The soldier is holding a straw sandal, possibly referring to the straw sandals made and worn by Red Army soldiers during the Long March.
On the blackboard: 第十一课 - 革命传统代代传 (Lesson Eleven - Revolutionary tradition passed down from generation to generation).
Above the blackboard: 好好學習 (Study well).
Through the window, the (former) Shanghai Race Club building can be seen.
This is a print from the second impression (April 1975).