（编辑 袁冠琳） 证券日报网讯 科锐国际10月10日在互动平台回答投资者提问时表示，科锐国际作为全球化人力资源服 务企业，已在英国、美国、德国、荷兰、瑞士、澳大利亚、马来西亚、新加坡等多个国家共设置10余家 海外分支机构，在新能源、智能制造、生物医药等关键领域积累了丰富的跨境人才解决方案经验。"K 字签证"政策将促进国际科技人才流动，有利于公司进一步发挥全球资源整合能力，为中外企业提供更 高效的人才匹配服务，强化公司在国际人才服务市场的竞争力。 ...

Core Viewpoint - Shandong Province has introduced 13 measures to stabilize employment, focusing on supporting unemployed individuals, college graduates, entrepreneurs, and disadvantaged groups [1][2] Group 1: Employment Support Measures - The new measures include four main areas: supporting enterprises to stabilize job positions, providing assistance to key groups, enhancing skills training for job matching, and optimizing services in the employment market [2] - Specific policies for enterprises include a 25% subsidy on individual social insurance contributions for key groups in small and medium-sized enterprises that sign contracts for over one year [2] - The unemployment insurance return rate for large enterprises has increased from 30% to 50%, while for small and medium-sized enterprises, it has risen from 60% to 90% [2] Group 2: Targeted Groups for Employment Assistance - The focus is on four key groups: unemployed individuals, college graduates, entrepreneurs, and low-income populations [3] - For unemployed individuals, a service system has been established to ensure timely access to support policies and services, with 406,000 unemployed individuals finding re-employment from January to August, a 3.9% increase year-on-year [3] - The "Lu Hui Le Ye" initiative aims to provide various benefits to college graduates, including academic, accommodation, and living support [3] Group 3: Skills Training and Job Matching - Shandong Province has increased the subsidy standards for vocational training, with higher subsidies for those who achieve employment within six months after training [3] - On-the-job training for employees is being widely implemented, and a "green channel" for enrollment is available for unemployed individuals wishing to enhance their skills [3] Group 4: Optimizing Employment Services - The province is enhancing employment services by integrating public employment agencies with private human resource services, conducting online and offline recruitment activities [4] - The "Stabilizing Jobs and Supporting Enterprises" initiative has helped 114,000 enterprises resolve labor needs for 613,000 positions this year [4] - A total of 59.88 billion yuan has been allocated for employment-related funding this year, with a focus on supporting enterprises, key groups, and skill enhancement [4]

Summary of the Conference Call Records Industry Overview - The social services sector in the first half of 2025 showed uneven recovery, reaching only 79% of 2019 levels. Key areas of growth included K12 training, human resources, and scenic spots, while the travel chain and higher vocational education faced challenges [1][2][26]. Key Points and Arguments K12 Training - K12 training maintained high industry prosperity due to clear policy definitions, contributing positively to the sector's performance [2][3]. Human Resources - The human resources sector experienced significant growth driven by outsourcing and headhunting services, with a reported revenue increase of approximately 30% [3][17]. Scenic Spots - Scenic areas saw both revenue and profit growth, with companies like Xiangyuan Cultural Tourism and Jiuhua Tourism leading the way through asset injections [4][10]. OTA (Online Travel Agency) - The OTA sector, particularly Ctrip, benefited from travel demand, achieving net profit above expectations due to precise overseas spending and strong domestic accommodation and transportation bookings [5][12][26]. Hotel Industry - The hotel sector is nearing a turning point, with average RevPAR down by 4%-5%. However, leading companies like Huazhu and Atour managed to achieve profit growth through operational excellence [5][13][26]. Restaurant and Beverage Sector - The restaurant and beverage industry showed structural highlights despite facing pressures, such as the June alcohol ban. Notable performers included Xiaocaiyuan and Green Tea, with profit growth rates of 35%-36% and 40%, respectively [6][21][23]. Future Outlook - Strong operational companies are expected to outperform in the second half of the year and into 2026. The hotel industry is anticipated to see a supply curve slowdown, indicating a potential turning point. Flight booking data for the upcoming National Day shows a year-on-year increase of 5.7%, suggesting a continued recovery in travel demand [7][8][26]. Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism is expected to further develop through asset injections and is actively building an online platform to create private traffic [9]. Jiuhua Tourism - Jiuhua Tourism reported a robust performance with a 20% increase in visitor numbers, benefiting from favorable timing and improved transportation access [10]. Challenges and Opportunities in Scenic Areas - Scenic areas face challenges such as increased customer acquisition pressure and rising sales costs. However, those with unique resources, like Jiuhua Mountain and Changbai Mountain, are expected to attract visitors and improve profitability [11]. Investment Recommendations - Investment opportunities are recommended in the OTA sector, particularly Ctrip, and in the hotel sector, with a focus on companies like Shoulv and Huazhu. The restaurant sector also presents potential with companies like Xiaocaiyuan and Green Tea [26][27][29]. Other Important Insights - The duty-free industry is currently in an adjustment phase, with a 9% decline in sales but a 20% increase in average transaction value. The focus is on identifying the turning point in this sector [14][15]. - The professional services industry is embracing AI technology to enhance efficiency and reduce costs, with notable advancements in recruitment and event management [16]. - The education sector is seeing varied performance, with companies like China Oriental Education showing resilience and growth potential through strategic adjustments [18][19][28]. This summary encapsulates the key insights and developments within the social services sector and its sub-industries, highlighting both challenges and opportunities for investors.

