Core Points - The emphasis on strengthening the real economy as a foundation for high-quality development, led by technological innovation and tailored development of new productive forces [1][2] - The establishment of a modern industrial system is crucial for the modernization of the economy and the nation, with a focus on traditional industry transformation and the development of emerging industries [2][3] Group 1: Modern Industrial System - Guangzhou has proposed the "12218" modern industrial system to enhance key industry development, aligning with national strategies and local requirements [2][3] - The city aims to develop 15 strategic industrial clusters, including intelligent connected vehicles, biomedicine, and artificial intelligence, while also focusing on future industries such as embodied intelligence and quantum technology [3][4] Group 2: Key Industry Developments - The automotive industry in Guangzhou is set to produce over 3.2 million vehicles by 2027, with a significant focus on new energy vehicles [8] - The biomedicine sector is expected to reach a scale of 400 billion yuan by 2030, with major advancements in innovative drugs and core biomedicine infrastructure [10] - The green petrochemical and new materials industry aims for an output value exceeding 400 billion yuan by 2024, positioning itself as a key pillar for high-quality development [11] Group 3: Modern Service Industries - The financial sector in Guangzhou is projected to achieve an added value of 304.9 billion yuan in 2024, becoming a major pillar of the city's economy [29] - The technology service industry is expected to enhance its capabilities, with significant investments in basic research and talent development [30] - The modern commerce sector is set to undergo transformation, with a focus on integrating traditional and emerging consumption patterns [32] Group 4: Future Industries - The semiconductor and integrated circuit industry is experiencing rapid growth, with a projected increase in output value and production capacity [16] - The renewable energy and new storage sectors are being bolstered by national innovation centers and significant infrastructure developments [17] - The low-altitude economy is expanding, with a target market size of 30 billion yuan by 2027, reflecting the city's strategic positioning in this emerging field [18]

建科股份分析师会议 调研日期：2025年05月20日 调研行业：专业服务 参与调研的机构：上海曜与基金、上海贵源投资、上海璞智投 资、杭州月阑私募、深圳盈富汇智私募等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 调研对象：建科股份 所属行业：专业服务 接待时间：2025-05-20 ...

特许公认会计师公会（ACCA）在平台财务领域成员小组中担任牵头单位。ACCA全球行政总裁白容 （Helen Brand）说，平台将借鉴国际先进经验，整合全球顶级专业服务资源，在北京产业发展和吸引 投资方面发挥重要作用，ACCA计划开展人才培养项目等专业服务，更好满足北京对于高端财会专业人 才的需求。 北京作为国家金融管理中心，始终着力构建市场化、法治化、国际化的专业服务生态体系，目前北京拥 有49家世界500强企业、260家跨国公司地区总部和近800家境内外上市公司，彰显北京经济发展的强劲 韧性和对全球资源的强大吸引力。 据了解，平台汇聚整合了全球顶尖的专业服务资源，可以更好满足金融机构全链条专业化的服务需求。 平台启动后，将通过开展专业研讨、学术交流和跨界对接等方式，为金融机构及其企业客户精准对接专 业服务资源，加强平台资源共享，助力跨界交流碰撞，促进国际开放合作。 "在当前复杂多变的不确定性环境下，平台的成立标志着北京在全球金融生态中迈出关键一步。"特许金 融分析师协会（CFA）全球主席兼CEO傅孟琳（Margaret Franklin）评价说，平台汇聚世界顶尖机构、 吸纳国际前沿智慧，助力国际机构深耕北 ...

Group 1 - The core viewpoint of the articles highlights Beijing International Human Capital Group's strong performance in the human resources service industry, with a notable increase in net profit and a competitive position in terms of PE ratio compared to industry averages [1][2] - As of the first quarter of 2025, the company reported a revenue of 108.37 billion yuan, representing a year-on-year increase of 2.72%, and a net profit of 5.91 billion yuan, showing a significant year-on-year growth of 180.41% [2] - The company's current PE ratio stands at 10.16, significantly lower than the industry average of 55.72 and the median of 35.65, indicating potential undervaluation [1][2] Group 2 - The company operates in the comprehensive human resources service sector, offering products such as business outsourcing, personnel management, compensation and benefits services, recruitment, and flexible employment services [1] - Beijing International Human Capital has received multiple accolades, including recognition as a "National Employment Advanced Enterprise" and a "5A-level Human Resource Service Institution" by the Beijing Human Resources and Social Security Bureau [1] - As of the first quarter of 2025, 33 institutions hold shares in the company, with a total holding of 39,761.32 million shares valued at 85.33 billion yuan [1]

