Group 1 - The article emphasizes the increasing encouragement from the government for non-teacher graduates to take the teacher qualification exam, allowing them to work in various educational institutions after passing the exam [1] - Non-teacher graduates can effectively prepare for the teacher qualification exam with the help of professional training systems and services provided by companies like Ousi Education [1][4] - The preparation for the written exam requires careful selection of subjects and understanding of the exam content, particularly focusing on the more challenging Subject II [1][2] Group 2 - Ousi Education suggests that candidates should solidify their foundation by reviewing materials for Subject I and focusing on the more complex Subject II with targeted study strategies [2] - The interview preparation involves familiarizing oneself with the interview process, practicing teaching demonstrations, and receiving feedback from experienced instructors to improve performance [2][3] - Ousi Education's research team, with extensive experience in teacher qualification exam training, provides efficient guidance and condensed course content to help candidates master essential knowledge points [3]

告编号：临 2025-068）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一 键通服务用户使用手册》 | 2025-077 | | --- | | 公告编号：临 | | 东时 | | 证券简称：ST | | 证券代码：603377 | 转债代码：113575 转债简称：东时转债 东方时尚驾驶学校股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东方时尚驾驶学校股份有限公司（以下简称"公司"）拟于 2025 年 5 月 20 日 14:30 召开 2024 年年度股东大会，本次会议采用现场投票和上海证券交易所 股东大会网络投票系统相结合的表决方式。具体内容详见公司于 2025 年 4 月 30 日在上海证券交 ...

内容概况：自"双减"政策实施以来，学科类培训全面纳入监管框架，非学科类机构亦需完成备案及资金 监管。2024年，全国超70%的少儿培训机构完成合规化整改，行业准入门槛显著提升。政策同时鼓励素 质教育发展，如编程、艺术、体育等赛道获得明确支持，推动机构向多元化转型。同时，在技术赋能 下，AI互动课、智能题库等新模式降低获客成本，如斑马AI课通过"9.9元体验课"获客超百万。此外， 教育部门推动的"课后服务进校园"政策，促使机构与公立校合作项目增加，形成"B端+C端"双轮驱动。 2024年，中国少儿培训行业市场规模为9984亿元，同比增长7.51%。 相关上市企业：学大教育（000526）、美吉姆（002621）、全通教育（300359）、科德教育 （300192）、昂立教育（600661） 相关企业：世纪天鸿教育科技股份有限公司、北京楷德教育咨询有限公司、北京大米科技有限公司、北 京大米科技有限公司、北京猿力科技有限公司、北京作乐科技有限公司、北京翼鸥教育科技有限公司、 深圳市腾讯计算机系统有限公司、中国少儿培训联盟有限公司、科大讯飞股份有限公司、北京智慧树教 育科技有限公司、迪士尼英语培训服务（上海）有限公司 ...

省人社厅和省财政厅近日联合下发通知，将用3年时间，实施"技能照亮前程，强企稳岗惠民"培训 行动。 培训行动突出面向离校未就业高校毕业生等就业重点群体和企业转岗稳岗职工，聚焦江苏"1650"产 业体系，开展数字经济、低空经济、人工智能、装备制造等产业领域培训；聚焦新型城镇化和乡村全面 振兴，加强农村转移就业劳动者、返乡创业劳动者和在岗农民工培训；聚焦新业态新模式从业人员，积 极开设依托互联网平台就业的网约配送员、互联网营销师等职业（工种），以及新模式发展需要的全媒 体运营师、区块链应用操作员等职业（工种）培训项目；聚焦"一老一小"等民生需求，强化育婴、养 老、护理、康复等领域技能培训；聚焦企业转岗稳岗职工，将涉及的主要、高频职业（工种）纳入政府 补贴性职业技能培训职业（工种）目录，支持开展紧缺型高技能人才获证培训、企业新型学徒制等培 训。 围绕企业发展需要和职工技能提升需求，培训行动支持企业按规定申报建设高技能人才专项公共实 训基地和技能大师工作室；开展企业新录用员工、转岗职工和在岗职工技能培训。引导支持企业按需设 立学徒岗位，可将签订半年以上实习协议的毕业年度高校毕业生纳入企业新型学徒范围，对毕业后与实 习企 ...

