行 业 研 究 华福证券 "小确幸"消费趋势解读—新消费专题 投资要点： 什么是新消费？——小确幸消费趋势 行 业 定 期 报 告 量价角度的思考：1）量：细分群体扩散，消费行为学习→新消费 不依赖经济增长β，有独立消费趋势，不依赖总量需求增长，而是小 部分群体的消费行为扩散。2）价：新消费不一定具备性价比但有情绪 价值，毛利率相对高，受主力消费人口消费习惯的代际变化影响，从 省吃俭用配置重资产变为高频"小确幸"型消费。 文旅：长白山暑期 7 月客流数据实现高增，持续关注下半年"海 南封关"主题。 2025 年 7 月，长白山主景区共接待游客 81.02 万人次，同比增长 37.8%，为历年 7 月份单月接待游客数量之最，也突破历年来单月接待 游客数量之最，创单月历史新高，长白山避暑游+盗墓笔记周年庆概念 有望带动三季度业绩高兑现。同时建议关注海南封关相关信息对于海 南离岛免税板块的催化。近期官宣 2025 年 12 月 18 日海南自贸港将正 式启动封关运作，封关后预计总计 85 个国家的人员可免签入境海南， 海南离岛免税整体用户基数大幅增长，有望加强业绩兑现能力。 潮玩：近期政策聚焦消费刺激和行业规范，短 ...

2025 年 08 月 21 日 研 —计算机行业点评报告 推荐(维持) 事件 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 联系人：谢孟津 S1050123110012 xiemj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 计算机(申万) 11.2 20.9 90.1 沪深 300 4.5 9.1 28.6 究 多邻国（DUOL.O）：订阅高增长与产品创新双轮驱 动，AI 应用助力盈利能力持续提升 报 告 资料来源：Wind，华鑫证券研究 1、《计算机行业点评报告：谷歌 （GOOGL.O）：广告与云双轮驱动， AI 驱动下的搜索革新与云增长共 振》2025-08-21 2 、 《 计 算 机 行 业 点 评 报 告 ： 构筑增长韧性》2025-08-20 （UBER.O）：业务与生态构筑协同 效应》2025-08-19 行 多邻国于 8 月 6 日公布 2025 年第二季度财报。本季度实现 营收 2.52 亿美元，同比增长 41%。净利润 4,480 万美元， 同比大增 84%；调整后 EBITDA 为 7,870 万美元，利润率 31.2%，同比提 ...

Core Insights - Google Translate is enhancing its application by integrating educational tools, allowing users to learn languages interactively through a new "practice" feature [2][10] - The "practice" feature is currently in beta testing and may eventually be offered as a paid service, either separately or bundled with Google's AI subscription [4][10] - This new functionality aims to connect language learning with practical needs, potentially increasing user retention and expanding Google Translate's user base [11] Feature Overview - The "practice" feature allows users to select a target language and proficiency level, currently supporting practice in French and Spanish [6] - Users can choose from real-life scenarios for practice, such as greetings and asking for directions, with the option to create custom scenarios [7][8] - Progress tracking and daily activity reminders are included to encourage consistent practice, resembling a more relaxed learning environment compared to gamified platforms like Duolingo [8][11] Strategic Implications - The integration of language learning with existing translation tools positions Google to create a seamless user experience, potentially challenging traditional educational technology applications [10][11] - Successful implementation of this feature could pave the way for similar integrations across other Google applications, enhancing the overall digital experience for users [11] Future Developments - Google has been exploring AI and education integration, with various initiatives planned for the coming years, including features for conversational practice and personalized learning experiences [12][14]

Core Insights - The development of large models is reshaping the education experience and creating new growth opportunities for related industry companies [1] - NetEase Youdao reported significant commercial achievements in the education and advertising sectors under its "AI-native" strategy, achieving sustainable profitability for the fourth consecutive quarter [1] - The "Ziyue 3" mathematical model, launched by Youdao, is the first open-source inference model focused on math education in China, offering significant cost advantages [1][2] Group 1 - Youdao's operating profit reached 130 million yuan in the first half of the year, marking a historical high [1] - The "Ziyue" education large model has been applied in various scenarios, including AI translation, oral training, podcast generation, and overseas trade [1] - The service cost of the "Ziyue 3" mathematical model is as low as $0.15 per million tokens, making it accessible for a wider range of educational institutions and developers [2] Group 2 - Youdao's CEO expressed the intention to continue optimizing the "Ziyue" large model through scenario-driven iterations and accelerate technological innovation in learning and advertising [2] - The application of AI large models in the education technology sector is transitioning from concept to implementation, with the potential to enhance efficiency and reduce costs [2]

