Core Insights - The article highlights the journey of Yu Minhong, chairman of New Oriental Education Technology Group, and his live streaming team as they explore the source of the three rivers in Qinghai Province, emphasizing the cultural richness and natural beauty of the region [1][3][5]. Group 1: Journey and Activities - The journey began on May 19, with a 15-day self-driving and cycling tour around Qinghai Lake, focusing on the source of the Yangtze, Yellow, and Lancang rivers [1]. - The team engaged in various cultural activities, including witnessing traditional Tibetan warrior dances and horse racing, showcasing local customs and community involvement [1][5]. Group 2: Tourism Development - The local government in Yushu Prefecture is actively promoting the region as an international ecological tourism destination, implementing measures to attract visitors and enhance infrastructure [5][7]. - The initiative includes financial incentives for travel agencies to bring tourists and improve service quality across seven key areas: accommodation, transportation, dining, entertainment, shopping, safety, and overall experience [5]. Group 3: Environmental Awareness - The article emphasizes the responsibility of the local community in protecting the ecological environment while developing tourism, highlighting the positive impact on local livelihoods [7]. - Yu Minhong expressed the importance of firsthand experiences in understanding and promoting the conservation of the three rivers, aiming for collaboration with local governments for sustainable tourism practices [7].

Group 1 - HHLR Advisors reported a total market value increase from $2.887 billion to $3.539 billion, a nearly 23% rise in Q1 2025 [1] - HHLR's top ten holdings include Pinduoduo, Alibaba, Futu Holdings, BeiGene, NetEase, Beike, Legend Biotech, JD.com, Vipshop, and WNS Holdings, with 9 out of 10 being Chinese concept stocks [1][2] - HHLR made new investments in 10 companies including Atour Group, Huazhu Group, Baidu, and Li Auto, with significant increases in holdings for Yum China, Li Auto, and Baidu [2] Group 2 - Jinglin Asset Management's Hong Kong subsidiary reported a total market value of $3.228 billion, showing an increase from the previous year [3] - Jinglin's new investments include Alibaba and Hesai Technology, while it increased holdings in Meta, Beike, TSMC, and New Oriental, and reduced positions in Google, Microsoft, and Nvidia [3] - The market value increase for both HHLR and Jinglin is attributed to the revaluation of Chinese concept stocks, with the Nasdaq Golden Dragon China Index rising by 13.33% in Q1 2025 [4] Group 3 - The rapid development of AI models like DeepSeek is reshaping the valuation of Chinese tech companies, moving away from traditional pricing models that undervalued growth potential [5] - The shift in valuation logic is driven by the transition of Chinese AI companies from relying on foreign platforms to establishing their own technological capabilities [5]

Core Insights - The Chinese education industry is undergoing a deep transformation due to policy adjustments and technological revolutions, with several listed companies reporting their latest business conditions and revenue data [1][2] Group 1: Company Performance - New Oriental reported a total net revenue of $1.183 billion for the third fiscal quarter of 2025, a year-on-year decrease of 2.0%. However, excluding revenue from self-operated products and live streaming, total net revenue was $1.038 billion, reflecting a year-on-year increase of 21.2% [1] - New Oriental's new educational initiatives have shown strong growth, with its cultural tourism business revenue increasing by 85%. The company provides study tours and educational services for students in 55 cities, contributing over 50% to this revenue [1] - Shangde Institution has maintained profitability for 13 consecutive quarters post-business transformation, with a 9.14% year-on-year increase in new enrollments for interest courses, totaling 168,300 new students in the second quarter [2] Group 2: Market Trends - The silver economy is expected to reach a scale of 30 trillion yuan by 2035, accounting for 10% of GDP, indicating vast future development potential and positioning it as a new engine for economic growth [2] - Companies are actively exploring the silver education market, with initiatives such as offering courses in calligraphy and traditional Chinese painting aimed at the elderly demographic [2] - The aging population's diverse consumption needs present unprecedented opportunities for the silver economy, necessitating continuous innovation in content and service quality to stand out in a competitive market [3]

