Career International(SZ:300662) GOLDEN SUN SECURITIES·2025-09-17 00:01Group 1: Major Projects Review and Outlook - The "14th Five-Year Plan" has established 102 major projects as key measures to stabilize the economy, and the "15th Five-Year Plan" is expected to continue focusing on five categories: livelihood, technology + industry, infrastructure, ecological construction, and safety engineering [3] - New projects during the "15th Five-Year Plan" will particularly emphasize water conservancy infrastructure, technology integration, and urban renewal [3] Group 2: Convertible Bond Market Analysis - As of September 12, 2025, the pricing deviation indicator for the convertible bond market is at 5.27%, which is at the 99.3 percentile level since 2018, indicating high volatility in valuations [4] - The report suggests that investors aiming for absolute returns should consider reducing their positions in equity-linked convertible bonds to mitigate potential market downturns [4] Group 3: Company Analysis - Core International - Core International (300662.SZ) is a leading enterprise in the human services industry, with a focus on AI and international expansion as new growth points [5] - The company has established a comprehensive ecosystem through technology investment, including its own AI model and the industrial interconnection platform "He Wa," covering recruitment, flexible employment, and other services [5] - Revenue projections for Core International are estimated at 15.09 billion, 18.93 billion, and 22.82 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 300 million, 370 million, and 430 million yuan [5]