There is a growing convergence of elements, such as gamification, social learning,content management, and collaboration tools, in the modern learning process. As a result, there is an urgent need for institutions to refresh their traditional learning management systems (LMS) with one that incorporates one or more of these elements. This is because the existing systems were not built with the ability toincorporate upgrades. Hence, it makes a strong case for an end-to-end replacement of traditional LMS.Given the increasing adoption of LMS that has been witnessed in the last five years, Technavio believes that a significant section of this market will be up forrenewal in the next two years. This holds especially true within the higher education segment. As such, it is imperative for nstitutions to use this window as an opportunity to move to next-generation LMS.

Educational institutions have laid greater emphasis on educational subjects such as science, technology, engineering, and mathematics (STEM), which provide better learning opportunities. However, with the rise in awareness among institutions regarding health and academic benefits of physical education, efforts are being made to improve this field of education. The deployment of physicaleducation technology has yet to gain momentum in developing regions. However,in Europe and North America, the situation is much better with physical education being an essential part of course curriculum. With fundamental requirements of infrastructure and e-learning in place, they are able to adopt physical education products and services.Vendors are approaching educational institutions with their innovative products and fitness assessment tools. They are increasingly establishing their presence in the market with the help of partnerships. These partnerships are not only with institutions but with other physical education technology and hardware companies.Interactive Health Technologies partnered with Gopher Sport through which the FITstep Pro pedometer of the latter will be used along with the software solution offered by the former. In addition, Interactive Health Technologies formed a partnership with adidas to promote adidas Spirit Challenges among the former company clients. Apart from these kind of market dynamics the presence of onlineretailers such as School Specialty makes it more complex. The availability of various bulk offers and discount offers attract the attention of education customers.

截止2017 年2 月20 日，我们所覆盖的教育行业公司中，53 家已发布业绩预告，其中，49 家实现盈利，4 家亏损。49 家盈利公司中，45 家业绩实现同比增长，其中，有31 家公司依赖内生增长，12 家得益于外延并购，另有2 家处置资产获益。在增长方式上，内生和外延仍是教育行业公司发展的重要推动力。

我们看好K12 辅导教育行业长期的发展前景，建议关注行业的龙头企业。A 股相关上市公司有新南洋、勤上光电等。

本期广证恒生新三板教育指数下跌0.26%，落后三板成分指数0.23 个百分点，落后三板做市指数0.96 个百分点。教育板块37 家发生交易的公司中有16 家上涨。本期新增唐音股份、中鹏教育、华樱出国、大千教育、关键词、盛金源、航标视7家挂牌企业。