教育行业周报 | 分析师 | 苏多永 | | --- | --- | | | 执业证书： S0590525110058 | | 邮箱： | suduoyong@glms.com.cn | | 分析师 | 张锦 | | | 执业证书： S0590525120009 | | 邮箱： | zhangjin_yj@glms.com.cn | 相对走势 -10% 3% 17% 30% 2025/2 2025/8 2026/1 消费者服务 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 AI 教育、职教升级与星际前沿人才培养迎新局 glmszqdatemark 2026 年 02 月 01 日 推荐 维持评级 [Table_Author] | 1 教育行业政策动态 3 | | --- | | 2 教育个股动态 5 | | 3 教育指数及个股表现 6 | | 3.1 教育行业一周市场表现 6 | | 3.2 一周个股表现 7 | | 4 投资建议 9 | | 4.1 行业投资建议 9 | | 5 风险提示 10 | | 插图目录 11 | | 表格目录 11 | 行业动态 ...

Group 1 - The core viewpoint of the article is that Anta Sports (2020.HK) plans to acquire a 29.06% stake in PUMA for a total consideration of 1.5 billion, marking a significant milestone in its multi-brand global strategy [3][4]. Group 2 - In FY26Q2, New Oriental-S (9901.HK) achieved a net revenue of 1.191 billion USD, representing a year-on-year increase of 14.7%, and a net profit attributable to shareholders of 45.45 million USD, up 42.3% year-on-year [9][10]. - The company has raised its net profit forecasts for FY26-28 to 497 million, 585 million, and 680 million USD, reflecting increases of 13%, 14%, and 17% respectively [10]. Group 3 - As of Q4 2025, the scale of convertible bonds held by funds was 308.256 billion, a decrease of 8.362 billion from Q3 [13]. - The largest increase in convertible bonds held by funds was in the banking sector, while the non-ferrous metals sector saw the most significant reduction [13]. Group 4 - China Petroleum & Chemical Corporation (Sinopec) held its 2026 work meeting on January 26, summarizing achievements from 2025 and outlining goals for the 14th Five-Year Plan, emphasizing its integrated industry chain advantages [19]. - The report suggests focusing on companies like Sinopec, Sinopec Oilfield Service, and others due to their strategic positioning [19]. Group 5 - In December, industrial enterprises' profits showed a significant year-on-year increase, driven by rising prices and improved profit margins, particularly in upstream non-ferrous metals and midstream equipment manufacturing [21]. - The outlook for 2026 indicates continued recovery in industrial profits, with a shift in profit distribution favoring midstream and upstream sectors [21]. Group 6 - Qingdao Bank (002948.SZ) reported a revenue of 14.6 billion for 2025, a year-on-year growth of 8%, and a net profit of 5.2 billion, up 21.7% year-on-year, marking the successful completion of its three-year strategic plan [22]. - The bank aims to enhance its regional value leadership through strategies focused on capability improvement and structural optimization [22]. Group 7 - The People's Bank of China reported that corporate loans acted as a stabilizing force in Q4 2025, with technology sectors maintaining double-digit growth, while real estate loans continued to decline [25]. - The report anticipates ongoing challenges for retail loans, with a slow recovery in demand expected [25].

今日西藏自治区第十二届人民代表大会第四次会议上介绍，2025年西藏投入187亿元办好38项民生实 事，五年来民生投入累计超过1万亿元。2026年，西藏计划安排资金136亿元，用于34项民生实事。在具 体的资金分配上，安排资金16.73亿元，用于将生态岗位补助标准由每人每年3500元提高至4000元；安 排资金40.25亿元，用于将教育"三包"经费年生均标准提高240元，提至5940元；安排资金21.83亿元，用 于将城乡居民基本医疗 保险每人每年补助标准提高至765元；安排资金3.59亿元，实施8006户农村危房 改造和抗震加固。 ...

