社会服务 | 证券研究报告 — 业绩评论 2026 年 1 月 30 日 300662.SZ 买入 原评级：买入 市场价格:人民币 30.73 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 19.1 23.7 8.2 52.1 相对深圳成指 15.7 18.1 3.8 11.3 发行股数 (百万) 196.81 流通股 (百万) 196.28 (8%) 10% 28% 46% 65% 83% Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 科锐国际 深圳成指 | 总市值 (人民币 百万) | 6,047.86 | | --- | --- | | 3 个月日均交易额 (人民币 百万) | 172.73 | | 主要股东（%） | | | 霍尔果斯泰永康达创业投资有限公司 | 29.4186 | 资料来源：公司公告， Wind ，中银证券 以 2026 年 1 月 29 日收市价为标准 相关研究报告 《科锐国际》20250908 《科锐国际》202411 ...

Group 1: ON RRP Liquidity Management - The report introduces the ON RRP (Overnight Reverse Repurchase Agreement) tool, which is a mechanism used by the Federal Reserve to manage liquidity by selling securities to qualified counterparties and agreeing to repurchase them the next day [3] - Since its introduction in 2013, ON RRP has played a crucial role in maintaining the minimum interest rate level in the market during periods of excess liquidity, with its scale growing from hundreds of billions to over $2.5 trillion at its peak in 2022 [4] - The report discusses the potential for a similar tool in China, suggesting that while the need for such a mechanism is not strong due to the current liquidity conditions, it could serve as a supplement to existing interest rate corridor mechanisms [4] Group 2: DingTong Technology - DingTong Technology forecasts a revenue of approximately 1.593 billion yuan for 2025, representing a year-on-year growth of about 54.37%, and a net profit of 242 million yuan, up 119.59% [6][8] - The growth is attributed to the rapid increase in demand for high-speed optical modules and the penetration of liquid cooling technologies, indicating a dual increase in both volume and price [6][8] - The company’s product range includes high-speed connectors used in data centers and communication devices, with significant upgrades in transmission speeds from 56G to 112G and 224G [8] Group 3: GuoCi Materials - GuoCi Materials is a leading manufacturer of MLCC (Multi-Layer Ceramic Capacitor) materials, with expected revenue from this segment to reach 624 million yuan in 2024, driven by demand from the automotive, AI, and robotics sectors [12][13] - The catalytic materials segment is poised for growth due to upgraded emission standards, with projected revenue of 787 million yuan in 2024, benefiting from domestic substitution opportunities [14] - The precision ceramics segment is also expanding, with expected revenue of 351 million yuan in 2024, supported by the increasing demand for low-orbit satellite applications [15] Group 4: Core Insights on KeRui International - KeRui International's traditional offline business is performing well, with a significant increase in flexible staffing and high-end talent recruitment, showing a revenue growth of 29.31% in the first half of 2025 [19] - The HeWa platform has seen substantial growth, with operational positions reaching 46,700 and a 73% increase in offer generation year-on-year [20] - The Mira Agent, an AI-driven recruitment tool, has streamlined the talent matching process, reducing the time from two days to a few minutes, enhancing operational efficiency [21]

证券之星消息，1月28日专业服务板块较上一交易日下跌0.84%，苏试试验领跌。当日上证指数报收于 4151.24，上涨0.27%。深证成指报收于14342.9，上涨0.09%。专业服务板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300938 | 信测标准 | 7408.51万 | 8.04% | -4873.44万 | -5.29% | -2535.07万 | -2.75% | | 002057 | 中钢天源 | 2979.30万 | 10.10% | -2138.14万 | -7.25% | -841.16万 | -2.85% | | 301632 广东建科 | | 2595.15万 | 8.26% | 321.22万 | 1.02% | -2916.36万 | -9.28% | | 002243 | 力合科创 | 2061.10万 | 7.85% | 220.67万 | 0.84% | ...

新秀丽1月28日早间在港交所公告，Thomas R. Pizzuti已获委任为集团财务总监，自2026年2月2日起生 效。Pizzuti将负责集团的企业融资、会计、全球投资者关系、对外申报、财务规划及分析、司库职能， 以及合并与收购事务。公告显示，Pizzuti，57岁，自2014年10月至2026年1月担任毕马威交易咨询与策 略业务部合伙人。彼自2010年10月至2014年10月担任毕马威董事总经理，并且自2005年2月至2010年10 月担任毕马威董事。于2005年加入毕马威前，Pizzuti先生曾在包括Spectra Systems Corp.、CMGI及Asto Med, Inc.在内多家科技企业担任财务与企业发展管理职务。 ...

