（SGR）从奈瓦沙延伸至基苏木，最终延伸至马拉巴；依托公私合作伙伴关系 （PPP）加速航空基础设施的升级，包括对乔莫·肯雅塔国际机场（JKIA）、蒙 巴萨机场和拉穆机场进行现代化改造；通过主权财富基金（SWF）和国家投资 基金（NIF）筹集5万亿先令（约386亿美元），用于推进肯交通、能源、农业 和教育等领域项目。 （原标题：鲁托总统在国情咨文中公布道路扩建计划） 肯《星报》11月20日报道，鲁托总统在议会发表国情咨文时宣布了一项全国基 础设施计划，政府未来十年将对2500公里的道路进行双车道改造，铺设28000 公里的柏油路。在重点介绍的主要道路项目中，将于下周启动的里奥尼-毛峰 扩建工程是最受期待的基础设施项目之一。鲁托还透露，政府将把标轨铁路 ...

Market Overview - The education sector declined by 0.91% on November 26, with Kede Education leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - China High-Tech (600730) and Kevin Education (002659) both saw a rise of 3.52%, closing at 10.88 and 6.47 respectively [1] - Kede Education (300192) experienced a significant drop of 5.34%, closing at 22.67, with a trading volume of 750,600 shares and a turnover of 1.713 billion [2] - Other notable declines include Dou Shen Education (300010) down 3.00% and Quantu Education (300359) down 1.85% [2] Capital Flow Analysis - The education sector saw a net outflow of 395 million from institutional investors, while retail investors had a net inflow of 351 million [2] - The table indicates that Kevin Education had a net outflow of 29.13 million from institutional investors, while retail investors contributed a net inflow of 982.82 million [3] - ST Guohua (600636) had a significant net outflow of 3.16 million from institutional investors, but a net inflow of 308.63 million from retail investors [3]

盈利能力显著改善，运营效率持续优化 11月26日 ——教育科技公司高途集团（NYSE： GOTU）今日发布截至2025年9月30日的2025财年第三 季度财务报告。财报显示，公司实现收入15.8亿元人民币，同比增长30.7%；现金收入达11.9亿元，同 比增长11.2%。同时，前九个月累计收入44.6亿元，同比增长41%，展现出强劲且可持续的增长动能。 本季度，高途在保持收入高速增长的同时，盈利能力显著提升。经调整经营亏损与经调整净亏损同比分 别收窄64.6%和69.9%，经调整净亏损率同比改善29.1个百分点。这一成果得益于公司在产品打磨、师资 建设、AI赋能及精细化运营方面的系统性投入。 高途集团CFO沈楠指出："我们在收入稳健增长的同时，进一步夯实了经营质量。经营费用占收比显著 收窄27.6个百分点，暑期获客效率同比提升12.8%，经营净现金流出同比减少近5416万元。结构性效率 收益已开始持续体现。" 他强调，高途正通过打造更具竞争力的"好老师"供应链、强化执行力和数据驱动的经营机制，持续提升 增长与盈利的确定性，"为用户、员工和股东带来可持续的长期价值"。 2025年Q4展望：收入预计同比增长17. ...

黄叶峰表示，作为国有大行分支机构，交行海南省分行将充分发挥金融牌照与数字化服务优势，为学校提供全方位的金融服务支持，携手构建银校合作新范 式，实现共赢发展。 吕治国表示，此次合作将重点关注智慧校园建设，依托交行金融科技赋能智慧校园升级，推进教育、科技、人才"三位一体"协同融合发展，共同探索金融支 持海洋经济高质量发展的创新路径，为海南自由贸易港建设培育高素质专业化人才。 根据协议，双方将围绕校园支付结算等智慧校园建设、金融支持海洋产业创新、科研成果转化与人才培养等领域深化合作，充分发挥各自资源与专业优势， 为海南自由贸易港建设及海洋强国建设贡献力量。（叶文华） 编辑：赵鼎 转自：新华财经 11月24日，交通银行海南省分行（以下简称"交行海南省分行"）与海南热带海洋学院在海口举行交流座谈会，并正式签署银校合作协议。交行海南省分行党 委书记、行长黄叶峰，海南热带海洋学院校长吕治国出席座谈会并见证签约。交行海南省分行党委委员朱赫宇与海南热带海洋学院副校长那广水代表双方签 署合作协议。 ...

