Citic Securities pointed out that after the performance disclosure of two leading education and training companies in the US stock market last week, the stock prices have adjusted significantly. We believe that the performance fluctuation factors of the two companies are mainly due to the rhythm of their respective business investments, rather than sectoral factors. Looking at the summer, most listed companies in the industry are expected to continue to maintain growth, and the industry's prosperity is still high. At present, the sector sentiment has fluctuated slightly due to the performance of leading companies, but we believe that with the catalysis of policy end (this week, the State Council mentioned "education and training consumption" in the "Opinions on promoting the high-quality development of service consumption") and the gradual realization of various company performance, sector confidence is expected to recover, and the valuations of various companies are in low position. We suggest taking advantage of the pullback and actively layout.