英欧联合协议：英国与欧盟委员会应致力于推动英国加入欧盟"伊拉斯谟+"计划。 伊拉斯谟+计划 伊拉斯谟+计划 伊拉斯谟+计划（Erasmus+）是由欧盟资助的教育、培训、青年和体育领域的项目，旨在促进欧盟内外 师生、人才、知识、技能、就业、创新等领域的交流合作。2025年该计划全球申报工作已启动，总预算 金额超过40亿欧元。 伊拉斯谟+计划 ...

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The social services sector has shown a decline in performance, with the A-share social service index underperforming the market, ranking 27th among 31 primary industries [8] - The tea beverage industry is experiencing significant growth, with major players like Mixue Ice City and Gu Ming rapidly expanding their store numbers [44][48] - The beauty sector is witnessing a rise in domestic brands, with strong performance during the 618 shopping festival, indicating a shift towards local products [56][57] Summary by Relevant Sections 1. Trend in Toy Industry - In April 2025, online sales in the toy and animation category reached 1.314 billion yuan, marking a 48% year-on-year increase [16] - The blind box and ACG peripheral products showed strong growth, with sales increasing by 105% and 116% respectively [17][21] 2. Tea Beverage Industry - As of April 2025, there are 486,000 tea beverage stores in operation, with a net increase of 7,600 stores in the first four months of the year [44][48] - Major brands like Mixue Ice City and Gu Ming have significantly increased their store counts, with Mixue reaching 38,337 stores [51] 3. Education Sector - Youdao reported a revenue of 1.3 billion yuan in Q1 2025, a decrease of 6.72% year-on-year, but achieved a record operating profit of 104 million yuan, up 247.7% [52][54] - The company is focusing on AI-driven educational services, which have shown promising growth [52] 4. Beauty Industry - The 618 shopping festival saw a strong performance from domestic beauty brands, with significant sales growth compared to previous years [56][57] - The hair care market is experiencing steady growth, particularly through online channels, with Douyin becoming a major contributor [56]

丨证券研究报告丨 行业研究丨专题报告丨消费者服务Ⅱ [Table_Title] 社会服务行业 2024A&2025Q1 业绩综述：青山 愈显处，韧行见新章 报告要点 [Table_Summary] 2024 年，社会服务行业整体营业收入同比+0.97%，较 2019 年提升 13.71%，酒店、景区、餐 饮等出行链子行业受益于需求韧性、龙头扩张份额提升等，经营修复持续向好，2024 年营收分 别同比+1.4%/+0.9%/+3.2%，2025Q1 进一步改善。各板块利润层面表现分化，社服行业整体 归母净利润同比下降 43.61%，恢复至 2019 年的 50.08%，其中景区/人资/酒店/餐饮/免税/出境 游/教育分别同比+61.49%/+56.11%/-4.67%/-36.59%/-54.84%/-99.55%/减亏。2025Q1，行业整 体营收同比-1.58%，较 2019 年同期提升 23.45%；归母净利润同比-5.9%，系免税等板块拖累。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健 ...