Economic Growth - Singapore's GDP growth for 2025 is projected at 4.8%, an increase of 0.4 percentage points from 4.4% in 2024, marking the strongest growth since 2021 [1] - The manufacturing sector is identified as the core engine of growth, with an annual output increase of 7.6% and a quarterly growth of 15% in Q4 [1] - The services sector is expected to grow by 4.1% in 2025, slightly lower than the 4.3% growth in 2024, with significant contributions from information and communication, finance, and professional services [2] Manufacturing Sector - The biopharmaceutical and electronics industries are highlighted as dual pillars of growth, benefiting from concentrated orders in tumor drugs and vaccines, as well as the AI development wave [1] - Integrated circuit exports are projected to increase by 32.1%, disk media products by 53.5%, and communication equipment by 81.4%, reflecting strong demand for high-end manufacturing driven by global AI infrastructure investments [1] Services Sector - The services sector shows a clear internal structural differentiation, with traditional consumer services like accommodation and food services growing only 3.2%, significantly lower than the previous year's 4.6% [2] - New emerging businesses such as digital trust and cross-border carbon credit management contributed over 300 million SGD to revenue, reinforcing Singapore's position as a leader in sustainable finance within ASEAN [2] Construction Sector - The construction industry is expected to grow by 4.2% in 2025, a significant decline from the 9.2% growth in 2024, yet still maintaining positive growth amid high interest rates and labor shortages [3] - The government has introduced a "Construction 4.0 Transformation Blueprint" to mandate the use of digital technologies in large projects, aiming to drive technological upgrades in the sector [3] Trade Performance - Non-oil domestic exports are projected to grow by 4.8%, aligning with GDP growth and significantly higher than the 0.2% growth in 2024 [4] - Electronic exports have maintained double-digit growth for four consecutive months, offsetting declines in other sectors such as petrochemicals and shipbuilding [4] Future Outlook - The Ministry of Trade and Industry forecasts a GDP growth range of 1% to 3% for 2026, reflecting a cautious approach amid external headwinds and internal transformation challenges [5] - The government plans to launch a new economic strategy review, focusing on enhancing supply chain resilience, deepening AI and advanced manufacturing integration, and expanding regional service trade networks [5]

证券之星消息，1月27日专业服务板块较上一交易日上涨0.81%，信测标准领涨。当日上证指数报收于 4139.9，上涨0.18%。深证成指报收于14329.91，上涨0.09%。专业服务板块个股涨跌见下表： 从资金流向上来看，当日专业服务板块主力资金净流出2.03亿元，游资资金净流入6137.51万元，散户资 金净流入1.41亿元。专业服务板块个股资金流向见下表： | 代码 | 名称 | | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600662 | 外服控股 | | 4558.32万 | 10.70% | 807.83万 | 1.90% | -5366.15万 | -12.60% | | 300662 科锐国际 | | | 1172.63万 | 3.83% | 3750.16万 | 12.26% | -4922.79万 | -16.10% | | 301115 | 联检科技 | | 781.35万 | 6.17% | 33 ...

协助海内外入驻企业560家、初创企业数量增至5221家......1月26日，香港特区政府公布了2025年香港的招商"成绩单"，多项数据创出新高。 根据公布的《二零二五年有香港境外母公司的驻港公司按年统计调查》和《二零二五年初创企业统计调查》结果，在2025年，母公司在内地及海外的驻港 公司数目增加至11070家，较2024年增加1110家，上升11%；雇用人数高达509000人，按年上升3%。 据香港投资推广署介绍，投资署在2025年共协助560间海外及内地企业在港开设或扩展业务，较2024年上升超过4%，数目创出新高。 上述11070家公司中，按母公司所在地分析，在2025年，内地驻港公司数目最多(3090间)，其次是美国和日本(均为1550间)、英国(770间)及新加坡(590 间)。该11070间驻港公司中，按在香港的主要业务范围分析，在2025年从事进出口贸易、批发及零售业的驻港公司数目最多(5100间)，其次是金融及银行 业(2390间)，以及专业、商用及教育服务业(1770间)。 此外，投资推广署进行的《二零二五年初创企业统计调查》结果显示，香港的初创企业持续蓬勃发展，2025年的数目按年增加1 ...

