教育行业周报 教师队伍建设提质增效，"十五五"教育规划与国际合作深化 glmszqdatemark 2026 年 03 月 29 日 -10% 3% 17% 30% 2025/3 2025/9 2026/3 消费者服务 沪深300 相关研究 推荐 维持评级 [Table_Author] 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 行业动态：（1）3 月 20 日，教育部办公厅发布《关于开展基础教育规范管理巩 固年行动的通知》。重点任务为：①巩固提升教育公平水平；②巩固提升日常管 理水平；③巩固提升办学治校能力；④巩固提升校园安全水平；⑤巩固构建良好 教育生态（2）3 月 21 日，教育部召开教育家精神铸魂强师行动推进会暨 2025 年教师队伍建设重点工作部署会。会议强调，要充分认识教师队伍在教育强国建 设中的极端重要性，系统总结弘扬践行教育家精神、健全师德师风建设长效机制、 深化教师教育改革等方面的宝贵经验，深入分析科技革命与大国博弈相互交织对 教师队伍支撑教育科技人才一体发展的新要求，学龄人口波动变化和新型城镇化 推进对教师资源均衡配置的新挑战，教育高质量发展对进一步提升教 ...

Investment Rating - The report maintains a "Recommend" rating for the education industry [1]. Core Insights - The education sector is expected to experience 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 anticipated to benefit from a "Davis Double Play" in terms of performance and valuation under policy support. Additionally, the integration of AI in education is highlighted as a key investment theme, with leading education companies likely to benefit from this trend [7][25]. Summary by Sections 1. Education Industry Policy Dynamics - On March 7, the Minister of Education, Huai Jinpeng, discussed the achievements of the education sector and outlined three key focus areas for the "14th Five-Year Plan" period, emphasizing the importance of education for youth development and talent cultivation. Key statistics include 440,000 schools, 280 million students, and 18.7 million teachers. The gross enrollment rate for preschool education is 92.9%, and all counties have achieved basic balance in compulsory education [10][11]. 2. Education Stock Dynamics - The report details a significant stock transfer involving Kede Education, where the controlling shareholder transferred 23.57% of shares to two entities, potentially changing the company's control [13]. 3. Education Index and Stock Performance - The education sector underperformed compared to the CSI 300 index, with the CITIC Education Index declining by 0.6929% during the week of March 9-13, 2026, while the CSI 300 rose by 0.1867%. The K12 training index was the best-performing sub-sector, increasing by 2.51% [14][16]. 4. Investment Recommendations - The report suggests focusing on three main investment lines: (1) "AI + Education," with Kevin Education and Kede Education positioned as potential leaders; (2) performance and valuation resonance, highlighting Action Education and Xueda Education; (3) the search for a second growth curve, with Botong Co. actively seeking new growth opportunities [25].

Investment Rating - The report maintains a "Recommend" rating for the education industry [1] Core Insights - The education sector is expected to experience 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 anticipated to benefit from a "Davis Double Play" in terms of performance and valuation under policy support. Additionally, the integration of AI in education is highlighted as a key investment theme, with leading education companies likely to benefit from this trend [7][25] Summary by Sections 1. Education Industry Policy Dynamics - On March 7, the Minister of Education, Huai Jinpeng, discussed the achievements of the education sector and the deployment for the "14th Five-Year Plan" during a press conference. He emphasized the importance of education for youth development and talent cultivation for modernization. Key statistics include 440,000 schools, 280 million students, and 18.7 million teachers in China. The gross enrollment rate for preschool education is 92.9%, and all counties have achieved basic balance in compulsory education [10][11] 2. Education Stock Dynamics - The report details a significant stock transfer involving Kede Education, where the controlling shareholder is changing hands. The transfer involves 77.58 million shares, representing 23.57% of the total shares, with the new controlling shareholder being Huaxin Future [13] 3. Education Index and Stock Performance - The education sector underperformed compared to the CSI 300 index, with the CITIC Education Index declining by 0.6929% from March 9 to March 13, while the CSI 300 rose by 0.1867%. The education sector lagged behind by 0.8796 percentage points [14][18] - The top-performing stocks in the education sector for the week were Qinxin Co. (+14.53%), Action Education (+8.22%), and Zhonggong Education (+1.74%). Conversely, the worst performers were Doushen Education (-4.55%), Huatu Shanding (-5.33%), and China Gaoke (-6.38%) [18][19] 4. Investment Recommendations - The report suggests focusing on three main investment lines: (1) "AI + Education," with Kevin Education and Kede Education positioned as potential leaders; (2) performance and valuation resonance, highlighting Action Education, Xueda Education, and Angli Education for their significant valuation advantages; (3) the search for a second growth curve, with Botong Co. actively seeking new growth opportunities [25][26]

