南农晨读 | 锦绣 山河_南方+_南 方plus 【今日关注】 评论丨铭记岭南 烽火 凝聚复兴 伟力 八十多年前，卢 沟桥的枪声点燃 忾、共赴国难。 彼时彼刻，华北 敌后战场的八路 军伏击日寇于平 型关，华中抗日 的新四军血战刘 老庄；在岭南， 东江纵队的木船 劈开敌寇封锁 线，坪石先生的 粉笔在战火中续 写文明。 潮起南粤！广东 海洋经济的"新 力量三重浪"| 海 上新广东系列报 道④ 了全民族抗战的 烽火，中华大地 山河破碎、生灵 涂炭。在这民族 危亡的至暗时 刻，岭南儿女与 全国同胞同仇敌 "看这筐梭子 蟹，凌晨三点刚 上岸，下午就能 送到你们嘴 里！"晨雾未 散，茂名博贺港 已热闹起 来。"电白妹"朱 香玲架起手机直 播，镜头里是叠 着层层海鲜的摊 位，刚捞起的金 鲳鱼沾着海水， 梭子蟹的钳子还 在一张一合。 海上新广东·新 力量图集 凌晨五点，博贺 港码头已人声鼎 沸。人群中，不 少人手持直播设 备，正将刚上岸 的海鲜推介给屏 幕另一端的食 农人借助互联网 破浪前行，成为 海洋经济转型的 鲜活注脚。 【乡村振兴】 推动各类资源向 基层倾斜丨市委 书记抓乡村振兴 （2025.08.25- 08.31） ...

证券日报网讯豆神教育（300010）9月2日在互动平台回答投资者提问时表示，截至2025年6月30日，公 司股东总数为93397户。 ...

Group 1 - The "Night Tour of Jinjiang" has become a new landmark for nighttime tourism in Chengdu, featuring a 20-kilometer waterway and 10 major docks that connect various commercial, cultural, and tourism activities [1] - The project has attracted significant attention, with over 1.5 million viewers participating in a live-streamed tour led by prominent figures, showcasing its popularity and cultural significance [1] - Since its launch, the project has received approximately 2.9 million visitors and generated revenue of about 24.88 million yuan, indicating strong consumer interest and engagement [1] Group 2 - The Tiexiang Temple Water Street in Chengdu has emerged as another new landmark for cultural tourism, designed as a social and artistic space that integrates traditional architectural styles with local cultural elements [2] - The water street has attracted 92 well-known brands across various sectors, contributing to a diverse consumer landscape and enhancing local leisure consumption [2] - Financial institutions in Sichuan are actively promoting consumption through innovative initiatives, such as offering discounts and incentives, which have significantly boosted consumer spending [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company's core personalized education business benefits from the rigid demand in the high school stage and the clearing of supply-side issues in the industry, maintaining a high level of prosperity [3][21]. - The company achieved a net profit of 230 million yuan in the first half of 2025, representing a year-on-year growth of 42%, with total revenue of 1.92 billion yuan, up 18% [1][8]. - The company has accelerated its network expansion and teacher reserve since the second half of 2024, contributing to rapid growth in revenue and profit in the first half of 2025 [21][3]. Financial Performance - In the first half of 2025, the company's net profit margin reached 12.0%, an increase of 2.02 percentage points year-on-year, while the gross profit margin was 36.3%, up 0.26 percentage points [2][17]. - The company reported a cash collection from sales of 1.629 billion yuan, a year-on-year increase of 9.9%, with a contract liability balance of 597 million yuan, up 3.7% [13][1]. - The company has initiated a share repurchase plan in January 2025, intending to buy back shares at a price not exceeding 66.8 yuan per share, demonstrating management's confidence in the company's future development [21][2]. Earnings Forecast - The company forecasts net profits of 251 million yuan, 301 million yuan, and 363 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.04 yuan, 2.44 yuan, and 2.95 yuan [4][3]. - The projected revenue for 2025 is 3.409 billion yuan, reflecting a growth rate of 22.4% [4][3].

