社会服务行业点评：国考报名数再创新高，报录比继续提升

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Viewpoints - The number of applicants for the 2025 National Examination reached a new high, with 3.416 million applicants, reflecting a year-on-year growth of 12.6% [3] - The recruitment plan for the 2025 National Examination is set at 39,700 positions, a slight increase of 0.4% compared to the previous year [2] - The competition ratio for the examination has improved to 86:1, up from 76.7:1 in 2024, indicating a heightened demand for training in examination preparation [3][4] Summary by Sections Recruitment Overview - The 2025 National Examination will recruit 39,700 individuals, with the largest recruitment coming from the tax system, which will hire 23,000 people, a decrease of 4.1% from last year [2] - The provinces with the highest recruitment numbers include Guangdong (3,322), Shandong (2,118), and Liaoning (1,920), with Sichuan showing the largest increase of 245 positions [2] Applicant Statistics - The number of applicants who passed the qualification review is 3.416 million, with a compound annual growth rate of 18.9% over the past five years [3] - The proportion of positions specifically for fresh graduates is 67.2%, an increase of 1.5 percentage points from the previous year [2] Investment Recommendations - The report suggests focusing on companies such as Zhonggong Education, Huatu Shanding, and Fenbi, as the demand for training related to the National Examination is expected to grow [4]