港股7月交易今日正式收官，三大指数呈现先扬后抑行情均录得涨幅，恒生科技指数涨2.91%，国企指 数涨2.36%，恒生科技指数涨2.83%，其中，恒生指数本月最高冲高至25735.89点的阶段高点，由于月末 的回调遗憾失守25000点关口。 板块方面，生物医药股、中资券商股、半导体股涨幅在市场前列，其中，康方生物涨超68%、药明合联 涨38.7%、三生制药涨超37%、复宏汉霖涨32.5%纷纷创下创新高，另外，还有新上市的恒瑞医药大涨 46.56%创历史新高；中资券商股国泰君安国际再度大涨86.59%表现较佳，盘中再创新高！华虹半导体 涨17%，中芯国际涨超14%。此外，教育股、黄金股、餐饮股、航空股等板块跌幅明显，珠峰黄金跌超 18%，山东黄金跌10.6%，三大航空股均跌10%左右。 大型科技股呈现涨跌不一行情，其中，快手大涨21.64%表现最佳，腾讯涨9.34%，阿里巴巴涨5.37%， 百度涨1.38%；小米则大跌11.34%，京东跌3.9%，网易跌3.13%，美团跌2.95%。(格隆汇) ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605098 | 行动教育 | 35.02 | -3.02% | 1.91万 | 6801.96万 Jir | | 000526 | 学大教育 | 50.70 | -2.67% | 2.16万 | 1.10亿 | | 002607 | 中公教育 | 2.96 | -1.99% | 203.51万 | 6.08亿 | | 600661 | 昂立教育 | 11.01 | -1.87% | 10.10万 | 1.12亿 | | 003032 | *ST传智 | 6.41 | -1.54% | 5.00万 | 3232.21万 | | 300359 | 全通教育 | 6.14 | -1.29% | 18.20万 | 1.13亿 | | 300688 | 创业要马 | 33.04 | -1.05% | 8.93万 | 2.99亿 | | 002659 | 凯文教育 | 5.23 | -0.57% | 13.69万 | 7174.56万 | | 600636 ...

