Core Viewpoint - The Ministry of Human Resources and Social Security, along with three other departments, has issued a notice to initiate pilot projects for the integration of human resources services with the manufacturing industry, aiming to promote high-quality and full employment while supporting the construction of a modern industrial system [1] Group 1 - The pilot projects will be conducted in approximately 30 cities that meet specific criteria, with an expected duration of around three years to cultivate specialized human resources service institutions for the manufacturing sector [1] - The selected pilot cities should have a significant manufacturing scale, a developed human resources service industry, abundant educational talent resources, and strong regional demonstration effects [1] - The initiative aims to create a policy system and effective models that promote deep collaboration between human resources and the real economy, as well as technological innovation [1] Group 2 - The notice emphasizes the establishment of recruitment and employment alliances by supporting human resources service institutions to collaborate with upstream and downstream enterprises in the manufacturing industry [2] - It encourages the development of cross-enterprise training centers and talent service groups by human resources service institutions in partnership with large enterprises and industry leaders to enhance labor quality and human resource development [2] - The data indicates that the human resources service industry serves over 50 million employers annually, with approximately 40% being manufacturing enterprises, leading to the creation of numerous specialized human resources service scenarios tailored for the manufacturing sector [2]

【重点关注】 ·中央财政拟支持北京、天津等20城实施城市更新行动 ·乘联分会：预估5月全国新能源乘用车厂商批发销量124万辆，同比增长38% ·韩国总统李在明正式宣誓就职 【国内要闻】 ·近日，市场监管总局印发《计量数字化转型攻坚行动方案》。《方案》提出，到2030年，重点突破30 项以上数字计量关键核心技术，研制10项具有自主知识产权的数字计量装置，培育80家左右国家计量数 据建设应用中心，建立国家计量数据中心，在重点领域重点行业建立5家智慧计量实验室，建成10个以 上国家标准参考数据库，挖掘和推广200个计量数据应用优秀案例。 ·今年前4个月，全国新开工改造城镇老旧小区5679个。分地区看，河北、重庆、辽宁、上海、浙江、湖 北等6个地区开工率超过50%。 ·乘联分会根据月度初步乘联数据综合预估，5月全国新能源乘用车厂商批发销量124万辆，同比增长 38%，环比增长9%。综合预估今年1-5月累计批发522万辆，同比增长41%。 ·南通市住房公积金管理中心发布关于优化住房公积金使用政策的通知，其中指出，个人住房公积金最 高贷款额度由60万元／人调整为70万元／人，每户住房公积金最高贷款额度由120万元／户调整 ...

为加强制造业等领域招聘用工保障，陕西提出要加快专业性、行业性人才市场建设，组建招聘用工 联合体，常态化开展制造业等领域就业失业监测，破解季节性、结构性缺工难题。 此外，陕西将支持人力资源服务机构与高校、职业（技工）院校、公共实训基地、职业技能培训机 构、技能大师工作室合作建立培训基地（实训基地），开展模拟实训、人才测评、职业规划等人力资源 专业服务；指导人力资源服务机构积极培育服务项目、创新服务方式、拓展服务范围，为制造业等领域 提供精准的人力资源服务。 （记者：周明） 在助力制造业等领域人才引育方面，陕西明确提出，加强人力资源机构与34条制造业重点产业链链 主企业对接，签订人才服务战略协议，建立人才服务基地，设立博士后科研流动站或博士后创新基地。 协助制造业等实体经济主体完善人才供需匹配，提供人才寻访、员工培训、用工保障、薪酬管理等全链 条人力资源服务。 省人社厅相关处室负责人表示，陕西支持制造业企业开展人力资源管理类专业职称评审，对在重点 制造业企业中解决重大工程技术难题的专业技术人才，引进的海外高层次人才、急需紧缺人才，可采 取"一事一议""一人一策"的方式直接申报高级职称。 5月15日，记者从省人社厅 ...

