集团在今年8月底止2026财年第一季经调整经营利润率按年提升1个百分点，主要由东方甄选贡献。但11 月底止第二财季，公司将放缓教学中心扩张、提升存量利用率并全线提效，叠加去年低基数，该行预计 集团2026财年第二季度利润率再扩2个百分点，但明年5月底止下半财年因留学不确定及K9竞争，环比 取保守态度，预计按年改善0.3至0.5个百分点。全年度经调整经营利润预计6.5亿美元，对应利润率 12.1%。 海通国际发表研报指，首次覆盖新东方，予其H股目标价49港元及"优于大市"评级，认为该公司在包括 K12及海外业务在内的各个细分领域均处于领先地位；除此之外，公司生成式AI在课件自动生成、名师 数字分身及作业批改等场景的落地，将同步提升转化效率和内容质量，帮助公司提效以及业务聚焦。 ...

Core Insights - The GTC 2025 Global Traffic Conference in Shanghai attracted over 14,000 attendees and recorded more than 24,000 total entries over two days [1] - The conference featured two main summits focused on AI and short dramas, where entrepreneurs shared valuable experiences to accelerate growth in these sectors [3] AI and Emotional Companion Hardware - The rapid increase in the global single population, particularly in China, the US, and Japan, is driving demand for emotional companion AI hardware [5] - Technologies such as deep learning and natural language processing are evolving AI products from functional tools to emotional companions, with a significant user base in the "ACG" (Anime, Comic, Game) culture [5] Market Potential of Generative AI Applications - The generative AI application market is projected to reach $1.3 trillion by 2032, with downloads and revenue increasing by 96% and 150% respectively from 2022 to 2024 [7] - A mixed monetization model combining IAA (In-App Advertising), IAP (In-App Purchases), and subscriptions is becoming mainstream, particularly in emerging markets like Mexico and Brazil [7] AI Native Systems and Productivity - AI is transitioning to a "software-first" paradigm, with human roles shifting towards supervision and decision-making [9] - The implementation of AI native systems involves three stages: single-task applications, multi-application collaboration, and general intelligence for cross-departmental coordination [9] Non-Gaming App Growth - Non-gaming apps are expected to surpass gaming revenue for the first time, with user attention shifting towards diverse app categories [11] - Effective user engagement outside of "walled gardens" is crucial for developers to achieve growth [11] AI Product Revenue Growth Strategies - AI companies are experiencing unprecedented growth but face challenges such as high operational costs and the need for effective monetization strategies [15] - High-growth companies are more likely to adopt outcome-based pricing models, reflecting a shift in customer expectations towards paying for actual results rather than usage [15][16] Short Drama Market Trends - The global in-app purchase revenue for short drama apps reached nearly $700 million in Q1 2025, a fourfold increase from the previous year, with the US contributing nearly half of this revenue [27] - The typical user profile for overseas short dramas is primarily women aged 25-44, including young mothers [27] Production Cost Efficiency in Short Dramas - Filming locations for short dramas are shifting to lower-cost countries like China and Poland, allowing for significant cost savings while maintaining quality [36] - The industry is moving towards a more integrated approach, combining content, marketing, and production to enhance competitiveness [37]

Group 1 - The global economy shows significant resilience despite rising tariffs, geopolitical tensions, and fiscal pressures, driven by AI transformation, flexible trade adjustments, and moderate monetary and fiscal policies [9] - China aims for resilient, stable, and inclusive economic growth from 2026 to 2030, focusing on self-reliance in technology, particularly in semiconductors and AI, while facing challenges such as demand fluctuations and a declining real estate market [12] - Japan's economic growth is expected to slow due to tariff impacts, but it can avoid recession, with core CPI inflation projected to drop below 2% by 2026 [15] Group 2 - The Asian economy (excluding Japan) presents mixed growth prospects, with a strong performance in the tech sector but challenges in non-tech sectors due to high tariffs on labor-intensive industries [19] - The Chinese internet sector's focus will remain on AI strategies and competition in the instant retail space, with expectations of reduced competitive intensity in the fourth quarter [22][23] - China is increasingly developing a self-sufficient AI supply chain, with significant investments in AI infrastructure and a focus on enhancing operational efficiency through large language models [26] Group 3 - Market attention is shifting towards fiscal stimulus policies, inflation trends, and real estate market support, with stable performance in the onshore stock market and steel-related commodities [30] - The A-share market's future growth will be driven by policy support, liquidity, and industrial upgrades, despite high valuations and the need for confirmed improvements in fundamentals [35]

