30 January 2026 | 1:52AM HKT Equity Research TAL Education Group (TAL) 3QFY26 Review: A proof of business model quarter; Stronger learning services profitability to offset memory cost uncertainties; Buy | | | On the 3QFY26 earnings call (First Take), TAL management framed a few key themes: 1) AI-driven learning products: AI advancements are fundamentally transforming the education technology landscape, while TAL is developing AI agent full stack capabilities across diverse learning scenarios (e.g. AI assist ...

1月28日，香港金融管理局（以下简称"香港金管局"）公布了香港外汇基金截至2025年12月底未经审计的财务状 况。香港外汇基金在2025年录得3310亿港元的投资收入，创下历史新高。值得留意的是，香港外汇基金的各组成 部分，包括股票、债券以及"长期增长组合"（包括私募股权及实物资产投资等），全部实现正回报。香港金管局 形容这个情况"非常特殊"，在过去15年仅出现过两次。 香港金管局分析总结称，这主要是因为在2025年全年，环球金融市场表现强韧。全球主要股票市场普遍上升，并 在2025年年内录得创纪录新高。其中香港股市受惠于资金流入，恒生指数全年上升28%，而债券市场也有不错的 表现。至于外汇市场方面，美元兑其他主要货币贬值约9%，美元走弱也为香港外汇基金的非港元资产，带来了外 汇估值上调。 位于香港九龙半岛的环球贸易中心。 香港金管局：AI快速发展带动资本投入，投资环境显著改善 人工智能应用场景更趋广泛，助力教与学商业化前景可期 从香港金管局对2026年的展望叙述中不难发现，人工智能对金融市场的影响力和重要性越来越高，并逐步成为市 场共识。人工智能在香港各领域的应用，也陆续出现新场景。例如，在教育领域，香港教 ...

此处为马斯克跨界产业成就配图 在AI技术快速迭代、行业边界不断被打破的当下，"如何让孩子拥有未来核心竞争力"成为父母最焦虑的命题。当多数孩子还在为刷题、记笔记、赶作业疲于 奔命时，马斯克却能以"门外汉"身份，用短短几个月时间穿透航天、能源、人工智能等六大复杂产业。这种"物种级差距"并非源于超高智商，而是底层 的"脑能结构闭环"——这一发现，与脑能深度教育科技在家庭教育领域的长期研究数据高度契合。 一、教育痛点剖析：多数孩子停留在"非卓越型"脑能结构 很多父母始终困惑：孩子拖拉、分心、遇难题爆情绪、成绩忽高忽低，问题到底出在哪？答案并非努力不足，而是孩子的脑能结构长期处于"发展型"或"重 构型"，从未真正进入"卓越型脑能"状态。 NeuroPro的脑能三型结构模型揭示，这种差距的本质是大脑能力链条是否完整运转。普通孩子的脑能链路常出现"卡壳"：自主启动难、推进易受阻、注意力 不持久、情绪易夺权、学完不会用，换个情境就归零。这些问题的根源，正是脑能思维链的断裂，与智商没有任何关系。 二、科学解码：卓越型脑能结构的"六链闭环" 卓越型脑能结构不等于"聪明"，而是六条关键链路的完整闭环运行——这正是马斯克大脑真正的核 ...

来源：人民日报海外版 香港青年在参观"粤港澳大湾区巡回展览"。 香港特区政府新闻处供图 粤港澳大湾区建设不断提速，为港澳青年创造了更广阔的发展空间。香港特区政府和社会各界共同努 力，持续推出各类计划、创造更多机会，为有志到大湾区内地城市发展的香港青年提供更大舞台。近 日，由香港特区政府举办的"粤港澳大湾区巡回展览"启动，走进香港8所大专院校及青年广场公民教育 资源中心，为青年介绍大湾区建设带来的重要机遇。 "特区政府极为重视青年的发展，在多个领域持续推出多项政策措施，支持香港青年把握在大湾区实 习、就业及创业的机遇，鼓励他们在更广阔舞台尽展所长。"香港特区政府政制及内地事务局粤港澳大 湾区发展办公室发言人表示。 提供各类资讯 助力成长成才 为全方位支持香港青年实现更好发展，特区政府于2022年底推出《青年发展蓝图》，如今已超额完成 160多项惠及青年的措施，未来还将持续推出新设施、新政策助力青年成长。 "粤港澳大湾区巡回展览"于1月12日启动，将持续至3月下旬。目前，该展览已走进香港中文大学、香港 浸会大学、香港教育大学、香港科技大学4所高校及青年广场公民教育资源中心，吸引不少香港青年学 生参观。展览内容丰富 ...

