当日的首届科技教育成果展现场集中展示了科技节系列活动成果，项目覆盖创客、机器人、人工智能、 未来工程师等多个前沿领域，并设有观鸟、天文、航天等主题的摄影绘画展。各区科技教育成果也同步 展出，涵盖课程创新、实践案例、跨校联动等内容，促进了区域经验交流与资源共享。 航空教育教学主题展是本次活动的一大亮点，集中呈现了北京航空航天大学等多所高校及中小学在"制 造业王冠"航空领域的教学成果。展览通过实物、模型与互动装置，展现航空科技从课堂到前沿的完整 脉络，在青少年心中播下探索苍穹的科学种子。 "最难的部分是如何呈现机身那流畅优美的线条，如何上色也是一大难题……经过不断尝试，我们终于 用废旧纸板制作完成了歼-20模型。"北京市育翔小学回龙观学校科技社团的成员在航空教育教学主题展 上展示了他们亲手制作的歼-20模型，并热情地向观众介绍。该校传承育翔小学空军子弟基因与"翔文 化"，聚焦航空航天、生命科学等特色领域。 来自西城区的北京市第十五中学展示了学生作品燃油小车，小车使用兼具轻量化与稳定性的4040欧标铝 型材，逐一攻克尺寸偏差、配件适配等难题制作而成；石景山区青少年活动中心展示了宁城古塔模型， 精准复原内蒙古赤峰市宁 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [1] Core Insights - The report highlights the growth in tourism between China and Cambodia, driven by the new visa-free policy, which is expected to boost tourist flows [5][15] - The breakfast market in China is identified as a significant opportunity, with major brands like Mixue and Guoming entering the segment [6][33] - The education sector is experiencing a shift towards vocational training due to declining numbers in traditional higher education applications, emphasizing employment-oriented education [39][44] - Lin Qingxuan, a high-end domestic skincare brand, is showing strong growth in both online and offline sales, with a notable increase in revenue and profit margins [45][50] Summary by Sections 1. Travel and Tourism - Cambodia has implemented a visa-free policy for Chinese citizens, expected to increase tourist numbers significantly, with a 45% year-on-year increase in Chinese tourists from January to October 2025 [5][15] - In November 2025, Hainan's duty-free shopping reached 2.38 billion yuan, a 27.1% increase year-on-year, despite a slight decrease in shopping visitors [23][24] 2. Breakfast Market - The breakfast market in China is valued at approximately 1.7 trillion yuan, with the external breakfast market estimated between 700 to 800 billion yuan [6][33] - Mixue has launched breakfast offerings in several cities, targeting consumers with affordable pricing [37][38] 3. Education Sector - The number of students taking the national college entrance examination has decreased for the first time in eight years, with a significant drop in graduate school applications [39][40] - Vocational education is gaining traction as students seek better employment outcomes, with a reported 95%+ employment rate in vocational programs [44] 4. Skincare Industry - Lin Qingxuan reported a revenue of 1.05 billion yuan in the first half of 2025, marking a 98.3% year-on-year increase, with online sales growing significantly [45][47] - The brand's product mix includes a high proportion of premium skincare items, contributing to improved profit margins [50][55] 5. Market Performance - The Hong Kong stock market saw the consumer services and media sectors underperforming, while the retail sector outperformed the market [59][65] - Notable stock performances included significant gains in retail and education sectors, with specific companies like Liufu Group and Gaoxin Retail leading the gains [65][66]

Investment Rating - The report maintains a positive outlook on domestic and international liquidity, particularly favoring the technology and trading platform sectors in the cryptocurrency space [1]. Core Views - The report highlights a cautious optimism regarding the recovery of high-end consumption in the luxury goods and gaming sectors, driven by wealth effects and a rebound in Macau's gaming revenue [3]. - The education sector is experiencing increased competition due to a rise in domestic small institutions, while leading companies are stabilizing their capabilities [3]. - The coffee sector remains robust, with high growth in coffee bean imports, while the tea beverage sector faces short-term pressure due to reduced subsidies from delivery platforms [3]. - E-commerce is under pressure from the domestic consumption environment, with overall performance remaining flat [3]. - The report suggests continued interest in music streaming platforms as quality internet assets driven by domestic demand [3]. - The virtual asset and trading platform sectors are experiencing volatility, with a cautious stance recommended in the short term, while maintaining a long-term optimistic view on blockchain and cryptocurrency markets [3]. - The automotive aftermarket is facing a decline in value and service frequency, warranting ongoing attention [3]. - The report emphasizes the potential of the Macau tourism sector, which is expected to benefit from a declining interest rate cycle [3]. - The report expresses confidence in the AI and cloud sectors, anticipating further advancements in AI applications [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The Chinese education index fell by 1.44%, underperforming major indices, with notable stock movements among key players [9]. - **Luxury Goods & Gaming**: The S&P Global Luxury Goods Index rose by 0.81%, with significant developments in the acquisition of Versace by Prada [19][21]. - **Coffee & Tea**: The Hang Seng Non-Essential Consumer Index showed a cumulative increase of 0.74%, with mixed performances among key coffee and tea brands [25]. - **E-commerce**: The sector is facing challenges, with a flat performance noted in the overall market [3]. 1.2 Platforms & Technology - **Streaming Platforms**: The Hang Seng Media Index increased by 0.89%, with varied performances among major streaming companies [35]. - **Virtual Assets & Internet Brokers**: The global cryptocurrency market cap reached $321.51 billion, with Bitcoin and Ethereum prices showing slight declines [42]. - **Automotive Services**: The automotive aftermarket is experiencing a decline, with a 5% drop in both output value and service frequency [54]. 1.3 Media - The media sector is expected to see growth resilience in gaming, with a focus on product releases in December [3].

