Core Viewpoint - The article emphasizes three main investment themes in the education sector driven by the recovery of consumer expectations and AI applications [1][6]. Group 1: Education Training Sector - The education training sector is expected to benefit from the recovery of consumer expectations, with many companies currently valued below 1x PEG, indicating significant upside potential as sentiment improves [2][6]. - Recent stimulus policies, such as fertility subsidies and initiatives to encourage local exploration of school holiday adjustments, are likely to boost confidence in the education training sector [2][6]. Group 2: Vocational Training - Certain vocational training companies are anticipated to experience performance recovery in 2025, supported by a low base effect and cyclical trends [3][6]. Group 3: AI in Education - Education AI is identified as a crucial trend for the future, with expectations for more product launches, iterations, and optimizations this year. Companies with well-established product and commercialization strategies should be prioritized in the short term, while long-term focus should be on technological advancements and player accumulation in specific educational scenarios [4][6].

点击上方"公众号"可订阅哦！ 1、本周 观 点： 从强贝塔走向强阿尔法？ 2、深度跟 踪： RISC-V 开源生态：正在快速崛起的国产化分支 周观点 从强贝塔走向强阿尔法？ 从强贝塔走向强阿尔法。 鉴于本轮计算机行业的业绩趋势与产业变化的特征，目前暂判断其动能与 2018-2020 年上行趋势具有可比性，但预计本轮会更强一些。综合 来看，全年板块收益的贝塔属性仍在，但将收敛，挖掘阿尔法是未来的胜负手。当前的位置，建议重点关注产业变化更显著、成长空间更大的细分方向，比如 AI 应用、 云计算、信创、 eCall 等方向；对于看重中短期业绩兑现的方向，需聚焦到具备业绩持续超预期能力的公司。 高度重视 AGI 预期发酵。 Manus 的发布，正打开 AGI 预期发酵的大门。 AGI 是人工智能的终极目标，伴随着 Manus 的发布，市场对 AGI 的预期正在升温，同时也 有望加快科技大厂在 AGI 领域的进化速度，以及各应用场景的 AI Agent 落地速度。需要高度重视的是：从投资的长期视角来看， AGI 的预期发酵往往是 AI 投资的最 后冲刺阶段；但从中期视角来看，如果 AGI 的预期发酵能得到产业变化的持续 ...

点击上方"公众号"可订阅哦！ 周观点 从强贝塔走向强阿尔法？ 从强贝塔走向强阿尔法。 鉴于本轮计算机行业的业绩趋势与产业变化的特征，目前暂判断其动能与 2018-2020 年上行趋势具有可比性，但预计本轮会更强一些。综合来看，全年板块收益的贝塔属性仍在，但将收敛，挖掘阿 尔法是未来的胜负手。当前的位置，建议重点关注产业变化更显著、成长空间更大的细分方向，比如 AI 应用、 云计算、信创、 eCall 等方向；对于看重中短期业绩兑现的方向，需聚焦到具备业绩持续超预期能力的公司。 高度重视 AGI 预期发酵。 Manus 的发布，正打开 AGI 预期发酵的大门。 AGI 是人工智能的终极目标，伴随着 Manus 的发布，市场对 AGI 的预期正在升温，同时也有望加快科技大厂在 AGI 领域的进化速度，以及各应用场 景的 AI Agent 落地速度。需要高度重视的是：从投资的长期视角来看， AGI 的预期发酵往往是 AI 投资的最后 冲刺阶段；但从中期视角来看，如果 AGI 的预期发酵能得到产业变化的持续共振支持，则行情将具有较强的持续 性。从受益程度来看，考虑到 AGI 的平台化特征，云计算龙头的排序将较为靠前。 ...

