Core Viewpoint - The Nanjing Intermediate People's Court reported a positive trend in labor and personnel dispute cases for 2024, with a decrease in both incoming and unresolved cases, attributed to proactive measures in dispute resolution [1][3]. Group 1: Case Statistics - The number of newly filed first-instance labor and personnel dispute cases in Nanjing was 11,408, representing a year-on-year decrease of 9.5% [3]. - The number of collective dispute cases filed was 1,723, showing a significant year-on-year decrease of 39.96% [3]. - A total of 25,359 labor and personnel dispute cases were effectively resolved through joint mediation centers, involving 25,490 individuals and an amount of 57,148.49 million yuan [4]. Group 2: Dispute Resolution Mechanisms - The decrease in cases is attributed to grassroots courts focusing on preemptive measures and multi-faceted dispute resolution, enhancing pre-litigation mediation efforts [3]. - The implementation of the litigation representative system in collective disputes has improved trial efficiency and reduced processing time [3]. - The courts emphasized the importance of addressing the root causes of disputes and promoting mediation and reconciliation as primary methods for conflict resolution [4]. Group 3: Typical Cases - A notable case involved a tourism development company that owed wages to over 30 employees, where the court facilitated the selection of representatives for litigation, leading to a comprehensive resolution [3]. - Another case highlighted the balance of rights between workers and employers, where a technology company was found to have unlawfully terminated an employee for ambiguous rules regarding attendance [4]. - A case involving an elderly worker who suffered an injury while working was ruled in favor of the employee, affirming the legal protection of labor rights for older workers [4].

Group 1: Service Trade - In Q1 2025, China's service trade grew rapidly, with total service import and export amounting to 19,741.8 billion RMB, a year-on-year increase of 8.7% [1] - The service trade deficit was 3,038.8 billion RMB, a decrease of 244.6 billion RMB compared to the same period last year [1] Group 2: Cultural Industry - In Q1 2025, the revenue of cultural and related industries reached 33,939 billion RMB, a year-on-year growth of 6.2%, with the growth rate accelerating compared to the entire year of 2024 [7] - The cultural new business formats achieved revenue of 14,846 billion RMB, a year-on-year increase of 12.5%, contributing 83.5% to the revenue growth of all large-scale cultural enterprises [10] - The profit of large-scale cultural enterprises totaled 2,744 billion RMB, a year-on-year increase of 29.1%, with significant profit contributions from digital content services and internet cultural platforms [13] Group 3: Logistics - In Q1 2025, the total social logistics reached 91 trillion RMB, a year-on-year increase of 5.7%, with industrial product logistics growing by 5.9% [14] - The demand structure for logistics improved, driven by policies such as large-scale equipment updates and consumption upgrades [14] - Online retail of physical goods saw a year-on-year growth of 5.7%, indicating a robust online consumption trend [16] Group 4: Employment - In Q1 2025, 3.08 million new urban jobs were created, an increase of 50,000 compared to the previous year, with the urban survey unemployment rate at 5.2% [16] - The government has issued over 640 billion RMB in special loans to stabilize and expand employment, benefiting over 5.3 million jobs [17] Group 5: Social Security - By the end of March 2025, the number of people covered by basic pension, unemployment, and work injury insurance reached 1.071 billion, 244 million, and 297 million respectively, showing an increase from the previous year [19] - The total income of the three social insurance funds in Q1 was 2.36 trillion RMB, with total expenditures of 1.94 trillion RMB, maintaining a stable fund operation [21] Group 6: Marine Economy - In Q1 2025, China's marine production value reached 25 trillion RMB, a year-on-year increase of 5.7%, outpacing the GDP growth rate [22][23] - The marine traditional industries showed stable progress, with significant growth in shipbuilding orders and exports of marine engineering equipment [25]

Core Viewpoint - China's service trade is experiencing significant growth, with a total service trade volume projected to reach 7.10 trillion yuan in 2024, reflecting a year-on-year increase of 16.38% [1][10]. Industry Overview - Service trade involves the cross-border flow of services as trade goods, categorized by delivery method and production factor intensity [2][4]. - The industry has evolved through four main stages: initial exploration (1978-1992), rapid growth (1992-2001), accelerated development (2001-2012), and high-quality development (2012-present) [4][5][6]. Industry Development History - From 1978 to 1992, service trade began to develop but lagged behind manufacturing, with total service trade imports and exports increasing from 4.4 billion USD to 10.8 billion USD [4]. - The period from 1992 to 2001 saw a significant increase in service trade, with the share of global service trade rising from 1% to 2.3% [5]. - Following China's accession to the WTO in 2001, service trade grew rapidly, with total imports and exports increasing from 71.9 billion USD in 2001 to 713 billion USD in 2015 [5]. - Since 2012, the focus has shifted to high-quality development, with policies promoting service trade transformation and an increase in knowledge-intensive service trade [6]. Industry Chain - The service trade industry chain includes upstream components like infrastructure and technology support, midstream service trade activities, and downstream demand from consumers, businesses, and government [8]. Current Industry Status - In 2024, the service trade deficit is projected to be -1.63 trillion yuan, a decrease of 10.78% year-on-year, primarily due to increased outbound travel demand driven by rising household incomes [10]. - Key segments driving growth include travel services, which are expected to reach 2.07 trillion yuan, a 33.67% increase, and transportation services, projected at 2.00 trillion yuan, a 15.18% increase [12][13]. Key Companies' Performance - Major companies in the service trade sector include COSCO Shipping Holdings, which reported a revenue of 233.9 billion yuan in 2024, a 33.35% increase, and a gross profit of 67.7 billion yuan, a 145.35% increase [17]. - Boyuan Technology, a global IT service provider, reported a revenue of 5.098 billion yuan in the first three quarters of 2024, a 4.64% increase, but a net profit decline of 20.39% [19]. Industry Development Trends - Digital transformation is a key trend, with advancements in AI, blockchain, and cloud computing expected to enhance service delivery and efficiency [21]. - The demand for knowledge-intensive services is anticipated to rise, particularly in finance and IT, driving the industry towards higher value chains [22]. - Green service trade is emerging as a significant trend, with increasing focus on sustainability and environmental protection [23].

核心观点 过去一年多，我国服务贸易政策的调整，可以分为三个方向：一是增加国内优质服务供给，扩大电 信、医疗、教育、文化等领域制度型开放。二是促进入境消费，缩小旅游逆差，以"免签扩围延时、退 税免税升级"为主要手段。三是出于技术保护和关税反制角度，限制部分优势技术出口，以及美国电影 进口。 报告摘要 文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 前言 在货物贸易不确定性增多的背景下，服务贸易将更加凸显其重要性。因此，本期周报关注我国服务贸 易逆差现状，以及过去一年服务贸易政策的调整情况。 1 、增加优质供给：首次发布负面清单，推动制度型开放 2024 年 3 月，我国首次发布全国版《跨境服务贸易特别管理措施（负面清单）》，这是我国首次对 跨境服务贸易实施负面清单管理，意义重大。 但对比高标准 CPTPP 等高标准经贸规则，负面清单中，金融、交运、文化、通信等行业，市场准入 仍有开放空间，可能也是后续要推进的重点领域 。如今年政府工作报告提出，"推进服务业扩大开放 综合试点示范，推动互联网、 ...