Core Viewpoint - The competitive ratio for the 2025 national civil service examination is approximately 65:1, reflecting the ongoing trend of increasing interest in civil service exams in China, which has significantly boosted the performance of companies like Huatu Shanding in the non-degree training sector [1][6]. Company Performance - In 2024, Huatu Shanding achieved a revenue of 2.833 billion yuan, marking a year-on-year increase of 1046.34%, with non-degree training contributing 98.54% of the total revenue [1][3]. - For the first quarter of this year, Huatu Shanding reported a revenue of 827 million yuan, a nearly 20% increase year-on-year, and a net profit of 121 million yuan, up nearly 70% [2][4]. - The company’s face-to-face training generated 2.467 billion yuan in revenue, while online training and other services accounted for 167 million yuan [5]. Market Dynamics - The number of candidates for the national civil service examination has reached 2.586 million, with a recruitment plan of 39,700 positions, indicating a growing demand for civil service exam training [6]. - The training market for civil service and related examinations is projected to reach 50.5 billion yuan by 2026, with specific segments for civil service, public institutions, and teacher qualification exams expected to grow at compound annual growth rates of 11%, 8%, and 14%, respectively [6][7]. Competitive Landscape - The civil service training market is characterized by oligopolistic competition, with Huatu Shanding, Zhonggong Education, and Fenbi holding significant market shares [8]. - Huatu Shanding's gross margin for non-degree training was 54.46%, slightly lower than Zhonggong Education's 59.66% and Fenbi's 57.9% [8]. Strategic Initiatives - The company has invested heavily in AI research and development, with R&D expenses reaching 199 million yuan in 2024 and 36 million yuan in the first quarter of this year, reflecting a year-on-year increase of 511.6% [9]. - Huatu Shanding has established a robust teacher and staff training system, which is considered a core competitive advantage in the civil service training sector [9].

Core Viewpoint - Despite increased external uncertainties since April, the domestic economy shows strong resilience, supported by rising social financing and stable foreign trade growth [1]. Financial Data and Trends - In April, the growth rate of social financing increased, with RMB loans growing by 7.2% year-on-year, exceeding 8% after adjusting for local debt replacement [1]. - The total value of goods trade imports and exports in the first four months increased by 2.4% year-on-year in RMB terms and 1.3% in USD terms, both accelerating by 1.1 percentage points compared to the first quarter [1]. Credit Structure Improvement - From January to April, RMB loans increased by 10.06 trillion yuan, roughly unchanged from the previous year, with notable improvements in credit structure [3]. - The balance of inclusive small and micro loans reached 34.31 trillion yuan, growing by 11.9% year-on-year, while medium to long-term loans for manufacturing increased by 8.5% to 14.71 trillion yuan [3]. Economic Structure and Credit Allocation - The evolution of credit structure reflects changes in the economic structure and promotes economic transformation, driven by the need for high-quality development [4]. - The proportion of corporate loans increased from 63% in 2021 to about 68%, while the share of household loans decreased from 37% to about 32%, indicating a shift towards funding for real enterprises [4]. Sector-Specific Loan Trends - The share of small and micro enterprise loans rose from 31% to about 38% of total corporate loans, while large and medium-sized enterprises' share fell from 69% to about 62% [5]. - In terms of industry allocation, loans to the manufacturing sector increased from 5.1% to about 9.3% of all medium to long-term loans, while traditional real estate and construction loans decreased from 15.9% to about 13% [5]. Consumer Spending and Policy Recommendations - Experts suggest that promoting consumption requires top-level design and a long-term development strategy, addressing employment, income, and social security to enhance consumer willingness and capacity [6]. - The focus should be on increasing the supply of high-quality consumer goods, supported by industrial and financial policies [6]. Future Financial Growth Outlook - Following external shocks, a package of policy measures was released on May 7, including interest rate cuts and structural tool optimization, aimed at fostering a favorable monetary environment for economic recovery [8]. - The People's Bank of China has implemented moderately loose monetary policies, with expectations for continued reasonable growth in financial totals [8]. Policy Innovation and Economic Support - Recent policy innovations, particularly in structural re-lending tools, aim to optimize financial resource allocation in line with economic transformation needs [9]. - The alignment of monetary policy with the goals of stimulating consumption and expanding domestic demand is evident in recent adjustments [9].

