（文章来源：证券日报） 证券日报网讯 12月15日晚间，北京人力发布公告称，公司将于2025年12月31日10点00分召开2025年第 三次临时股东会。本次股东会将审议《关于公司续聘会计师事务所的议案》。 ...

一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 证券代码：600861 证券简称：北京人力 公告编号：临 2025-043 号 北京国际人力资本集团股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的 提示性公告 公司股东北京中融鼎新投资管理有限公司－天津融衡股权投资合伙企 业（有限合伙）保证向本公司提供的信息真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 8.00% | | | | 权益变动后合计比例 | 6.99% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 公司于 2025 年 12 月 15 日收到天津融衡《关于权益变动触及 1%刻度的告知 函》，天津融衡于 2025 年 11 月 12 日至 2025 年 12 月 12 日期间减持公司股份 570. ...

2025年第三次临时股东会 (二) 股东会召集人：董事会 证券代码：600861 证券简称：北京人力 公告编号：临 2025-044 号 北京国际人力资本集团股份有限公司 关于召开2025年第三次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 股东会召开日期：2025年12月31日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 31 日 10 点 00 分 召开地点：北京市朝阳区广渠路 18 号院世东国际大厦 B 座 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络 ...

Core Insights - The report emphasizes two main investment directions for 2026: recovery sectors focusing on profit inflection points and growth sectors targeting high revenue increases [4][19][20] Recovery Sectors - The duty-free sector is showing signs of recovery with favorable policies enhancing consumption, including expanded product categories and improved shopping convenience [4][19] - The hotel industry is expected to see a gradual improvement in RevPAR, with business and leisure demand stabilizing, indicating a potential operational turning point in Q4 or next year [4][19] - The tourism sector remains resilient despite macroeconomic pressures, with increasing travel volumes and government initiatives aimed at boosting consumption in various travel themes [4][19] Growth Sectors - The beauty industry is experiencing intensified competition, with a focus on channel value reconstruction and brand establishment [4][20] - The gold and jewelry sector is witnessing a recovery, driven by new product launches and an increasing focus on high-end market competition [4][20] - The cross-border e-commerce sector is expected to rebound, supported by stable policies and a decrease in shipping costs, with strong demand from the U.S. market [4][20] Key Company Recommendations - For duty-free, China Duty Free Group is recommended for its long-term growth potential, with attention to Wangfujing and Zhuhai Duty Free Group [4] - In the hotel sector, companies like Jinjiang Hotels, Atour, and Huazhu are highlighted for their growth prospects [4] - In tourism, companies such as Three Gorges Tourism and Changbai Mountain are suggested for monitoring acquisition and new business developments [4] - The beauty sector includes recommendations for brands like Maogeping and Proya, focusing on channel strategies [4] - For gold and jewelry, companies like Chow Tai Fook and Lao Pu Gold are recommended for their market positioning [4] - In retail, companies like Yonghui Supermarket and Xinhua Department Store are noted for their recovery potential [4]

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - The report highlights a moderate recovery in consumer spending, with tourism-related prices showing strong performance. The national CPI increased by 0.7% year-on-year in November 2025, reflecting a continued recovery in consumer spending [2][7]. - Hotel prices have shown resilience despite seasonal demand fluctuations, with the average hotel room price maintaining positive growth year-on-year. The RevPAR (Revenue Per Available Room) has only slightly declined, indicating a shift from a volume-driven recovery to a price-stabilized and optimized operational approach [2][8]. - The introduction of REITs (Real Estate Investment Trusts) in the service industry is expected to clarify the asset securitization path for various service sectors, including tourism and hospitality. This initiative aims to revitalize existing assets and improve financial structures [2][22][23]. Summary by Sections 1. Hotel Structure Differentiation and Price Resilience - The hotel industry is experiencing a seasonal decline in occupancy rates, but average room prices remain stable, with an ADR (Average Daily Rate) of 388.8 CNY per night in early December, up 4.3% year-on-year [8][10]. - The RevPAR for the week ending December 6, 2025, was 233 CNY per night, showing only a 0.4% decline year-on-year, indicating a recovery phase focused on price stability and operational efficiency [8][10]. 2. REITs Supporting Asset Securitization in the Service Industry - The newly released REITs project industry scope includes cultural tourism infrastructure and commercial facilities, allowing for a clearer path to asset securitization for hotels and tourist attractions [22][23]. - The report emphasizes that the inclusion of high-quality service industry assets in the REITs framework will enhance cash flow stability and operational efficiency, ultimately benefiting the valuation and investment landscape of the sector [22][24]. 3. Valuation of Key Industry Companies - The report provides a detailed valuation of key companies in the tourism and hospitality sectors, including metrics such as market capitalization and PE ratios, indicating a diverse range of investment opportunities [26]. - Notable companies highlighted for investment consideration include tourism sites like Sanxia Tourism and hotels like Shoulu Hotel and Huazhu [26].

