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。

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。

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%。

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。

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。

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。