国金证券：国金晨讯-20240914

Group 1: Key Insights on New Policies and Industry Trends - The new "National Ten Measures" are expected to support the long-term healthy development of the industry, with an anticipated increase in industry concentration [7] - The measures mentioned are likely to lead to a quicker resolution of interest margin risk, improving overly pessimistic expectations and raising valuation levels [7] - The insurance sector's current implied long-term investment return assumptions remain low, with H-share valuations reflecting a range of 0.5%-1.1% [7] Group 2: Performance of Education and Human Resource Services - In the first half of 2024, the demand for education and training is robust, with revenue growth for education, human resources, and exhibitions at +3.8%, +15.2%, and -7.5% year-on-year respectively [8] - The net profit attributable to the parent company for education and human resources increased by 225.5% and 1.7% year-on-year, showcasing the essential nature of the education sector and the counter-cyclical nature of flexible employment [8] - The human resources service sector is experiencing high demand for flexible employment, while recruitment services are still recovering [8] Group 3: Company-Specific Insights - Zhongwang Software has announced a 2024 stock incentive plan, with an initial stock size not exceeding 1.07 million shares, representing 0.88% of the total share capital [8] - The company maintains its leading position in the domestic CAD market, with its software products sold in over 90 countries and regions, and over 1.4 million legitimate users [8] - The current market valuation corresponds to approximately 6.5 times the price-to-sales ratio for 2025, indicating it is at a valuation bottom since its listing [8]