Investment Rating - The report maintains a cautious outlook on high-risk assets, particularly cryptocurrencies, while expressing optimism for AI technology and the Macau tourism sector [3]. Core Views - The market is currently under pressure due to the Federal Reserve's interest rate discussions and ongoing debates about AI, leading to significant declines in high-risk assets like cryptocurrencies. Concerns are rising regarding the sustainability of AI's commercial applications despite its recognized efficiency improvements. The report emphasizes the importance of focusing on technology leaders with strong cash flows, such as Google, META, Microsoft, Alibaba, and Tencent, while also monitoring the application of AI in various sectors [3]. - The Macau tourism industry is highlighted as a valuable investment opportunity, benefiting from a favorable supply-demand dynamic and expected growth during the upcoming holiday periods [3]. - The report suggests that trading platforms remain attractive, with potential for accumulation following market corrections [3]. Summary by Sections 1.1 Consumer & Internet 1.1.1 Education - The Chinese education index fell by 4.60%, outperforming the Hang Seng Index but underperforming major indices like the Shanghai Composite [11]. - New Oriental launched an AI education product, SureChinese, aimed at a broader audience, with 160,000 users across 138 countries [19]. 1.1.2 Luxury Goods & Gambling - The S&P Global Luxury Goods Index decreased by 1.49%, with notable declines in major gambling stocks like Sands China and Wynn Macau [21]. - The upcoming sports events in Macau are expected to attract over 2 million tourists, boosting the local tourism sector [3]. 1.1.3 Coffee & Tea - The coffee sector remains robust, while the tea segment faces challenges due to reduced promotional activities from delivery platforms [30]. 1.1.4 E-commerce & Internet - The Hang Seng Internet Technology Index fell by 5.90%, with mixed performances among major e-commerce players [36]. - Pinduoduo reported a 9% year-on-year revenue increase, reaching 108.3 billion yuan [41]. 1.2 Platforms & Technology 1.2.1 Streaming Platforms - The Hang Seng Media Index dropped by 6.86%, with mixed results among key players like iQIYI and Spotify [45]. - iQIYI reported a revenue decline of 8% year-on-year for Q3 [53]. 1.2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization fell to $305.32 billion, with Bitcoin and Ethereum prices decreasing by 10% and 11% respectively [49]. - Futu Holdings reported a significant revenue increase of 86% year-on-year for Q3 [56]. 1.2.3 Automotive Services - The automotive sector saw a mixed performance, with some companies like AutoZone and O'Reilly Auto Parts showing gains while others faced declines [60].

新京报讯 据教育部新闻办官方微信公众号"微言教育"，11月23日，《人民日报》"权威访谈·学习贯彻党 的二十届四中全会精神"栏目采访教育部党组书记、部长怀进鹏。以下为采访内容。 为推进中国式现代化贡献更多教育力量 深刻把握教育强国建设的重要意义、丰富内涵和系统部署 记者：如何深刻理解党的二十届四中全会对"十五五"时期教育强国建设作出的战略擘画？ 怀进鹏：习近平总书记的重要讲话和全会审议通过的"十五五"规划建议，着眼统筹教育强国、科技强 国、人才强国建设，深刻把握教育的政治属性、人民属性、战略属性，对未来5年教育强国建设作出顶 层设计和战略擘画。 我们深刻认识到，为党育人、为国育才是教育的初心和使命。"培养什么人、怎样培养人、为谁培养 人"是教育的根本问题，也是教育强国建设的核心课题。立德树人关乎党的事业后继有人，关乎国家前 途命运，从这个意义上说，教育是国之大计、党之大计，必须持之以恒回答好这道"必答题"。 ——访教育部党组书记、部长怀进鹏 党的二十届四中全会是在向第二个百年奋斗目标进军的新征程上举行的一次十分重要的会议，全会审议 通过"十五五"规划建议，对一体推进教育科技人才发展、解决好人民群众急难愁盼问题 ...

