Investment Rating - The report maintains a "Buy" rating for New Oriental Education Technology (9901 HK) with a target price adjusted to HKD 46.00, indicating a potential upside of 24.7% from the current price of HKD 36.90 [1][4][10]. Core Insights - The report highlights that the study company is experiencing pressure in its study abroad business while maintaining stable performance in K12 education. The revenue for non-selective business is expected to grow by 22% year-on-year, with an adjusted operating profit margin declining by approximately 2.5 percentage points due to slower growth in study abroad-related services and investments in cultural tourism [2][8]. - The company plans to allocate more resources to youth study abroad services, and with cost reduction and efficiency improvement measures taking effect, there is still potential for long-term profit margin improvement [2][8]. Financial Forecast Adjustments - Revenue projections for FY25E have been slightly adjusted to USD 4,902 million, a decrease of 0.9% from previous estimates. For FY26E and FY27E, revenue is projected at USD 5,670 million and USD 6,420 million, reflecting decreases of 2.2% and 3.9% respectively [3][13]. - The adjusted operating profit for FY25E is forecasted at USD 503 million, with an operating profit margin of 10.3%. For FY26E and FY27E, the adjusted operating profit is expected to be USD 656 million and USD 771 million, with margins of 11.6% and 12.0% respectively [3][13]. - The adjusted net profit for FY25E is projected at USD 474 million, with a net profit margin of 9.7%. For FY26E and FY27E, net profit is expected to be USD 519 million and USD 620 million, with margins of 9.2% and 9.7% respectively [3][13]. Revenue Breakdown - The report provides a detailed breakdown of revenue sources, indicating that the study abroad consulting and preparation services are expected to generate USD 1,182 million in FY25E, while high school education is projected at USD 1,295 million. New business segments are expected to contribute USD 1,268 million [3][8][13].

隔夜美股小幅收涨，中概指数跌1.22%，港股互联 网ETF(159568)早盘走高 东北证券指出，尽管港股市场短期面临震荡，但长期趋势不变。短期内，南下资金流入速度有所放 缓，且面临财报压力和中美摩擦的冲击。长期来看，互联网大厂的资本开支和AI应用的落地将带来生 态变化，险资对红利的偏好也使得港股具有较高的性价比。 隔夜美股小幅收涨，中概指数跌1.22%。昨日大幅下跌的港股三大指数高开（2025年3月26日）， 恒指涨0.5%，国指涨0.31%，恒生科技指数涨0.36%。盘面上，连续下跌的大型科技股多数上涨，阿里 巴巴、网易涨0.7%，百度、美团、小米飘红，快手、京东微幅下跌。 港股互联网ETF（159568）凭借高成长性、强弹性及龙头集中度，成为布局港股科技板块的高效工 具。但其高波动性及政策敏感性需投资者结合自身风险承受能力谨慎参与。若看好AI技术落地及港股 估值修复，可将其作为卫星配置，平衡组合收益与风险。 相关ETF方面，港股互联网ETF（159568）盘中持续震荡，上涨超1%，持续溢价，溢价率超1%， 买盘强烈，成交额近4000万，交投活跃。成分股中多数上涨，金蝶国际涨近5%；阿里影业、第四范式 涨 ...

Group 1 - The core viewpoint indicates that the fundamentals are likely to continue supporting the relative performance of Hong Kong stocks, particularly in the internet sector, as evidenced by the rise of the Hong Kong Internet ETF (159568) and individual stocks like Kingdee International [1][2] - As of March 25, 2025, the Hong Kong Internet ETF has shown a maximum monthly return of 30.31% since its inception, with a historical one-year profit probability of 100% [1][2] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [2] Group 2 - The Hong Kong Internet ETF closely tracks the CSI Hong Kong Internet Index, which consists of 30 listed companies involved in internet-related businesses [3] - The top ten weighted stocks in the CSI Hong Kong Internet Index account for 78.75% of the index, with major players including Alibaba, Xiaomi, and Tencent [3][4] - The current price-to-earnings ratio (PE-TTM) of the index is 24.21, indicating it is at a historical low compared to the past five years [2]