Investment Rating - The report maintains a "Recommend" rating for the education industry [1] Core Insights - The education industry is expected to experience a "three-dimensional resonance" with policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven. The industry valuation is relatively low, and with policy support, a "Davis Double Play" in performance and valuation is anticipated. The "AI + Education" theme is highlighted as a key investment line, with leading education companies likely to benefit from this development [4][22] Summary by Sections 1. Education Industry Policy Dynamics - On February 25, the Ministry of Education held a meeting emphasizing student health, focusing on four key areas: implementing a physical fitness plan, promoting mental health actions, reforming educational evaluation to include health standards, and enhancing collaboration among families, schools, and communities [4][7] - On February 26, Guangdong launched a lifelong learning platform aimed at supporting individual growth and societal development, offering over 300,000 continuing education degrees and training for more than 2 million people annually in key fields [4][7] - On February 27, the Ministry released guidelines for promoting healthy school construction, aiming for full coverage by 2030 and high-quality schools by 2035, with specific tasks outlined for student health [4][7] 2. Education Stock Dynamics - The report notes significant stock movements, with the top gainers being Zhonggong Education (+8.33%), ST Kaiyuan (+7.33%), and *ST Chuan Zhi (+4.96%). The biggest losers included Boryu Communication (-2.21%), Action Education (-2.45%), and Fangzhi Technology (-3.05%) [9][15] 3. Education Index and Stock Performance - The education industry outperformed the CSI 300 index during the week of February 23-27, with the CITIC Education Index rising by 1.77% compared to the CSI 300's 1.08% increase, indicating a 0.69 percentage point outperformance [10][15] - Among the three sub-sectors, higher and vocational education performed the best with a 5.13% increase, while education information and online education lagged with only a 0.25% increase [13] 4. Investment Recommendations - The report recommends focusing on three main lines: "AI + Education" with companies like Kevin Education and Kede Education as potential leaders; performance and valuation resonance with Action Education, Xueda Education, and Angli Education showing significant valuation advantages; and the search for a second growth curve with Botong Co. [22]

Investment Rating - The report maintains a "Recommend" rating for the education industry [1] Core Insights - The education industry is expected to experience 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 also seen as having relatively low valuations, with potential for a "Davis Double" in performance and valuation under policy support. The integration of AI in education is highlighted as a key investment theme, with leading education companies likely to benefit from "AI + Education" developments [4][22] Summary by Sections 1. Education Industry Policy Dynamics - On February 25, the Ministry of Education held a meeting focusing on student health, emphasizing the "health first" education concept and outlining four key areas: implementing a physical fitness plan, promoting mental health initiatives, reforming educational evaluations to include health metrics, and enhancing collaboration among families, schools, and communities [4][7] - On February 26, Guangdong launched a lifelong learning platform aimed at supporting individual growth and societal development, offering over 300,000 continuing education degrees and training for more than 2 million people annually in key fields [4][8] - On February 27, the Ministry released guidelines for promoting healthy school construction, aiming for full coverage by 2030 and high-quality schools by 2035, with specific tasks outlined for student health and safety [4][8] 2. Education Stock Dynamics - The report notes significant stock movements within the education sector, with the top gainers being Zhonggong Education (+8.33%), ST Kaiyuan (+7.33%), and *ST Chuan Zhi (+4.96%). Conversely, the biggest losers included Boryu Communication (-2.21%), Action Education (-2.45%), and Fangzhi Technology (-3.05%) [9][15] 3. Education Index and Stock Performance - The education sector outperformed the CSI 300 index during the week of February 23-27, with the CITIC Education Index rising by 1.77% compared to the CSI 300's 1.08% [10] - Among the three sub-sectors, higher and vocational education performed best with a 5.13% increase, while education information technology and online education lagged with only a 0.25% increase [13] 4. Investment Recommendations - The report recommends focusing on three main investment lines: 1. "AI + Education" with 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. Second growth curve opportunities with Botong Co. actively seeking new growth avenues [22]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes optimism towards tourism-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and ongoing anti-monopoly measures in the OTA sector [4] - The report also suggests a favorable outlook for the gold and jewelry sector, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea industry is noted, with specific recommendations for brands benefiting from these initiatives [4] - AI applications and undervalued new consumer sectors are highlighted, with several companies recommended for investment [4] Summary by Sections Investment Highlights - The report suggests continued optimism for tourism-related sectors, recommending specific companies such as Huazhu Group, ShouLai Hotel, and China Duty Free Group [4] - It also recommends gold and jewelry companies like Caibai Co., Luk Fook Holdings, and Laopuhuangjin, focusing on those with short-term data exceeding expectations [4] - The milk tea sector is expected to benefit from subsidies, with recommendations for brands like Guming and Hushang Ayi [4] - AI and new consumer applications are highlighted, with recommendations for companies like Kangnait Optical and Huatu Shanding [4] - Low valuation and high dividend yield stocks are recommended, including Jiangsu Guotai and Haidilao [4] Market Review - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report mentions the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also notes the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange, expanding the scope to retail, hotels, and office buildings [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4] Company Announcements - Key announcements include the resignation of the general manager of HeBai Group and the signing of a land compensation agreement by a subsidiary of an agricultural products company [4]

