智通财经APP获悉，招商证券国际发布研报称，AI+教育创新持续，市场参与者形成差异化竞争格局； 认为模型能力+体系化内容+情感陪伴+泛化学习情境的综合发展将成为未来趋势。中国教培龙头以更优 内容、服务与资金优势持续提升市场占有率；增长与获利改善并重；股东回报颇具吸引力，收益率达6- 9%。 展望2026年，预期中国教培龙头将持续平衡营收成长与盈利能力，预计2026年营收及核心净利润分别同 比增16%及18%，平均核心净利润率将从6%扩大至7%。该行看好教育板块韧性增长及扩张机会；AI技 术将赋能进一步增长；首选多邻国(DUOL.US)与新东方(EDU.US)。 ...

回望过往的日子，有人在顺境里安然前行，有人在困境中踽踽跋涉；有人守住了本心，也有人在世事浮沉里弄丢了方向。 人这一生，从来都不是一帆风顺的坦途，上有肩头的责任，下有前行的迷茫，前有未竟的理想，后有岁月的风霜。 洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的 延伸阅读。 作者：幽兰 来源：国学文化 （ID：gxwh001） 思危而立，思变而进，思稳而行。 ♬ 点上方播放按钮可收听洞见主播一凡朗读音频 岁月辗转，时序更迭，转眼2026年已经悄然来临。 走过半生才懂得，真正的成熟，从来不是无惧风雨，而是学会与风雨并肩；真正的顺遂，也从不是命运的馈赠，而是内心的清醒与笃定。 2026年，于我们而言，最好的人生姿态，莫过于"思危，思变，思稳"。 短短六字，藏着我们新一年安身立命的智慧，也藏着穿越岁月、行稳致远的底气。 思危，要避危：居安思危，是人生的清醒剂。 《周易》说："安而不忘危，存而不忘亡，治而不忘乱。" 这世间所有的猝不及防，其实都有迹可循；所有的绝境困局，大多源于事前的麻痹与侥幸。 所谓思 ...

新华社音视频部制作 【纠错】 【责任编辑:邱丽芳】 记者：郑家宝、张阳 编导：徐宁 从健身房、美容院到教培机构、汽车4S店，近年来，类似"卷款消失"的案例时有发生。闭店"跑 路"不能成为逃避责任的"退路"。唯有直面漏洞，筑牢信用约束、综合治理、消费维权等制度防线，才 能真正构建起让消费者敢消费、愿消费、放心消费的市场环境。 ...

12月25日，上海市公安局举行新闻发布会，专题通报公安机关护航上海国际经济中心建设相关工作情 况。今年以来，上海公安机关坚持以人民为中心的发展思想，持续深化对突出经济犯罪的精准预警、精 准打击和系统整治，切实捍卫经济安全、优化营商环境、守护人民群众财产安全。截至目前，上海公安 经侦部门已侦破经济犯罪案件2100余起，为国家和人民群众挽回经济损失逾28亿元。 转自：公安部新闻传媒 打击犯罪预警风险 优化法治化营商环境 上海精准护航国际经济中心建设 上海公安经侦部门深入践行人民城市重要理念，坚持"什么问题突出就整治什么问题"，对以创新概念为 包装的投资理财骗局保持严打高压态势。针对紧跟社会热点、虚构各类噱头的投资理财类非法集资活 动，开展专项攻坚，公安机关侦破假借康养旅游、数字藏品、名师荐股等名目实施的非法集资案件200 余起，努力实现"办理一案、震慑一片、净化一域"的效果。重拳整治"职业闭店"乱象，公安机关主动协 同市场监管、行业主管等部门，围绕教培、健身、美容等行业存在的恶意闭店跑路问题，开展集中清查 与风险研判。（公安部新闻传媒中心记者吴艺、通讯员方培） 法治是最好的营商环境。上海公安经侦部门将"蓝鲸"护企 ...

