Investment Rating - The report maintains a "Hold" rating for the education industry [1] Core Insights - The education industry is experiencing 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 expected to benefit from a "Davis Double Play" in terms of performance and valuation under policy support [7][25] - The integration of AI in education is highlighted as a key investment theme, with leading education companies likely to benefit from the "AI + Education" trend [7][25] Summary by Sections 1. Education Industry Policy Dynamics - The "National Reading Promotion Regulations" came into effect on February 1, 2026, aimed at enhancing reading quality and promoting digital reading [10][12] - The "2026 China Automation and AI Science Popularization Conference" was held, emphasizing the integration of AI in education and the need for specialized training for educators [10][12] - The Beijing Municipal Government issued guidelines to strengthen AI-related training for civil servants [10][12] - The Jiangsu Provincial Education Department announced plans to establish several new specialized colleges [10][12] - A national meeting on basic education reform was held, focusing on improving examination quality and encouraging diverse admission reforms [10][12] 2. Education Stock Dynamics - Action Education repurchased 114,500 shares, accounting for 0.096% of its total share capital, with a total expenditure of approximately RMB 4.8 million [13] - Major shareholders of Xueda Education plan to reduce their holdings by up to 60,930 shares [13] - Angli Education has a share repurchase plan in place, with no shares yet repurchased [13] - Huatu Shanding received regulatory warnings for non-compliance in financial disclosures [13] 3. Education Index and Stock Performance - The education sector outperformed the CSI 300 index, with a decline of 0.83% compared to the CSI 300's decline of 1.33% [14] - The best-performing sub-sector was higher and vocational education, which rose by 1.56% [16] - The top three performing stocks in the education sector were ST Kaiyuan (+22.32%), Quanta Education (+3.42%), and Angli Education (+3.09%) [18] 4. Investment Recommendations - The report recommends focusing on three main investment themes: 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 [25]

Group 1: Shareholder Reductions - Shangle Electronics' actual controller plans to reduce holdings by no more than 3% [1] - Yilian Technology's shareholder Changjiang Chenda intends to reduce holdings by no more than 2% [1] - Fuhuan Micro's actual controller's concerted actor plans to reduce holdings by no more than 1.93% [1] - Xueda Education's shareholder Nanjing Xingnaheyuan intends to reduce holdings by no more than 0.5% [1] - Maipu Medical's shareholder Tang Ying plans to reduce holdings by no more than 1.2541% [1] - Gaohua Technology's shareholder Huang Biao intends to reduce holdings by no more than 1.8 million shares [1] - Jindan Technology's shareholder Shouzhong Education plans to reduce holdings by no more than 3% [1] - Changjiang Communication's shareholders Wuhan Jinkong, New Energy Industry, and Wuhan Changfa plan to collectively reduce holdings by no more than 1% [1] - Jingce Electronics' shareholder Chen Kai intends to reduce holdings by no more than 1.79% [1] - Wuxi Zhenhua's shareholders Wuxi Junrui and its concerted actors plan to collectively reduce holdings by no more than 3% [1] - China Unicom's structural adjustment fund has cumulatively reduced holdings by 1.0764% [1] - Luxin Investment's controlling shareholder Luxin Group has reduced holdings by 1% [1] Group 2: Other Corporate Actions - Naipu Mining has terminated the subscription for equity in Swiss Veritas Resources AG [1] - Jiangyan Group's Ningbo Longji plans to reduce holdings by no more than 3% [1]

Economic Information - Xiaohongshu platform will prohibit content collaboration with influencers in the medical beauty sector, marking a significant shift in marketing strategies within this industry [2] - In January, the expected recovery in the scale of bank wealth management products did not materialize, with a reported decline of 114.2 billion yuan in total scale, indicating a challenging start to the year for the sector [2][3] Company Alerts - Jinshiyuan anticipates a continued slow recovery in overall consumption, with expectations for a potentially "coldest Spring Festival" [6] - Aotwei reports that its orders for photovoltaic equipment in 2025 are at historical lows, although it has received bulk orders for aluminum wire bonding machines and AOI testing equipment [6] - Multiple companies, including Dahu Technology and Jiangyan Group, have announced plans to reduce shareholdings by up to 4% and 3% respectively [9] Overseas Alerts - The US stock market saw a collective decline, with the Dow Jones down 0.34%, Nasdaq down 1.43%, and S&P 500 down 0.83%, indicating a downturn in popular tech stocks [5] - Indonesian miners have suspended spot coal exports due to a government-imposed production cut plan, which could reduce output by 40% to 70% compared to 2025 levels [7]

Core Viewpoint - Xueda Education (000526) announced that its shareholder, Nanjing Xingna Heyuan, plans to reduce its holdings by up to 609,300 shares, which represents no more than 0.5% of the company's total share capital, within a three-month period from March 5, 2026, to June 4, 2026, through a combination of centralized bidding and block trading [1] Group 1 - The shareholder holding more than 5% intends to reduce its stake [1] - The reduction will occur within a specified timeframe of three months [1] - The maximum number of shares to be sold is 609,300 [1]

Core Viewpoint - Xueda Education (000526.SZ) announced that its shareholder, Nanjing Xingna Heyuan, plans to reduce its stake by up to 609,300 shares, which represents no more than 0.5% of the company's total share capital, within a three-month period from March 5, 2026, to June 4, 2026 [1] Summary by Category - Shareholder Action - Nanjing Xingna Heyuan, a shareholder holding more than 5% of Xueda Education, intends to reduce its holdings through a combination of centralized bidding and block trading [1] - The maximum number of shares to be sold is 609,300 [1] - Timeline - The reduction period is set from March 5, 2026, to June 4, 2026, which is 15 trading days from the announcement date [1]