Core Viewpoint - Nomura emphasizes China's focus on resilient, stable, and inclusive economic growth from 2026 to 2030, driven by significant investments and industrial policies, particularly in the semiconductor and AI sectors [2][6]. Group 1: Economic Outlook - Global economy shows significant resilience despite challenges such as rising tariffs and geopolitical tensions, supported by AI transformation and flexible trade adjustments [4]. - Asia (excluding Japan) is expected to face a challenging external environment while maintaining strong performance in the tech sector, driven by AI demand and a supercycle in storage chips [5]. - China's economic growth remains steady, but potential challenges include weak domestic demand and rising global trade barriers [8]. Group 2: A-Share Market Dynamics - Policy support, liquidity, and industrial upgrades are identified as core drivers for the future rise of A-shares, with AI and high-value exports being key themes for the upcoming year [6][2]. - Despite high valuations in A-shares, the equity risk premium remains reasonable, indicating potential for continued market support [6]. Group 3: AI and Technology Sector - The trend towards a self-sufficient AI supply chain in China is becoming increasingly evident, with significant investments in AI infrastructure and the development of large language models [10][11]. - The internet sector's focus will remain on strategic investments in AI by leading platforms and the competitive landscape in instant retail, with expectations of reduced competition intensity in the fourth quarter [11]. Group 4: Policy and Investment Focus - The Chinese government is likely to shift its policy focus towards stabilizing growth and alleviating price pressures, with fiscal expansion becoming a key agenda item [8].

Core Insights - Nomura emphasizes China's focus on resilient, stable, and inclusive economic growth from 2026 to 2030, driven by significant investments and industrial policies, particularly in semiconductors and artificial intelligence [1][5] - The core drivers for the A-share market's future growth are policy support, liquidity, and industrial upgrades, with AI and high-value exports identified as key themes for the upcoming year [4][1] Group 1: Global Economic Resilience - Despite rising tariffs, geopolitical tensions, and fiscal pressures, the global economy shows significant resilience, supported by the AI revolution, flexible trade adjustments, and moderate monetary and fiscal policies [2] - Economic inequality is becoming more pronounced, with low-income families and small businesses struggling, posing challenges for policymakers to maintain global economic stability [2] Group 2: Asian Economic Outlook - The technology sector in Asia (excluding Japan) is expected to perform well, driven by strong demand for AI and a supercycle in storage chips, while non-tech sectors face challenges due to limited spillover effects from AI and increased tariffs on labor-intensive industries [3] - The region's solid economic fundamentals and new growth drivers, such as supply chain shifts and increased AI investment, position India, the Philippines, and Malaysia as some of the fastest-growing economies in the next decade [3] Group 3: A-share Market Dynamics - A-share valuations have expanded over the past year but remain reasonable when considering the equity risk premium in a declining risk-free rate environment [4] - The "14th Five-Year Plan" emphasizes long-term productivity upgrades and technological transformation, which will catalyze structural market trends, although improvements in earnings fundamentals are still needed [4][7] Group 4: AI and Technology Sector Developments - The trend towards a self-sufficient AI supply chain in China is becoming more evident, with significant investments in AI infrastructure and a focus on developing large language models and generative AI applications [8] - The competitive landscape in the instant retail sector is expected to stabilize, potentially alleviating losses for companies expanding in this area [8] Group 5: Entertainment Sector Insights - The online entertainment sector, particularly online gaming and music services, is expected to remain resilient, while long-form video content may continue to lag due to shifts in consumer preferences towards short videos [9]

智通财经APP获悉，国际数据公司(IDC)10月13日发文称，生成式AI以及Agent的采用势头强劲，大幅带动了AI基础设施的增长。在Agentic时代， 曾经相对线性的技术栈已经演变为动态、互联的生态系统。这种变化不仅扩展了老牌企业的角色，也刺激很多企业跨界进入到AI基础设施市场。 IDC在2025年第三季度研究了亚太地区不断变化的AI基础设施市场及其带来的新挑战，也重点调研了整个生态系统里的典型厂商如何适应这些新 要求，并于近日发布《AI原生云/新型云厂商重构Agentic基础设施》报告。 2024年中国大模型平台市场格局 在大模型的驱动下，目前全球AI应用公司达数千家，这些应用既有基础大模型类通用助手，也有基于模型的AI搜索、社交、音视频生成等。IDC 全球追踪的数据显示，预计到 2029 年底，全球使用这些生成式AI应用的消费者数量将超过 57 亿人，远超 2024 年底的 31 亿人。在预测期内，用 户数量的复合增长率预计将达到 13.2%。整体付费用户预计将以 32.3% 的复合年增长率增长，而非付费用户的复合年增长率将为 12.0%。在亚太 市场，消费者对GenAI的采用也呈明显且加速的趋势。 ...

