证券日报网讯12月15日，科锐国际（300662）在互动平台回答投资者提问时表示，公司始终秉持"价值 创造与价值传递并重"的市值管理理念，致力于通过提升企业内在价值来推动公司高质量发展。公司持 续强化主业核心竞争力，通过"技术+平台+服务"生态模式提升经营质量；严格执行限制性股票激励计 划，将高管及核心员工利益与公司长期价值绑定；建立常态化的投资者沟通机制，通过业绩说明会、机 构调研等形式加强市场预期引导。关于控股股东的减持计划，这是股东基于自身资金需求和投资决策进 行的正常行为，不会影响公司长期的经营和发展。公司将持续关注资本市场动态，并适时采取合法合规 措施维护广大投资者权益。未来，公司将持续通过提升经营业绩、优化公司治理、加强信息披露、增强 投资者沟通等多维度推动价值实现。敬请投资者注意投资风险，理性决策。 ...

Investment Rating - The report maintains a "Recommend" rating for the consumer services industry, highlighting optimism about service consumption potential [1]. Core Viewpoints - The Central Economic Work Conference emphasized the importance of domestic demand and plans to implement measures to boost consumption, including a focus on enhancing the supply of quality goods and services [4]. - The report suggests that service consumption is expected to be a key driver for domestic demand in 2026, with potential growth in holiday policy optimization and consumption voucher issuance [4]. - Key investment targets include hotels, human resources services, duty-free sectors, gaming companies, internet platforms, integrated tea dining, innovative tourism sites, and the sports sector [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Relative Index Performance - The consumer services sector experienced a decline of 0.76% this week, while the overall A-share market rose by 0.27% and the CSI 300 index fell by 0.08% [7]. - The sector's performance over the past month shows a relative underperformance compared to the CSI 300 index [2][7]. Weekly Industry Insights - The report notes that the social services sector's stock performance was mixed, with notable gains in companies like China High-Tech and China Oriental Education, while others like Haidilao and Wanda Hotel Development faced declines [4][19]. - The report also highlights significant announcements from various companies, including share buybacks and management changes [34]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the coming month, including Long White Mountain and Chongqing Department Store [35].

Core Insights - The essence of business value lies in deep insights into human nature and principles rather than excessive time consumption [2] - The "work-life harmony" concept represents a long-term investment in core human capital, aligning with the "compound effect" in financial investments [3] - Companies that prioritize work-life balance see significant reductions in employee turnover and improved productivity [3] Group 1: Organizational Efficiency - Empirical research shows that working over 50 hours a week leads to a significant drop in productivity, with a 70-hour workweek yielding lower total output than a 55-hour week [2] - Employees spend an average of 40% of their time on "urgent but unimportant" tasks, exacerbating inefficiencies [2] - Companies paying for 80 hours of work but receiving less than 55 hours of effective output represent inefficient allocation of human capital [2] Group 2: Employee Well-being and Productivity - A study by Randstad indicates that companies focusing on work-life balance experience a 40% reduction in employee turnover [3] - The four-day workweek experiment showed a reduction in working hours from 39 to 34 hours, resulting in a 20% increase in productivity [3] - Employees with a good work-life balance perform 30% better in creative problem-solving tasks [4] Group 3: Innovation and Organizational Culture - The digital economy relies more on creative thinking than on mechanical labor, making a conducive organizational environment crucial for innovation [4] - Companies that implement reasonable working hours see lower revenue volatility and improved cash flow stability during economic downturns [5] - Shopify's practice of maintaining a 40-hour workweek while achieving over 25% compound growth in transaction volume exemplifies the positive impact of efficient work models [5] Group 4: Long-term Value Creation - The "minimum regret framework" proposed by Bezos applies to investment behavior, emphasizing the importance of sustainable value creation over short-term gains [6] - Companies that understand the value of human capital and prioritize efficiency over hours worked are likely to become "compound assets" in the capital market [6] - The shift from "worshiping hours" to efficiency-focused management is essential for capturing long-term investment opportunities [6]

