Core Points - The 2025 China International Service Trade Fair (CIFT) will take place from September 10 to 14 at the Shougang Park in Beijing, with a fixed annual schedule starting from this year [1] - The fair aims to enhance international cooperation in the service industry and trade, becoming an important global public product [1] Group 1: Event Details - The CIFT will feature a Global Service Trade Summit on the morning of September 10, followed by tours for foreign diplomats [2] - Various activities will include exhibitions, forums, and trade negotiations, with a focus on showcasing new technologies and applications from both domestic and international enterprises [2] - The event will also include cultural performances, sports events, and business inspections to create a vibrant exhibition town [2] Group 2: Services and Support - The fair will provide improved services for trade matching, entry and exit convenience, dining guarantees, and document registration [3] - Enhanced digital platform functionalities will be implemented for personalized queries and connections [3] Group 3: Australia as Guest Country - Australia will be the guest country for the 2025 CIFT, showcasing its strengths in green economy, education, tourism, food, consumer goods, and health sectors [4] - The participation scale of Australia will reach a historical record, with notable institutions and companies confirmed to attend [4]

Group 1 - The core viewpoint of the article highlights the significant progress made in various aspects of children's development in Shaanxi Province, as outlined in the 2024 data report [1][2][3] Group 2 - In the health sector, maternal mortality rate decreased from 14.5 per 100,000 in 2015 to 6.05 per 100,000 in 2024, while infant mortality rate fell from 6.75‰ to 2.25‰, outperforming the national average [1] - The coverage rate of inclusive kindergartens reached 94.53%, with public kindergartens accounting for 57.32% [2] - Welfare measures improved with monitoring of 168,000 migrant children and allocation of 108 million yuan to ensure basic living needs for 3,677 orphans and 7,093 children without guardians [2] - Family education services expanded, with 3,266 urban and 11,503 rural parent schools established, and 160 family education guidance orders issued by courts [2] - Public cultural facilities are widely accessible, with 118 public libraries, 119 cultural centers, and 19,271 community service centers all offering free access [2] - Legal protections strengthened with the establishment of 122 specialized juvenile prosecution institutions in the province [2]

Core Insights - The JOLTS report indicates an unexpected rise in job vacancies in April, suggesting a healthy labor demand despite economic uncertainties [1][4] - The report shows a rebound in hiring activity, with job openings reaching 7.391 million, exceeding expectations of 7.1 million [1][4] - The overall trend in job vacancies has remained stable between 7 million and 8 million over the past year, with a significant increase in private sector job openings [3][4] Group 1: Job Market Dynamics - April job openings increased by 0.691 million from the previous month, with the prior month's figure revised slightly upward [1][4] - The ratio of job vacancies to unemployed individuals remains at 1.0, consistent with pre-pandemic levels, indicating a balanced labor supply and demand [4] - Job openings in April were primarily driven by the private sector, particularly in professional and business services, healthcare, and social assistance [4] Group 2: Hiring and Layoff Trends - Hiring in April reached its highest level in nearly a year, with an increase of 169,000 to 5.6 million [4] - Layoffs rose to the highest level since October of the previous year, increasing by 196,000 to 1.79 million [4] - The number of voluntary resignations decreased by 150,000 to 3.2 million, indicating a slight decline in worker confidence [4][6] Group 3: Economic Outlook and Federal Reserve Implications - The labor market is returning to a more normal state, supporting the Federal Reserve's view of a healthy employment situation [6] - Economists anticipate a slowdown in the labor market in the coming months due to the impact of tariff policies, although current data does not yet reflect this [6] - The Federal Reserve is expected to maintain the benchmark interest rate in the range of 4.25%-4.5%, with potential rate cuts not anticipated until September [6] Group 4: Data Reliability and Market Reactions - Some economists question the reliability of the JOLTS data due to a low response rate in the current survey [7] - Following the JOLTS report, market reactions included a decline in gold prices, an increase in the dollar index, and a rise in U.S. Treasury yields [8]

Group 1 - The number of job vacancies in the U.S. unexpectedly increased in April, rising from a revised 7.2 million in March to 7.39 million, surpassing the expected median of 7.1 million [1] - The growth in job vacancies primarily came from the private sector, particularly in professional and business services, as well as the healthcare and social assistance industries [1] - Despite a decrease in job vacancies in state and local education departments, there was an increase in federal government job openings [1] Group 2 - The increase in job vacancies, stable hiring, and low unemployment rates support the Federal Reserve's view of a healthy job market [1] - However, the time it takes for unemployed individuals to find jobs has lengthened, and economists anticipate a more noticeable softening in the labor market in the coming months due to the impact of Trump's tariff policies [1]

美国4月JOLTS职位空缺意外增加至739.1万人，预期会从修正之后的720万个下降至710万人。美国4月 份职位空缺数量意外增加，且涨幅较大，招聘活动也出现回暖，表明尽管经济不确定性加剧，但对劳动 力的需求依然强劲。职位空缺数量的增加主要由私营部门行业推动，例如专业和商业服务以及医疗保健 和社会援助。尽管州和地方教育导致政府部门职位空缺总体减少，但联邦政府部门的职位空缺有所增 加。职位空缺数量的增加，加上稳定的招聘和低失业率，支持了美联储关于就业市场良好的说法。 ...

