Investment Rating - The report maintains a "Buy" rating for the companies in the higher education sector, specifically for New Higher Education Group and Xijiao International Holdings [8][11]. Core Insights - The profitability of higher education companies is expected to rebound as the peak of cost increases has passed, with improvements in operational efficiency anticipated due to reduced capital expenditures [4][11]. - New Higher Education Group reported a revenue of 2.6 billion yuan for the fiscal year 2025, a year-on-year increase of 7.8%, with adjusted net profit reaching 812 million yuan, up 5.2% [6][8]. - The student structure is continuously optimized, with an increase in the proportion of undergraduate students, leading to higher average tuition fees [6][7]. - The report highlights the importance of maintaining high-quality education and the strategic focus on enhancing educational facilities to improve student learning environments [3][4]. Summary by Sections 1. Higher Education Sector - The education index increased by 1% during the week, outperforming the Hang Seng Index by 1.8 percentage points [5]. - New Higher Education Group's student enrollment decreased slightly by 0.6% to 139,000, but the proportion of undergraduate students increased, contributing to an 8.1% rise in average tuition fees to 16,700 yuan per year [6][7]. - The company’s operational costs rose by 9.2% to 1.68 billion yuan, with significant increases in labor costs, which grew by 14.7% [3][7]. 2. Cost Management and Profitability - The peak of cost increases is believed to have passed, with capital expenditures decreasing from 920 million yuan in fiscal year 2024 to 690 million yuan in fiscal year 2025 [4][8]. - The report anticipates a recovery in gross profit margins starting from fiscal year 2026, with projected profits for fiscal years 2026 and 2027 adjusted to 880 million yuan and 1 billion yuan, respectively [8][11]. - Xijiao International Holdings reported a revenue of 3.96 billion yuan for fiscal year 2025, a 6.1% increase, while net profit decreased by 36.9% [9][10]. 3. Investment Recommendations - The report suggests focusing on Hong Kong-listed higher education companies, as profitability is expected to improve with reduced capital expenditures and a more favorable revenue distribution model [13]. - Companies such as New Higher Education Group, Xijiao International Holdings, and others are highlighted as potential investment opportunities due to their strategic adjustments and market positioning [13].

Valuation Summary - The overall valuation of A-shares as of December 5, 2025, shows the CSI All Share (excluding ST) PE at 21.1 times and PB at 1.8 times, positioned at the historical 77% and 39% percentiles respectively [2] - The Shanghai Stock Exchange 50 PE is at 11.9 times and PB at 1.3 times, at the historical 63% and 42% percentiles [2] - The CSI 300 PE is at 14 times and PB at 1.5 times, at the historical 62% and 32% percentiles [2] - The CSI 500 PE is at 32.4 times and PB at 2.2 times, at the historical 60% and 43% percentiles [2] - The CSI 1000 PE is at 46.5 times and PB at 2.4 times, at the historical 66% and 44% percentiles [2] - The National Index 2000 PE is at 59.5 times and PB at 2.6 times, at the historical 76% and 60% percentiles [2] - The ChiNext Index PE is at 39.8 times and PB at 5.1 times, at the historical 32% and 57% percentiles [2] - The Sci-Tech 50 PE is at 149.6 times and PB at 5.9 times, at the historical 95% and 62% percentiles [2] - The ChiNext Index/CSI 300 PE is at 2.8 times and PB at 3.5 times, at the historical 20% and 57% percentiles [2] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Retail, Chemical Pharmaceuticals, and IT Services [2] - Industries with PB valuations above the historical 85th percentile include Electronics (Semiconductors) and Communications [2] - The Medical Services industry has both PE and PB valuations below the historical 15th percentile [2] Industry Sentiment Tracking New Energy - In the photovoltaic sector, prices continue to show weakness, with upstream polysilicon futures down 1.6% and spot prices stable [3] - Battery materials like cobalt and nickel saw increases of 2.2% and 0.4% respectively, while lithium hexafluorophosphate rose by 3.0% [3] Real Estate Chain - The price of rebar increased by 1.8%, while iron ore prices fell by 0.3% [3] - The national cement price index decreased by 0.4%, and glass prices showed mixed trends with a 0.7% increase in spot prices [3] Consumer Sector - The average price of live pigs increased by 0.1%, while wholesale pork prices decreased by 0.8% [3] - The wholesale price index for liquor saw a slight decrease of 0.06% [3] Midstream Manufacturing - Excavator sales in November 2025 increased by 13.9% year-on-year, with domestic sales up by 9.1% [3] Technology TMT - China's semiconductor sales in October 2025 grew by 18.5% year-on-year, with global semiconductor sales up by 27.2% [3] Cyclical Industries - The copper price increased by 4.4%, while Brent crude oil futures rose by 1.1% to $63.86 per barrel [3]