Core Viewpoint - The appointment of Sun Jin as the new CEO of Dongfang Zhenxuan is a strategic move by Yu Minhong to stabilize the company amid recent turmoil and declining performance [4][6][7]. Group 1: Leadership Changes - Sun Jin, a long-time employee of New Oriental, has been appointed as the new CEO of Dongfang Zhenxuan, succeeding Sun Dongxu, who was dismissed amid controversy [4][6]. - The leadership transition comes after significant upheaval within the company, including the departure of key figures like Dong Yuhui and Sun Dongxu, which has raised concerns about the company's direction [6][7]. Group 2: Company Performance - Dongfang Zhenxuan reported a revenue of 4.392 billion yuan for the fiscal year ending May 31, 2025, representing a 32.7% decline year-on-year [7]. - The net profit from continuing operations was only 6.191 million yuan, a staggering 97.5% decrease compared to the previous year, highlighting the company's financial struggles [7]. Group 3: Strategic Direction - Sun Jin's appointment reflects Yu Minhong's preference for promoting from within, as he has been with New Oriental for 19 years, starting as an English teacher and progressing through various roles [8][10]. - The company is exploring new growth avenues, as evidenced by the recent opening of its first offline flagship store in Beijing, signaling a shift towards diversifying its business model [13]. Group 4: Management Philosophy - Yu Minhong emphasizes a management philosophy that prioritizes internal talent development, selecting leaders from the ranks of long-serving employees who understand the company's culture [10][11]. - This approach has been consistent with the company's history, as both Sun Dongxu and Dong Yuhui also rose through the ranks, indicating a strong internal promotion culture [10][11].

广东商家帮为该教育机构量身定制了三步解决方案，帮助其打破瓶颈。首先，采用"问题—证据—结论"的逻辑架构优化内容语义结构；其次，通过埋设权威 信源来提升短视频的曝光量；最后，保障内容的高频脉冲式更新，以确保其在行业中的竞争力。这样的策略最终带来了显著成果。 在当今竞争激烈的市场中，如何有效提升广州本地生活账号的运营效果成为了各行各业的一个关键问题。特别是在教育行业，传统教培机构面临着从获客到 转化的一系列挑战。某东方机构便是一个典型的案例，尽管遇到了诸多困难，但通过短视频营销实现了逆势增长。 某东方的海淀校区本面临的主要问题是关键词排名落后，无法有效触达潜在用户。这一痛点对于希望快速增长的企业来说，是一个不小的障碍。借助广东商 家帮网络科技有限公司的深入分析与诊断，机构管理层意识到了内容结构与短视频规则不匹配的问题，亟需变革。 通过这些措施，某东方的关键词排名迅速提升，从第18页跃升至第3页，咨询量更是提升了45%，年获客量增长了60%。这一案例不仅展示了广东商家帮网 络科技有限公司的专业实力，也为其他教培机构提供了可复制的成功经验。通过有效的账号运营与内容策略，广州本地生活账号的运营效果定能大幅提升。 ...

文 | 玩世代 从"卖网课"到"卖潮玩"、从服务银发族到拥抱Z世代，量子之歌在一年内完成了一次堪称"换脸式"的战 略转型，新名字是"奇梦岛（Here）"。 作为一家曾扎根教培赛道的美股上市公司，量子之歌采取了典型的资本操作路径：通过「剥离原有教培 资产、控股新赛道公司、更名重塑」三步走，在极短时间内完成赛道迁移。同年提出"纳斯达克潮玩第 一股"口号，对标泡泡玛特、自有IP WAKUKU高举高打。公司上市仅两年，就如此脱胎换骨大转型， 不免引发质疑。 切换赛道，登岛上岸 2024年LABUBU爆红出圈，将泡泡玛特的业绩和市值一并推上高点。资本市场开始对潮玩公司价值重 估。此后，"谷子经济"概念在年尾被持续点燃，"寻找下一个泡泡玛特"成为二级市场的显性主题。 在这样的背景下，多家上市公司开始评估进入潮玩赛道的可能性。量子之歌就是其一，并且出手更快。 当时公司核心在线培训业务每况愈下，银发经济板块未能挑起大梁，唯有消费品业务有较突出增长。这 给后来切换赛道埋下伏笔。量子之歌高层通过乐华方面锁定了一家初创潮玩公司"熠起文化 （Letsvan）" 。 彼时的熠起文化具备一定研产销基础，核心IP为"又梨"，在渠道中已有一 ...