Core Viewpoint - The A-share market experienced its first significant adjustment after a slow bull run in November, with various brokerages providing research reports that serve as important guides for understanding company values and predicting future trends [2][9]. Group 1: Key Insights from Citic Securities - Citic Securities believes the market adjustment may present a good opportunity for building positions, with a focus on structural selection amid macroeconomic challenges [2][3]. - In November, Citic Securities covered 186 listed companies, with the highest target price increase for Great Wall Motors at 73.52%, indicating significant upside potential [3][5]. Group 2: High Target Price Companies from Huatai Securities - Huatai Securities identified seven major investment themes for 2026, with 27 companies having target price increases exceeding 50%, including SAIC Motor and China State Construction [7][8]. - Notably, Huatai Securities adjusted the target price for SMIC from 238 yuan to 196 yuan, still reflecting a 72.54% upside potential [7]. Group 3: Insights from Guotai Junan - Guotai Junan sees a favorable window for policy and liquidity in late 2025 to early 2026, with 23 companies having target price increases over 50%, led by Beijing Human Resources with a target price of 35.6 yuan [9][10]. - The company has seen a decline of 5.68% this year despite the bullish outlook [9]. Group 4: Focus on Baijiu Stocks from Huachuang Securities - Huachuang Securities maintains an optimistic long-term outlook, particularly for liquor stocks, with 10 companies having target price increases over 50%, including Kweichow Moutai with a target price of 2600 yuan [11][13]. - Kweichow Moutai has repurchased over 6 billion yuan worth of shares this year, indicating strong confidence in its future performance [11]. Group 5: Insights from Guotou Securities - Guotou Securities highlighted a structural shift in the A-share market, with 2 companies having target price increases over 50%, including Yunda Co. with a target price of 27.94 yuan [15][16]. - The firm anticipates significant profit recovery in wind turbine manufacturing due to rising prices [15]. Group 6: Insights from Dongfang Securities - Dongfang Securities covered 74 companies in November, with 3 having target price increases over 50%, including Aikodi with a target price of 30.5 yuan [17][21]. - The company is expected to expand its robot parts product matrix, projecting significant profit growth in the coming years [17].

进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为3540.35万元。该股近5个交易日累 计下跌2.46%，主力资金合计净流出1850.78万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：小浪快报 12月1日，北京人力收涨1.00%，收盘价为18.25元，发生1笔大宗交易，合计成交量50万股，成交金额 900万元。 第1笔成交价格为18.00元，成交50.00万股，成交金额900.00万元，溢价率为-1.37%，买方营业部为机构 专用，卖方营业部为中信建投证券股份有限公司北京酒仙桥路证券营业部。 ...

Core Insights - The report highlights three core trends in the consumer services industry: "New Recovery, New Ecology, and New Supply" [6] - Structural factors are aiding certain sectors in stabilizing and improving operations, indicating a gradual recovery from the bottom [7] - The integration of online platforms with offline operations is reshaping the industry ecosystem, enhancing competition and operational efficiency [8] Industry Overview - The consumer services sector has seen a slight revenue increase of 2.57% year-on-year, totaling 183.23 billion yuan in the first three quarters of 2025, despite a 12.7% decline in net profit [20][22] - The sector's performance has been mixed, with tourism and education sectors showing significant growth, while the hotel and restaurant sectors faced slight declines [16][19] New Recovery - The hotel industry is experiencing a rebound due to increased tourism demand and a stabilization in average daily rates (ADR), with occupancy rates showing signs of improvement [31][57] - The Macau gaming market has shown strong recovery, with gross gaming revenue (GGR) reaching 24.086 billion MOP in October 2025, driven by non-gaming attractions [32][44] - The duty-free market is benefiting from policy optimizations, with sales in Hainan reaching 2.425 billion yuan in October 2025, reflecting a 34.86% year-on-year increase [32][38] New Ecology - Major players like Alibaba, Meituan, and JD.com are competing in the instant retail space, each leveraging their strengths to enhance online and offline integration [42] - The restaurant industry is witnessing a shift towards standardized and professional supply chains, with the chain restaurant rate increasing from 15% in 2020 to 23% in 2024 [46][48] New Supply - The tourism sector is transitioning from a "sightseeing + ticket" model to one focused on content innovation and immersive experiences, with companies like Sanxia Tourism and Haichang Ocean Park leading this change [50][53] - The sports industry is evolving to combine spectator and participatory sports, creating new social engagement opportunities through digital platforms [54] Investment Recommendations - Key recommendations include focusing on leading hotel chains like Jinjiang Hotels and ShouLai Hotels, and monitoring companies with strong supply chain advantages in the restaurant sector [6][8] - The report suggests that innovative companies in tourism, sports, and education sectors, particularly those utilizing AI and content innovation, are worth attention for potential growth [8][50]

证券日报网讯 11月28日晚间，北京人力发布公告称，公司第十届董事会将于2025年11月29日任期届 满，公司正在积极筹备换届工作。鉴于新一届董事会候选人的提名工作仍在进行中，为确保董事会工作 的连续性和稳定性，公司董事会将延期换届。同时，公司董事会专门委员会成员和高级管理人员的任期 也相应顺延。 （文章来源：证券日报） ...

证券代码：600861 证券简称：北京人力 公告编号：临2025-042号 北京国际人力资本集团股份有限公司 关于董事会延期换届的提示性公告 在公司董事会换届选举完成前，公司第十届董事会全体成员、董事会各专门委员 会成员及高级管理人员将按照法律法规和《公司章程》的有关规定，继续履行相应的 职责和义务。 公司董事会延迟换届不会影响公司正常运营，公司将积极推进换届选举工作进程， 尽快完成换届选举决策程序并履行信息披露义务。 特此公告。 北京国际人力资本集团股份有限公司 董事会 2025年11月29日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 北京国际人力资本集团股份有限公司（以下简称"公司"）第十届董事会将于 2025年11月29日任期届满，公司正在积极筹备换届工作。鉴于新一届董事会候选人的 提名工作仍在进行中，为确保董事会工作的连续性和稳定性，公司董事会将延期换届。 同时，公司董事会专门委员会成员和高级管理人员的任期也相应顺延。 ...