以下文章来源于字母榜 ，作者张琳 字母榜 . 让未来不止于大 眼下，苏宁破产重整的危机持续发酵。 苏宁系38家公司重整草案表决期再度延期至12月14日。 值得关注的是，这份草案要求张近东夫妇承诺，在 信托成立的3个月内"将个人资产全部注入信托"，来换取"债权人暂停追索其个人担保的责任"。 这意味着，曾经的前首富家族，如今走到了资产可能"清零"的边缘。 张家还有什么退路？如果说年轻人的退路是"两个轮子"，中年人退路是"四个轮子"，那老板们的退路，可能 就是直播间了。 对于负债累累但自带流量的企业家而言，直播带货是逆境翻盘为数不多的解决方案，而且这条路已经被多 次验证。 罗永浩在直播间上演了一场"真还传"，陈年进军直播带货十年还清10亿债务，俞敏洪靠东方甄选带新东方成 功转型……最近，连久未露面的贾跃亭也开起了直播账号，虽然本人尚未出镜，但挡住贾老板的或许不是 意愿，而是中国的法律。 同为电器零售双雄的黄光裕却绕了路，如今把国美折腾得和苏宁一样江河日下。 四年前，字母榜在《黄光裕再不直播就晚了》中曾指出，走进直播间、将个人IP转化为实在销量，或许是国 美最现实的出路。 可惜黄老板没有听进去，一头扎进了氢能和AI社 ...

证券日报网讯 11月28日晚间，昂立教育发布公告称，公司全资子公司上海交大南洋机电科技有限公司 （简称"机电公司"）将其位于上海市闵行区北松路488号的不动产（包括建筑物及建筑物附着土地的国 有建设用地使用权）等相关资产（简称"标的资产"）以6，560万元出售给上海合丰原环境科技有限公司 （简称"合丰原"），并签订《上海市房地产买卖合同》（简称"《出售合同》"）。近期，机电公司与合 丰原向闵行区房地产交易中心申请办理标的资产过户，并取得了新《不动产权证》，标的资产已完成转 让过户手续。根据《出售合同》的约定，合丰原已配合机电公司将共管账户内的3，280万元（转让价款 的50%）及74，051.09元孳息转至机电公司银行账户，并注销共管账户。本次出售预计对公司当期产生 约4，900万元收益（未考虑所得税费用等，最终数据以会计师事务所出具的公司年度审计报告为准）。 （文章来源：证券日报） ...

Group 1: Investment Ratings - The report maintains a "Buy" rating for both Ctrip and Tongcheng Travel, indicating a positive outlook on their performance in the online travel industry [1][2][5][6]. Group 2: Core Insights - Ctrip's Q3 2025 revenue increased by 16% year-on-year to 18.4 billion yuan, with non-GAAP operating profit reaching 6.1 billion yuan, exceeding expectations due to lower marketing expenses [1][5]. - Tongcheng Travel reported a 10% year-on-year revenue growth to 5.5 billion yuan in Q3 2025, with adjusted net profit rising 17% to 1.06 billion yuan, driven by better-than-expected accommodation business performance [2][6]. - Ctrip's accommodation booking revenue grew by 18%, transportation revenue by 12%, and international OTA platform bookings increased by over 60% year-on-year [1][5]. - Tongcheng Travel's core OTA business revenue grew by 15%, with accommodation booking revenue also up by 15%, benefiting from increased hotel average prices and record daily room nights [2][6]. - Ctrip's international hotel and flight bookings have increased by 140% compared to 2019, while Tongcheng Travel expects outbound travel business to grow rapidly, contributing 10-15% to overall revenue by 2027 [1][2][5][6]. Group 3: Summary by Sections Section 1: Overseas Social Services - Ctrip's Q3 2025 performance shows strong growth across various segments, with significant increases in international bookings and a solid market position in China [1][5]. - Tongcheng Travel's performance reflects a robust growth trajectory, particularly in accommodation and outbound travel, with a strong user base [2][6]. Section 2: Overseas Pharmaceuticals - CSPC Pharmaceutical Group reported a 12.3% year-on-year decline in revenue for the first three quarters of 2025, totaling 19.89 billion yuan, but showed a 3.4% revenue growth in Q3 [3][10]. - The company's net profit for Q3 2025 increased by 27.2% to 964 million yuan, aligning with expectations despite a decline in overall revenue for the year [3][10]. Section 3: Overseas Education - The education index saw a 2% increase, with a year-to-date growth of 7.3%, indicating a recovery in the sector [4][16]. - The report suggests a positive outlook for private higher education companies, with expectations of improved profitability and growth potential [4][18].

人民财讯11月28日电，昂立教育（600661）11月28日在互动平台称，公司计划将银发经济业务培育为公 司的第二增长曲线。 ...

有接近双方的知情人士表示，目前双方合作更倾向于技术生态共建。"中公教育可能通过联合行业伙 伴，共同构建基于全球AI算力巨头技术的教育算力平台。" 天风证券认为，布局AI算力有助于中公教育突破传统业务天花板，但需关注其实际落地能力。技术转 型需要长期投入，关键要看合资公司或合作项目的具体进展，若算力平台能成功商业化，中公教育的估 值体系有望重构。 教育AI基础设施的构建是一个系统性工程，需要技术、内容、市场多轮驱动。中公教育能否借此开启 新业务板块的增长曲线，取决于其技术整合能力与市场开拓效率。从当前布局来看，新希纪元作为独立 运营的AI业务载体，既要依托中公教育现有的渠道资源与教学内容优势，又需突破传统教培思维，建 立符合技术服务和平台运营需求的商业模式。若能在未来1—2年内实现标杆案例的规模化验证，并形成 可持续的营收模式，则有望成为中公教育超越周期波动的新增长引擎。（CIS） 11月25日，北京中关村互联网教育中心一场以"共筑AI教育新基座"为主题的闭门研讨会悄然举行。这场 由中公教育与新希纪元联合主办的会议，因英伟达高管的现身引发市场关注。 据了解，研讨会主题直指"教育云算力重构"与"AI人才培养"，议 ...