Core Viewpoint - The "internal circulation" strategy aims to boost domestic demand to drive economic growth, but current consumer spending is declining, indicating challenges in achieving this goal [3][10]. Group 1: Economic Context - The concept of "internal circulation" is introduced as a response to external pressures in international trade and supply chains, emphasizing the need for a domestic market-driven economy [3]. - In 2023, the total retail sales of consumer goods in China reached approximately 47.12 trillion yuan, but the growth rate is low, with significant disparities across different sectors [4]. - Essential goods like food and daily necessities are still seeing growth, while non-essential and luxury goods are experiencing slow or negative growth [4][6]. Group 2: Consumer Behavior - Consumers are becoming more rational, reducing unnecessary spending and focusing on basic needs, leading to a passive consumption downgrade [4][6]. - Personal savings have increased significantly in 2023, indicating a tendency to save rather than spend due to uncertainty about future income and expenses [4]. - Young consumers are particularly affected by high living costs, leading them to prioritize saving over spending [6]. Group 3: Structural Challenges - The decline in consumer purchasing power is a significant barrier to the "internal circulation" strategy, as income growth is not keeping pace with rising expenses [7][10]. - Companies are facing difficulties, which may lead to price increases that further suppress consumer spending [7]. - The transition to an internal circulation economy requires breaking existing patterns, which may result in job losses and income reductions, further inhibiting consumption [7][10]. Group 4: Recommendations for Improvement - To effectively stimulate internal circulation, it is essential to increase residents' income, reduce major expenditure pressures, and enhance consumer confidence [10]. - Optimizing consumption structure and developing new consumption areas, such as healthcare and education, could create new demand [10][11]. - The transition to an internal circulation economy is a long-term process that requires collective efforts from consumers, businesses, and the government [11][12].

Group 1 - The core viewpoint is that while 2025 may be challenging, 2026 is expected to be a pivotal year for China's economy, with potential growth of 6% and a new profit cycle beginning [5][9] - Major global financial institutions, such as Goldman Sachs, are recognizing China's resilience and the strength of its exports, prompting a reevaluation of global growth engines [7][8] - The article emphasizes that ordinary individuals will have significant opportunities in 2026, as economic growth often precedes public awareness [7][9] Group 2 - Three major trends are identified as driving China's economic growth: the second upgrade of manufacturing, the rise of the service industry, and the emergence of new urban growth areas [9][14][23] - The manufacturing sector is expected to see a second wave of upgrades, particularly in areas like renewable energy, electric vehicles, and robotics, making Chinese products more competitive globally [9][11] - The service industry is shifting from goods consumption to service consumption, with significant growth expected in healthcare, education, and entertainment sectors [14][20] Group 3 - The article highlights the importance of urban areas beyond first-tier cities, with emerging cities like Hefei, Qingdao, and Changsha expected to see significant growth [23][24] - Talent and industry migration towards these emerging urban areas will create new opportunities, as the value of cities will increasingly depend on industry and employment rather than real estate [25][24] - The article suggests that individuals should focus on sectors with the highest growth potential, such as new manufacturing and service industries, to capitalize on these trends [29][32] Group 4 - The article outlines actionable steps for individuals to take advantage of the upcoming opportunities in 2026, including selecting the right direction, investing in the right assets, and engaging in the right activities [28][39] - Key investment areas include sustainable growth assets, personal development, and joining growth-oriented industries, emphasizing that industry trends outweigh individual effort [40][43] - The final advice stresses the importance of aligning personal skills with emerging trends to achieve significant economic mobility [47][49]

Core Insights - The competitive paradigm in the education industry is shifting from "burning cash for growth" to "efficiency for profit" as indicated by the recent earnings call of Gaotu for Q3 FY2025 [1] - Gaotu has successfully implemented a new business model and is prioritizing profitability as a strategic focus, marking a potential new phase of "rational prosperity" in China's education sector [1] Revenue and Growth Strategy - Gaotu's revenue has more than doubled over the past two years, with a projected growth of 53.8% for FY2024 and 35% for FY2025, but management has conservatively lowered the growth forecast for FY2026 to approximately 15% [2] - The CFO emphasized that the company is no longer solely focused on speed but prioritizes the health of each business's unit economics, indicating a shift from broad expansion to deepening existing successful business models [2] Business Performance - The most notable aspect of the recent quarter is the fundamental shift in profitability structure, with all three major business lines achieving profitability for the first time in a single quarter [4] - The non-academic business line has reported its first quarterly profit, and the adult education segment has seen nearly 50% revenue growth with high double-digit net profit growth [4] - The traditional high school learning business has improved operational efficiency, with a 20% increase in productivity and a significant reduction in refund rates [4] AI Integration - AI has been frequently mentioned in the earnings call, demonstrating its tangible impact on operational outcomes, such as a 20% increase in team productivity and faster local course responses [5] - The application of AI has become a foundational tool for enhancing unit economic efficiency rather than just a marketing narrative [5] Industry Implications - The education sector is witnessing a shift where profitability is becoming essential, moving away from the previous reliance on financing and market share through losses [6] - Gaotu's actions reflect a broader evolution in the education industry from reckless growth to rational maturity, suggesting that focusing on profit may lead to sustainable business models even in a regulated environment [6] - The emphasis on profitability signals a return to the core values of education as service and results, rather than mere traffic and valuation [6]