Investment Rating - The report downgrades the investment rating to "Hold" due to the slowdown in the education business growth [7] Core Views - The company's 4QFY25 revenue reached $1.243 billion, a year-on-year increase of 9.4%, with the education business (including cultural tourism) generating $1.083 billion, up 18.7%. Other businesses, primarily Oriental Selection, saw a revenue decline of 28.5% [4] - The company announced a three-year shareholder return plan, committing to return at least 50% of adjusted net profit to shareholders through dividends or buybacks [4] - The study predicts that the growth rate of the study abroad examination training and consulting business will gradually bottom out, with 4QFY25 revenue of $315 million, a year-on-year increase of 11%, but a slowdown compared to the previous year [5] - New business segments, including K9 competency training and learning machine services, showed strong growth, with 4Q revenue increasing by 32.5% to $307 million [5] - The report anticipates a continued improvement in operating profit margins, with Non-GAAP operating profit margin expanding by approximately 4.1 percentage points to 6.5% in 4Q [6] Financial Data and Profit Forecast - FY24A revenue was $4.314 billion, with a year-on-year growth rate of 43.89%. FY25A revenue is projected at $4.9 billion, with a growth rate of 13.60% [8] - The adjusted net profit for FY24A was $464 million, with a year-on-year growth of 79.20%. For FY25A, the adjusted net profit is expected to be $517 million, a growth of 11.40% [8] - The report revises FY26 and FY27 revenue forecasts to $5.28 billion and $5.79 billion, respectively, down from previous estimates of $5.8 billion and $7.03 billion [7] - The DCF target price is adjusted to $53.4, corresponding to a target price of HKD 41.9 per share, with a PE ratio of 15.6x for FY26 [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's education business showed strong growth in FY2025Q4, with non-selective business revenue increasing by 18.7%, surpassing management's guidance [1][8] - For FY2026Q1, the company expects revenue growth of 2-5%, which is below previous expectations due to a slowdown in study abroad business growth and other educational services [3][18] - The company has announced a three-year shareholder return plan, intending to return 50% of the previous fiscal year's net profit to shareholders through dividends or buybacks [3][19] Summary by Sections Financial Performance - In FY2025Q4, the company reported total revenue of $1.243 billion, a year-on-year increase of 9.4%, with non-selective revenue at $1.089 billion, up 18.7% [1][8] - The operating profit was a loss of $8.67 million, primarily due to a one-time goodwill impairment of $60.3 million in the kindergarten business [1][8] - The deferred revenue at the end of the period was $1.954 billion, reflecting a year-on-year increase of 9.8% [1][8] Business Segments - K9 education new business grew by 32.5%, while high school training revenue increased by 24% [2][9] - The study abroad training and consulting revenue grew by 14.6% and 8.2%, respectively, but faced challenges due to declining consumer spending and tightening study abroad environments in some countries [2][9] - E-commerce revenue decreased by approximately 10% due to the divestment of a specific business, although the decline has improved on a quarter-on-quarter basis [2][9] Operational Efficiency - The company's gross margin for FY2025Q4 was 54.2%, an increase of 1.9 percentage points year-on-year [2][16] - The management expense ratio remained stable at 33.0%, while the sales expense ratio decreased by 1.3 percentage points to 17.0% [2][16] Future Outlook - The company anticipates a cautious revenue outlook for FY2026, with expected growth of 5-10% for the fiscal year [3][18] - Adjusted net profit forecasts for 2026-2027 have been lowered to $430 million and $483 million, respectively, reflecting a downward adjustment of 24% and 29% [3][19] - The company plans to continue improving operational efficiency and profitability while enhancing investor preference through the new shareholder return plan [3][19]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's education business showed strong growth in FY2025Q4, with non-selective business revenue increasing by 18.7%, surpassing management's guidance [1][8] - For FY2026Q1, the company expects a cautious revenue growth of 2-5%, primarily due to a slowdown in study abroad business growth and other educational training services [3][18] - The company has announced a three-year shareholder return plan, intending to return 50% of the previous fiscal year's net profit to shareholders through dividends or buybacks [3][19] Summary by Sections Financial Performance - In FY2025Q4, the company reported total revenue of $1.243 billion, a year-on-year increase of 9.4%, with non-selective revenue at $1.089 billion, up 18.7% [1][8] - The operating profit was a loss of $8.67 million, primarily due to a one-time goodwill impairment of $60.3 million in the kindergarten business [1][8] - The deferred revenue at the end of the period was $1.954 billion, reflecting a year-on-year increase of 9.8% [1][8] Business Segments - K9 education new business grew by 32.5%, while high school training revenue increased by 24% [2][9] - The study abroad training and consulting revenue grew by 14.6% and 8.2%, respectively, although consumer spending power is declining [2][9] - The e-commerce revenue decreased by approximately 10% due to the divestment of a specific business, but the decline has improved on a quarter-on-quarter basis [2][9] Operational Efficiency - The gross margin for FY2025Q4 was 54.2%, an increase of 1.9 percentage points year-on-year [2][16] - The management expense ratio remained stable at 33.0%, while the sales expense ratio decreased by 1.3 percentage points to 17.0% [2][16] Future Outlook - The company anticipates a revenue growth of 5-10% for FY2026, with a focus on improving operational efficiency and profitability [3][19] - Adjusted net profit forecasts for 2026-2027 have been lowered to $430 million and $483 million, respectively, reflecting a downward adjustment of 24% and 29% [3][19] - The company plans to increase its network of schools and learning centers by 10-15% in FY2026 [2][9]

Core Viewpoint - Beijing's government has introduced 15 measures to enhance the fertility support policy system, aiming to create a fertility-friendly society, which includes establishing a birth subsidy system, improving maternity insurance, and enhancing housing support for families with multiple children [1][3][10]. Summary by Sections Birth Subsidy and Insurance - Establishment of a birth subsidy system tailored to the city's economic and social development, along with implementation of tax deductions for childcare and education for children under three [3]. - Enhancement of maternity insurance, including increased reimbursement standards for prenatal check-ups and expansion of coverage to more individuals [3][4]. Maternity Leave and Health Services - Improvement of maternity leave policies, ensuring compliance with existing labor protection regulations and enhancing supervision of employers [3][4]. - Strengthening reproductive health services, including better maternal healthcare resources and inclusion of certain pain relief and assisted reproductive technologies in health insurance [4][5]. Child Healthcare and Support - Improvement of children's medical services, ensuring comprehensive pediatric care in hospitals and community health centers, and promoting the development of child-friendly hospitals [5][6]. - Expansion of childcare support policies, including the establishment of affordable childcare services and facilities in new residential areas [6][7]. Housing and Employment Support - Increased support for families with multiple children in housing, including priority access to public rental housing and higher limits on housing fund loans [8][9]. - Strengthening of workers' rights, particularly for women, ensuring compliance with labor laws regarding maternity and childcare [9][10]. Cultural and Social Initiatives - Promotion of a new marriage and fertility culture, encouraging responsible parenting and community involvement in family education [9][10]. - Enhancement of public awareness and education regarding population policies through various media channels [10][11]. Economic Impact - The introduction of these policies is expected to stimulate consumer spending, particularly in the baby and child-related sectors, as evidenced by the rise in stock prices of related companies [2][10]. - The policies are seen as part of a broader strategy to improve macroeconomic conditions and boost investor confidence in the capital markets [11].

