都说"宇宙的尽头是考公"。近期，公考的报名年龄从35岁放宽至38岁。从部分省份披露的情况来看，招录人数却在缩减。 例如，广东省2026年全省计划招录人数较今年减少了5640人，降幅达到32.38%。另在其发布的9395个岗位中，有1922个岗位明确要求研究生学历，占比 达20.45%，相较2025年的15.10%有明显提升。 粉笔AI刷题系统班界面 01. 科技先行，让AI真正落地 对于考生而言，新政策的出台缓解了"年龄焦虑"，但公考的难度也在加大、对学历的要求也在提升，报名人数的连年增加，也使得通过率被稀释。这也致 使，在公考教培行业，无论是用户还是企业都更加内卷，都在不遗余力地寻找提升分数的诀窍。 "我想分享一句话，在这样一个资源丰沛的时代，智能效率是唯一稀缺的资源。" 11月15日，教培头部企业粉笔在北京举办投资人调研大会，粉笔业务副总裁、公考业务负责人刘帅如此阐述公司对于AI投入的初心。粉笔始终秉承的理 念是，通过AI产品，让用户的学习效率提升最大化。海量资源下，让用户找到精准适配的学习资源，快速、有效提分。 以今年4月上线的"AI刷题系统班"为例，在2026年国考报名公告发布的次日，该产品的单日销量 ...

Core Viewpoint - The recognition of Fenbi as the "New Consumption Benchmark Golden Bull Award" highlights its strong performance in governance, operational results, innovation capabilities, and social responsibility within the vocational education sector [1][2]. Group 1: Award and Recognition - Fenbi won the "New Consumption Benchmark Golden Bull Award" at the 2025 Xiamen Industrial Development Conference, marking a significant achievement in the context of the Hong Kong stock market's recovery [1]. - The Golden Bull Awards, established in 1999, are among the most influential awards in China's capital market, with 11 categories specifically for Hong Kong-listed companies this year [1]. Group 2: Company Performance - Fenbi has shown robust growth, with its AI exam preparation system achieving over 42,000 monthly sales in October 2025, reflecting a more than 100% month-on-month increase [2]. - The company serves over 15 million users, with more than 1.5 million paying users of its various AI products, positioning it as a leader in the industry [2]. Group 3: Financial Health and Governance - As of June 2025, Fenbi reported cash and cash equivalents of 974 million yuan, providing ample support for future R&D investments [3]. - The board plans to repurchase shares up to a total of 200 million HKD within six months and the chairman invested approximately 2.87 million HKD to buy 1.03 million shares, indicating strong management confidence in the company's future [3]. - Fenbi emphasizes high standards in corporate governance and continuous improvement in information disclosure, which has earned market trust [3].

Core Viewpoint - The AI application sector in both Hong Kong and A-shares has shown strong performance, with several concept stocks experiencing significant price increases, driven by multiple positive signals and favorable news in the industry [2][4]. Stock Performance - In the Hong Kong market, notable stock price increases include: - Fenbi (02469.HK) up 10.36% - Meitu (01357.HK) up 7.08% - Huisheng Technology (01860.HK) up 6.05% - Reading Group (00772.HK) up 5.27% - Maifushi (02556.HK) up 4.92% - Xindong Company (02400.HK) up 4.3% [2][3] - In the A-share market, stocks such as: - 37 Interactive Entertainment (002555.SZ) and Jishi Media (601929.SH) hit the daily limit - Fushi Holdings (300071.SZ) surged 13.39% - Huina Technology (300609.SZ) rose 11.79% - 360 (601360.SH) increased by 7.52% [2][3]. Catalysts for Growth - The surge in the AI application sector is attributed to a combination of individual stock benefits and a series of positive industry signals [4]. - Fenbi announced a share buyback plan of up to 200 million HKD and reported a milestone in AI product sales, with over 42,000 units sold, reflecting a more than 100% increase month-on-month [5]. - Minglue Technology (02718.HK) saw a 106.1% increase on its first trading day, further igniting market enthusiasm for AI sub-sectors [6]. Policy Support - Recent policies in the AI sector have been released, creating a comprehensive support system from strategic planning to practical applications. The "14th Five-Year Plan" emphasizes the implementation of "AI+" actions to seize the high ground in AI industry applications [7]. - A recent State Council meeting focused on accelerating AI scene cultivation and large-scale application, aiming to transform technological advantages into new momentum for industrial development [7]. Industry Events - The establishment of the "World Artificial Intelligence Cooperation Organization" (WAICO) at the APEC summit aims to set global AI governance rules and promote technology accessibility [8]. - Upcoming industry summits, including the World Internet Conference and the Global Computing Conference, will further enhance optimistic expectations for the AI sector [8]. Market Validation - The commercial value of AI applications has been validated through user growth and corporate performance. As of Q3 2025, the number of active mobile users in AI applications exceeded 729 million, with 200 million on PC [8]. - Companies like Kingsoft Office reported Q3 revenue of 1.521 billion CNY, a 25% year-on-year increase, driven by active user growth and enhanced AI features [9]. - 360 reported Q3 revenue of 2.241 billion CNY, a 16.88% year-on-year increase, achieving profitability with multiple significant contracts in the AI sector [10]. Long-term Investment Value - The AI application sector is becoming a core focus for the market, with long-term investment value expected to continue to emerge as the "AI+" initiative deepens and global cooperation progresses [11]. - Several brokerages have released reports highlighting the rapid transition of AI application business models from concept validation to revenue generation, indicating a strong demand for AI applications across various sectors [12]. - The upcoming "Hong Kong Top 100" evaluation will include AI and smart driving as key focus areas, providing a more precise evaluation dimension for industry innovation [12].