12月12日，由中国·重庆人力资源服务产业园国家人力资源服务出口基地主办，重庆外商服务有限公司 承办的"渝企出海·全球链接"资源对接研讨会在重庆举行。本次研讨会旨在搭建政、企、服高效对接平 台，共同破解企业全球化进程中的人力资源管理、合规风控等核心难题，为重庆企业深度融入全球产业 链提供坚实服务支撑。 在整合资源与共建生态上，基地创新采用"政企共建"模式，与多家具备人力资源服务出口业务基础与潜 力的企业开展深度合作，共同开展活动、共享资源、共育人才。同时，基地积极协同相关部门，研究制 定专项支持政策，涵盖企业培育、产业集聚、出海护航、能力提升等多方面，着力构建良好产业生态。 为提升行业国际化服务能力，基地持续开展各类服务贸易专题培训，累计举办培训班次50个，培训人员 超2100人次，并编制了《人力资源服务出口服务指南》，助力企业增强跨境运营能力。面对数字化趋 势，基地还率先推进人力资源领域高质量数据集建设，探索运用AI技术构建具有市场洞察、合规预 警、智能匹配与战略预测功能的智能化出海服务体系，推动人力资源服务出海从"人工驱动"向"AI智能 驱动"转型。 展望未来，中国·重庆人力资源服务产业园将继续发挥平台整 ...

Core Viewpoint - Youlan International has announced a significant strategic acquisition, acquiring four regional human resource service companies controlled by YouheHR Group Inc. This move is aimed at expanding its national blue-collar service platform and enhancing operational efficiency while creating synergies in service areas [1][2]. Group 1: Acquisition Analysis - The acquisition is not merely about scaling up but is a strategic commitment to integrate regional advantages into a national platform, enhancing revenue scale and operational efficiency [2]. - The four acquired companies control 63 subsidiaries, expanding Youlan International's service touchpoints and enhancing its national network penetration [2]. - The acquired companies have deep experience in talent outsourcing and flexible employment, particularly in labor-intensive sectors like logistics, which are seen as high-growth areas for human resource services [3]. - The acquisition will strengthen Youlan International's full lifecycle service for blue-collar workers, integrating career education, talent recruitment, and employee management [3]. - The acquisition structure is designed to protect cash flow while binding the acquisition price to the future performance of the target companies through performance-based agreements [4]. Group 2: Financial Projections - The acquisition is expected to lead to a significant increase in revenue, with projections indicating that Youlan International's revenue for the fiscal year 2026 will exceed 5 billion RMB, representing a twofold increase compared to 1.586 billion RMB in 2024 [4]. - Without the acquisition, Youlan International's revenue for the first half of 2025 was projected to grow by 16.2%, with operating profit increasing by 93.3% and net profit showing a growth of over 3700% [4]. Group 3: Industry Trends - The blue-collar human resource service sector is experiencing a rare growth opportunity, with the market expected to exceed 1.2 trillion RMB by 2025, reflecting a compound annual growth rate of 13.3% [7]. - The resilience in blue-collar employment is driven by industrial upgrades and the efficiency improvements brought by flexible employment models empowered by AI [7]. - The fragmented nature of regional small intermediaries is unable to meet the demands of major clients for compliance, scale, and technology, indicating a ripe opportunity for consolidation [7]. - Youlan International's acquisition strategy positions it to capitalize on this consolidation opportunity, further solidifying its status as the largest lifelong service platform for blue-collar workers in China [7]. Group 4: Competitive Positioning - Youlan International's business model encompasses a full lifecycle service for blue-collar workers, similar to the ecosystem of Japan's Recruit, but tailored to the characteristics of the Chinese market [8]. - The company utilizes AI technology for intelligent matching in recruitment, significantly enhancing efficiency [8]. - The acquisition marks a transition from an organic growth model to a dual-driven strategy of both organic and external growth, allowing for rapid scaling and resource integration [8]. Conclusion - Overall, Youlan International is strategically positioned at a favorable intersection of industry growth, supportive policies, and technological maturity, enhancing its revenue scale, profit margins, and valuation levels [9]. - The successful execution of the acquisition and subsequent synergies may signify the beginning of a new growth narrative for Youlan International [10].

Group 1 - The core theme of the entrepreneurial activities in November focuses on enhancing talent influence and management wisdom in enterprises, with various events aimed at fostering innovation and collaboration among businesses and educational institutions [1][32]. - The "AI + Manufacturing" and "AI + Education" themed events highlight the integration of artificial intelligence in different sectors, showcasing the importance of technology in driving industry transformation and educational reform [7][12][28]. - The "2025 Youth Entrepreneurship Competition" emphasizes the role of entrepreneurship in job creation, covering diverse fields such as intelligent manufacturing and modern agriculture, aiming to stimulate new employment opportunities [9][10]. Group 2 - The "Southeast Asia Market Breakthrough" training provides comprehensive guidance for medical device companies looking to expand into Southeast Asia, addressing market opportunities and compliance strategies [6][8]. - The "Entrepreneurship Support Policy Interpretation" training helps entrepreneurs understand and utilize government policies effectively, focusing on market access, financing support, and incubation services [15][26]. - The "New Retail Private Domain Operation Salon" discusses strategies for enhancing operational efficiency in private domain marketing, addressing common challenges faced by businesses in this area [18]. Group 3 - The "Innovation and Entrepreneurship Project Roadshow" events serve as platforms for showcasing cutting-edge projects in fields like smart cockpits and solid-state batteries, promoting collaboration between academia and industry [24][20]. - The "Advanced Carbon Materials Intellectual Property Policy" seminar aims to support the innovation and development of the advanced carbon materials industry through targeted policy services [31]. - The "Empower Her Power" event focuses on enhancing emotional intelligence among women in the workplace, addressing communication and relationship management challenges [36].