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [11] Core Insights - In 2024, the overall revenue of the social services industry is expected to grow by 0.97% year-on-year, with a 13.71% increase compared to 2019. Key sectors such as hotels, scenic spots, and restaurants are benefiting from resilient demand and market share expansion [2][6] - The overall net profit attributable to shareholders in the social services industry is projected to decline by 43.61% year-on-year, recovering to 50.08% of 2019 levels. Specific sectors show varied performance, with scenic spots and human resources experiencing significant growth [2][6] - In Q1 2025, the industry is expected to see a revenue decline of 1.58% year-on-year, but a 23.45% increase compared to the same period in 2019 [2][6] Revenue Overview - The social services industry is projected to achieve a revenue of 2,627.71 billion yuan in 2024, with various sectors showing different growth rates: outbound tourism (+83.2%), human resources (+14.7%), education (+5.1%), restaurants (+3.2%), hotels (+1.4%), scenic spots (+0.9%), and duty-free shops (-13.5%) [25] - In Q1 2025, revenue growth is expected to continue in outbound tourism, human resources, education, and restaurants, with respective year-on-year increases of 10.2%, 10.0%, 6.8%, and 2.6% [25] Profitability Analysis - The overall gross margin of the social services industry is expected to decline by 2.37 percentage points to 24.28% in 2024, with specific sectors showing varied changes [28][29] - Despite the decline, the gross margin is approaching pre-pandemic levels, with duty-free, hotel, restaurant, human resources, and education sectors recovering to 86%, 49%, 45%, 40%, and 75% of 2019 levels, respectively [29] Cash Flow Insights - The industry is experiencing a decline in operating cash flow, with an overall decrease of 33.25 percentage points year-on-year. Specific sectors like duty-free, hotels, and outbound tourism are seeing significant cash flow declines [36] - In Q1 2025, while revenue slightly declines, cash flow from duty-free and hotel sectors remains above 2019 levels, indicating strong sales collection capabilities [36] Sector-Specific Highlights - **Education**: The demand remains strong, with AI+ education products emerging. The K12 training sector is experiencing a supply-demand imbalance, leading to accelerated growth for compliant institutions [7][44] - **Human Resources**: The employment market is showing structural recovery, with AI technology enhancing efficiency and reducing reliance on manual labor. Recommended stocks include 科锐国际 and 北京人力 [7][44] - **Scenic Spots**: The tourism sector is recovering, with visitor numbers and spending showing double-digit growth. Recommended stocks include 黄山旅游 and 宋城演艺 [8] - **Hotels**: The hotel industry is undergoing deep adjustments, with performance not matching 2023 levels. Recommended stocks include 首旅 and 锦江 [8] - **Restaurants**: The restaurant sector is stabilizing with the help of consumption vouchers, and growth is expected to rebound in Q1 2025. Recommended stocks include 同庆楼 and 百胜中国 [8] - **Duty-Free**: The duty-free sector is seeing positive trends, with sales expected to grow. Recommended stock is 中国中免 [9]

