Industry Dynamics - The education industry is experiencing a "three-dimensional resonance" with marginal policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven, with low relative valuations and potential for a "Davis double play" in performance and valuation under policy support [1] - On January 7, the Minister of Education met with the Singaporean Minister of Education, emphasizing cooperation in foundational and interdisciplinary subjects, encouraging top universities to conduct joint research in life sciences, brain sciences, and artificial intelligence, and promoting international technology transfer and talent cultivation [2] - The National Education Work Conference held on January 8 outlined key tasks for educational reform, focusing on nurturing talent for the party and the country, prioritizing basic education, optimizing higher education structure, enhancing education's support for technology and talent, accelerating vocational education development, and promoting high-level educational openness [2] - On January 9, the Ministry of Education released two industry standards to advance the national education digitalization strategy, improve education data management, and regulate the use of interactive smart teaching terminals [2] Industry Performance - The education sector outperformed the CSI 300 index during the week of January 5 to January 9, with the CITIC Education Index rising by 5.89%, compared to the CSI 300's increase of 2.79% and the Shanghai Composite Index's rise of 3.82%, marking a 3.10 percentage point outperformance [4] Company Performance - The top three performing stocks in the A-share education sector for the week were Borui Communication (+30.97%), Huatu Shanding (+18.67%), and China High-Tech (+14.17%), while the bottom three were *ST Guohua (+0.81%), Qinsun Shares (-0.97%), and ST Kaiyuan (-2.63%) [5] Company Dynamics - Action Education announced a share repurchase plan of no less than 20 million and no more than 25 million yuan, with the first repurchase occurring on January 6, amounting to 4.64123 million yuan for 110,800 shares at an average price of 41.72 yuan [6] - Kede Education's controlling shareholder transferred 77.584267 million shares (23.5716% of total shares) to Huaxin Future and Dongfang International Asset Management, making Huaxin Future the new controlling shareholder and changing the actual controller to Zhou Qichao [6]

（文章来源：证券日报） 证券日报网讯 1月9日，华图山鼎发布公告称，公司2026年第一次临时股东会审议通过《关于拟向粉笔 有限公司委派董事的议案》《关于补选第五届董事会非独立董事的议案》。 ...

证券日报网讯 1月9日，华图山鼎发布公告称，公司2026年第一次临时股东会审议通过《关于补选第五 届董事会非独立董事的议案》，同意补选冉栋先生为第五届董事会非独立董事，任期自股东会审议通过 之日起至第五届董事会届满之日止。 （文章来源：证券日报） ...

证券代码：300492 证券简称：华图山鼎 公告编号：2026-001 （一）股东会届次：2026 年第一次临时股东会 公司董事会以公告方式向全体股东发出召开 2026 年第一次临时股东会的通 知 ， 详 见 2025 年 12 月 15 日 及 2025 年 12 月 30 日 公 司 在 巨 潮 资 讯 网 （www.cninfo.com.cn）刊登的《关于召开 2026 年第一次临时股东会的通知》（公 告编号：2025-082）、《关于 2026 年第一次临时股东会增加临时提案暨股东会补 充通知的公告》（公告编号：2025-090）。 华图山鼎设计股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更前次股东会决议。 一、会议召开和出席情况 （二）会议召集人：公司董事会 （三）会议主持人：董事长吴正杲先生 （四）会议召开时间： 1、现场会议时间：2026 年 1 月 9 日（星期五）14:00 2、网络投票时间：通过深圳证券交易所交易系 ...

北京市竞天公诚律师事务所 关于华图山鼎设计股份有限公司 2026 年第一次临时股东会的 法律意见书 中国 北京 二○二六年一月九日 致：华图山鼎设计股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）受华图山鼎设计股份有限 公司（以下简称"公司"）的委托，根据和参照《中华人民共和国公司法》（以下 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）和中国证 券监督管理委员会发布的《上市公司股东会规则》（以下称"《规则》"）等有 关规定，就公司召开的 2026 年第一次临时股东会（以下称"本次股东会"）的有 关事宜，出具本法律意见书。 为了出具本法律意见书，本所审查了公司提供的有关本次股东会的如下文 件的原件或复印件： 1、现场出席本次股东会的有关股东、股东授权代表、董事及其他有关人员 的身份证明及/或授权委托书； 2、公司董事会向本次股东会提出的提案； 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 关于华图山鼎设计股份有限公司 2026 年第一次临时股东会 ...