Core Insights - The 2026 Guangdong Provincial Government Work Report emphasizes "investment in people" as a new trend, shifting focus from traditional infrastructure and industrial investment to areas directly impacting citizens' lives such as education, employment, healthcare, housing, and elderly care [1] Group 1: Investment in People - "Investment in people" aims to allocate more resources to essential sectors, focusing on reducing rigid living costs and enhancing individuals' ability to create wealth and withstand risks [1] - During the 14th Five-Year Plan period, Guangdong's expenditure on people's livelihoods reached 6.45 trillion yuan, accounting for over 70% of general public budget expenditures [1] - Over the past five years, the province has created more than 7 million new urban jobs and provided stable employment for 43.86 million migrant workers, alongside the construction of 1.554 million units of affordable housing [1] Group 2: Specific Initiatives - Childcare support will be expanded with subsidies for over 3 million infants and the establishment of new childcare facilities [2] - Employment initiatives include plans to absorb over 1 million college graduates for employment and entrepreneurship in Guangdong, along with subsidized vocational training for over 300,000 individuals [3] - Healthcare improvements will focus on continuous health management services for key populations and enhanced interoperability of medical examination results [4] - Education expansion includes the addition of over 200,000 regular high school places and improved support for county-level high school education [4] - Long-term care insurance systems will be accelerated to provide basic living and medical care for severely disabled individuals, with increased subsidies for vulnerable groups [5] Group 3: Strategic Importance - The ongoing investment in people's livelihoods reflects Guangdong's foresight in addressing economic transformation pressures, aiming to boost confidence and consumption while stabilizing the economy [5] - The shift towards "investment in people" signifies a deeper change in development logic, focusing on human happiness and long-term competitiveness rather than merely short-term expenditures [6]

Core Viewpoint - The article highlights the stories of openness and development in Yunnan, showcasing the province's efforts to establish itself as a radiation center for South and Southeast Asia through infrastructure, industry, and technology collaboration [1][8]. Group 1: Infrastructure Development - The first story illustrates the impact of the China-Laos Railway, which has significantly shortened travel times and enhanced connectivity, allowing for faster movement of people and goods, thus fostering development opportunities [3][5]. - The railway serves as a backbone for "hard connectivity," fundamentally changing the landscape of openness and facilitating unprecedented flows of human, logistical, and informational resources [3][5]. Group 2: Industry and Economic Integration - The second story features a Vietnamese student who successfully applied for a scholarship and is involved in cross-border commerce, highlighting the "soft connectivity" that leads to industrial upgrades and shared value between China and Vietnam [5][7]. - This narrative emphasizes the transition from a "channel economy" to a more rooted industrial presence, where local industries benefit from the open policies, making the advantages of openness tangible for both countries [5][7]. Group 3: Technological and Educational Collaboration - The third story focuses on a joint laboratory in Cambodia that employs green control technology to protect cashew plantations, representing "heart connectivity" through deep, sustainable links in technology and education [7][8]. - This collaboration showcases the integration of agricultural technology, digital innovation, and ecological protection, with international labs and educational projects acting as vehicles for knowledge transfer and innovation [7][8]. Future Outlook - Yunnan aims to continue its path towards broader, deeper, and more comprehensive openness, fostering more collaborative stories between itself and neighboring countries, thereby strengthening its role as a radiation center for South and Southeast Asia [8].

1月30日，省政府新闻办举行主题为"幸福广东"的"'十四五'广东成就"系列主题新闻发布会。发布会上， 一组"民生账单""幸福密码"令人瞩目—— "十四五"时期全省地方民生类支出总量达6.45万亿元，占一般公共预算支出比重七成以上；底线民生保 障水平持续位居全国前列。全省城镇新增就业累计704.7万人，就业形势总体稳定。 此外，全省15分钟医疗圈基本建成，人均预期寿命从77.8岁提升至80.6岁。全省建设筹集各类保障性住 房155.39万套；打造建设83个体育公园，全省社区体育公园超3000个、健身步道达3.56万公里。 投入超3800亿元实施省十件民生实事 不久前的省两会上，2026年广东省十件民生实事出炉。省财政厅党组书记、厅长陈国煌介绍，广东已连 续15年办好省"十件民生实事"，"十四五"期间全省投入实施省十件民生实事的财政资金超3800亿元。 就业是最大的民生。陈国煌介绍，"十四五"期间，全省统筹投入各类资金超480亿元，助力稳岗扩容提 质，将7000多万人就业稳在广东。全省发放各类就业创业补贴补助超240亿元，帮助高校毕业生、农民 工、困难群体等就业。全省落实失业保险稳岗返还政策资金约111亿元，惠及 ...

