Core Insights - The application of AI in recruitment is no longer a distant concept but is creating actual value in the industry [1] - AI is revolutionizing efficiency in resume screening and initial interviews, indicating significant potential for future business models in recruitment platforms [1] - Leading Chinese recruitment platforms are rapidly integrating AI into their products to seize technological advancements [1][4] Group 1: AI's Impact on Recruitment - AI is particularly effective in recruitment due to the language-intensive, structured, and high-throughput nature of the industry [1][2] - The most significant impacts of AI are observed in early recruitment stages, such as job definition, resume screening, candidate search, and first-round interviews [3] - AI's penetration in later stages, like final interviews and hiring decisions, remains challenging due to the reliance on human judgment [3] Group 2: Competitive Landscape - Leading platforms like Boss Zhipin, Liepin, and Zhilian are actively deploying AI tools, including AI assistants and structured interview products [4] - Boss Zhipin is testing an AI assistant for pre-interview stages, while Liepin has launched AI tools for candidate screening and communication [4] - Zhilian is implementing AI assistants in candidate interaction and has introduced AI interviewers for mass initial screenings [4] Group 3: Advantages of AI Interviewers - AI interviewers are seen as a cutting-edge application with a near-perfect product-market fit, focusing on language processing and structured workflows [4] - The automation of initial screenings reduces manual workload and shortens recruitment cycles, especially in high-volume scenarios like campus and blue-collar recruitment [5] - AI enhances objectivity and consistency in evaluations by processing multimodal information, thus minimizing human bias [5] Group 4: Future Outlook - AI-enabled recruitment platforms are expected to expand beyond current business boundaries into broader human resource service markets as technology matures and data accumulates [6]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The report emphasizes the importance of AI applications and the Meta logic, highlighting the potential for revenue growth and valuation restructuring in the AI sector [8] - Domestic companies are expected to excel in multimodal development, particularly in B-end scenarios like AI image editing and video generation, with significant commercial performance [2] - The report anticipates a resonance in AI product commercialization between China and the US, especially in strong application areas in China [3] Summary by Sections Investment Logic - Focus on multimodal companies, especially those with overseas expansion [2] - Domestic products are competitive with international counterparts, achieving earlier commercialization [2] - Notable growth in AI video generation revenue, with a specific example of a company achieving over 100 million yuan monthly revenue [2] Investment Recommendations and Targets - Emphasis on AI application investment opportunities in the second half of the year and the trend of AI expansion overseas [3] - Recommended stocks include Kuaishou-W (01024, Buy), Meitu Inc. (01357, Not Rated), BOSS Zhipin-W (02076, Buy), and Alibaba-W (09988, Buy) [3] - Attention to Meta logic developments and their impact on revenue and valuation, with recommendations for Alibaba-W and Tencent Holdings (00700, Buy) [3] Industry Trends - Continuous acceleration in cloud revenue and capital expenditure (CAPEX) among major overseas cloud service providers [8] - Significant growth in annual recurring revenue (ARR) for AI applications, with OpenAI's ARR reaching 12 billion USD, marking a 20% increase [8] - The implementation of "Artificial Intelligence+" policies in China is expected to enhance AI application commercialization [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） Tongdao Liepin Group 同道獵聘集團 （股票代號：6100） 須予披露交易 認購理財產品 廈門國際銀行理財產品 茲提述本公司於2025年6月30日的公告，內容有關向廈門國際銀行認購結構 性存款產品。 | ： | | --- | | 下 | | 如 | | 列 | | 載 | | 款 | | 條 | | 要 | | 主 | | 的 | | 項 | | 事 | | 購 | | 認 | | 等 | | 該 | | 稱： 產品名 | | | 款產品 構性存 結 公司 | 結 公司 | 款產品 構性存 | | 構 結 寶 添利 | 構 結 寶 添利 | 添利 | 構 結 寶 | 添利 | 構 結 寶 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [3][5][37]. Core Viewpoints - The Hainan Free Trade Port is set to officially start operations on December 18, 2025, with a significant increase in the number of zero-tariff goods from 1,900 items (21%) to 6,600 items (74%), which is expected to enhance the attractiveness of Hainan for businesses and tourists [14][15]. - The investment in the Yajiang Hydropower project, totaling 1.2 trillion CNY, is anticipated to stimulate regional economic activity and support various industries such as education, tourism, and logistics [16][17]. - The report suggests that the social services sector will benefit from favorable national policies aimed at expanding domestic demand, leading to a potential recovery in valuations [3][37]. Summary by Sections Industry Insights - The consumer services sector outperformed the market with a 4.41% increase, surpassing the benchmark by 1.61 percentage points during the reporting period [23][26]. - Key stocks in the consumer services sector included Tibet Tourism, Lansheng Co., and Oriental Selection, which saw significant gains [26][27]. Company Dynamics - Dou Shen Education launched an AI-based writing and reading system, while JD.com introduced a "Dish Partner" program to innovate traditional restaurant franchising [29][30]. - Sally's net profit reached a record high for the quarter, driven by a low-price strategy that increased customer traffic [31]. - The official direct sales platform for civil aviation was launched by Hanglv Zongheng, integrating resources from 37 airlines [31]. Investment Recommendations - The report recommends focusing on companies such as Atour, China Oriental Education, and Meituan, among others, for potential investment opportunities [3][37]. - Mid-term selections include China Duty Free Group, Meituan, and Huazhu Group, indicating a diverse range of investment options across the sector [3][37]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) estimates for several companies, with a focus on maintaining an "Outperform the Market" rating for firms like Mixue Group and Atour [4][37].