特此公告。 华图山鼎设计股份有限公司 董事会 证券代码：300492 证券简称：华图山鼎 公告编号：2026-002 华图山鼎设计股份有限公司 关于完成补选第五届董事会非独立董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 华图山鼎设计股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日召开 的第五届董事会第九次会议以及 2026 年 1 月 9 日召开的 2026 年第一次临时股东 会，审议通过了《关于补选第五届董事会非独立董事的议案》，同意补选冉栋先 生为公司第五届董事会非独立董事，任期自股东会审议通过之日起至第五届董事 会届满之日止。 本次补选非独立董事完成后，董事会中兼任公司高级管理人员以及由职工代 表担任的董事人数总计未超过公司董事总数的二分之一。 2026 年 1 月 9 日 附件：第五届董事会非独立董事候选人简历 冉栋先生，1985 年出生，中国香港籍，本科学历，2008 年 8 月起历任中银 国际亚洲有限公司的分析师、罗斯柴尔德恩可香港有限公司的分析师、瑞银证券 香港有限公司董事、麦格理集团副总裁、北京华昊中天生物医药 ...

证券之星消息，1月8日工程咨询服务板块较上一交易日上涨3.35%，华图山鼎领涨。当日上证指数报收 于4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。工程咨询服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300492 | 类图山播 | 87.45 | 13.66% | 4.85万 | | 4.08亿 | | 603017 | 中衡设计 | 12.09 | 10.01% | 29.02万 | | 3.37亿 | | 600629 | 华建集团 | 25.00 | 9.99% | 105.28万 | | 25.48亿 | | 301027 | 华蓝集团 | 21.50 | 7.23% | - 16.40万 | | 3.48亿 | | 603458 | 勤设股份 | 12.05 | 5.79% | 27.68万 | | 3.21亿 | | 300983 | 尤安设计 | 27.90 | 5.56% | 2.07万 | | 565 ...

公司发布的三季报数据显示，前三季度公司共实现营业收入24.64亿元，同比增长15.65%，实现净利润 2.49亿元，同比增长92.48%，基本每股收益为1.2700元，加权平均净资产收益率77.57%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，华图山鼎所属的建筑装饰行业，目前整体涨幅为1.03%，行业内，目前股价 上涨的有111只，涨停的有志特新材、杭萧钢构等6只。股价下跌的有42只，跌幅居前的有园林股份、中 铝国际、苏文电能等，跌幅分别为3.34%、2.94%、2.63%。 两融数据显示，该股最新（1月7日）两融余额为4.39亿元，其中，融资余额为4.38亿元，近10日增加 2679.91万元，环比增长6.52%。 机构评级来看，近10日共有1家机构对该股进行评级，1月6日国泰海通证券发布的研报给予公司目标价 为89.20元。 华图山鼎股价创出历史新高，截至9:54，该股上涨7.42%，股价报82.65元，成交量130.73万股，成交金 额1.06亿元，换手率0.66%，该股最新A股总市值达162.56亿元，该股A股流通市值162.56亿元。 ...

