（来源：淘金ETF） 1. 中文在线（300364） 总部位于北京，主营业务为数字阅读、IP运营及影视制作，是国内数字内容龙头企业。在文生视频领 域，公司依托海量IP储备与AI技术，打造"AI+内容"生态。旗下"万卷AI"可将文字、剧本快速转化为视 频素材，覆盖短剧、动漫等场景，降低内容制作门槛。随着Sora等技术落地，公司IP变现效率有望提 升，同时布局海外市场，与OpenAI等合作探索多模态内容生成，在文生视频商业化中具备先发优势。 业绩方面，公司持续推进AI技术落地，数字内容业务保持稳定增长，AI相关产品已逐步贡献收入，未 来随着文生视频需求爆发，业绩弹性值得期待。 2. 捷成股份（300182） 总部位于北京，主营业务为影视版权运营、音视频技术服务及数字内容制作，是国内影视版权运营龙 头。文生视频技术为其版权二次开发提供新路径，公司可利用AI将影视片段、剧本转化为短视频、AI 漫剧等内容，提升版权复用价值。同时，公司布局AI视频生成工具，为影视制作、广告营销等行业提 供技术支持，在文生视频赋能传统影视产业方面具备独特优势。业绩方面，公司版权运营业务保持稳 定，AI相关布局逐步落地，未来随着文生视频商业 ...

Core Viewpoint - The water-based ink industry is facing challenges in China, with a projected market size of 320 million yuan by 2025, showing a slight increase of 1.9% year-on-year, while the industry has been experiencing a downward trend since 2020 due to weak market demand [1][9]. Industry Overview - Water-based ink is an intermediate product formed during the pigment preparation process, simplifying production processes for ink customers and reducing pollutant emissions [3][9]. - The production process of water-based ink involves physical changes without chemical reactions, making it distinct from traditional pigments [4][5]. Industry Chain - The upstream of the water-based ink industry includes raw materials such as pigments, binders, and additives, while the midstream involves the production of water-based ink, and the downstream is the ink industry, which serves various packaging and printing markets [5][6]. Market Size and Trends - The Chinese water-based ink market has been declining since 2020, with a projected market size of 320 million yuan by 2025, reflecting a slight year-on-year increase of 1.9% [1][10]. - The overall ink market in China is expected to reach 18.374 billion yuan by 2024, with a year-on-year growth of 6.7%, driven by the demand for environmentally friendly inks in various sectors [8][9]. Competitive Landscape - The water-based ink industry in China consists of organic pigment companies and ink companies, with key players including Longkou United Chemical Co., Ltd. and Hanghua Ink Co., Ltd. [10][11]. - Longkou United Chemical Co., Ltd. has a production capacity of 3,000 tons of water-based ink and has been facing a decline in revenue, with a reported income of 7.4126 million yuan in the first half of 2025, down 6.55% year-on-year [11]. - Hanghua Ink Co., Ltd. reported a revenue of 907 million yuan in the first three quarters of 2025, a decrease of 1.62% year-on-year, with a net profit decline of 25% [11][12]. Future Development Trends - The demand for water-based ink is expected to increase due to the steady development of downstream industries, which require high-performance ink products with low impurity content [11]. - The industry is likely to see increased concentration, with leading companies expanding market share through mergers and acquisitions, while smaller firms focus on niche markets [11]. - Domestic companies are expected to accelerate international expansion and enhance competitiveness by adopting advanced technologies and management practices [11].

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300010 | 豆神教育 | 5021.06万 | 5.23% | -1642.66万 | -1.71% | -3378.40万 | -3.52% | | 600730 | 中国高科 | 2569.64万 | 9.58% | -241.40万 | -0.90% | -2328.24万 | -8.68% | | 300359 | 全通教育 | 526.57万 | 4.72% | -339.85万 | -3.04% | -186.72万 | -1.67% | | 002607 | 中公教育 | 523.90万 | 0.61% | -2598.82万 | -3.01% | 2074.92万 | 2.40% | | 600661 | 昂立教育 | 167.71万 | 1.57% | 770.45万 | 7.22% | -938.16万 | -8.79% | | 605098 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600661 | 昂立教育 | 1731.05万 | 20.71% | -366.37万 | -4.38% | -1364.68万 | -16.32% | | 600880 博瑞传播 | | 1408.57万 | 3.16% | 368.21万 | 0.83% | -1776.78万 | -3.98% | | 600730 中国高科 | | 1175.69万 | 4.37% | 575.88万 | 2.14% | -- - 1751.58万 | -6.51% | | 003032 | *ST传智 | -111.11万 | -2.67% | -69.85万 | -1.68% | 180.96万 | 4.35% | | 605098 行动教育 | | -165.45万 | -4.46% | 135.95万 | 3.67% | 29.50万 | 0.80% | | 603377 ...

