Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [4][37]. Core Insights - The social services sector has shown resilience, with a reported increase of 6.28% during the review period, outperforming the broader market by 4.61 percentage points [13][14]. - Key companies such as China Duty Free Group and others have demonstrated significant stock price increases, with China Duty Free Group rising by 16.91% [14][17]. - The report highlights the positive impact of government policies aimed at expanding domestic demand, which are expected to support the valuation recovery of the sector [4][37]. Industry Dynamics - The first week of Hainan's duty-free shopping saw sales reach 1.1 billion CNY, a year-on-year increase of 54.9%, with an average spending of 6,667 CNY per person, up 16% [19]. - Major airports in Shanghai and Beijing have awarded duty-free store contracts to China Duty Free Group, enhancing its market position [18]. - The tourism market is heating up ahead of the New Year, with domestic flight bookings exceeding 1.06 million, a 45% increase year-on-year [23]. Company Performance - The report details stock performance for key companies, with notable increases in holdings for companies like Haidilao and China Oriental Education during the review period [3][36]. - Specific companies such as Atour, Ctrip Group, and Huazhu Group are recommended for investment due to their strong market positions and growth potential [4][37]. Future Outlook - The report suggests a focus on companies that are well-positioned to benefit from ongoing economic recovery and consumer spending, including China Duty Free Group, Huazhu Group, and others [4][37]. - The introduction of new products and services, such as Atour's modular hotel concept and the expansion of brands like Mixue Ice City into international markets, indicates a trend towards innovation and market adaptation [20][25].

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by over 10% [4][37]. Core Insights - The social services sector has shown resilience, with a reported increase of 6.28% during the review period, outperforming the broader market by 4.61 percentage points [13][37]. - Key drivers of growth include the strong performance of duty-free sales in Hainan, which reached 1.1 billion CNY in the first week of operation, marking a 54.9% year-on-year increase [19]. - The report highlights significant developments in the tourism and education sectors, with rising travel bookings and new educational policies aimed at reducing exam burdens [23][28]. Summary by Sections Market Performance - The consumer services sector outperformed the market, with a 6.28% increase from December 15 to December 28, 2025, compared to a 1.67% rise in the CSI 300 index [13][14]. Industry and Company Dynamics - Duty-free shopping in Hainan saw a remarkable increase, with sales reaching 11 billion CNY, and average spending per person rising to 6,667 CNY, a 16% increase year-on-year [19]. - Major companies like China Duty Free Group won multiple bids for airport duty-free operations, enhancing their market position [18]. - The hotel sector is innovating with the launch of the "Atour 3.6" brand, which has successfully opened over 20 locations, achieving high occupancy rates and revenue per available room (RevPAR) [20]. Stock Holdings Analysis - Notable changes in stock holdings during the review period include an increase in holdings for Haidilao and Gu Ming, while others like Tea Baidao saw slight decreases [3][36]. Investment Recommendations - The report suggests focusing on companies such as China Duty Free, Huazhu Group, Ctrip, and Atour, among others, as they are expected to benefit from favorable government policies aimed at boosting domestic demand [4][37].

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Views - The report emphasizes that the construction sector is expected to experience a "spring surge" as the "14th Five-Year Plan" approaches its start, with significant government support and infrastructure investment anticipated [3][4][10] - The report highlights that the investment pace in the early stages of the "14th Five-Year Plan" is likely to follow historical patterns, with a concentration of project launches and higher investment growth expected [4][10] - The construction sector is advised to focus on three core investment themes for 2026: major national projects, high-dividend state-owned enterprises, and private construction companies leveraging cash flow for new opportunities [5][19] Summary by Sections Policy Developments - The government is actively releasing positive signals regarding the "14th Five-Year Plan," focusing on high-quality development and major infrastructure projects [3][20] - The National Housing and Urban-Rural Development Conference has emphasized stabilizing the real estate market and accelerating the renovation of old urban areas [3][20] Market Performance - The report notes that the construction and decoration index rose by 2.26% during the week, with significant gains in sectors such as decoration and specialized engineering [6] - A total of 101 stocks in the construction sector saw price increases, with notable performers including Hainan Development (+56.46%) and Shanghai Bay (+44.35%) [6] Future Outlook - The report anticipates that the construction sector will see a resurgence in investment activity, particularly in traditional infrastructure such as railways and highways, as well as new infrastructure projects [4][10][14] - The focus on water conservancy and transportation infrastructure is expected to increase, with several provinces already initiating planning for these projects [13][14] - The report suggests that the construction sector will benefit from a shift towards new infrastructure and low-altitude economy projects, which are gaining traction in local planning [14][19]

