Core Viewpoint - Guangzhou's Planning and Natural Resources Bureau, in collaboration with the Development and Reform Commission, has revised the "Guangzhou Industrial Land Guide" to optimize industrial land use and investment direction, aligning with the "12218" modern industrial system [1] Group 1: Industrial Land Guide - The guide emphasizes principles such as efficient land use, prioritizing advanced industries, and integrating flexible regulations with a focus on operational feasibility [1] - It includes a comprehensive directory of industrial guidance, layout instructions, and various land use guidelines, serving as a technical reference for social investment and industrial upgrades [1] Group 2: Encouraged and Restricted Land Use - The industrial guidance directory is designed to meet Guangzhou's industrial development needs and includes lists of encouraged and restricted land use projects [1] - Specific guidelines are provided for encouraged land use projects based on the industrial chain, site requirements, minimum land area for production lines, factory recommendations, and suggested layout areas [1] Group 3: Land Use Guidelines for Various Sectors - The industrial land guide covers 31 major categories and 179 subcategories for independent manufacturing land use [2] - The service sector land guide addresses 10 categories including technology services, professional services, modern commerce, logistics, and exhibitions [2] - Guidelines for profit-oriented social enterprises include 5 categories such as postal services, sports venues, education, healthcare, and social welfare [2] - Infrastructure land use guidelines encompass 14 categories including transportation, railways, ports, and airports [2]

Group 1 - The professional services sector experienced a slight decline of 0.01% on the previous trading day, with Core International leading the drop [1] - The Shanghai Composite Index closed at 3909.52, down 0.37%, while the Shenzhen Component Index closed at 13277.36, down 0.39% [1] - A detailed table of individual stock performance within the professional services sector is provided [1] Group 2 - In terms of capital flow, the professional services sector saw a net outflow of 16.4285 million yuan from main funds, while retail funds had a net inflow of 45.7083 million yuan, and individual investors experienced a net outflow of 29.2798 million yuan [2] - A detailed table of capital flow for individual stocks in the professional services sector is included [2]

Group 1 - The company, 瑞森生活服务 (01922), announced that Ernst & Young will not seek reappointment as the auditor for the fiscal year ending December 31, 2025, during the upcoming annual general meeting [1] - The board, based on the recommendation of the audit committee, has decided to propose the appointment of Zhonghui Anda Certified Public Accountants Ltd. as the new auditor for shareholder approval at the annual general meeting [1]

Group 1 - The core viewpoint of the report is that Singapore's economic growth is expected to slow down from 4.0% in 2025 to 1.8% in 2026 due to uncertainties in global tariff policies and fluctuations in the technology cycle [1] - Singapore's economy, being highly export-oriented, will face challenges from "2Ts": tariffs and the tech cycle, which will suppress trade-related sectors [1] - Despite external headwinds, Singapore's economy is characterized by "prudent resilience," supported by two internal engines: the modern services sector and a booming construction industry [1] Group 2 - The modern services sector, which includes finance, information communication, and professional services, will continue to act as an economic buffer due to Singapore's status as a global business hub and the benefits of digital transformation [1] - The construction industry is expected to be a growth highlight in 2026, driven by major infrastructure projects such as Changi Airport Terminal 5, Tuas Port, North-South Corridor, and integrated resort expansions [1] Group 3 - In terms of inflation and monetary policy, inflation in Singapore is expected to bottom out and rebound moderately, with overall inflation and core inflation projected at 1.2% and 1.0% respectively for 2026 [2] - The Monetary Authority of Singapore (MAS) is anticipated to maintain current monetary policy parameters in 2026 to retain flexibility in responding to fluctuations [2] Group 4 - The report predicts that the USD/SGD exchange rate will fluctuate between 1.25 and 1.30 in 2026 [3] - The Singapore government is updating its economic blueprint through the "Economic Strategy Review" to ensure long-term economic competitiveness amid increasing global economic fragmentation [3]

