证券之星消息，1月8日工程咨询服务板块较上一交易日上涨3.35%，华图山鼎领涨。当日上证指数报收 于4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。工程咨询服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300492 | 类图山播 | 87.45 | 13.66% | 4.85万 | | 4.08亿 | | 603017 | 中衡设计 | 12.09 | 10.01% | 29.02万 | | 3.37亿 | | 600629 | 华建集团 | 25.00 | 9.99% | 105.28万 | | 25.48亿 | | 301027 | 华蓝集团 | 21.50 | 7.23% | - 16.40万 | | 3.48亿 | | 603458 | 勤设股份 | 12.05 | 5.79% | 27.68万 | | 3.21亿 | | 300983 | 尤安设计 | 27.90 | 5.56% | 2.07万 | | 565 ...

公司发布的三季报数据显示，前三季度公司共实现营业收入24.64亿元，同比增长15.65%，实现净利润 2.49亿元，同比增长92.48%，基本每股收益为1.2700元，加权平均净资产收益率77.57%。（数据宝） （文章来源：证券时报网） 证券时报·数据宝统计显示，华图山鼎所属的建筑装饰行业，目前整体涨幅为1.03%，行业内，目前股价 上涨的有111只，涨停的有志特新材、杭萧钢构等6只。股价下跌的有42只，跌幅居前的有园林股份、中 铝国际、苏文电能等，跌幅分别为3.34%、2.94%、2.63%。 两融数据显示，该股最新（1月7日）两融余额为4.39亿元，其中，融资余额为4.38亿元，近10日增加 2679.91万元，环比增长6.52%。 机构评级来看，近10日共有1家机构对该股进行评级，1月6日国泰海通证券发布的研报给予公司目标价 为89.20元。 华图山鼎股价创出历史新高，截至9:54，该股上涨7.42%，股价报82.65元，成交量130.73万股，成交金 额1.06亿元，换手率0.66%，该股最新A股总市值达162.56亿元，该股A股流通市值162.56亿元。 ...

| | | 目 录 | | 每日报告精选（2026-01-06 09:00——2026-01-07 15:00） 2 | | | --- | --- | --- | |  | 策略观察：《元旦文旅景气增长，科技周期延续涨价》2026-01-07 | 2 | |  | 海外策略研究：《岁末年初躁动下亚洲市场领涨》2026-01-06 | 3 | |  | 策略专题报告：《新兴产业空间广阔，看多中国产业龙头》2026-01-06 | 3 | |  | 行业跟踪报告：海外科技《CES：NVDA、INTEL 算力升级，物理 AI 成推进焦点》2026-01-06 | 4 | |  | 公司公告点评：众鑫股份（603091）《启动美国工厂布局，夯实成长动能》2026-01-07 | 5 | |  | 海外报告：十月稻田（9676）《强效率，拓品类、扩新渠》2026-01-07 | 6 | |  | 海外报告：明略科技-W（2718）《核心业务稳健，强化数据智能龙头地位》2026-01-06 | 7 | |  | 公司公告点评：中国巨石（600176）《激励如期落地，彰显发展信心》2026-01-06 | ...

Group 1: Strategy Research - The current overseas computing power valuation is reasonable, and subsequent performance upgrades are key; domestic computing power awaits performance realization and is catalyzed by the decline in risk-free interest rates; AI application valuations are cost-effective, with a focus on internet and media sectors [2][3][6] Group 2: Dairy Industry Research - The ruling on import beef safeguard measures has been implemented, with a nearly 6% reduction in quotas for major supplying countries in 2026, and an additional 55% tariff on beef imported outside the quota, which is expected to boost domestic beef demand and sustain the upward trend in the beef cattle industry [7][8][9] - The price of raw milk is stabilizing and is expected to rise in 2026 due to the reduction in supply-side expansion and decreased replenishment, along with the release of processing capacity on the demand side [7][9] Group 3: Non-Metallic Building Materials Research - China Jushi has announced a restricted stock incentive plan, which reflects the company's confidence in future operations, covering a wide range of employees including executives and core middle management [3][10][11] Group 4: Fixed Income Research - The January 2026 convertible bond portfolio is biased towards aggressive and elastic sectors, supplemented by a balanced combination of relatively low-priced and undervalued industries [2][14][16] - The convertible bond market is expected to experience a "New Year rally" due to policy expectations and seasonal capital inflows, with a focus on technology innovation and expanding domestic demand as key investment themes [29][30][31]

