Core Insights - Xi'an University of Electronic Science and Technology has announced procurement intentions for 39 items of laboratory equipment, with a total budget of 83.68 million yuan [2][3]. Procurement Overview - The procurement includes advanced instruments such as a multi-dimensional high-precision quantum fluorescence measurement system, fluid mechanics comprehensive experimental system, semiconductor parameter analyzer, power device characteristic analyzer, large-size wafer testing equipment, antenna environmental information monitoring platform, high-precision desktop CT detection system, and multi-position multi-modal imaging detection integrated platform [3][4]. - The expected procurement timeline is from March to December 2025 [3]. Detailed Equipment Specifications - **Multi-dimensional High-Precision Quantum Fluorescence Measurement System**: This system utilizes an integrating sphere combined with a spectrometer for high-precision fluorescence measurement, achieving a measurement error reduced to ±2% [4]. - **Semiconductor Parameter Analyzer**: Designed for testing electrical characteristics of semiconductor devices, it supports various measurement modes with a current measurement resolution of 10 fA and voltage measurement resolution of 0.5 μV [5]. - **Fluid Mechanics Comprehensive Experimental System**: This system is capable of conducting multiple experiments related to fluid dynamics, including Reynolds experiments and Bernoulli equation experiments, with specific requirements for pipe dimensions and pressure sampling rates [8]. Budget Allocation - The total budget for the procurement is 83.68 million yuan, with individual items having specific budget allocations, such as 1.65 million yuan for the quantum fluorescence measurement system and 1.15 million yuan for the fluid mechanics system [3][8].

Investment Rating - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook for their performance in the online travel industry [2][3]. Core Insights - Ctrip's 3Q25 revenue increased by 16% year-on-year to 18.4 billion yuan, with a non-GAAP operating profit of 6.1 billion yuan, exceeding expectations due to lower marketing expenses [2][7]. - Tongcheng Travel's 3Q25 revenue grew by 10% year-on-year to 5.5 billion yuan, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [3][8]. - Both companies are expected to benefit from the recovery in outbound tourism, with Ctrip's international OTA platform bookings increasing over 60% year-on-year and inbound tourism bookings more than doubling [2][7]. - The report highlights the stability of the online travel industry and the potential for market share growth for both companies, particularly in international markets [2][3]. Summary by Sections 1. Overseas Social Services: Ctrip and Tongcheng Travel 3Q25 Performance - Ctrip's accommodation booking revenue rose by 18%, transportation revenue by 12%, and business travel management revenue by 15% [2][7]. - Tongcheng Travel's core OTA business revenue increased by 15%, with accommodation booking revenue also up by 15% [3][8]. - Both companies are positioned well for future growth, particularly in outbound travel, with expectations for international flight and hotel contributions to increase significantly by 2027 [3][8]. 2. Overseas Pharmaceuticals: CSPC Pharmaceutical Group - CSPC's revenue for the first three quarters of 2025 decreased by 12.3% to 19.89 billion yuan, but third-quarter revenue grew by 3.4% to 6.62 billion yuan, aligning with expectations [4][13]. - The report notes a decline in gross margin and a decrease in the contribution of the prescription drug segment to total sales [4][13]. 3. Overseas Education: Profitability Management Conditions Mature - The education index rose by 2% this week, with a year-to-date increase of 7.3% [19]. - The report suggests focusing on Hong Kong higher education companies, anticipating a recovery in profitability and expansion potential [21][29].

11月19日下午，校长马海涛教授在沙河校区为经济学院数字经济时代经济学拔尖学生培养基地班师生作"构建中国财政学自主知识体系"专题讲座。讲座由 经济学院院长郭冬梅主持。 马海涛从基地育人使命出发，强调财政学研究要扎根中国现实。他指出，作为国家首批基础学科拔尖学生培养计划2.0基地，基地始终秉持 "时代化、本土 化、国际化、理论化"的育人理念，构建了 "顶天—立地—强基"三位一体的培养体系，旨在培养学生立足国情、解决中国问题的能力，造就真正熟悉中国 经济、勇于自主创新的栋梁之材。 讲座现场师生反响热烈，基地师生深刻认识到，构建中国财政学自主知识体系，必须以学术自信立足现实，以历史自觉传承精神，以时代担当开拓未来。 郭冬梅在总结中勉励基地学子珍惜学习机会，积极为经济学自主知识体系建设贡献青春力量。 马海涛系统梳理了中国财政职能的演进脉络，指出其伴随经济体制的深刻变革，历经不断发展，逐步形成"收、支、管、调、防"五位一体的综合体系。他 强调，中国财政学的演进并非简单照搬西方理论，而是始终立足国情、回应时代需求的自主创新过程。在阐述中国财政现实的基础上，马海涛进一步指 出，构建自主知识体系不仅需要立足国情，更需要严谨治 ...

