Group 1 - The core driving force behind the rapid growth of "AI + Education" comes from the resonance of policy, technology, and market factors. Policies since 2024 have emphasized the integration of AI technology into all aspects of education [2][5][8] - AI's core value in education lies in breaking the traditional "impossible triangle" of achieving scale, quality, and personalization simultaneously. AI can expand services at low cost while maintaining personalized and interactive teaching content [2][6][8] - Successful overseas examples, such as Duolingo, provide a replicable commercialization model for "AI + Education," demonstrating the dual potential of AI educational products in enhancing learning outcomes and achieving commercial monetization [2][15][16] Group 2 - The domestic "AI + Education" business model is primarily divided into To G, To B, and To C categories, each serving different scenarios and needs. The To G model focuses on educational equity and compliance governance, while To B aims to enhance teaching and management efficiency in schools, and To C directly targets students and parents [2][20][24] - The To G model emphasizes using AI to ensure educational fairness and compliance, with typical applications including "smart examination rooms" and "AI scoring systems." Companies deeply rooted in educational information technology are expected to have advantages in this area [2][24][25] - The To B model aims to improve internal teaching and management efficiency within schools. Traditional educational hardware companies are likely to dominate the "AI classroom" hardware segment, while publishing and media companies with close ties to teaching materials are expected to excel in "AI teaching assistant" software [2][26][27] Group 3 - The To C model focuses on providing highly personalized learning experiences directly to students and parents. Key product forms include "AI learning machines" and "AI tutoring" applications. Leading companies in the To C segment need to possess internet technology development capabilities to support real-time interaction and algorithm iteration [2][29][30] - Several listed companies have actively laid out in the To C "AI + Education" field, forming competitive product portfolios. For example, Visionox provides integrated AI teaching solutions through its "Xihuo" brand, while iFlytek has launched AI learning machines and smart blackboards based on self-developed large models [2][34][35] - Despite being in the early stages of development, "AI + Education" has vast application scenarios and strong future growth momentum. The industry still has room for improvement in technology integration depth and market penetration, but the speed of product adoption is expected to accelerate as costs decrease and user awareness increases [2][37]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵公司在AI教育方面取得哪些实质性推广成果，目前 市场反应如何？与AI相关的收益取得多大增长？对公司后续业绩的年增长率预计有多大？ 世纪天鸿（300654.SZ）11月21日在投资者互动平台表示，公司以教辅图书为核心业务，近年来积极推 动"AI+教育"第二曲线业务落地。"小鸿助教"作为公司基于大语言模型自主研发的教师端助教产品，致 力于实现教育内容的人工智能升级。近日，"小鸿助教"携手北师大，作为国家重点双课题研究成果，受 邀亮相于11月15日—17日在广东珠海举办的教博会北京师范大学展区，作为首个支持核心素养教案生成 的平台，在AI赋能教育的新时代具有尝试、探索的引领性和开启性意义，受到了不少市场和一线教师 的关注。目前，"小鸿助教"等产品已在部分区域和学校开展应用，商业化路径正按计划推进中，后续业 务进展请您关注公司披露的定期报告。 ...

Core Insights - The recent report by Daily Economic News and QuestMobile highlights the competitive landscape of the AI application market, with ByteDance's Doubao surpassing DeepSeek to become the leading general AI assistant [2][3] - The report indicates a clear "one strong, many strong" pattern in the general AI assistant sector, with Doubao achieving 159 million monthly active users (MAUs), a 22.2% quarter-on-quarter growth, while DeepSeek experienced a 14% decline in MAUs [3][4] - The report emphasizes the dominance of large companies in the AI market, showcasing how their ecosystems create significant competitive advantages, while smaller players struggle to maintain growth [4][5] Company Performance - Doubao's MAUs reached 159 million, with a monthly download rate of 34.47 million, marking a 15.6% increase [3] - DeepSeek's MAUs fell to 146 million, with a 14% decline, and its monthly downloads decreased by 7.9% to 20.8 million [3] - The "AI four small strong" group, including Kimi and MiniMax, has seen significant declines, with Kimi's MAUs dropping to 9.67 million from its peak [3][4] Market Dynamics - The AI application market is entering a phase of intense competition, with large companies leveraging their ecosystems to dominate the market [3][4] - New entrants like Tencent's Yuanbao are also gaining traction, with 30.92 million MAUs and a 23.6% growth rate, reinforcing the idea that ecosystem strength is crucial [4] - Vertical AI applications in sectors like healthcare and education are emerging, with notable performances from Alipay's AI health advisor "AQ" and other educational AI applications [4] Challenges for Smaller Players - Smaller AI companies face a narrowing window to either find gaps in the ecosystems of larger players or establish unique value chains in vertical markets [5] - The need for clearer commercialization strategies is critical for these companies to survive and thrive in a competitive landscape [5]

证 券 研 究 报 告 计算机行业深度研究报告 推荐（维持） 海外 AI 应用：从大模型到各领域落地 行业研究 计算机 2025 年 11 月 18 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：杨玖祎 邮箱：yangjiuyi@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 60,550.68 | 4.98 | | 流通市值(亿元) | 54,914.11 | 5.60 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -5.9% | 27.2% | 31.4% | | 相对表现 | -7.4% | 5.8% | 15.4% | -10% 7% 23% 39% 24/11 25/01 25/04 25/06 25/09 25/11 2024-11-18~2025-11-14 计算机 沪深300 相关研究报告 《计算机 ...