Core Insights - In a highly competitive environment, companies and individuals are increasingly leveraging "cross-industry collaboration" to enhance exposure and expand resources [1] Summary by Categories 1. Cross-Industry Collaboration Channels - **Industry Communities and Professional Forums**: These are the easiest entry points for collaboration. Platforms like WeChat groups, QQ groups, and vertical forums gather industry professionals and stakeholders. For example, pet product companies can join pet industry groups, while education training firms can connect with parent and institution groups. The advantages include low cost and low entry barriers, but the quality of connections can vary, requiring proactive communication to find suitable partners [4] - **Collaboration Matching Platforms**: These platforms, such as advertising agencies and public relations service providers, facilitate resource matching. They have a structured database of collaborations and standard processes for connecting business needs with resources. This is suitable for teams looking to quickly find reliable partners, especially for promotions, investments, and channel expansions. The benefits include high efficiency, but these platforms often operate on a fee basis, making them more suitable for companies with a sufficient budget [5] - **Industry Exhibitions and Summit Events**: Offline exhibitions are direct collaboration venues, attracting numerous channel merchants, manufacturers, and service providers. Events like e-commerce conferences and technology exhibitions allow for immediate discussions on collaboration. The advantages include high-quality connections with genuine needs and budgets, but they require significant time and effort, making them less feasible for small teams [7] - **B2B Collaboration Platforms**: Platforms like Alibaba and Qifubang cater to business-to-business collaboration needs. Companies can post their products, channels, services, and investment plans while also filtering through peer postings. The advantages are transparency and diverse demands, but competition is intense, and information can be overwhelming, necessitating ongoing account management for stable results [8] - **Social Media and Content Platforms**: Many brands now publicly announce collaboration needs on platforms like Weibo, Xiaohongshu, and Douyin, seeking influencers for reviews, channel distribution, or content collaboration. Following industry accounts can reveal numerous collaboration opportunities. This method is flexible and rapidly updated, ideal for KOL partnerships and content promotion, but requires a certain level of content discernment to evaluate potential partners [9]

Core Points - The company will hold an investor briefing on December 5, 2025, to discuss its Q3 2025 performance and financial results [2][3][4] - The briefing will be conducted online via the Shanghai Stock Exchange Roadshow Center, allowing for interactive communication with investors [3][4][5] - Investors can submit questions from November 28 to December 4, 2025, and the company will address common concerns during the briefing [2][4][6] Summary by Sections Meeting Details - The investor briefing is scheduled for December 5, 2025, from 11:00 to 12:00 [2][5] - It will take place at the Shanghai Stock Exchange Roadshow Center [2][5] Participation Information - Investors can participate online through the Shanghai Stock Exchange Roadshow Center [4][5] - Questions can be submitted via the Roadshow Center's "Pre-Question Collection" section or through the company's email before the deadline [2][4][6] Contact Information - Contact persons for the event are Yang Linyan and Sun Yinghong, with a provided phone number and email for inquiries [6]

Group 1 - Recent trend observed in the capital market where listed companies frequently apply for loans from trust companies [1][3] - Zhonggong Education signed a loan contract with Tibet Trust for a loan not exceeding 100 million RMB [1] - Jiangxi Changyun plans to apply for a trust loan of up to 1 billion RMB from Bank of Communications International Trust [3] Group 2 - Trust financing has become an important component of corporate financing, with nearly 100 related announcements made by listed companies from January 1, 2024, to November 27, 2025, covering various key sectors [3] - Trust financing is favored by some small and medium-sized listed companies due to its flexibility, serving as a crucial option to fill funding gaps [3][4] - Common collateral methods in trust financing include mortgages and guarantees, establishing trust between cooperating parties [3][4] Group 3 - Anshan Steel announced plans to apply for a trust loan of up to 400 million RMB, using core equipment as collateral and involving a joint debtor to reduce risk [4] - Zhonggong Education's loan from Tibet Trust aims to supplement operational funds and optimize financial structure [4] - Jiangxi Changyun's loan application is based on its operational needs, providing stable funding and enhancing financial flexibility [4] Group 4 - Different companies have varied financing goals; for instance, Anshan Steel focuses on replacing existing bank loans, while Tiandi Source seeks funding for compliant project development [5] - Trust companies offer differentiated funding solutions for various types of listed companies, alleviating financial pressure and enhancing the financing system in the capital market [5] - The future of trust financing is expected to play a larger role in supporting the real economy and promoting high-quality development of listed companies as the financing environment improves [5]

Group 1 - The establishment of Zhonggong Zhiyuan (Zhuhai Hengqin) Education Technology Co., Ltd. has been reported, with a registered capital of 150 million yuan [1] - The business scope of the new company includes internet information services and organizing cultural and artistic exchange activities [1] - The company is wholly owned by Beijing Zhonggong Zhiyuan Technology Co., Ltd., which is a subsidiary of Zhonggong Education [1]

Core Viewpoint - The company is actively researching the integration of AI technology to enhance educational models and improve management efficiency [1] Group 1: Company Developments - The company, Angli Education, holds a 15.7279% stake in Starlight Planet, which focuses on children's STEM and science education training [1] - The company accounts for its investment in Starlight Planet using the equity method, recognizing its share of net profit or loss based on its ownership percentage [1] - Adjustments to the long-term equity investment book value are made, and investment income is recorded accordingly [1]