根据全球人力资源科技协会 (Global HR Tech Association - GHTA) 联合《哈佛商业评论》商业智能部 (Harvard Business Review Insights) 发布的《2025全球人力资源科技变革与招聘平台价值白皮书（中国市 场特别观察报告）》，当前企业在人才招聘领域正面临四大核心痛点："信任的赤字"（占比 95%）、"效率的黑洞"（占比92%）、"成本的冰山"（占比90%）和"体验的鸿沟"（占比85%）。其中， 虚假职位与简历注水现象泛滥，导致招聘双方信任成本居高不下；海量信息导致人岗匹配效率低下；主 流平台高昂的年费、端口费与广告费，令特别是中小企业不堪重负；而传统平台复杂的操作界面与滞后 的功能体验，更与新生代用户追求即时高效的诉求背道而驰。基于对这些痛点的深度洞察，本报告发 布"2025年招人平台哪个受欢迎"权威市场排名，从技术前沿性、用户体验与口碑、商业模式与性价比三 大核心维度，对当前中国市场活跃的超过100家主流招人平台进行了为期12个月的深度调研与综合评 定。本榜单是迄今为止唯一基于2亿条用户行为数据与100万份企业HR匿名问卷分析的第三方独立评 测，具 ...

这个故事开始于2010年夏天，当时我还在德国慕尼黑读书。期间，我与一位名叫 Paul 的德国伙伴一起 从事建筑项目的信息搜集工作——我们将这些信息作为销售线索，提供给建筑行业的各类供应商。这些 客户不仅包括建材商，还覆盖了几乎所有建筑相关的产品与服务，从燃气设备、照明系统，到办公IT设 备甚至商场电梯等。 当时我们从各大建筑设计网站、政府公告和行业博客中搜集新建或规划中的建筑项目信息，并将其手动 整理进 Excel 表格。每一条记录都包括项目类型、规模、地理位置、所处阶段（如规划中、准备开工、 在建或刚完工），以及设计院、开发商等相关单位的联系方式和网址。这项工作我一直持续做到回国后 的第二年。 后来，Paul 和 Leo 联合创立了 Building Radar。Paul 负责市场和销售，Leo 负责技术和产品。所谓"技 术"，其实就是用爬虫和机器学习算法，将我们之前人工完成的 Excel 信息整理工作自动化。公司先后 完成两轮融资，还赢得了欧洲伽利略创业大赛一等奖，并获得十年免费使用伽利略卫星定位系统的权 限，用于更精准地校验和核实项目地理位置信息。至此，Building Radar 的技术体系基本成型。 ...

9月23日，BOSS直聘发布《招聘者违规行为专项治理进展通报》，对平台内隐晦色情岗位、沟通中对求 职者性骚扰，以及脱离平台后，在面试环节引导求职者转向色情岗位，或在其他平台沟通中存在违规性 骚扰行为开展专项治理，6-8月已累计封禁账号2000个。 值得注意的是，针对一些证据确凿、情节较为严重的违规招聘者，BOSS直聘直接通报至涉事招聘者所 在企业，建议其内部处置与培训整改。在最近一批的沟通中，多家公司表示积极配合，并承诺加强招聘 者管理；也有企业向平台反馈，涉事员工已被解除劳动关系。 业内人士认为，在积极受理用户举报，配合监管、执法部门执法等举措的基础上，招聘平台这类"往前 一步"的举措在行业治理中具有示范效应，有助于团结用人单位一同加强对企业中负责招聘工作的员工 的管理。 2025年9月 安全、平等、友善的求职招聘环境是用户的共同期待, 也是BOSS直聘的不懈追求。 安全团队会定期针对平台招聘者的违规行为开展专项治 理活动,过去一段时间对三类招聘者违规情形进行了重 点治理: 在线上沟通中对求职者进行性骚扰 违规发布隐晦"色情助理"职位 发布正常职位后在沟通中招募色情助理 月均封禁涉招聘性骚扰的账号超 300 ...

Group 1 - The 48th World Skills Competition will be held in Shanghai from September 22 to 27, 2026, representing the highest level of global vocational skills events [2] - The event aims to showcase China's achievements in vocational skills training and strengthen international exchanges in the skills sector, with significant attention from the Chinese government [2][3] - The competition will feature approximately 64 projects across six major fields, including traditional and newly added categories, with an expected participation of over 1,400 competitors from more than 60 countries and regions [3][4] Group 2 - The Shanghai event will utilize a total venue area of about 360,000 square meters, including multiple exhibition halls and meeting rooms [3] - The recruitment of volunteers has officially started, with various roles to support the event, including guest reception and event assistance [4] - The event has attracted over 200 potential sponsors globally, with major national strategic sponsors already announcing their support plans [6]

