重整旗鼓展新颜，AI 课程具巧思 [Table_CoverStock] —豆神教育(300010)公司首次覆盖报告 [Table_ReportDate] 2025 年 05 月 14 日 [Table_CoverAuthor] 范欣悦 教育人服行业首席分析师 S1500521080001 fanxinyue@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 豆神教育(300010) 投资评级 买入 上次评级 无 [Table_BaseData] 公司主要数据 | 收盘价（元） | 7.38 | | --- | --- | | 52 周内股价波动区间 | 12.96-2.38 | | (元) | | | 最近一月涨跌幅(％) | 4.83 | | 总股本(亿股) | 20.67 | | 流通 A 股比例(％) | 80.49 | | 总市值(亿元) | 152.52 | | 资料来源：聚源，信达证券研发中心 | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲12 ...

重整旗鼓展新颜，AI 课程具巧思 [Table_BaseData] 公司主要数据 [Table_CoverStock] —豆神教育(300010)公司首次覆盖报告 [Table_ReportDate] 2025 年 05 月 14 日 [Table_CoverAuthor] 范欣悦 教育人服行业首席分析师 S1500521080001 fanxinyue@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 豆神教育(300010) 投资评级 买入 上次评级 无 | 收盘价（元） | 7.38 | | --- | --- | | 52 周内股价波动区间 | 12.96-2.38 | | (元) | | | 最近一月涨跌幅(％) | 4.83 | | 总股本(亿股) | 20.67 | | 流通 A 股比例(％) | 80.49 | | 总市值(亿元) | 152.52 | | 资料来源：聚源，信达证券研发中心 | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲12 ...

5月13日，北京市密云区"双师课堂"项目学校工作推进会在北京市朝阳区实验小学密云学校召开。会议 议程包括资源型双师教学观摩、市区合作办学双师教学观摩以及解读《密云区关于推进"双师课堂"工作 指导意见》等。 【3】西安印发科技类校外培训机构准入指引 【1】北京发布"中小学生身心健康二十条" 5月13日，据"首都教育"微信公众号消息，日前，北京市委教育科技人才工作领导小组印发《关于促进 中小学生身心健康发展的若干意见》，首次对学生身心健康进行一体谋划部署，同步提升学生强健体魄 和积极心理品质。在学校育人方面，"身心健康二十条"提出，组织形式多样的班集体活动，积极支持学 生融入学校、融入团体，建立学习小组、兴趣小组、学生社团、"学伴"等互助机制，每名学生至少参加 1个兴趣小组或社团。 【2】北京密云召开"双师课堂"项目推进会 5月13日，学大教育发布公告，截至当日，公司通过回购专用证券账户以集中竞价交易方式累计回购公 司股份数量近130万股，占公司目前总股本的1.07%，其中最高成交价为52.74元/股，最低成交价为48.5 元/股，支付总金额为6470.7万元（不含交易费用）。 【5】豆神教育融资余额创近一年新高 ...

Policy Support - Recent policies promoting "Artificial Intelligence + Education" have been introduced in multiple regions, highlighting AI's unique advantages in enhancing teaching efficiency, personalized education, and promoting educational equity [1] - The Ministry of Education's Basic Education Teaching Guidance Committee released two guidelines aimed at integrating AI into K-12 education, which will enhance students' AI literacy and foster innovation [1] - The guidelines are expected to create a safe, efficient, and equitable AI education ecosystem, laying a solid foundation for cultivating innovative talents [1] Regional Initiatives - Jiangsu Province's Education Department published the "Action Plan for High-Quality Development of Education Empowered by Artificial Intelligence (2025-2027)," aiming to establish a leading AI education model by 2027 [2] - Nanjing's Education Bureau introduced an action plan focusing on enhancing AI literacy among students and teachers, optimizing AI curriculum, and transforming educational governance through smart technologies [2] Company Strategies - Companies in the education sector are focusing on two main areas: offering AI training courses externally and utilizing AI to enhance internal business operations, which can lead to increased training revenue and improved operational efficiency [3] - Huatu Education has integrated AI into various aspects of its operations, significantly improving efficiency and allowing for more resources to be allocated to teaching and research [4] - Fenbi's CEO emphasized the company's long-term commitment to AI investment, which has begun to yield returns, creating a technological moat and a scalable business model that supports growth [4]