Core Viewpoint - The China Securities 1000 Growth ETF (562520) opened with a slight decline of 0.15%, priced at 1.376 yuan, while its constituent stocks showed mixed performance on January 7 [1] Group 1: ETF Performance - The China Securities 1000 Growth ETF (562520) has a performance benchmark based on the China Securities Intelligent Selection 1000 Growth Innovation Strategy Index [1] - Since its inception on March 8, 2022, the fund has achieved a return of 37.50%, with a one-month return of 8.71% [1] Group 2: Constituent Stocks Performance - Among the top holdings, Jucheng Co. saw a significant increase of 13.14%, while other stocks like Gylon Electronics and SourceJet Technology also experienced slight gains of 0.22% and 2.94% respectively [1] - Conversely, stocks such as Gigabit and Lexin Technology faced declines of 0.60% and 0.49% respectively, indicating a mixed performance across the ETF's holdings [1]

2026年1月6日 证券研究报告 | 社会服务行业1月投资策略 元旦出行开门红，春节错期推荐反季节经营旺季龙头 行业研究 · 行业投资策略 ◼ 元旦假期总结：国内游量升符合预期，价重回温和增长通道。量端，根据文旅部，元旦假期3天，全国国内出游1.42亿人次、估算较2024年 增长5.2%；根据交通运输部，元旦假期预计累计全社会跨区域人员流动量为5.9亿人次，日均1.98亿人次，同比增长19.5%；铁路、民航客运 量相较2024年元旦假期分别增长9.1%、13.3%。价端，国内出游总花费847.89亿元、估算较2024年增长6.3%；据此估算人均消费较2024年增 长1.1%。总体上，得益于假期晴好天气以及请3休8拼假方案，假期旅游意愿向好，短途微度假与南北互换长线游交织。 请务必阅读正文之后的免责声明及其项下所有内容 ◼ 子行业：与2024元旦相比，海南免税量价高升，酒店需求双位数增长，山岳型景区表现突出，出境游延续景气，本地消费平稳。 1）免税： 根据海口海关统计，元旦假期共监管离岛免税商品销售44.2万件、购物人数8.35万人次、购物金额7.12亿元，对比2024年元旦假期，离岛免 税销售额、购物人次、人 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 89.2 yuan based on a 40x PE valuation for 2026 [4][7]. Core Insights - The company is leveraging AI technology and a strategic focus on local markets to enhance its market share in the public examination sector, supported by a partnership with Fenbi [1][4]. - The projected net profits for the company are expected to be 312 million yuan, 438 million yuan, and 543 million yuan for the years 2025 to 2027, respectively, with corresponding EPS of 1.58 yuan, 2.23 yuan, and 2.76 yuan [4][7]. - The non-degree training business is anticipated to be the main revenue driver, with significant growth expected in the coming years [4][45]. Financial Summary - Total revenue is projected to grow from 247 million yuan in 2023 to 5,159 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 131.3% in 2024 [3][4]. - The net profit attributable to the parent company is expected to turn from a loss of 92 million yuan in 2023 to a profit of 543 million yuan by 2027 [3][4]. - The gross margin is expected to improve from 53.48% in 2024 to 57.16% in 2027, driven by enhanced operational efficiency and brand strength [12][9]. Company Development - The company transitioned from a traditional architectural design firm to a player in the vocational education sector, leveraging resources from its controlling shareholder, Huatu Hongyang [15][16]. - The establishment of Huatu Education Technology Co., Ltd. in 2023 marks a significant step in the company's focus on examination training and vocational skills [16][15]. Industry Analysis - The number of college graduates in China is projected to exceed 12 million by 2025, creating a sustained demand for public examination training [25][40]. - The public examination training market is expected to reach approximately 151 billion yuan in 2025, with a potential growth to 237 billion yuan by 2030 [40][43]. - The overall vocational education training market is forecasted to grow from 781 billion yuan in 2021 to 1,102 billion yuan by 2026, indicating a robust industry outlook [40][43]. Operational Analysis - The non-degree training segment accounted for 99% of the company's revenue in the first half of 2025, highlighting its dominance in the business model [45][56]. - The company has established a comprehensive network across 31 provinces, covering over 1,000 locations, which enhances its market presence and operational efficiency [57][45].

