Alternative credentials are referred to as learning outcomes, skills, and competencies that can be received from non-degree activities and assessments that cater to the specific workforce needs

Digital signage refers to the use of digital displays, such as screens, kiosks, and video walls, to present dynamic multimedia content for various purposes, including advertising, information dissemination, and engagement. It allows real-time content updates and interactive features, making it an effective communication and marketing tool in various industries. This technology is increasingly adopted in schools, colleges, and universities to create modern and interactive learning environments that cater to the evolving needs of students and educators.

Edtech or educational technology comprises the use of elements like hardware, software, and services, such as online educational services, to facilitate and enhance learning. Major end-users that use these technologies for teaching and training purposes include businesses and academic organizations. The global Edtech market is growing as a result of the expansion of these end-user facilities along with the rising adoption of cutting-edge educational technologies.

双减及配套政策：大力压减校外培训，取得阶段性成果。 2021 年 7 月 24 日，教育部发布双减政策，减轻义务教育阶 段学生作业负担和校外培训负担；并密集出台配套政策，细 化强化校外培训机构管理。2022 年 10 月 28 日，“双减”报 告指出义务教育阶段线下学科类培训机构数量由原来的 12.4 万个压减至 4932 个，压减率 96%，线上学科类培训机构由原 来的 263 个压减至 34 个，压减率 87%。2）政策复盘及展 望：义务教育减负为长期主线，非学科校外培训为有益补 充。①我国教育政策分为两条主线：规范义务教育阶段校外 培训发展，从初步探索到强力管控再到分类管理，支持非学 科类发展，主旨始终不变即为学生减负并促进全面发展；支 持职业教育发展，培养高素质劳动和技术技能人才。②展 望：规范校外培训机构，鼓励非学科类校外培训

AI 破局传统工业化、标准化教育困境，使得因材施教成为可能。现阶段，我国教育体系是为适 应工业化社会对大规模、标准化工人的需求而打造的以校园内同年级集体授课为主要教学形 式，以考核选拔为主要导向的教育体系，但该模式下，无法兼顾学生个性化学习的需求；但过往，鉴于资源有限性，因材施教无法普及，教育困境也难以打破。AI 技术的进步，尤其是国产低成本 AI 的诞生，让个性化学习的可行性大幅提升，AI+教育应用落地或将大幅提升教学/学习 效率及效果，兼顾规模化和个性化，同时可以促进教育公平。

投资建议：AI 技术持续升级迭代，教育领域是 AI 应用落地的核心 场景之一，AI 技术有望赋能教育公司降本增效。推荐标的：新东方 -S、学大教育、粉笔、卓越教育集团、思考乐教育、天立国际控股； 受益标的：有道、好未来、高途集团、豆神教育、盛通教育。

学习是一个慢过程且具有反人性的特点，但每一轮技术革新都带来教育行业的重大变化。ChatGpt开启生成式AI时 代，DeepSeek则大幅降低成本，AI教育蝶变在即。>35è9°>AI “替代辅导老师”将远易于“替代主讲老师”，未 来甚至每个学生都需要AI学习助理。+R>ãÍ AI教育在拍照搜题、错题、测评、个性化答疑较成熟，并赋能企业内 部提质增效，但在精准学习有待提升。 AI教育应用潜力最大的是校外学习的学练测评环节，商业化方向包括：① *Ô6„?®0´)÷>ã+eD(6½1mBAÓ0ß ，集问答、辅助、教学为一体，Añ=œ9‚*Û-‰+]3°;D6½（答疑、批改、测评，练习 过程）、部分教学老师（知识点讲述，学习过程）Ü; 5[E<¹, 1mB)Â2+eAI教育2C软件应用（语言学习、答 疑）；③B端应用场景。

我们以近期多邻国股价最高点（2 月 18 日）为基准，相对 2024 年预 估收入和净利润，计算可得 PS 约为 26x，PE 超过 200x。虽然 23Q2 开始多邻国利润扭亏后，由于前期基数较低，单季度呈现翻倍式增长 的态势，但当前的 PS 和 PE 水平与消费类资产的估值体系并不相符。 因此，我们尝试更加类似 TMT 资产的估值方式，发现计算得到的现有 用户最大潜在价值与市值十分接近，我们推测，美股市场很有可能是 按照用户价值的方式给多邻国估值。

The products and services used to assess students' knowledge, skills, and abilities in kindergarten through grade 12 education are included in the global market for K-12 testing and assessment. Standardized testing, formative, adaptive, and diagnostic assessments are all included in this. Demands for accountability, initiatives for personalized learning, and the uptake of technology are some of the factors driving the market.

Higher education is the final stage of formal learning, which happens after finishing secondary education. Higher education is delivered in colleges, universities, conservatories, and institutes of technology through regular or distance education systems.