盛夏8月，由广发基金公益基金会支持、满天星公益举办的"书语者阅读教师研习营.广州站"圆满落幕。77位来自各个县区的一线阅读骨干教师，在三天半的 学习与实践中，经历了一场"AI+教育"深度体验，为未来乡村教育注入新的可能。 广发基金公益基金会以"让AI成为教与学的真正伙伴"为方向，希望引导一线骨干教师们从真实的教学场景出发，带着教学问题参与，形成可落地的教学方 案，用自己的方式重新定义"AI+教学"。 阅读不仅是知识输入，更是培养批判性思维、情感连接和审美能力的基础。在AI的时代，如何让AI温柔而有力地赋能阅读教育，成为本次研习营的核心议 题。 为帮助教师们突破对AI的认知，更好地理解AI、与AI协作，本次研习营采用项目式学习的方式，将参训教师分为高、中、低三个年级组，要求教师们借助 AI，设计出贴合学情、体现成长价值的优质教学方案，并将此能力迁移至日常课程设计中。 怀着跃跃欲试的心情，各位教师用秘塔找灵感、用DeepSeek写故事、用豆包做海报、用即梦生成创意画面，在真实体验中感受不同AI平台的能力特征。经 过一次又一次的修改与确认之后，教师们最终呈现出一份既有教育温度、又能落地实施的绘本教学方案设计。 最后 ...

Core Viewpoint - The article discusses the evolution of learning machines in China, highlighting the shift from traditional devices like "小霸王" to modern AI-powered learning machines, driven by technological advancements and changing consumer demands [4][5][11]. Group 1: Market Evolution - The learning machine market in China is experiencing a resurgence, with the market size expected to exceed 100 billion yuan by 2025, driven by the integration of AI and educational resources [5][11]. - The historical context shows that learning machines were once popular but declined with the rise of smartphones and tablets, which offered similar functionalities [10][11]. - The current market is characterized by intense competition among major players, including educational companies and tech firms, as they seek to capitalize on the growing demand for smart learning devices [6][13]. Group 2: Consumer Behavior - Parents are increasingly viewing learning machines as essential tools for their children's education, akin to the necessity of extracurricular classes [18][20]. - The article highlights a case study of a parent who has extensively researched learning machines, indicating a trend of parents investing time and resources into finding the right educational tools for their children [17][18]. - The demand for learning machines is influenced by parents' concerns about their children's academic performance and the desire for supplementary educational support [21][24]. Group 3: Product Features and Quality - Modern learning machines boast advanced features such as extensive question banks, online tutoring, and AI capabilities, which enhance their appeal to consumers [4][20]. - Despite the high prices of these devices, there are concerns regarding product quality, with reports of some machines failing to meet safety standards and offering subpar educational content [25][26]. - The article notes that while many learning machines are marketed as comprehensive educational tools, there is a lack of products that cover the entire educational spectrum from elementary to high school [27][29].

Investment Rating - The investment rating for the company is "Buy" [1][6] Core Views - The company's performance in Q2 2025 was under pressure, with revenue and net profit declining year-on-year by 11.68% and 3.51% respectively, primarily due to a sluggish market affecting course enrollment, especially for concentrated classes [2] - The company is transitioning its educational model to incorporate AI, aiming to enhance its management training and consulting services [3] - The company plans to implement a "Hundred Schools Plan" to open 100 branches in key cities over the next 3-5 years, leveraging AI to improve organizational efficiency and replicate successful management practices [3] - The company has proposed a cash dividend of 10 yuan per 10 shares, resulting in a dividend payout ratio of 90.74% and a dividend yield of 5.43% [2] Financial Performance - For H1 2025, the company's revenue, net profit, and operating cash flow were 344 million, 131 million, and 68 million yuan respectively, showing a decline compared to the previous year [2] - The gross margin and net margin for H1 2025 were 77.5% and 38.2%, reflecting an increase of 1.3 and 3.2 percentage points year-on-year [4] - The company forecasts revenue for 2025-2027 to be 893 million, 999 million, and 1,115 million yuan, with net profit expected to be 292 million, 330 million, and 374 million yuan respectively [8][10] Future Outlook - The company is expected to benefit from a low base in the second half of the year and the gradual contribution of the "Hundred Schools Plan" [5] - The earnings per share (EPS) forecast for 2025-2027 is 2.45, 2.77, and 3.13 yuan, with corresponding price-to-earnings (PE) ratios of 15, 13, and 12 times [6][10]