Economic Growth - The regional GDP of Xingwen County exceeded 20 billion yuan during the "14th Five-Year Plan" period, reaching 16.683 billion yuan from January to September 2025, ranking third in the city and achieving the highest growth rate [2][5] - A total of 150 investment projects have been signed since the beginning of the "14th Five-Year Plan," with a total investment exceeding 40 billion yuan [2] - The industrial added value in 2024 is projected to be 6.656 billion yuan, representing a growth of 57.09% compared to the end of the "13th Five-Year Plan" [2] Income Growth - Urban residents' per capita disposable income and rural residents' per capita disposable income have increased by 32.51% and 21.23%, respectively, compared to the end of the "13th Five-Year Plan" [2] Industrial Development - The county has established 173 deep processing enterprises for mineral resources and 180 for agricultural and forestry products, along with 7 enterprises in new energy and new materials, marking a significant breakthrough [2] - The new energy and new materials industry has achieved a breakthrough from non-existence to establishment, with a focus on extending and supplementing the industrial chain [4] Agricultural Advancements - The total output value of agriculture, forestry, animal husbandry, and fishery in 2024 is expected to be 5.854 billion yuan, a growth of 21.02% compared to the end of the "13th Five-Year Plan" [2] - Xingwen County has successfully cultivated the only hybrid bamboo variety in the country, "Xingwen Giant Yellow Bamboo" [2] Service Sector Growth - The added value of the service industry in 2024 is projected to be 11.511 billion yuan, reflecting a growth of 48.52% compared to the end of the "13th Five-Year Plan" [2] - The county has been recognized as a "Tianfu Tourism Famous County" and has been included in the top 100 counties nationwide for tourism development potential in 2024 [2][4] Urban-Rural Integration - The county has been designated as a pilot area for new urbanization construction in Sichuan Province and has been recognized as a national digital village pilot county and a national smart city pilot county [2][6] Ecological Achievements - Xingwen County has been awarded the titles of "China Green County" and "China Natural Oxygen Bar," and has been named a provincial-level ecological county [3][8] Education and Healthcare Improvements - The county's education quality monitoring ranked second in the city, with the undergraduate enrollment rate expected to exceed 80% for the first time in 2025 [3][8] - The public health service system has been enhanced, with 12 key specialties and 3 county-level medical and health sub-centers established [8] Future Development Plans - The county aims to accelerate the cultivation of new energy and new materials industries, upgrade traditional mineral resource development, and promote the integration of the bamboo industry [9] - Focus will be on enhancing agricultural efficiency and increasing farmers' income, with an emphasis on urban-rural integration and the development of modern logistics and service industries [9]

Core Viewpoint - The Macau SAR government is actively promoting the development of the Hengqin Guangdong-Macau Deep Cooperation Zone, with significant progress made in the past year and plans for further integration and development by 2026 [1][9]. Group 1: Government Initiatives - In 2025, the Macau SAR government established a leadership group to enhance participation in the cooperation zone's development [1]. - The government aims to strengthen coordination and focus on key tasks, emphasizing the "Macau + Hengqin" strategic positioning [1][9]. - A legal task force was formed to facilitate Macau residents' living and working in the cooperation zone by modifying relevant laws and regulations [2]. Group 2: Infrastructure and Services - The cooperation zone has launched a cross-border school bus service for students, implementing a "no disembarkation" customs check model [2][5]. - The Macau International Airport's Hengqin cargo station is under construction, aiming to establish a new logistics hub for the region [5][9]. - A point-to-point emergency medical transfer service between hospitals in Macau and Hengqin has been established to enhance healthcare services [8]. Group 3: Economic Development - Over 180 key enterprises have registered in the cooperation zone, with a focus on attracting quality pharmaceutical companies [5][11]. - The cooperation zone is working on projects like the China-Portuguese (Spanish) Economic and Trade Service Center and the Hengqin International Education City [5][9]. - The government plans to promote the cooperation zone as a "world-class tourist resort" and enhance the "Macau-Hengqin Exhibition" brand [11]. Group 4: Employment and Talent Development - A youth employment support system is being established to facilitate job opportunities for Macau youth in the cooperation zone [11]. - The cooperation zone will enhance vocational training systems and establish a public training center for high-skilled talent [11]. Group 5: Policy and Regulatory Framework - The government is optimizing the management system and enhancing operational efficiency within the cooperation zone [12]. - There are plans to improve statistical systems and conduct joint surveys to better understand the needs of residents in both regions [12].