企业的AI Agent化需要AI能力和流程能力的共同加持。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，第四范式日前已完成对致远互联的投资。 而在更早的2月下旬，双方宣布战略合作；3月15日，双方联合发布协同运营AI Agent。 "港股决策类AI第一股"第四范式和"科创板协同管理领域第一股"致远互联，两家上市公司如此紧密 的"资本捆绑+战略合作"并深度布局企业AI Agent，意欲为何？ 这里不妨补充一个背景，Manus AI于3月6日爆火，致远互联当日以涨停收盘。除致远互联外，当天 金蝶国际在港股上涨超20%、用友网络在A股同样上涨近10%。 时间再拉长一些，今年2月下旬，金蝶国际、用友网络、致远互联等均连续上涨多日。尤其是，前两 家企业当前的市值突破了500亿元，其中金蝶国际自今年年初以来（截至3月14日收盘，下同）已上 涨82.56%，用友网络自今年年初以来同样已上涨61.79%。 某种程度上而言，这些标的在二级市场的表现一方面证明了"AI+企业管理"的可塑性之强，另一方面 更是预示着AI Agent之于它们的想象空间之大。 放眼全球市场 ...

Core Viewpoint - The article discusses the increasing reliance of public fund managers on the stock mapping strategy, particularly in the context of U.S. and Hong Kong markets, to identify potential investment opportunities and enhance confidence in their holdings [1][5]. Group 1: Stock Mapping Strategy - Stock mapping is becoming a core method for public fund managers to discover "bull stocks" by comparing them with U.S. counterparts, which simplifies research and enhances confidence in business growth logic [1][5]. - The strategy is particularly effective in the technology sector, where fund managers have quickly reacted to significant stock price movements of U.S. companies like Palantir, leading to increased investments in similar Hong Kong-listed companies [3][4]. Group 2: Market Comparisons - Fund managers are drawn to companies with significant market capitalization differences, such as the comparison between Shopify and Weimeng Group, where the latter's market cap is significantly lower, creating a narrative for potential growth [2]. - The success of stock mapping is evident in the case of Fourth Paradigm, which appeared in the top holdings of public funds after Palantir's stock surged, indicating a trend-following investment approach [3][4]. Group 3: Investment Logic and Trends - The article highlights that the investment logic derived from successful U.S. companies provides a reference for early-stage companies in Hong Kong, allowing fund managers to save research time and focus on proven business models [6][7]. - The case of Meituan's return to its core business, influenced by the success of U.S. counterpart Adobe, illustrates how familiarity with business models can drive investment decisions among public fund managers [8]. Group 4: Performance and Trends - The performance of stocks remains a critical factor for fund managers, as seen in the contrasting fortunes of Keep and Peloton, where the latter's declining stock price deterred investment despite similar business models [9][10]. - The trend of stock prices is emphasized as a decisive factor in whether fund managers choose to invest, with many preferring to follow upward trends rather than fundamental comparisons [11].

偶倒 0680 2025 年第 41 期，总第 1840 期（电子版） 2025 年 3 月 10 日 星期一 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 冲高回落，压力位震荡有所加剧 上周五市场全天震荡调整，创业板指领跌，沪深两市全天成交额 1.82 万亿，较上个交易日缩量 882 亿。 海外市场指数 盘面上，市场热点较为杂乱，个股跌多涨少，全市场超 3500 只个股下 跌。 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3372.55 | -0.25 | | 深证成指 | 10843.73 | -0.5 | | 中小 100 | 6733.23 | -0.35 | | 创业板指 | 2205.31 | -1.31 | | 沪深 300 | 3944.01 | -0.31 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 42801.72 | 0.52 | | 纳斯达克 | 18196.22 | 0.7 | | 标普 500 | 5770.2 | 0.55 ...

