Photo courtesy of Picture Worm Creative Zhai Chao Mapping **Times reporter An Zhongwen.
*Education stocks, which had previously had a small holding, re-emerged at the end of the year. Since the bottom of last year, as of now, New Oriental, Good Future, Tianli International, Xueda Education, etc., have been amazing, and some have risen several times.
Interestingly, there is an education theme that has transformed and exited during the most difficult time in the education industry, and finally missed this round**, while the remaining "new" education** ushered in a huge**.
Educational Theme**Again**.
Since July 2021, the education sector index has fallen by 50%. In the context of the gradual clarification of regulatory attitudes, institutional investors have realized that the new policy has ushered in an opportunity to clear the education sector that has developed disorderly in the early stage, which has made the leading education companies at the bottom gain greater competitiveness and stock price elasticity.
On December 12, the education sector in A-shares, Hong Kong stocks and U.S. stocks in full swing, for example, Pearl River Piano, which is engaged in art education, has continued to rise and fall, and Onlly Education has risen by as much as 43% this month. In fact, this is only the strong side of education stocks, in the market downturn in 2023, some of the top education stocks have also achieved a good performance of doubling their stock prices. In the long run, since the end of last year, New Oriental, Good Future, Tianli International, and Xueda Education have all been greatly improved.
Benefiting from the impact of the reopening of education stocks at the end of this year, according to the net value estimate on December 12, Bosera Global China Education**, which mainly covers the A-shares, Hong Kong stocks and U.S. stock education sectors, has a return of more than 20% during the year. As a traditional education sector that is not driven by artificial intelligence, it is not easy to achieve such results in a difficult year in 2023.
Industry insiders believe that Bosera Global China Education's holdings are actually relatively restrained, because the holdings are more dispersed, and if the products are mainly concentrated in Hong Kong stocks and U.S. stocks, its yield may be higher. Up to now, according to the disclosed regular reports, among the top ten heavy stocks, in addition to the Hong Kong stock listed New Oriental and the US stock listed Good Future, there are also more A-share education stocks. As the A-share education sector is relatively weak, this has dragged down the yield to a certain extent.
"New and old" products have different fates.
Interestingly, on the track of education, there are two ** that have interesting things happening. Due to the different choices at the bottom of the market, it eventually led to a huge performance gap between the two.
The Times reporter noticed that in 2021, there are mainly two education-themed products in the whole market: one is Bosera Global China Education, which was just established in June 2021, which is still a "new" education in the environment at that timeThe other is the education theme of a public offering in South China**, which was established in January 2017 and could be regarded as an "old" education ** at that time.
However, at the end of December 2021, as the industry was in a trough period, the above-mentioned "old" education** issued an announcement saying that the ** product was withdrawn from the education track and transformed to other track layouts. Bosera Global China Education, because of its short establishment, has stayed, which has also allowed the company to gain unexpected gains in the bottoming out of the education sector.
Wind data shows that at the time point of the transformation and change track of the "old" education ** under the above-mentioned large-scale public offering, the remaining Bosera Global China Education ** has significantly outperformed the main ** products in the whole market in the past two years, with a cumulative income of nearly 30% in two years, while the above-mentioned "old" education** not only did not earn a penny after changing the track, but also lost as much as 40% in the past two years, and the performance of the two was 70 percentage points different.
The industry is cleared. Or become the main cause.
The current round of the most advanced logic of education stocks may come from the changes in supply and demand, especially the rigid demand for education, which has made the head companies return to growth.
The reporter learned that many managers who held a small number of education stocks in the early stage also began to increase their layout in education stocks. A ** manager in Shenzhen said that many industries, including education, have such characteristics, that is, in the boom stage of the industry, the interests of the head company will be damaged by the competition of a large number of small and medium-sized participants. In the boom stage of the industry, many small companies can also live extremely nourishing, but when the industry environment changes dramatically, these small and medium-sized companies are also the most affected, often becoming the main targets of liquidation, and the head companies become the main beneficiaries.
Any ** can judge the opportunity from the two perspectives of industry supply and industry demand, due to the clearing of the industry, the current elasticity of education stocks comes from a large reduction in supply, while the demand for education is rigid. In an interview with a reporter from the ** Times, a public to private taxi in South China believes that when the market is cleared, the biggest beneficiary is obviously the competitive head education company, and small and medium-sized companies have been eliminated in the past two years because of policy and market factors, and these market shares will be obtained by the head companies that remain.
With the introduction of the relevant management measures for the education and training industry, the jurisdictional objects, jurisdictional authorities and punishment procedures for the administrative punishment of off-campus training have been clarified, which provides an effective guarantee for the implementation of the "double reduction" opinion, which is conducive to the standardization of off-campus training, promotes high-quality off-campus training, and further complements school education. Judging from the operation of various educational enterprises, the demand for student participation in training is constantly being repaired, and some educational enterprises are also returning to the growth track.