITDA 均超出彭博一致预期，同时公司上修全年 收入及调整后 EBITDA 利润率指引，进一步 ...

来源：雷达财经 雷达财经雷助吧出品 文|肖文竹 编|深海 东财Choice金融数据显示，2025年8月5日，豆神教育当日融资买入6160.25万元，融资偿还7120.5万元，融资净偿还 960.25万元。 2023年4月26日，豆神教育通过2022年年度报告披露了德峰广告案。2024年4月25日，豆神教育通过2023年年度报告披露 了张家口案。2024年8月16日，豆神教育在《关于累计诉讼、仲裁情况的公告》中披露了察布查尔锡伯案、张某案、德 峰广告案、张家口案、寓乐湾案。 豆神教育未按规定及时披露察布查尔锡伯案、德峰广告案，累计涉案金额1204.2万元。上述诉讼事项属于应当及时披露 的重大事件。豆神教育未按规定及时披露察布查尔锡伯案、德峰广告案，构成《证券法》第一百九十七条第一款所述违 法行为。 豆神教育未按规定及时披露张某案、寓乐湾案、张家口案，也未在2023年半年度报告中予以披露，累计涉案金额 12361.6万元。上述诉讼、仲裁事项属于应当及时披露的重大事件，并应当在2023年半年度报告中披露。豆神教育未按 规定披露张某案、寓乐湾案、张家口案，导致未及时披露重大事件，2023年半年度报告存在重大遗漏，构成 ...

Market Overview - The Shanghai Composite Index fell by 0.94% this week, with six sectors experiencing gains, led by the pharmaceutical and biotechnology sector, which rose by 2.95%, and the communication sector, which increased by 2.54% [1] - The social services sector saw a slight increase of 0.10% this week [1] Sector Performance - The coal and non-ferrous metals sectors had the largest declines, with drops of 4.67% and 4.62%, respectively [1] - In terms of capital flow, the total net outflow of major funds from both markets was 211.86 billion yuan, with only the banking sector seeing a net inflow of 4.33 billion yuan [1] Capital Flow Analysis - A total of 30 sectors experienced net outflows, with the non-ferrous metals sector leading with a net outflow of 25.99 billion yuan, followed by the computer sector with 20.45 billion yuan [1] - The social services sector had a net outflow of 2.13 billion yuan, with 77 stocks in this sector, of which 21 stocks increased and 53 stocks decreased [3] Notable Stocks in Social Services Sector - Among the top gainers in the social services sector were Tibet Tourism, Tianfu Cultural Tourism, and China High-Tech, which rose by 46.42%, 42.00%, and 18.66%, respectively [3] - The stocks with the largest net outflows included Tibet Tourism, Dou Shen Education, and Zhonggang Tianyuan, with net outflows of 439 million yuan, 205 million yuan, and 134 million yuan, respectively [3][4]

证券日报网讯豆神教育7月31日在互动平台回答投资者提问时表示，公司未与OpenAI建立技术合作。 （文章来源：证券日报） ...

Core Viewpoint - The national childcare subsidy policy will provide an annual subsidy of 3600 yuan per child until the age of three, benefiting over 20 million families each year starting from January 1, 2025 [4][5]. Subsidy Standard - Each child will receive a subsidy of 3600 yuan per year until they turn three years old. For children born before January 1, 2025, who are under three years old, the subsidy will be calculated based on the remaining months [8]. Coverage - The policy applies to all families with children under three years old, regardless of whether they have one, two, or three children, and is uniformly implemented across the country [9]. Application Process - Parents or guardians can apply for the subsidy online through the childcare subsidy information management system or offline, providing necessary documents such as birth certificates and household registration books [10]. Funding Source - The central government will establish a "childcare subsidy fund," providing financial support to eastern, central, and western regions proportionally, with any additional local funding being the responsibility of local governments [11]. Market Impact Analysis - The infant food market is expected to exceed 72 billion yuan, directly benefiting the maternal and infant consumption industry chain [12]. - The childcare industry is projected to reach a scale of 162.1 billion yuan by 2025, with an average annual growth rate of 7.5%, accelerated by the policy [13]. - Demand for children's medical and nutritional health products is anticipated to rise, with the pediatric medication market expected to grow at a rate exceeding 10% annually [14]. Beneficiary Companies - Leading maternal and infant retail companies are expected to benefit directly from increased customer spending and frequency of purchases [15]. - Companies such as Kidswant and Huaiying Room are positioned to gain from the subsidy implementation due to their extensive retail networks and service offerings [16]. - Major players in the infant formula market, like China Feihe and Yili, are likely to see increased demand driven by the subsidy [17][18].