Group 1 - The North Exchange 50 index increased by 1.49%, remaining above the annual line, with trading volume increasing by 4.23% week-on-week [9][20][25] - Eight North Exchange thematic public funds entered their second open period, with a total estimated scale of 45.8 billion yuan, indicating potential market recovery after December 20 [10][12][14] - The thematic public funds have reported a weak performance in their heavy holdings, with an average decline of 8.29% since the National Day, suggesting a need to monitor net subscription data post-open period [11][10][14] Group 2 - The North Exchange saw 109 stocks rise and 173 fall, with a decline ratio of 0.63, indicating a significant number of stocks are underperforming [37] - The trading volume for the North Exchange was 30.69 billion shares, with a total transaction value of 693.83 billion yuan, reflecting a week-on-week increase [25][20] - The average PE (TTM) for the North Exchange is 81.73 times, with a median of 39.47 times, indicating a relatively high valuation compared to other exchanges [24][20] Group 3 - This week, one new stock, Jingchuang Electric, was listed on the North Exchange, with a first-day increase of 330.74% and a turnover rate of 93.84% [30][31] - The new three-board market saw six new listings and ten delistings, with a total of 5991 companies currently listed [49][51] - The new three-board market raised 0.38 billion yuan this week, with no companies raising over 1 billion yuan [51][55]

Investment Rating - The report maintains a "Buy" rating for the overseas education sector, particularly highlighting the potential rebound in profitability for higher education companies as they enhance their operational efficiency and educational quality [4][16]. Core Insights - The profitability of higher education companies is expected to improve as they transition from a phase of high costs to a more stable operational environment, driven by an increase in the quality of education and student enrollment structures [4][16]. - The report emphasizes the importance of maintaining high-quality education and optimizing student demographics, which is reflected in the rising average tuition fees and accommodation costs [2][3][4]. Summary by Sections Overseas Education - The education index increased by 1% during the week, underperforming the Hang Seng Index by 1.8 percentage points, with a year-to-date increase of 8.2% [6]. - New Higher Education Group reported a revenue of 2.6 billion yuan for FY25, a 7.8% increase year-on-year, with adjusted net profit rising by 5.2% to 812 million yuan [2][7]. - The student enrollment decreased slightly by 0.6%, but the proportion of undergraduate students increased, leading to an 8.1% rise in average tuition fees to 16,700 yuan per year [2][7]. - The company’s operational costs grew by 9.2% to 1.68 billion yuan, with labor costs rising significantly, indicating a focus on maintaining educational quality [3][8]. - The report predicts that the peak of cost increases has passed, and profitability is set to rebound, with expected net profits of 880 million yuan and 1 billion yuan for FY26 and FY27, respectively [4][9]. Key Companies - Xijiao International Holdings reported a revenue of 3.96 billion yuan for FY25, a 6.1% increase, but net profit fell by 36.9% due to previous high costs [11][12]. - The company has optimized its school management by reducing the number of institutions, which is expected to enhance operational efficiency and profitability [12][13]. - The report suggests focusing on several key players in the sector, including New Oriental, TAL Education, and Huazhong Education, as they are expected to benefit from the improving market conditions [16]. Investment Recommendations - The report recommends attention to Hong Kong-listed higher education companies, as the profitability outlook is improving with reduced capital expenditures and stabilized operational costs [16]. - It also highlights the potential for growth in vocational education companies, particularly those adapting to market demands and enhancing their service offerings [16].

