Core Viewpoint - The competition in the vocational education sector is intensifying as major players like Zhonggong Education, Fenbi, and Huatu Shanding launch AI interview products to meet the growing demand from candidates preparing for civil service exams [1][2][6]. Group 1: AI Interview Product Launches - Zhonggong Education has introduced the "Zhonggong AI Interview" training product, featuring four core functions: interview simulation training, multi-dimensional evaluation system, personalized improvement guidance, and targeted knowledge supplementation [2][6]. - Fenbi and Huatu Shanding had previously launched their own AI interview products, with Fenbi's offerings dating back to December 2024 and Huatu Shanding's in April 2025, indicating a strong market demand for AI interview coaching [2][5]. Group 2: Market Dynamics and Candidate Trends - The number of candidates for the 2026 National Civil Service Exam reached 3.718 million, with a qualification review ratio of approximately 98:1, leading to an expanded candidate pool and increased demand for efficient preparation tools [5][6]. - The relaxation of age limits for applicants, from 35 to 38 years, is expected to activate the interest of older candidates, further diversifying the candidate demographic and increasing the need for personalized and flexible training solutions [5][6]. Group 3: Industry Challenges and Competition - The entry of multiple companies into the AI interview product space is intensifying competition, with a projected market structure resembling a "pyramid," where leading firms dominate the high-end market while smaller firms focus on niche segments [7][8]. - High research and development costs are creating barriers to entry, with Zhonggong Education reporting R&D expenses of 110 million yuan and Huatu Shanding 145 million yuan in the first three quarters of 2025, indicating significant investment in AI product development [8]. Group 4: Future Outlook and Product Differentiation - The future of the AI vocational education market will depend on the ability to provide personalized and differentiated services that truly address the diverse needs of candidates, as generic AI training may lead to homogenized responses and undermine the interview process [9].

Core Insights - The AI interview evaluation product from Huatu Shanding has seen a significant increase in usage, with daily token calls doubling month over month, indicating strong market demand [1] - The product, launched in April 2025, has quickly become a flagship offering, with nearly 60,000 candidates using it and a total of 1.5 million questions practiced, averaging over 25 questions per user [1] Group 1: Challenges in Traditional Interview Training - Traditional public examination interview training faces two main challenges: heavy reliance on renowned teachers and high costs, making it difficult to scale and provide personalized feedback [2] - The time-consuming nature of manual feedback from teachers limits the immediacy and quality of student evaluations, impacting their success rates [2] Group 2: AI Solutions and Efficiency Gains - Huatu's AI interview evaluation addresses these challenges by providing instant feedback within 30 seconds across multiple dimensions, enhancing practice efficiency [2] - The AI system maintains a stable quality of evaluation, reducing the impact of teaching quality fluctuations on students [2] - The company has leveraged over 20 years of quality data and research investment to build a comprehensive "real exam thinking database," enriching the AI model [2] Group 3: User Engagement and Retention - The product has garnered a loyal user base, with over 53,000 users having engaged with it multiple times, achieving a high retention rate of 88% [3] - Notably, 26% of practice sessions are initiated by students themselves, indicating a strong intrinsic motivation to use the product for exam preparation [3] Group 4: Cost Reduction and Operational Efficiency - The introduction of AI has led to significant cost savings and efficiency improvements, allowing teachers to focus on more valuable course design and Q&A [4] - AI applications in the company have resulted in processing over one million essays monthly with high accuracy, saving approximately 30% of labor time in research and quality control [4] - The cost of generating high-quality simulation questions has drastically reduced from around 300 yuan to a fraction of that, with annual savings in labor costs estimated in the tens of millions [5] Group 5: Strategic Focus on AI Development - Huatu Shanding is committed to investing heavily in AI, with R&D expenses increasing by 160% year-on-year, primarily to expand the AI team [6] - The company has launched around 20 AI products under the "All-in-AI" strategy, aiming to package mature products into membership services for future growth [6] - Collaborations with competitors like Fenbi in the AI space are seen as a way to shift industry focus back to teaching and service quality, moving away from price wars [6] Group 6: Industry Outlook - The AI capabilities of leading firms like Huatu Shanding are expected to create stronger competitive barriers, with industry resources increasingly concentrating on top players [6] - Analysts suggest that the education sector is transitioning from policy-driven growth to performance-driven growth, with "AI + education" opening new avenues for expansion [6]

Core Insights - The company has experienced a significant surge in usage and demand for its AI interview evaluation product, with token calls doubling and nearly 60,000 candidates utilizing the service since its launch in April 2025 [2][4]. Group 1: Product Performance - The AI interview evaluation product has become a flagship offering for the company, achieving over 150 million practice questions completed, with an average of more than 25 questions practiced per user [2]. - The product's rapid adoption is evidenced by its internal benchmark of exceeding one million uses within two months, achieving this milestone in just 40 days [4]. Group 2: Addressing Industry Pain Points - Traditional interview training has two major challenges: reliance on scarce, high-cost instructors and the time-consuming nature of manual feedback, which limits scalability and timely responses [4]. - The AI solution provides immediate feedback within 30 seconds across multiple dimensions, ensuring consistent quality and reducing variability in evaluation standards [4]. Group 3: Efficiency and Cost Reduction - The integration of AI has led to significant cost savings and efficiency improvements, allowing instructors to focus on more valuable tasks such as course design and student inquiries [6]. - AI applications across the company's operations, including essay grading, have resulted in a 30% reduction in labor time, with the potential to save millions in labor costs annually [7]. Group 4: Market Trends and Future Growth - The company anticipates a new wave of growth in AI applications within the public examination training sector, with AI grading seen as a solution to long-standing industry challenges [9]. - The company's commitment to AI is reflected in a 160% year-on-year increase in R&D spending, aimed at expanding its AI team and developing approximately 20 AI products [10]. - Collaborations with other leading firms in the industry are expected to reshape competitive dynamics, focusing on educational quality rather than price wars [10].

