自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

智通财经APP获悉，港股未能延续昨日强劲走势，三大指数集体下挫，恒指失守两万二大关，恒科指盘 中一度跌超2%。截止收盘，恒生指数跌0.74%或162.86点，报21909.76点，全日成交额2047.6亿港元； 恒生国企指数跌0.73%，报8056.85点；恒生科技指数跌1.46%，报4975.89点。 华泰证券指出，对等关税扰动发生后，坚定看好港股相对收益表现，原因有三点：第一，产业上，市场 中业绩与关税敏感性较高的出口链及中游制造企业市值占比较低；第二，科技企业盈利表现或将持续支 持港股行情演绎；第三，外部扰动下，市场或对内需政策存在较大预期。 蓝筹股表现 新东方-S(09901)探底回升。截至收盘，涨1.69%，报36.05港元，成交额4.43亿港元，贡献恒指0.67点。 新东方2025财年第三财季收入同比跌2%，教育业务收入同比升21%；股东应占净利润同比上升0.1%至 8726万美元。高盛预期，若公司可在第四财季实现利润率扩张，届时投资者信心将得到改善，估值可望 提升。 2. 内房股多数上扬。截至收盘，融创中国(01918)涨5.06%，报1.66港元；富力地产(02777)涨4.81%，报 1.0 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The report highlights that the growth rate of the study abroad business has reached a bottom, and cost reduction actions are alleviating pressure on profit margins [6] - The company reported a revenue of $1.183 billion for 3QFY25, a year-on-year decrease of 2%, while non-selection business (education + cultural tourism) achieved revenue of $1.04 billion, a year-on-year increase of 21.2% [4] - The Non-GAAP net profit attributable to the parent company was $113 million, down 14.3% year-on-year, with a Non-GAAP net profit margin of 9.6%, narrowing by 1.4 percentage points year-on-year [4] Summary by Sections Study Abroad Business - The growth of the study abroad business has slowed, with revenue from overseas exam training and consulting reaching $296 million, a year-on-year increase of 11.4%, which is a slowdown of 35.4 percentage points compared to the same period last year [5] - The high-end one-on-one training business is facing challenges due to its premium pricing, and the demand for studying abroad is returning to normal after the rapid release of pent-up demand from the pandemic [5] New Business Growth - New business revenue (K9 quality training + learning machine business) grew by 34.5% year-on-year to $325 million [5] - The company is expanding its service offerings to enhance the resilience of its study abroad business by adjusting class types and increasing youth overseas exam training services [5] Profitability and Financial Projections - The Non-GAAP operating profit margin for non-selection business narrowed by 1.8 percentage points to 13.3% due to the slowdown in the high-margin study abroad business [6] - The report projects Non-GAAP net profits for FY25, FY26, and FY27 to be $454 million, $534 million, and $636 million respectively, with a DCF target price of $74.8 [6][8]

Core Viewpoint - The article summarizes recent urban construction projects in Beijing, focusing on healthcare facilities and educational institutions aimed at improving public services and addressing resource shortages in the city [1][2]. Group 1: Children's Hospital New District - The new district of Beijing Children's Hospital in Yizhuang officially commenced construction on March 5, 2023, with an expected completion date in 2028, featuring 1,200 beds, including 1,000 pediatric beds and 200 obstetric beds [3][6]. - The project covers an area of 15.33 hectares with a total construction area of 295,800 square meters, including a clinical diagnosis center, a scientific innovation center, and an infectious disease center [6][8]. - The new district aims to alleviate the shortage of pediatric medical resources in the southeastern part of the city, addressing the growing demand for children's medical services [7][13]. Group 2: Children's Research Institute in Tongzhou - The main structure of the Tongzhou branch of the Capital Institute of Pediatrics has been completed, with a total construction area of 186,400 square meters and plans for 800 beds across 30 clinical departments and 6 medical technology departments [19][21]. - The project emphasizes the integration of research and clinical practice, with facilities for large-scale research instruments and multiple disease research centers, aiming to enhance pediatric healthcare services [21][22]. - The branch is expected to be completed in 2026 and officially operational by 2027, contributing to the development of a child-friendly city [21][22]. Group 3: Beijing Middle School East Ba North Campus - The East Ba North Campus of Beijing Middle School is a key public welfare project with a total construction area of 81,800 square meters for the first phase and 20,600 square meters for the second phase [25]. - The project will provide 78 classes and is expected to be completed and operational by September 2023, addressing the shortage of educational resources in the Dongba area [25][28]. - The campus includes extensive sports facilities and a C-shaped underground corridor connecting various educational and recreational areas [26][27]. Group 4: Other Construction Information - In the second quarter, several projects will commence, including the renovation of the Wangfujing Foreign Language Bookstore, which will cover approximately 12,000 square meters [30]. - The first phase of the Jingxi Southwest Comprehensive Logistics Hub will be developed, with a construction area of about 141,000 square meters, enhancing logistics capabilities in the region [30]. - Additional educational and public service projects are set to begin, including renovations at Beijing Second Middle School and the construction of a new campus for the Shiyi School in Chaoyang District [30].

