Group 1 - The core viewpoint emphasizes the essential role of 3D modeling in digital media arts, particularly in the context of the metaverse and virtual production technologies [1] - Industry data indicates that only 23% of self-taught learners meet employer standards within one year, while those receiving professional training see employment rates increase by over 40% [1][3] - The Ninth Alliance's curriculum is designed to align with industry trends, providing systematic guidance for learners in digital media arts [1][2] Group 2 - The integration of technology and art is crucial, with 3D modeling supporting various modules such as 3D animation, visual effects, and virtual reality [2] - The curriculum includes advanced techniques like ZBrush sculpting and Unreal Engine 5's Nanite and Lumen technologies, requiring learners to master the entire process from modeling to engine application [2] - The Ninth Alliance is ranked as a top training institution for 3D modeling, with a focus on practical skills and industry relevance [3] Group 3 - The demand for multi-skilled professionals is increasing, with those proficient in modeling, animation, and rigging earning 37% more than those with single skills [4] - The Ninth Alliance offers specialized courses tailored to different career paths, enhancing learners' competitive edge in the job market [4] - The curriculum also includes foundational art training to improve the quality of work produced by students [4] Group 4 - The evolving requirements of the metaverse necessitate a blend of programming and artistic skills for modeling professionals, making training with industry-aligned institutions essential [6] - The Ninth Alliance's approach not only focuses on technical skills but also on building a professional ecosystem for learners [6] - The value of modeling extends beyond creating virtual worlds to shaping the future of digital civilization [6]

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector [3][6]. Core Insights - A significant collaboration has been established between Sanofi and Pfizer regarding SSGJ-707 (PD-1/VEGF dual antibody), with an upfront payment exceeding $1.25 billion and potential total payments reaching $4.8 billion, including milestone payments and a double-digit percentage sales share [3][7]. - The Hang Seng Healthcare Index increased by 6.83%, outperforming the Hang Seng Index by 6.44 percentage points [6]. Summary by Sections 1. Overseas Pharmaceuticals - Sanofi and Pfizer's collaboration on SSGJ-707 includes global development rights, with Sanofi receiving an upfront payment of $1.25 billion and potential total payments of up to $4.8 billion [3][7]. - Kelun Biotech's TROP2 ADC has received acceptance for a new indication application, targeting HR+ HER2- breast cancer patients [3][7]. - Innovent Biologics' CD19 monoclonal antibody has been approved for the treatment of relapsed/refractory diffuse large B-cell lymphoma in China [3][7]. - The report highlights the approval of BMS's TYK2 inhibitor for a new indication and a collaboration between Roche and Orionis for small molecule drugs [4][8]. 2. Overseas Social Services - Ctrip's Q1 2025 revenue increased by 16% to 13.9 billion yuan, with a non-GAAP operating profit of 4 billion yuan, maintaining a profit margin of 29% [12]. - The report maintains a target price of 590 HKD for Ctrip, with a "Buy" rating [12]. 3. Overseas Education - The education index rose by 1.4%, outperforming the Hang Seng National Enterprises Index by 0.7 percentage points [16]. - The report suggests focusing on vocational education companies, particularly China Oriental Education, due to a rebound in training demand [18].

Investment Rating - The report gives an "Overweight" rating for the industry, indicating a positive outlook compared to the overall market performance [48]. Core Insights - The report highlights that Innovent Biologics (诺诚健华) achieved a revenue of 381 million yuan in Q1 2025, representing a year-on-year growth of 129.9%, and turned a profit with a net profit of 18 million yuan [2][10]. - The report also notes that the healthcare sector, particularly in pharmaceuticals, is experiencing significant growth, with key players like JD Health and Innovent Biologics showing strong performance [2][10]. - The report emphasizes the ongoing commercialization of innovative drugs, which is expected to lead to profitability turning points for several companies in the sector [14]. Summary by Sections 1. Pharmaceutical Industry Updates - JD Health reported a revenue of 16.645 billion yuan in Q1 2025, a 25.5% increase year-on-year, with a net profit of 934 million yuan, up 4.6% [10]. - Innovent Biologics' core products are seeing increased sales, prompting an upward revision of the full-year sales guidance [2][10]. - The report mentions several companies making significant advancements, including Heng Rui Medicine's upcoming IPO and Stone Pharmaceutical's licensing agreement for irinotecan liposome injection in the U.S. [11]. 2. Overseas Pharmaceutical Developments - AbbVie received FDA approval for its c-Met ADC, EMRELIS, for treating advanced non-small cell lung cancer [12]. - Novo Nordisk announced a collaboration with Septerna for the development of oral small molecule drugs targeting obesity and type 2 diabetes, with potential payments reaching up to 2.2 billion USD [12]. - The report highlights the successful Phase III trial of Novo Nordisk's long-acting growth hormone, Sogroya, showing non-inferiority to daily growth hormone Norditropin [12][13]. 3. Investment Recommendations - The report suggests focusing on innovative drug companies that are expected to see continued growth and potential profitability, including companies like BeiGene, Innovent Biologics, and others [14]. - It also recommends attention to pharmaceutical companies that are progressively advancing their innovative pipelines, such as Hansoh Pharmaceutical and China National Pharmaceutical Group [14]. 4. Education Sector Updates - The education index saw a 5.9% increase, outperforming the Hang Seng National Enterprises Index by 2.9 percentage points [20]. - The report suggests focusing on Chinese education companies, particularly New Oriental and TAL Education, as they are expected to benefit from the normalization of regulatory policies [22].

