本报告将“少儿”的年龄段限定在12岁以下。初中阶段学生的心智能力更为成熟，而高中阶段更多强调应试教育；相较而言，12岁以下的孩子有其特殊的学习特点和需求，面向这一群体的英语学习产品也有其独特的风格与特色。另外，本报告所阐述的在线少儿英语产品要求产品本身提供系统的学习功能，而非工具型产品。不特定面向12岁以下儿童的英语学习产品也不在本报告的研究范围之内。

对比中美教育公司收入、市值和PE可见（1）教育企业做大规模，是有路径和机会的；（2）中概股及美股教育公司，成长较好，领先优势较清晰；（3）A股上市公司正处于投资并购+平台支持阶段，收入和利润体量尚小，未来发展空间较大。

The need to automate the management of day-to-day information related to students is driving educational institutions to implement student information systems (SISs). Students use these systems for daily tasks such as registering for courses and classes, viewing their grades, and accessing transcripts. Faculty uses these systems to view their teaching schedules, submit final grades, and access academic information related to students. Administrators use SIS to automate various manual processes such as data entry. Educational institutions can enhance their strategic initiatives by using data drawn from built-in analytics of SIS. Key vendors in the global SIS market for higher education, such Jenzabar,Ellucian, Unit4, and Oracle, are working with educational institutions to improve their product offerings. Some of the prominent M&A include Unit4 acquisition of Three Rivers Systems to strengthen its presence in the global SIS market for higher education. Similarly, Jenzabar acquired RJM Systems in 2015. Following the acquisition, Jenzabar invested in RJM's SONISWEB SIS, a web-based SIS, to attract a larger consumer base. Vendors such as Workday that typically offer enterprise solutions have also entered the market to capitalize on the demand for software solutions in higher educational institutions.

本期广证恒生新三板教育指数上涨 1.71%，领先三板成分指数 1.8 个百分点，领先三板做市指数 0.31 个百分点。教育板块 34 家发生交易的公司中有 19 家上涨。本期新增成功之道、和索信息、麦腾股份、三一学院、校外宝、漫界文化 6 家挂牌企业。

It refers to the continual process of learning followed by computer systems to enhance their knowledge about the subject while improving their performance. The learning occurs as a result of extensive amount of data collection, storage, and analysis done by the system without the help of any specifically programmed instructions. In this technique, the analysis includes identifying various patterns and trends in data obtained and then using it to make future course of actions. Machine learning is strengthening the grading and assessment models, enabling better data mining and analysis of volumes of data sets. It is also improving content analytics and learning analytics at an institutional level.>

Institutions are increasingly adopting e-learning tools to transform their teaching and learning delivery methods, with the continuous evolution of learning technology. The incorporation of e-learning technology in educational institutions has helped them follow global standards and update their digital infrastructure regularly with the latest developments. Various useful innovative features, such as student assessment, adaptive learning, flip classroom, and gamification, are often being integrated into the pedagogy system. All these tools automate the day-to-day processes, such as tracking grades and scores, keeping records of attendance, and maintaining information on student demographics.

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。

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 physical

education 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 online

retailers such as School Specialty makes it more complex. The availability of various bulk offers and discount offers attract the attention of education customers.

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 to

incorporate 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 for

renewal 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.

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。