来源：财经马红漫 本周至少计划明天（周四）中午，我们【边吃边播】依然继续，而且后面边吃边播的预约已经全面开 放。 大家如果想一键预约所有公开直播，务必关注我们同名的视频号【财经马红漫】，在微信当中搜索【财 经马红漫】，在里面可以一键预约所有公开直播的参与机会。 千万不要错过，预约好之后，即便有取消和调整，您也会收到相关通知，这一点非常重要，千万不要再 错过了。 节目开始来看昨晚美国市场表现。美国三大指数涨跌不一，道指涨了 1.18%，纳指跌了 0.25%，标普跌 了 0.21%。 投资内参情报，就在老马投研圈！ 各位喜马拉雅财马早评的听众朋友们，大家早上好。今天是 2025 年 11 月 12 号，周三。 节目开始强调一下，今天的公开直播因我的日程安排将会取消，本周周五的直播也有可能会调整。所以 各位要珍惜我们公开直播的机会和渠道。 消息上，美国这边主要关注政府关门即将结束。我看了很多报告，对于美国具体的行政政策措施，我们 可能没那么熟悉。基本看法是，快的话可能本周末或者下周初政府就要正式开门了。所以真正的关键不 在于具体哪天开门，而在于开门这件事是确定无疑的。 明白了这一点之后，投资操作就相对容易了。比如前 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in the third quarter met expectations, with total revenue of 33.807 billion yuan, a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 1.007 billion yuan, a year-on-year increase of 57.02% [6] - The company is actively embracing AI technology to transform its human resources services, enhancing recruitment efficiency and reducing costs [6] - The company has shown significant improvement in operational efficiency and cost reduction, with a decrease in sales, management, and R&D expense ratios compared to the previous year [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 44.263 billion yuan, with a year-on-year growth rate of 2.9% [5] - The net profit attributable to shareholders for 2025 is projected to be 1.146 billion yuan, reflecting a year-on-year growth of 44.8% [5] - The company expects to maintain a gross profit margin of 5.7% in 2025, with a return on equity (ROE) of 14.9% [5]

Core Viewpoint - The market is currently in a consolidation phase following a peak in trading activity in the computing power sector, with a focus on capital market reforms and structural growth support, despite ongoing uncertainties in US-China relations [1] Market Overview - On October 20, the market opened significantly higher and remained stable, with the ChiNext Index rising over 3% during the day [1] - The report from CITIC Securities indicates that the market is characterized by high capital allocation to low-performing stocks, index stagnation, and reduced trading volume, attributed to the ongoing uncertainties and key upcoming meetings [1] Sector Performance - Hard technology sectors, including CPO, robotics, and circuit board concepts, saw significant rebounds, while gold, rare earths, and vitamins experienced declines [1] - The report from Shenwan Hongyuan highlights that cyclical and value stocks are currently unable to drive the overall index higher, continuing the market's adjustment phase since early September [1] Investment Strategy - The mid-term investment strategy suggests a shift in style, with short-term focus on "countermeasures + risk aversion" and a year-end emphasis on dividend and technology styles [1] - Hong Kong's internet leaders are positioned as quality assets capable of navigating economic cycles, benefiting from both AI technology transformation and valuation recovery [1] Future Outlook - The fourth quarter is expected to be a period of comprehensive gains for Hong Kong internet leaders, supported by the resonance of capital and fundamental factors [1]

Group 1 - The company reported a revenue of 43.032 billion yuan for 2024, a year-on-year increase of 12.32%, and a net profit attributable to shareholders of 791 million yuan, up 44.42% year-on-year [1] - The significant growth in profit is attributed to the base effect from the previous year, where asset disposals negatively impacted performance, including a land appreciation tax of approximately 197 million yuan [1] - In Q1 2025, the company achieved total operating revenue of 10.837 billion yuan, a year-on-year increase of 2.72%, and a net profit attributable to shareholders of 591 million yuan, up 180.41% year-on-year [1] Group 2 - The company plans to distribute a cash dividend of 0.6990 yuan per share, totaling 396 million yuan, with a cash dividend ratio of 50% [2] - The outsourcing business drove revenue growth, achieving 36.048 billion yuan, a year-on-year increase of 13.96%, and is identified as the core driver of the company's performance [2] - The company has strengthened its professional outsourcing capabilities, enhancing recruitment efficiency and reducing costs through AI technology and digital tools [2] Group 3 - The company has successfully completed its 2024 performance commitments and proposed a high dividend payout plan [3] - The company is expected to maintain steady growth driven by its high-growth outsourcing business and increased customer development efforts, adding 30 large clients during the year [3] - The profit forecast for 2025-2026 has been slightly adjusted to 971 million yuan and 1.066 billion yuan, respectively, with a new forecast for 2027 at 1.202 billion yuan [3]