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [4][31]. Core Insights - The report highlights that policies promoting service consumption are continuously being strengthened, injecting new vitality into the industry. Key initiatives include the emphasis on releasing service consumption potential and enhancing trade and investment facilitation in Hainan Free Trade Port [2][18][19]. - The consumer services sector outperformed the market, with a reported increase of 3.15% during the period from December 29, 2025, to January 11, 2026, surpassing the Shanghai Composite Index by 0.96 percentage points [13][14]. - Companies such as Tianli International Holdings and Renrui Talent saw significant stock price increases of 19.92% and 12.56%, respectively, during the reporting period [14][30]. Summary by Sections Industry and Company Dynamics - Recent policies in the service consumption sector are aimed at stimulating growth, including measures from the National Business Work Conference and Shanghai's 16 initiatives to enhance service consumption [2][18][19]. - The Sanya International Duty-Free City Phase III project has been capped, with a total investment of 7 billion CNY, expected to be completed in phases starting in 2026 [21]. - Ctrip's "Smart Engine 3.0" has improved product recommendation efficiency by over 8%, showcasing the impact of AI on the industry [23]. Stock Holdings Analysis - Core stocks in the Hong Kong market, such as Mixue Group and Gu Ming, have seen increased holdings, while others like Haidilao and Tianli International Holdings experienced slight decreases [3][30]. Investment Recommendations - The report suggests a continued focus on companies like China Duty Free Group, Huatu Shanding, and Ctrip Group, among others, as potential investment opportunities in the current economic environment [4][31].

（文章来源：证券日报） 证券日报网讯 1月9日，华图山鼎发布公告称，公司2026年第一次临时股东会审议通过《关于拟向粉笔 有限公司委派董事的议案》《关于补选第五届董事会非独立董事的议案》。 ...

证券日报网讯 1月9日，华图山鼎发布公告称，公司2026年第一次临时股东会审议通过《关于补选第五 届董事会非独立董事的议案》，同意补选冉栋先生为第五届董事会非独立董事，任期自股东会审议通过 之日起至第五届董事会届满之日止。 （文章来源：证券日报） ...

证券代码：300492 证券简称：华图山鼎 公告编号：2026-001 （一）股东会届次：2026 年第一次临时股东会 公司董事会以公告方式向全体股东发出召开 2026 年第一次临时股东会的通 知 ， 详 见 2025 年 12 月 15 日 及 2025 年 12 月 30 日 公 司 在 巨 潮 资 讯 网 （www.cninfo.com.cn）刊登的《关于召开 2026 年第一次临时股东会的通知》（公 告编号：2025-082）、《关于 2026 年第一次临时股东会增加临时提案暨股东会补 充通知的公告》（公告编号：2025-090）。 华图山鼎设计股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更前次股东会决议。 一、会议召开和出席情况 （二）会议召集人：公司董事会 （三）会议主持人：董事长吴正杲先生 （四）会议召开时间： 1、现场会议时间：2026 年 1 月 9 日（星期五）14:00 2、网络投票时间：通过深圳证券交易所交易系 ...

北京市竞天公诚律师事务所 关于华图山鼎设计股份有限公司 2026 年第一次临时股东会的 法律意见书 中国 北京 二○二六年一月九日 致：华图山鼎设计股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）受华图山鼎设计股份有限 公司（以下简称"公司"）的委托，根据和参照《中华人民共和国公司法》（以下 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）和中国证 券监督管理委员会发布的《上市公司股东会规则》（以下称"《规则》"）等有 关规定，就公司召开的 2026 年第一次临时股东会（以下称"本次股东会"）的有 关事宜，出具本法律意见书。 为了出具本法律意见书，本所审查了公司提供的有关本次股东会的如下文 件的原件或复印件： 1、现场出席本次股东会的有关股东、股东授权代表、董事及其他有关人员 的身份证明及/或授权委托书； 2、公司董事会向本次股东会提出的提案； 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 关于华图山鼎设计股份有限公司 2026 年第一次临时股东会 ...

特此公告。 华图山鼎设计股份有限公司 董事会 证券代码：300492 证券简称：华图山鼎 公告编号：2026-002 华图山鼎设计股份有限公司 关于完成补选第五届董事会非独立董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 华图山鼎设计股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日召开 的第五届董事会第九次会议以及 2026 年 1 月 9 日召开的 2026 年第一次临时股东 会，审议通过了《关于补选第五届董事会非独立董事的议案》，同意补选冉栋先 生为公司第五届董事会非独立董事，任期自股东会审议通过之日起至第五届董事 会届满之日止。 本次补选非独立董事完成后，董事会中兼任公司高级管理人员以及由职工代 表担任的董事人数总计未超过公司董事总数的二分之一。 2026 年 1 月 9 日 附件：第五届董事会非独立董事候选人简历 冉栋先生，1985 年出生，中国香港籍，本科学历，2008 年 8 月起历任中银 国际亚洲有限公司的分析师、罗斯柴尔德恩可香港有限公司的分析师、瑞银证券 香港有限公司董事、麦格理集团副总裁、北京华昊中天生物医药 ...

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 ...