Market Overview - Hong Kong stocks opened positively in November, with major indices rising, and the Hang Seng Index closing at 26,158.36 points, up 0.97% or 251.71 points, with a total turnover of HKD 228.68 billion [1] - The Hang Seng China Enterprises Index increased by 0.98% to 9,258.73 points, while the Hang Seng Tech Index rose by 0.24% to 5,922.48 points [1] Blue Chip Performance - Chow Tai Fook (01929) led the blue-chip decline, falling 8.67% to HKD 13.9, impacting the Hang Seng Index by 4.04 points [2] - AIA Group (01299) rose 5.96%, contributing 75.25 points to the index, while Wanzhou International (00288) increased by 4.69%, adding 4.62 points [2] Sector Performance Technology Sector - Technology stocks showed mixed results, with Alibaba down 1.15% and Tencent down 0.16%, while Kuaishou rose 1.52% [3] Oil Sector - Oil stocks experienced a broad increase, with China National Offshore Oil Corporation (00883) up 3.49% and China Petroleum (00857) up 3.37%, following OPEC+'s announcement to pause production increases in early 2024 [3] Coal Sector - Coal stocks generally rose, with China Qinfa (00866) up 7.53% and Yanzhou Coal (01171) up 4.69%, driven by seasonal demand and safety production assessments [4] AI Application Sector - AI application stocks were active, with Fenbi (02469) surging 10.36% after announcing a share buyback plan, reflecting strong market interest in AI education products [4][10] Gold and Jewelry Sector - Gold mining and jewelry stocks fell sharply, with Chow Tai Fook down 8.67% and Lao Pu Gold (06181) down 7.16%, following new tax policies affecting gold trading [6] Automotive Sector - The automotive sector showed varied performance, with XPeng Motors (09868) up 4.59% and NIO (09866) up 4.21%, supported by strong October delivery figures for new energy vehicles [7] Notable Stock Movements - Minglue Technology (02718) debuted with a significant rise of 106.1%, closing at HKD 290.6, indicating strong investor interest in data intelligence applications [8] - WuXi AppTec (02126) surged 16.09% due to positive developments regarding its CAR-T cell therapy's inclusion in commercial health insurance [9]

Core Viewpoint - The recent share purchases by the chairman and CEO of Fenbi, along with the planned share buyback, indicate strong confidence in the company's growth potential and business development prospects [1][2]. Group 1: Shareholder Actions - Fenbi's chairman and CEO, Zhang Xiaolong, purchased a total of 1,030,000 shares at a cost of approximately 2,300,000 HKD, signaling confidence in the company's future [1]. - The board plans to repurchase up to 200 million HKD worth of shares within six months, representing up to 10% of the total shares issued, excluding treasury shares [1]. Group 2: Business Performance - Fenbi has launched multiple AI teaching products and hardware since 2025, targeting various examination sectors, including civil service and educational qualifications [2]. - The company successfully capitalized on market demand, with its AI question-answering system achieving over 14,000 sales in a single day following the announcement of civil service exam registration [2]. - Fenbi is also developing AI job-seeking and interactive foreign language learning products, expanding its business ecosystem and enhancing user lifetime value [2]. Group 3: Competitive Position - Continuous investment in technology research and business expansion is expected to further enhance Fenbi's market competitiveness [3].

Core Viewpoint - The recent share purchases by the chairman and CEO of Fenbi, along with the planned share buyback, indicate strong confidence in the company's growth potential and business development prospects [1][2]. Group 1: Shareholder Actions - Fenbi's chairman and CEO, Zhang Xiaolong, purchased 230,000 shares and 800,000 shares of the company on October 28 and October 30, 2025, for approximately HKD 639,280 and HKD 2,236,880 respectively [1]. - The board plans to repurchase up to HKD 200 million worth of shares within six months, with a maximum of 223,368,003 shares, representing 10% of the total shares issued [1]. Group 2: Business Performance - Fenbi has launched multiple AI teaching products and hardware since 2025, covering various examination areas, including civil service and public institution exams [2]. - The company successfully captured market demand, with its AI question-answering system achieving over 14,000 sales in a single day following the announcement of the national civil service exam registration [2]. - Fenbi is also developing AI job-seeking and interactive foreign language learning products, which may expand its business ecosystem and enhance user lifetime value [2]. Group 3: Competitive Position - Continuous investment in technology research and business expansion is expected to further enhance Fenbi's market competitiveness [3].