Core Insights - The strategic partnership between Anhui Qitian Network Technology Co., Ltd. and Beijing Zhipu Huazhang Technology Co., Ltd. aims to integrate AI technology with K12 education data, focusing on AI teaching assistants, intelligent grading, learning analysis, and personalized learning [1][2][3] Company Overview - Qitian Network has been in the K12 education sector for 13 years, serving over 70,000 schools nationwide and processing more than 6 billion exam papers, with a user base exceeding 60 million [2] - The company has established a comprehensive intelligent grading system with a response time of 0.3 seconds per question and an accuracy rate of 96% for subjective questions and essays [2] Strategic Vision - The collaboration aims to create a national educational intelligence hub, integrating scattered regional education data into a cohesive system to break down geographical barriers in education [3] - The partnership is positioned as a leap towards a "platform + content + service" ecosystem, enhancing the accessibility of quality educational resources for every teacher and student [3] Industry Perspective - The partnership signifies a shift in the education AI industry from "general model adaptation" to "scene-customized model capability," marking a new phase in the sector [4] - The joint effort is expected to set a benchmark in the industry, providing replicable and scalable pathways for digital transformation in education [4]

Core Insights - LEGO Education is launching a new hands-on computer science and artificial intelligence (AI) solution aimed at enhancing collaboration, creativity, and learning outcomes in primary education, set to be released in April 2026 [1][3] Group 1: Product Overview - The new solution will include LEGO bricks, hardware, and curriculum content, designed for different grade levels: 1-3, 4-6, and 7-9, catering to both beginners and experienced learners [3][10] - The solution promotes collaborative learning in groups of four, allowing teachers to utilize ready-to-use teaching materials for practical courses [3][4] Group 2: Educational Context - A report titled "Building the Future: Global Computer Science and AI Education" highlights that many teachers lack appropriate teaching tools, making it difficult to effectively guide students in understanding key concepts [3][8] - Over half of the global teachers find existing resources boring, and nearly half believe current computer science courses do not resonate with students' interests and daily lives [3][4] Group 3: Teaching Methodology - LEGO Education emphasizes a hands-on, student-centered teaching approach, aiming to efficiently teach computer science while fostering AI literacy, creativity, and student initiative [4][9] - The curriculum includes both screen-free lessons and those that integrate physical LEGO bricks with the LEGO Education programming canvas app, allowing students to turn their creative ideas into reality [4][10] Group 4: Market Positioning - Following the recent launch of the LEGO Education Science solution, this new offering aims to provide practical teaching tools that help educators and students engage with traditionally challenging subjects [5] - The SPIKE™ product line, including SPIKE™ Prime and SPIKE™ Essential sets, will be phased out as part of this transition [6]

Core Insights - The capital market's focus on "education and AI" has intensified at the beginning of 2026, with companies like Zhiyu Huazhang and MiniMax becoming discussion points due to their deep integration of AI technology into educational scenarios [1] - The landscape of education IPOs has changed significantly since 2025, with a limited number of companies successfully going public, while many others are in preparation or observation stages [1][6] - The valuation of education-related businesses is now being reassessed by capital markets as technology becomes more embedded in educational contexts [1] Group 1: Successful IPOs in 2025 - The number of education-related companies that successfully completed IPOs in 2025 was limited, but they shared high consistency in business models [2] - Companies like Soft Cloud Technology and Excellence Education have shifted their focus from traditional education to digital solutions and SaaS, aligning more closely with technology service providers [3][4] - The business models of these companies do not rely on rapid user growth but rather on product stability and regional penetration [3][4] Group 2: Companies in the IPO Pipeline - A notable trend among companies that have submitted IPO applications is the shift towards a "hardware + system + service" narrative [8] - Companies like TDE Group and Monkey Tree are exploring IPOs in the STEAM and language training sectors, characterized by cautious expansion and modest fundraising goals [10] - The focus of these companies is on establishing long-term financing channels rather than achieving immediate scale [10] Group 3: Companies in Planning Stages - Companies still in the planning or advisory stages, such as Walnut Programming and Unified AI, reflect a cautious capital market attitude [11][12] - These companies have clear technological potential but lack the stability required by public markets to support an IPO [13] - The common trait among these "in transit" companies is that they are exploring whether education can be a long-term systemic service rather than just a course-based business [10][14] Group 4: Structural Shift in Education IPOs - The 2025 education IPO landscape represents a structural shift rather than a simple cyclical rebound, emphasizing stability over scale [14] - The narrative around education IPOs has evolved from focusing on growth speed to long-term quality and sustainability [15] - The ultimate goal of an IPO is no longer seen as a necessity for education companies, but rather as one of many potential development paths [15][16]