（文章来源：证券日报） 证券日报网讯 11月25日晚间，豆神教育发布公告称，公司拟聘任大华会计师事务所（特殊普通合伙） 为2025年度财务报表和内部控制审计机构。 ...

Core Viewpoint - Kede Education's stock reached the daily limit increase of 20.00%, with a trading volume of 9.87 billion yuan and a turnover rate of 13.18% [2] Trading Activity - The stock experienced a significant trading activity with a fluctuation of 15.87% throughout the day [2] - Institutional investors net sold 34.46 million yuan, while the Shenzhen Stock Connect saw a net purchase of 27.98 million yuan [2] - The total net buying from various trading desks amounted to 101 million yuan [2] Fund Flow - The stock had a net inflow of 249 million yuan from major funds, with a large single order inflow of 341 million yuan, while large orders saw a net outflow of 91.76 million yuan [2] - Over the past five days, the net inflow of major funds reached 324 million yuan [2] Top Trading Desks - The top five trading desks accounted for a total transaction volume of 265 million yuan, with a net buying of approximately 94.89 million yuan [2] - The leading buying desk was the Shenzhen Stock Connect, with a buying amount of 49.34 million yuan and a selling amount of 21.35 million yuan [2]

Core Viewpoint - The Chinese A-shares continued to rise on November 25, with major indices showing positive growth, driven by investor enthusiasm in the education sector and AI applications [1] Market Performance - The Shanghai Composite Index closed at 3870 points, up 0.87% - The Shenzhen Component Index closed at 12777 points, up 1.53% - The ChiNext Index closed at 2980 points, up 1.77% - The total trading volume in the Shanghai and Shenzhen markets was approximately 181.21 billion yuan, an increase of about 84.4 billion yuan from the previous trading day [1][1][1] Monetary Policy - The People's Bank of China conducted a 1-year Medium-term Lending Facility (MLF) operation of 1 trillion yuan on November 25 - With 900 billion yuan of MLF maturing this month, the net injection of MLF is 100 billion yuan, marking the ninth consecutive month of increased liquidity [1][1][1] Sector Performance - Most A-share industry sectors experienced gains, with the education sector leading with a rise of 3.66% - The education sector has seen consecutive gains over two trading days, accumulating over 6% this week, significantly outperforming the Shanghai Composite Index [1][1][1] Individual Stocks - Stocks such as Kede Education and Kevin Education hit the daily limit up, with Kede Education recording an approximate 20% increase [1][1][1] Analyst Insights - Analysts attribute the recent strength in the A-share education sector to investor enthusiasm for AI applications, recognizing the commercial potential of AI in the education field [1][1][1]

Core Insights - The education sector experienced a significant increase of 3.65% on November 25, with Kede Education leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Education Sector Performance - Kede Education (300192) saw a closing price of 23.95, with a remarkable increase of 19.99% and a trading volume of 427,900 shares, amounting to 987 million yuan [1] - Kevin Education (002659) closed at 6.25, up 10.04%, with a trading volume of 263,200 shares and a transaction value of 162 million yuan [1] - Dou Shen Education (300010) closed at 7.00, up 4.17%, with a trading volume of 1,188,100 shares and a transaction value of 836 million yuan [1] - Other notable performers include Zhong Gong Education (002607) with a 3.09% increase, and Chuangye Tihua (300688) with a 2.90% increase [1] Capital Flow Analysis - The education sector saw a net outflow of 24.09 million yuan from institutional investors and 47.95 million yuan from retail investors, while individual investors contributed a net inflow of 72.04 million yuan [2] - Kede Education had a net inflow of 243 million yuan from institutional investors, while Kevin Education experienced a net inflow of 71.27 million yuan [3] - Dou Shen Education and Zhong Gong Education had smaller net inflows of 16.33 million yuan and 11.98 million yuan, respectively [3]