Core Viewpoint - The professional services sector experienced a rise of 0.86% on January 22, with Keri International leading the gains, while the Shanghai Composite Index closed at 4122.58, up 0.14% [1]. Group 1: Market Performance - The professional services sector saw significant individual stock movements, with Keri International closing at 30.81, up 7.09% on a trading volume of 150,100 shares and a transaction value of 453 million [1]. - Other notable performers included Shengke Nano, which rose 6.70% to 32.80, and Zhongfang Biao, which increased by 5.27% to 36.73 [1]. - The overall trading volume and transaction values for the sector indicated active market participation, with total transaction values reaching billions [1]. Group 2: Fund Flow Analysis - On the same day, the professional services sector experienced a net outflow of 40.74 million from institutional funds, while retail funds saw a net inflow of 82.54 million [2]. - The data indicates that retail investors were more active in the market, contrasting with the outflow from institutional investors [2]. - Specific stocks like Su Shi Shi Yan and Li He Ke Chuang showed varied fund flows, with Su Shi Shi Yan experiencing a net outflow of 41.82 million from retail investors [3].

Group 1 - The professional services sector increased by 0.91% on January 21, with Su Shi Testing leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Notable gainers in the professional services sector included Su Shi Testing, which rose by 8.09% to a closing price of 20.98, with a trading volume of 710,700 shares and a transaction value of 1.46 billion yuan [1] Group 2 - The professional services sector experienced a net outflow of 118 million yuan from institutional investors, while retail investors saw a net inflow of 155 million yuan [2] - Key stocks with significant net inflows from retail investors included 科锐国际 (Keri International) with a net inflow of 6.69 million yuan, while it faced a net outflow of 45.81 million yuan from institutional investors [3] - The overall trading activity in the professional services sector showed mixed results, with some stocks like 力合科创 (Lihua Technology) and 联检科技 (Lianjian Technology) experiencing positive net inflows from institutional investors [3]

（来源：上观新闻） 近日，《上海市加快打造国际一流营商环境行动方案（2026年）》发布（以下简称《方案》），在做 强"走出去"板块提出系统性改革举措，标志着上海企业国际化支持体系进入提质升级的新阶段。上海企 业"走出去"战略的升级，既是自身高质量发展的内在需求，也是服务国家对外开放大局的必然选择。 《方案》的出台，为上海构建"多层次支撑、全链条服务、高水平协同"的国际化服务体系夯实了基础。 未来，上海需持续深化"引进来"与"走出去"的双向融合，充分释放外资集聚、专业服务、国际组织三大 优势，同时积极争取政策创新突破，让企业在出海过程中享受到更优质的服务、更有力的支撑、更实在 的红利，持续将上海打造成为企业全球化运营的首选地和国际一流营商环境的标杆城市。 一、构建上海企业"走出去"服务体系的三大支撑 与往年相比，《方案》在"走出去"方面更聚焦区域示范引领、平台与联盟赋能、合规与服务升级，核心 是将试点经验在全市复制推广、把分散服务进行整合提效，为企业出海提供全链条闭环支持。在空间载 体布局上，《方案》明确支持浦东新区、临港新片区、虹桥国际中央商务区"三极引领"，率先构建企业 国际化运营的机制与服务体系。在服务能 ...

Group 1 - The core viewpoint of the news is that several listed companies have received target price upgrades from brokers, with notable increases for Guizhou Moutai, Zhongji Xuchuang, and Milkway, reflecting strong market confidence in these companies [1][2]. Group 2 - On January 19, the companies with the highest target price increases were Guizhou Moutai (35.17%), Zhongji Xuchuang (31.96%), and Milkway (29.95%), belonging to the liquor, communication equipment, and logistics industries respectively [1][2]. - A total of 17 listed companies received broker recommendations on January 19, with Zhongsheng Pharmaceutical receiving two recommendations, while Inner Mongolia Huadian and Foreign Service Holdings received one each [2][3]. Group 3 - Three companies received their first coverage from brokers on January 19: Foreign Service Holdings (rated "Buy" by Zhongyin International Securities), Qianli Technology (rated "Buy" by Dongwu Securities), and Zhongsheng Pharmaceutical (rated "Recommended" by Guolian Minsheng Securities) [3][4].

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Guizhou Moutai, Zhongji Xuchuang, and Milkway leading the rankings with target price increases of 35.17%, 31.96%, and 29.95% respectively, across the liquor, communication equipment, and logistics industries [1][2] Group 2 - On January 19, a total of 17 listed companies received broker recommendations, with Zhongsheng Pharmaceutical receiving recommendations from 2 brokers, while Inner Mongolia Electric Power and Foreign Service Holdings received recommendations from 1 broker each [2][3] Group 3 - Three companies received their first coverage on January 19, including Foreign Service Holdings rated "Buy" by Zhongyin International Securities, Qianli Technology rated "Buy" by Dongwu Securities, and Zhongsheng Pharmaceutical rated "Recommended" by Guolian Minsheng Securities [3][4]

Core Viewpoint - On January 19, several brokerage firms provided target price recommendations for listed companies, with notable increases in target prices for Guizhou Moutai, Zhongji Xuchuang, and Milkewei, indicating strong potential in the liquor, communication equipment, and logistics industries respectively [1]. Group 1: Target Price Increases - Guizhou Moutai received a target price increase of 35.17%, with a highest target price of 1860.00 yuan [2]. - Zhongji Xuchuang's target price increased by 31.96%, with a highest target price of 799.00 yuan [2]. - Milkewei's target price rose by 29.95%, with a highest target price of 79.14 yuan [2]. Group 2: Brokerage Recommendations - A total of 17 listed companies received brokerage recommendations on January 19, with Zhongsheng Pharmaceutical receiving recommendations from 2 firms, while Inner Mongolia Huadian and Foreign Service Holdings received 1 recommendation each [3]. - Zhongsheng Pharmaceutical was the only company with multiple recommendations, indicating strong interest in the traditional Chinese medicine sector [3]. Group 3: First-Time Coverage - Three companies received first-time coverage on January 19, including Foreign Service Holdings with a "Buy" rating from Zhongyin International Securities, Qianli Technology with a "Buy" rating from Dongwu Securities, and Zhongsheng Pharmaceutical with a "Recommended" rating from Guolian Minsheng Securities [4].