Group 1 - The event "Empower Growth Together" was successfully held, focusing on family education and community collaboration [1][3] - The event was organized by the Nanning Women's Federation and the Songxiang Community, in partnership with Shenzhen Model Education Technology Co., Ltd [1][3] - Over 50 participants, including community parents and volunteers, attended the event, highlighting the importance of government, enterprise, and community collaboration in family education [3] Group 2 - Model Education has established a strong reputation in the family education sector, promoting the original theory of "Parents' Second Growth" to support families [5] - During the event, Model Education donated 100 copies of the journal "Marriage and Family" to the Nanning Women's Federation to support grassroots family education efforts [5][9] - The donation was presented by the president of Model Education, emphasizing the company's commitment to social responsibility and community support [9] Group 3 - The event featured volunteer representatives sharing their experiences in family education, emphasizing the theme of "Using the Power of Role Models for Personal Growth" [7] - The closing remarks by the community party secretary expressed gratitude to all supporters and emphasized the ongoing commitment to enhancing family education services [11] - Model Education plans to continue its public welfare initiatives in 2026, aiming to leverage its educational theories to guide more families towards happiness [13]

Core Viewpoint - The introduction of AI review software, particularly the Qianwen APP, marks a significant shift in the way students prepare for exams, with mixed reactions from students and parents regarding its impact on study habits and efficiency [1][9]. Group 1: AI Integration in Education - The Qianwen APP has launched Asia's largest database of past exam papers, allowing users to find questions with a simple query, which has been well-received by parents [1][7]. - The AI-driven approach is seen as a major benefit, providing access to a wide range of exam materials that were previously difficult to obtain without payment [6][7]. Group 2: Student and Parent Reactions - Students have expressed frustration over the convenience of the Qianwen APP leading to an overwhelming amount of practice questions, with some even calling for the removal of the question-finding feature [4][9]. - In contrast, many parents appreciate the efficiency and richness of the question bank, noting that it significantly enhances their children's study experience compared to previous methods [7][9]. Group 3: Future Considerations - Discussions surrounding the Qianwen APP's features continue, with suggestions for improvements such as adding error correction exercises and real-time explanations from teachers [9]. - The ongoing debate about whether the app increases study efficiency or adds to students' workload indicates potential areas for future development and strategy adjustments by the company [9].

Group 1 - The core viewpoint of the article highlights the successful establishment of the Ruxing City Overseas Students Entrepreneurship Park, which has attracted over 200 foreign-funded and entrepreneurial enterprises [1] - The park has developed a comprehensive service system that provides various support for overseas students to start businesses, including business services, training, financing, registration, marketing, and international cooperation [1] - The park regularly hosts various salon activities to facilitate quick connections between enterprises and partners, helping them expand market channels [1] Group 2 - The company Zhixingjian (Hainan) Education Technology Co., Ltd. plans to settle in the park by 2025, indicating a commitment to leveraging the advantages of the Hainan Free Trade Port [1] - The general manager of the company expressed optimism about the accelerated development of the international education market in Hainan, driven by efficient flows of people, logistics, capital, and data after the full closure of the free trade port [1] - The company aims to introduce more high-quality foreign educational resources to contribute to the construction of the Hainan Free Trade Port and enhance the supply of international talent [1]