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 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Non - standard risk events have significantly eased in 2025, hitting a new low since 2019, mainly due to the implementation of debt - resolution policies, increased attention and initiative of urban investment platforms in non - standard product payments, and bank replacement of non - standard debts [2][6][26][65]. - However, the risk mitigation is structurally differentiated. Some regions and industries still face risks, and the resolution and clearance of non - standard credit risks remain a long - term task. The potential for non - standard risks to spread to priority debts such as bonds still needs attention [3][26][65]. - The debt security of the real estate industry depends on sales revenue. Without improvement in sales, risks are difficult to eliminate unless there is strong support from the actual controller. Tail risks in industries such as industrial holding, diversified finance, and construction also need to be vigilant [3][26][66]. 3. Summary by Directory 3.1 Non - standard Default Overall Situation - From 2018 - 2025, there were 7,219 non - standard risk events in total. The number of "default events" reached a peak of 978 in 2023, then decreased significantly in 2024 and 2025, with 165 events in 2025, a decrease of 544 from the previous year [6]. - For different financing methods, the number of trust plan risk events increased from 319 in 2019 to 570 in 2023, then decreased to 210 in 2025. The number of directional financing risk events increased significantly in 2023 - 2024 and decreased to 23 in 2025. The number of non - standard events in financing methods such as financial leasing, private funds, collective wealth management, and fund special accounts decreased year by year [6]. - For bond - issuing entities, the number of non - standard risk events in 2025 was 76, a significant decrease from 218 in 2024. The number of non - standard default events decreased by 86 in 2025 compared with the previous year, and the number of non - standard risk warning events decreased by 56 [8][10]. 3.2 Analysis of Urban Investment Non - standard Risk Events 3.2.1 By Province - Guizhou and Shandong had the most non - standard risk events among urban investment bond - issuing entities since 2018. Guizhou's non - standard default events decreased to 4 in 2025 from a peak of 55 in 2023. Shandong's non - standard default events decreased to 9 in 2025 after a sharp increase in 2023 - 2024. Henan, Yunnan, and Shaanxi also saw a significant decrease in non - standard default events in 2025, and Inner Mongolia had no new non - standard risk events in 2025 [28]. 3.2.2 By Urban Investment Hierarchy - Non - standard defaults of urban investment enterprises mainly occurred at the district - county and prefecture - level city levels. The number of non - standard default events of district - county - level urban investment platforms decreased to 12 in 2025 from 110 in 2023. The number of non - standard default events of prefecture - level city urban investment platforms also decreased in 2025. In 2025, there were no new non - standard default events at the provincial level [34]. 3.2.3 By Prefecture - level City (including Development Zones within Prefecture - level Cities) - The top five prefecture - level cities with the most non - standard default events were Zunyi, Weifang, Xi'an, Kunming, and Qiannan Buyi and Miao Autonomous Prefecture. In 2025, Weifang and Kunming had new non - standard default events, and Honghe Hani and Yi Autonomous Prefecture had its first non - standard default event at the prefecture - level city level [34]. 3.2.4 By District - county - The top five district - county regions with the most non - standard default events were Hanting District of Weifang, Licang District of Qingdao, Boshan District of Zibo, Dushan County of Qiannan Buyi and Miao Autonomous Prefecture, and Huichuan District of Zunyi. In 2025, the non - standard default events in most districts and counties decreased, and 50 districts and counties had no new non - standard risk events [39]. 3.2.5 Bond - issuing Urban Investment Entities with Multiple Non - standard Defaults - In 2025, Shaanxi, Shandong, and Yunnan were still areas with serious non - standard defaults of urban investment. Urban investment entities in Kunming of Yunnan, Licang District of Qingdao, Hanting District of Weifang, Mengzi City of Honghe Hani and Yi Autonomous Prefecture, and Weifang Binhai Economic and Technological Development Zone had 2 or more non - standard default events [44]. 3.2.6 Bond - issuing Urban Investment Entities with First Non - standard Defaults - In 2025, 5 bond - issuing urban investment entities had their first non - standard default, located in Shaanxi, Shandong, Sichuan, Fujian, and Yunnan. Rizhao Donggang District, Mianyang Jiangyou City, Putian Hanjiang District, and Honghe Hani and Yi Autonomous Prefecture were new areas with non - standard defaults [46]. 3.3 Analysis of Characteristics of Non - standard Risk Events in 2025 - In 2025, there were 82 non - standard risk events and 69 repayment events. Trust plans had the most non - standard risk events (44 times), including 30 default events. The industries with non - standard risk events were mainly urban investment and real estate development, accounting for 48% and 30% respectively [49][55]. - For bond - issuing entities, there were 23 non - standard risk events, including 19 default events and 4 extension events; 12 repayment events and 9 partial repayment events. In terms of regions, Shandong had the most non - standard risk events (6 times), followed by Shaanxi and Fujian (4 times each) [49][55]. - For urban investment bond - issuing entities, there were 9 default events and 2 extension events, involving 8 entities. The default events were mainly in Shandong, Shaanxi, and Guizhou. In terms of hierarchy, non - standard risk events occurred at the district - county and national new - area levels [58]. - There were 16 non - standard repayment events of urban investment bond - issuing entities in 2025, including 10 full - repayment events and 6 partial - repayment events. Other industries had 12 non - standard risk events, mainly in the real estate industry [59][63]. 3.4 Summary - Non - standard risk events have improved significantly in 2025, but the risk mitigation is structural. The non - standard debt is still in an inferior position in the repayment order, and the debt continuation in weak regions is still difficult. The potential spread of non - standard risks to priority debts needs attention [65][66]. - In the real estate industry, debt security depends on sales revenue. Tail risks in industries such as industrial holding, diversified finance, and construction also need to be vigilant [66].