Core Points - The event aims to deepen the awareness of the Chinese national community through cultural education and emotional resonance, aligning with the spirit of the 20th National Congress of the Communist Party of China and Xi Jinping's important thoughts on ethnic work [4][10] - The event features a variety of cultural products to showcase the harmonious coexistence of different ethnic groups and to revitalize traditional culture, making it more relatable and appealing [7][14] Group 1 - The opening ceremony included a performance titled "Beautiful Xinjiang," emphasizing the cultural richness of the region [4] - The event is organized by Beijing Foreign Studies University and supported by various cultural and media institutions, highlighting the collaboration between education and cultural promotion [9][14] - The theme of the event is "Appreciating Museum Cultural Treasures, Gathering the Charm of Chinese Culture," which includes participation from over ten renowned museums and showcases over a hundred cultural products [14] Group 2 - Activities include immersive experiences such as ethnic language learning, non-material cultural heritage experiences, and performances from various ethnic groups, aimed at enhancing students' understanding of multi-ethnic cultures [14] - The event also serves as a platform for storytelling about national unity and cultural exchange, reflecting the responsibilities of media and educational institutions in promoting these narratives [10][12]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Rating downgrades in the convertible bond market from 2021 - 2024 showed high - frequency, seasonal, and industry - concentrated characteristics. Over 61% of downgrades were in June, with cyclical industries like industrial and materials dominating, and over 80% of downgraded entities being private enterprises in coastal developed areas. High - rating entities had lower downgrade risks [6]. - Rating adjustments drove market differentiation. High - growth sectors such as TMT, electronics, and non - ferrous metals had low downgrade risks, while industries like real estate, steel, and power equipment faced greater downgrade pressure. After a downgrade, convertible bond prices generally showed a "first decline then rise" pattern, and market sentiment was significantly affected by the rating window period [6]. - To deal with credit risks, a triple - strategy approach could be adopted: using equity - biased convertible bonds to hedge risks, seizing repair opportunities of undervalued low - price bonds, and using short - duration high - YTM bonds for defense [6]. 3. Summary According to Relevant Catalogs 3.1 Rating Adjustment Review 3.1.1 Historical Rating Adjustments and Market Performance - From 2021 - 2024, there were 193 downgrades in the convertible bond market, accounting for 4.51% of all rating adjustments. Over 61% of them were in June. Industries such as industrial and materials were dominant, private enterprises accounted for over 80%, mainly in coastal areas like Guangdong and Jiangsu. Downgraded entities were generally of weak quality, with issuance ratings concentrated at AA and AA - [6][8][10]. - The broader market index often weakened in May and June. The CSI Convertible Bond Index usually had a phased decline before the release of rating adjustment announcements due to risk pre - screening by institutions, leading to a chain reaction of "forward - priced risk → wider credit spread → market correction" [16]. - After a downgrade, convertible bond prices generally showed a "first decline then rise" pattern. For example, Zhongzhuang Zhuan 2 and Ying 19 Convertible Bond rebounded about 1 month after the downgrade [19]. 3.1.2 Identification of Downgraded Convertible Bonds - Factors leading to rating downgrades included performance losses, weakened solvency, low industry prosperity, equity issues, and liquidity risks. For example, Lingnan Convertible Bond was downgraded multiple times due to a plunge in EBITDA margin to - 119% and a high short - term debt ratio [6][23][24]. 3.1.3 Rating Adjustments Showed Structural Differentiation - High - growth sectors such as TMT, electronics, and non - ferrous metals had strong profitability and low downgrade risks. For example, the computer industry had a 471.86% year - on - year increase in net profit, the electronics industry had a ROE of 6.27% and a 37.24% net profit growth, and the non - ferrous metals industry had a ROE of 11.3% and a 53.23% net profit growth [26]. - Traditional industries such as real estate, steel, and power equipment faced greater downgrade risks. The real estate industry had a 274% drop in net profit, the steel industry had a negative ROE, and the power equipment industry had a low ROE of 3.6% [28]. 3.2 How to Select Bonds Around the Rating Adjustment Window Period 3.2.1 Equity - linked Convertible Bonds Could Hedge Credit Risks - In the face of credit risk shocks, equity - biased convertible bonds showed stronger price resilience. For example, during the "20 Hongda Xingye SCP001" default in 2020, equity - biased convertible bonds rose while others declined [32]. 3.2.2 Low - price Convertible Bonds Presented a Layout Window - During the credit adjustment window period, the low - price index usually showed a "first decline then rise" return characteristic. In 2024, low - price convertible bonds initially underperformed but later achieved the highest cumulative return for the year. Currently, attention could be paid to undervalued but cash - flow - stable bonds [33]. 3.2.3 Layout of Short - duration High - YTM Convertible Bonds - Short - duration high - YTM convertible bonds with a remaining term of less than 2 years and positive YTM could be selected. For example, Wanshun Zhuan 2 in 2024 outperformed the market under the protection of the put - back clause [36]. 3.3 Post - market Allocation Suggestions - Focus on three types of opportunities: high - growth equity - biased convertible bonds such as Hao 24 Convertible Bond; low - price bonds with credit mispricing like Jingneng Convertible Bond; and short - duration high - YTM defensive bonds such as Lvyin Convertible Bond [40].

Company Developments - China Telecom, China Mobile, and China Unicom have officially launched the construction of a computing power internet experimental network, aiming to interconnect their own computing resources and nationwide distributed social computing resources [6] - Xiaomi Group's president revealed that products equipped with Xiaomi's self-developed "Xuanjie O1" chip will extend beyond smartphones, with ambitions to improve its air conditioning market position from fourth to third place this year and to be among the top two by 2030 [6] - OpenAI plans to build a large new data center in the UAE, which could become one of the largest data centers globally [6] - Xiaomi Automotive addressed concerns regarding minor deformation of the SU7 front bumper, offering free pickup and repair services for affected vehicles [6] - Autonomous driving technology company WeRide announced the launch of eight autonomous driving service demonstration routes in downtown Guangzhou, marking the first all-weather autonomous driving service in the country [6] Industry Insights - As of the end of Q1, the balance of inclusive loans for small and micro enterprises in the banking sector reached 35.3 trillion yuan, reflecting a year-on-year growth of 12.5% [4] - The bond fund market has seen significant activity, with two funds, Guotai Fund and Minsheng Jianyin Fund, each achieving close to 60 billion yuan in establishment scale, marking them as the third and fourth bond funds to reach this scale since April [4] - The scale of land acquisition plans using special bonds has surged, with 171 cities announcing plans totaling 391.8 billion yuan and involving 6,565 hectares of residential land [5]