证券代码：300492 证券简称：华图山鼎 公告编号：2025-089 面提交召集人。经核查，天津华图宏阳企业管理有限公司现持有公司股票数量为 100,307,340 股，占公司总股本的比例为 51.00%，其提案资格符合有关规定，临 时提案内容属于股东会职权范围，有明确议题和具体决议事项，且临时提案于股 东会召开 10 日前书面提交公司董事会，符合相关法律、法规和《公司章程》的 有关规定，公司董事会同意将上述临时提案提交公司 2026 年第一次临时股东会 审议。 华图山鼎设计股份有限公司 关于补选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 第五届董事会第九次会议，审议通过了《关于补选第五届董事会非独立董事的议 案》，公司董事会同意补选冉栋先生为公司第五届董事会非独立董事，该议案尚 需提交公司股东会审议，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，公司董事会提名委员会对候选人任职资格进行了核查，认为：候选人冉栋先 生符合《公司法》《深 ...

华图山鼎设计股份有限公司 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 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。 一、增加临时提案的情况说明 华图山鼎设计股份有限公司（以下简称"公司"）已于 2025 年 12 月 15 日披露了《关于召开 2026 年第一次临时股东会的通知》（公告编号：2025-082），公司定于 2026 年 1 月 9 日召开 2026 年第一次临 时股东会。 公司控股股东天津华图宏阳企业管理有限公司于 2025 年 12 月 28 日向公司董事会提交了《关于提 请 2026 年第一次临时股东会增加临时提案的函》，提议将《关于补选第五届董事会非独立董事的议案》 作为临时提案提交公司 2026 年第一次临时股东会审议。公司于 2025 年 12 月 29 日召开第五届董事会第 九次会议，审议通过了《关于补选第五届董事会非独立董事的议案》，公司董事会同意补选冉栋先生为 公司第五届董事会非独立董事，此议案尚需提请公司股东会审议。 证券代码：300492 证券简称：华图山鼎 公告编号：2025-090 6、会议的 ...

