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教育行业2025年下半年投资策略:供需优化,行业增长韧性十足
Shenwan Hongyuan Securities· 2025-06-09 09:15
Group 1 - The demand for vocational skills training among the youth is surging, indicating a turning point in industry prosperity [3][9][11] - The investment in higher education institutions is showing signs of a turning point, with expected improvements in operational efficiency [3][62][94] - The franchise model in the education and training industry is accelerating the expansion of brand companies [3][58][94] Group 2 - The education index has slightly increased but still underperformed compared to the Hang Seng Index, with key education companies leading the sector [4][8] - The private higher vocational education sector has shown strong performance, with a year-to-date return of 51.27%, significantly outperforming the Hang Seng Index [8][11] - The overall education index has recorded an absolute return of 8.76% year-to-date, but relative performance against the Hang Seng Index shows a deficit of -10.37% [8][11] Group 3 - The number of high school graduates entering the labor market is increasing, leading to a rise in the labor population of high school graduates [33][41][41] - The number of university graduates entering the labor market is also on the rise, contributing to the growing labor force [34][36][41] - The market for vocational skills training is projected to reach nearly 100 billion, with significant room for growth in training penetration rates [47][48][49] Group 4 - The quality of vocational education is improving as reforms deepen, with a focus on enhancing educational standards [59][62] - Investment in educational institutions has remained high over the past five years, although operational efficiency has been impacted [62][64][94] - The profitability of private higher education institutions is expected to recover as key quality indicators approach compliance standards [94][94]