Group 1: Investment Opportunities - The report recommends expanding high school education, highlighting companies such as Tianli International Holdings and Xueda Education as potential beneficiaries [2] - AI commercialization is accelerating, with applications in new hardware like AI glasses and toys, and sectors such as human resources, e-commerce, and education leading in efficiency improvements [6][11] - The report identifies undervalued stocks including Action Education, Chongqing Department Store, Da Shang Co., Chow Tai Fook, and Yum China as potential investment opportunities [2] Group 2: High School and Undergraduate Expansion - The high school education sector is expected to benefit from a demographic dividend for the next 7-8 years, with stable demand projected until around 2032-2033 [11][12] - Policy support is driving the expansion of high school education, transitioning from a split between vocational and general education to a more integrated approach [12][13] - China's high school graduation rates are gradually approaching those of developed countries, indicating significant growth potential in the education sector [18][19] Group 3: Emotional Value and New Supply in Consumption - The emotional value and experiential consumption sectors are rapidly evolving, with a focus on IP-driven products and traditional goods like gold jewelry seeing increased demand [6][53] - The report notes that gold jewelry is benefiting from rising prices and enhanced craftsmanship, leading to market expansion [53][57] - The tea and coffee sectors are undergoing product and channel innovations, with structural growth opportunities identified despite varying business models [6][74] Group 4: Technological Transformation - New technologies, particularly AI, are being applied to physical devices and are expected to enhance efficiency across various sectors [6][11] - The retail landscape is shifting from a focus on location to product selection, with new retail formats emerging to capitalize on scale economies [6][11] - Traditional retail is facing significant pressure to adapt, with a strong impetus for transformation across all formats [6][11] Group 5: Retail Channel Development - The core capabilities of retail channels are evolving from site selection to product selection, with new discount retail formats emerging [6][11] - The report highlights the rise of discount retail formats such as snack discount stores and urban outlet malls, which are achieving scale economies [6][11] - The traditional retail sector is experiencing a shift towards decentralization, with various formats adapting to changing consumer behaviors [6][11]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly in the areas of virtual assets and Web3.0 development, suggesting a strong investment opportunity in these sectors [2][9]. Core Insights - The report emphasizes the importance of monitoring global tariff negotiations, particularly the recent developments in U.S.-China trade relations and their potential impact on market dynamics [9]. - There is a notable increase in the quality and risk appetite of Hong Kong assets, with a focus on asset trading platforms as valuable investment opportunities [9]. - The report highlights the active performance of virtual asset-related stocks in Hong Kong, driven by stablecoin policies, and anticipates further regulatory developments in this area [2][9]. Summary by Sections 1. Industry Situation Tracking 1.1 Education - The K12 education sector shows strong growth, with leading institutions reporting over 20% revenue growth for winter training sessions [4]. - Recent product launches in AI education indicate ongoing innovation in the sector [4][17]. 1.2 Luxury Goods - The luxury goods sector is experiencing disruptions due to U.S.-EU tariff policies, with cautious price increases observed among brands [4][19]. - LVMH expresses confidence in the Chinese market despite recent consumption declines, indicating a long-term positive outlook [21]. 1.3 Coffee and Beverage Chains - Coffee and tea remain key categories for delivery platforms, with recent subsidies from platforms like JD.com [4]. - Coffee futures have seen a significant decline, which may alleviate cost pressures for companies like Luckin Coffee [4][27]. 1.4 E-commerce - Major players like Alibaba and JD.com continue to compete aggressively in the delivery and retail sectors, impacting short-term profitability [4]. - The report notes strong performance in the "618" shopping festival, with significant growth in various product categories [32]. 2. Platform & Technology 2.1 Streaming Platforms - The streaming sector shows resilience, with Tencent Music and other platforms benefiting from scale effects [4][33]. - Recent transactions, such as HYBE's sale of SM Entertainment shares to Tencent Music, highlight strategic movements within the industry [34]. 2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization is reported at $337.44 billion, reflecting a 4% decline [38]. - The introduction of the Stablecoin Regulation in Hong Kong marks a significant step in regulating digital asset activities [41].