11月13日上午，龙岗区科创实验学校（集团）平安里学校承办龙岗区"龙岗百千万AI智能共创平台教 育"专题培训。龙岗教师发展中心（龙岗区教育科学研究院）组织全区各公民办中小学的教育攻坚队成 员、信息技术教师及学科教师代表齐聚一堂，以理论学习与实践操作相结合的形式，解锁AI智能体在 教育场景的创新应用密码，为区域教育数字化转型注入新活力。 此次培训是龙岗区落实"百千万工程"战略部署的重要举措。龙岗区百千万AI智能共创平台为教师搭建了 交流共创的优质平台，实现平台上区内智能体的交流和共创。参训教师纷纷表示，将把所学知识转化为 教学实践，积极开发贴合课堂需求的教育智能体，推动优质教育资源共享。 培训紧扣"技术赋能教育"核心，由拥有多年大模型工具实战经验的人工智能专家勾佳祺主讲，内容兼具 实用性与前瞻性。培训伊始，勾老师从教师教学实际需求出发，先结合豆包常用模型工具，讲解了对话 交互、截图提问、智能体和小应用等常规功能，重点传授了智能体创建的进阶技巧。 培训中通过现场24点游戏、英语问答应用开发等实操案例，直观呈现了AI小应用的创作流程。勾老师 特别强调了应用与智能体的差异化场景，前者适合比赛等需求一致的场景，后者则能 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨佳发教育（300559.SZ） [Table_Title] 营收季节性波动，AI 促进智慧教育业务持续渗 透 报告要点 [Table_Summary] 佳发教育发布 2025 年三季度报告，公司 2025 年前三季度实现营业收入 3.40 亿元，同比增加 0.44%；实现归母净利润 0.49 亿元，同比减少 3.26%；实现扣非归母净利润 0.44 亿元，同比 减少 10.75%；实现经营性现金流净额 0.26 亿元，同比增长 132.96%。公司为标准化考点建设 龙头，聚焦智慧考试和智慧教育两大业务方向，AI 助力产生新一轮成长曲线。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 佳发教育（300559.SZ） cjzqdt11111 [Table_Title 营收季节性波动， 2] AI 促进智慧教育业务持续渗 透 [Table_Sum ...

【环球网科技综合报道】近日，广州简知信息科技有限公司（简称"简知科技"）宣布，其自主研发的"简智AI大模型"已正式通过国家生成式人工智能服务备 案。作为国家高新技术企业、广东省"专精特新"中小企业及2024年广州"未来独角兽"创新企业，简知科技始终聚焦"AI+兴趣学习"战略。此次"简智AI大模 型"的备案通过，不仅是对其技术研发实力与合规治理能力的权威认可，更意味着公司在构建全年龄段智能教育生态方面迈出了关键一步。 简知科技始终坚信：技术的价值在于温暖人心、赋能成长。自成立以来，公司通过数字内容、AI互动、直播教学等多元形式，持续打磨覆盖儿童、青少年 到中老年的全龄段兴趣学习产品。目前，其全网累计服务用户已突破4500万，并孵化投资了简知愈见、简知文旅、芳满堂等多家生态企业，不断完善"科技 +教育+生活"的服务网络。 值得一提的是，该模型并非孤立的技术产品，而是深度融入简知科技旗下多个品牌的服务体系中。例如，面向青少年的"简小知"平台，依托"简智AI大模 型"构建起涵盖"学、练、评、测"全流程的智能学习系统。通过数智化学情分析、AI实时互动点评及软硬件协同的专利算法，显著提升孩子的专注力与学习 效率，真正实现 ...

