本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 教育行业周报 教育部部署学生身心健康工作，地方推进终身学习 glmszqdatemark 2026 年 02 月 28 日 推荐 维持评级 [Table_Author] 分析师 苏多永 执业证书： S0590525110058 邮箱： suduoyong@glms.com.cn 分析师 张锦 执业证书： S0590525120009 邮箱： zhangjin_yj@glms.com.cn 相对走势 -10% 3% 17% 30% 2025/2 2025/8 2026/2 消费者服务 沪深300 相关研究 行业动态：（1）2 月 25 日，教育部召开 2026 年"新春第一会"，以健康第一 为核心，全面部署学生身心健康工作。会议强调，要以健康学校建设为引领，强 化五育并举、推进五育融合，着力破解学生身心健康突出问题，让"健康第一" 教育理念落地见效，促进学生身心健康、全面发展。部长怀进鹏在会议明确四大 重点：一是实施学生体质强健计划，确保中小学每天体育锻炼时间，严禁挤占体 育课；二是推进心理健康促进行动，完善监测预警，加强心理教师队伍 ...

教育行业周报 教育部部署学生身心健康工作，地方推进终身学习 glmszqdatemark 2026 年 02 月 28 日 推荐 维持评级 [Table_Author] 分析师 苏多永 执业证书： S0590525110058 邮箱： suduoyong@glms.com.cn 分析师 张锦 执业证书： S0590525120009 邮箱： zhangjin_yj@glms.com.cn 相对走势 -10% 3% 17% 30% 2025/2 2025/8 2026/2 消费者服务 沪深300 相关研究 | 目录 | | --- | | 1 教育行业政策动态 3 | | --- | | 2 教育个股动态 4 | | 3 教育指数及个股表现 5 | | 3.1 教育行业一周市场表现 5 | | 3.2 一周个股表现 6 | | 4 投资建议 8 | | 5 风险提示 9 | | 插图目录 10 | | 表格目录 10 | 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 行业动态：（1）2 月 25 日，教育部召开 2026 年"新春第一会"，以健康第一 为核心，全面部署学生身心健康 ...

美国 K-12 数字课程与在线学习平台 Subject 近日正式宣布完成 2800 万美元增长轮融资，本轮融资由增长型投资机构 Vistara Growth 领投，NextEquity Partners、Green Street Impact Partners、Outcomes Collective 等机构联合参投，既有投资方 Kleiner Perkins、True Equity、L'Attitude Ventures 等也持续跟投， 展现出资本对其商业模式与发展潜力的高度认可。 这轮融资的核心价值不在于金额，而在于行业转向：Subject 并非 C 端学习 App 或单纯 AI 教辅，而是深度嵌入学区课程与学分管理体系的服务商，标志 着 AI 正从浅层辅助，向 K-12 教育供给侧核心渗透，实现从工具到制度的深度嵌入。 01 增长资本入场：验证制度适配力 Subject 的核心竞争力，本质上是其跳出了「AI 教辅工具」的思维定式，精准找到了美国 K-12 教育体系学分与课程的合规供给缺口，并构建了「可被制 度认可」的产品体系。 这一定位，让 Subject 与单纯的学习效率工具形成了本质区别——它更像是美 ...

"AI带娃"真能解放父母？(有事说事) "我想听故事。""妈妈还有事，让AI讲给你听吧。" "爸爸，这道题怎么做呀？""去问问AI。" 寒假期间，这样的对话在不少家庭上演。"AI保姆""智能教育助手"等产品，正以前所未有的速度和深度 涌入未成年人的世界。不少家长感叹，这位无所不能、无时不在的"数字家教"成了解放自己的好帮手。 "AI带娃""AI助教"靠谱吗？父母真的能被解放吗？ 2025年，中国青少年研究中心对全国7个省份的8500余名未成年人开展的调查显示，两成多孩子有"想依 赖AI，不想自己思考"的惰性，两成多倾向于"只和AI聊天，不愿与真人交流"，还有两成多"因过度使用 AI而感到焦虑"。 (责任编辑：叶景) 探讨"AI带娃""AI助教"的现象并非否定其教育价值，而是提醒不要滑向本末倒置的技术滥用，避免 以"工具理性"为借口的责任逃避。完全禁止孩子接触AI既没必要，也不现实。事实上，"博物馆AI讲 解""口语AI练习"等创新模式，恰恰能托举孩子看到更广阔的世界，协助父母成为更好的引路人。只有 全社会将AI应用置于人文关怀的框架内，让AI为亲子教育赋能而非替代，才能培养出既有科学素养又 富有人文精神的下一 ...

林牧羽 "我想听故事。""妈妈还有事，让AI讲给你听吧。" "爸爸，这道题怎么做呀？""去问问AI。" 寒假期间，这样的对话在不少家庭上演。"AI保姆""智能教育助手"等产品，正以前所未有的速度和深度 涌入未成年人的世界。不少家长感叹，这位无所不能、无时不在的"数字家教"成了解放自己的好帮手。 教育是一棵树摇动一棵树，一朵云推动一朵云，一个灵魂唤醒一个灵魂，绝非单纯的信息传递与单向的 监督管理。孩童成长需要的不仅是知识灌输，更是情感联结、价值观引导和人格感召。这份由拥抱、交 流、陪伴所构成的亲子关系，拥有现阶段的AI无法模拟的教育力量、具备现阶段的AI无法替代的生命 示范。 探讨"AI带娃""AI助教"的现象并非否定其教育价值，而是提醒不要滑向本末倒置的技术滥用，避免 以"工具理性"为借口的责任逃避。完全禁止孩子接触AI既没必要，也不现实。事实上，"博物馆AI讲 解""口语AI练习"等创新模式，恰恰能托举孩子看到更广阔的世界，协助父母成为更好的引路人。只有 全社会将AI应用置于人文关怀的框架内，让AI为亲子教育赋能而非替代，才能培养出既有科学素养又 富有人文精神的下一代。 毕竟，爱的算法远比AI算法精准，父母 ...

