教育行业 2026 年度投资策略 "三维共振"教育业绩释放，"AI+教育"打开成长空间 glmszqdatemark 风险提示：政策变动、行业竞争加剧、招生不及预期、业绩释放缓慢等风险。 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 002659 凯文教育 | | 5.60 | -0.06 | 0.03 | 0.08 | - | 187 | 70 | 推荐 | | 300492 华图山鼎 | | 78.78 | 0.38 | 1.64 | 2.05 | 207 | 48 | 38 | 推荐 | | 000526 学大教育 | | 39.06 | 1.52 | 2.02 | 2.5 | 26 | 19 | 16 | 推荐 | | 605098 行动教育 | | 42.91 | 2.27 ...

从资金流向上来看，当日教育板块主力资金净流入8897.44万元，游资资金净流出9332.21万元，散户资金 净流入434.78万元。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) | | --- | --- | --- | --- | --- | --- | | 300010 | 豆神教育 | 7.02 | 4.00% | 107.88万 | 7.44亿 | | 300192 | 科德教育 | 20.17 | 3.92% | 29.31万 | 5.76 Z | | 605098 | 行动教育 | 41.92 | 3.43% | 1.46万 | 6058.29万 | | 600880 | 博瑞传播 | 4.96 | 1.85% | 1 21.01万 | 1.03亿 | | 600636 | *ST国化 | 8.37 | 1.82% | 2.86万 | 2383.31万 | | 003032 | *ST传智 | 6.14 | 0.99% | 5.37万 | 3254.29万 | | 002093 | 国脉科技 | 11.54 | 0.70% | 41. ...

证券日报网讯12月12日，科德教育（300192）在互动平台回答投资者提问时表示，公司管理团队将继续 秉持稳健经营，聚焦核心业务发展，持续关注新兴产业和新兴技术，以良好的经营业绩保障全体股东的 合法权益。 ...

证券日报网讯12月12日，科德教育（300192）在互动平台回答投资者提问时表示，截至2025年12月10日 公司股东人数为43881户。 ...

Core Viewpoint - The education sector has experienced a significant surge, with companies like Zhonggong Education hitting the daily limit, while others such as Doushen Education, Xueda Education, Kede Education, Quantu Education, and Angli Education also saw substantial increases [1] Group 1 - Zhonggong Education reached its daily limit, indicating strong market interest and investor confidence [1] - Other education companies, including Doushen Education and Xueda Education, also experienced notable stock price increases, reflecting a broader positive trend in the education sector [1] - The overall performance of the education sector suggests a potential recovery or growth phase, attracting attention from investors [1]

证券之星消息，12月9日教育板块较上一交易日下跌0.65%，科德教育领跌。当日上证指数报收于 3909.52，下跌0.37%。深证成指报收于13277.36，下跌0.39%。教育板块个股涨跌见下表： 从资金流向上来看，当日教育板块主力资金净流出7817.3万元，游资资金净流出6724.81万元，散户资金 净流入1.45亿元。教育板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

Core Insights - The education sector saw a rise of 0.69% on December 8, with Kede Education leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Education Sector Performance - Kede Education (300192) closed at 20.80, up 4.21%, with a trading volume of 266,700 shares and a transaction value of 549 million [1] - Guomai Technology (002093) increased by 3.74% to 13.59, with a trading volume of 2,018,700 shares and a transaction value of 2.785 billion [1] - Xueda Education (000526) rose by 2.34% to 37.55, with a trading volume of 27,700 shares and a transaction value of 10.3 million [1] - The overall education sector experienced a net outflow of 81.88 million in main funds, while retail investors saw a net inflow of 68.62 million [2][3] Fund Flow Analysis - Kede Education had a net inflow of 36.53 million from main funds, while retail investors contributed a net inflow of 30.37 million [3] - Bean God Education (300010) saw a net inflow of 29.72 million from main funds, but a net outflow from retail investors of 23.71 million [3] - Zhonggong Education (002607) experienced a net inflow of 13.57 million from main funds, with a slight net inflow from retail investors of 145,560 [3]

Core Viewpoint - Kede Education (300192.SZ) announced that its investee Zhonghao Xinying has initiated the process for its independent initial public offering (IPO) and is currently in the shareholding reform stage [1] Group 1: Company Information - Kede Education holds a 5.53% stake in Zhonghao Xinying according to its 2025 semi-annual report [1] - Zhonghao Xinying is a domestic company that possesses core technology for TPU architecture AI chips and has achieved mass production of these chips [1] Group 2: Investment Monitoring - The company continues to monitor Zhonghao Xinying's operational status and dynamically assess its business development, financial condition, and market performance to enhance investment value [1]

Group 1: Company Overview and Investment - Suzhou Kede Education Technology Co., Ltd. holds a 5.53% stake in Zhonghao Xinying, a company specializing in TPU architecture AI chip technology and mass production [4][8]. - Zhonghao Xinying has initiated the process for its IPO and is currently undergoing a share reform [7][20]. - In 2024, Zhonghao Xinying is expected to contribute an investment income of 5.9299 million CNY to Suzhou Kede, based on its shareholding [20]. Group 2: Market Strategy and Value Management - The company emphasizes value management, having established a value management system to enhance corporate governance and improve information disclosure quality [3]. - Suzhou Kede aims to leverage AI technology in education, focusing on integrating new technologies and products to enhance competitiveness [10][16]. - The company is actively seeking to optimize its business operations and explore new market opportunities to ensure sustainable growth [15][16]. Group 3: Financial Performance and Investment Insights - The company's R&D expenses for the first three quarters of 2025 reached 18.7236 million CNY, reflecting a 52.03% increase compared to the previous year [21]. - The company reported a decrease in accounts receivable compared to the beginning of the year, while inventory saw a slight increase due to preparations for the National Day holiday [20]. - The company has a long-term investment strategy focused primarily on Zhonghao Xinying, which is expected to enhance its investment value [6][12].