齐鲁晚报.齐鲁壹点记者张玉岩 11月26日，山东省政府新闻办举行新闻发布会，邀请省国资委负责同志等介绍"十四五"时期山东坚定不移做强做优做大国有企业和国有资本情况。 一是通过主业相近企业之间的强强联合，突出主责主业，避免同质化竞争，实现规模效应和"1+1>2"的协同效应。例如山东国惠和山东发展的重组，两家 企业均为国有资本投资公司，以发展战略性新兴产业和现代产业为主业，重组后规模实力和资源配置效率显著提升，能够更好地服务我省新型工业化和绿 色低碳高质量发展。今年1-10月，重组后的新山东发展集团资产总额2496.63亿元、营业收入233.06亿元和利润总额25.44亿元，分别同比增长14.78%、 10.57%和6.34%，重组成效初步显现。 二是通过对产业链上下游企业进行整合，提高行业集中度，解决相关产业"小散弱"的问题。比如，今年实施的鲁粮集团与山东种业重组，原属于农业不同 领域的细分赛道，各自拥有资源和优势，重组后，新组建山东农业集团，充分发挥良种育繁推、农业社会化服务等方面优势，通过"企业带基地、基地带 产业、产业带农户"模式和精准化、专业化服务等方式，实现从种子研发、储备粮精益化管理、农副产品深加工 ...

《关于获得政府补助的公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司近日发布公告称，其控股子公司上海科之锐人才咨询有限公司于2025年11月21日收到政府补助资金 60,000,000元人民币。该补助为与收益相关的政府补助，计入营业外收入，预计对公司2025年度归属于 上市公司股东净利润影响金额为45,000,000.00元。最终会计处理以年度审计结果为准。上述补助不与日 常经营活动相关，且不具备可持续性。 最新公告列表 截至2025年11月25日收盘，科锐国际（300662）报收于28.45元，较前一交易日上涨3.53%，最新总市值 为55.99亿元。该股当日开盘27.77元，最高29.35元，最低27.77元，成交额达1.97亿元，换手率为 3.48%。 ...

每经AI快讯，科锐国际（SZ 300662，收盘价：28.45元）11月25日晚间发布公告称，北京科锐国际人力 资源股份有限公司控股子公司上海科之锐人才咨询有限公司2025年11月21日收到政府补助资金6000万元 人民币。 2024年1至12月份，科锐国际的营业收入构成为：人力资源行业占比100.0%。 截至发稿，科锐国际市值为56亿元。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 （记者 曾健辉） ...

投资策略 | 定期报告 回调不改震荡徐行之势 策略周报 20251123 研究结论 ⚫ 核心观点：短期市场陷入调整，市场情绪较为低迷，我们认为指数下行空间有限， 年末调整是布局来年的好契机，重点布局中盘蓝筹。 ⚫ 大势研判：短期回调不改震荡徐行之势 短期市场调整较多，内外因兼有，外因是 12 月海外无风险利率下行预期的下修，内 因是高风险偏好投资者的风险偏好下行速度快于低风险偏好投资者的风险偏好上行 速度。短期展望上看，外因可能有所缓解，美国纽约联储主席威廉姆斯周五发表讲 话后，押注再次转向更高的降息概率，我们认为最迟 12 月美联储议息落地后，海外 无风险利率下行的预期会再度上修；内因方面，高风险投资者风险偏好下行速度会 趋缓，然后用更低的速率慢慢向中间靠拢。 总结来说，我们维持上周对未来大势的判断，未来一段时间：盈利预期平稳+无风险 利率预期不变或略微上行+风险评价预期略微下行+风险偏好向中间收敛，指数仍将 维持"有涨有跌，横盘震荡，略微走强"的状态。 ⚫ 行业比较：中盘蓝筹布局正当时 从 2023 年 3 月到现在，科技+红利两端走的行情已成市场一致性预期。展望未 来，我们认为风险风格两端走行情走向尾声 ...