Core Insights - The article highlights the significant growth in Hong Kong's business landscape, with a record number of companies and startups established in 2025, indicating a robust investment environment [1][2]. Group 1: Business Growth Statistics - In 2025, the number of companies with parent companies based in mainland China and overseas in Hong Kong reached 11,070, an increase of 1,110 companies or 11% from 2024 [1]. - The total employment from these companies amounted to 509,000, reflecting a 3% year-on-year increase [1]. - The number of startups in Hong Kong rose to 5,221, marking an 11% increase from the previous year, with these startups employing 19,753 individuals, a 12% increase [2]. Group 2: Sector Analysis - The majority of the 11,070 companies were engaged in import-export trade, wholesale, and retail (5,100 companies), followed by financial and banking services (2,390 companies), and professional, commercial, and educational services (1,770 companies) [1]. - The startups spanned various sectors, including fintech, information technology, biotechnology, education, and healthcare [2]. Group 3: Investment Impact - The estimated investment brought by these startups to Hong Kong's economy is approximately HKD 69.4 billion, a growth of about 2% compared to 2024 [2]. - These startups are expected to create 10,748 new jobs across various industries, with around 20% of these positions being management or professional roles, which is an increase of over 57% from 2024 [2]. Group 4: Government Initiatives - The Hong Kong government has implemented several initiatives to enhance its investment appeal, including the establishment of a "Mainland Enterprises Going Global Task Force" to support mainland companies in expanding overseas [3]. - A comprehensive policy package aimed at attracting high-value industries and potential enterprises is being developed, which includes land grants, price reductions, and tax incentives [3]. - The ongoing development of the Northern Metropolis is expected to provide significant growth opportunities for both mainland and overseas companies, with legislative work anticipated to be completed by 2026 [3]. Group 5: Future Outlook - The Hong Kong Investment Promotion Agency plans to align with the national "14th Five-Year Plan" and strengthen collaboration with other Greater Bay Area cities to enhance Hong Kong's role as a hub for bilateral investment [4]. - The focus will be on attracting high-growth potential companies to establish a presence in Hong Kong, showcasing its capabilities as a cross-border collaboration platform [4].

证券之星消息，1月26日专业服务板块较上一交易日下跌2.65%，信测标准领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。专业服务板块个股涨跌见下表： 从资金流向上来看，当日专业服务板块主力资金净流出2.93亿元，游资资金净流入1.1亿元，散户资金净 流入1.82亿元。专业服务板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300416 苏试试验 | | -2822.41万 | 2.44% | 2789.80万 | 2.41% | -5612.21万 | -4.85% | | 920160 北矿检测 | | 1971.52万 | 11.60% | -69.45万 | -0.41% | -159.49万 | -0.94% | | 301632 广东建科 | | 1509.36万 | 11.11% | 880.82万 | 6.48% | ...

Core Insights - The "Global Service Provider Program" in Shanghai's Jing'an District has entered its seventh year, focusing on accelerating the aggregation of high-end professional services to empower Chinese enterprises in their global expansion [1][2] - The 2026 Global Service Provider Conference highlighted the achievements of the program and discussed new trends in high-quality development of professional services and enterprise globalization [1][2] Group 1: Program Achievements - The total number of global service providers in Jing'an has reached 115, with the sixth batch of service provider companies being awarded, covering various fields such as law, consulting, and human resources [2] - A new plan for the construction of high-end professional service clusters was launched, aiming for an annual growth rate of the leasing and business service industry to exceed the average level of the district's economy by 2028 [2][6] - KPMG released the second edition of the "Belt and Road" outbound service white paper, providing practical references for Chinese enterprises expanding into Belt and Road markets [2][5] Group 2: Support for Enterprises - The program offers a comprehensive service platform that includes 60 services across 12 areas such as finance, law, and ESG, supporting enterprises throughout the entire investment cycle [5][6] - Initiatives such as the establishment of the first overseas investment project consultation service point in Shanghai's central urban area and the launch of a "one-stop" outbound service center were introduced to enhance support for enterprises [6][7] - The "Belt and Road" outbound professional service capability list was introduced to showcase outstanding service institutions in fields like law and human resources, reinforcing the soft power of professional services in supporting enterprise globalization [6][7] Group 3: Future Directions - Jing'an aims to build a high-end service ecosystem with a focus on internationalization and innovation, enhancing global resource allocation capabilities and fostering a more open economic structure [9] - The district's leadership emphasized the importance of the "Global Service Provider Program" in supporting national strategies and enhancing the global competitiveness of local enterprises [9]