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - Emphasis on AI application commercialization in the second half of the year, with a focus on vertical AI application investment opportunities, particularly in strong application areas in China [2][7] - The report suggests that the META logic will be important next year, where improvements in click-through rates (CTR) driven by AI model capabilities will enhance revenue and lead to valuation restructuring [2][7] Summary by Sections Investment Recommendations and Targets - Focus on vertical AI application investment opportunities in the second half of the year, with potential for rapid commercialization in companies with overseas AI application layouts. Recommended stocks include Kuaishou-W (01024, Buy), Meitu (01357, Not Rated), and AI recruitment sector companies such as BOSS Zhipin-W (02076, Buy) [2] - For the end of this year and next year, the report highlights the importance of META logic, suggesting to follow the actual testing results from major companies. Recommended stocks include Alibaba-W (09988, Buy) and Tencent Holdings (00700, Buy) [2] Industry Overview - Globally, AI application products have achieved a certain level of commercialization, with products generating annual recurring revenue (ARR) exceeding $50 million categorized into three types: general model service subscription products, AI native products for specific scenarios, and AI-enhanced existing business scenarios [7] - The report emphasizes that domestic companies have achieved earlier commercialization in multi-modal scenarios compared to overseas counterparts, particularly in B-end applications like AI image editing and video generation [7] - The report notes significant revenue growth in AI video generation products, with monthly revenue exceeding 100 million yuan by April and May 2025, showcasing a rapid increase [7] Financial Metrics - The report provides specific ARR figures for various AI companies, such as OpenAI with $10 billion and Anthropic with $4 billion, highlighting their market valuations and revenue generation capabilities [8]

Core Insights - ByteDance is establishing itself as a leader in the AI industry through its technological advancements, organizational structure, and financial performance [1][7]. Technology - ByteDance's self-developed language model is leading in China, with its multimodal technologies, such as the Chinese text-to-image model Seedream 3.0 and video generation model Seedance 1.0, ranking among the best globally [1][12]. - The company is focusing on long-term AGI research, aiming to enhance foundational model capabilities by 2025 [1][12]. Organizational Structure - The AI business head reports directly to CEO Liang Rubo, indicating a high priority for AI initiatives within the company [1][12]. - In 2025, ByteDance appointed former Google DeepMind VP Wu Yonghui as the head of foundational research for the large model team, strengthening its long-term research strategy [1][12]. Financial Performance - ByteDance's revenue is projected to reach $155 billion in 2024, with an EBITDA of $52 billion, significantly outperforming competitors [2][12]. - The capital expenditure plan for 2025 is set at 150 billion yuan, an 88% increase year-on-year, positioning ByteDance as a leader in domestic capital investment [2][12]. Market Demand - The global AI market demand remains optimistic, with ByteDance's daily token usage reaching 16.4 trillion in May 2025, a 137-fold increase from the previous year, surpassing Google [2][12]. - ByteDance's AI inclusive strategy is accelerating industry development and driving down model costs [2][12]. Cloud Services - Volcano Engine, ByteDance's cloud service platform, is benefiting from the performance of its foundational models, with revenue expected to double in 2025 [4][12]. - In the GenAI IaaS market, Volcano Engine's market share is approaching 15%, leveraging its advantages in downstream AI models and services to boost upstream cloud business growth [4][12].