分享结束后，圆桌讨论环节的问答氛围热烈。参会企业代表围绕自身赴港上市规划、业务发展瓶颈等问题积极提问，三位专家针对这些问题逐一回答，提 供了个性化解决方案。 2025年11月18日，由北京股权交易中心有限公司（以下简称北股交）、北京京东方空间数智科技服务有限公司联合主办，天风国际证券集团有限公司、中 伦律师事务所、北京外企人力资源服务有限公司协办的"赴港上市，智赢未来"港股IPO及香港资本市场分析交流会顺利举办。活动聚焦企业赴港上市核心 需求，汇聚证券、法律、人力资源领域专家，吸引28家企业代表参会，覆盖人工智能、生物医药、智能制造等多个前沿赛道。 北京外企人力资源服务有限公司胡晓星围绕港股上市人力资源合规展开分享，介绍了赴港上市企业在招聘、入职、在职、离职人力资源管理全周期的合规 要点及相关法定义务，还讲解了香港《雇佣条例》下的用工政策、三类人才入境计划，以及FESCO的出海核心服务和服务中企出海的丰富经验。 本次交流会通过精准解读政策、拆解实操难题、搭建资源平台，有效破解了企业赴港上市的信息不对称问题。作为北京市唯一的区域性股权市场运营机 构，北股交始终聚焦企业发展需求，依托北京"专精特新"专板等特色板块 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index in the next 6-12 months [2][50]. Core Insights - The social services sector saw a 2.39% increase in the last two trading weeks, ranking 15th among 31 industries in the Shenwan classification. The sector outperformed the CSI 300 index by 2.66 percentage points [2][13]. - October's consumer data showed stable performance, with retail sales totaling 4.63 trillion yuan, a year-on-year increase of 2.9%. The restaurant sector also saw a recovery, with revenues reaching 519.9 billion yuan, up 3.8% year-on-year [2][30]. - The "15th National Games" boosted local tourism and consumption, particularly in cities hosting events, with hotel bookings in these areas increasing significantly [2][29]. Summary by Sections Market Review & Industry Dynamics - The social services sector's performance was highlighted by a 2.39% increase, with tourism retail leading the sub-sectors at +16.05% [2][16]. - The overall consumer market showed stability, with retail sales and restaurant revenues improving compared to previous months [2][30]. Investment Recommendations - Companies with strong growth potential include travel-related firms such as Tongcheng Travel, Huangshan Tourism, and Lijiang Co., as well as hotel brands like Junting Hotel and Jinjiang Hotel, which are expected to benefit from the recovery in business travel [2][5]. - The report suggests monitoring the recovery of cross-border travel and the potential for airport duty-free sales, recommending companies like China Duty Free Group and Wangfujing [2][5]. Industry Company News - The implementation of new duty-free shopping policies in Hainan has led to a significant increase in tourism consumption, with a reported 5.06 billion yuan in shopping amounts during the first week of the policy [2][29]. - The "15th National Games" has driven a surge in hotel and travel bookings in major cities, with some areas seeing increases of over 60% in hotel search volume [2][29].

Main Points - The report highlights three main investment themes: market recovery and supply-demand balance favoring leading companies, the role of AI in enhancing efficiency and generating secondary revenue, and the complexity of tourism investment driven by resource endowment and product refinement [5][6][17]. Group 1: Market Recovery and Supply-Demand Balance - The hotel market is expected to see a slight recovery, with average daily rates (ADR) showing positive trends [18][25]. - Luxury, mid-range, and economy hotels are experiencing a rebound after supply adjustments, with an increase in chain hotel ratios and mid-range hotel market share [7][26]. - The construction of the Hainan Free Trade Port is anticipated to significantly reduce import costs for businesses, enhancing the attractiveness of the region for tourism and hospitality investments [7]. Group 2: AI Applications in Recruitment - AI applications in recruitment are not solely focused on cost reduction but are increasingly aimed at generating additional revenue through enhanced efficiency [5][45]. - AI technologies are transforming recruitment processes, including job description generation, resume screening, and video interview analysis, leading to improved matching and efficiency [46][50]. - The recruitment service market is expanding rapidly, with high growth potential in the mid-to-high-end online recruitment sector [50]. Group 3: Tourism Investment Dynamics - The tourism investment landscape is complex, requiring a combination of resource endowment and product refinement to navigate economic cycles successfully [6][17]. - The luxury cruise market is gaining traction among older demographics, with high-quality experiences driving demand despite higher pricing [8]. - Policy changes promoting school holidays and flexible work arrangements are expected to boost service consumption, particularly in the tourism sector [8][11]. Group 4: Consumer Trends and Market Potential - The service consumption market is showing structural vitality, with service retail sales growing by 5.3% year-on-year, outpacing goods consumption [11]. - The "new silver-haired" demographic is emerging as a significant consumer group, with a growing focus on travel and leisure spending [68]. - The domestic tourism market is recovering steadily, with a projected 56.2 billion domestic trips in 2024, reflecting a 14.8% year-on-year increase [62].