Investment Rating - The report maintains a positive investment rating for the media and internet sectors, particularly highlighting leading companies in various sub-sectors [1]. Core Insights - The report emphasizes that the valuation of Chinese internet companies is expected to rise, driven by continuous innovation in AI and supportive policies, suggesting that the technology and internet sectors in China remain undervalued compared to their overseas counterparts [1]. - Companies such as Tencent, Bilibili, and Xindong Company are noted for their strong performance and potential for growth, with Xindong Company exceeding market expectations for 2024 [1]. Market Performance Overview - The media sector saw a 5.19% increase last week, ranking fourth among all sectors, and has risen 13.34% year-to-date, ranking third overall [10]. - The report highlights significant stock performance among individual companies, with BlueFocus and Hubei Broadcasting leading the gains [15]. Company Highlights - Tencent's advancements in AI are compared to the impact of WeChat's launch in 2011, indicating a potential for significant future growth [1]. - Bilibili is expected to achieve profitability for the first time this year, with strong user engagement and a focus on AI advertising [1]. - Xindong Company reported a substantial increase in 2024 earnings, driven by successful new game launches and growth in its TapTap platform [1]. Industry Data Overview - The report provides detailed data on the film and television sectors, noting that the top films in terms of box office revenue are predominantly Chinese productions [19]. - In the gaming sector, Tencent dominates the iOS best-seller list with multiple titles, including "Honor of Kings" [31]. Future Outlook - The report anticipates continued growth in the media and gaming sectors, supported by new content releases and technological advancements [1][19].

此 外 ， 一 体 机 解 决 方 案 还 集 成 了 智 能 算 力 池 化 技 术 ， 在 支 持 DeepSeek V3/R1 、 QWen2.5 、 LLama3.3等主流大模型的基础上，企业可灵活在满血版和多个蒸馏模型之间切换，GPU利用率提升 30%以上，推理性能平均提升5-10倍；同时内置大模型应用开发平台，并搭载了丰富的开箱即用AI 应用套件，帮助开发者高效开发企业级的生成式AI应用，让企业享受高效的大模型应用服务，加速AI 智能化落地进程。 具体来讲：SageOne IA大模型推理一体机解决方案，具备三大核心优势： 1） 智能算力池化，资源动态调度，突破物理机架构 大模型应用成本"一降再降"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，第四范式日前推出大模型推理一体机解决方案SageOne IA，进一步减低了大模 型推理成本。如满血版的DeepSeek V3/R1仅需要两台一体机即可使用。 方案支持企业按需选择DeepSeek V3/R1、QWen2.5、LLama3.3等主流大模型，还预装了丰富的 AI应用套件，包括AIG ...

Core Insights - Zhiyuan Huilian and Fourth Paradigm have officially reached a strategic cooperation agreement [1] - The collaboration will focus on "intelligent upgrade of collaborative operation platforms" and "enterprise-level AI application implementation" [1] - The partnership aims to provide integrated solutions for enterprise clients through product integration, technological complementarity, and ecosystem co-construction [1] - The goal is to empower enterprises to achieve "intelligent collaborative operations" [1]

核心业务收入同比增长50.2%。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，第四范式于11月19日发布了截止2024年9月30日第三季度业务进展。 | 收入人民币 | 同比增长 | | --- | --- | | 32.2亿元 | 26.1% | 其中， 第四范式 的 核心业务先知AI平台业务显著增长，收入 同比增长 50.2% 至 21.71亿元 。 据 I DC报告数据显示，第四范式连续六年稳居中国机器学习平台市场份额第一 。 今年前三季度，第四范式营收32.18亿元（人民币，下同），同比增长26.1%；毛利13.50亿元，同 比增长12.5%。 今年前三季度，第四范式客户服务深度和用户粘性不断提升，继续深耕交通运输、能源电力、金融、 运营商等重点行业，期间企业总用户数224个，标杆用户群体平均营收贡献为1,487万元（标杆用 户：全球财富500强企业或上市公司）。 具体来讲， 第四范式 前三季度 行业大模型开发及管理平台「先知AI平台5.0」已实现算力层、平台 层、模型层、应用层等端到端的能力供给 。先知AI平台持续优化其AI Agent ...