Market Overview - US stock indices opened lower, with the Dow Jones down 0.7%, Nasdaq down 0.94%, and S&P 500 down 0.75% [2][3] - Major tech stocks mostly declined, with Tesla, Nvidia, and Google A dropping over 1% [3] Chinese Stocks Performance - Chinese stocks showed resilience, with the Nasdaq China Golden Dragon Index rising 0.7% [3] - Notable gainers included Tencent Music and Weibo, both up over 2%, while NIO fell over 2% [3] Economic Data - The US trade deficit for March reached a record $140.5 billion, exceeding the forecast of $137.2 billion and up from $122.7 billion previously [2] - Exports were $278.46 billion, a year-on-year increase of 0.2%, while imports were $418.96 billion, a year-on-year increase of 4.4% [2] Agricultural Exports Impact - The decline in US exports has affected agricultural products significantly, with major ports like Oregon and Tacoma seeing export drops of 51% and 28% respectively [4] - The overall impact has been widespread across US ports, indicating a severe disruption in agricultural exports [4] EU-US Trade Relations - EU Trade Commissioner Sefcovic indicated that US tariffs currently cover 70% of EU goods trade, potentially rising to 97% after further investigations [5] - The EU is preparing countermeasures against US tariffs and aims for a fair negotiation outcome [6] Gold and Oil Market Trends - Gold prices continued to rise, with London gold up nearly 2% and COMEX gold up over 2% [7] - Goldman Sachs projected gold prices could reach $3,700 per ounce by year-end, with potential increases to $4,500 in extreme scenarios [7] - Global gold demand reached 1,206 tons in Q1, the strongest first-quarter demand since 2016 [8] - Oil prices surged, with NYMEX WTI and ICE Brent both rising over 3% [8]

Group 1 - New Oriental Education & Technology Group (NYSE: EDU) released its Q3 FY2025 quarterly report on April 23, shortly after the stock reached a new 52-week low [1] Group 2 - The article emphasizes the importance of considering alternative views on investment opportunities and risks, particularly in the context of educational services in China [1]

Core Business Performance - New Oriental Education reported ongoing deceleration in its core education business for FY3Q25, with results for the three-month period ending March 31 indicating a continued decline [1] - The overseas business segment is beginning to show signs of growth, contrasting with the domestic education sector's performance [1] Investment Insights - Astrada Advisors emphasizes actionable recommendations that enhance portfolio performance and uncover alpha opportunities, leveraging a strong track record in investment research [1] - The firm specializes in identifying high-potential investments across technology, media, internet, and consumer sectors in North America and Asia [1] - The research integrates rigorous fundamental analysis with data-driven insights, providing a nuanced understanding of key trends and competitive landscapes [1]

投资者持续关注全球贸易格局，周五美股延续本周涨势： 美股盘前，据上海证券报，外交部发言人郭嘉昆回应称中美并未在谈判，驳斥美方混淆视听的说法。特朗普则 表示将针对不同国家设定关税，一些国家"可能会发回来要求调整，我会考虑"。受此影响，美股开盘震荡，标 普500一度较开盘下跌0.6%。 美股早盘，美国密歇根大学消费者信心公布数据，处于历史最低位附近，长期通胀预期创1991年以来最高。数 据公布后，今年美国经济放缓的预期升温，拖累美国国债收益率走低。美国10年期国债收益率保持大约3.5个 基点的跌幅，10年期美国国债收益率一度逼近4.25%。 美股尾盘，特朗普声称不太可能再批准90天的关税暂停，标普500指数涨幅收窄。道琼斯指数和小型股指数当 日表现不佳，收盘时勉强回落至持平。受科技股提振，纳斯达克指数跑赢大盘。 本周伊始市场承压，投资者普遍处于"抛售美元资产"的交易中。然而，受特朗普贸关税态度的缓和，以及他不再威 胁要罢免美联储主席鲍威尔的影响，风险偏好情绪回归。本周油价低位反弹收盘持平，比特币价格自2月份以来首次 突破 9.5万美元。避险品种黄金价格在周中创下3500美元的历史新高后，回撤至3300美元上方。 ...

来源 | 美股研究社 又逢美股业绩报披露季。 业绩发布后，新东方美、港股股价涨跌不一：新东方 (EDU.US) 收跌 0.68% 、新东方 - S(09901.HK) 次日开盘后一度涨超 5.6% ，不过两者走势都呈高开拉升再回调态势，可见投资者 对其业绩报的理解存在分化。 原因在于，看似极具韧性的整体业绩下，其背后的隐忧引起了不少机构投资者的担忧。 2025 财 年第三单季度其净营收同比下降 2% 至 11.83 亿美元；更重要的是公司对 Q4 核心教育收入指引 则不佳，和机构预期落差较大。 目前包括麦格理、摩根大通、大华继显都先后发布研报下调新东方目标价。 教 育 主 业 重 回 高 增 长 轨 道 收入整体下滑，教育主业结构性增长，盈利稳步提升，这是新东方 2025 财年第三财季季报的概 括。 财报显示，新东方 2025 财年第三季度的净营收 虽然 同比下降 2% 至 11.83 亿美元 。 但是，若扣除 东方甄选自营产品及直播电商业务 ，其 营收 不降反升， 同比上升 21.2% 至 10.38 亿美元。 日前，中国民办教育服务的标杆企业 ——新东方发布 Q3 财报： 2025 财年前三财季（截至 2 ...

自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...