Investment Rating - The report assigns a "Buy" rating to the company, with a market price of RMB 5.04 and a sector rating of outperforming the market [2]. Core Insights - The company, as the first publicly listed human resources service provider in China's A-share market, has a solid foundation and a competitive edge in high-margin services such as personnel management and compensation benefits. It is expected to benefit from the industry's growth driven by outsourcing and flexible employment trends [4][9]. - The company is projected to achieve revenues of approximately RMB 258 billion, RMB 291 billion, and RMB 332 billion for the years 2025 to 2027, with net profits of RMB 6.77 billion, RMB 7.33 billion, and RMB 7.67 billion respectively. The company is expected to maintain its profitability despite a slight decline in gross margin [6][9]. Summary by Sections Company Overview - The company has a 40-year history in the human resources service industry and was listed through a major asset restructuring in 2021. It has established a comprehensive service structure covering personnel management, compensation benefits, recruitment, flexible employment, and outsourcing [16][21]. - The company is controlled by state-owned capital, ensuring stability in governance and operational compliance [19]. Industry Analysis - The human resources service market is expected to grow steadily, with a projected CAGR of 13.89% from 2024 to 2028, potentially exceeding RMB 30 trillion by 2025. New business models such as outsourcing and flexible employment are anticipated to drive this growth [45][47]. - The employment sentiment is stabilizing, with the unemployment rate remaining steady between 5.0% and 5.6% since 2023, indicating a potential recovery in recruitment intentions [55][56]. Competitive Advantages and Growth Drivers - The company has a broad client base, serving over 50,000 clients and more than 3 million employees, which mitigates risks associated with industry fluctuations [77]. - The company is focusing on professionalization, digitalization, and internationalization, which are expected to enhance its long-term growth potential [74][75]. - The outsourcing business has shown significant growth, driven by the need for companies to reduce costs and improve efficiency, indicating a high certainty of growth in this segment [82][84].

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expectation that the industry index will exceed the benchmark index by more than 5% in the next 3-6 months [45]. Core Insights - The State Council's recent meeting emphasized the implementation of consumption-boosting policies, which are expected to enhance the strategic position of service consumption as a key driver of domestic demand and economic growth [4][5]. - The report highlights the government's support for new business models and quality service supply, particularly in sectors like culture, tourism, and sports, which are seen as areas with significant growth potential [4]. - The anticipated policies are expected to release consumer spending potential in leisure and tourism, providing substantial benefits to the industry [4]. - The consumer services sector showed a weekly increase of 1.53%, outperforming the overall market indices, with notable performances from companies like Haidilao and Alibaba [7][19]. Industry Data - The consumer services industry consists of 55 listed companies with a total market capitalization of approximately 498.8 billion yuan and a circulating market value of about 457.1 billion yuan [1]. - The absolute performance of the industry over the past month was -7.7%, while the relative performance was -6.9% compared to the benchmark [2]. Market Performance - The consumer services sector's weekly performance was 1.53%, compared to a decline of 0.57% for the CSI 300 index and a 0.51% increase for the overall A-share market [7]. - The report notes that the sector's stocks, such as Haidilao and Alibaba, have shown significant gains, indicating a positive market sentiment towards the consumer services industry [4][19]. Upcoming Events - Several companies in the consumer services sector are scheduled to hold shareholder meetings in the coming month, including Dalian Shengya on February 2, Qujiang Cultural Tourism on January 22, and Chuangye Heima on January 21 [26].

Core Insights - The professional services sector experienced a slight increase of 0.01% on January 16, with Electric Science Institute leading the gains [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Performance Summary - Electric Science Institute (300215) saw a closing price of 8.16, with a significant increase of 20.00% and a trading volume of 809,400 shares [1] - West High Institute (688334) closed at 25.06, up 19.50%, with a trading volume of 313,600 shares [1] - National Achievement Testing (301289) closed at 63.55, up 5.04%, with a trading volume of 33,200 shares [1] - Other notable performers include Victory Nano (688757) with a 4.12% increase, and Broadcasting Measurement (002967) with a 4.01% increase [1] Capital Flow Analysis - The professional services sector saw a net inflow of 58.26 million yuan from institutional investors, while retail investors experienced a net outflow of 33.14 million yuan [2] - Electric Science Institute had a net inflow of 18.9 million yuan from institutional investors, representing 30.20% of its total trading volume [3] - West High Institute experienced a net inflow of 6.88 million yuan from institutional investors, with a net outflow of 39.03 million yuan from retail investors [3]

Core Viewpoint - The Shanghai office market is showing strong resilience amid counter-cyclical adjustments, with signs of marginal improvement in demand in the fourth quarter of last year [1] Group 1: Market Performance - The net absorption in the Shanghai office market significantly increased quarter-on-quarter in the fourth quarter [1] - The financial, professional services, and TMT (Technology, Media, and Telecommunications) sectors are the main drivers supporting the market recovery [1]