教育（核心股）强国建设持续推进：据中国政府网 2026 年 1 月发布《教育强国建设规划纲要（2024— 2035 年）》，坚持教育优先发展，完善投入与保障机制，行业长期发展框架清晰。 教育（核心股）数字化加速落地：据教育部等九部门联合印发《关于加快推进教育数字化的意见》，推 动 AI 与教学全场景融合，扩大优质资源覆盖。 今日 A 股教育（核心股）板块尾盘显著走高，市场情绪与资金关注度同步提升。个股呈现集体上行态 势，中公教育直线涨停，科德教育、昂立教育、豆神教育、华图山鼎、全通教育等核心标的纷纷跟涨， 板块交易活跃度明显提升，资金对教育服务赛道的配置意愿增强。 教育（核心股）行业最新利好消息 职业教育（核心股）教学改革深化：据教育部 2026 年 2 月 12 日发布《关于深化职业教育教学关键要素 改革的意见》，面向低空经济（核心股）、人工智能等新兴产业增设新专业，推动产教融合与人才培养 升级。 教育（核心股）数字化行业：据国信证券行业研究，AI、虚拟仿真技术赋能教学场景，智慧教育硬件 与平台服务商迎来增量空间。 学历与升学服务行业：据申万宏源 2026 年教育（核心股）投资策略，高校与民办高教需求具备韧 ...

教育板块尾盘走高，中公教育涨停，科德教育、昂立教育、豆神教育、华图山鼎、全通教育等纷纷走 高。 ...

2月24日，公考"三巨头"之一粉笔发布业绩预告，预计公司2025年营收、净利润双双下滑。 公告显示，预期公司截至2025年12月31日止年度将录得不少于26.56亿元的收入，相较截至2024年12月31日止年度27.9亿元的收入减少不多于4.8%，主要 是由于中国招录类考试培训行业的竞争持续加剧而导致培训服务的销量及图书的销量下跌；预计将录得不少于1.85亿元的净利润，相较截至2024年12月31 日止年度2.4亿元的净利润减少不多于22.8%。 此外，截至2025年12月31日止年度，经调整净利润预期将不少于2.7亿元，相较截至2024年12月31日止年度的经调整净利润3.63亿元减少不多于25.5%，主 要是由于收入减少。 这是粉笔在2024年营收下滑的基础上业绩再次下滑。 2025年12月14日晚间，粉笔发布公告表示，2025年12月12日，该公司与华图山鼎（300492）订立战略合作协议，双方建立战略合作关系，发挥各自资源互 补优势，提升双方整体竞争力。2025年12月15日，华图也宣布了双方合作的消息。 此次粉笔与华图合作，有声音认为，标志着公考教育行业迎来里程碑式转折阶段，将从根本上改变由粉笔、华 ...

Investment Rating - The report maintains a "Recommendation" rating for the education industry, indicating a positive outlook for the sector [2]. 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 Play" in performance and valuation under policy support [8][26]. - 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 [8][26]. Summary by Sections 1. Industry Policy Dynamics - On February 9, the Guangdong Provincial Education Department issued guidelines to standardize enrollment practices in primary and secondary schools, effective from March 10, 2026, for five years [11]. - The Jiangsu Province introduced an action plan for AI and intellectual property from 2026 to 2030, promoting the integration of AI with intellectual property to foster interdisciplinary talent [11]. - The Ministry of Education emphasized the importance of high-quality Sino-Russian educational cooperation, focusing on vocational education and joint research platforms [11]. - The establishment of the Aerospace Intelligent College at Hainan University aims to align educational offerings with high-end industry needs [11]. - A new opinion from the Ministry of Education calls for reforms in vocational education to address industry disconnects and enhance adaptability [11]. 2. Individual Stock Dynamics - China Oriental Education forecasted a 46%-51% increase in net profit for 2025, driven by a 6% increase in new student registrations and a 12% revenue growth [14]. - Huatu Shanding's major shareholder had a portion of shares released from freeze, while Zhonggong Education's shareholder released a significant number of pledged shares [14]. 3. Market Performance - The education sector outperformed the CSI 300 index, with the CITIC Education Index rising by 1.16% compared to the CSI 300's 0.36% increase during the week of February 9-13, 2026 [15]. - The best-performing stocks in the education sector included Doushen Education (+6.31%), Qinsong Shares (+5.03%), and Kede Education (+3.36%) [20]. 4. Investment Recommendations - The report suggests focusing on three main investment lines: 1. "AI + Education" with a positive outlook for 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 Shares actively seeking new growth avenues [26].