行动教育（605098.SH）2025 年中报点评 "百校计划"执行良好，"AI 战略"助力成长 2025 年 08 月 12 日 ➢ 事件：公司发布 2025 年半年度报告，2025 年上半年实现营业收入 3.44 亿 元，同比下降 11.68%；归母净利润 1.31 亿元，同比下降 3.51%；EPS 为 1.10 元/股，同比下降 4.35%；拟现金分红每 10 股派发现金红利 10 元（含税）。 ➢ 公司业绩略低于预期，全年业绩仍然可期。报告期内，公司实现营业收入 3.44 亿元，同比下降 11.68%；归母净利润 1.31 亿元，同比下降 3.51%。上半年，公 司在高基数、低报到率的双重影响下，公司业绩略有下滑，并低于我们此前预期。 当前公司正在积极推进"百校计划"，并积极向"时效管理+AI"转型。预计下 半年，随着经济向好、外部环境边际改善，公司 EMBA 课程的报到率、续费率等 有望改善，且 2024 年下半年基数相对较低，全年业绩仍然可期。 ➢ "百校计划"执行良好，未来发展动力十足。2025 年公司开启"百校计划"， 面向全球人才库，在全国重点城市直聘"城市总经理"。2025 年 3–7 ...

Core Viewpoint - The recent surge in shares of Visionox Co., Ltd. is attributed to government policies and strategic partnerships that are expected to drive demand in the education technology and smart hardware sectors [1] Group 1: Government Policies - The Ministry of Commerce and other departments have recently implemented subsidies for digital products such as tablets, which directly boosts the demand for Visionox's educational tablet hardware [1] - The focus on educational information technology as a key support area is expected to catalyze growth in the consumer electronics industry [1] Group 2: Strategic Partnerships and Technology Upgrades - Visionox is a core member of the Star Alliance, and its IoT connection modules are accelerating deployment in smart home scenarios, with Huawei's Star Flash technology expected to drive a reevaluation of supply chain company valuations [1] - The technology upgrade in the IoT sector is anticipated to enhance the company's position in the smart hardware market [1] Group 3: Education Sector Developments - The Ministry of Education, in collaboration with multiple departments, is expanding pilot cities for AI in education, with Visionox's Xiwo education platform winning several provincial smart education project bids [1] - The concentration of order delivery cycles in the third quarter indicates a recovery in the educational information technology sector [1]

Market Overview - Major indices in China opened lower, with the Shanghai Composite Index down 0.05%, Shenzhen Component down 0.14%, and ChiNext down 0.32% [1] - The A-share financing balance has risen to around 2 trillion, reflecting a broad source of incremental funds, including public and private institutions [4] External Market - US stock indices closed lower, with the Dow Jones down 0.14%, S&P 500 down 0.49%, and Nasdaq down 0.65% [3] - Notable Chinese concept stocks showed mixed performance, with gains in companies like Zai Lab and Futu Holdings [3] Sector Insights - Huaxi Securities suggests that the current market liquidity is sufficient to support a slow bull market in A-shares, with a focus on new technologies and growth sectors such as AI computing and solid-state batteries [4] - Galaxy Securities highlights the accelerating commercialization of AI in education and human resources, with significant sales figures reported for AI-driven products [5] - Haitong Securities emphasizes opportunities in data center hardware, drawing parallels with the early growth of the lithium battery sector in the electric vehicle industry [6] - CICC notes a significant acceleration in the vertical extension of IP in the media industry, urging investors to reassess the potential of the IP derivative market [8] - CITIC Securities maintains a positive outlook on the home appliance industry, driven by government subsidies and high demand for air conditioning during summer [9]