Group 1 - The report highlights a strategic shift towards large financial and consumer sectors, indicating a rebound window following the maximum negative impact from equal tariffs [1][9] - The report emphasizes that the market is approaching a phase bottom, with short-term adjustments not altering the long-term upward trend, despite liquidity pressures from the Federal Reserve's hawkish stance [2][9] - Historical analysis of the U.S. stock market shows that significant downturns typically require major negative shocks, with expected maximum adjustments around 10% in the current context [3][10][11] Group 2 - The report notes that market volume has decreased, with transaction amounts falling below 20 trillion yuan, indicating a lack of momentum in market leadership [4][12] - It suggests that the current market adjustment presents a good opportunity for accumulation, focusing on sectors with favorable risk-reward ratios, such as real estate and resource commodities [4][13][14] - The report identifies mid-term investment opportunities in high-growth sectors, waiting for renewed confidence in high-prosperity segments like storage and AI [4][13][14]

与之形成对比的是，工业部门2025年8月仅增长1.8%，远低于2024年同期的9.1%。该部门的疲软表 现使整体经济增长减少了12.2%。 分析人士指出，此次数据发布为预判加纳本年度各季度经济走势提供了参考依据。此外，GSS修订了 2025年7月的MIEG数据，将增长率从原先公布的4.5%下调至3.7%。 据"加纳网"11月20日报道，加纳统计总局（GSS）最新发布的月度经济增长指标（MIEG）初步数 据显示，2025年8月加纳经济同比增长5.1%，较2024年同期增长4.9%。 统计数据显示，信息通信技术（ICT）与教育行业是服务业增长的主要推动力，贡献了当月经济增 长的约80%。服务业之后，农业部门表现亮眼，2025年8月同比增长7.4%（2024年同期为2.3%），贡献 了当月GDP增长的27.3%。 （原标题：加纳8月经济同比增长5.1%） ...

Core Insights - Hainan Free Trade Port's modern service industry is experiencing an average annual growth rate of 9% from 2018 to 2024, outpacing the GDP growth during the same period [1] - In the first three quarters of this year, the modern service industry achieved a value-added output of 351.59 billion yuan, continuing its growth trend [1] Group 1: Economic Development - The Hainan Free Trade Port is set to enhance its operations with the imminent closure of customs, leveraging comprehensive pilot programs to expand the modern service sector [1] - A financial policy system centered on cross-border trade and investment liberalization has been established, facilitating the free flow of global capital in Hainan [1] Group 2: Logistics and Transportation - The "China Yangpu Port" has registered 66 international vessels with a total capacity exceeding 6.2 million deadweight tons, maintaining a leading position nationally [1] - The expansion of maritime routes includes 74 international container shipping lines and a network of 82 international civil aviation routes, significantly reducing operational costs for shipping service companies [1] Group 3: Technology and Data - Hainan's information transmission, software, and IT sectors are thriving, supported by undersea cables connecting Hong Kong and Southeast Asia, enhancing data transmission speed and stability [2] - The introduction of a negative list for data outbound has provided clear regulatory guidance for industries like aerospace and tourism, lowering institutional costs for businesses [2] Group 4: Medical Tourism - The Boao Lecheng International Medical Tourism Pilot Zone has achieved synchronization with international standards in medical technology, equipment, and pharmaceuticals, attracting over 560,000 medical tourists in the first ten months of this year, marking an 80% year-on-year increase [2] Group 5: Education - Hainan has allowed high-level foreign universities and vocational schools to operate independently, attracting renowned institutions such as the University of Bielefeld and the Lausanne Hotel Management School to establish campuses in Hainan [2]

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by more than 10% in the next six months [33]. Core Insights - The consumer services industry index rose by 3.82% from November 7 to November 20, 2025, outperforming the CSI 300 index by approximately 6.56 percentage points during the same period [9][10]. - The report highlights strong growth in domestic travel, with outbound hotel and flight bookings reaching 140% of the levels seen in the same period of 2019, and inbound tourism bookings increasing by over 100% year-on-year [33][27]. - The implementation of digital technologies in the cultural and tourism sectors is expected to enhance the supply side of the tourism industry, promoting upgrades and new consumption scenarios [22][33]. Summary by Sections Market Review - The consumer services index continued its upward trend, ranking fourth among all CITIC first-level industry indices [9]. - The performance of sub-sectors varied, with comprehensive services down by 0.43%, while tourism and hotel sectors saw increases of 4.54% and 6.26%, respectively [10]. - A total of 27 listed companies in the industry reported positive returns, with the top five performers being Jinjiang Hotels, Junting Hotels, Caesar Travel, Changbai Mountain, and China Duty Free, showing increases of 11.23%, 9.49%, 9.16%, 9.08%, and 8.48% respectively [14] [10]. Industry News - The State Council issued an opinion to accelerate the application of digital technologies in the cultural and tourism sectors, aiming to integrate various digital experiences [22]. - Xiangyuan Cultural Tourism signed a strategic cooperation agreement with the government of Kunshan City to enhance the local tourism industry [23]. - Ctrip's Q3 report indicated a robust recovery in domestic travel, with significant increases in international bookings [27]. Company Announcements - Junting Hotels announced a cash acquisition of the remaining 21% stake in its subsidiary, aiming for full ownership [28]. - Huazhu Group reported a 17.5% year-on-year increase in hotel revenue for Q3 2025, with a total revenue of 30.6 billion yuan [24]. Weekly Perspective - The report suggests focusing on specific stocks such as Jinjiang Hotels, Changbai Mountain, Emei Mountain A, Xiangyuan Cultural Tourism, and China Duty Free, which are expected to benefit from the recovery in leisure travel demand [34][35].