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].

Core Viewpoint - Tianli International Holdings (01773) is actively adjusting its enrollment strategy for private education institutions, aiming to enhance student numbers and revenue through a focus on "AI + education" initiatives and a share buyback plan [1][2][9]. Group 1: Enrollment Strategy - The company is strategically expanding its enrollment of transfer students, expecting a 14% year-on-year increase in the total number of students served in the fiscal year 2026, reaching approximately 148,000 students [2]. - As of January 25, 2026, the company has enrolled 3,603 transfer students, significantly up from 2,600 new enrollments in November 2025 [2]. - The company aims to improve the quality of its student body by raising admission standards, which has led to a decrease in enrollment growth rates, with a focus on maintaining high-quality student demographics [2][5]. Group 2: AI + Education Business - The AI Crash Camp initiative is expected to generate revenue of 88 million yuan in fiscal year 2026, with a projected coverage of 4,000 students [6][8]. - The AI system, developed by the company's subsidiary, aims to enhance educational outcomes, particularly for students needing additional support, with proven results showing significant score improvements [7]. - The company anticipates that the coverage of the AI Crash Camp will increase to 10% in the mid-term, with potential expansion into external schools [8]. Group 3: Share Buyback and Investor Confidence - The company announced a share buyback plan, with a maximum of 200 million HKD allocated for repurchasing shares in the open market, reinforcing investor confidence [1][9]. - The chairman has also been actively increasing his shareholding, further demonstrating commitment to the company's long-term growth [9].

Core Insights - The education sector is experiencing renewed interest from major tech companies, with ByteDance and Alibaba launching AI-driven educational tools to capture market share [1][2] - The AI education market in China has seen significant growth, with monthly active users of AI education apps surpassing 120 million, a 340% year-on-year increase as of Q3 2025 [1] - The competition is primarily between tech giants leveraging their existing user bases and traditional education companies with established research capabilities [2] Group 1: Market Dynamics - The AI education landscape is dominated by three main players: tech giants like ByteDance and Alibaba focusing on rapid iteration and user acquisition, traditional education firms like Yuanfudao and Zuoyebang enhancing their services with AI, and smaller startups targeting niche markets [2] - Major companies are pursuing three business lines: AI problem-solving tools, AI teaching assistants for schools, and AI-driven personalized learning, with varying degrees of market maturity and profitability [3][4] Group 2: Competitive Advantages - Major tech companies benefit from the reuse of large model technologies, existing user traffic, and lower development costs due to economies of scale [4] - However, their fast-paced, traffic-driven strategies may conflict with the slower, more methodical nature of the education sector, potentially hindering long-term success [4] Group 3: Product Differentiation - There are notable differences in user experience among AI education products, with tech giants offering integrated AI assistants that streamline user interaction, while traditional education apps maintain a more segmented approach [6][7] - The interaction styles of AI explanations vary significantly, with tech companies focusing on real-time analysis and engagement, contrasting with traditional firms that rely on pre-existing content and less interactive formats [10][12] Group 4: Challenges and Future Outlook - Major tech companies face challenges in educational content development due to a lack of deep educational research compared to traditional players, which may affect the quality and trustworthiness of their offerings [14] - The sustainability of the business model for tech giants remains uncertain, as they currently offer AI features for free without clear monetization strategies, raising questions about long-term profitability [15][16] - Future opportunities may lie in targeting specific segments such as B2B solutions for schools and adult education, where demand is stable and user willingness to pay is higher [16]

本报讯 一种融合智能设备、线下督学与托管服务的新型业态——AI智能学习中心近日在湖州悄然出 现，引发家长关注与疑惑：这究竟是科技赋能教育，还是"新瓶装旧酒"？ 记者在某生活服务平台搜索"AI智习室"时发现，湖州地区相关机构有近20家，覆盖小学至高中阶段，普 遍以低至个位数的体验课价格吸引客户。 （来源：湖州日报） 转自：湖州日报 记者 张璐 针对这一新兴现象，华东师范大学教育学博士、湖州师范学院副教授刘佳则提醒，这虽是市场对教育科 技的探索，但家长需保持理性，尤其要警惕那些以"AI规划""脑力开发"为名，实际进行学科辅导的违规 行为。 刘佳建议家长们，在选择类似机构时应做到"三看一核"：一看课程内容是否超出托管或咨询范围，已涉 及具体学科知识的讲解；二看教师资质是否透明，是否具备相应教育指导能力；三看宣传是否夸大效 果，尤其是承诺快速提分或开发潜能等表述。最后，务必核验机构营业执照的经营范围，确认其是否具 备合规开展相关服务的资质。 此外，家长在签订合同前应仔细阅读条款，特别是关于退费、课时调整、责任界定等内容，避免后期产 生纠纷。 "不要简单地把'AI+教育'等同于'高科技提分'，还是要聚焦学习习惯养成、思 ...