Group 1 - The education industry is expected to see a turnaround as the fundamentals reach a bottom and policies advance, particularly in higher education [3][7][9] - The demand for vocational training among young people is surging, leading to an upturn in the vocational education sector [3][86] - The tutoring industry is characterized by strong brand growth and franchise operations, indicating potential investment opportunities [3][85] Group 2 - The education index has underperformed compared to the Hang Seng China Enterprises Index, with a year-to-date absolute return of 11.4% and an excess return of -17.5% [6] - The private higher vocational education sector has shown strength, with a cumulative return of 52.9% year-to-date, outperforming the Hang Seng China Enterprises Index by 24% [6] - The report highlights specific companies such as Yuhua Education, Zhongjiao Holdings, and New Higher Education as key players to watch [8][84] Group 3 - The policy of profit-oriented classification management is gradually being reinitiated, which is expected to stabilize the investment returns for private higher education institutions [9][13] - The quality of education in private institutions has significantly improved over the past five years, with key metrics such as student-to-teacher ratios and per-student funding meeting standards [77][75] - The anticipated recovery in profitability for private higher education companies is linked to the completion of quality assessments and the potential for expansion following the issuance of profit-oriented licenses [71][74] Group 4 - The vocational education market is experiencing a boom due to the increasing number of graduates and those who do not pass entrance exams entering the labor market [88] - The number of high school graduates is on the rise, while the labor force from junior high school graduates is shrinking, indicating a shift in educational demand [89]
2026年教育行业投资策略：景气与困境反转交织，投资机会纷呈
Shenwan Hongyuan Securities·2025-11-16 12:15