二、 董事会会议审议情况 1、审议通过《关于补选第五届董事会非独立董事的议案》 证券代码：300492 证券简称：华图山鼎 公告编号：2025-088 华图山鼎设计股份有限公司 第五届董事会第九次会议决议公告 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。 一、 董事会会议召开情况 1、华图山鼎设计股份有限公司（以下简称"公司"）第五届董事会第九次会 议经第五届董事会全体董事同意豁免会议提前通知的时间要求，以口头方式临时 通知后于 2025 年 12 月 29 日 11:00 在公司会议室以现场表决与通讯表决相结合 方式召开。 2、本次会议应出席董事 11 名，实际出席董事 11 名。会议由董事长吴正杲 先生主持，公司高级管理人员列席了会议。 3、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公 司章程的规定。 表决结果：11 票同意，0 票反对，0 票弃权，本议案获得表决通过。 本议案尚需提交公司 2026 年第一次临时股东会审议。 具体内容详见公司同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《关 于补选第五届非独立董事的公告 ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Insights - The report emphasizes the upcoming "spring excitement" in the construction sector as the "14th Five-Year Plan" approaches its start, with a historical pattern of infrastructure investment showing a tendency for higher growth in the early stages of five-year plans [4][10] - The report highlights that the current infrastructure investment is still at a low level, but anticipates an increase in investment pace as the "15th Five-Year Plan" begins, which is expected to support the construction sector's performance in 2026 [4][10] - Key areas of focus for investment include major national projects such as the canal system, Tibet railway, and new energy infrastructure, which are expected to generate long-term order demand [19] Summary by Sections Policy Developments - The report notes that the government is actively releasing positive signals regarding the "15th Five-Year Plan," with a focus on high-quality development and major infrastructure projects [3][20] - The central government has emphasized the importance of stabilizing the real estate market and accelerating the renovation of old urban areas, with significant progress already reported in various provinces [3][21] Market Performance - The report indicates that the construction and decoration index has shown positive performance, with a 2.26% increase, and highlights the top-performing stocks in the sector [6] Future Outlook - The report identifies three core investment themes for the construction sector in 2026: 1. Major national projects that will continue to drive long-term demand [19] 2. High-dividend, low-valuation state-owned construction enterprises that are expected to gain value [19] 3. Private construction companies leveraging cash flow and flexibility to enter new markets such as clean rooms and AI infrastructure [19]

Group 1 - The education market demand is characterized by strong anti-cyclical properties driven by pressures from further education and employment [1][2] - The "golden decade" for high school and related training markets is expected from 2024 to 2035 due to the "two-child" policy and "dragon baby" effect, providing a sustained population base for growth [2] - The number of candidates for the national civil service examination is projected to reach 3.416 million by 2025, with a year-on-year growth of 12.62% [2] Group 2 - The growth rate of non-academic profit-making licenses for off-campus training is gradually slowing, while academic licenses are continuing to shrink [3] - As of November, there were 98,208 non-academic profit-making licenses for the compulsory education stage, an increase of 3,480 licenses year-on-year [3] - A strategic cooperation between Huatu Shanding and online competitor Fenbi Technology is expected to alleviate intense price competition in the industry [3] Group 3 - AI+ education products are entering the implementation phase, with various companies launching AI-integrated educational tools [4] - Companies such as Dou Shen Education and Zhong Gong Education are introducing AI-driven products to enhance learning experiences [4] - The development of AI education platforms and tools is anticipated to improve the overall profitability of leading companies in the sector [4]

Group 1 - The education industry is experiencing a "three-dimensional resonance" with marginal policy improvements, supply clearing, and demand release, shifting the investment logic from policy-driven to performance-driven, with potential for a "Davis double hit" in performance and valuation [1] - The trend of "AI + education" is emerging as a key investment theme, with leading education companies expected to benefit from the integration of AI technologies [2] - The upcoming "golden decade" for high school and college entrance exams is anticipated due to the increase in newborn population from the two-child policy, leading to sustained growth in the examination market [3] Group 2 - Recent policy improvements and encouragement of childbirth are expected to release educational demand, with a focus on developing and regulating the education sector [4] - Education companies are showing strong operational performance, with key variables such as new enrollments, renewal rates, and pricing impacting profitability, indicating a positive outlook for future earnings [5] - The landscape of the public examination sector is changing significantly, with new leaders emerging and strong recovery in management training, suggesting a favorable environment for education companies [5]

Core Viewpoint - Huatu Shanding (300492.SZ) experienced a midday decline of 5.37%, closing at 74.55 yuan, with its total market capitalization falling below 15 billion yuan due to a share reduction announcement by shareholder Zhang Peng [1] Group 1 - The shareholder Zhang Peng plans to reduce his holdings by no more than 366,700 shares, which represents up to 0.19% of the company's total share capital [1] - Over the past three years, the company has issued two announcements regarding share reduction plans [1] - The number of shares proposed for reduction does not represent the final actual number of shares that will be reduced [1]