Core Viewpoint - The article discusses the latest "Soft Science World-Class Discipline Ranking" (GRAS) released by a higher education evaluation agency, highlighting the significant progress of Chinese universities in various disciplines, particularly in emerging fields like artificial intelligence and biomedical engineering [3][4]. Group 1: Ranking Overview - In the 2025 GRAS ranking, Chinese universities achieved first place in three disciplines: Power Electronics Engineering, Biomedical Engineering, and Materials Science and Engineering, increasing the total number of world champion disciplines to 21 [3][6]. - The ranking includes over 3,000 universities globally, showcasing more than 20,000 discipline points from over 2,000 universities across 92 countries and regions [4]. Group 2: Performance of Chinese Universities - Chinese universities ranked second globally with 3,747 total appearances in various disciplines, with 359 universities listed. The United States led with 4,281 appearances across 27 disciplines [6]. - Tsinghua University has seven champion disciplines, ranking second only to Harvard University, which has eleven. Shanghai Jiao Tong University has two champion disciplines, while twelve other universities each have one [6][8]. Group 3: Emerging Disciplines - The newly added champion disciplines of Power Electronics Engineering and Biomedical Engineering reflect the growing importance of interdisciplinary studies in driving technological advancements [8][9]. - The Power Electronics Engineering discipline at Tsinghua University has a strong historical foundation, consistently ranking first in national assessments [8]. - Shanghai Jiao Tong University achieved first place in Biomedical Engineering, marking a significant milestone for Chinese universities in this field [9]. Group 4: Educational Reforms and Future Directions - Recent adjustments in academic disciplines, as outlined in the "Reform Plan" by the Ministry of Education, aim to optimize and adjust 20% of higher education programs by 2025, leading to the establishment of 3,229 new undergraduate programs and the cancellation of 2,534 [10]. - The focus on artificial intelligence and integrated circuits in educational reforms indicates a strategic push towards cultivating top-tier innovative talent in critical fields [10][11]. Group 5: Artificial Intelligence and Robotics - The demand for professionals in artificial intelligence is projected to increase sixfold by 2030 compared to 2022, prompting rapid development in related academic programs [12]. - Tsinghua University and Shanghai Jiao Tong University are leading in artificial intelligence education, with Tsinghua establishing an AI college and Shanghai Jiao Tong launching an AI talent program [13][14]. - The newly ranked Robotics Science and Engineering discipline features 100 universities globally, with Shanghai Jiao Tong University and Tsinghua University among the top in China [14].

Core Insights - The number of global champion disciplines in Chinese mainland universities has increased to 21, with three new disciplines achieving world firsts in 2025 GRAS rankings [1][2] - The rankings reflect the growing emphasis on interdisciplinary studies in response to technological revolutions and industrial transformations [1][2] Group 1: Rankings and Achievements - Chinese mainland universities ranked first in three disciplines: Power Electronics Engineering, Biomedical Engineering, and Materials Science and Engineering [1][2] - The total number of disciplines ranked in the GRAS has reached 57, covering five major fields: natural sciences, engineering, life sciences, medicine, and social sciences [1][2] - The United States maintains the lead with 27 disciplines ranked first, totaling 4,281 mentions, while Chinese universities follow with 3,747 mentions across 21 disciplines [2] Group 2: Institutional Highlights - Tsinghua University leads with seven champion disciplines, followed by Harvard University with eleven [2] - Shanghai Jiao Tong University and Beijing University of Aeronautics and Astronautics each have one champion discipline [2] - The increase in champion disciplines indicates a shift from follower to leader status for several Chinese universities in their respective fields [2] Group 3: New Disciplines and Trends - The newly added champion disciplines include Artificial Intelligence and Robotics Science and Engineering, reflecting the growing importance of these fields [1][2] - The demand for professionals in Artificial Intelligence is projected to increase sixfold by 2030, highlighting the urgency for educational institutions to adapt [9][10] - The establishment of interdisciplinary research platforms and funding initiatives at institutions like Shanghai Jiao Tong University is driving innovation in health technology [5][9] Group 4: Policy and Structural Changes - The Ministry of Education's reform plan aims to optimize and adjust 20% of academic programs by 2025, leading to the establishment of 3,229 new undergraduate programs and the discontinuation of 2,534 [5][6] - The focus on strategic emerging industries and foundational disciplines is part of a broader initiative to cultivate top-tier innovative talent [6][7]