重要的消息有哪些 十四届全国人大三次会议上午9时开幕 十四届全国人大三次会议将于今日上午9时在北京开幕，国务院总理李强将作政府工作报告。国务院新闻办公 室将于今日上午11时30分举行吹风会，请《政府工作报告》起草组负责人、国务院研究室主任沈丹阳，《政 府工作报告》起草组成员、国务院研究室副主任陈昌盛解读《政府工作报告》，并答记者问。 十四届全国人大三次会议新闻发布会举行，娄勤俭发布大会议程 十四届全国人大三次会议昨天在人民大会堂举行新闻发布会，大会发言人娄勤俭说，通过DeepSeek这类公司 的兴起，可以看到中国在科技发展上的创新性和包容性。娄勤俭表示，推动民营经济促进法尽快出台。娄勤俭 还表示，中美经贸关系的本质是互利共赢。美方单边加征关税的做法，违反世贸组织规则，干扰全球产业链供 应链安全稳定。 国务院新闻办公室发布《中国的芬太尼类物质管控》白皮书 国务院新闻办公室4日发布《中国的芬太尼类物质管控》白皮书。白皮书指出，近年来，中国高度重视芬太尼 类物质管控，未雨绸缪、统筹谋划，综合施策、系统治理，严格监管芬太尼类药品，严密防范芬太尼类物质滥 用，严厉打击走私、制贩芬太尼类物质及其前体化学品违法犯罪，取得明 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report highlights the ongoing advancements in AI applications and gaming sectors, emphasizing the importance of integrating technology with traditional media to enhance audience engagement and consumption potential [5][6] - The report suggests that leading AI model providers are continuously upgrading their capabilities, which may accelerate the commercialization of AI applications and increase demand for computational power [5] Industry Overview - The media industry is experiencing a significant transformation driven by AI technologies, with major companies like Alibaba and Tencent making substantial investments in AI and gaming [4][5] - The report notes that the integration of AR, drones, and robotic technology in performances is enhancing the appeal of live events, aligning with the government's focus on boosting consumption and the "first launch economy" [6] Market Performance - The report provides data on the performance of key media products, noting that "Eternal Night" topped the iOS free chart and "Honor of Kings" led the iOS revenue chart as of March 1, 2025 [11][14] - The box office performance of "Nezha: The Devil's Child" remains strong, with a weekly box office of 6.12 billion and a cumulative total of 133.41 billion [27] Company Recommendations - The report recommends continued investment in AI-related companies, highlighting Tencent Holdings and Kuaishou as key players, with Alibaba and Kunlun Wanwei as beneficiaries [5] - In the gaming sector, companies like Kying Network, Xindong Company, and NetEase are recommended due to their potential for growth driven by new product cycles and the emergence of native AI games [5]

本文作者：刘晨明/郑恺/李如娟 报告摘要 近期美股在增长预期下调、通胀预期上修、微软削减数据中心支出以及对外加征关税等事件冲击之下，股指大幅下挫，MAG7指数自从2024年底见顶以来，到 本周四的最大跌幅达到13.6%。同时，周五港股、A股也出现了大幅调整，特别是近几个月热门的机器人、人工智能等科技板块。 本文我们讨论几个问题： 扫描下图二维码，可进入今晚20:30的路演链接 一、"MAG7"行情复盘： 2023年初以来的上涨趋势中，MAG7指数共有过五次调整；2024年底以来这波调整为第五次。 （1）"MAG7"行情复盘：这次调整是"空中加油"还是"趋势见顶"？ （2）"MAG7"调整期间，风格有没有切换，如何应对？ （3）"MAG7"行情有何景气投资规律？ （4）A股的科技行情处于什么阶段，后市怎么看？ （1）第1-4次调整平均来看： 下跌了【35个交易日】，随后花了【19个交易日】指数再创新高；随着行情推进，调整的速度越来越快速，新高的速度越来越慢。第5次调 整，截至2025年2月27日，已持续了47个交易日，下跌13.6%，跌幅超过前3次、接近第4次。 （2）调整的前因后果： 前3次流动性冲击，第4、 ...

