消费者服务行业 S0340523050001 超配（维持） 消费者服务行业双周报（2025/10/10-2025/10/23） 前三季度国内居民出游人次同比增长 18.0% 投资要点： 行 业 研 究 证 券 研 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 10 月 24 日 分析师：邓升亮 SAC 执业证书编号： 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 消费者服务（中信）指数走势 资料来源：iFind，东莞证券研究所 相关报告 行 业 周 报 究 报 告 ◼ 行情回顾：2025年10月10日-2025年10月23日，中信消费者服务行业指 数整体上涨1.12%，涨跌幅在所有中信一级行业指数中居第九位，跑赢 同期沪深300指数约3.31个百分点。行业细分板块中，综合服务、旅游休 闲、酒店餐饮、教育板块涨跌幅分别为-0.53%、1.77%、1.89%、-0.01%。 旅游、酒店等出行链板块前期跌幅较大，受资金高低切影响回升。行业 取得正收益 ...

每经AI快讯，罗牛山（SZ 000735，收盘价：6.72元）10月24日晚间发布公告称，公司第十届第二十次 董事会临时会议于2025年10月23日以通讯表决的方式召开。会议审议了《关于增加2025年度日常关联交 易预计额度议案》等文件。 2025年1至6月份，罗牛山的营业收入构成为：畜牧业占比64.6%，农副食品加工业占比13.46%，教育占 比7.73%，房地产业占比7.16%，冷链物流业占比4.05%。 每经头条（nbdtoutiao）——中国创新药，今年海外授权已卖出800亿美元！对话创东方投资合伙人卢 刚：生物医药二级市场火热，一级市场为何募资遇冷？ （记者 王晓波） 截至发稿，罗牛山市值为77亿元。 ...

央视网消息：24日上午，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。在发布会上，商务部党组书记、部长王文涛表 示，"十五五"期间，要把中国大市场优势充分发挥出来，让中国大市场成为全球创新的应用场；要让中国大市场成为全球大机遇，让外资愿意 来、留得住、发展好，共享中国发展新机遇。 王文涛称："下一步，我们开放也好，引资也好，都不搞损人利己、零和博弈那一套，而是互利共赢、共同发展，我们主要从两个方面发 力。一方面，要把中国大市场优势充分发挥出来。中国现有14亿多人口，未来十多年中等收入群体将超过8亿，市场潜力巨大。我们将大力提 振消费，打造'购在中国'品牌，让商品和服务消费都'火'起来；我们将加快发展新质生产力，促进人工智能、生物科技、新能源等产业发展， 让中国大市场成为全球创新的试验场、应用场、利润场；我们将加快建设高标准市场体系，坚持市场化、法治化、国际化的方向，打造国际一 流营商环境。许多跨国公司告诉我们，'投资中国不是可选项，而是必选项'。另一方面，要让中国大市场成为全球的大机遇。我们常说'外企不 是外来客，而是一家人'，中国超大规模市场也是外企的机遇。比如我们实施的以旧换新，以汽车为例，我 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603377 | ST东时 | 3.54 | -3.28% | 14.99万 | 5406.71万 | | 300010 | 豆神教育 | 7.06 | -2.49% | 73.02万 | 5.18亿 | | 300359 | 全通教育 | 5.56 | -0.89% | 7.12万 | 3975.14万 | | 605098 | 行动教育 | 41.01 | -0.70% | 3.65万 | 1.50亿 | | 300688 | 创业题号 | 28.40 | -0.53% | 4.06万 | 1.16亿 | | 300338 | ST开元 | 3.86 | -0.52% | 4.26万 | 1651.39万 | | 002607 | 中公教育 | 2.73 | -0.36% | 69.64万 | 1.90亿 | | 000526 | 学大教育 | 44.07 | 0.00% | 1.23万 | 5442.63万 | | 600636 | *ST国 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company reported a 43% year-on-year increase in net profit attributable to shareholders for Q3 2025, with revenue reaching 222 million yuan, up 27.93% year-on-year [1]. - The cash collection for Q3 increased significantly by 53.31% year-on-year, indicating a recovery in customer demand as the macroeconomic environment stabilizes [2]. - The "Hundred School Plan" is progressing steadily, aiming to establish 100 branches in key cities over the next 3-5 years, with early successes in team formation and revenue generation [3]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 222 million yuan and a net profit of 83.4 million yuan, with a gross margin of 80.16% [1]. - For the first three quarters of 2025, the cumulative revenue was 566 million yuan, with a net profit of 215 million yuan, reflecting a year-on-year growth of 10.39% [1]. - The company plans to distribute a cash dividend of 0.5 yuan per share, with a cumulative dividend payout ratio of 83.27% for the first three quarters of 2025 [1]. Financial Projections - Revenue projections for 2025-2027 are 877.66 million yuan, 976.62 million yuan, and 1,072.35 million yuan, respectively, with growth rates of 12.03%, 11.27%, and 9.80% [4]. - The net profit attributable to shareholders is projected to be 307.36 million yuan in 2025, 343.49 million yuan in 2026, and 377.93 million yuan in 2027, with corresponding growth rates of 14.44%, 11.75%, and 10.03% [4]. - The company’s earnings per share (EPS) is expected to increase from 2.58 yuan in 2025 to 3.17 yuan in 2027 [4].

