Core Viewpoint - The announcement indicates that the company received a government subsidy of 60 million RMB for its subsidiary, Shanghai Kezhirui Talent Consulting Co., Ltd. [2] Group 1 - The government subsidy amount is 60,000,000 RMB [2] - The date of receipt of the subsidy is November 21, 2025 [2] - The subsidy is provided to the company's controlling subsidiary [2]

Group 1 - During the "14th Five-Year Plan" period, Shanxi has trained over 17,000 high-level urgently needed talents, focusing on strategic emerging industries and frontier fields [1][2] - Shanxi has implemented a talent strong province strategy, establishing 115 postdoctoral research flow stations and workstations, and has recruited 2,505 postdoctoral researchers, doubling the number of in-station postdoctoral researchers compared to three years ago [2] - The total number of skilled talents in Shanxi has reached 5.89 million, with high-skilled talents totaling 1.96 million, representing a growth of 37% and 66% respectively compared to the end of the "13th Five-Year Plan" [2] Group 2 - Shanxi has introduced the "Shanxi Province Human Resources Market Regulations" to promote the development of the human resources service industry, with 1,756 human resources service institutions and 17,000 practitioners by the end of 2024, showing growth of 98%, 73%, and 196% in respective metrics compared to the end of the "13th Five-Year Plan" [2]

Investment Rating - The investment rating for BOSS Zhipin is "Buy" [6][10]. Core Insights - The report highlights a significant recovery in demand, leading to accelerated revenue growth. Despite restrained marketing expenditures, the company achieved its growth targets [2][10]. - The company has demonstrated excellent cost control, resulting in continued positive growth in core operating metrics and an increase in profit margins. Adjusted net profit estimates for 2025, 2026, and 2027 have been raised to 3.71 billion, 4.20 billion, and 4.85 billion RMB respectively [10][11]. - The report indicates that the recruitment demand has shown clear improvement, with new job postings increasing by 25% year-on-year in Q3 2025. The number of active users on the recruiter side has also seen a significant rise [10][11]. Financial Summary - Revenue for 2023 is projected at 5,952.03 million RMB, with a growth rate of 31.94%. This is expected to increase to 7,355.68 million RMB in 2024, representing a growth rate of 23.58% [4][11]. - The gross profit for 2023 is estimated at 4,892.17 million RMB, with a steady increase projected in subsequent years [4]. - The adjusted net profit margin is expected to rise from 41.21% in 2023 to 48.09% by 2027, indicating improved profitability [4][11]. Market Data - The current stock price is 80.00 HKD, with a market capitalization of 77,012 million HKD [6][7]. - The stock has a 52-week price range of 47.45 to 97.80 HKD, indicating volatility in the market [7]. Performance Indicators - The report notes that the company has maintained a high level of user engagement, with over 40 million new users added from January to October 2025, despite a reduction in marketing spending [10][11]. - The adjusted net profit for Q3 2025 was reported at 9.91 billion RMB, reflecting a year-on-year increase of 34.23% [10].

Core Insights - The event on November 24 aimed to connect 62 quality enterprises with over 350 job openings for mature talent, facilitating the city's industrial upgrade and high-quality development [1][2] - Mature talent is identified as a stabilizer and catalyst for enterprise growth and a key driver for urban development [1] - The local human resources department has successfully matched over 240 high-end talent needs over the past four years, addressing the gap between talent supply and enterprise demand [1] Group 1: Talent Demand and Supply - The event featured 62 enterprises from the city's key industries, with many offering competitive salaries, including positions with annual salaries exceeding 250,000 yuan, and the highest reaching 600,000 yuan [2] - The demand for mature talent has intensified due to the city's strategic focus on industrial strength and innovation, leading to accelerated industrial upgrades [2] - Human resources service agencies participated to enhance communication and understanding of the talent recruitment policies and urgent needs of enterprises [2][3] Group 2: Collaboration and Future Plans - The local human resources department aims to create a comprehensive, customized, and professional talent supply chain through collaboration with service agencies [1] - Continuous improvement of service mechanisms is planned to foster a top-tier talent development ecosystem in the city [1] - The event provided a platform for face-to-face discussions between human resources agencies and enterprises to address specific talent needs [3]

有产业培育方案 产业规模 □文/刘云飞四川人力资源服务业产业规模即将突破2500亿元 预计到"十四五"末 政策供给 ●省级层面出台20余部文件 高质量发展实施意见 创新发展三年行动计划等 平台支撑 ●建成1个国家级 14个省级人力资源服务产业园 ●全省现有市场主体1.6万户 年营收破亿元的超200户 产业协同 ●出台人力资源服务对接重点特色产业、助推新质生产力、支持建圈强链等政策措施 ●常态化举办低空经济、人工智能、装备制造等产业人力资源对接活动 就业协同 ●以"就业伙伴"计划为引领 为新质生产力发展筑牢"人才底盘" "十四五"期间，从政策扶持到园区集聚，从龙头引领到本土崛起，四川构建起良性循环的人力资源服务生态，为 新质生产力发展筑牢"人才底盘"。 ●四川人力资源服务业产业规模将突破2500亿元 ●年服务用人单位超280万家次 ●促进就业流动2000万人次 ●猎头引才超10万人次 政策支持是生态优化的稳定器。2024年，四川在全国率先出台省级层面专项政策，从"实施前沿科技攻坚突破协同 引才""强化产业深度转型升级人力资源支撑"等八个方面精准发力，以高质量人力资源服务助推新质生产力发展。 各市（州）迅速响应、 ...