Core Insights - The article discusses the rapid implementation of the "Artificial Intelligence +" initiative across various regions in China, emphasizing the collaboration between industry applications and foundational capabilities to promote AI integration into economic and social sectors [1][2][3]. Group 1: Government Initiatives - The "Artificial Intelligence +" initiative was included in the 2024 government work report, with multiple regions like Tianjin, Anhui, Sichuan, and others developing their action plans [2][3]. - Shanghai has initiated the 2025 "Artificial Intelligence +" project application process, focusing on six key actions and eight foundational capabilities [1][2]. Group 2: Industry Focus Areas - Key sectors for AI deployment include education, manufacturing, and healthcare, with local governments actively promoting AI integration in these areas [2][6][8]. - The integration of AI in education aims to cultivate multi-disciplinary talents and enhance national competitiveness, shifting from traditional teaching methods to personalized learning experiences [9]. Group 3: Regional Development Goals - Various regions have set specific targets for AI industry growth, such as Liaoning aiming to cultivate over 300 AI enterprises and achieve a core industry scale of 100 billion yuan by 2027 [4]. - Tianjin plans to develop 30 benchmark AI application scenarios and achieve a revenue of over 100 billion yuan for core AI enterprises by 2027 [4][5]. Group 4: Manufacturing Sector - Regions like Shanghai and Guangxi have introduced plans to enhance AI applications in manufacturing, with Shanghai targeting the intelligent transformation of 3,000 manufacturing enterprises and the establishment of 10 benchmark smart factories [6][7]. - The article highlights the need for deeper integration of AI technologies in manufacturing processes to unlock their full potential [7]. Group 5: Healthcare Applications - Beijing's plan for "Artificial Intelligence + Healthcare" aims to create an influential ecosystem by 2027, focusing on the application of AI in drug development and healthcare services [8]. - Zhejiang's action plan emphasizes AI's role in public health, clinical medicine, and medical research [8]. Group 6: Collaborative Innovation - The article notes that local governments are encouraged to adopt tailored strategies based on regional characteristics and existing policies to foster collaborative innovation in AI [3][7].

Market Overview - The education sector experienced a decline of 2.7% on September 2, with Guomai Technology leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Action Education (605098) closed at 36.05, with a slight increase of 0.14% and a trading volume of 15,700 shares [1] - Kevin Education (002659) remained unchanged at 5.24, with a trading volume of 214,400 shares [1] - Xueda Education (000526) fell by 0.98% to 47.70, with a trading volume of 27,300 shares [1] - ST Dongshi (603377) decreased by 1.39% to 3.56, with a trading volume of 212,600 shares [1] - Zhonggong Education (002607) dropped 1.66% to 2.97, with a trading volume of 3,027,500 shares [1] - Angli Education (600661) fell by 1.92% to 10.70, with a trading volume of 60,100 shares [1] - Borui Communication (600880) decreased by 2.15% to 5.01, with a trading volume of 292,400 shares [1] - ST Kaiyuan (300338) fell by 2.17% to 4.05, with a trading volume of 57,100 shares [1] - ST Chuan Zhi (003032) decreased by 2.38% to 6.56, with a trading volume of 67,600 shares [1] - Quantu Education (300359) fell by 2.45% to 5.96, with a trading volume of 170,300 shares [1] Capital Flow Analysis - The education sector saw a net outflow of 401 million yuan from institutional investors, while retail investors experienced a net inflow of 307 million yuan [2] - The net inflow from speculative funds was 93.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Kevin Education (002659) had a net inflow of 8.16 million yuan from institutional investors, while speculative funds saw a net outflow of 4.64 million yuan [3] - Action Education (605098) experienced a net inflow of 6.19 million yuan from institutional investors, with a net outflow of 3.53 million yuan from speculative funds [3] - Xueda Education (000526) had a minimal net inflow of 143,500 yuan from institutional investors, with a net outflow of 3.46 million yuan from speculative funds [3] - Kede Education (300192) saw a slight net outflow of 187,300 yuan from institutional investors, with a significant net outflow of 24.17 million yuan from speculative funds [3] - ST Kaiyuan (300338) experienced a net outflow of 3.39 million yuan from institutional investors, while speculative funds had a net inflow of 711,800 yuan [3] - ST Chuan Zhi (003032) had a net outflow of 6.13 million yuan from institutional investors, with a net inflow of 890,700 yuan from speculative funds [3] - Angli Education (600661) saw a net outflow of 8.87 million yuan from institutional investors, while retail investors had a net inflow of 9.28 million yuan [3] - ST Dongshi (603377) experienced a net outflow of 12.71 million yuan from institutional investors, with a net inflow of 9.10 million yuan from retail investors [3] - Quantu Education (300359) had a net outflow of 12.94 million yuan from institutional investors, while retail investors saw a net inflow of 7.30 million yuan [3]