Market Overview - The education sector increased by 0.38% on January 27, with Kevin Education leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Kevin Education (002659) closed at 6.80, up 4.62%, with a trading volume of 898,000 shares and a transaction value of 614 million yuan [1] - Zhonggong Education (002607) closed at 2.98, up 2.41%, with a trading volume of 2.93 million shares and a transaction value of 867 million yuan [1] - ST Kaiyuan (300338) closed at 3.60, up 2.27%, with a trading volume of 136,600 shares and a transaction value of 49.43 million yuan [1] - Other notable performances include BoRui Communication (600880) at 6.09, up 1.16%, and DouShen Education (300010) at 7.53, up 0.94% [1] Capital Flow Analysis - The education sector saw a net inflow of 25.29 million yuan from institutional investors, while retail investors experienced a net outflow of 72.54 million yuan [2] - The overall net inflow from speculative funds was 47.25 million yuan [2] Detailed Capital Flow for Selected Stocks - Zhonggong Education had a net inflow of 85.63 million yuan from institutional investors, while retail investors had a net outflow of 61.83 million yuan [3] - Kevin Education experienced a net inflow of 63.58 million yuan from institutional investors, with a significant retail outflow of 93.13 million yuan [3] - ST Kaiyuan had a minor net inflow of 2.81 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Market Overview - The education sector experienced a decline of 2.45% on January 26, with China High-Tech leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Individual Stock Performance - Notable performers included: - Chuangye Heima (300688) with a closing price of 32.56, up 2.88% and a trading volume of 201,700 shares, totaling 662 million yuan [1] - ST Guohua (600636) closed at 9.51, up 0.53% with a trading volume of 50,600 shares, totaling 47.77 million yuan [1] - Conversely, China High-Tech (600730) saw a significant drop of 6.00%, closing at 10.50 with a trading volume of 420,400 shares, totaling 452 million yuan [2] - Other notable declines included: - Kede Education (300192) down 4.52% to 21.75 [2] - Dongshi ST (603377) down 0.51% to 3.91 [1] Capital Flow Analysis - The education sector experienced a net outflow of 441 million yuan from institutional investors, while retail investors saw a net inflow of 377 million yuan [2] - The capital flow for individual stocks showed: - Chuangye Heima had a net outflow of 51.57 million yuan from institutional investors [3] - ST Guohua experienced a net outflow of 4.60 million yuan from institutional investors [3] - Kede Education had a net inflow of 4.29 billion yuan from retail investors [2]

Market Overview - The education sector experienced a decline of 1.21% on January 20, with Kede Education leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Individual Stock Performance - Kede Education (300192) saw a significant drop of 5.26%, closing at 22.87 with a trading volume of 220,000 shares and a transaction value of 511 million [2] - Other notable declines included ST Guohua (600636) down 3.44% and ST Dongshi (603377) down 2.95% [2] - Conversely, China High-Tech (600730) and Angli Education (600661) recorded slight increases of 0.89% and 0.75% respectively [1] Capital Flow Analysis - The education sector experienced a net outflow of 105 million from institutional investors, while retail investors saw a net outflow of 15.52 million [2] - Notably, retail investors contributed a net inflow of 120 million, indicating a mixed sentiment among different investor classes [2] Detailed Capital Flow for Selected Stocks - Dou Shen Education (300010) had a net inflow of 36.44 million from institutional investors, while retail investors faced a net outflow of 82.72 million [3] - Bo Rui Communication (600880) saw a net inflow of 24.74 million from institutional investors, with a net outflow of 28.12 million from retail investors [3] - Other stocks like ST Kaiyuan (300338) and Kevin Education (002659) also reported significant net outflows from both institutional and retail investors [3]