Core Viewpoint - Shanghai has announced a comprehensive policy to promote large-scale equipment updates and a trade-in program for consumer goods, aiming to stimulate consumption and enhance the recycling economy [1][3]. Group 1: Large-Scale Equipment Updates - The policy supports applications for national equipment update projects across various sectors, including industrial, electronic information, energy, transportation, logistics, education, cultural tourism, healthcare, and more [7]. - Specific support is provided for the scrapping and updating of old operational trucks and the renewal of new energy city buses, with subsidies following existing guidelines [8]. Group 2: Consumer Goods Trade-In Program - The policy outlines subsidies for scrapping and updating vehicles, with a maximum subsidy of 20,000 yuan for purchasing new energy passenger vehicles and 15,000 yuan for 2.0-liter or below fuel vehicles [10]. - For vehicle trade-ins, consumers can receive up to 15,000 yuan for new energy vehicles and 13,000 yuan for fuel vehicles, depending on the vehicle's price [10]. Group 3: Household Appliances and Digital Products - Consumers purchasing energy-efficient household appliances such as refrigerators, washing machines, and air conditioners can receive a subsidy of 15% of the product price, capped at 1,500 yuan per item [10]. - For digital and smart products, a subsidy of 15% is available for items priced under 6,000 yuan, with a maximum of 500 yuan per item [11]. Group 4: Recycling and Resource Utilization - The policy emphasizes the establishment of a comprehensive recycling network for old equipment and consumer goods, promoting a "two-network integration" recycling system [8]. - It aims to enhance the recycling and remanufacturing industry, focusing on high-end remanufacturing projects and improving the quality and safety of remanufactured products [9].

Performance Forecast - The company expects a net profit to be negative for the period from January 1, 2025, to December 31, 2025 [1] Communication with Auditors - The financial data related to this performance forecast has not been audited by the accounting firm, but preliminary communication has taken place without any disagreements [1] Reasons for Performance Changes - The company is conducting impairment tests on goodwill and other long-term assets, indicating potential impairment, with the final impairment amount to be determined by an evaluation agency and the accounting firm [1] - The subsidiary, Mingde College, has increased operational costs due to enhanced quality of education and teacher recruitment, leading to a year-on-year decline in net profit for the education sector [1] - The tobacco-related business has faced intensified market competition, declining bidding prices for tobacco labels, and product structure issues, resulting in a year-on-year decrease in net profit for this sector [1]

Core Viewpoint - Shaanxi Jinye (000812.SZ) is forecasting a net loss of 210 million to 250 million yuan for the fiscal year 2025, a significant decline from a profit of 42.02 million yuan in the same period last year [1] Financial Performance - The net profit attributable to shareholders is expected to be a loss of 210 million to 250 million yuan, compared to a profit of 42.02 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses is projected to be a loss of 209 million to 249 million yuan, down from a profit of 36.64 million yuan in the prior year [1] Business Segments - The education segment, particularly Mingde College, has seen increased operational costs due to enhanced quality of education and teacher recruitment, leading to a decline in net profit [1] - The tobacco accessory industry is facing challenges from intensified market competition, declining bidding prices for tobacco label products, and structural issues, resulting in a decrease in net profit [1]

Economic Growth and Investment - The region's GDP has crossed three hundred billion levels, with general public budget revenue reaching 20.4 billion and fixed asset investment exceeding 100 billion [1] - The total import and export volume has grown at an annual rate of 10.4%, with 255 projects attracting over 100 million in investment [1] Industrial Development - The Jinan New Materials Industrial Park has expanded from 4.7 square kilometers to 14.85 square kilometers, with industrial output value from large-scale enterprises increasing by 45% [1] - The number of high-tech enterprises has doubled, accounting for 82% of the total output value, and 94 new scientific innovation platforms have been established [1] Infrastructure and Urban Development - A total of 622 million square meters have been demolished, and 588 million square meters of old residential areas have been renovated, significantly improving the image of key areas [1] - Major infrastructure projects such as the PM2.5 concentration reduction of 34.8% and the continuous 100% excellent water quality ratio at national control sections have been achieved [1] Social Welfare and Public Services - Public spending on people's livelihood remains above 75%, successfully completing 83 livelihood projects [2] - 30 new or expanded schools have been built, adding over 26,000 new student places, along with 145 new elderly care facilities [2]