Group 1 - The implementation of the childcare subsidy system is a significant initiative aimed at providing cash subsidies to families with children under three years old, starting from January 1, 2025, with a basic annual subsidy of 3,600 yuan per child [1] - The subsidy is expected to directly reduce the cost of childbirth and stabilize birth rate expectations, while also activating demand for essential maternal and infant products such as milk powder and diapers [1][2] - The rollout of the subsidy is projected to increase social retail sales by approximately 0.2 percentage points, with a focus on essential categories like maternal and infant food [2] Group 2 - Systematic support for childcare policies, including employment, education, and healthcare, is anticipated alongside the cash subsidies [3] - Companies such as Kid King, Aiyingshi, and Doushen Education are expected to benefit from the expansion of the market, with strategies including franchise development and online sales initiatives [3]

Core Insights - The article discusses the revolutionary changes in the education industry driven by artificial intelligence, highlighted by the launch of DouShen Education's new AI-based products [1][10] - DouShen Education introduces a three-layer business model consisting of "AI Dual Teachers + Super Training Ground + Learning Companion Robot," aiming to redefine AI education [1][5] Group 1: Business Model - The first layer of the business model is the Super Training Ground, which incorporates three core elements: AI Super Teacher, modeling interaction, and mixed implementation, focusing on practical training outcomes [3] - The second layer combines real teachers with AI Super Teachers, addressing the traditional education conflict between standardization and personalization, enabling synchronized development of knowledge and writing skills [5] - The third layer features the Learning Companion Robot, which integrates into children's daily lives, providing personalized support and feedback based on data from the Super Training Ground [5] Group 2: Market Response and Future Plans - Following the launch of new products, DouShen Education achieved over 30 million in sales within just four days, indicating strong market demand and potential [7] - The company plans to expand from language and literature to a comprehensive curriculum, leveraging AI technology to enhance educational offerings across various subjects [7][8] - DouShen Education aims to lead the AI education sector by continuously innovating its product matrix and ensuring high-quality educational experiences for a broader audience [10]

Core Viewpoint - Dou Shen Education has launched the AI-Class product matrix, which includes AI autonomous practice, AI dual teachers, and AI companion robots, marking a new exploration in monetizing large AI models in the education sector [2][4]. Group 1: AI Teacher Product Value - The AI-Class product includes "AI Super Training Ground + AI Dual Teachers + Companion Robots," with the first two being course software and the third being smart hardware [4]. - AI-Class enhances teaching capabilities by allowing real-time Q&A, generating 3D animated board presentations, and assisting students in completing their writing [4]. - The evolution of the education industry from offline to online and now to AI reflects a shift where real teachers empower AI to provide quality education to more students [6][7]. Group 2: Industry Context - The education industry saw the emergence of offline tutoring around 2000, leading to the rise of specialized teachers and the "famous teacher effect" [5]. - The online live class model emerged around 2015, significantly amplifying the reach of famous teachers, with Dou Shen Education's classes accommodating up to 50,000 students simultaneously [6]. - AI technology allows for the abstraction of real teachers, enabling real-time interaction with thousands of students, thus enhancing educational resource distribution [6][7]. Group 3: Market Dynamics - The introduction of AI teacher products is a response to the challenges faced by earlier AI Q&A tools, which struggled with commercialization [5][6]. - Parents are more willing to pay for courses, and the combination of video lessons with real teachers has proven successful, creating opportunities for AI teacher products [7]. - Dou Shen Education, despite being smaller than competitors like New Oriental, is positioned to innovate and break conventional boundaries in the education sector [10]. Group 4: Future Prospects - Dou Shen Education plans to increase offline investments and integrate AI teacher products with small class models, potentially enhancing the learning experience [11]. - AI teachers can facilitate high-frequency oral practice in English and instant problem-solving in mathematics, expanding the scope of subjects offered [11]. - The AI teacher products are still in early development, with room for improvement in teaching methodologies and technology capabilities [13][14]. Group 5: Commercial Model Challenges - The pricing strategy for AI products includes a high-priced lead product, which may affect conversion rates, as traditional lead products are often priced much lower [14]. - The uncertainty in the validation cycle for new products poses challenges for their commercial success [14].

Core Viewpoint - Dou Shen Education has launched an AI product matrix named AI-Class, which includes AI autonomous practice, AI dual teachers, and AI companion robots, marking a new exploration in monetizing large AI models in the education sector [1][5] Group 1: Product Overview - The AI-Class product matrix consists of AI Super Training Ground, AI Dual Teachers, and AI Companion Robots, with the first two being course software and the third being smart hardware [2] - AI-Class enhances teaching capabilities by allowing real-time Q&A, generating 3D animated board work, and assisting students in completing their writing [2] Group 2: Industry Context - The education industry has evolved significantly since 2000, transitioning from offline tutoring to online classes, with the emergence of renowned teachers [3][4] - AI technology enables a new model where AI teachers can interact with thousands of students simultaneously, providing a more scalable educational resource [4] Group 3: Market Dynamics - The commercial progress of earlier AI Q&A tools has been slow, prompting the faster emergence of AI teacher products, as parents are more willing to pay for courses [5][6] - Other educational companies are also launching AI teacher products, but Dou Shen Education is the first to offer a systematic AI teacher solution [7] Group 4: Future Plans and Challenges - Dou Shen Education plans to increase offline investments and integrate AI teacher products with offline small class models, aiming to enhance the learning experience [8] - The AI teacher products are still in early stages and require improvements in teaching methodologies, technology for real-time responses, and validation of the business model [9][10]