The research report from China Merchants indicates that the policy background of the domestic Education Industry remains stable, with strong demand, and industry leaders will continue to expand market share based on advantages in content, services, and funding, with K-12 Education becoming a key growth driver.

As for the overseas Education Industry, Duolingo (DUOL.US), as the Global leader in online language training, will continue to maintain rapid user/revenue growth, as well as the prospect of margin expansion, mainly driven by Duolingo Max.

The institution indicates that leading companies in the Education Industry will continue to demonstrate resilience, with ample expansion space supporting optimistic growth prospects, while AI + Education provides a second growth curve. The institution lists Duolingo (DUOL.US), TAL Education (TAL.US), and New Oriental (EDU.US) as top choices. It gives ratings of 'Shareholding' to New Oriental, TAL Education, and Gaotu Techedu (GOTU.US), with Target Prices of $89, $15.5, and $3.9 respectively.