Core Viewpoint - The education sector, particularly private higher education, is experiencing a recovery with strong cash flow and clear growth expectations, making it an attractive investment opportunity in the current market environment [1][2]. Industry Analysis - The education sector is currently undervalued, presenting a significant market expectation gap. This is supported by three main value drivers: policy and demand resonance, high growth certainty, and the integration of AI in education [4][5][6][7]. - Recent policy improvements, such as birth subsidies and free preschool education, are expected to stimulate educational consumption and enhance the sector's valuation recovery [5]. - The education sector's growth is characterized by strong demand, particularly in higher education, where the value of institutions in enhancing employability is increasingly recognized [5]. - The education sector's growth certainty is backed by solid data, with many listed education companies reporting positive net profits and increasing contract liabilities, indicating a sustainable trend rather than a short-term rebound [6]. - The integration of AI in education is becoming a catalyst for valuation enhancement, supported by favorable policies and technological advancements, which are expected to drive rapid development and commercialization in the AI+ education space [7]. Company Analysis: China Spring (1969.HK) - China Spring exhibits unique value potential across three dimensions: valuation attractiveness, solid fundamental growth momentum, and proactive AI integration [9]. - The current valuation of China Spring is low compared to the average in the sector, with a dynamic P/E ratio of 6 times, while the average for mainland education stocks is around 12 times, indicating significant room for recovery [10]. - The company has a robust business foundation, with steady growth in student enrollment, campus expansion, and strong employment outcomes, which are critical for sustained growth [11]. - Financially, China Spring reported a revenue of 891 million yuan and an adjusted net profit of 403 million yuan for the mid-2025 fiscal year, reflecting a high adjusted net profit margin of 45.2% [11]. - The company's strategic approach to AI+ education is systematic and ecosystem-oriented, with initiatives like the deployment of the DeepSeek R1 model and partnerships to develop AI education platforms, enhancing its competitive edge [12][13]. - The integration of AI technology is expected to drive operational efficiency and create new revenue streams, positioning China Spring favorably for long-term growth [13]. Conclusion - In the context of a supportive bull market and increasing attention on the education sector, China Spring is well-positioned to benefit from a potential revaluation, supported by its unique combination of valuation advantages, resilient fundamentals, and AI empowerment [15].

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [10] Core Insights - In the first three quarters of 2025, the overall revenue of the social services industry increased by 1.8% year-on-year, with positive growth in all sub-sectors except for duty-free and hotel sectors [2][19] - The overall net profit excluding non-recurring items decreased by 6.51% year-on-year, with significant variations across sectors; hotels and human resources sectors showed increases of 13.51% and 5.41% respectively, while sectors like tourism, education, dining, duty-free, and outbound tourism experienced declines [2][19] - The third quarter showed a marginal improvement with a revenue increase of 3.64% year-on-year and a net profit decrease of 4.28% [2][19] Summary by Relevant Sections Revenue Overview - The overall revenue growth for the social services industry was 1.8% year-on-year in the first three quarters of 2025, with a notable increase of 3.64% in the third quarter [19] - Sub-sectors such as outbound tourism, human resources, education, and scenic spots saw revenue growth rates of 10.53%, 9.57%, 4.41%, and 1.41% respectively, while dining and duty-free sectors faced declines [20][22] Profitability Analysis - The overall net profit excluding non-recurring items for the industry decreased by 6.51% year-on-year, with hotels and human resources sectors showing positive growth [23][24] - The hotel sector benefited from effective cost control, while other sectors like scenic spots, education, dining, and duty-free faced significant profit declines [23][24] Cash Flow Insights - The cash flow situation showed signs of improvement, with human resources, dining, and scenic spots experiencing increases in net cash flow [34] - The overall cash flow performance remained weak, with several sectors showing declines in cash flow relative to revenue [34] Sector-Specific Opportunities - In the education sector, high-quality institutions are expected to see stable growth, particularly with the integration of AI technologies [7][41] - The human resources sector is experiencing structural recovery, supported by employment policies and AI technology [7][41] - The hotel sector is witnessing a recovery in RevPAR, with leading hotel groups resuming rapid expansion [7][41] - The duty-free sector is seeing a narrowing of sales declines, with expectations for new policies to stimulate growth [8][41] - The dining sector is currently facing challenges due to regulatory impacts, but some companies are managing to maintain stable growth [7][41] - The scenic spots sector is benefiting from increased domestic tourism, particularly among rural residents [7][41]

2025年以来，教育行业在政策边际改善、行业需求释放和供给缺乏弹性的"三维共振"下，整体表现良 好。近日，民生证券发布《教育行业 2025 年三季报总结及全年展望》研报指出，教育政策持续优化， AI+教育浪潮来袭，教育行业迎来政策边际改善、行业供给出清、行业需求释放的"三维共振"，AI+教 育助力估值修复，行业有望迎来业绩与估值的"戴维斯双击"。在此背景下，具备核心技术积累和场景落 地能力的企业有望率先受益。 近期，正元智慧（300645）携高等教育、基础教育两大领域核心解决方案精彩亮相第86届中国教育装备 展，集中展示AI、IOT等技术驱动下的教育治理新路径与实践成果，引发市场关注。 公开资料显示，正元智慧科技股份有限公司成立于1994年，总部位于浙江省杭州市余杭区，是国内最早 涉足一卡通领域的高新技术企业之一。公司业务覆盖高等院校、基础教育、企事业单位及军警等多个领 域，并于2017年4月在深交所创业板成功上市。 作为国内领先的智慧校园整体解决方案提供商与综合服务运营商，正元智慧长期深耕教育信息化建设， 凭借"数字基座+应用服务+智能终端"的一体化框架体系，构建了涵盖系统建设、运营服务、智能管控 及其他业 ...