Investment Rating - The report maintains a "Positive" investment rating for the media industry in China [5] Core Insights - The domestic AI demand is accelerating, with the AI cycle divided into three phases: computing/cloud, ToB vertical applications, and C-end application scenarios. The focus is currently on the first and second phases, suggesting an increase in allocation to Hong Kong's internet sector [3][12] - ByteDance is positioned as a leader in AI foundational architecture, with significant investments in long-term AGI research and a strong financial backing, achieving a revenue of $155 billion in 2024, with an EBITDA of approximately $52 billion [8][13][50] - The report highlights the optimistic outlook for the AI industry, driven by increasing token consumption and the ongoing decline in model costs, which is expected to foster demand growth [17][18] Summary by Sections Section 1: Basic Research - ByteDance's large model capabilities are in the domestic top tier, with the gap to overseas models reduced to within three months. The company has made significant strides in both language and multimodal models [21][25] - The organizational structure supports long-term AGI research, with a high-density talent pool and a competitive internal mechanism driving rapid advancements in AI model capabilities [30][31] Section 2: Volcano Engine - The Volcano Engine is positioned to benefit from the performance of foundational models, with a revenue target of doubling to $125 billion in 2025 [8][26] Section 3: Investment Recommendations - The report recommends increasing exposure to the Hong Kong internet sector, focusing on companies like Alibaba, ByteDance, and Tencent, which are well-positioned in the AI landscape [3][12]

行 业 及 产 业 社会服务 行 业 研 究 / 行 业 点 评 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 杨光 A0230524100004 yangguang@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 07 月 20 日 长期视角下，RWA 如何赋能文旅 革新？ 相关研究 《苏超体育赛事带来靓眼经济支出，南京 商旅资产注入进度跟踪——社会服务行业 周报（6.30-7.4）》 2025/07/06 看好 ——社会服务系列报告九：文化旅游新趋势 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 中国香港在 RWA 领域率先探索合规化路径，政策与市场双轮驱动发展。政策层面，香 港金融管理局宣布于 2024 年 8 月启动 Ensemble 项目沙盒，截至 2025 年 7 月批准 8 个 标杆案例，融资超 5 亿港元；2025 年 5 月推出《稳定币条例草案》（ ...

Group 1 - The core viewpoint of the articles highlights the rapid integration of AI technology in the human resources service sector, leading to a new wave of intelligent upgrades [1][2][3] - The company Tongdao Liepin (06100) has seen a significant increase in stock price, rising by 11.9% to HKD 4.23, due to its deep application of AI technology in recruitment [1] - Tongdao Liepin's AI products, particularly the AI interview system Doris, have undergone significant upgrades, enhancing user experience and assessment accuracy since its launch in Q1 2024 [1][2] Group 2 - The company is transitioning from an online tool to an AI Agent model, with the B-end enterprise version set to upgrade to an AI version by March 2025, introducing new AI account products [2] - The innovative "intended candidates" product significantly reduces the time for job matching and initial feedback from days to as little as 4 minutes, improving efficiency [2] - As of December 31, 2024, the company reported a total of 1.428 million verified enterprise users, a 10.4% year-on-year increase, and 106 million registered personal users, an 11.1% increase [2] Group 3 - The current price-to-book ratio (PB) of Tongdao Liepin is below 1, indicating a low market valuation that does not reflect its intrinsic value and growth potential [3] - The low PB offers a high margin of safety for investors and suggests significant upside potential during future market valuation corrections [3] - The company is expected to strengthen its leading position in the intelligent human resources service sector, setting a new benchmark for intelligent development in the industry [3]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The human resources service industry demonstrates full-cycle growth capabilities, with steady growth during downturns and potential for rapid expansion during upturns. The industry is still in its early stages, with significant growth potential and currently low valuation levels for many listed companies [2][4]. Summary by Sections 1. Industry Overview - The human resources service industry encompasses a wide range of services aimed at balancing the supply and demand of human capital, including recruitment, career guidance, outsourcing, and consulting [11][12]. 2. Current Development Status - The market concentration is low, with a significant presence of flexible employment models indicating a blue ocean market. The industry has shown a compound annual growth rate (CAGR) of 12.91% from 2016 to 2023, with revenues expected to exceed 3 trillion RMB by 2025 [26][38]. 3. Future Industry Outlook - The industry is expected to benefit from economic, social, and technological changes, with a notable increase in demand for labor in the tertiary sector. The labor supply is projected to decrease, leading to higher employment costs, which will enhance the penetration of flexible employment and digital human resources solutions [59][66].