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].

根据公告，公司持股5%以上的股东南京星纳赫源创业投资合伙企业计划在2026年3月5日至6月4日期 间，以集中竞价或大宗交易方式减持不超过60.93万股(占公司总股本的0.5%)。减持原因为股东自身资金 安排，且不会导致公司控制权变更。 经济观察网学大教育（000526）在2026年涉及股东减持计划及向半导体职业教育领域的战略投资布局。 高管变动 学大教育于2026年1月至2月宣布多项投资，以拓展半导体相关职业教育场景。公司拟通过子公司向江阴 启芯领航半导体有限公司增资不超过3500万元，投资完成后预计持股6.48%，旨在布局EDA工具国产化 赛道，丰富职业教育业务。此外，公司通过子公司参与投资上海天数智芯半导体股份有限公司，后者为 通用GPU企业，以强化集成电路产业人才培育。这些投资预计为公司长期发展注入新动能。 以上内容基于公开资料整理，不构成投资建议。 公司项目推进 ...

Core Viewpoint - Xueda Education (000526) announced a share transfer agreement with Unisplendour Group Co., Ltd. to transfer 6,162,000 unrestricted shares, representing 5.00% of the company's total share capital, at a price of 40.302 yuan per share, which is 90% of the closing price on December 11, 2024 [1] Group 1 - The share transfer agreement was signed on December 12, 2024, between Unisplendour Group and Nanjing Xingnaheyuan Venture Capital Partnership (Limited Partnership) [1] - The shares will be transferred through a special account for the disposal of bankrupt enterprise assets held by Unisplendour Group [1] - The transfer is expected to be confirmed by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. on February 19, 2025 [1]

Group 1 - The core viewpoint of the article highlights that Xueda Education (000526) is based in Xiamen and emphasizes the benefits of the ongoing deepening of "three links" across the Taiwan Strait, which facilitates personnel exchanges, educational and cultural interactions, and resource collaboration [1] Group 2 - The company responded to investor inquiries on its interactive platform, indicating its commitment to leveraging the advantages of its location for educational development [1]

Core Insights - The company Xueda Education announced plans to increase its investment in Jiangyin Qixin Leading Semiconductor Co., focusing on EDA tools and semiconductor IP development [1][3] - Xueda Education is also investing in Shanghai Tensu Zhixin Semiconductor Co., which recently listed on the Hong Kong Stock Exchange, marking it as a significant investment target [1][4] Investment Details - Xueda Education plans to invest up to 36.1 million yuan in Jiangyin Qixin, acquiring a 6.4791% stake [3] - The investment in Jiangyin Qixin is part of a broader strategy to enhance the company's position in the semiconductor industry [6] Market Context - The global EDA market is projected to reach $18.3 billion by 2026, highlighting its importance in the semiconductor industry [3] - The EDA market is currently dominated by three U.S. companies, which hold a combined market share of 74%, posing a risk to China's semiconductor development [6] Company Strategy - Xueda Education aims to align its investments with national strategies for emerging industries and high-skill talent education [6][12] - The company is expanding its vocational education offerings in the semiconductor and integrated circuit sectors to enhance long-term competitiveness [6][11] Performance of Investment Targets - Shanghai Tensu Zhixin's revenue is expected to grow from 189 million yuan in 2022 to 540 million yuan in 2024, with a compound annual growth rate of 68.8% [5] - The company has successfully deployed its products across various industries, including finance and healthcare, indicating strong market acceptance [5] Future Outlook - The investments are expected to create new educational pathways in high-end vocational training related to integrated circuit design and EDA tool applications [12] - As the demand for AI computing power surges, the domestic GPU market is projected to grow significantly, potentially reaching over 50% market share by 2029 [11][12]

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 Regulation" was implemented 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 [10][12] - Beijing's guidelines for enhancing "AI +" training for officials were issued, focusing on practical training in AI technologies [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, discussing the improvement of examination quality and diversified admission reforms [10][12] 2. Education Stock Dynamics - Action Education repurchased 114,500 shares, accounting for 0.096% of its total shares, at prices between 41.54 and 44.94 CNY [13] - Major shareholders of Xueda Education plan to reduce their holdings by up to 60,930 shares [13] - Angli Education announced a plan to reduce its repurchased shares, which currently account for 3.09% of its total shares [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 suggests 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]