Governments and institutions in North America are focusing on strengthening science, technology, engineering, and mathematics (STEM) education; this is driving the adoption of flipped classrooms in the region. The popularity of flipped classrooms is playing a vital role in reducing student dropout rates and improving the learning methods for these subjects. A growing number of institutions arecollaborating and working closely with vendors to develop a business ecosystem that enables the adoption of flipped learning. Factors such as continuous innovations in e-learning tools, delivery methods, advances in technology, and availability of various virtual communication tools are also expected to contribute to the growth of the flipped classroom market in North America.

Players such as IGNOU and state open universities that offer courses primarily through traditional offline modes, such as printed study material and periodic contact programs, dominate the distance learning market in India. However, with the proliferation of smart devices and the increase in Internet penetration across the country, it is expected that more number of institutions will start providing onlineand blended distance learning programs.A major reason for the rise in demand for distance learning is the imbalance in the demand and supply of higher education in India. Vendors are emerging in the market to provide technological support through partnerships with institutions to aid higher education institutions with infrastructural drawbacks and meet the learning needs of students. These vendors not only cater to student population but also to working professionals.Another prominent trend that is expected to gain popularity in the distance learning market in India is the adoption of the small private online course (SPOC) model to deliver distance learning to assure better retention along with peer learning compared with massive open online courses (MOOCs).

3-D printing is an evolving technology that caters to sectors such as automotive, education, healthcare, and aerospace. In the automotive and aerospace sectors, the use of 3-D printing enables manufacturers to make complex parts such as gears and fuel nozzles with high efficiency. This technology is expected to also find new applications in other sectors. For instance, in the medical sector, researchers are attempting to discover and identify ways to use this technology to make prosthetic parts with biological materials such as cartilage, bone, and skin.

经历了空前发展30年后，中国经济尽管进入“新常态”，但经济体量已经得到一定的积累，人民生活水平已有了显著提高。2016年实现GDP74.41万亿。截止2015年，全国居民消费水平增至1.93万元 ；人均可支配收入2.20万元，同比增长8.92%。

K12 课外培训业务驱动新东方和好未来业绩大幅增长。2016 年 9 月 1 日~2016 年 11 月 31 日，好未来 FY17Q3 归母净利润 1363 万美元，同比增长 42%；新东方 FY17Q2 归母净利润为 1036 万美元，同比增长 76.1%。国内两大教育行业龙头公司的业绩高增长均源于 K12 课外培训业务的爆发。

旅游板块 2016 年年报业绩前瞻：2016 年由于受到国内天气因素的影响，景区类公司业绩表现一般；来自于消费升级和低基数的影响，酒店和餐饮行业企稳回升；出境游受到主要旅游目的地恐怖袭击、人民币贬值及经济增速下滑的影响，行业整体增速放缓。总体来看，行业收入、利润端增速持续向上，但高增长主要依赖龙头公司和新增并表。分季度来看，今年二、三季度增速持续放缓，一方面一季度基数低且今年有新增并表影响；另一方面，出游习惯的改变，淡季客流快速增长。

本周聚焦：华图教育拟借壳登陆 A 股市场，凹凸教育控股学通打造双师课堂新生态。（1）扬子新材（002652.SZ）拟换股吸收合并标的公司华图教育（830858.OC），不涉及发行股份募集配套资金。我们预计华图教育 2016年收入和利润约 19.2 亿元和 3.66 亿元。华图教育目前在新三板的市值 134亿元，鉴于行业良好发展前景和公司产业地位，如果华图教育借壳成功，未来 A 股市值有望突破 250 亿元，成为 A 股教育行业第一龙头。（2）双师课堂是 K12 课外培训行业重要趋势，凹凸教育拟以 3800 万元控股学通教育，本次投资将有助于凹凸教育的标准化教研和优质师资的输出步伐，让更多二三四线城市的用户获得优质的中小学教学服务。

本期广证恒生新三板教育指数上涨 2.58%，领先三板成分指数 2.3 个百分点，领先三板做市指数 1.94 个百分点。教育板块 30 家发生交易的公司中有 15 家上涨。本期新增中凯国际、爱尚游、读行学堂、博融智库、光驰教育、艾美迪、环球艺盟7 家挂牌企业。本期最受关注的当属亿童文教拟 IPO 以及《国家教育事业发展“十三五”规划》发布，确定了“十三五”时期教育改革发展的主要目标、战略任务，其中“教育的结构性改革” 是未来五年的主线，教育行业发展迎新机遇。 

新三板教育行业挂牌、定增和交易回顾。（1）挂牌：目前新三板教育板块共有 224 家挂牌公司，创新层和基础层各有 19 家和 183 家，待挂牌 22家。中信证券研究部已覆盖 25 家公司。2017 年 1 月，新三板新增挂牌 7家教育公司：环球艺盟、艾美迪、光驰教育、骐鸣股份、读行学堂、鑫度武术、童学文化。（2）交易：2017 年 1 月，做市转让板块 34 家公司中，共有 5 只股票上涨，国学时代和北教传媒分别上涨 23.38%和 22.05%。成交额最高的前三位分别为亿童文教、颂大教育、华腾教育。