Investment Rating - The report maintains a "Recommended" rating for Kevin Education (002659.SZ) with a current price of 6.40 CNY [3]. Core Insights - The company is expected to achieve a revenue of 335 million to 350 million CNY in 2025, representing a year-on-year growth of 4.79% to 9.48%. The total profit is projected to be between 1 million and 1.5 million CNY, indicating a turnaround to profitability [9]. - The company has core assets in international schools and is actively developing educational services, quality education, and vocational education. The growth in student enrollment is contributing to a steady increase in revenue [9]. - The establishment of a joint venture, Zhihui Wenhua, with a focus on AI-driven educational products marks a strategic move into the "AI + Education" sector, which is expected to open a second growth curve for the company [9]. Financial Forecasts - Revenue projections for 2024, 2025, 2026, and 2027 are 320 million, 345 million, 415 million, and 465 million CNY respectively, with growth rates of 25.9%, 8.0%, 20.3%, and 12.0% [2]. - The net profit attributable to shareholders is forecasted to be -37 million, -19 million, 33 million, and 72 million CNY for the years 2024 to 2027, with growth rates of 25.7%, 47.4%, 267.3%, and 120.0% respectively [2]. - The earnings per share (EPS) is expected to improve from -0.06 CNY in 2024 to 0.12 CNY in 2027 [2]. Strategic Developments - The company has formed strategic partnerships with major tech firms such as Tencent, Baidu, Huawei, and Xiaomi to enhance its AI training base and promote industry-education integration [9]. - The launch of the Zhihui APP, an AI-assisted learning tool, is currently being tested in various schools, showcasing the company's commitment to integrating AI into its educational offerings [9].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The civil aviation sector is expected to see record-high passenger transport volumes during the Spring Festival [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to the upcoming holiday and improved vacation policies [4]. - The report suggests selecting short-term outperformers in the gold sector as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Summary by Relevant Sections Industry Overview - The report notes a significant increase in domestic flight ticket bookings, with over 7.16 million tickets reserved as of January 29, 2026, reflecting a year-on-year growth of approximately 16% [4]. - International flight bookings also show slight growth, with over 1.72 million tickets reserved [4]. Retail Sector Insights - The report cites a Bain & Company report indicating a 3% to 5% contraction in China's personal luxury goods market in 2025, although this represents a significant improvement compared to the previous year's decline [4]. Company Announcements - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. expects a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - Cuihua Jewelry forecasts a net profit of 21 million to 31 million RMB for 2025, a decrease of 85.69% to 90.31% compared to the previous year [4]. Key Stock Recommendations - The report recommends several stocks across various sectors, including: - Hotels: Huazhu Group, ShouLai Hotel, JinJiang Hotels [4]. - Duty-free: China Duty Free Group [4]. - Scenic spots: Emei Mountain A, Jiuhua Tourism, Huangshan Tourism [4]. - Gold sector: Cai Bai Co., Luk Fook Holdings, Lao Pu Gold [4]. - AI and new consumption: Kangnait Optical, Huatu Shanding, Tianli International Holdings [4].

Investment Rating - The report assigns an "Accumulate" rating for the industry [4]. Core Insights - The upcoming Spring Festival is expected to see record-high passenger transport volumes in civil aviation [2]. - The report highlights optimism for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in online travel agencies (OTAs) [4]. - The report suggests selecting short-term outperformers in the gold market, as the recent surge in gold prices may be ending [4]. - AI applications and undervalued new consumption sectors are also recommended for investment [4]. Industry Updates - The State Council issued a plan to accelerate the cultivation of new growth points in service consumption, urging local governments to enhance policy design and support measures [4]. - As of January 29, 2026, domestic flight ticket bookings for the Spring Festival exceeded 7.16 million, with a daily average increase of approximately 16% year-on-year [4]. - Retail sector insights indicate a 3% to 5% contraction in China's personal luxury goods market in 2025, showing signs of recovery compared to a significant decline in 2024 [4]. Company Performance Forecasts - Cai Bai Co. expects a net profit of 1.06 billion to 1.23 billion RMB for 2025, representing a year-on-year increase of 47.43% to 71.07% [4]. - Lai Shen Tong Ling anticipates a turnaround with a projected net profit of 58 million RMB for 2025, compared to a loss of 184 million RMB in the previous year [4]. - Yu Garden Co. forecasts a net loss of approximately 4.8 billion RMB for 2025, a significant decline from a profit of 125 million RMB in the previous year [4]. - The report includes various companies with "Accumulate" ratings, such as Zhou Dafu, Cai Bai Co., and others, with detailed profit forecasts and valuation metrics [5].