On February 19, the Shanghai Composite Index rose 156% regained 2,900 points, and the Shenzhen Component Index rose 093%, the GEM index rose 113%。On the disk, the education industry sector rose 1030%；*In terms of the daily limit of Kaiyuan Education and All-Access Education, Rongxin Culture, Broadcom Shares, etc., all have different degrees**. 
On February 8, 2024, the Ministry of Education issued the Regulations on the Administration of Off-campus Training (Draft for Comments) to promote the formation of a legalized and institutionalized standardized management process for the supervision of off-campus training. In addition, the Ministry of Education also issued a draft drafting instructions for comments, affirming the practical operation at the implementation level since the "double reduction", and once again clarifying the positioning of off-campus training, that is, "a useful supplement to school education".
Yinhe ** believes that the regulatory attitude of the education regulatory department is positive: 1) the regulations are mainly to rule the effective policies in various places since the "double reduction", and promote the supervision process to have laws to follow, and there are no new regulatory regulations; 2) The drafting instructions of the draft are positively worded, mainly reflecting the response of the education regulatory department to the requirement of including non-economic policies in the consistency assessment of macro policy orientation, explaining the original intention of the draft to promote the standardized development of the industry, and avoiding misinterpretation by the market. In terms of investment suggestions, the release of the draft opinion is in line with the previous view of Yinhe**, that is, the current regulatory policy framework of China's education and training industry has been relatively complete, the boundaries and framework of the standardized development of the industry have been clarified, and the visibility of policy stability has been high, which is expected to dispel the market's concerns about the policy risks of the education sector and improve the valuation of the sector. Considering that the regulations no longer include high schools in the scope of supervision, and classify subject and non-subject training, it believes that education and training companies focusing on K9 new literacy + high school training will fully benefit from the current industry trend of strong demand and optimized supply. It is recommended to pay attention to New Oriental-S, Good Future, Scholar Education, and Excellence Education Group. Guosheng ** said that the long-term standardized development trend of the education industry has not changed, and the leading advantages are highlighted. It believes that this document is biased to show that it is not a negative attitude towards the off-campus education and training industry, but is intended to promote the various measures of the "Double Reduction" Opinions to form a long-term mechanism to meet the reasonable training needs of the society, and the benign regulatory attitude is further clarified; After the "double reduction", a large number of small and medium-sized institutions and non-compliant institutions have been cleared, the industry competition pattern has been optimized, and the results of non-disciplinary business transformation have been verified. It focuses on recommending the K12 leader New Oriental (Hong Kong stocks, U.S. stocks) and Xueda Education (A-shares), the only subject mapping target in A-shares, and focuses on the future (U.S. stocks); In addition, it is recommended to pay attention to [A shares] Onlly Education, Kaiwen Education, Shengtong Shares, etc.; 【Hong Kong stocks】Scholar Education, Excellence Education Group, etc.; 【U.S. stocks】Gaotu Group, etc. 
Article**: Oriental Wealth Research Center).