2025 年 12 月 07 日 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 申万宏源研究微信服务号 证监会表态稳步发展不动产 REITs, 发改委进一步拓 戏/行业市 相关研究 宽 REITs 底层资产范围 ―― 地产及物管行业周报（2025/11/29-2025/12/5） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 0 地产行业数据: 新房成交环比回升, 二手房成交环比回落, 新房成交推盘比回升。上周(11.29- 12.5)34 个重点城市新房合计成交 276.2 万平米,环比+9%,其中,一二线环比+9%,三四线环比 +9.7%。12 月(12.1-12.5)34 城一手房成交同比-23.6%, 较 11 月+12.8pct。其中,一 二线同比- 24.3%，三四线同比-14.6%，分别较 11 月+10.6pct 和+38.8pct。上周 13 城 ...

刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 2025 年 12 月 07 日 相关研究 表研究院 证券分析师 申万宏源研究微信服务号 石头科技发布黑五战报， 公告参与认购投资基金 —《2025/12/1-2025/12/5》家电周报 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 ● 本周家电板块指数跑赢沪深 300。本周申万家用电器板块指数上涨 1.8%,同期沪深 300 指数上涨 1.3%。重点公司方面，莱克电气 (8.3%) 、石头科技 (6.6%) 、华翔股 份（5.2%）领涨；亿田智能（-7.9%）、浙江美大（-6.9%）、火星人（-4.6%）领 跌。 ○ 行业动态：1）石头科技发布黑五战报,主要产品在欧洲北美亚太等全渠道、亚马逊等电 商均表现优异：石头科技发布黑五战报,欧洲扫地机全渠道销量+41%,洗地机 +361%;电商销量+59%,亚马逊+63%,官方商城+73%,扫地机 ...

Investment Rating - The report maintains a positive outlook on the transportation industry, with specific recommendations for companies such as China Shipping, COSCO Shipping Energy, and others in the shipping sector [6][4]. Core Insights - The report highlights the recovery in shipping rates, particularly for VLCCs, which have seen a rise in one-year charter rates to $58,000 per day. It suggests that investors should capitalize on seasonal fluctuations in freight rates [6][4]. - The report emphasizes the strong performance of the road freight sector, which has shown a significant increase of 6.90% in the latest week, outperforming other sub-sectors [7][8]. - The aviation sector is expected to experience a golden era due to rising passenger volumes and constrained supply, with recommendations for several airlines including China Eastern Airlines and Spring Airlines [6][4]. Summary by Sections Shipping - VLCC average rates reached $115,290 per day, despite a 6% week-on-week decline. The market remains tight, with expectations of increased cargo volumes leading to potential rate increases [6][4]. - The report notes a 2% increase in second-hand bulk carrier prices and a slight uptick in new ship prices, indicating a potential turning point in the market [6][4]. Road Freight - The road freight sector has shown resilience, with a reported increase in freight volume of 0.74% week-on-week, indicating steady growth [7][8]. - The report identifies Dragon Boat Holdings as a standout performer in the road freight sector, with a significant weekly gain of 40.2% [13]. Aviation - The report anticipates a significant improvement in airline profitability due to increased international travel and a historical high in passenger load factors [6][4]. - Recommendations include major airlines such as China Southern Airlines and Cathay Pacific, which are expected to benefit from these trends [6][4]. Express Delivery - The express delivery sector is entering a new phase of competition, with expectations of price stabilization and profit recovery. Companies like YTO Express and ZTO Express are highlighted as key players [6][4]. Rail and Highway - Rail freight and highway truck traffic are projected to maintain steady growth, with the report noting a slight decrease in highway truck traffic of 0.24% week-on-week [6][4]. - The report suggests that high-dividend investment strategies in the highway sector remain attractive [6][4].