Core Insights - In the first quarter of 2025, a total of 461,767 consumer complaints were received nationwide, marking a year-on-year increase of 33.33% [1] - The complaints led to the resolution of 261,218 cases, recovering economic losses amounting to 23.723 million yuan for consumers [1] - The nature of complaints showed that contract issues accounted for 26.56%, after-sales service issues for 26.07%, and quality issues for 19.67% [1] Complaint Categories - Compared to the first quarter of 2024, the proportion of complaints regarding false advertising, counterfeiting, and safety issues increased, while complaints related to quality and contract issues decreased [2] - Product-related complaints totaled 245,964, representing 53.27% of all complaints, an increase of 6.38 percentage points from the previous year [2] - Service-related complaints amounted to 190,382, accounting for 41.23% of total complaints, a decrease of 5.00 percentage points [2] Specific Product Complaints - The top five categories for product complaints were home electronics, clothing and footwear, daily goods, food, and transportation tools [2] - Compared to the first quarter of 2024, complaints regarding clothing and daily goods increased, while complaints about agricultural production materials decreased [2] Specific Service Complaints - The leading categories for service complaints included internet services, life and social services, education and training services, sales services, and cultural, entertainment, and sports services [3] - There was an increase in complaints related to financial services, cultural, entertainment, and sports services, and public facility services, while complaints about life and social services, internet services, and telecommunications services decreased [2][3]

5月9日，央行发布了《2025 年第一季度中国货币政策执行报告》（以下简称《报告》）。在此次报告 中，针对消费的论述篇幅明显增多。如央行通过专栏，讲述支持提振和扩大消费的具体措施。 《报告》明确指出，金融支持消费已有较好基础，仍有进一步发力空间。下一步，央行要加大消费重点 领域低成本资金支持；研究出台金融支持消费的指导性文件，指导金融机构加强消费金融服务，着重从 供给侧发力，强化对旅游、住宿餐饮、文体娱乐、教育培训、居民服务等重点服务消费领域的高质量供 给，加大消费基础设施建设和 商贸流通体系建设金融支持力度。同时，持续优化消费信贷产品和服 务，增强消费金融机构资金供给能力。 业内专家指出，我国最终消费支出占GDP的比重相比美日等国家还较低，提升消费对经济增长的贡献度 有较大潜力。面对外需的不利冲击，有必要将促进消费内需置于更加优先的地位。目前我国消费金融服 务体系已较为完善，金融机构围绕不同消费场景创新推出多元的消费信贷产品和服务模式，有效激发了 市场活力。 5月7日，潘功胜行长在国新办新闻发布会上宣布设立5000亿元"服务消费与养老再贷款"，激励引导金融 机构加大对住宿餐饮、文体娱乐、教育等服务消费重点领 ...

文/申万宏源证券研究所首席经济学家 杨成长 在需求端，要以"两稳"为基础，提升居民消费能力和消费意愿 近年来，我国持续提高居民收入、完善社会保障，推动消费需求潜力不断释放。但居民收入结构的调整 是一个长期过程，社会保障体系的健全和完善也难以一蹴而就。若按照三口之家年收入在10万元至50万 元之间作为中等收入群体的界定标准，当前我国已形成超过4亿多人的中等收入群体。对于中等收入群 体来说，股市及楼市等财产性收入是影响消费的重要因素。当前提振居民消费意愿的基础是要切实实现 稳楼市、稳股市，通过"两稳"来尽快稳定居民财产性收入预期，推进居民家庭资产负债表修复。在股市 方面，要发挥好资本市场内生稳定机制，持续吸引中长期资金入市，完善上市公司质量提升和退市常态 化机制，让市场在合理波动中逐步上行。在楼市方面，要加快构建"市场+保障"的房地产发展新模式， 在收购存量商品房方面给予地方政府更大自主权，推动库存合理消化，稳定市场预期。 在供给端，要顺应经济新形态的变化，加大优质商品消费、服务消费的供给 当前我国已逐步形成实物经济、服务经济、数字经济三大形态并存的发展格局，且服务经济、数字经济 形态占比持续提升。伴随经济形态转 ...