最新一期业绩显示，2025年三季报，公司实现营业收入107.55亿元，同比增加26.29%；净利润2.20亿 元，同比增加62.46%，销售毛利率5.80%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)3科锐国际17.0824.102.2849.50亿行业平均 57.2664.363.7663.94亿行业中值41.1341.452.9950.40亿1北京人力8.9113.031.44103.15亿2外服控股 10.6310.822.33117.60亿4青矩技术18.3618.463.4333.99亿5三联虹普19.3815.831.8250.40亿6西高院 22.5926.012.0859.49亿7华测检测22.9224.562.99226.17亿8开普检测25.8526.412.1522.60亿9瑞华技术 26.2321.502.8624.93亿10国检集团28.2524.082.4849.04亿11郑中设计30.0542.802.9140.84亿12广电计量 32.4837.103.82130.62亿 来源：市场资讯 资金流向方面，12月11日，科锐国际主力资金净流出541.20万元，近5日总 ...

齐鲁晚报· 齐鲁壹点 曹婧雯 编者按：2025年青岛市政府部门"向市民报告、听市民意见、请市民评议"活动（即"三民"活动）已经启 动。为更好地倾听民声、尊重民意、顺应民心，充分展示今年以来政府各部门认真贯彻落实市委、市政 府部署要求，扎实做好稳增长、提质效、促改革、惠民生、防风险各项工作取得的新进展新成效，齐鲁 晚报·齐鲁壹点将陆续刊登各部门亮点工作情况。 青岛市人力资源和社会保障局全面深化人社领域改革，扎实做好保民生、促发展等各项工作。今年全市 城镇新增就业36.07万人，总量全省第一。全市基本养老保险、失业保险、工伤保险参保人数分别达到 867.21万人、296.51万人和347.12万人，较去年年底增长4.81万人、5万人、3.81万人。 全市就业局势保持总体平稳 全市城镇新增就业36.07万人，提前完成全年任务，总量全省第一。青岛市获评2025就业友好城市，成 功入选全省"15分钟就业服务圈+一刻钟便民生活圈"融合试点建设城市。完善就业政策体系，在全省率 先出台促进高质量充分就业25项措施。在全国率先推出覆盖范围最广、待遇最优的高校毕业生就业创业 免租金住宿保障政策，发布房源3541间，累计入住330 ...

Core Viewpoint - The company Tongdao Liepin (06100) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company plans to repurchase 588,400 shares at a total cost of HKD 2.3094 million [1] - The buyback price per share ranges from HKD 3.89 to HKD 3.95 [1] - The buyback is scheduled to take place on December 10, 2025 [1]

Core Viewpoint - Tongdao Liepin (06100.HK) has been actively repurchasing its shares for five consecutive days, indicating a strong commitment to enhancing shareholder value through buybacks [1] Summary by Relevant Sections Share Buyback Details - On December 9, the company repurchased 1.2022 million shares at prices ranging from HKD 3.870 to HKD 3.950, totaling HKD 4.6959 million [1] - The stock closed at HKD 3.920 on the same day, with a total trading volume of HKD 7.3717 million [1] - Since December 3, the company has repurchased a total of 3.1348 million shares, with an aggregate buyback amount of HKD 12.0836 million [1] - During this period, the stock price has increased by 5.95% [1] Buyback Breakdown - The detailed buyback activity is as follows: - December 9: 1.2022 million shares, maximum price HKD 3.950, minimum price HKD 3.870, total amount HKD 4.6959 million - December 8: 0.7028 million shares, maximum price HKD 3.930, minimum price HKD 3.850, total amount HKD 2.7476 million - December 5: 0.3588 million shares, maximum price HKD 3.900, minimum price HKD 3.880, total amount HKD 1.3986 million - December 4: 0.1280 million shares, maximum price HKD 3.840, minimum price HKD 3.740, total amount HKD 0.4880 million - December 3: 0.7430 million shares, maximum price HKD 3.760, minimum price HKD 3.620, total amount HKD 2.7534 million [1]