社会服务 | 证券研究报告 — 行业点评 2025 年 11 月 16 日 社服与消费视角点评 10 月 国内宏观数据 社零稳步缓增长，文旅服务消费表现良好 国家统计局等部门公布了部分 2025 年 10 月国内宏观数据。其中，10 月社 零总额 4.6 万亿元，yoy+2.9%；10 月餐饮收入 5199 亿元，yoy+3.8%。10 月服务业 PMI 为 50.2%，高于 50%临界点，最新一期 9 月消费者信心指数 略有好转但仍处低位。我们维持行业 强于大市 评级。 支撑评级的要点 投资建议 2025 年 10 月消费数据整体运行平稳，受节假日景气度因素影响文旅服 务消费表现良好。我们建议关注有望受旅游出行消费需求复苏而实现业 绩加速恢复的旅游综合服务标的岭南控股、同程旅行，受益于商务和会 展业复苏的米奥会展；受益于商旅出行恢复的演艺、景区、酒店标的如 天目湖、丽江股份、宋城演艺、中青旅、锦江酒店、君亭酒店、首旅酒 店等；本土餐饮消费代表同庆楼；演艺演出产业链优质标的锋尚文化、 大丰实业；会议会展领域主要标的米奥会展、兰生股份；受益于促就业 政策的北京人力、科锐国际；免税消费相关的中国中免和王府井。 评 ...

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [10] Core Insights - In the first three quarters of 2025, the overall revenue of the social services industry increased by 1.8% year-on-year, with positive growth in all sub-sectors except for duty-free and hotel sectors [2][19] - The overall net profit excluding non-recurring items decreased by 6.51% year-on-year, with significant variations across sectors; hotels and human resources sectors showed increases of 13.51% and 5.41% respectively, while sectors like tourism, education, dining, duty-free, and outbound tourism experienced declines [2][19] - The third quarter showed a marginal improvement with a revenue increase of 3.64% year-on-year and a net profit decrease of 4.28% [2][19] Summary by Relevant Sections Revenue Overview - The overall revenue growth for the social services industry was 1.8% year-on-year in the first three quarters of 2025, with a notable increase of 3.64% in the third quarter [19] - Sub-sectors such as outbound tourism, human resources, education, and scenic spots saw revenue growth rates of 10.53%, 9.57%, 4.41%, and 1.41% respectively, while dining and duty-free sectors faced declines [20][22] Profitability Analysis - The overall net profit excluding non-recurring items for the industry decreased by 6.51% year-on-year, with hotels and human resources sectors showing positive growth [23][24] - The hotel sector benefited from effective cost control, while other sectors like scenic spots, education, dining, and duty-free faced significant profit declines [23][24] Cash Flow Insights - The cash flow situation showed signs of improvement, with human resources, dining, and scenic spots experiencing increases in net cash flow [34] - The overall cash flow performance remained weak, with several sectors showing declines in cash flow relative to revenue [34] Sector-Specific Opportunities - In the education sector, high-quality institutions are expected to see stable growth, particularly with the integration of AI technologies [7][41] - The human resources sector is experiencing structural recovery, supported by employment policies and AI technology [7][41] - The hotel sector is witnessing a recovery in RevPAR, with leading hotel groups resuming rapid expansion [7][41] - The duty-free sector is seeing a narrowing of sales declines, with expectations for new policies to stimulate growth [8][41] - The dining sector is currently facing challenges due to regulatory impacts, but some companies are managing to maintain stable growth [7][41] - The scenic spots sector is benefiting from increased domestic tourism, particularly among rural residents [7][41]

天眼查App显示，近日，广州恒雅化工日用品有限公司成立，法定代表人为陶森，注册资本5万人民 币，经营范围为物业管理;化工产品销售（不含许可类化工产品）;化工产品生产（不含许可类化工产 品）;对外承包工程;劳务服务（不含劳务派遣）;人力资源服务（不含职业中介活动、劳务派遣服务）; 以自有资金从事投资活动;企业形象策划;采购代理服务;广告发布;广告制作;广告设计、代理;咨询策划服 务;医学研究和试验发展;生物化工产品技术研发;技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广;会议及展览服务;品牌管理;供应链管理服务;企业管理;第二类医疗器械销售;第一类医疗器 械销售;技术进出口;货物进出口;塑料制品销售;国内贸易代理;计算机软硬件及辅助设备批发;计算器设备 销售;通讯设备销售;仪器仪表销售;电子产品销售;家用电器销售;互联网销售（除销售需要许可的商品）; 贸易经纪;美发饰品销售;消毒剂销售（不含危险化学品）;个人卫生用品销售;卫生用品和一次性使用医 疗用品销售;日用家电零售;日用化学产品销售;日用品销售;日用百货销售;日用化学产品制造;化妆品零售; 化妆品批发;建筑劳务分包;消毒剂生产（不含危险化学品 ...