【2】教育部、国家发展改革委联合启动实施教师教育能力提升工程 5月8日，据教育部官网消息，近日，教育部、国家发展改革委联合印发《关于组织实施教师教育能力提 升工程的通知》（以下简称《通知》），对"十四五"到"十五五"期间完善中国特色教师教育体系、进一 步提升教师教育能力有关工作作出部署。 【1】教育部等两部门：有针对性地加强科学等紧缺学科教师招聘补充 【4】针对大面积降雨，北京市教委提示科学应对上下学高峰 5月8日，据教育部官网消息，人力资源社会保障部办公厅、教育部办公厅近日联合印发《关于做好2025 年中小学幼儿园教师公开招聘工作的通知》，促进高校毕业生就业，吸引优秀人才从教，推动教育高质 量发展。《通知》要求，各地要科学确定2025年教师招聘岗位，有针对性地加强道德与法治、体育与健 康、科学、信息科技、艺术、劳动、心理健康、特殊教育等紧缺学科教师招聘补充，着力解决学科间、 城乡间师资结构性矛盾，鼓励有条件的地区探索补充人工智能教育师资。 【3】北京石景山通报一起违规开展线下学科培训情况 5月8日，据"首都教育"微信公众号消息，近期，根据举报线索，石景山区"双减"工作专班检查组对通景 大厦1705、1706 ...

金十数据5月8日讯，中国消费者协会今天（8日）发布投诉情况分析显示，2025年第一季度，全国消协 组织共受理消费者投诉461767件，同比增长33.33%，为消费者挽回经济损失23723万元。家用电子电器 类、服装鞋帽类、日用商品类、食品类、交通工具类投诉量居商品大类投诉前五位。与2024年一季度相 比，服装鞋帽类、日用商品类投诉量比重上升；农用生产资料类投诉量比重下降。互联网服务类，生活 及社会服务类，教育培训服务类，销售服务类，文化、娱乐、体育服务类居服务大类投诉前五位。与 2024年一季度相比，金融服务类，文化、娱乐、体育服务类，公共设施服务类投诉量比重上升；生活及 社会服务类、互联网服务类、电信服务类投诉量比重下降。 （央视新闻） 一季度全国消协组织为消费者挽回经济损失23723万元 ...

Group 1 - The Ministry of Education announced the list of 98 regional excellent cases for the 2024 National Youth Reading Action, with districts in Beijing such as Tongzhou, Shijingshan, and Mentougou included [1] - Beijing's vocational education autonomous enrollment plan for 2025 has been released, with professional ability tests scheduled from May 11 to May 15, allowing students to choose multiple schools but only one for testing [2] - The "Yuren Star Plan" has been launched by Capital University of Economics and Business, promoting a points-based incentive model to encourage student participation in labor practice and volunteer services [3] Group 2 - Tongzhou District has released the "Action Plan for Improving Science Education in Primary and Secondary Schools," focusing on five key actions to enhance science education quality [4] - The plan includes developing a comprehensive science curriculum, deepening teaching reforms, improving teacher qualifications, integrating resources, and standardizing evaluation mechanisms [4] - The initiative aims to strengthen the connection between different educational stages and enhance teachers' abilities in designing scientific practice activities [4] Group 3 - Xueersi has launched new learning machines in three series: P, S, and T, featuring advanced AI capabilities for intelligent interaction and precise analysis [5] - The new products incorporate DeepSeek and Jiuzhang dual-core models, enhancing the learning experience [5] - An innovative feature called "Xiao Si AI 1-on-1" has been introduced, which engages students in continuous dialogue and dynamically generates content based on their learning conditions [5]