Group 1: Market Overview - The market experienced adjustments in the morning but rebounded in the afternoon, with the Shanghai Composite Index rising by 0.23%, while the Shenzhen Component and ChiNext fell by 0.26% and 0.52% respectively. The total trading volume in the Shanghai and Shenzhen markets reached 2 trillion, an increase of 662 billion compared to the previous trading day [1]. Group 2: AI Stock Crash - The AI concept stock, Huoliang Technology, experienced a significant drop, falling over 40% during the trading session, and was down 37% at the time of reporting [2]. - The stock had previously surged from 1.13 HKD in October last year to a peak of 12.74 HKD, marking a maximum increase of over 10 times [3]. - The company announced potential negotiations for the sale of its Mintegral business, which integrates AI and advertising, indicating ongoing evaluations without any binding agreements yet [4]. Group 3: Regulatory Impact - New U.S. regulations introduced in 2024 aim to prevent sensitive personal data from being accessed by countries of concern, which may impact Huoliang Technology's business operations [5]. Group 4: Xiaomi's Market Movement - Xiaomi's stock price surged over 4% during the day, reaching a historical high, which also elevated CEO Lei Jun's wealth, making him the new richest person in China [10]. - However, Xiaomi's stock later faced a significant decline, dropping nearly 6% by the time of reporting [11]. Group 5: Consumer Sector Performance - The consumer sector saw a collective rise, with beverage manufacturing, retail, food processing, and tourism sectors leading the gains. Hai Rong Technology hit a 20% limit up, while other companies like Zhuangyuan Pasture and Yiming Food also saw significant increases [15]. - A recent government initiative aims to optimize the consumer environment by 2027, which is expected to enhance the quality of goods and services, thereby benefiting the food and beverage sector [17][18]. Group 6: Solid-State Battery Sector - The solid-state battery concept continued to show strong performance, with companies like Shengyang Co. and Lingge Technology seeing substantial gains [20]. - The China Electric Vehicle Hundred People’s Association indicated that solid-state batteries are expected to start being installed in vehicles by 2027, with mass production anticipated by 2030, highlighting the advantages of solid-state batteries over traditional lithium-ion batteries [20].

…… 我为了评论席的内容更有意思，是不介意翻一些负面评论的，但大多数时候这些人会主动删帖，最后既 浪费我时间还浪费公共资源。 话说昨晚女网友怀疑我数据作假的理由之一是你们点赞和转发的数量少，这一点是事实但我无所谓，我 从不鼓励和引导你们点赞转发，我不需要这个，你们每晚来看看就行，如果每两个月能投1元支持一下 就更好了 今天上来发现昨晚质疑我数据造假的那个女网友把评论删了，摊手，你指责我不翻评论，现在把你翻出 来你又不行了。 这种事情也不是第一次，之前那些攻击性的评论基本上被我翻出来后80-90%都会自己删掉，你们知道 为什么吗？ 这些网友没有意识到，被我这个 量级 的公众号 翻出来，挂在评论席，这件事本身就会带给ta 们 想象不到的压力。 ta们在发恶评的时候会暴露 自己 攻击性的人格， 充满戾气的语气 ， 很大概率 会被 自己身边圈子的人看到，大部分人现实中和网络上是两副面孔， 这种反差被拆穿带来的社交 压力， 除非脸 皮很厚否 则一般人是很难受的 。 周末有一个重要事件，就是针对之前多位上海专家反映的集采药物药效存疑，监管机构启动了相关调 查，本周日，调查结果公布了。 官方链接我放右边： 医保部门、药监部 ...

五家合资车企上半年少赚 50 亿元 暑期档票房降至 2014 年的水准 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 五家合资车企上半年少赚 50 亿元 上半年销量减半的上汽通用亏损了 22.7 亿元，去年同期净利润 5.3 亿元，亏损幅度超过上汽大众、上 汽通用五菱等其他子公司贡献的利润总和。受此影响，上汽集团扣非净利润下滑超 80%、至 10.2 亿 元。 东风、广汽的处境与上汽相同。东风在财报中说，包括东风日产和东风本田的合资公司净利润 7.5 亿 元，利润贡献比去年少了 6.5 亿元。广汽上半年投资收益约 32.6 亿元，较去年同期减少约 21.9 亿 元，主因广汽本田、广汽丰田销量下降带来的收益减少。 上汽通用、东风日产和东风本田，以及广汽本田、广汽丰田五家合资公司上半年利润合计减少 56.4 亿元。据乘联会数据，今年上半年，主流合资品牌销量 294 万辆，市场份额降至 29.9%。 豪华品牌的合资公司也未能幸免。北京汽车上半年净利润 19.8 亿元，同比下降 30.5%。最主要的原 因是北京奔驰销量下滑——上半年共卖出 34.2 万辆，同比下滑 9%。此前花旗曾预测北京奔驰上半年 净利润 ...