大家早上壕！ 先看海外要闻： 美国零售销售数据强劲、上周首申失业金人数下降，美元和美股齐涨，标普和纳指收盘创下新高。 美股收盘标普500指数收涨0.54%，道指涨幅0.52%，纳指涨幅0.74%。 奈飞财报后一度跌2%。百事可乐收涨7.4%。微软、英伟达涨约1%。 纳斯达克金龙中国指数收涨1.23%，中概股比特起源涨超90%，水滴和新蛋涨超17%，蔚小理至多涨7%。台积电公布超预期绩报，ADR再涨 3.38%，连续三日收于历史新高。 对利率敏感的2年期美债收益率一度涨超3基点。美元收涨0.33%，收复前一日主要跌幅。 黄金盘中跌超1.1%后反弹，但仍收跌0.28%。原油先跌后涨，美油较日低涨近2%。美国国会通过稳定币法案后，加密货币短线走高。 英国《自然》评价Kimi K2发布：中国AI模型"又一个DeepSeek时刻"。 美国众议院压倒性优势投票通过三大加密货币法案。 OpenAI发布ChatGPT Agent。 国内重大事件汇总： 3、重庆印发《重庆市培育新能源汽车动力电池回收利用产业工作方案（2025—2027年）》：到2027年新能源汽车动力电池回收网络区县覆盖率 达90%。 4、上海市七部门印发《上 ...

7月17日，港股粉笔盘中涨超25%，收盘涨18.79%。 公司近期发布了其最新的AI刷题班3.0版本，该产品在原有课程基础上进行了重大升级，采用了深度学 习的自研垂域大模型，进一步强化了动态能力诊断。 据凤凰网报道，2025年上半年，粉笔AI刷题系统班的累计销售额已突破1600万元，成交单量约5万单， 全年累计销售额预计有望突破1亿元。 盛通股份：旗下中鸣机器人宣布接入DeepSeek，实现从"执行指令"到"智能交互"的跨越式升级。 点评：据浙商证券，粉笔AI刷题系统班于2025年4月7日上线，发售一月人数破万人。随着7月初版本迭 代至3.0，效果优化仍有望加速口碑传播，2025年有望实现购买人次超20万人。 *免责声明：文章内容仅供参考，不构成投资建议 其表示，AI刷题系统班的推出有望使公司通过更有质价比的产品及具有更高利润-规模弹性的产品模式 （vs线上各类名师工作室等长尾供给）摆脱行业竞争泥潭，迎来参培人次稳健增长、同时增厚利润的奇 点时刻。 *风险提示：股市有风险，入市需谨慎 另外，由于AI产品与传统线下产品成本结构不同，利润率更高，估计毛利率在80%以上。站在25年7 月，教育AI Agent纷纷落 ...

智通财经APP获悉，港股三大指数走势不一，恒指及国指早盘冲高回落并转跌，恒科指午后则一度涨近 1%。截止收盘，恒生指数跌0.08%或18.81点，报24498.95点，全日成交额为2364.12亿港元；恒生国企 指数跌0.09%，报8853.1点；恒生科技指数涨0.56%，报5448.85点。 东吴海外策略团队指出，对港股持谨慎乐观态度。港股下行相对有底，还在震荡向上趋势中，关注或有 增量资金入场。增配红利和寻找低估股票成为市场共识。中国银河证券认为，在全球权益市场中，港股 绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。 理想汽车-W(02015)领跑蓝筹。截至收盘，涨9.73%，报124.1港元，成交额49.36亿港元，贡献恒指24.08 点。理想汽车宣布理想i8开启预订，预计售价35万元人民币至40万元人民币，将于7月29日公布正式售 价，8月下旬开始交付。新车作为理想首款纯电SUV，市场关注度较高。 其他蓝筹股方面，中国生物制药(01177)涨5.9%，报6.82港元，贡献恒指6.22点；翰森制药(03692 )涨 4.39%，报34.5港元，贡献恒指2.69点；周大福( ...

腾盛博药-B(02137)再涨超6%，近期向健康元集团授予新药BRII-693大中华区独家许可。 智通财经APP获悉，港股恒生指数涨0.07%，涨17点，报24534点；恒生科技指数涨0.29%。港股早盘成 交1287亿港元。 创新药概念再度走强，政策利好及BD预期双轮驱动，机构称板块当前估值仍具吸引力。恒生生物科技 指数继续大涨4.41%。成份股中，乐普生物-B（02157）涨超13%；康方生物（09926）涨10.16%；康若 亚-B（02162）涨12.4%；三生制药（01530）涨8.94%。 复旦张江(01349)涨23.9%，ADC平台研发进展顺利，光动力平台项目加速进行。 金斯瑞生物科技(01548)涨超6%，第二季CARVYKTI销售额同比增长约1.36倍。 亚盛医药-B(06855)再涨4.87%，近期配股净筹超14.9亿港元，利沙托克拉新药上市申请获批。 大麦娱乐(01060)再涨7.27%，公司成为苏超球赛官方渠道，关注体育票务增量。 哔哩哔哩-W(09626)涨超4%，游戏及广告业务增量体现，美银上调公司目标价。 粉笔(02469)再涨超14%，AI刷题班3.0发布，机构指其渗透率提升 ...

Summary of Conference Call Notes Company Overview - The company discussed is Fenbi, which operates in the online education sector, particularly focusing on AI-driven learning solutions [1][12]. Key Points and Arguments - **AI Competitive Advantage**: Fenbi has a competitive edge in AI technology and online education, which is expected to partially offset the decline in traditional large class offerings and enhance overall profit margins [1]. - **Business Model**: The company has a diversified business model that includes large classes, small classes, and online membership products, with a penetration rate of over 20% in the exam preparation market [2]. - **Market Dynamics**: The past two years have seen some leading institutions facing refund issues, leading to increased competition from smaller local institutions that offer lower prices [3]. - **Revenue Trends**: Online large class revenues have seen a year-on-year decline, while small class revenues, which account for about 60% of total revenue, continue to grow steadily [4]. - **AI Product Launch**: In April, Fenbi launched an AI-driven product called the AI Brush Class, which combines human teachers with AI to provide personalized learning experiences [4]. - **Cost Efficiency**: The AI Brush Class has a higher profit margin compared to traditional large classes due to its cost advantages and market acceptance [4][10]. - **Personalized Learning**: The AI system generates personalized learning paths based on students' historical data, allowing for real-time adjustments to their study plans [5]. - **Learning Structure**: The learning plan is divided into four stages, focusing on theory, question types, and practical exercises, enhancing the efficiency of the learning process [7]. - **User Engagement**: The AI system provides continuous feedback and support, helping students identify knowledge gaps and improve their performance [6][9]. - **Market Position**: Fenbi has a significant lead in active user numbers compared to other online AI education products, particularly in vocational education [12]. - **Revenue Projections**: The company anticipates a slight revenue decline in 2025 but expects recovery by 2027 as AI products gain traction [14]. - **Profitability Outlook**: The company projects stable expenses and aims to maintain a profit margin of over 300 million in the initial phase of its transformation [15]. Additional Important Content - **AI Product Development**: The company is set to release version 3.0 of its AI Brush Class, indicating ongoing innovation and commitment to enhancing its offerings [16]. - **Long-term Strategy**: Fenbi's strategy includes monitoring the sales of AI products and the stability of traditional offerings to ensure a smooth transition in learning methodologies [15].