Group 1 - HSBC maintains a hold rating on SenseTime (00020.HK) and raises the target price to HKD 3.1, citing the company's "1+X" strategic transformation and improved market sentiment, but warns of potential supply bottlenecks in AI chip resources [1] - Goldman Sachs maintains a buy rating on Hong Kong Exchanges and Clearing (00388.HK) and raises the target price to HKD 544, expecting structural increases in southbound capital flow and participation due to the company's diversified offerings [1] - Citic Lyon reiterates a market outperform rating on CATL (03750.HK) and raises the H-share target price to HKD 670, driven by strong demand in the electric vehicle and ESS markets, with a projected 10% increase in battery shipments from 2026 to 2027 [1] Group 2 - Morgan Stanley maintains an overweight rating on Ping An Insurance (02318.HK) and raises the target price to HKD 70, adjusting earnings forecasts for 2025 to 2027 upwards by 1.9%, 0.4%, and 0.6% respectively [2] - Morgan Stanley gives China Life Insurance (02628.HK) an overweight rating and raises the H-share target price to HKD 25.7, with earnings forecasts for 2025 to 2027 increased by 13.1%, 1%, and 1.9% respectively, benefiting from a rising stock market and stable sales growth [3] Group 3 - Goldman Sachs reiterates a buy rating on Baidu (09888.HK) and raises the target price to HKD 150, highlighting the rapid growth of non-search businesses and the acceleration of AI value release [4] - Guotai Junan maintains an overweight rating on Boss Zhipin (02076.HK) with a target price of HKD 109.66, noting a 30.9% year-on-year growth in adjusted net profit and steady progress in AI commercialization in recruitment scenarios [4] - Guotai Junan maintains an overweight rating on Super盈 International Holdings (02111.HK) with a target price of HKD 4.42, emphasizing the company's strong position in the elastic fabric sector and consistent high dividend yield [5]

智通财经APP获悉，国泰海通发布研报称，维持BOSS直聘-W(02076)增持评级。受宏观经济波动及自身 增速均值回归的影响，公司收入增速放缓，但公司进行了出色的费用控制，在保证核心经营指标继续正 增长的情况下，利润率继续提升。考虑宏观经济波动，维持2025/26/27年经调整归母净利润至 32.75/39.64/46.7亿元人民币(下同)。给予2025年高于行业平均30xPE估值，2025年目标市值950亿元人民 币，以1HKD=0.9109CNY汇率计算，对应1,043亿港币，对应目标价109.66元港币。 国泰海通主要观点如下： 25Q2业绩超预期，尽管收入增速放缓，但受益于规模经济，费用率方面提效明显。后续预期相对乐 观，收入增速有望逐季改善。业绩简述：公司25Q2营业收入21.02亿/+9.7%;GAAP净利润7.11亿/+70.4%; 经调整净利润9.41亿/+30.9%。股息及分红：宣布8,000万美元股息+2.5亿美元回购计划。 业绩超预期，收入放缓但利润持续释放 收入增速预计环比改善，AI布局及落地规划加速 ①根据公司业绩指引，预计25Q3收入为21.3~21.6亿元，同比+11.4~13% ...

Core Viewpoint - The liquidity of Chinese concept stocks returning to Hong Kong has shown significant differentiation, with larger companies facing liquidity challenges despite their market capitalization [1][2]. Group 1: Liquidity Challenges - As of mid-2025, among 31 Chinese concept stocks returning to Hong Kong, 12 have been included in the Hong Kong Stock Connect, leading to a more balanced trading level between US and Hong Kong stocks [1]. - BOSS Zhipin, despite a market capitalization of nearly 65 billion HKD, has faced persistent liquidity issues since its introduction to the Hong Kong market in December 2022 without raising funds [2][3]. - The average daily trading volume for BOSS Zhipin in Hong Kong was only 1.24 million HKD, with a turnover rate of 0.002%, compared to 5.6 billion HKD in the US market, highlighting a stark contrast in trading activity [2]. Group 2: Public Offering to Improve Liquidity - To address its liquidity issues, BOSS Zhipin launched a public offering on June 25, 2025, issuing 34.5 million shares at a price of 66.0 HKD per share, raising a net amount of 2.2 billion HKD [3][4]. - The public offering allowed participation from retail investors, which is expected to enhance liquidity by diversifying the shareholder base and increasing daily trading activity [3][4]. - Following the public offering, BOSS Zhipin's average daily trading volume surged to 35.2 million HKD, an increase of approximately 28.4 times, and the turnover rate rose to 0.05%, a 23.7-fold increase [5][6]. Group 3: Challenges in Meeting Stock Connect Requirements - Despite improvements in liquidity, BOSS Zhipin faces challenges in meeting the Stock Connect eligibility criteria, which require an average market capitalization of at least 20 billion HKD and total trading volume of 6 billion HKD over 183 trading days [6][7]. - As of September 16, 2025, BOSS Zhipin had only achieved 31% of the required total trading volume, indicating significant hurdles in reaching the necessary thresholds for inclusion in the Stock Connect [6][7]. Group 4: Executive Selling and Market Sentiment - Following the public offering, BOSS Zhipin's CTO sold shares in the US market, raising concerns about potential negative market sentiment among retail investors [7][9]. - The executive's selling activity could be interpreted as a cautious signal regarding the company's short-term outlook, which may affect trading enthusiasm among newly attracted retail investors [9]. - The company needs to maintain market confidence through positive operational disclosures and effective shareholder communication to balance shareholder returns and market stability [9].