Core Viewpoint - The establishment of a national asset adjustment and sharing platform for administrative and public institutions in China aims to optimize the utilization of state-owned assets, reduce inefficiencies, and enhance resource allocation efficiency [1][3]. Group 1: Platform Functionality - The platform covers all administrative and public institutions nationwide, featuring functions such as adjustment square, sharing square, and demand square to effectively match supply and demand for assets [2]. - It operates like a "second-hand platform" for administrative assets, allowing institutions to publish idle asset information and view requests for shared assets from other units [2]. - The platform leverages an existing integrated system, eliminating the need for additional construction and operational costs, thus enhancing asset utilization at minimal expense [3]. Group 2: Impact and Benefits - The platform has gathered nearly 200,000 pieces of asset adjustment and sharing information, facilitating cross-departmental and cross-regional asset sharing [3]. - By optimizing asset management and sharing, the platform aims to convert "sleeping" assets into active resources, thereby saving financial resources and enhancing the effectiveness of public institutions [2][3]. - The initiative aligns with the central government's directive to improve resource allocation efficiency and address issues of asset redundancy and waste [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $4.60, indicating a potential upside of 71.0% from the current price of $2.69 [1][2][12]. Core Insights - The company's Q1 2025 performance is expected to exceed expectations, with a projected revenue of 1.43 billion RMB, representing a year-on-year increase of 51%. This growth is attributed to innovations in adult education courses and strong holiday demand [2][6]. - The gross margin is anticipated to improve to 70% due to better offline business profitability and stable customer acquisition efficiency. The adjusted operating profit is forecasted at 26 million RMB, a significant improvement compared to previous expectations [2][6]. - The report maintains the full-year revenue and profit forecasts for 2025, projecting a revenue increase of 27% and a substantial reduction in annual losses [6][12]. Financial Projections - Revenue for 2025 is projected at 5.768 billion RMB, with a growth rate of 26.7%. The adjusted operating loss is expected to narrow significantly to 350 million RMB [5][13]. - The gross profit is estimated to be 3.896 billion RMB, with a gross margin of 67.5% for 2025 [5][13]. - The adjusted net loss for 2025 is projected at 215 million RMB, with an adjusted net profit margin of -3.7% [5][13]. Market Performance - The company's market capitalization is approximately 388.38 million USD, with a 52-week high of $8.35 and a low of $1.88. The stock has seen a year-to-date increase of 22.83% [4][12]. - The average daily trading volume is reported at 2.20 million shares [4].

Core Points - Shandong has upgraded its business environment optimization plan to version 6.0, introducing 35 tasks and 158 reform measures aimed at enhancing the "Civil Affairs Worry-Free, Business Affairs Solved, Government Affairs Efficient" service brand [1] - The province has implemented a total of 739 reform measures over the past six years, consistently ranking among the top ten provinces for business environment in China [1] - The new plan emphasizes a problem-oriented approach, integrating systems, benchmarking, and leveraging digital intelligence to address the most pressing concerns of businesses and citizens [1] Group 1: Civil Affairs - Shandong aims to improve the civil service system with 59 reform measures focusing on education, consumption, medical care, and elderly care [2] - Specific initiatives include reforms for kindergarten admissions, educational services, and medical service sharing among provincial institutions [2] Group 2: Business Affairs - The province has proposed 65 reform measures to enhance services for enterprises, focusing on market access, talent services, and cross-border trade [3] - Key initiatives include implementing a negative list for market access, promoting individual business transformation, and facilitating cross-border e-commerce [3] Group 3: Government Affairs - Shandong has outlined 34 reform measures to improve government efficiency, focusing on digital empowerment, regulatory standardization, and credit system development [4] - Plans include deepening reforms for a "no proof province," "no deposit city," and "no manual approval" to streamline government services [4] Group 4: Digital Platforms - The province will optimize five digital platforms to support the implementation of the business environment reforms, including the "Love Shandong" government service platform and the "Shandong Tong" collaborative office platform [4] - Future steps will involve further detailing and decomposing the 6.0 version of the reform plan to ensure effective implementation [4]

人工智能正深刻改变全球产业结构和就业市场。对中国来说，人工智能不仅能够提升经济效率和质量， 还可能加剧中低技能群体的就业压力，特别是高度重复性岗位。 应对AI冲击的做法与启示 中国面临的挑战主要体现在三方面：一是庞大的中低技能劳动力群体，很多岗位容易受到自动化和智能 化的冲击，造成结构性失业；二是区域发展不平衡，东部沿海地区的产业升级速度较快，中西部地区则 面临较大的技术转型与就业压力；三是现有的技能培训体系和社会保障制度无法有效覆盖新兴就业形 态，灵活用工和平台经济的从业者缺乏足够的社保保障，导致其职业稳定性差，面临失业后的再就业困 境。 美国在应对人工智能对就业的冲击时，依托相对灵活的市场机制和政策环境，采取了多维度的措施，集 中体现在以下四方面。 首先是强化教育与技能培训。 1、多层次、长周期的教育与再培训。美国联邦与州政府通过社区大学、高校、企业等多方合作，构建 覆盖不同学龄与职业阶段的技能培训体系。政府往往以财政补贴或税收减免等方式，鼓励劳动者持续学 习、转岗或提升技术水平。联邦政府自2021年以来已投入2.65亿美元用于加强社区学院培训项目，一些 州已经开始在职业技术教育中实施AI培训项目,为不断 ...