Core Points - A job fair for people with disabilities was held in Beijing on September 19, organized by the Beijing Disabled Persons' Federation, featuring over 60 companies offering more than 100 job positions [1] - The event attracted over 600 participants, resulting in 156 candidates reaching preliminary employment agreements with employers [1] Summary by Category Job Opportunities - The job positions offered were tailored to the skills and employment needs of people with disabilities, covering a wide range of sectors including human resources, administrative management, marketing, information technology, new media operations, and data annotation [1] - Additionally, the fair included opportunities in manufacturing, healthcare, and food service industries [1] Event Features - The event featured specialized areas such as an AI-integrated career guidance zone, a policy consultation area, and a service guarantee zone [1] - An online application channel was provided for those unable to attend in person, allowing job seekers to submit their resumes digitally [1]

Job Market Overview - The US job market is experiencing significant challenges, with the unemployment rate rising to 4.3% in August, the highest since October 2021, after remaining between 4% and 4.2% since May 2024 [3] - Economic data revisions indicate a net loss of 13,000 jobs in June 2024, marking the first monthly job loss since December 2020, and nearly a million fewer jobs added than previously reported for the year prior through March 2025 [3] Job Seekers' Experience - Job seekers, particularly those trying to enter the labor market or switch jobs, are facing difficulties, as evidenced by one individual who submitted over 500 applications but only secured two interviews [4] - The share of unemployed Americans who have been out of work for more than 27 weeks reached 25.7% in August, a level not seen since early 2022 [5] Employment Dynamics - Employed individuals are hesitant to leave their current jobs due to the challenging job market, leading to a situation where job applications have become a full-time endeavor for many [5] - The current labor market is characterized as a "no-hire, no-fire" environment, where economic uncertainty is causing companies to refrain from hiring [5]

Core Viewpoint - The Shanghai government is showcasing the achievements of the "14th Five-Year Plan" through a series of press conferences, highlighting the high-quality development and results from various districts, particularly focusing on Jing'an District's efforts to build a modern international urban area [1][3]. Economic Development - Jing'an District's GDP is projected to reach 336.99 billion yuan in 2024, surpassing the 300 billion yuan mark, with a per capita GDP of 360,000 yuan, which is 1.5 times that of 2020 [4]. - The district's public budget revenue is expected to reach 30.22 billion yuan, ranking among the top in the city [4]. - Jing'an has attracted 991 new stores since 2021, making it a hotspot for consumer activity, with retail sales leading among central districts [4]. Headquarters Economy - Since the beginning of the "14th Five-Year Plan," Jing'an has added 85 new regional headquarters of multinational companies, totaling 142, with an annual tax contribution growth of 11.1% from headquarters economy [4][5]. Industrial Development - Six key industries contribute over 85% to the regional economy, with a significant increase in high-end service brands from 48 to 103 [5]. - The professional services sector's tax contribution rose from 15.8% in 2020 to 22.1% last year [5]. Innovation and Technology - Jing'an has become a hub for emerging industries, housing one-third of the city's core data intelligence companies and a significant number of global pharmaceutical firms [6]. Reform and Opening Up - From 2021 to 2024, Jing'an attracted 1,122 foreign direct investment projects, with a total contracted foreign capital of 4.83 billion USD, marking a significant increase compared to the previous five years [7]. - The district has implemented 693 measures to optimize the business environment, leading to a 1.8 times increase in new market entities compared to the previous five years [7]. Urban Renewal - Jing'an has focused on urban renewal, completing the renovation of 47 old residential areas and enhancing public services, including the construction of rental housing [8][9]. Social Development - The district has improved public services, particularly in elderly care and childcare, and has enhanced cultural offerings, maintaining a leading position in public cultural facilities [10]. Future Outlook - As Jing'an approaches the end of the "14th Five-Year Plan," it aims to set higher goals for the next decade, focusing on excellence and contributing significantly to the city's overall development [11].

