A digital classroom is a technology-enabled classroom, supported through by the information and communication technology, wherein educational hardware, software, and digital content are employed. This arrangement is to facilitate improvement in learning, collaboration, and interactivity. To support the knowledge delivery system, hardware products such PCs, projectors, and IWBs are emerging in the market. In addition, the use of software such as educational ERP systems, SISs, and LCMSs is expected to transform the way education is delivered.

E-learning refers to learning using electronic media. It has been widely adopted by the education sector with increased popularity. E-learning is also referred to as computerbased learning (CBL), digital collaboration, Internet-based learning (IBL), virtual classrooms, and web-based learning (WBL). This form of learning is cost-effective and helps enhance the understanding of various subjects as well as the learning curves of the students. As a result, many educational institutions worldwide are replacing the traditional forms of teaching and learning with e-learning.

中信教育指数建立。中信证券CS 教育指数第一批成分股由18 家公司组成，涵盖教育信息化、幼教、K12、职教等领域，首批中信教育指数成分股遴选标准如下：1）已明确将教育作为主要战略方向；2）已投建或并购净利润体量在3000 万元以上的教育资产，或自身教育业务利润占比达30%以上。之后将根据相关公司业务进展情况进行“调入”或“调出”。

不同阶段政策不一，资本市场并购受限。

皖新传媒拟并购成都七中实验，民办学校一级市场投资持续升温。4 月29日，皖新传媒公告，拟以现金方式收购成都七中实验学校，或成为A 股并购全日制学校第一股，皖新传媒公告中同时称，将持续扩展民办学校业务，未来5 年内，或将扩建共计20 所全日制学校。

The digitization of education has resulted in the emergence of various technological innovations in the education system. Such developments have improved the learning process and student-teacher interaction. Among all the other innovations, education apps are one of the successful concepts driving the education technology market.

本期广证恒生新三板教育指数上涨0.66%，领先三板成分指数1.24 个百分点，领先三板做市指数2.11 个百分点。本期新增新金宝威、环球优学2 家挂牌企业。

新三板教育行业正从超高速增长逐步回落至较快速增长新常态，业绩分化加剧，强者恒强，建议投资者结合当前确定性较高的Pre-IPO 投资策略，聚焦质优成长股。

商誉。实践中，商誉=购买企业支付对价的公允-被购买企业的可辨认净资产的公允，商誉一般产生于非同一控制下的企业合并。

目前好未来市值96 亿，新东方市值102 亿，K12 教培业务内生增长强劲带动“双巨头”股价屡创新高。报名人数的增长是好未来和新东方K12 教培收入的增长的主要动力，ASP 增速有限。好未来在核心城市仍能实现翻倍的收入增长，体现强大的品牌效应，未来双师课堂在核心城市的拓展可进一步满足旺盛的需求。