Guolian Minsheng Securities·2026-02-28 14:22Investment 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]