天风证券：政策明确校外培训为学校教育补充 建议关注教培行业相关机会

Core Viewpoint - The recent draft regulation by the Ministry of Education on off-campus training management is seen as a positive development for the education sector, following the "double reduction" policy, which aims to further regulate off-campus training [1] Group 1: Policy Changes - The new draft regulation removes the phrase "high school stage to be implemented accordingly," providing clarity and reassurance to the market regarding high school training operations [1] - The introduction of classification for off-campus training into academic and non-academic categories is a significant addition, guiding institutions to participate in after-school services [1] Group 2: Market Opportunities - The report suggests focusing on educational companies such as Xueda Education (000526.SZ), ST Doushen (300010.SZ), Kevin Education (002659.SZ), and Angli Education (600661.SH) in the A-share market, as well as Thinking Academy (01769), Tianli International Holdings (01773), and Excellence Education Group (03978) in the Hong Kong market, and New Oriental (EDU.US) and TAL Education (TAL.US) in the US market [1] - The shift towards non-academic training is viewed as a positive industry signal, indicating that leading institutions are adapting and expanding their offerings [1]