Core Viewpoint - The article discusses the upcoming National Human Resources Service Industry Development Conference, emphasizing the importance of high-quality employment and the transformation of the human resources sector to meet modern demands [3][5]. Group 1: Conference Overview - The conference will be held on November 28-29, 2025, in Wuhan, co-hosted by the Ministry of Human Resources and Social Security and the Hubei Provincial Government [3]. - It aims to create a comprehensive platform for high-level discussions, supply-demand matching, talent attraction, and specialized recruitment [3]. Group 2: Employment Strategy - The "14th Five-Year Plan" emphasizes promoting high-quality employment and implementing an employment-first strategy, focusing on improving employment promotion mechanisms and creating a friendly employment development model [3]. - There is a shift in national talent demand from a demographic dividend to a talent dividend, requiring the human resources industry to transition from bulk supply to precise matching [3][4]. Group 3: Recommendations for Job Seekers - Job seekers are advised to maintain a lifelong learning attitude, identify their career paths aligned with national strategic industries, and enhance their communication, coordination, and innovation skills [4]. Group 4: Technological Integration - The conference will showcase the use of AI and big data to facilitate high-quality employment, with a focus on precise matching to improve job stability and satisfaction [5]. - The "2025 Employment Initiative" aims to provide extensive employment opportunities for college students, particularly targeting non-key universities and disadvantaged student groups [5].

Core Insights - The third National Human Resources Service Development Conference will be held on November 28-29, 2025, in Wuhan, focusing on modernizing human resources and promoting high-quality employment [1][3] - The conference aims to create a comprehensive platform for high-level discussions, supply-demand matching, talent attraction, and specialized recruitment [3] Group 1: Employment and Talent Development - The conference emphasizes the transition from demographic dividends to talent dividends, shifting from quantity to quality in talent demand [3] - Recommendations for job seekers include maintaining a lifelong learning attitude, identifying the right career path aligned with national strategic industries, and enhancing communication and innovation skills [3] Group 2: Technological Integration in Employment - The conference will showcase the "2025 Employment Opportunities" initiative, which has been running for 13 years, aimed at providing extensive employment platforms for college students [4] - The integration of AI and big data will be highlighted to achieve precise matching and improve employment stability and satisfaction [4] - The initiative aims to ensure equal employment opportunities for students from non-key universities and disadvantaged groups, promoting fairness in employment [4]

超配（维持） 强政策刺激消费，关注结构性机会 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 消费者服务行业 2026 年投资策略 2025 年 11 月 24 日 推荐 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com.cn 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 消费者服务指数走势 投 资 策 略 行 业 研 究 证 券 研 究 报 告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 消费者服务行业 ◼ 行业回顾：2025年年初以来，消费者服务指数整体波动上涨。截至 2025年11月20日，消费者服务指数整体上涨9.82%，跑输沪深300指 数。细分板块均上涨，其中免税行业受到多重政策支持利好出现较大 幅度上涨，带动旅游休闲板块上升，酒店餐饮板块竞争仍较激烈但供 需格局有所缓和。在政 ...

Core Viewpoint - Beijing Human Capital Group's stock has shown a slight increase of 2.01% on November 24, with a current price of 18.82 CNY per share, reflecting a market capitalization of 10.654 billion CNY [1] Financial Performance - For the period from January to September 2025, Beijing Human Capital reported a revenue of 33.807 billion CNY, representing a year-on-year growth of 1.89%. The net profit attributable to shareholders was 1.007 billion CNY, marking a significant increase of 57.02% compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Beijing Human Capital increased by 6.59% to 16,300. The average circulating shares per person decreased by 6.18% to 22,521 shares [2] Dividend Distribution - Since its A-share listing, Beijing Human Capital has distributed a total of 1.468 billion CNY in dividends, with 670 million CNY distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders include notable entities such as China Europe Mixed Fund A, which holds 10.8348 million shares, a decrease of 2.8823 million shares from the previous period. Hong Kong Central Clearing Limited increased its holdings by 452,400 shares to 9.1158 million shares [3]

每经记者｜李彪 每经编辑｜陈旭 你是否遭遇过求职难？你是否遭遇过职业介绍的黑中介？ 中国是全球第一人口大国，仅在去年，我国举办的现场招聘会、交流会就有22万多场，参会求职人员超 过1亿多人次。 为了规范人力资源服务，日前，李克强总理签署国务院令，颁布《人力资源市场暂行条例》（以下简称 《条例》），自2018年10月1日起施行。 《条例》中要求，用人单位发布或者向人力资源服务机构提供的单位基本情况、招聘人数、招聘条件、 工作内容、工作地点、基本劳动报酬等招聘信息，应当真实、合法，不得含有民族、种族、性别、宗教 信仰等方面的歧视性内容。 招聘信息不得含性别等歧视性内容 7月17日，在国新办举行的政策吹风会上，人社部副部长张义珍介绍，《条例》是改革开放以来，我国 人力资源要素市场领域第一部行政法规，对健全完善人力资源市场体系，推动人力资源服务业健康发 展，促进人力资源自由有序流动和优化配置，更好服务就业创业和高质量发展，具有重要意义。 《条例》共七章四十八条，对人力资源市场管理体制、人力资源市场培育和建设、人力资源服务机构、 人力资源市场活动规范、人力资源市场监督管理等方面作了系统规定。 《条例》规定，国家引导和促 ...