Core Viewpoint - The market is transitioning towards a "spring rally" with potential catalysts emerging, particularly as the year-end approaches and new policies are anticipated [2][13]. Group 1: Market Trends and Strategies - The strategy for 2026 emphasizes embracing "Galloping Assets" which are global competitive leaders, indicating a shift towards value reassessment [1][12]. - The A-share market has shown a recovery with the Shanghai Composite Index rising over 10% to above 3800 points [1][12]. - The current market phase is characterized by a period of observation and consolidation, with the potential for a spring rally to begin as early as December [2][13]. Group 2: Spring Rally Insights - The "spring rally" is expected to occur around the Lunar New Year, typically 1-2 weeks prior, with historical data suggesting a strong upward trend during this period [3][5]. - The likelihood of a spring rally varies based on market conditions: high during bottom-stimulus periods, moderate during continuation phases, and limited during downturns [4][6]. - Key indicators for the timing of the rally include significant new positive or negative developments, with potential early triggers in December [6][10]. Group 3: Sector and Style Preferences - The market favors smaller-cap indices like CSI 1000 and CSI 2000, which have shown a nearly 90% success rate with an average excess return of over 4% [6][19]. - Growth and technology sectors are highlighted as having an 80% success rate, also with an average excess return of over 4% [7][19]. - The top-performing industries are expected to be in the first tier: computer, communication, and electronics, with a second tier including machinery, chemicals, and military industries, all showing excess returns of over 3% [8][19]. Group 4: Long-term Investment Directions - The focus for long-term investments includes quality cyclical stocks benefiting from policy expectations in sectors like real estate, consumer goods, and resources [10][20]. - The strategy for the upcoming year includes a focus on "Galloping Assets" that align with China's economic transformation and global competition, particularly in technology, high-end manufacturing, consumption, and resource sectors [10][20].

每经编辑｜陈鹏程 胡玲 1 中国证监会：将对优质机构适当松绑 适度打开资本空间与杠杆限制 中国证监会主席吴清12月6日表示，将着力强化分类监管、"扶优限劣"。对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间和杠杆限制，提 升资本利用效率。（央视新闻） 2 国家网信办就《网络数据安全风险评估办法（征求意见稿）》公开征求意见 12月6日，为规范网络数据安全风险评估活动，保障网络数据安全，促进网络数据依法合理有效利用，国家互联网信息办公室起草了《网络数据安全风险评 估办法（征求意见稿）》，现向社会公开征求意见。征求意见稿提出，处理重要数据的网络数据处理者应当每年度对其网络数据处理活动开展风险评估。重 要数据安全状态发生重大变化可能对数据安全造成不利影响的，应及时对发生变化及其影响的部分开展风险评估。鼓励处理一般数据的网络数据处理者至少 每3年开展一次风险评估。 3 中国驻美大使：两大背景板给中美经贸关系发展带来新的重要机遇 中国驻美国大使谢锋12月4日应邀出席由中国贸促会和美国子午线国际中心共同举办的中美经贸合作论坛并致辞。谢锋表示，看待和发展新时期中美经贸关 系，要把握好两大背景板。谢锋指出，第一块背 ...

