行业深度 |“线下小班模式”渐成主流,线上模式尚待探索
<p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><em style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline;">199IT数据中心微信账户：i199IT</em></p><p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;">K12全称“kindergarten through grade 12”,在美国、加拿大等北美国家指从幼儿园到十二年级。K12在中国指小学6年、初中3年、高中3年的中小学基础教育。人均可支配收入增长+教育意识提升,将驱生K12培训高增增长。在校生高基数+升学压力,K12培训市场空间巨大。据腾讯发布的《2014年K12教育市场分析报告》,K12培训年均消费约5,121元/人,市场空间超过8,000亿元。</p><p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><strong style="border: 0px; font-size: 17.28px; vertical-align: baseline; color: inherit;">主要观点</strong></p><p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;">人均可支配收入增长+升学压力,K12培训市场空间巨大。城镇居民家庭人均可支配收入由2000年的6,280元增至2014年29,381元,CAGR 为11.7%。2014年,K12阶段在校生数达到1.62亿人。优质教育资源有限,中小学生面临较大升学压力,全国高等教育毛入学率为37.5%。对于优质教育资源的抢夺导致家长纷纷为孩子寻找适合的校外培训。根据《2014年K12教育市场分析报告》,K12培训的年均消费约5,121元/人,那么K12培训市场空间超过8,000亿元。</p><p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;">K12培训线下体系成熟,在线教育仍在摸索阶段。线下K12培训学校可以按照覆盖范围和授课模式两个维度进行区分,盈利模式清晰。而K12教育在线化程度较低,在线教育市场结构中,K12在线教育比重仅为9.1%,远低于传统线下教育中K12占比。随着大数据、云平台等技术的成熟以及在线教育习惯的养成,K12教育由线下到线上演变是大势所趋。目前K12在线教育盈利模式仍不明晰,形成找家教平台、题库、在线教学、作业答疑四种细分领域。</p><p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;">K12培训美国多为技术型公司,日本强调以升学为导向。美国公立学校提供K12义务教育体系。美国公立教育资源采购相对市场化,为教育服务公司提供稳定可盈利的商业模式;完善的网络等基础设施条件为技术型教育公司提供更大的机遇。日本教育体系与中国相似,升学压力较大,因此教育机构专注升学、备考类课外培训。</p><p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;">我国 K12培训机构盈利能力差异明显:</p><blockquote style="margin-bottom: 1.5em; padding-left: 1em; border-width: 0px 0px 0px 1px; border-left-style: solid; border-left-color: rgb(204, 204, 204); font-size: 1.166em; vertical-align: baseline; quotes: none; line-height: 1.2857; font-family: Georgia, 'Bitstream Charter', serif;"><ul style="margin-bottom: 1.5em; margin-left: 2em; border: 0px; font-size: 16.7904px; font-weight: inherit; vertical-align: baseline; list-style: square;"><li style="margin-left: 0px; border: 0px; font-size: 16.7904px; font-weight: inherit; vertical-align: baseline;">新东方教学以大班教学为主,单网点营业收入和毛利率高。</li><li style="margin-left: 0px; border: 0px; font-size: 16.7904px; font-weight: inherit; vertical-align: baseline;">学大教育和广州龙文教学均以1对1个性化培训为主,毛利率较低,学大教育单网点收入显著优于广州龙文。</li><li style="margin-left: 0px; border: 0px; font-size: 16.7904px; font-weight: inherit; vertical-align: baseline;">好未来和京翰英才均以小班授课+1对1个性化培训相结合的授课模式,毛利率较高,好未来年化单网点收入显著优于京翰英才。</li><li style="margin-left: 0px; border: 0px; font-size: 16.7904px; font-weight: inherit; vertical-align: baseline;">昂立教育是区域性培训机构,教学内容本地化。</li></ul></blockquote><p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;">以下为《“线下小班模式”渐成主流,线上模式尚待探索》报告全文：</p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f60006418ff341031f.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e2000640a2e54a370b.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e8000631ee64a2e628.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e8000631f031ddeb8b.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e8000631f1c7465ec6.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f70006368190eb440c.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e8000631f6e8229f57.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f70006368721f6417d.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f70006368884fff962.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e2000640a8d3cf2e78.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f60006419ee1d92f5b.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f70006368a77327795.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e2000640af8e8ccd7f.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f70006368d282a8582.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641a685640633.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641a82e774287.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641aa6fadc4f2.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641abaf5c41a3.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641ad8daaa20d.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641b1172efd71.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641b4a58253a9.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f70006369645b7452f.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f700063697068c6221.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f700063698a0410be0.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641baa3b5a5af.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e80006320913995e3d.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e80006320a3ddb8308.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641bf861cdaf3.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641c4ab385ebb.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e80006320fa19616e2.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; 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margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e2000640e0f208608a.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f6000641f5d32dfaf5.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; 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margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1e8000632395c029b94.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="text-align: center; margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f600064202d1b112e0.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><a href="http://www.199it.com/wp-content/uploads/2016/02/1f600064207d0c538bd.jpg" style="border: 0px; font-size: 17.28px; font-weight: inherit; vertical-align: baseline; outline: none; text-decoration: none;"></a></p><p style="margin-bottom: 1.5em; border: 0px; vertical-align: baseline; color: rgb(85, 85, 85); font-family: 'Microsoft YaHei', 微软雅黑, STHeiti, 'WenQuanYi Micro Hei', SimSun, sans-serif, 'Open Sans', Arial; font-size: 1.2em !important; line-height: 2em !important;"><strong style="border: 0px; font-size: 17.28px; vertical-align: baseline; color: inherit;">中银国际证券</strong></p><p></p>
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