Investment Rating - The report maintains a "Recommendation" rating for the education industry, indicating a positive outlook for investment opportunities [2]. 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 Play" in performance and valuation under policy support [8][26]. - 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 [8][26]. Summary by Sections 1. Industry Policy Dynamics - On February 9, the Guangdong Provincial Education Department issued guidelines to standardize enrollment practices in primary and secondary schools, effective from March 10, 2026, for five years [11]. - The Jiangsu Province introduced an action plan for AI and intellectual property from 2026 to 2030, promoting the integration of AI with education and supporting interdisciplinary talent development [11]. - The Ministry of Education emphasized the importance of high-quality cooperation in vocational education with Russia, focusing on talent cultivation and joint research [11]. - The establishment of the Aerospace Intelligent College at Hainan University aims to align educational offerings with high-end industry needs [11]. - The Ministry of Education released opinions on reforming vocational education, focusing on industry collaboration and the introduction of new majors in emerging fields [11]. 2. Individual Company Dynamics - China Oriental Education announced a positive profit forecast, expecting a 46%-51% increase in net profit for 2025, driven by a 6% increase in new student registrations [14]. - Huatu Shanding's major shareholder had some shares released from freezing, while Zhonggong Education's shareholder completed the release of pledged shares [14]. 3. Market Performance - The education sector outperformed the CSI 300 index, with the CITIC Education Index increasing by 1.16% compared to the CSI 300's 0.36% during the week of February 9-13, 2026 [15]. - The best-performing stocks in the education sector included Doushen Education (+6.31%), Qinsong Shares (+5.03%), and Kede Education (+3.36%), while the worst performers were ST Kaiyuan (-7.06%), Huatu Shanding (-3.92%), and Angli Education (-2.45%) [20]. 4. Investment Recommendations - The report recommends focusing on three main investment lines: (1) "AI + Education" with a focus on 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) exploring second growth curves with Botong Shares [26].

这些超预期的表现，不仅反映了上市公司实际财务表现优于市场预期，还彰显出良好的经营状况和稳健 的增长态势，为投资者带来信心，成为观察经济复苏和行业发展趋势的重要窗口。 据证券时报·数据宝统计，截至2月13日（下同），已公布2025年度业绩预告、业绩快报或者年报的上市 公司中，券商研报明确给予"超预期"评价的公司有56家。这份"超预期"名单中，一个清晰的轮廓浮现出 来：龙头公司正成为业绩增长的"领跑者"。 业绩超预期不仅反映企业自身的经营实力，也是宏观经济环境、行业趋势和政策导向的风向标。 业绩超预期公司名单出炉 春节前后，A股市场进入2025年年报业绩预告、快报的披露高峰期，部分上市公司通过一系列改革措 施，经营效率大幅提升，同时受益于产品供需格局优化、行业景气度提升以及资产处置等影响，实现了 业绩的超预期增长。 数据显示，这些业绩超预期的公司中，超过八成的A股市值超过100亿元，其中更是不乏紫金矿业、兴 业银行、新易盛、中信证券、药明康德等14家千亿市值巨头。这些头部企业正以其迅猛的成长性，重新 锚定产业价值，并吸引资本向高质量发展主线加速汇聚。 以有色金属龙头紫金矿业为例，公司预计2025年净利润为510亿 ...