Core Viewpoint - Liaoning Province is accelerating investment operations and planning high-quality projects, achieving a strong start in the first quarter of 2025, which is crucial for the "14th Five-Year Plan" conclusion and the "15th Five-Year Plan" preparation [1] Investment Performance - Fixed asset investment in Liaoning Province grew by 7.8% year-on-year in the first quarter, surpassing the national average of 4.2% by 3.6 percentage points, ranking 11th in the country [2] - Manufacturing investment increased by 13.2%, accounting for 26.7% of total investment, with significant growth in aerospace and communication equipment manufacturing [2] - Infrastructure investment rose by 13.8%, making up 34.5% of total investment, driven by a 46.7% increase in road transport investment [2] - Service sector investments saw substantial growth, with wholesale and retail up by 70.1% and education investment increasing by 61.9% [2] Project Construction - The province is prioritizing project construction as a key strategy for stabilizing growth, with over 17,000 projects in reserve and total investment exceeding 9.6 trillion yuan [3] - In the first quarter of 2025, the number of construction projects reached 7,850, with a 14.9% increase in completed investment [3] - A record 1,359 new projects commenced construction in the first quarter, contributing to a 16.3% increase in new project investment [3] Major Projects and Coordination - 350 provincial key projects completed investments exceeding 45 billion yuan, accounting for 29% of total provincial investment [4] - Central-local cooperation on 285 key projects led to nearly 25 billion yuan in investment, reflecting a 25.2% increase [4] Future Goals and Strategies - Liaoning aims for an 8% growth in fixed asset investment for the year, focusing on effective investment expansion and enhancing private investment participation [5] - The province will implement a top-level design for investment projects and promote precise investment attraction [5] - A project scheduling and evaluation mechanism will be established to monitor the progress of key projects [6] - The government will enhance investment efficiency and address financing challenges for private investments [6]

Investment Rating - The report suggests a positive outlook on overseas Chinese assets, focusing on sectors that may benefit from policy changes and deep value stocks that have been negatively impacted by market rumors [2][12]. Core Insights - The report emphasizes the importance of patience in waiting for market changes while actively seeking investment opportunities, particularly in sectors like cross-border e-commerce, domestic consumption-related internet assets, and undervalued stocks [3][12]. - It highlights the potential for recovery in the education sector due to government support for service consumption, as well as the luxury goods sector facing challenges from macroeconomic fluctuations [5][23]. - The report also notes the growth in the coffee and tea beverage sector, driven by increased delivery services and consumer demand, alongside a positive outlook for the OTA (Online Travel Agency) segment as travel demand rises [5][28]. Summary by Sections 1. Education - The Chinese education index increased by 2.28% during the week of April 14-18, 2025, underperforming against the Hang Seng Index but outperforming other major indices [14]. - Notable stock performances included a significant rise in stocks like Zhuoyue Education Group (+18.18%) and NetEase Youdao (+13.84%) [14][19]. 2. Luxury Goods - The luxury goods sector saw a decline, with LVMH's sales falling short of expectations, reporting a 3% decrease in Q1 2025 sales [23][29]. - The report suggests focusing on high-end brands with strong management capabilities and product innovation, as they are less affected by economic cycles [5][23]. 3. Coffee and Beverage & OTA - The coffee and beverage sector experienced notable stock increases, with Tims China (+18.29%) and Luckin Coffee (+8.45%) leading the gains [28]. - The OTA sector is expected to benefit from rising travel demand, with predictions indicating a significant increase in travel bookings during the upcoming holiday [5][28]. 4. E-commerce and Internet - The internet technology sector index rose by 0.37%, with key stocks like Beike (+7.67%) and Alibaba (+5.53%) showing strong performance [36][37]. - The report highlights the importance of monitoring the impact of tariff changes on cross-border e-commerce platforms and the overall market dynamics [12][36]. 5. Media - The media sector is encouraged to focus on stocks with strong fundamentals and dividend value, particularly in light of recent policy support for cultural industries [5][12]. - The report notes the potential for growth in AI applications within the media sector, emphasizing the importance of tracking developments in this area [5][12]. 6. Virtual Assets & Brokerage - The report indicates a slight improvement in sentiment towards virtual asset trading, with expectations for strong Q1 performance from brokerage firms like Futu Holdings and Tiger Brokers [5][12]. 7. Real Estate Transactions - The report suggests a positive outlook for the real estate market, with government emphasis on market potential and the construction of quality housing [5][12]. 8. Automotive Services - The report mentions potential developments in ride-hailing services in Macau, indicating a growing interest in the automotive service sector [5][12]. 9. Media and M&A - The report highlights ongoing trends in mergers and acquisitions within the media sector, suggesting a focus on companies that are well-positioned for growth through strategic partnerships [5][12].