营收增长利润承压，旅游景区业绩稳健 [Table_ReportType] ——社会服务行业 2024 年业绩综述报告[Table_ReportDate] [投资要点： Table_Summary] 社会服务板块全年业绩增收不增利。2024 年上市公司业绩出炉，社会 服务板块增收不增利，营业收入合计 1907.95 亿元，同比增长 6.95%， 在申万一级行业中排名第 3；归母净利润合计 73.66 亿元，同比下降 31.26%，在申万一级行业中排名第 22。 旅游及景区板块：2024 年旅游及景区板块实现营收 354.23 亿元，同比 +15.24%，归母净利润 16.73 亿元，同比+7.19%。五一黄金周居民旅游 热情高涨，旅游市场持续回暖。调休工作日的减少使得更多游客选择拼 假开启早鸟游或节末错峰游，推动长线游目的地表现亮眼，各地创新和 丰富消费场景，以多元供给激发消费潜力、市场活力，为游客带来深度 体验。 3288 酒店餐饮板块：2024 年酒店餐饮板块实现营收 298.53 亿元，同比- 1.49%，归母净利润 15.67 亿元，同比-19.73%。消费承压导致板块业绩 出现波动，全年表现不佳。行业 ...

Core Insights - The recent policies from Shenzhen and Guangzhou aim to accelerate the development of service trade and cultivate new momentum for foreign trade, reflecting a strategic response to the evolving global service trade landscape [1] Group 1: Policy Initiatives - Shenzhen released "Ten Key Points for Supporting Service Trade Development" on May 7, while Guangzhou introduced "22 Measures for Service Trade and Digital Trade" on May 9, both focusing on enhancing service trade [1] - The policies emphasize the importance of digital trade, with Shenzhen prioritizing its development and Guangzhou highlighting the need for a supportive institutional and infrastructural environment [2] Group 2: Strategic Focus Areas - Both cities stress the importance of aligning rules and standards, with Guangzhou aiming to connect with Hong Kong and Macau's regulatory frameworks, while Shenzhen's measures facilitate the flow of elements within the Greater Bay Area [2] - The policies also prioritize standard-setting, with Guangzhou proposing the development of Bay Area and international standards, and Shenzhen supporting enterprises in obtaining international certifications [2] Group 3: Sector-Specific Support - Shenzhen offers greater financial support for financial service export enterprises, with rewards up to 2 million yuan, while Guangzhou focuses on the internationalization of professional services like accounting and law [3] - The distinct approaches of both cities create a complementary development pattern, leveraging their respective strengths in service trade [3] Group 4: Future Directions - The cities are positioned to lead in service trade innovation, capitalizing on their strong industrial foundations, talent pools, and high levels of openness [3] - Future efforts should focus on policy coordination to address systemic challenges such as data flow, talent acquisition, and intellectual property protection, transforming policy benefits into tangible development outcomes [3]

