港股教育股普遍小幅高开 机构:无需紧张,静待政策落地
昨日市场对政协委员关于“杜绝民办教育以VIE架构境内外上市”的建议产生恐慌,引发港股教育股大跳水,今早教育股普遍小幅高开。
其中,天立教育高开4.9%,中教控股和枫叶教育高开3%以上,睿见教育和民生教育高开2%以上。
中信证券认为,相关内容仅为刘伟委员的个人建议,并非相关部门正式文件,民促法实施条例正式出台与送审稿之间不会有根本差异,方向将一致,建议首先选择符合政策方向的职业教育、教育信息化,其次预计高教、K12培训、早教会面临政策的规范,但并无实质影响,龙头机构地位将更突出。
天风证券认为,对K12学历:本次情绪性抛售成分较大,未来核心风险仍在于VIE态度,相关标的天立教育、睿见教育、枫叶教育。对高等学历:可自主选择营利性,风险相对较低,但目前大部分地区仍依赖VIE证券化,相关标的中教控股、宇华教育、中国科培、新华教育、民生教育。 对职教及K12培训:无任何影响,错杀,相关标的东方教育、新东方在线、思考乐教育。目前实施条例落地时间及内容不知,其将深远影响我国未来5-10年民办教育产业格局及投资热情,认为系统性杀伤概率较低,方向仍为引导民办教育健康发展。
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