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 89.20 CNY [5][16]. Core Insights - The company is leveraging AI technology and a city-based base sinking strategy, in collaboration with Fenbi, to accelerate its market share growth and reshape the public examination industry [2][12]. - The company is expected to achieve significant revenue growth, with projected net profits for 2025-2027 at 312 million, 438 million, and 543 million CNY respectively, and EPS of 1.58, 2.23, and 2.76 CNY [12][16]. - The strategic partnership with Fenbi is anticipated to enhance competitive barriers and operational efficiency in the vocational education market [12][21]. Financial Summary - Total revenue is projected to grow from 247 million CNY in 2023 to 5,159 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 131.3% in 2024 [4][13]. - The net profit is expected to turn from a loss of 92 million CNY in 2023 to a profit of 543 million CNY by 2027, indicating a significant recovery and growth trajectory [4][13]. - The company’s gross margin is projected to improve from 53.48% in 2024 to 57.16% by 2027, driven by brand effect and operational efficiency [19][21]. Industry Analysis - The number of college graduates in China is expected to exceed 12 million by 2025, creating a sustained demand for public examination training [32][46]. - The public examination training market is projected to reach approximately 151 billion CNY in 2025, with a potential growth to 237 billion CNY by 2030 [46][47]. - The company is positioned to benefit from the increasing number of civil service examination candidates, which has shown a consistent upward trend [41][46].

华图山鼎 20251230 摘要 公考市场规模庞大，2025 年国考报名人数达 370 万，整体规模上千万 级别。尽管录取率下降，但报考热情高涨，付费培训需求强劲，线上低 价和线下高性价比课程均有发展前景。 华图山顶自 2023 年转型公考培训，得益于华图教育资源注入。目前线 下面授占比 93.4%，在线培训占比 6.6%。凭借 20 年教学积累和品牌 影响力，在行业内占据重要地位。 公考行业未来发展前景广阔，报考热情持续高涨，推动培训机构创新产 品和服务。AI 技术应用、线上低价产品和本地化培训将提高学员满意度。 应届生身份延长政策也增加了回乡备考人群。 协议班模式因退费问题衰落，头部机构营收下滑，教师流失加剧尾部机 构扩张，行业竞争格局恶化。华图山鼎因起步较晚，退费压力较轻， 2024 年底收入超过中公教育，成为行业第一。 华图山鼎创新推出"考编直通车"产品，将分项目制改为分科目制，缩 短交付天数，降低教师成本，提升地级市基地班毛利率 40 个百分点， 实现商业模型跑通。 Q&A 近年来公务员考试热潮的原因是什么？ 公务员考试热潮的主要原因在于当前经济形势下，年轻人对稳定工作的追求。 特别是在经济短期承压 ...

Group 1 - The report emphasizes the importance of service consumption in 2026, highlighting a year of strategic layout and potential improvements in specific sectors and cycles [4][6][8] - The overall recovery of the service sector is characterized by a moderate rebound and structural prosperity, with service consumption growth outpacing that of goods consumption [11][12] - The report identifies three key changes affecting demand, policy, and technology, including a shift towards more rational consumer behavior, the impact of policy and globalization on corporate decisions, and accelerated technological iterations [11][4][6] Group 2 - The investment strategy for 2026 focuses on boosting domestic demand, with significant potential for service consumption in China compared to developed countries [19][26] - The report outlines specific sub-sectors such as duty-free, hotels, and education, which are expected to perform differently based on demand and supply dynamics [7][8][34] - Recommendations include focusing on cyclical recovery and sector-specific prosperity, with suggested investments in companies like China Duty Free Group, Huazhu Group, and Meituan [4][34][8] Group 3 - The report notes that the service sector has underperformed compared to the broader market, with a year-to-date increase of 14.55%, lagging behind the CSI 300 index [14][12] - Structural trends indicate that leading companies in tea drinks and hotels have outperformed, while duty-free and hotel stocks have shown strength in the fourth quarter [14][12] - The report highlights the importance of policy measures aimed at enhancing service consumption, including various initiatives to stimulate demand and improve the consumer environment [26][28][27]