Investment Rating - The report maintains an "Outperform" rating for the social services sector, indicating expected performance above the market index by more than 10% [3][46]. Core Insights - The education sector has shown significant stock performance differentiation since early 2025, with notable gains in companies such as China Oriental Education (+139%) and Gaotu Group (+74%) [1][11]. - Demand within the education sector is highly variable, with high school education and K9 high-age training showing the strongest demand, while vocational schools and study abroad programs face pressure [1][11]. - The K12 education sector is entering a new phase of competition, emphasizing brand and teaching capabilities as key drivers for growth, with a slowdown in the rapid expansion of physical locations [2][28]. - The recovery pace varies among companies, with some like China Oriental Education and Gaotu Group showing strong performance due to strategic focus on K12 education [2][33]. Summary by Sections Demand Differentiation - Demand for educational services is closely tied to their effectiveness in enhancing employment and academic opportunities, with high school education being the most in-demand segment [1][11]. - The report highlights that nearly half of families allocate extra funds for children's education, indicating a robust market for educational services [11][27]. Competitive Landscape - The K12 education sector is witnessing a shift from rapid expansion to focusing on existing locations, with a notable decrease in the growth rate of K9 non-academic training institutions [2][28]. - The number of registered high school academic training institutions remains stable, suggesting a consolidation phase in the market [2][28]. Recovery Trends - Since the implementation of new regulations in May 2022, the K12 education sector has begun to recover, with companies like Zhuoyue Education focusing on compliant high school-related businesses [2][33]. - Companies such as Yuhua Education and Xijiao International Holdings are addressing financial restructuring, indicating a gradual recovery in market sentiment [2][33]. Investment Recommendations - The report suggests a focus on companies like Tongcheng Travel, Ctrip Group, and Meituan, which are expected to benefit from favorable policies aimed at boosting domestic demand [3][46].

Investment Rating - The report maintains an "Outperform the Market" rating for the social services sector [3][46]. Core Insights - The education sector has shown significant stock performance differentiation since early 2025, with notable gains from companies like China Oriental Education (+139%) and Gaotu Group (+74%) [1][11]. - Demand differentiation in education services is driven by the effectiveness in enhancing employment and academic opportunities, with high school education showing the most rigid demand [1][11]. - The K12 education sector is entering a new phase of competition, emphasizing brand and teaching capabilities as key drivers for growth [2][28]. - The recovery pace varies among companies, with some like China Oriental Education and Gaotu Group showing strong performance due to strategic focus on K12 education [2][33]. Summary by Sections Demand Differentiation - Demand for education services varies significantly based on the perceived value in enhancing academic and employment outcomes, with high school education and K9 high-age training showing the strongest demand [1][11]. - The consumer willingness to invest in children's education remains high, with nearly half of families allocating extra funds for this purpose [11][27]. K12 Education Competition - The K12 education sector is experiencing a slowdown in the rapid expansion of physical locations, shifting focus to enhancing existing outlets [2][28]. - The number of new K9 profit-oriented non-academic training institutions has decreased significantly in early 2025 compared to the previous year [2][28]. Recovery Trends - Since the implementation of the "Double Reduction" policy in May 2022, the K12 education sector has gradually recovered, with companies like Zhuoyue Education focusing on compliant high school-related businesses [2][33]. - Companies like China Oriental Education are expected to see a gradual easing of pandemic-related impacts as they adapt to new market conditions [2][33]. Investment Recommendations - The report suggests a focus on companies such as Tongcheng Travel, Ctrip Group, and Meituan, among others, as potential investment opportunities in the current economic environment [3][46].

Group 1 - Ctrip's report indicates that during the Dragon Boat Festival in 2025, domestic surrounding and local travel will account for 64% of total travel [1] - Family-oriented travel is becoming the main force for the Dragon Boat Festival, with nearly 90% of the top 50 scenic spots being family-friendly, and family orders making up 25% of overall travel orders [1] - There is a significant increase in inbound travel, with orders rising by nearly 90% and ticket GMV for inbound travel soaring 1.5 times year-on-year [1] Group 2 - Wanlian Securities highlights that various sectors in the service industry are experiencing growth opportunities this year, driven by the implementation and optimization of vacation policies [1] - The expansion of inbound consumption is expected to bring new growth points to the duty-free industry, while the improvement of county-level commercial systems benefits the hotel and chain restaurant sectors [1] - The education sector is anticipated to become a representative application area for artificial intelligence, with a focus on tourism, duty-free, hotels, restaurants, and education leaders [1] Group 3 - Dongguan Securities notes that the tourism and travel sector is seeing a steady increase in per capita consumption during holidays, which may help reverse the "busy but not profitable" situation [2] - The combination of domestic demand expansion policies and the continuous rise in outbound travel is expected to support the bottom recovery of the tourism and travel sector in the long term [2] - Recommended stocks include Songcheng Performance, Changbai Mountain, Xiangyuan Cultural Tourism, Zhongxin Tourism, Shoulu Hotel, Junting Hotel, and Tongqinglou, focusing on scenic area companies, hotel groups in lower-tier markets, and tourism service companies benefiting from domestic and inbound travel recovery [2]