行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 评 2025 年 06 月 20 日 供需优化，行业增长韧性十足——教育行业 2025 年下半年投资策略 看好 ——海外消费周报（20250613-20250619） 本期投资提示： ⚫ 海外教育：供需优化，行业增长韧性十足——教育行业 2025 年下半年投资策略 青年人群职业技能培训市场迎来需求井喷，行业景气度持续提升。我们预计随着大学毕业生 以及高考落榜生逐年增长，每年进入劳动力市场的青年人群数量将持续增长，使得技能培训 市场景气度持续提升。由于高中阶段（普通高中和中职）招生数量持续增加，毕业生人数持 续提升，而同期大学扩招缓慢，导致高考落榜生即高中毕业进入劳动力市场的人群数量持续 增加。同时大学毕业生持续增长，青年人群（16 至 24 岁）失业率普遍高于城镇居民失业 率，青年人群就业困难带动职业技能培训需求井喷。我们预计 25 年技能培训市场规模 800 亿元，且渗透率仍只有 5%，因此成长空间可期。 高教办学投入拐点显现，经营效率提升可期。随着职教改革持续深入，办学质量提升成行业 主基调。近三年民办高教在监管收紧办学质量时期纷纷增加办学 ...

Core Viewpoint - Gilead's HIV-1 capsid inhibitor, Yeztugo (lenacapavir), has been approved by the FDA as a pre-exposure prophylaxis (PrEP) to reduce the risk of HIV infection in adults and adolescents weighing at least 35 kg, marking a significant advancement in HIV prevention strategies [1][2]. Group 1: Drug Approval and Efficacy - Yeztugo is the first HIV prevention drug that requires administration only twice a year [2]. - In clinical trials (PURPOSE 1 and PURPOSE 2), over 99.9% of participants maintained an HIV-negative status, with PURPOSE 1 showing a 100% reduction in infection rates among cisgender women and PURPOSE 2 showing a 99.9% reduction among men who have sex with men, transgender men, transgender women, and non-binary individuals [2]. Group 2: Mechanism of Action - Lenacapavir works by binding directly to the HIV capsid protein subunits, regulating the stability and transport of the capsid, thereby preventing HIV from entering human cells and inhibiting multiple critical steps in the viral lifecycle [2][3]. - This multi-stage mechanism distinguishes lenacapavir from other approved antiretroviral drugs and shows no known cross-resistance with existing medications [2]. Group 3: Market Context and Future Implications - Prior to this approval, lenacapavir had not been authorized for pre-exposure prophylaxis in other countries, although it had been approved for treating multi-drug resistant HIV in the EU and the US [3]. - The introduction of a biannual dosing regimen could significantly improve adherence among high-risk populations who struggle with daily medication, potentially leading to a further decline in HIV prevalence if widely adopted [3].