Group 1 - The core challenge for companies in the AI era is not just technology but the alignment of talent strategy with business strategy [3][8] - AI job demand has doubled year-on-year, with only 20% of the required talent being suitable for the roles [2][8] - Companies need to shift from "buying talent" to "creating talent" by focusing on internal training and development [3][10] Group 2 - A successful case was shared where a traditional manufacturing company built a complete talent system by identifying internal potential and providing targeted training [3][10] - AI-native companies may struggle to attract talent if their organizational structure is not well-defined, highlighting the importance of matching talent with company needs [3][12] - The younger generation of AI entrepreneurs values practical skills and hands-on experience over traditional qualifications [4][14] Group 3 - Companies must create an agile talent ecosystem that combines full-time employees, outsourced consultants, and digital workers [15] - The importance of aligning talent with strategic goals is emphasized, as many CEOs are dissatisfied with the pace of AI implementation [13][14] - The future of talent acquisition will require a dynamic approach, continuously tracking and adapting to the needs of the organization [14][15]

Group 1 - The 2025 China International Service Trade Fair aims to inject new momentum into global service trade development, showcasing China's commitment to high-level opening up and promoting high-quality service trade growth [1] - The theme of this year's fair is "Digital Intelligence Leading, Service Trade Renewed," highlighting innovations in artificial intelligence (AI) and big data [2] - The fair features various innovative products, including the FWH-3000 heavy-duty drone for logistics and medical rescue, and advanced nuclear power construction technologies [2] Group 2 - China's travel service exports grew by 62.9% in the first seven months of the year, driven by policies such as visa exemptions and payment facilitation [4] - China Bank announced a new "immediate refund" tax refund service for outbound travelers, enhancing its brand recognition in the tax refund sector [4] - Tencent showcased cross-border payment services for foreign visitors, allowing users from countries like Malaysia and Singapore to use their wallets for in-store purchases in China [4] Group 3 - The fair attracted participation from 54 countries and 21 international organizations, creating opportunities for collaboration [6] - Australian companies presented innovative products, including a 3D interactive product that can be applied in various fields such as healthcare and education [6] - The event emphasizes mutual cooperation and shared prosperity, aiming to expand bilateral and regional service trade partnerships [7]

据了解，自2021年起，北京市率先在全国连续发布国际职业资格认可目录，先后认可149项国际职业资格，为近7000人提供了查询验证、出入境便利等服 务。该项工作被商务部评为服务贸易创新发展试点"最佳实践案例"，并于2024年在国际商务会展和云计算工程师两个领域首次实现了职业资格从单边认可到 双向互认的突破。 在会议现场，《北京市国际职业资格认可目录(2025年版)》也迎来了最新发布，围绕信息技术、科技服务、金融等重点领域持续扩容升级，目录总量增至 163项。 企业出海，人才先行。伴随越来越多中国企业加速"走出去"步伐，人才保证也愈发重要。作为国家级开放平台，2025年服贸会为各方资源对接搭建了桥梁， 一批着眼全球的协作项目也在当日的会议中正式落地，推动"教育+科技+人才"三个领域联动。在会议现场，"跨文化交流与国际人才培养合作项目"协议签 署，通过联合培养、文化交流等项目，储备更多兼具国际视野与专业能力的人才。 同时，组建跨境产业人力资源服务联盟，中国-印尼跨境产业人力资源服务联盟正式启动。 此外，首批12家中资企业人力资源国际化服务联络站正式亮相，站点遍布新加坡、澳大利亚、印尼、英国等11个国家和地区。联络站 ...

Core Insights - The report indicates a divergence in performance within the social services sector, with leading companies outperforming their peers [5][7] - The overall revenue for the service consumption sector increased by 1.4% year-on-year in 1H2025, reaching 134% of 2019 levels, while profits declined by 11.5%, recovering to 79% of 2019 levels [12][15] - Key segments such as K12 education, human resources, and scenic areas showed both revenue and profit growth, while hotels, restaurants, tourism retail, and higher education faced challenges [12][13] Social Services Overview - In 1H2025, K12 training and human resources sectors saw revenue growth of 14.4% and 10.7%, respectively, with net profits increasing by 39.5% and 49.8% [12][15] - Scenic areas also reported growth, with revenues up by 3.9% and net profits by 2.4% [15] - Conversely, the hotel sector experienced a revenue decline of 4.5% and a significant profit drop of 40.6% [13][15] Travel Services - The hotel industry remains under pressure, with leading hotels like Huazhu Group and Shoulv Hotel showing resilience despite a decline in RevPAR [16][19] - In 1H2025, leading hotels continued to expand, with Huazhu adding 990 new hotels [16][18] - OTA companies benefited from overall travel demand, with significant growth in overseas business [7][24] Scenic Areas and OTA - Domestic tourism numbers surpassed pre-pandemic levels, with a 20.6% increase in travel volume in 1H2025 [24] - Scenic area performance varied, with Xiangyuan Cultural Tourism and Jiuhua Tourism showing strong growth, while Changbai Mountain faced challenges due to weather [29] - The average ticket price for domestic travel has not fully recovered, remaining at 95% of 2019 levels [24] Professional Services - The human resources sector is experiencing a mild recovery, with companies like Keri International and BOSS Zhipin performing well [7][16] - The education sector, particularly K12 training, continues to thrive, with a focus on AI applications enhancing efficiency [7][16] - The exhibition industry is awaiting macroeconomic improvements to boost performance [7][16] Restaurant and Tea Beverage Sector - The restaurant industry is under pressure, with same-store sales declining, while budget-friendly dining options are showing resilience [7][12] - The tea beverage sector is expanding, with leading brands like Mixue and Gu Ming performing exceptionally well [7][12]