Core Insights - The integration of generative AI into daily life is accelerating, with a focus on "embodied intelligence" as part of the national strategy to implement "AI+" in higher education [1] - Jiangsu province is actively responding to national strategies to seize opportunities in "AI+ higher education" [1] Group 1: AI Education Ecosystem - Jiangnan University has introduced an AI course that combines virtual and physical classroom experiences, allowing AI to assess student engagement and generate comprehensive analyses [2] - Over the past three years, Jiangsu's education department has issued multiple policies to create a comprehensive "AI+ education" reform ecosystem, covering all educational stages [2] - A total of 36 undergraduate institutions in Jiangsu have established AI majors, with 7 universities offering "AI+" dual degree programs, and several new interdisciplinary undergraduate programs have been launched [2] Group 2: Vertical AI Models - Jiangnan University released the world's first AI model dedicated to food science, named FoodSeek, while Southeast University introduced an ethical AI model called "Wendao" [3] - Nanjing University has built a smart computing center and a data center to support AI applications, focusing on algorithms, computing power, and data [3] Group 3: Classroom Innovations - Southeast University's "Future Robotics" course emphasizes practical skills in robot manufacturing, integrating AI assistance for problem-solving [4] - Nanjing University will offer an AI core course to all undergraduate freshmen starting in the fall of 2024, with other universities following suit [4] - Educators are encouraged to use AI as a teaching assistant to enhance student engagement and problem-solving skills [4] Group 4: Industry Collaboration - Nanjing University is creating a practical education ecosystem by collaborating with local industries to address real-world challenges [5] Group 5: AI Usage Guidelines - The increasing use of generative AI among students raises questions about setting reasonable boundaries for its application in education [7] - Internationally, educational institutions are shifting from banning to guiding the use of generative AI tools, emphasizing ethical and responsible usage [7] - There is a focus on developing students' comprehensive skills, critical thinking, and innovation capabilities through AI integration in various academic activities [7]

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of education, health, and the integration of education, technology, and talent development as part of the "14th Five-Year Plan," providing a strategic direction for the high-quality development of traditional Chinese medicine (TCM) [1] Group 1: Achievements and Developments - Since the beginning of the "14th Five-Year Plan," Beijing University of Chinese Medicine has made significant breakthroughs in high-quality development, including the elevation of academic disciplines and the establishment of a comprehensive talent cultivation system [2] - The university's disciplines in traditional Chinese medicine, integrated Chinese and Western medicine, and Chinese pharmacy have been recognized as "Double First-Class" disciplines, with the highest number of key disciplines in TCM in the country [2] - The university has created a collaborative education platform and innovative talent training programs, receiving national-level teaching awards and recognition for its educational achievements [2] Group 2: Future Plans and Strategies - During the "15th Five-Year Plan," the university will focus on national strategic needs and the overall development of TCM, promoting integrated reforms in education, technology, and talent [3] - The establishment of a high-level professional teaching staff and a robust talent cultivation mechanism is planned to enhance innovation and support the modernization of TCM [3] - The university aims to develop a comprehensive evaluation system for teachers, focusing on innovation, quality, and contribution, to promote sustainable development of the teaching staff [4] Group 3: Innovation and Technology Integration - The university will deepen the cultivation of innovative talents and enhance collaborative education models, integrating clinical education with research and practice [6] - The use of digital technology and artificial intelligence will be emphasized to optimize educational and research management, enhancing the quality of TCM education and services [9] - The establishment of a data-driven AI-assisted service platform is planned to improve decision-making and governance capabilities in TCM [9] Group 4: Goals and Projections - The university aims to achieve a leading position in higher medical education in China by 2030, with its core disciplines recognized among the world's best [10] - Major projects will be implemented to enhance the service quality of affiliated hospitals and support the development of national TCM centers and innovative research platforms [10] - The overall goal is to build a world-class university specializing in TCM, characterized by distinct features, strong advantages, and international recognition [10]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 3.68 [1][5]. Core Insights - The company has entered a new phase of stable organic growth, shifting focus from external expansion to internal growth and value enhancement, with long-term profitability remaining robust [1][2]. - For FY25, the company reported total revenue of RMB 7.363 billion, a year-on-year increase of 11.9%, and a net profit of RMB 506 million, up 0.8% year-on-year, aligning with performance forecasts [1][3]. - The company has optimized capital expenditures to RMB 2.66 billion, a decrease of nearly 45% year-on-year, indicating a transition to a more cash flow-focused growth period [2][5]. Summary by Sections Financial Performance - FY25 domestic revenue grew by 11.8% and international revenue by 14.8%, continuing a trend of simultaneous volume and price increases [2]. - The full-time student enrollment reached 282,000, a 5% increase year-on-year, with the higher education segment seeing a 9% growth in enrollment [2]. - The gross profit margin for FY25 was 53.32%, a decline of approximately 2 percentage points due to increased investments in faculty and teaching quality [3]. Profitability and Taxation - The net profit for FY25 was RMB 506 million, with a one-time impairment of goodwill and intangible assets amounting to RMB 17.06 billion (after tax RMB 16.75 billion) impacting short-term results [3]. - The company’s income tax expense increased significantly to RMB 320 million, reflecting proactive optimization of the group structure [3]. Regulatory Environment - The Guangdong Provincial Education Department has released a draft for the classification management reform of private higher education institutions, which could support sentiment and valuation recovery for the company if successful [4]. Future Projections - Adjusted net profit estimates for FY26-28 are projected at RMB 2.037 billion, RMB 2.137 billion, and RMB 2.175 billion respectively, with a dividend policy expected to resume in FY27 at a 40% payout ratio [5][10]. - The company’s weighted average cost of capital (WACC) is maintained at 14.89%, with a perpetual growth rate of 1% [5][11].

