China Education Industry
数字指引新方向，教育开启新篇章
Chinese education market: digitalization extends new growth tracks
投资要点/Investment Thesis
投资要点/Investment Thesis
忆往昔：教育信息化1.0、2.0成效显著，优质数字教育资源持续丰富
二十多年来政策持续多轮指引产业发展，我国教育信息化历经1.0、2.0阶段取得显著成效，目前全国中小学互联网接入率达100%，99.5%的学校拥有多媒体教室。2022年我国全面实施国家教育数字化战略行动，集成上线国家智慧教育公共服务平台，释放数字技术对教育高质量发展的放大、叠加、倍增、持续溢出效应；上线近一年来，平台访问总量超过67亿次，现已成为世界最大的教育资源库。
Past: educational informatization 1.0 and 2.0 growth phases have birthed excellence and sustainable quality educational digital resources
Educational intelligentization: Chinese policy has guided the education informatization industry for more than 20 years, taking it through the 1.0 and 2.0 growth phases. Internet penetration in Chinese primary and secondary schools has reached 100% and 99.5% of schools have multimedia classrooms. The country implemented a comprehensive national education digitalization strategy and launched an integrated national public service platform in 2022 to drive the intelligentization of the education market. The spillover effects of digital technology have supercharged and sustained quality education growth. The platform has since become the world's largest education resource database, having recorded over 6.7bn visits in the past one year.
看今朝：上层重视信息化及科学研究，数字教育应用水平高、场景广
现任教育部部长怀进鹏具备计算机背景，此前曾任工信部副部长，近两年演讲中多次提及“加大人工智能教育政策供给”“深化实施教育数字化战略行动”等，政策有望自上而下重视信息化数字化与基础研究的发展。
2月13日世界数字教育大会在京召开，原副总理孙春兰致辞、教育部长演讲，发布智慧教育蓝皮书、世界数字教育联盟倡议等，同时举行数字化赋能基础教育/职业教育/高等教育等平行论坛，超130个国家地区参会，我国多家头部企业参展，现场信息化手段今非昔比。
Present: the elite's priority on informatization and research could drive high-growth applications and a wide range of scenarios
Policy imperative: Minister of Education Huai Jinpeng, whose background is in computers and who was the former Vice Minister of Industry and Information Technology, has reiterated a need to "increase the supply of artificial intelligence education policies" and "enhance the implementation of educational digitalization strategic measures" in his speeches over the past two years. We believe that policy will drive top-down growth in informatization, digitization and basic research.
World conference: The World Digital Education Conference in Beijing on 13 Feb featured an address by former Vice Premier Sun Chunlan and a talk by the Education Minister, and the announcement of the Smart Education Blue Book and the World Digital Education Alliance initiatives. Parallel forums were also held on digital empowerment in basic, vocational and higher education. Participants were from more than 130 countries and regions, while many leading Chinese companies took part in the exhibition. The event reflects how times have changed with on-the-ground informatization.
话未来：信息化促进教育公平、高质量、个性化，赋能双减，AI等技术发展带动升级
凭借数字技术互联互通、动态共享等特征，优质数字教学资源可突破时空限制，实现教育公平化、资源均衡化；同时利用大数据分析等技术，信息化教学可进一步提升教学质量，个性化因材施教。此外，信息化资源可赋能“双减”背景下学生减负，提高师生效率，同时助力课后服务落地，利用优秀素质教学内容缓解相关师资不足、外聘经费不足的问题。
当前人工智能等技术快速，或促进教育信息化加速升级，例如AIGC技术在智能批阅、语言服务等方面均有所助力。目前鸿合科技、佳发教育等较多头部教育信息化企业在AI人工智能方面有所布局，未来有望受益相关技术突破。
Future: educational equity, better quality and personalization, aligns with China's dual energy curbs strategy, AI and other tech advances could drive upgrades
Raising teaching efficiency: quality digital teaching resources offer digital technology interoperability, dynamic sharing and other benefits. They not only remove time and space constraints, but also enable educational equity and balance resources. Technologies such as big data analysis and information-based teaching improve teaching quality and enable personalized teaching that matches a student's aptitude. The use of Information resources enables students to reduce their energy burden in line with China's double-reduction goals. It also improves teacher-to-students efficiency and aids after-school services; quality teaching content also alleviates the insufficiency of teachers and external funding.
AI advances: the rapid advance of AI and other technologies could accelerate education informatization upgrades; for example, AIGC technology intelligentizes reviews and language services. Education informatization market leaders such as HiteVision and Chengdu Jiafaantai Education Technology have drawn up AI related plans and could benefit from future technological breakthroughs.
投资建议/Investment Ideas
建议关注：鸿合科技、佳发教育、国新文化、视源股份（计算机、电子组联合覆盖）、康冠科技（轻纺、电子组联合覆盖）等。
Investment ideas: we suggest that investors watch these stocks:
•HiteVision (002955 CH, BUY; initiation)
•Chengdu Jiafaantai Education Technology (300559 CH, BUY; initiation)
•Guangzhou Shiyuan Electronic Technology (002841 CH, BUY) (joint coverage: computer and electronics desks)
•Shenzhen KTC Technology (001308 CH, BUY) (joint coverage: textile and electronics desks).
Not-rated market players include: China Reform Culture Holdings (600636 CH).
风险提示：宏观经济不景气；技术研发不及预期；政策落地情况不及预期；新一轮疫情影响展业等风险。
Risks include: macroeconomic downturn; worse-than-expected technological R&D outcomes; weaker-than-expected policy implementation; and a pandemic resurgence could affect business development.
Email: equity@tfisec.com
TFI research report website:
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