Morgan Stanley issued a report pointing out that despite the slowdown in mainland enrollment growth in the next few years and the uncertainty of for-profit organization registration, there are investment opportunities in quality education stocks, optimistic about the progress of 00839.HK in undergraduate vocational education, the dividend yield of new higher education (02001.HK), and the upgrading of the two shares from "in line with the market" to "overweight". Morgan Stanley cut the target price of its education shares, maintained the "overweight" ratings of 00382.HK and 01890.HK, and downgraded 06169.HK from "overweight" to "in line with the market" because, despite the good quality of its schools, it was not optimistic about its low dividend prospects. In addition, Morgan Stanley maintains the "reduced" ratings of Hope Education (01765.HK) and Huaxia Audiovisual Education (01981.HK). Morgan Stanley expects the total enrollment of higher education (undergraduate and junior college) to grow at a compound annual growth rate of 2.9% from 2021 to 2025, and undergraduate vocational enrollment contributes about 34%. The growth of college enrollment will slow to a low compound annual growth rate, while the compound annual growth rate of bridging degree enrollment will gradually slow to 13%, so companies with more business exposure to bachelor's degree vocational education Will benefit more from this trend.