Core Insights - The report indicates that Singapore's labor market remains robust, with overall income growth and record-high employment quality [1] Labor Market Overview - The labor force participation rate slightly decreased to 67.9%, still ranking among the highest in OECD countries [1] - The participation rate for women aged 25 to 64 has significantly increased to 80.5% over the past decade [1] Income Growth - Nominal incomes for the bottom 20% (P20) and median (P50) groups have risen to SGD 3,164 and SGD 5,775 respectively [1] - After adjusting for inflation, real incomes for these groups increased by 3.8% and 4.3% [1] - The income ratio between P20 and median income has improved to 0.55, indicating a reduction in income disparity [1] Employment Quality - The proportion of permanent employees has reached a historical high of 90.8%, driven mainly by sectors such as professional services and information communication [1] - The job turnover rate has decreased to 6.2%, with 60% of job changers experiencing real income growth [1] - Overall unemployment and long-term unemployment rates remain low [1] Government Initiatives - The Ministry of Manpower emphasizes the need to enhance workforce resilience through skills upgrading and job matching services in response to global economic uncertainties [1]

Market Overview - The professional services sector experienced a decline of 0.83% on November 26, with Zhongjin Radiation leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers in the professional services sector included: - Electric Science Institute (300215) with a closing price of 7.63, up 7.77% on a trading volume of 876,900 shares and a turnover of 655 million [1] - Xince Standard (300938) closed at 31.67, up 2.33% with a trading volume of 94,100 shares and a turnover of 302 million [1] - Guangdong Construction Science (301632) closed at 25.78, up 1.94% with a trading volume of 45,600 shares and a turnover of 119 million [1] - Conversely, significant decliners included: - Zhongjin Fuzhao (300962) closed at 18.60, down 6.53% with a trading volume of 182,600 shares and a turnover of 346 million [2] - Kaipu Testing (003008) closed at 23.66, down 3.82% with a trading volume of 99,100 shares and a turnover of 236 million [2] - Kexi International (300662) closed at 27.55, down 3.16% with a trading volume of 42,800 shares and a turnover of 120 million [2] Capital Flow - The professional services sector saw a net outflow of 151 million from institutional investors, while retail investors experienced a net inflow of 53.79 million [2] - The detailed capital flow for selected stocks showed: - Shipo Testing (301228) had a net inflow of 10.92 million from institutional investors, but a net outflow of 1.11 million from retail investors [3] - Miaow Exhibition (300795) saw a net inflow of 8.14 million from institutional investors, but a significant outflow of 8.98 million from retail investors [3] - Guangdong Construction Science (301632) had a net inflow of 7.33 million from institutional investors, with a net outflow of 9.96 million from retail investors [3]

Investment Rating - The report maintains a "Recommended" rating for the hotel and duty-free industries, indicating a positive outlook for operational improvements in these sectors [1]. Core Viewpoints - Despite the overall pressure on consumption in the current macro environment, a structural recovery trend in certain consumer service sectors is becoming increasingly evident. Operational improvements are being observed, suggesting a gradual exit from the bottom range [4]. - The hotel industry is experiencing an optimization in supply-demand dynamics, with core operational data showing marginal improvements, indicating a mild upward trend in industry prosperity supported by sustained travel demand [4]. - The duty-free industry is expected to benefit from policy incentives, particularly with the upcoming operational phase in Hainan and the continued rollout of related policies, which are anticipated to catalyze new growth opportunities [4]. Industry Basic Data - The consumer services industry comprises 55 listed companies with a total market capitalization of 498.804 billion yuan and a circulating market capitalization of 457.081 billion yuan [1]. Market Performance - The consumer services sector experienced a decline of 4.86% this week, while the overall A-share market fell by 5.14%. The CSI 300 index decreased by 3.77% [7][23]. - Notable stocks in the consumer services sector that performed well include Dalian Shengya, Chuangye Heima, and Shangri-La (Asia) [4]. Important Announcements - Huazhu Group reported a 17.5% year-on-year increase in hotel revenue for Q3 2025, reaching 30.6 billion yuan, with net profit of 1.5 billion yuan [30]. - Ctrip Group's Q3 net operating revenue was approximately 18.3 billion yuan, reflecting a 16% year-on-year growth, with a net profit increase of 192.6% [30]. - Wanwu Xingsheng achieved a total revenue of 5.15 billion yuan in Q3 2025, marking a 27.1% year-on-year increase [30]. Upcoming Shareholder Meetings - Several companies in the consumer services sector have scheduled shareholder meetings in the coming month, including Bubu Gao on December 11, Guilin Tourism on December 5, and Guangzhou Restaurant on November 28 [31].