海南明起在京渝浙湘举办校招活动 杭州活动共有52家用人单位现场参与，提供岗位2002个，涉及互联网、通信电子、能源、工程、医 疗、生物制药、教育和人力资源等多领域多行业。海南金盘智能科技股份有限公司、海南南国食品实业 有限公司等知名民营企业将为学子提供多元就业选择。 重庆活动共有79家用人单位现场参与，提供岗位785个，需求人数2409人，涉及制药、医疗、教 育、能源、贸易、商业服务、互联网等多领域多行业。海口国家高新区、海南博鳌乐城国际医疗旅游先 行区等海南自贸港重点园区将提供系列高端科研与管理岗位。 长沙站活动共有83家用人单位现场参与，提供岗位2687个，涉及互联网、通信电子、金融、能源、 工程、医疗、生物制药和教育等多领域多行业。参加招聘的单位既有海南省发展控股有限公司、海南省 建设投资集团有限公司等大型国企，也有海南省种业实验室、海南热带海洋学院等事业单位，招聘岗位 类型呈现层次分明、精准匹配等特点。 海南日报全媒体记者从有关部门获悉，此次校招活动采用"线上+线下"模式，为求职者提供全方 位、便捷化的参与体验。其中，线下主会场分别设在清华大学、重庆大学、浙江大学和中南大学，将于 10月25日启幕。 ...

证券研究报告 | 季报点评 gszqdatemark 2025 10 23 年 月 日 行动教育（605098.SH） Q3 业绩重回正增长， "实效+AI"驱动长期成长 业绩概况：公司发布 2025三季报。2025Q1~Q3公司实现营收5.66亿元（YoY+0.52%）， 归母净利润 2.15 亿元（YoY+10.39%），扣非归母净利润 2.01 亿元（YoY+8.04%），其 中 2025Q3 实现营收 2.22 亿元（YoY+27.93%），归母净利润 8340 万元（YoY+42.78%）， 扣非归母净利润 8014 万元（YoY+62.25%）。公司发布 2025 第三季度利润分配预案公 告，拟向全体股东每 10 股派发现金红利 0.5 元（含税），拟分配现金红利总额为 5963 万元（含税），占 2025 第三季度归母净利润比例为 71.49%。 Q3 业绩重回正增长，"系统+AI"战略顺利推进。2025Q3 随宏观经济预期修复，企业 家信心有所恢复，公司业绩重回正增长轨道。公司发展主要依托于：1）大客户战略卓 有成效：公司持续执行大客户战略，董事长牵头大客户战队周度培训与复盘，客户拓展 效率稳 ...