Core Insights - The report emphasizes the rapid development and potential of AI Agents across various industries, highlighting their ability to enhance efficiency and automate tasks in sectors such as gaming, healthcare, marketing, education, finance, and office work [2][15][27][31][41][47]. Market Review - The A-share market saw a 1.9% increase during the week of August 25-29, with significant activity in sectors like optical modules and GPUs. The average daily trading volume reached 29.82 billion yuan, up by 3.975 billion yuan from the previous week [3][50]. - The report notes a decrease in the number of stocks rising daily, with 2,317 stocks up on average, down by 806 from the previous week. The number of stocks hitting the daily limit fell from 92 to 73, indicating a weakening profit effect [3][50]. Policy Dynamics - The State Council issued an opinion on the implementation of "Artificial Intelligence+" actions, aiming for widespread integration of AI in six key areas by 2027, with a target application penetration rate exceeding 70% for new intelligent terminals and agents [4][27]. - The Ministry of Industry and Information Technology released guidelines to promote the development of the satellite communication industry, supporting telecom operators in exploring high-orbit satellite applications [4][27]. Industry Trends - The report highlights the World Robot Conference and the approval of the "special edition" Blackwell AI chip for sale in China, indicating advancements in AI technology and robotics [5]. - In the AI gaming sector, AI is primarily focused on efficiency improvements, with future developments expected to introduce more native AI gameplay. A survey indicated that around 80% of game developers believe AI can enhance project efficiency by over 20% [25][26]. - The AI healthcare market is projected to grow from 97.3 billion yuan in 2023 to 159.8 billion yuan by 2028, with a compound annual growth rate of 10.5% [27][28]. AI Applications - AI in marketing addresses challenges such as customer insight and personalized marketing, with content generation being a prominent application. The report notes that young consumers increasingly value personalized experiences [31][32]. - In education, policies are actively promoting the integration of generative AI, with a focus on transforming teaching methods and environments [37][40]. - The financial sector is seeing continuous penetration of AI across various functions, particularly in risk management and compliance, with a shift towards edge deployment of AI models for enhanced data security [41][42]. AI Agent Investment Landscape - The global AI Agent market is expected to grow from $5.25 billion in 2024 to $52.62 billion by 2030, with a compound annual growth rate exceeding 40% [15]. - AI Agents are particularly suited for high-frequency, repetitive tasks, significantly reducing manual intervention and improving efficiency in structured data environments [15][19].