科德教育（300192.SZ）深度报告 油墨龙头战略转型，AI+教育值得期待 2025 年 05 月 14 日 ➢ 油墨+教育双主业发展，投资收益增强弹性。科德教育原名是科斯伍德，主要 从事胶印油墨和 UV 油墨研发、生产和销售等业务，旗下的"东吴牌"和"Kingswood" 品牌的油墨销量处于行业较高地位。受油墨化工行业发展空间影响，公司战略转型教 育服务行业，通过外延并购将龙门教育、西安培英、天津旅外和毛坦中学等纳入旗下， 快速抢占中高考复读、营利性高中和中职教育等市场，形成了油墨化工和教育服务双 主业发展态势。同时，公司积极寻找投资机会，战略投资中国自研推理和训练芯片公 司——中昊芯英，为布局 AI+教育提供了有利条件。受益于双主业发展和投资收益， 公司营业收入稳步增长，盈利能力显著提升，投资收益增强弹性，业绩快速释放。 ➢ "双减"加速供给出清，AI+教育龙头受益。2021 年 7 月"双减"政策来袭， 校外培训受到严重影响和冲击，教培公司采取收缩、转型和退出等策略，教培行业供 给出清。根据教育部数据，截至 2022 年 2 月末，线下教培机构减少 92.14%，线上 教培机构减少 87.07%。受益 ...

Group 1: Economic Growth and Financial Support - The financial total is expected to maintain reasonable growth following the introduction of a package of incremental policies in May, which will solidify the foundation for the continuous recovery of the domestic economy [1] - Despite increased external uncertainties since April, the domestic economy shows strong resilience, with social financing scale growth accelerating and RMB loan balance increasing by 7.2% year-on-year [1][2] - The foreign trade growth trend continues, with the total value of goods trade in the first four months increasing by 2.4% year-on-year in RMB terms and 1.3% in USD terms, indicating a recovery in export resilience [1] Group 2: Credit Structure Improvement - From January to April, RMB loans increased by 1.006 trillion yuan, with the balance of inclusive small and micro loans reaching 34.31 trillion yuan, growing by 11.9% year-on-year, and medium to long-term loans for manufacturing at 14.71 trillion yuan, growing by 8.5% [2] - The evolution of credit structure reflects economic structural changes, with a notable shift in loan distribution towards real enterprises, as corporate loans increased from 63% to approximately 68% of total loans from 2021 to present [3] - The proportion of loans to small and micro enterprises rose from 31% to about 38%, while loans to large and medium enterprises decreased from 69% to about 62%, indicating a significant impact from inclusive small and micro loan initiatives [3] Group 3: Industry Focus and Policy Direction - Financial institutions have increasingly directed credit resources towards manufacturing and technological innovation, with the proportion of manufacturing loans in total medium to long-term loans rising from 5.1% to approximately 9.3% since 2021 [4] - The focus of macroeconomic policy is shifting towards promoting consumption, with financial policies aimed at supporting high-quality consumer goods supply, while addressing employment, income, and social security issues to enhance consumer willingness and capacity [4][5] - The development of consumer finance aims to expand effective consumer demand and ensure that consumer loans are genuinely used to support consumption, emphasizing a principle of reasonable moderation [5] Group 4: Monetary Policy and Future Outlook - The central bank and other departments released a package of policy measures on May 7, including interest rate cuts and structural tool optimizations, to create a favorable monetary environment for economic recovery [6] - The central bank's recent monetary policy practices have focused on a combination of different policy tools to enhance effectiveness, benefiting various market participants and boosting market expectations and investment confidence [6][7] - Recent structural policy adjustments by the central bank are aligned with the macroeconomic strategy of tapping economic potential and promoting consumption, indicating a clear focus on technology and consumption as key support areas [7]

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 ...