Group 1 - The company, Excellence Education Group (03978), announced the purchase of a total of 100,000 shares on the open market by the trustee of its restricted share unit plan on November 21, 2025 [1]

Market Overview - The education sector experienced a decline of 3.29% on November 21, with Guomai Technology leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Individual Stock Performance - Notable gainers included: - Borui Communication (600880) with a closing price of 5.22, up 2.35% [1] - Kede Education (300192) at 19.13, up 0.63% [1] - Significant decliners included: - Guomai Technology (002093) at 11.08, down 5.86% [2] - Kevin Education (002659) at 5.54, down 5.78% [2] - Action Education (605098) at 39.22, down 1.11% [1] Trading Volume and Capital Flow - The education sector saw a net outflow of 256 million yuan from institutional investors, while retail investors had a net inflow of 178 million yuan [2] - The total trading volume for the education sector was significant, with Kede Education (300192) recording a trading volume of 291,700 shares and a transaction value of 564 million yuan [1] Capital Flow Analysis - Key capital flow data showed: - Kede Education had a net inflow of 42.83 million yuan from institutional investors, representing 7.60% of its total [3] - Guomai Technology experienced a net outflow of 12.10 million yuan from institutional investors, indicating a negative sentiment [3] - The overall trend indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors showed some interest [2][3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $5.20, indicating a potential upside of 113.1% from the current price of $2.44 [2][5][9]. Core Insights - The company is expected to achieve a revenue growth rate of 35% in 2025 and 20% in 2026, driven by its strong online education services and improving operational efficiency in offline business [3][4]. - The adjusted operating loss for 2025 is projected to be approximately 510 million RMB, with a turnaround expected in 2026 [3][4]. - The report highlights the importance of enhancing the efficiency of offline operations while leveraging the existing advantages in online education [3][4]. Financial Forecasts - Revenue projections for 2025 are set at 6,132 million RMB, reflecting a 34.7% growth compared to previous estimates [4]. - The gross profit for 2025 is expected to be 4,160 million RMB, with a gross margin of 67.8% [4]. - Adjusted net profit is forecasted to be a loss of 344 million RMB in 2025, improving to a profit of 194 million RMB in 2026 [4][14]. Stock Performance - The stock has shown a year-to-date increase of 11.42%, with a 52-week high of $4.04 and a low of $1.88 [7][9]. - The average trading volume is reported at 0.74 million shares per day [7]. Market Context - The report emphasizes the long-term growth potential of the K12 education sector, supported by demographic changes and the company's established online education capabilities [3][4].

Market Overview - The education sector experienced a decline of 1.56% on November 20, with Xueda Education leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Xueda Education's stock price fell by 5.28% to 37.69, with a trading volume of 42,200 shares and a turnover of 162 million yuan [2] - Other notable declines included ST Kaiyuan down 4.16%, Kevin Education down 3.13%, and Action Education down 2.72% [2] - The overall trading volume and turnover for the education sector showed significant activity, with various stocks experiencing both gains and losses [1][2] Capital Flow Analysis - The education sector saw a net outflow of 82.801 million yuan from institutional investors, while retail investors had a net inflow of 88.948 million yuan [2] - Major stocks like China High-Tech and Guomai Technology had varying levels of net capital inflow and outflow, indicating mixed investor sentiment [3] - The data suggests that while institutional investors are pulling back, retail investors are actively participating in the market [2][3]