格隆汇12月5日丨立德教育(01449.HK)公告，于2025年12月5日，公司的综合联属实体黑龙江工商学院与 海通恒信订立融资租赁协议(海通)及专项协议(海通)，内容有关融资租赁安排(海通)。 透过订立融资租赁安排(海通)，集团可获得财务资源以为建设集团校区拨资及应付其一般营运资金需 求，同时集团的营运不会因融资租赁安排(海通)而受到影响，因为根据融资租赁安排(海通)，概无向海 通恒信转让资产的拥有权或使用权。根据国际财务报告准则，融资租赁安排(海通)项下拟进行交易并不 构成一项资产出售，故不会产生任何须于集团收益表内入账的收益或亏损。于租期届满后，集团将支付 名义保留金以将租赁资产(海通)转回予集团。因此，实际上及就会计处理而言，订立融资租赁安排(海 通)实际上与借入一项有抵押贷款大致相同。 海通恒信为于中国注册成立的股份有限公司，其股份于联交所上市(股份代号：1905)，主要从事通过融 资租赁安排、经营租赁安排等为客户提供融资服务、提供谘询服务及其他服务。 ...

文 | 钱钱 编辑 | 阿景 美国银行证券最近出了份报告，叫《中国消费者，迷思与真相》，一下子让国内外都吵开了锅。 毕竟平时说起中国消费，不少人总觉得是"低质低价""全靠出口撑着"，这份报告偏说不是这么回事。 今天咱就掰开揉碎了聊聊，这报告到底说了些啥实在话。 从餐桌看消费，中国人的"吃"里藏着多少实力？ 吃是消费的底色，这点没人反对吧？联合国粮农组织的数据挺有意思，2021年中国人均每天蛋白质供应 量125.56克，比美国的122.1克还多了点。 别觉得惊讶，咱的蛋白质来源跟他们不一样。 美国人爱吃肉蛋奶，动物蛋白占了68.2%，咱是植物蛋白当家，59.5%都来自豆制品、谷物这些，像豆 腐、豆浆、腐竹，西汉淮南王刘安那会儿就有豆腐了，这饮食习惯可不是一天两天养成的。 蔬菜消费更不用说，2022年咱全国吃了6.16亿吨蔬菜，人均下来比美国多不少。 但报告里提了个关键问题，政府给的那些医疗、教育、保障房，算不算消费？要是把这些"实物社会转 移"加进去，消费占比能到47%，跟韩国的49%就差俩百分点了。 为啥能吃这么多？山东寿光的大棚立下大功，冬天也能种出新鲜菜，广东供港澳的蔬菜基地，从地头到 餐桌都有追溯，新鲜 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 0.79 [2][6]. Core Insights - The company reported a revenue of RMB 3.96 billion for FY25, representing a year-on-year growth of 6.1%, while net profit decreased by 36.9% to RMB 390 million. Adjusted net profit, excluding certain impairments, increased by 6.5% to RMB 740 million, aligning with expectations [3][4]. - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The average tuition fee increased by 6% to RMB 13,600 per academic year [4][6]. - The company sold eight low-efficiency school assets from FY24 to FY25, aiming to enhance operational efficiency by reducing the number of schools and increasing the proportion of undergraduate students [5][6]. Financial Data and Profit Forecast - For FY25, the company’s revenue is projected at RMB 3.96 billion, with an adjusted net profit of RMB 738 million. The adjusted net profit is expected to grow to RMB 764 million in FY26 and RMB 812 million in FY27 [7][10]. - The gross margin for FY25 is reported at 42.1%, slightly lower than the previous year, but operational efficiency is anticipated to improve moving forward [4][6]. - The company’s student enrollment for FY25 is 291,000, with a stable student structure, where undergraduate students account for 48% and vocational students for 3% [4][5].

智通财经APP讯，ST凯文(002425.SZ)发布公告，根据《深圳证券交易所股票上市规则》第9.8.8条相关 规定，公司符合申请撤销其他风险警示的条件，且公司不存在其他需要实施其他风险警示或退市风险警 示的情形。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [2] Core Views - The company reported a revenue of 3.96 billion RMB for the fiscal year 2025, representing a year-on-year growth of 6.1%. However, net profit decreased by 36.9% to 390 million RMB. Adjusted net profit, excluding goodwill impairment and convertible bond disposal costs, was 740 million RMB, reflecting a growth of 6.5% [5] - The company has optimized its school count and strengthened headquarters management, which is expected to lead to a recovery in profit margins. The number of enrolled students remained stable at 291,000, with a slight increase of 0.1% compared to the previous fiscal year [5][6] - The average tuition fee increased by 6% to 13,600 RMB per academic year. The company effectively controlled cost growth, with main operating costs rising by 6.2% to 2.29 billion RMB, slightly above the revenue growth rate [5][6] Financial Data and Profit Forecast - The company expects adjusted profits for fiscal year 2026 to be 760 million RMB, down from an earlier forecast of 1.27 billion RMB. Adjusted profits for fiscal years 2027 and 2028 are projected to be 810 million RMB and 880 million RMB, respectively [7][8] - The financial data shows a steady increase in revenue and adjusted net profit over the forecast period, with revenue expected to reach 4.55 billion RMB by fiscal year 2028 [8][11]