人力资源服务机构是连接求职者与用人单位的"红娘"。为培育壮大人力资源服务企业，南京通过举办产 教融合活动等为人力资源服务机构搭建对接平台、拓展市场渠道；支持人力资源服务"出海"，拓展国际 人力资源服务网络；构建人力资源服务企业"小升规""规入统"成长链条。 4月16日，由南京市人社局、金陵科技学院和江苏领航人才集团共建的人才驿站挂牌，这是领航人才集 团和南京人社部门合作共建的第四个校园实体站点。依托该驿站，人社部门定期为在校生介绍南京重点 产业现状，提供用人单位岗位需求，宣传就业创业政策，同时按照学生专业特点定制招聘会、职业辅 导。 南京是高校聚集地，高校毕业生是人力资源机构服务的重点对象，很多人力资源公司与高校建立深度合 作，如苏鹰集团与江苏海事职业技术学院、南京交通职业技术学院、江苏经贸职业技术学院等进行校企 课程共建，面向低年级学生实施"未来人才计划"，为其提供实习、培训机会；依托自主研发的数字化招 聘系统，对高年级学生进行动态人才库预匹配，破解毕业季求职的"拥堵困局"，实现毕业生求职与企业 招聘"错峰共振"。 为促进更多高校毕业生就业，今年3月南京市人社局与人力资源机构合作推出"人社服务高校专员"工作 ...

"今年春招季，高频次的招聘会为我们搭建了很好的平台，有助于我们在现场集中精力面试，招聘 符合企业用工需求的求职者。"4月30日，西安中万三道环保科技有限公司招聘负责人刘志伟说。 人力资源服务业具有很强的专业优势，是促进市场化、社会化就业的重要力量。此前，西安市人力 资源和社会保障局已联合多部门出台《关于加快发展西安人力资源服务业的实施意见》，在财税、金 融、土地、社保、公共服务平台等方面给予产业发展全方位保障。 受惠于政策红利，作为西北地区首个国家级人力资源服务产业园，西安人力资源服务产业园的发展 也步入"快车道"。从传统的招聘、劳务派遣、人力资源外包，到现代的高级人才寻访、人才测评、管理 咨询等，产业园的业态越来越丰富，截至目前，已有近百家人力资源服务机构入驻。 今年春招季，西安市聚焦高校毕业生、农民工、失业人员等重点群体，将招聘会办到"家门口"，积 极对接企业挖掘更多岗位，并通过线上线下招聘，为求职者与企业搭建桥梁。 人力资源服务业既是人才配置的重要力量，也是人才培养的重要承载。4月7日，西安市人力资源和 社会保障局发布通知，决定开展人力资源服务行业促就业行动，并明确提出开展大规模联合招聘服务、 重点行业 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 43.03 billion yuan in 2024, representing a year-on-year growth of 12.32%, while the net profit attributable to shareholders reached 791.41 million yuan, up 44.42% year-on-year [8] - The company experienced a slowdown in revenue growth, with Q1 2025 revenue at 10.84 billion yuan, reflecting a 2.7% year-on-year increase [8] - Government subsidies significantly contributed to profit growth, with other income (government subsidies) increasing from 3.5 billion yuan to 5.1 billion yuan [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 38.31 billion yuan, 2024A: 43.03 billion yuan, 2025E: 47.85 billion yuan, 2026E: 52.47 billion yuan, and 2027E: 56.70 billion yuan [1] - Net profit attributable to shareholders is forecasted to be 791.41 million yuan in 2024, 893.55 million yuan in 2025, 966.03 million yuan in 2026, and 1.05 billion yuan in 2027 [1] - The earnings per share (EPS) is projected to be 1.40 yuan in 2024, 1.58 yuan in 2025, 1.71 yuan in 2026, and 1.85 yuan in 2027 [1] Business Segment Performance - The company’s revenue from personnel management services, compensation and benefits services, business outsourcing services, recruitment and flexible employment services, and other services for 2024 is projected to be 9.9 billion yuan, 12.0 billion yuan, 36.05 billion yuan, 4.34 billion yuan, and 450 million yuan respectively [8] - Business outsourcing services contributed nearly 80% of the gross profit in 2024, although it had a relatively low gross margin [8] Strategic Developments - The company is deepening its partnership with the Adecco Group to support Chinese enterprises in their global expansion [8] - The company has signed a global cooperation agreement with Adecco Group and Huawei Technologies to provide human resource services [8]