Industry Insights - The Chinese stock market is experiencing a pullback, with sectors such as consumer discretionary, information technology, and finance leading the decline, while energy, consumer staples, and telecommunications sectors with high dividend yields are rising [2] - The political bureau meeting has set the tone for the second half of the year, focusing on boosting consumption and addressing internal competition, signaling a shift towards economic rebalancing [2][3] - The global AI glasses market is expected to grow significantly, with Ray-Ban Meta showing strong sales performance and Xiaomi setting ambitious shipment targets, indicating a robust growth trajectory for the AI glasses supply chain [3] Company Insights - New Oriental reported a 19% year-on-year increase in net revenue for Q4 FY25, reaching $1.09 billion, exceeding company guidance, while non-GAAP net profit grew by 59% to $98 million, driven by cost optimization measures [4] - For FY26, New Oriental anticipates total revenue growth of 5%-10%, reaching between $5.15 billion and $5.39 billion, which is below consensus expectations due to macroeconomic uncertainties and increased competition [4] - The target price for New Oriental has been adjusted down to $70 from a previous $76, maintaining a "Buy" rating despite the downward revision in revenue forecasts [4]

Group 1 - The Hong Kong stock market is experiencing overall loose liquidity, with increased passive foreign capital inflow, leading to a positive outlook on internet assets supported by fundamentals and long-term AI narratives [1] - Opportunities in the gaming industry are emerging after a correction, with limited actual impact from tax issues on listed companies, while AI industry catalysts are expected to drive capital allocation [1] - The media sector's clear focus is on the rise of AI applications, while the underlying theme is the cultural confidence brought by content output, with optimism regarding the explosion of China's open-source large models and the reshaping of application patterns [1] Group 2 - The film industry is seeing an upward trend driven by key single releases, and progress in AI short dramas is rapid [1] - Leading companies in the education sector are approaching their earnings season, with attention on AI education layouts [1] - Overall, with the easing of tariff negotiations and good liquidity in the Hong Kong market, the technology sector is more sensitive to industrial catalysts [1] Group 3 - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which covers technology-related companies listed in Hong Kong that can be traded through the Stock Connect channel [1] - The index aims to reflect the overall performance of high-growth potential technology enterprises in the Hong Kong stock market, selecting securities from new economic fields such as information technology and biomedicine [1] - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Initiated Link A (015739) [1]

Group 1 - The article highlights the dedication and perseverance of the author's grandfather and father in their respective professions, emphasizing their commitment to serving their communities [1][2] - The grandfather worked for nearly 30 years as a team leader in the bus transportation industry, witnessing its growth from inception to rapid development [1] - The father has been a rural school teacher for nearly 40 years, choosing to stay in a less favorable environment to provide quality education to local children [1][2] Group 2 - The comparison of the father's teaching philosophy to bamboo, which grows resiliently in harsh conditions, illustrates the importance of steadfastness in education [2] - The author expresses a commitment to environmental protection, inspired by the values of persistence and dedication demonstrated by the grandfather and father [2]

Market Performance - The Hang Seng Index (HSI) fell by 347 points or 1.4%, closing at 25,176 points[1] - The National Index dropped by 107 points or 1.2%, closing at 9,038 points[1] - The Hang Seng Tech Index decreased by 153 points or 2.7%, closing at 5,490 points[1] - Total market turnover was HKD 319.65 billion[1] Economic Indicators - The People's Bank of China conducted a 309 billion RMB seven-day reverse repurchase operation at a steady rate of 1.4%[2] - The Shanghai Composite Index rose by 6 points or 0.2%, closing at 3,615 points with a turnover of 819.6 billion RMB[2] - The Shenzhen Component Index fell by 86 points or 0.8%, closing at 11,203 points with a turnover exceeding 1.02 trillion RMB[2] Corporate Earnings - MGM China reported total revenue of HKD 8.667 billion for Q2, an increase of 8.9% year-on-year[4] - Budweiser APAC reported revenue of USD 3.136 billion for the first half of the year, a decrease of 7.7% year-on-year[5] - New Oriental Education reported net revenue of USD 4.9 billion for FY2025, an increase of 13.6% year-on-year[5]