Core Viewpoint - The company expects significant growth in net profit by 2025, driven by industry demand and internal reforms, while facing regulatory scrutiny for delayed disclosures of related party transactions [1] Performance Overview - The company forecasts a net profit attributable to shareholders of between 280 million to 420 million yuan for 2025, representing a year-on-year increase of 428.38% to 692.57% - The expected non-recurring net profit ranges from 258 million to 387 million yuan, indicating a growth of 955.37% to 1483.06% - Growth is primarily attributed to strong demand in the examination training industry and innovations in products and regional operational reforms, with non-degree training business projected to achieve a median net profit of 380 million yuan, a year-on-year increase of approximately 396% [2] Regulatory Situation - On February 9, 2026, the Sichuan Securities Regulatory Bureau issued a corrective administrative measure against the company for failing to timely review and disclose financial assistance and related party transactions, resulting in a warning letter to Chairman Wu Zhengao and other responsible parties - Specific issues include providing financial assistance of 39.29 million yuan to related parties and failing to disclose related transactions of 29.58 million yuan in a timely manner, which may impact the company's governance transparency [3] Shareholder Pledge - On February 11, 2026, it was announced that 1.76 million shares held by the controlling shareholder Tianjin Huatu Hongyang Enterprise Management Co., Ltd. have been unfrozen, potentially alleviating market concerns regarding control stability - However, the actual controller Yi Dinghong previously faced high levels of pledged and judicially frozen shares, indicating ongoing control risks [4] Business Development - In December 2025, the company signed a strategic cooperation agreement with Fenbi Co., Ltd., involving equity cooperation, technology development, and channel integration to enhance the implementation of AI education and training products - In January 2026, the company held a press conference on AI transformation, emphasizing progress made in foundational tools in 2025, with future collaborations expected to yield synergistic business effects [5] Company Status - The company's performance in 2025 has met the trigger value for the first unlocking period of the employee stock ownership plan and restricted stock plan (non-recurring net profit trigger value of 256 million yuan) - The implementation of the incentive plan has resulted in share-based payment expenses of approximately 67.5 million yuan, and the achievement of the 2026 performance target (non-recurring net profit trigger value of 320 million yuan) will be closely monitored [6]

Core Insights - Huatu Group is deepening its collaboration with Feishu to enhance operational efficiency and implement AI applications across its extensive network of over a thousand campuses, aiming to establish an AI-centric infrastructure for improved quality and efficiency [1][2] - The company is transitioning from an "educational institution" to an "educational technology platform," with a strategic focus on AI as articulated by its founder, Yi Dinghong, who has committed to an "All in AI" strategy without budget constraints for AI investments [1][4] Group 1: Collaboration with Feishu - The partnership with Feishu aims to create an AI hub that connects headquarters with frontline operations, allowing for direct communication and real-time feedback on key tasks across campuses [2][3] - Feishu's capabilities will enable a unified portal for Huatu, embedding AI into every workflow, thus enhancing efficiency and allowing educators to focus on creative teaching rather than administrative tasks [2][3] Group 2: AI Tools and Impact - AI tools developed by Huatu significantly reduce the time teachers spend on grading, with one tool able to score essays in just 10 seconds, cutting down grading time from four hours to thirty minutes daily [3] - The AI-driven approach is expected to enhance student learning outcomes by allowing teachers to dedicate more time to personalized instruction [3] Group 3: Self-developed AI Hardware - Huatu is expanding its service offerings by introducing self-developed AI hardware, marking a shift from solely providing courses to also offering physical products [4][5] - The new hardware is designed to serve as a long-term intelligent partner for users, providing personalized learning paths during exam preparation and assisting with workplace tasks post-employment [5] Group 4: Business Model Transformation - The integration of AI products with physical hardware and subscription services is projected to increase user lifetime value by 2-3 times, transitioning Huatu's revenue model from one-time fees to ongoing service subscriptions [5] - This strategic shift positions Huatu as a comprehensive partner throughout the educational journey, moving from a focus on exam training to a broader role in career development [5]

Group 1 - The company Huatu Shanding announced that its controlling shareholder, Tianjin Huatu Hongyang Enterprise Management Co., Ltd., has had part of its shares released from freezing, with a total of 1.76 million shares being unfrozen [1] - The announcement was made on the evening of February 11 [1] Group 2 - The news highlights a significant development in the company's shareholding structure, which may impact investor sentiment and stock performance [1] - The release of shares from freezing could indicate improved financial stability or a strategic move by the controlling shareholder [1]

Group 1 - The controlling shareholder of Huatu Shanding, Tianjin Huatu Enterprise Management, has had part of its shares released from freezing, totaling 1,761,754 shares, which represents 1.76% of its holdings and 0.90% of the company's total share capital [1] - The release date for the frozen shares is set for February 10, 2026, with the application submitted to the Intermediate People's Court of Chengdu, Sichuan Province [1] - As of the announcement date, Tianjin Huatu Enterprise Management holds 100,307,340 shares, accounting for 51.00% of the total share capital, with a cumulative frozen share count of 1,761,754 shares [1]