Core Viewpoint - The recent national policy marks a significant shift in China's urban development paradigm, moving away from real estate as the main driver of growth towards a focus on enhancing quality of life, convenience, and resilience for citizens [1][5][40]. Group 1: Policy Shift - The document titled "Opinions on Promoting High-Quality Urban Development" emphasizes a transition from a material-centric approach to a people-centric one, prioritizing education, healthcare, and social welfare over real estate and land finance [5][31]. - The real estate sector is being repositioned as a tool for social welfare rather than a profit-driven industry, indicating a fundamental change in its role within the economy [7][9]. Group 2: Urban Development Focus - The new urban development strategy aims to create a "15-minute living circle," ensuring essential services like markets, schools, and healthcare facilities are within a short walking distance from residents' homes [15][17]. - The policy encourages community participation in urban renewal and emphasizes the importance of improving urban resilience, including infrastructure upgrades to prevent flooding and enhance emergency response [19][21]. Group 3: Evaluation Metrics - New assessment criteria for urban governance will focus on residents' happiness, convenience, community service quality, and population inflow, moving away from traditional metrics like GDP and land sales [25][40]. - The document highlights the need for a balanced distribution of educational and healthcare resources to alleviate issues like "school seat grabbing" and improve overall community well-being [23][31]. Group 4: International Comparison - The policy document contrasts Western capital-driven urban models and Hong Kong's high-turnover real estate approach, advocating for a unique Chinese path that prioritizes human investment over speculative real estate practices [27][29]. - This comparison serves as a reminder for China to avoid pitfalls seen in other urban models, focusing instead on sustainable and inclusive urban development [29][40]. Group 5: Implementation Challenges - The transition to this new urban model faces challenges, including local government capacity to execute the central government's vision and potential conflicts arising from urban renewal processes [38][40]. - The shift from a growth-at-all-costs mentality to a more sustainable approach reflects a commitment to long-term urban quality and livability [38][42].

Core Viewpoint - The Ministry of Commerce plans to introduce several policies to expand service consumption this month, reflecting a shift in macroeconomic policy focus towards balancing goods and service consumption [1] Group 1: Service Consumption Trends - There is a high income elasticity in service consumption, meaning changes in residents' income expectations and growth significantly impact this sector [1] - Recent consumption trends indicate that demand and spending in the service sector are not lacking; rather, there is a need to match evolving consumer preferences with appropriate scenarios and quality supply [1] - The youth consumer group, particularly Generation Z, is willing to spend on interests and emotional value, as seen in the phenomenon of "LABUBU," while also seeking high cost-performance ratios, demonstrating a preference for spending wisely [1] Group 2: Policy Recommendations - To address the shortage of quality service supply, the focus should be on "opening up externally and loosening restrictions internally," which includes expanding pilot programs in telecommunications, healthcare, and education to attract mature and high-quality services [1] - Additionally, reducing domestic market restrictions, such as easing market access and optimizing regulatory models, is essential to stimulate market competition and enrich service supply [1] Group 3: Short-term and Long-term Measures - The proposed measures for "opening up externally and loosening restrictions internally" are more aligned with long-term reforms aimed at fundamentally improving the service consumption cycle [2] - Short-term counter-cyclical adjustment policies are also necessary to provide immediate visibility of the government's commitment to boosting consumption, exemplified by the recent "dual subsidy" policy from the Ministry of Finance, which aims to lower financing costs for consumers and operators [2] - Both long-term reforms and short-term adjustments must continuously address real consumer needs to translate policy effectiveness into tangible benefits for consumers [2]

证券时报记者 秦燕玲 因此，当前要聚焦于解决优质服务供给短缺的矛盾，通过"对外开放、对内放开"，一方面扩大电信、医 疗、教育等领域开放试点，引入更多模式成熟、优质的服务；另一方面则是减少国内市场的限制性措 施，包括放宽市场准入、优化监管模式等，激发市场竞争活力，丰富服务供给。 不过，这些"对外开放、对内放开"的举措更多偏向于长期改革，即通过释放制度红利，从根本上畅通服 务消费循环。因此在具体政策落实层面，还需要短期逆周期调节政策的适时推出，立竿见影地让外界感 知到政府部门提振消费的力度和决心。如近期财政部等部门推出的"双贴息"政策备受瞩目，就是因为有 财政资源发力，"四两拨千斤"地撬动金融资源，通过二者协调配合切实降低消费者、经营者的融资成 本，并引导金融资源精准流向消费领域。总之，无论长期改革还是短期调节，都需要在落地过程中持续 关照人的真实需求，这样才能把政策含金量转化为消费者的实在获得感。 商务部日前指出，将于本月出台扩大服务消费若干政策举措。事实上，今年以来，宏观逆周期调节政策 持续向服务消费领域倾斜，体现出在消费形态逐步转向商品消费与服务消费并重过程中，宏观政策着力 点的转变。 诸如"为一场演出奔赴 ...