Summary of Conference Call Notes Industry and Company Focus - **Industry**: Various sectors including travel, high-end consumption, education, and export markets - **Companies Mentioned**: China Duty Free Group, Lao Pu Gold, Chao Hong Ji, Huatu Shanding, China Oriental Education, Anker Innovations, Star Technology, Small Commodity City, and others Key Points and Arguments Domestic Demand Strategy - **Focus Areas**: - **Cyclical Beta**: Prioritize travel-related sectors such as aviation, hotels, and tourism due to significant demand improvement driven by policy catalysts [1][3] - **High-End Consumption**: Strong recommendations for duty-free and high-end gold jewelry sectors, with expectations of price increases driving both valuation and performance [1][6] - **Value Consumption**: Marginal improvement in demand is unclear; sectors depend on income growth or improvements in PPI and CPI data [1][7] - **Counter-Cyclical Industries**: Education sector shows strong demand resilience, particularly in vocational education and public examination training, with AI technology enhancing efficiency [1][8] Service Consumption - **Characteristics**: Service-oriented consumption is elastic, quick to respond, and has no inventory issues, significantly aiding employment and economic recovery [4][11] - **Current Proportion**: Service consumption accounts for approximately 55% of personal consumption expenditure in China, compared to 70% in the US, indicating room for growth [12] High-End Retail and Luxury Market - **Market Recovery**: High-end retail and luxury markets began to recover in Q2 and Q3 of 2025, driven by a stable high-net-worth population and wealth effect [4][16] - **Consumer Sentiment**: The recovery of middle-class confidence is crucial, as they contribute 60% of luxury sales [16] Export Market Opportunities - **Outlook for 2026**: Anticipation of more opportunities in the second half of 2026, with resilient exports and better-than-expected US demand [9][23] - **Key Companies**: Focus on leading companies with alpha attributes such as Anker Innovations and Star Technology for performance-driven growth [9][23] Education Sector - **Demand Characteristics**: The education sector, particularly vocational training and public examination preparation, is expected to perform well despite overall employment pressures [8][26] - **Key Players**: Companies like Huatu Education and China Oriental Education are highlighted for their strong market positions [8][26] Risks and Challenges - **Currency Fluctuations**: Current RMB exchange rates are stable, with limited risk of significant appreciation that could impact export companies negatively [24] - **Raw Material Prices**: Fluctuations in raw material prices are not seen as a major concern for leading companies due to supply chain dynamics [25] Investment Recommendations - **Cyclical Sectors**: Focus on travel-related industries for potential valuation uplift due to demand recovery [5] - **High-End Consumption**: Investment in duty-free and high-end jewelry sectors is recommended due to positive market sentiment [6] - **Education**: Strong prospects for companies in vocational education and public examination training [26] Additional Insights - **Tea and Restaurant Industries**: Opportunities in the tea industry due to competitive landscape improvements and in the restaurant sector with companies like Xiao Cai Yuan and Guo Quan showing potential for scalable growth [18][20] This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current market landscape and future opportunities across various sectors.

Group 1: Banking Industry Outlook - The banking industry is expected to see M2 growth target around 7.5%, with credit growth at approximately 6.0% and social financing growth at about 8.0% for 2026, aligning with economic growth expectations [6][7] - The total M2 increment for 2026 is estimated to be around 25.4 trillion yuan, with fiscal net injection contributing approximately 12.0 trillion yuan and bank credit contributing about 16.8 trillion yuan [6] - The six major banks are projected to have a total of 57 trillion yuan in maturing time deposits in 2026, with a significant portion expected to flow from large banks to smaller banks [8] Group 2: Credit Allocation and Trends - Corporate lending is expected to contribute approximately 80%-85% of new loans, while retail lending is anticipated to show marginal improvement, contributing about 10%-15% [7] - The phenomenon of deposit migration from large banks to smaller banks is a key factor affecting the asset-liability gap in 2026, with large banks continuing to play a dominant role in credit and government bond allocations [7][8] Group 3: Investment Recommendations - The report suggests focusing on high-quality stocks such as Ningbo Bank and Changshu Bank, while also considering stable high-dividend stocks like China Merchants Bank and Industrial and Commercial Bank of China for investment opportunities in 2026 [8] Group 4: Wealth Management and Financial Products - The wealth management industry is experiencing a slight contraction but has reached a historical high with a total scale of around 31.6 trillion yuan by the end of December 2025, reflecting a 10% year-on-year growth [9][10] - The transition to net value-based products in the banking sector is pushing wealth management companies to innovate, focusing on stabilizing net values and exploring new product designs such as dividend-type products [10][11] Group 5: Social Services Industry Insights - The domestic travel market showed a positive trend during the New Year holiday, with an estimated 142 million domestic trips taken, reflecting a 5.2% increase compared to 2024 [15][16] - Investment recommendations for 2026 emphasize the potential for service consumption growth, particularly in high-end recovery and the new cycle of duty-free shopping, as well as the restaurant sector [15][16] Group 6: AI and 3D Printing Industry Developments - The global consumer-grade 3D printing market is projected to grow from 4.1 billion USD in 2024 to 16.9 billion USD by 2029, with a compound annual growth rate of 33% [17][18] - Domestic companies are leading the consumer-grade 3D printing market, with significant market shares held by firms like Tuo Zhu Technology and Chuangxiang Sanwei [17][18] Group 7: AI Application and Market Growth - The AI market in China is expected to grow from 93.7 billion yuan in 2022 to 160.7 billion yuan in 2024, with a compound annual growth rate of 31% [23] - The leading AI company, Zhiyuan, has seen rapid revenue growth, with a 35.03% year-on-year increase in the first half of 2025, despite facing short-term profit pressures [20][21]