Core Viewpoint - Shenzhen is significantly enhancing its service trade sector through a comprehensive support policy, offering substantial financial incentives to businesses in various high-value service areas, aiming to solidify its position as a leading trade city in China [1][4]. Group 1: Policy Highlights - The Shenzhen Municipal Bureau of Commerce released ten key points for the "2025 Shenzhen Service Trade Development Support Policy," which includes financial rewards up to 2 million yuan for eligible enterprises [1][4]. - The policy emphasizes the acceleration of digital trade, encouraging service trade companies to expand their digital service exports, with rewards of up to 1 million yuan for qualifying businesses [2][4]. - There is a focus on fostering high-value outsourcing services, with support for IT outsourcing (ITO) and knowledge process outsourcing (KPO), offering up to 1 million yuan for eligible firms [2][3]. Group 2: Specific Support Measures - Financial service export capabilities are prioritized, with rewards of up to 2 million yuan for companies innovating in cross-border financial services [2][3]. - Support is provided for service trade companies to enhance risk resilience through export credit insurance, with a reimbursement of up to 1 million yuan based on actual premiums paid [3][4]. - The policy encourages the expansion of technology exports, offering rewards ranging from 80,000 to 1 million yuan based on the actual execution amount of technology exports [3][4]. Group 3: Market Development and Internationalization - The initiative promotes obtaining international certifications for service outsourcing companies, providing up to 500,000 yuan for certification and maintenance costs [3][4]. - There is encouragement for companies to engage in international service outsourcing, with rewards of up to 1 million yuan based on the actual execution amount of offshore service outsourcing [3][4]. - The policy aims to cultivate market entities, offering up to 100,000 yuan for businesses that meet specific growth criteria in the leasing and business services sectors [3][4]. Group 4: Strategic Goals - Shenzhen aims to achieve a service trade import and export volume exceeding 150 billion USD and a digital trade volume of over 66 billion USD by 2025 [4][5]. - The city is committed to developing a high-quality service trade action plan, focusing on sectors such as gaming, software outsourcing, and modern engineering services [4][5]. - The local government emphasizes the integration of service trade and goods trade, leveraging Shenzhen's manufacturing strengths to enhance international competitiveness in professional services [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to the parent company of 352 million yuan, up 76.59% year-on-year [1][2]. - The gross margin and net margin for 2024 were 47.21% and 11.21%, respectively, showing improvements of 4.93 percentage points and 4.07 percentage points year-on-year [2]. - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3]. Financial Performance - In Q4 2024, the company reported a revenue of 1.047 billion yuan, a year-on-year increase of 13.11%, and a net profit of 163 million yuan, up 145.18% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 618 million yuan, a year-on-year increase of 5.16%, while the net profit was 5 million yuan, up 302.86% year-on-year [2]. - The company’s revenue from various segments in 2024 was as follows: Measurement (750 million yuan, +3.8%), Reliability (780 million yuan, +17.5%), Life Sciences (500 million yuan, +2.7%), Electromagnetic Compatibility (360 million yuan, +10.2%), Integrated Circuits (260 million yuan, +26.3%), and EHS Evaluation (180 million yuan, +2.6%) [3]. Market Management - The company actively engaged in market value management, distributing a total of 224 million yuan in dividends and repurchasing shares worth 390 million yuan, totaling 614 million yuan, which is 174% of the net profit attributable to the parent company for the year [4]. - The projected net profits for 2025, 2026, and 2027 are 420 million yuan, 510 million yuan, and 600 million yuan, respectively, reflecting year-on-year growth rates of 20%, 20%, and 18% [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 2.026 billion yuan in 2024, a decrease of 4.31% year-on-year, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year [1]. - In Q4 2024, the company achieved a revenue of 620 million yuan, an increase of 4.9% year-on-year and 26.6% quarter-on-quarter, marking a new high for quarterly revenue since its listing [2]. - The company’s unique business model integrates testing equipment manufacturing and testing services, creating a synergistic development advantage [3]. - The demand side is gradually recovering, with expectations for improved performance in 2025 as the company strengthens its market development capabilities [4]. Financial Performance Summary - For 2024, the gross margin and net margin were 44.54% and 13.4%, respectively, showing a year-on-year decline of 1.06 and 4.02 percentage points [2]. - The company’s revenue for Q1 2025 was 429 million yuan, a decrease of 2.96% year-on-year and 30.69% quarter-on-quarter, with a net profit of 41 million yuan, down 2.99% year-on-year and 50.72% quarter-on-quarter [2]. - The projected net profits for 2025, 2026, and 2027 are 315 million yuan, 375 million yuan, and 441 million yuan, respectively, indicating growth rates of 38%, 19%, and 18% [4]. Business Segment Analysis - In 2024, the revenue from environmental testing services, equipment, and integrated circuits was 1.009 billion yuan, 623 million yuan, and 288 million yuan, respectively, with year-on-year changes of +0.64%, -17.25%, and +12.33% [3]. - The gross margins for these segments were 56.96%, 29.38%, and 39.67%, reflecting declines of 1.84, 2.71, and 3.6 percentage points year-on-year [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company achieved a revenue of 3.207 billion yuan in 2024, representing a year-on-year growth of 11.01%, and a net profit attributable to the parent company of 352 million yuan, up 76.59% year-on-year [1]. - The gross margin and net margin for 2024 were 47.21% and 11.21%, respectively, showing improvements of 4.93 percentage points and 4.07 percentage points year-on-year [2]. - The company focuses on emerging industries, with over 80% of its business coming from sectors such as special industries, automotive, new energy, integrated circuits, commercial aerospace, communication, low-altitude economy, and artificial intelligence [3]. - The first quarter of 2025 saw a double-digit growth in overall order amounts, indicating a positive outlook for the company's performance in the upcoming quarters [3]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 1.047 billion yuan, a year-on-year increase of 13.11%, and a net profit of 163 million yuan, up 145.18% year-on-year [2]. - The company’s revenue from various segments in 2024 was as follows: Measurement (750 million yuan, +3.8%), Reliability (780 million yuan, +17.5%), Life Sciences (500 million yuan, +2.7%), Electromagnetic Compatibility (360 million yuan, +10.2%), Integrated Circuits (260 million yuan, +26.3%), and EHS Evaluation (180 million yuan, +2.6%) [3]. - The company plans to distribute a total dividend of 224 million yuan for 2024, with a share buyback amounting to 390 million yuan, totaling 614 million yuan, which is 174% of the net profit attributable to the parent company [4]. Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 422 million yuan, 508 million yuan, and 599 million yuan, respectively, reflecting year-on-year growth rates of 19.90%, 20.41%, and 17.80% [4]. - The company’s revenue is expected to grow to 3.757 billion yuan in 2025, with a growth rate of 17.16% [4].