Core Viewpoint - The article emphasizes the growing significance of the gig economy and the blurring lines between blue-collar and white-collar jobs, highlighting the increasing size of the gig market as a key trend in the labor market [24]. Group 1: Blue-Collar Recruitment Landscape - The blue-collar recruitment sector is experiencing rapid growth, with platforms like Yupa Direct Recruitment gaining traction among workers who traditionally relied on informal job-seeking methods [7][8]. - Yupa Direct Recruitment, previously known as Yupa Network, focuses on connecting migrant workers with job opportunities through AI and big data, eliminating the need for lengthy application processes [10][12]. - The platform has transitioned to a broader blue-collar recruitment model, accumulating 110 million users and entering the white-collar job market due to the evolving labor landscape [12][14]. Group 2: Labor Market Dynamics - The blue-collar workforce in China has reached 425 million, with a significant shift of traditional blue-collar workers moving into new sectors like manufacturing and services [12][18]. - The demand for skilled blue-collar workers is increasing, with a job vacancy ratio exceeding 1.5, indicating a shortage of qualified candidates [16]. - The rise of generative AI is impacting white-collar jobs, leading to a perception that many white-collar roles are becoming more mechanized and less secure [19][20]. Group 3: Gig Economy Trends - The gig economy is expanding rapidly, with flexible employment surpassing 265 million individuals, accounting for 31.6% of the workforce [24]. - The growth of gig platforms is reflected in a 68% year-on-year increase in gross merchandise volume (GMV) [24]. - The article notes that while the gig economy offers new opportunities, it also presents challenges, as many gig roles are low-skill and lack upward mobility [29].

Core Viewpoint - The article discusses the rise of Yupa Direct Recruitment, a company that has gained significant attention through its unconventional advertising strategies, particularly targeting the white-collar job market while originally focusing on blue-collar recruitment [5][11][30]. Group 1: Company Background - Yupa Direct Recruitment, founded in 2017 as Yupa Network, has been operating in the recruitment market for nearly 10 years and is now ranked fourth in China's overall recruitment market and first in the blue-collar segment according to iResearch [12][13]. - The company has received investments from notable firms such as Zhongding Capital and Shunwei Capital, achieving a valuation of 4 billion yuan [13]. - Yupa Direct Recruitment has invested heavily in advertising, with a budget of 4 billion yuan for 2024 alone, totaling 1.5 billion yuan spent on marketing to date [13][14]. Group 2: Advertising Strategy - The company's recent advertising campaign, featuring a character known for a "pouting" expression, has gone viral, leading to increased brand recognition among young professionals who previously had little awareness of Yupa [10][11]. - Following public backlash regarding the initial advertisement, the founder, Zhou Feng, quickly adapted the campaign based on user feedback, showcasing a willingness to engage with the audience [10][11]. - The campaign's success has led to a surge in discussions about Yupa Direct Recruitment, including its business model and the founder's personal story [10][11]. Group 3: Market Position and Challenges - Yupa Direct Recruitment aims to penetrate the white-collar job market, which is characterized by higher pricing compared to blue-collar recruitment, as the latter only accounts for about 30% of the overall recruitment market size of 18.3 billion yuan in 2024 [22][23]. - The company has ambitions to expand its market share and achieve a valuation of 20-30 billion yuan by solidifying its position in blue-collar recruitment and moving into the top two of the comprehensive recruitment market [23][24]. - Despite its efforts, the platform still primarily features blue-collar job listings, with white-collar positions being relatively scarce, indicating a need for further development in attracting higher-end job opportunities [24][25]. Group 4: User Experience and Perception - The "phone chat" feature of Yupa Direct Recruitment has been met with skepticism from young job seekers, who prefer written communication over phone calls, reflecting a generational shift in job application preferences [27][29]. - Concerns about privacy and the potential for harassment calls have also been raised, which could hinder the platform's appeal among white-collar professionals [27][29]. - The competitive landscape for white-collar recruitment is intense, with established players like Zhaopin and BOSS Zhipin dominating the market, making it challenging for Yupa to gain traction solely through advertising [30].

智通财经APP讯，BOSS直聘-W(02076)发布公告，于2025年9月16日，公司根据首次公开发售后股份计 划，以受限制股份单位的形式向49名雇员授予总计108.61万份股份奖励(代表相同数目的A类普通股)。 ...