Group 1 - Xueda Education announced on February 3 that it received a reduction intention letter from its shareholder Nanjing Xingnaheyuan Venture Capital Partnership, which holds approximately 6.16 million shares, accounting for about 5.06% of the company's total share capital [1] - Nanjing Xingnaheyuan plans to reduce its holdings by no more than approximately 610,000 shares within three months from the date of the announcement, using a combination of centralized bidding and block trading [1]

Group 1: Company Buybacks - Hengli Petrochemical's controlling shareholder Chen Jianhua increased holdings by 13.4474 million shares, with a total investment of 330 million yuan [1] - CATL has repurchased a total of 15.9908 million A-shares as of January 31 [2] - Guizhou Moutai has repurchased a total of 416,900 shares as of January 31, 2026 [2] - Industrial Fulian has a total repurchase fund of 247 million yuan as of January 31, 2026 [2] Group 2: Company Sell-offs - Yitian Intelligent's shareholder Chuan Dinghengyuan plans to reduce holdings by no more than 0.99% [3] - Xueda Education's shareholder Nanjing Xingnaheyuan plans to reduce holdings by no more than 0.5% [3] - Gaohua Technology's shareholder Huang Biao plans to reduce holdings by no more than 0.97% [3] - Kuaike Intelligent's director Dou Xiaoming plans to reduce holdings by no more than 0.15% [3] - Igor's directors and executives, including Zhao Nannan, plan to collectively reduce holdings by no more than 0.0878% [3] - Tailin Micro's major shareholder recently reduced holdings by 2.3213 million shares [3] - Jingce Electronics' shareholders and directors plan to reduce holdings [3] - Jindan Technology's shareholder Shouzhong Education plans to reduce holdings by no more than 3.00% [3] - Changjiang Communication's shareholders plan to collectively reduce holdings by no more than 1% [3] - Dahao Technology's shareholders plan to collectively reduce holdings by no more than 4% [3] - Tongyuan Petroleum's chairman and director plan to collectively reduce holdings by no more than 0.16% [3] - Yilun Media's director and CFO plan to reduce holdings [3] - Fuhan Micro's shareholder Jiezhi Holdings plans to reduce holdings by no more than 1.93% [3] - Aoshang's shareholder Huijia Chuangtou plans to reduce holdings by no more than 1.00% [3] - Changchun Yidong's shareholder FAW Equity Company plans to reduce holdings by no more than 3% [3] - Wuxi Zhenhua's major shareholder plans to collectively reduce holdings by no more than 3.00% [3] - Jiangyan Suantuan's shareholder Ningbo Longji plans to reduce holdings by no more than 3% [3] - Yilian Technology's shareholder Changjiang Changdao plans to reduce holdings by no more than 2% [3]

Core Viewpoint - Xueda Education (000526.SZ) announced that its shareholder, Nanjing Xingnaheyuan Venture Capital Partnership (Limited Partnership), intends to reduce its shareholding in the company [1] Group 1: Shareholder Reduction Plan - Nanjing Xingnaheyuan holds 6,162,000 shares, accounting for approximately 5.06% of the total share capital of the company [1] - The shareholder plans to reduce its holdings by no more than 609,305 shares, which represents up to 0.5% of the company's total share capital [1] - The reduction will take place from March 5, 2026, to June 4, 2026, through a combination of centralized bidding and block trading [1]

Core Viewpoint - Xueda Education (000526.SZ) announced that its shareholder, Nanjing Xingnaheyuan Venture Capital Partnership (Limited Partnership), intends to reduce its stake in the company by selling up to 609,305 shares, which represents approximately 0.5% of the total share capital [1] Group 1 - Nanjing Xingnaheyuan holds 6,162,000 shares, accounting for about 5.06% of Xueda Education's total share capital [1] - The planned reduction will occur within a three-month period from March 5, 2026, to June 4, 2026, through a combination of centralized bidding and block trading [1] - The maximum number of shares to be sold is 609,305, which does not exceed 0.5% of the company's total share capital [1]

持股 5%以上的股东南京星纳赫源创业投资合伙企业（有限合伙）保证向本 公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 学大（厦门）教育科技集团股份有限公司（以下简称"公司"或"本公司"） 于 2026 年 2 月 3 日收到公司股东南京星纳赫源创业投资合伙企业（有限合伙） （以下简称"南京星纳赫源"）的《减持意向函》。持本公司股份 6,162,000 股（占本公司总股本比例约 5.06%）的股东南京星纳赫源计划在本公告披露之日 起至 15 个交易日届满次日起的 3 个月内（即 2026 年 3 月 5 日至 2026 年 6 月 4 日）以集中竞价及大宗交易结合方式减持本公司股份不超过 609,305 股（不超过 本公司总股本的 0.5%）。 一、股东的基本情况 （一）股东名称：南京星纳赫源创业投资合伙企业（有限合伙）。 股票代码：000526 股票简称：学大教育 公告编号：2026-004 学大（厦门）教育科技集团股份有限公司 关于持股 5%以上股东减持股份预披露公告 二、本次减持计划的主要内容 （一） ...