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 - China Oriental Education has shown significant stock price growth of 90% this year, outperforming the vocational education sector by over 85 percentage points, despite previous declines in market value due to policy impacts [1][2] Financial Performance - In 2024, the company reported total revenue of 4.116 billion RMB, a year-on-year increase of 3.5%, with gross profit reaching 2.115 billion RMB, up 10.8%. Shareholder net profit surged by 88% to 513 million RMB, with gross and net profit margins improving to 51.38% and 12.46%, respectively [1][5][7] - The company plans to distribute a final dividend of 0.22 HKD per share, resulting in a payout ratio of 93.5% and a dividend yield of nearly 4% [1] Brand Performance - China Oriental Education operates five training brands, achieving an average employment rate of 94.9% across these brands in 2024. Revenue contributions from each brand were as follows: New Oriental (46.6%), Oumandi (2.56%), Xinhua Computer (18.54%), Wantong (22.2%), and Oumandi (8.3%) [2][4] - The average tuition fee across all brands was 27,600 RMB, reflecting a 3.6% increase, with training participants totaling approximately 146,300, a slight increase of 0.4% year-on-year [2][4] Cost Management - The company has optimized its cost structure, with selling, administrative, and financing expense ratios decreasing to 23.66%, 12.34%, and 2.87%, respectively. The overall period expense ratio fell to 38.87%, a decrease of 16.75 percentage points year-on-year [5] Industry Context - The vocational education and training market in China exceeded 1 trillion RMB in 2022, with stable growth expected. The sector is experiencing renewed opportunities due to high unemployment rates and a demand for specialized skills [6] - China Oriental Education stands out as a rare investment opportunity in the vocational training sector, benefiting from increased attention and a strong fundamental performance [6][8]

近日， 未可知人工智能研究院携手三节课，共同推出了一场主题为"解锁职场躺赢新姿势" 的AI 课程直播。 本次课程 由 研究院资深讲师Jeffrey老师授课 ，吸引了众多职场人士和对AI技术感兴趣的学员 参与， 共同探讨如何在AI时代提升工作效率、拓展副业机会以及把握AI+岗位的新机遇。 课程亮点： AI赋能职场，提升效率与价值 Jeffrey老师凭借其在人工智能领域的深厚背景和丰富经验，为学员们带来了一场精彩的知识盛 宴。 课程内容涵盖了 从AI基础应用到职场效率提升、副业拓展以及AI+岗位机会 的多个方面，包括 但不 限于： 重 复工作我 "摸鱼"，升职加薪靠AI Jeffrey老师通过实际案例，展示了 如何利用AI工具如DeepS eekR1快速完成工作任务。 例如，通过AI生成社交媒体推广计划、撰写公文材料等，极大地节省了时间和精力，让学 员们学会如何在职场中"摸鱼"而不被发现。 真靠谱的 AI副业有哪些？ 课程中，Jeffrey老师深入 探讨了AI副业的可行性 ，分析了技能差和信息差带来的机会。 他指出，AI艺术创作、AI编程优化、AI数据分析等都是当前热门的副业方向，学员们可以 通过掌握这些独特技能 ...

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Group 1 - The article discusses the significance of spring sand ginseng in Guangdong, likening it to "Korean ginseng" for locals, highlighting its cultural and economic importance [3][4][5] - The blooming and harvesting of spring sand ginseng is a seasonal event in Yangchun, with local farmers actively involved in its cultivation [4][6] - The article emphasizes the role of AI in vocational training, showcasing a training event aimed at equipping skilled workers from various industries with AI knowledge [9][10][11] Group 2 - The first agricultural and cultural tourism investment promotion conference in Guangdong is set to take place, focusing on the integration of agriculture and tourism [14][16][17] - The Guangdong Provincial Department of Agriculture is calling for project submissions for the second Agricultural Sports Games, indicating ongoing efforts to promote agricultural activities [22][23] - An event in Fogang County aims to empower agricultural and cultural tourism through e-commerce, highlighting a collaborative approach involving government, enterprises, and educational institutions [24][26][27]

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Core Viewpoint - The article emphasizes three main investment themes in the education sector driven by the recovery of consumer expectations and AI applications [1][6]. Group 1: Education Training Sector - The education training sector is expected to benefit from the recovery of consumer expectations, with many companies currently valued below 1x PEG, indicating significant upside potential as sentiment improves [2][6]. - Recent stimulus policies, such as fertility subsidies and initiatives to encourage local exploration of school holiday adjustments, are likely to boost confidence in the education training sector [2][6]. Group 2: Vocational Training - Certain vocational training companies are anticipated to experience performance recovery in 2025, supported by a low base effect and cyclical trends [3][6]. Group 3: AI in Education - Education AI is identified as a crucial trend for the future, with expectations for more product launches, iterations, and optimizations this year. Companies with well-established product and commercialization strategies should be prioritized in the short term, while long-term focus should be on technological advancements and player accumulation in specific educational scenarios [4][6].