罗钻辉 A0230523090004 luozh@swsresearch.com 甲万宏源研究微信服务 相关研究 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 券商板块信心提振, 零步兑现 非银金融行业周报（2025/12/1-2025/12/5） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 El RESERVE 2025 年 12 月 07 日 券商：本周申万券商 II 指数收涨 1.14%，跑输沪深 300 指数 0.14pct。中证协第八次会员大会上吴清主 席讲话扭转市场对券商板块预期，证券业中长期 ROE 中枢上移确定性强。1）适度拓宽优质券商资本空间 与杠杆上限： 会上，吴清主席提到" 在监管政策上，我们将着力强化分类监管、 "扶优限劣" 。对优质机 ，构适当 "松绑" ， 进一步优化风控指标，适度打开资本空间和杠杆限制，提升资本利用效率 "。过去在重 资产化经营趋势 ...

行 业 研 究 / 行 业 点 相关研究 证 券 研 究 报 告 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 行 业 及 产 业 研究支持 顾铮 A0230125070004 guzheng@swsresearch.com 联系人 顾铮 A0230125070004 guzheng@swsresearch.com 2025 年 12 月 07 日 证监会表态稳步发展不动产 REITs，发改委进一步拓 宽 REITs 底层资产范围 看好 —— 地产及物管行业周报（2025/11/29-2025/12/5） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 1．行业数据 1.1 新房成交量 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 评 房地产 - ⚫ 地产行业数据：新房成交环比回升，二手房成交环比回落，新房成交推盘比回升。上周(11.29- 12.5)34 个重点城市新房合计成交 276.2 万平米，环比+9%，其中，一二线环比+9%，三四线环比 +9.7%。12 月(1 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [4][17]. Core Insights - The core opportunities in the entertainment industry stem from domestic young users and overseas expansion, with key targets expected to have a PE ratio of approximately 15x in 2026 [3][4]. - Companies such as Giant Network and 37 Interactive Entertainment are highlighted for their growth potential, particularly in the gaming sector, with significant international revenue contributions [3][5]. - The report emphasizes the importance of AI applications in enhancing user experience and operational efficiency across various platforms [5][6]. Summary by Relevant Sections Key Companies and Their Prospects - **Giant Network**: Long-term potential in the female-oriented gaming sector is underestimated, with expectations for increased daily active users (DAU) and revenue during the Spring Festival [3][4]. - **37 Interactive Entertainment**: Recently faced administrative penalties but maintains a low PE and high dividend yield, with 32% of revenue coming from overseas [3][4]. - **Century Huatong**: Focus on the global expansion of casual gaming in 2026, with strong core products [4]. - **Pop Mart**: Market expectations for single IP are overly pessimistic; expansion of IP and regions (Europe and America) is crucial for mid-term growth [4][5]. - **Red Star**: Leading in social entertainment in the Middle East, with a low PE and high growth potential [5]. AI and Technology Developments - **Doubao AI Phone**: Represents a significant exploration in cross-application AI agents, with capabilities for deep scheduling and operation across applications [5][6]. - **Cloud AI Infrastructure**: Companies like Baidu and Alibaba are strengthening their AI infrastructure, with new chip developments expected to launch in 2026 and 2027 [6][7]. Market Trends and Valuation - The report includes a valuation table for key companies, indicating projected revenues and net profits for 2024 to 2026, with notable growth rates in several firms [10][11]. - The overall market sentiment is positive, with a focus on recovery rhythms for companies like Focus Media and Visionox [8].