Investment Rating - The report assigns an "Accumulate" rating for the education sector [4]. Core Insights - The "Implementation Plan for the High-Quality Development of Ordinary High Schools in Shanghai" injects new momentum into the education industry, promoting resource optimization, innovative educational models, and digital transformation, thereby releasing policy benefits. The education sector is expected to see new investment opportunities in personalized education, vocational training, and intelligent education [2][3]. Summary by Sections Investment Recommendations - The report suggests that the new policy brings structural opportunities to the education sector, including the expansion and optimization of educational resources. High-quality private schools providing specialized education are expected to enhance competitiveness. The emphasis on "five educations" in quality education is likely to stimulate demand for extracurricular training. The integration of vocational and general education is anticipated to expand the vocational education and skills training market. Recommended companies include Xueda Education and Tianli International Holdings, with beneficiaries being Kevin Education, China Oriental Education, and Huatu Shanding [4][5]. High School Development Plan - According to the Shanghai Education Commission's announcement, the plan focuses on enhancing the quality of ordinary high schools through resource allocation, educational reform, team building, and digital empowerment. Key measures include: - Improving resource supply capabilities and increasing the number of ordinary high school placements through new construction and renovation projects. - Promoting collaborative development among schools to share quality educational resources and support weaker high schools [4]. Digital Empowerment in Education - The report highlights the role of digital transformation in enhancing the quality and efficiency of high school education. This includes: - Innovating teaching methods and integrating intelligent teaching systems across various subjects. - Strengthening the infrastructure for smart education and building a digital resource library for high-quality courses [4]. Reform in Higher Education - The report advocates for a "five educations" integrated education system, emphasizing the organic combination of moral, intellectual, physical, aesthetic, and labor education. It aims to deepen the integration of cultural knowledge, life experiences, and personal growth while incorporating cutting-edge content such as technology and artificial intelligence into the curriculum [4].

Investment Rating - The report assigns an "Outperform" rating to the education sector, indicating an expected relative performance above the market benchmark over the next 12-18 months [4][18]. Core Insights - The "Shanghai High School Quality Development Plan" introduces structural opportunities in the education sector, including resource expansion, optimization, and increased demand for extracurricular training [3][6]. - The focus on vocational education and skills training is expected to drive market growth, with specific attention on companies like Xueda Education and Tianli International Holdings [3][6]. - The report highlights the importance of digital transformation in enhancing educational quality and efficiency, emphasizing the integration of smart teaching systems and digital resources [9][10]. Summary by Sections Investment Highlights - The report identifies multiple structural opportunities arising from the new educational policies, including the enhancement of private school competitiveness and the growth of extracurricular training demand [3][6]. - Key companies to watch include Xueda Education and Tianli International Holdings, with beneficiaries such as Beijing Kaiwen Education Technology and China East Education Holdings [3][6]. High School Development Plan - The plan focuses on resource allocation, educational reform, team building, and digital empowerment, aiming to improve the overall quality of high school education [7][10]. - Measures include increasing high school seats, promoting new school construction, and fostering resource sharing through school cooperation [8][9]. Digital Empowerment - The report emphasizes the role of digital transformation in driving educational quality, including the implementation of smart teaching systems and the establishment of a digital course resource library [9][10]. - It also highlights the need for improving digital literacy among teachers and students as part of the educational reform [9][10].

证券之星消息，10月23日教育板块较上一交易日上涨0.11%，行动教育领涨。当日上证指数报收于 3922.41，上涨0.22%。深证成指报收于13025.45，上涨0.22%。教育板块个股涨跌见下表： 从资金流向上来看，当日教育板块主力资金净流出1.1亿元，游资资金净流出983.98万元，散户资金净流 入1.2亿元。教育板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600730 | 中国高科 | = 526.56万 | 1.84% | 1566.47万 | 5.47% | -2093.03万 | -7.31% | | 000526 | 学大教育 | 96.76万 | 2.29% | -23.05万 | -0.54% | -73.72万 | -1.74% | | 300359 | 全通教育 | 92.48万 | 2.18% | -142.81万 | -3.37% | 50.33万 | 1 ...