Core Viewpoint - Goldman Sachs reports that SenseTime has secured new generative AI project orders from enterprise (ToB) and government (ToG) clients across various sectors including education, healthcare, media, finance, and transportation, indicating a positive growth outlook for the company [1] Group 1: Project Growth and Market Conditions - The firm anticipates accelerated project growth driven by increased cloud capital expenditure in mainland China and favorable policies such as the AI+ action plan announced in August [1] - SenseTime is positioned to meet diverse client needs by offering a comprehensive suite of solutions that includes computing power, large-scale AI infrastructure, AI foundational models, and generative AI applications [1] Group 2: Strategic Focus and Financial Outlook - The company is expected to continue focusing on large-scale projects in the coming years to ensure higher efficiency and revenue growth [1] - Goldman Sachs has raised its target price for SenseTime from HKD 3.09 to HKD 3.53 while maintaining a "Buy" rating [1]

Economic Policy Measures - Shandong Province has introduced targeted policies to stabilize and improve the economy, focusing on key industries such as wholesale and retail, transportation, finance, and real estate [1] - The measures aim to enhance service consumption potential and support non-profit service sectors while promoting high-quality development in the service industry [1][2] Service Industry Contribution - In 2024, Shandong's GDP is projected to reach 9.86 trillion yuan, with the service sector contributing 5.23 trillion yuan, accounting for 53.1% of GDP and contributing 50.2% to economic growth [2] - The service industry's growth rate has improved, with a 5.8% year-on-year increase in the first half of the year, raising its GDP share to 54.4% [2] Production Service Sector Challenges - The production service sector in Shandong is identified as a weak point, with insufficient enterprise tier construction and a lack of leading companies to drive innovation [3] - The province plans to support the development of high-end production services and aims to cultivate around 30 leading production service enterprises and 20 innovation centers by the end of the year [3] Financial Support for Service Development - Shandong will allocate 200 million yuan in guiding funds to support new enterprises and key projects in high-end production services and quality life services [3] - An additional 10 million yuan will be directed towards high-growth enterprises and projects that are in the process of being recognized as new standards [3]

Group 1 - The mobile communication industry is experiencing a transformative wave driven by the rise of Generative AI (GenAI), which is expected to lead to a new era of development [1][2][42] - GenAI applications are becoming increasingly integrated into daily life, providing personalized experiences and practical services, thus potentially initiating a new network revolution [2][5] - The latest Ericsson Mobile Market Report provides comprehensive insights into the impact of GenAI on mobile communication networks, highlighting the need for adaptation and innovation within the industry [3][4] Group 2 - GenAI applications are characterized by their interactive and personalized content delivery, which significantly differs from traditional applications that rely on passive user engagement [14][15][8] - The rise of high-performance AI devices and bandwidth-intensive media formats will lead to a substantial increase in video traffic consumption from GenAI applications [11][12] - The demand for network resources will shift, with a notable increase in upstream bandwidth requirements due to user interactions and content sharing [17][28] Group 3 - The report identifies three key strategies for mobile communication networks to effectively respond to the changes brought by GenAI: refined network planning, expansion of frequency spectrum resources, and the introduction of differentiated connectivity [31][32][39] - Enhanced network management capabilities are essential to accommodate the complex and dynamic traffic patterns generated by GenAI applications [33][34] - Increasing mid-band and centimeter-wave frequency spectrum resources will directly support the high traffic demands of GenAI applications, particularly the growing upstream traffic [35][36] Group 4 - The emergence of AI agents and immersive technologies will further transform user interactions, necessitating continuous upstream connectivity for data transmission and real-time processing [21][25] - The shift towards a more intelligent, flexible, and scalable network architecture is imperative for the future of mobile communication, driven by the demands of GenAI applications [42][41]

Group 1 - The software industry has been favored by Wall Street investment firms due to high profit margins, low capital requirements, and sustained growth potential, leading to a long-term bull market for software stocks [1] - The rise of artificial intelligence (AI) has sparked a new investment frenzy in software stocks, with significant capital flowing into AI application companies like Applovin, Trade Desk, Duolingo, and Palantir since 2024 [1][2] - Companies focusing on generative AI applications and AI agents are expected to see explosive growth, driving substantial investments into core software stocks [1][2] Group 2 - The urgent need for businesses to improve efficiency and reduce operational costs has accelerated the adoption of generative AI applications and AI agents, enhancing productivity across various sectors [2] - Companies like Applovin and Palantir have reported strong performance and optimistic future outlooks, indicating robust demand for AI application software [2] - Meta has significantly increased its capital expenditure forecast for 2025, reflecting strong growth in its AI-driven digital advertising business [3] Group 3 - Not all software stocks have benefited from the AI boom; some companies like Salesforce and Adobe have underperformed, with significant declines in their stock prices [4][8] - A basket of software-as-a-service (SaaS) stocks compiled by Morgan Stanley has dropped over 6% this year, contrasting with the 12% rise in the Nasdaq 100 index [4] - Concerns about outdated technology and pricing pressures from AI competitors are causing significant stock sell-offs among traditional software companies [9][10] Group 4 - The valuation of software stocks has decreased significantly, with a basket of software stocks dropping to a projected price-to-earnings ratio of only 23x, half of the average over the past decade [14] - Investors are cautious about software stocks, with the weight of the software and services sector in the S&P 500 index declining from nearly 14.5% to about 12% [15][16] - The market is currently focused on a few successful software companies like Meta and Microsoft, while many others struggle to adapt to the AI landscape [16]