针对研究生群体，"学位论文及实践成果篇"强调，严禁使用人工智能实施代写、剽窃、伪造等行为，研 究生指导教师需提供规范性指导并进行全过程监督，确保学术训练的完整性和学位论文及实践成果的原 创性。 参与《指导原则》制定工作的清华大学在线教育中心主任王帅国表示，《指导原则》也为未来在学术研 究、管理服务等更多场景中拓展人工智能应用边界预留了充分空间，"我们希望它是一个有生命力的、 能随着技术演进不断生长的指导体系"。 中青报·中青网记者 王璟瑄 《指导原则》由"总则""教学篇""学位论文及实践成果篇"3部分构成，覆盖当前教学与学术研究的核心 场景。"总则"部分明确了学校"积极而审慎"的基本立场，并提出"主体责任""合规诚信""数据安全""审慎 思辨""公平包容"五大核心原则。 "主体责任"原则强调人工智能始终是辅助工具，师生才是教学与学习的主导者；"合规诚信"原则要求师 生对人工智能使用情况及生成内容依规进行披露声明，严禁学术不端；"数据安全"原则严禁师生使用敏 感信息、涉密数据或未授权数据训练或驱动人工智能模型；"审慎思辨"原则提醒师生通过多源验证防范 因过度依赖导致的思维惰化；"公平包容"原则呼吁主动识别并努力 ...

在学科结构方面，面向人工智能和未来产业发展需要，全省36所本科高校已开设人工智能专业，7 所高校设立9个"人工智能+"双学士学位项目，东南大学、河海大学、南京林业大学等高校在全国首开未 来机器人、智慧水利、智慧林业等新兴交叉本科专业，更多高校开设相关微专业。 更多的垂直领域人工智能大模型涌现。今年7月，江南大学依托其"食品科学与工程"学科优势，发 布全球首个食品学科专用大模型FoodSeek（食问）。11月，东南大学发布全球首个系统级伦理垂直领域 大模型"问道"，为AI套上"伦理"缰绳。南京中医药大学依托学校中医药优势和资源，建立素山中药学教 育垂直大模型，让人工智能赋能中医药人才培养。 更多的"数字基建"正在落实，中国科学院院士、南京大学副校长周志华介绍了南京大学的创新举 措，针对人工智能技术应用有算法、算力、数据三要素。南京大学统筹算力资源、高标准建设了智能计 算中心，并配备了基础机房环境，同时建成校级数据中心，实现数据对接与共享。 走进课堂，从"会学"到"会用" 在东南大学"未来机器人"专业课上，学生的学习目标是制作一款智能轮式机器人。老师需要教授的 各类知识点和实验技能都贯穿于机器人制造中。不少同学在 ...