Core Viewpoint - Kede Education's stock price has shown fluctuations with a recent increase of 2.39%, while the company faces a decline in revenue and net profit for the year 2025 [1][2]. Group 1: Stock Performance - As of January 19, Kede Education's stock price reached 23.53 CNY per share, with a market capitalization of 7.745 billion CNY [1]. - The stock has increased by 11.36% year-to-date, but has seen a slight decline of 0.51% over the past five trading days [1]. - Over the last 20 days, the stock price has risen by 13.12%, and over the last 60 days, it has increased by 35.31% [1]. Group 2: Financial Performance - For the period from January to September 2025, Kede Education reported a revenue of 557 million CNY, representing a year-on-year decrease of 3.64% [2]. - The net profit attributable to the parent company for the same period was approximately 92.45 million CNY, down 12.98% year-on-year [2]. Group 3: Shareholder Information - As of January 9, the number of shareholders for Kede Education increased by 4.95% to 38,600, with an average of 8,403 circulating shares per shareholder, a decrease of 4.72% [2]. - The company has distributed a total of 389 million CNY in dividends since its A-share listing, with 237 million CNY distributed over the past three years [3]. - As of September 30, 2025, Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, having newly acquired 2.3997 million shares [3].

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The luxury goods retail revenue in China is showing signs of recovery, with high-end brands like LVMH, Hermès, and Prada experiencing positive growth since Q2 2025 [15][16] - The global network literature market is witnessing rapid growth, particularly in Latin America, with WebNovel reaching nearly 400 million cumulative users by October 2025 [34][35] - The micro-drama and comic-drama market in China is projected to exceed 100 billion yuan in 2025, significantly surpassing the film box office revenue [37][38] - The probiotic market is expanding, with a focus on next-generation probiotics (NGPs) like AKK bacteria, which show significant potential in health applications [55][63] Summary by Sections 1. Duty-Free Shopping - Post-New Year duty-free shopping in Hainan shows strong growth, with sales reaching 3.89 billion yuan and a 49.6% year-on-year increase in shopping amount [31][33] - The high net worth individuals are expected to drive luxury consumption, with a notable increase in spending on preservation-type luxury goods [15][16] 2. Network Literature - The Chinese network literature market reached 49.55 billion yuan in 2024, with a 29.37% year-on-year growth, while the overseas market grew by 10.68% [34] - WebNovel has cultivated nearly 530,000 authors and over 820,000 original works, with a significant increase in user engagement [34][35] 3. Micro-Drama - The micro-drama and comic-drama market in China is expected to reach 100 billion yuan in 2025, with a 98% year-on-year growth [37][38] - The user base for micro-dramas is approaching 700 million, with a strong preference among female viewers [40][42] 4. Probiotics - The global probiotic market is projected to grow at a CAGR of 8.7%, reaching 93.49 billion USD by 2028, with China's market expected to reach 134.89 billion yuan by 2024 [55][63] - Next-generation probiotics like AKK bacteria are gaining traction, with significant potential in health management and consumer interest [55][63]

Investment Rating - The report maintains a "Recommendation" rating for the education industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The education industry is experiencing a "three-dimensional resonance" with policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven. The industry is expected to benefit from a "Davis Double Play" in terms of performance and valuation under policy support [7][26]. - The integration of artificial intelligence (AI) into education is highlighted as a key investment theme, with leading education companies likely to benefit from the "AI + Education" trend [7][26]. Summary by Sections 1. Industry Policy Dynamics - On January 12, the Ministry of Education announced the approval of 14 new higher education institutions, including 7 public and 1 private vocational colleges [10][12]. - Guangdong plans to increase 200,000 ordinary high school seats by 2026 as part of its educational enhancement initiatives [10][12]. - Jiangsu's "AI + Education" action plan aims for over 70% penetration of new intelligent terminals by 2027 and a trillion-yuan industry scale by 2030 [10][12]. - The "China-UK Study Tour Pilot Program" was launched, facilitating deeper educational cooperation between the two countries [10][12]. 2. Company Dynamics - Zhonggong Education launched the "Zhonggong AI Interview" training product, enhancing its offerings in AI-driven education [13]. - Huatu Education held an "AI Transformation Upgrade Conference," marking its transition to an AI-driven growth model [13]. 3. Industry Performance - The education sector outperformed the CSI 300 index, with the CITIC Education Index increasing by 1.69% compared to a decline of 0.57% in the CSI 300 [7][15]. - The best-performing stocks in the education sector included Action Education (+9.65%), *ST Guohua (+7.99%), and Huatu Shanding (+4.73%) [19][20]. 4. Investment Recommendations - The report suggests focusing on three main investment lines: 1. "AI + Education" with companies like Kevin Education and Kede Education as potential leaders 2. Performance and valuation resonance with Action Education, Xueda Education, and Angli Education showing significant valuation advantages 3. Companies like Botong Co. and Huatu Shanding are actively seeking new growth avenues [26].