研报掘金丨民生证券：维持凯文教育“推荐”评级，看好公司平台价值和成长性

Core Viewpoint - The collaboration between Kevin Education and Zhipu marks a strategic move towards AI+ education, supported by favorable government policies, indicating a promising future for the sector [1] Policy Support - The State Council issued the "Opinions on Deepening the Implementation of the 'Artificial Intelligence+' Action" in August 2025, emphasizing the integration of AI into all aspects of education [1] - The policy aims to promote more effective learning methods and innovative human-machine collaborative education models, such as intelligent companions and teachers [1] Strategic Positioning - The company is leveraging its partnership with Zhipu to strategically position itself in the AI+ education market, aiming to capture opportunities in the AI smart product sector [1] - The advantages of the state-owned platform are highlighted, suggesting a strong foundation for growth in the AI+ education space [1] Growth Potential - The collaboration is expected to cultivate a second growth curve for the company, enhancing its platform value and growth potential [1] - The report maintains a "recommended" rating for the company, reflecting confidence in its future prospects in the AI+ education market [1]