Core Insights - The leading company in the domestic vocational education sector, Fenbi (02469), announced a significant milestone with its AI exam preparation system achieving over 42,000 sales as of October 29, reflecting a more than 100% month-on-month growth, showcasing the strong market appeal of its AI education products [1] - Since 2020, Fenbi's AI applications have served over 15 million users, with more than 1.5 million paying users, indicating rapid growth in scale [1] Group 1 - The recent relaxation of age limits for civil service and public institution exams from 35 to 38 years has created structural growth opportunities in the vocational education market, leading to an urgent demand for efficient preparation solutions [5] - Fenbi's AI is entering a phase of large-scale application, having launched multiple intelligent preparation products this year, including AI exam preparation systems for civil service and public institutions, AI smart speakers, and AI interview evaluation systems [5] - As of October 2025, Fenbi's AI interview evaluation has assisted 320,000 users with 4.32 million interview evaluations, receiving positive feedback from users [5] Group 2 - Based on positive market feedback, Fenbi announced the upcoming launch of AI products for state-owned enterprises and central enterprises, as well as internal development of AI job-seeking products and AI interactive foreign language learning products [5] - The application of AI technology in broader workplace coaching scenarios is expected to open new growth opportunities for Fenbi [5]

Core Insights - The 2023 Double Eleven event marks the first instance of AI fully integrated into the e-commerce system, with significant growth in AI-driven products [2][3] - Education products have transitioned from traditional categories to being a crucial part of the AI consumption trend, reflecting a shift in consumer behavior and product positioning [2][5] Group 1: Education Hardware Trends - In 2024, the education sector saw a nearly 330% year-on-year growth in transactions, with AI learning devices like learning machines and dictionary pens leading the market [3] - By 2025, education hardware was no longer categorized separately but integrated into the AI trend section, indicating a shift towards building AI learning systems in households [3][4] - The focus of product promotion has shifted from hardware specifications to the capabilities of AI models, emphasizing adaptive learning and personalized diagnostics [5][8] Group 2: Changes in Consumer Behavior - The usage scenarios for education hardware have expanded beyond K12 to include university studies and vocational training, evolving into smart infrastructure for various learning stages [4] - AI shopping tools have increased in usage, allowing consumers to receive tailored learning solutions without actively searching for products [9][16] - Education products are now being actively recommended by platforms based on identified learning needs, marking a shift from user-initiated searches to platform-driven suggestions [9][16] Group 3: Supply Chain and Service Evolution - The supply structure for education products has undergone a transformation, with AI models now seen as core capabilities rather than additional features [5][8] - Educational services are increasingly driven by model efficiency rather than content quantity, indicating a shift in how educational value is perceived [7][8] - Education products are becoming integral to long-term user engagement strategies, with ongoing updates and service recommendations post-purchase [16][17] Group 4: Platform Dynamics - E-commerce platforms have shifted their operational logic, relying on AI models for product display and consumer engagement rather than traditional discount strategies [9][13] - The integration of education products into membership systems allows for continuous interaction with consumers, enhancing the value proposition of educational offerings [16][17] - The evolving relationship between education brands and platforms signifies a new operational logic, where understanding and matching individual learning needs is paramount [17]

Group 1 - The core viewpoint of the article highlights the strong market response to Fenbi's AI-based exam preparation system, which saw a single-day sales volume exceeding 14,000 orders following the announcement of the national exam registration [1] - Fenbi's stock price increased by nearly 5% during trading, closing up 3.83% at HKD 2.98, with a trading volume of HKD 119 million [1] - The announcement of the 2026 national exam registration, which includes relaxed age limits for applicants, is expected to create new opportunities in the vocational education market [1] Group 2 - The AI exam preparation system, launched in April, is based on Fenbi's self-developed domain-specific large model and is the first AI-led course product in the industry [1] - The AI crash course, which officially went on sale on October 15, also performed well, with pre-sale orders surpassing 21,000, indicating high market recognition for AI-based course products [1] - The relaxed age restrictions for applicants, allowing those up to 38 years old and master's and doctoral graduates up to 43 years old, are likely to enhance the demand for efficient and personalized exam preparation services [1]

Core Viewpoint - The company Fenbi (02469) has seen a significant market response following the launch of its AI-based exam preparation system, with sales exceeding 14,000 units in a single day after the announcement of the national examination registration [1] Group 1: Company Performance - Fenbi's stock price increased by nearly 5% during trading, with a current price of 2.98 HKD and a trading volume of 119 million HKD [1] - The AI exam preparation system, launched in April, is the first AI-led course product in the industry, indicating a strong market acceptance of AI-driven educational tools [1] Group 2: Market Dynamics - The announcement of the 2026 national examination registration included a relaxation of age limits for applicants, which is expected to create new opportunities in the vocational education market [1] - The AI exam preparation system's sales performance is indicative of a growing demand for efficient, precise, and personalized study solutions among candidates [1] - The newly launched AI exam sprint class also performed well, with pre-sale orders surpassing 21,000, further demonstrating the market's recognition of AI-based course offerings [1]