Core Insights - The recent policies introduced by Xicheng District of Beijing aim to accelerate the high-quality development of the modern financial industry and promote the growth of the building economy [1][2] - The "Golden Service Ten Measures" emphasizes the importance of creating international, professional, and green financial business buildings, enhancing service quality, and fostering collaboration between buildings and government [2] Policy Measures - The "Golden Service Ten Measures" includes support for various entities to develop financial business buildings with a focus on internationalization, professionalism, and sustainability [2] - The policies provide comprehensive support pathways, including financial assistance, talent guarantees, and the construction of an industrial ecosystem [2] - Buildings that excel in service functionality, unique activities, and stable development can receive annual rewards up to 500,000 yuan, with a total annual reward cap of 5 million yuan [2] Development Initiatives - The Xicheng District government is promoting the construction of smart buildings and the deep integration of digital technology with the real economy [1] - The district aims to create a complete service system that includes legal, consulting, investment, and living support services, facilitating the transformation of buildings from "space provision" to "value co-creation" [1]

Core Viewpoint - Beijing's Xicheng District has introduced a series of policy measures aimed at promoting the healthy development of the building economy, focusing on attracting high-level financial institutions and enhancing the modern service industry ecosystem [1] Group 1: Financial Industry Policies - The revised "Measures for Accelerating the High-Quality Development of the Modern Financial Industry in Xicheng District" includes incentives such as increased settlement rewards, office space subsidies, and talent service guarantees to attract and gather high-energy financial institutions [1] - The policies aim to consolidate the role of Xicheng as a national financial management center [1] Group 2: Professional Services Development - The "Measures for Promoting the High-Quality Development of Professional Services in Xicheng District" focuses on targeted support for legal, accounting, and consulting firms [1] - The goal is to create a modern service industry ecosystem that complements and coexists with the financial industry, enhancing industrial collaboration within buildings [1]

Core Viewpoint - The article discusses the rapid expansion of Chinese enterprises going global, highlighting the complexities and risks they face in international markets. It introduces the "Guiding Opinions" issued by multiple Chinese government departments aimed at enhancing the overseas comprehensive service system for these enterprises. Group 1: National Level Comprehensive Service Platform Construction - The establishment of a national-level comprehensive service platform aims to integrate various public service resources to support enterprises throughout their overseas operations [3][4]. Group 2: Provision of Quality Public Products - The government will enhance the supply of high-quality overseas information services and public products to meet the growing needs of enterprises venturing abroad [5][6]. Group 3: Improvement of Comprehensive Service Efficiency - The focus is on digitalization and collaboration to enhance the efficiency and responsiveness of services for enterprises going global [7][8]. Group 4: Upgrading Online and Offline Local Services - Local governments are encouraged to strengthen online and offline service channels to provide a one-stop window for enterprises seeking basic information for overseas operations [10][11]. Group 5: Exploration of Innovative Service Models - The article emphasizes the need for innovative service models through pilot programs in regions with high openness and resource concentration [12][13]. Group 6: Expansion of Overseas Economic and Trade Cooperation Zone Functions - The focus is on expanding the functions of overseas economic and trade cooperation zones to create stable and predictable business environments for enterprises [14][15]. Group 7: Establishment of Overseas Comprehensive Service Stations - The establishment of overseas comprehensive service stations aims to assist enterprises in addressing local service needs and building international marketing networks [17][18]. Group 8: Enrichment of Bilateral Cooperation Mechanisms - The government aims to sign more bilateral cooperation agreements to create a favorable external environment for enterprises [20][21]. Group 9: Creating a Safe and Favorable Environment - The government will enhance overseas safety risk information tracking and provide guidance to enterprises on risk assessment and response [23][24]. Group 10: Properly Addressing Investment and Trade Disputes - The article highlights the importance of utilizing diverse dispute resolution mechanisms to enhance enterprises' ability to handle legal disputes abroad [27][28]. Group 11: Enhancing the Level of Legal, Accounting, and Consulting Services - The focus is on improving the international service capabilities of legal, accounting, and consulting firms to support enterprises in their overseas ventures [30][31]. Group 12: Strengthening the Cross-Border Service Capabilities of Financial Institutions - Financial institutions are encouraged to enhance their service offerings to support enterprises in expanding their financing channels and managing risks [33][34]. Group 13: Expanding Various Professional Service Areas - The article discusses the encouragement of various professional service institutions to enhance their international service capabilities and support enterprises in their global endeavors [38][39].