Group 1: 5G and 6G Development - The Ministry of Industry and Information Technology emphasizes accelerating the research and development of 5G-A and 6G technologies, as well as fostering industrial growth and application development to empower the modern industrial system [2] Group 2: U.S. Treasury Securities - In March, China reduced its holdings of U.S. Treasury securities by $18.9 billion, bringing its total to $765.4 billion, marking the first reduction of the year and causing China to drop from the second to the third largest holder of U.S. debt [3] Group 3: Housing Market in Guangzhou - Starting May 17, banks in Guangzhou raised the first mortgage rate by 10 basis points, adjusting from LPR-60bp to LPR-50bp, resulting in a new rate of 3.1% for first-time homebuyers [4] Group 4: Regulatory Actions - The China Securities Regulatory Commission imposed a fine of 294 million yuan on He Mou Ru for market manipulation, with total penalties for similar cases this year exceeding 750 million yuan [4] Group 5: Corporate Governance - Li Chuyuan, the former chairman of Guangzhou Pharmaceutical Group, was expelled from the party and public office due to serious violations of discipline and law, with his case being transferred to the prosecution [5] Group 6: Corporate Developments - Xiaomi announced that its self-developed "Xuanjie O1" chip will be used in products beyond smartphones, indicating a broader product strategy and technological ambition [9] - CATL's new battery production base in Shandong officially commenced operations, marking the company's first major facility in Northern China and the largest capacity planning in the region [10] Group 7: Fund Management Changes - Fund manager Bao Wuke from Invesco Great Wall Fund resigned for personal reasons, raising concerns about the management and performance of the funds he oversaw [12] Group 8: Technology Innovations - OpenAI released Codex, a cloud-based software engineering intelligent agent designed to assist developers in coding tasks, which is expected to enhance software development efficiency [14]

Core Viewpoint - The article emphasizes the transformative impact of artificial intelligence (AI) on education, highlighting the need for a collaborative approach to integrate AI into educational practices and the importance of addressing challenges such as data privacy and the evolving role of teachers [3][5]. Group 1: AI in Education - AI is reshaping the landscape of education by providing personalized learning experiences and enhancing the efficiency of knowledge acquisition [3]. - The shift in educational paradigms is moving from knowledge transmission to cognitive empowerment, with AI facilitating this transition [3]. - AI technologies are showing exceptional advantages in personalized learning, intelligent tutoring, adaptive learning, and immersive experiences [3]. Group 2: Company Initiatives - Yushutech, led by founder Wang Xingxing, is focusing on three main areas: building an open platform for AI and educational resources, developing interdisciplinary laboratories in collaboration with universities and enterprises, and co-creating an innovative educational future [4][5]. - The company has successfully integrated educational robots and humanoid robots into nearly a thousand universities globally, contributing to over 3,000 high-quality technical papers [4]. Group 3: Market Response - Following Wang Xingxing's speech, the robotics sector experienced significant gains, with over 15 stocks in the robotics sector seeing increases of more than 10% [6][8]. - Notable stocks included Greebo and Haon Electric, which both reached a 20% limit up [6][9]. Group 4: Future Predictions - Elon Musk predicts that the number of humanoid robots could eventually reach hundreds of billions, potentially revolutionizing the global economy and leading to unprecedented productivity increases [10]. - The report from Shenwan Hongyuan indicates that while the hardware for humanoid robots is mature, the software remains the key to commercialization, with a focus on algorithm development [10].

Group 1 - The fourth ministerial meeting of the China-Latin America Forum was successful, focusing on multilateralism, improving people's livelihoods, and enhancing environmental protection, which set the direction for strategic cooperation between China and Latin America [1] - This year marks the 10th anniversary of the China-Latin America Forum, which has facilitated the construction of a community of shared future between China and Latin America, allowing for a strategic assessment of their relationship and cooperation potential [1] - In November 2023, the bilateral relationship between China and Uruguay was elevated to a comprehensive strategic partnership, with increasing high-level exchanges and growing bilateral trade [1] Group 2 - Uruguay has established its fifth official diplomatic institution in China by setting up a consulate in Hong Kong, viewing the Guangdong-Hong Kong-Macao Greater Bay Area as a region rich in cooperation opportunities [2] - Uruguay was one of the first Latin American countries to join the Belt and Road Initiative and aims to strengthen bilateral and multilateral cooperation with China [2] - Uruguay will assume the rotating presidency of the Community of Latin American and Caribbean States in 2026, continuing to promote high-level meetings and implement agreements under the China-Latin America Forum framework [2]