Group 1 - The report emphasizes that service consumption has become a core strategy for expanding domestic demand in 2025, with significant potential for growth in China compared to developed economies like the US and Japan [4][8][28] - The report highlights that China's per capita GDP has surpassed $10,000, marking a critical window for the rapid development of service consumption, particularly in entertainment and leisure sectors [4][30][32] - Key measures to boost service consumption include increasing residents' income, enhancing leisure time, and encouraging high-quality service supply [4][8][28] Group 2 - The tea beverage industry is identified as having substantial growth potential, with a rational increase in store numbers and a shift towards emotional value for consumers, particularly among younger demographics [9] - The restaurant industry is expected to see steady growth, with a focus on government subsidies and an increase in chain operations, indicating a structural differentiation between mass and high-end markets [10] - Meituan is noted for its strategic investments in ecosystem development, maintaining a competitive edge despite short-term market fluctuations [11] Group 3 - The education sector is experiencing a concentration of market share among high-quality institutions, driven by regulatory changes and a persistent demand for K12 education [12] - The human resources industry is undergoing structural recovery, with a focus on AI applications to enhance efficiency and reduce costs [13] - The tourism sector is benefiting from policy-driven support and accelerated industry consolidation, with a notable increase in domestic travel demand [14] Group 4 - The hotel industry is facing a slowdown in supply growth, with leading hotel groups adjusting their operations to maintain competitive performance [14] - The duty-free sector is showing signs of recovery, with a stabilization in average transaction values and a narrowing decline in sales, supported by product diversification and new channel expansions [15]

在全球经贸格局深度调整、区域合作深化与中国企业加速"走出去"的战略机遇期，跨国人才配置与合规 管理已成为企业全球化成败的关键。为深入贯彻国家推动人力资源服务业高水平开放、培育国际竞争新 优势的战略部署，充分发挥全国首批、全省唯一的人力资源服务出口基地的核心优势，系统性破解企业 全球化布局中的人力资源痛点，青岛国家人力资源服务出口基地发布《青岛市企业出海人力资源服务指 南》（以下简称《指南》），旨在为青岛乃至更广泛区域企业提供前瞻性、实操性兼备的全周期国际化 人力资源管理行动指引。此举不仅彰显了基地服务国家开放大局的使命担当，更将为企业扬帆出海提供 坚实的人力资源战略支撑。 生态支撑，打造国际化人力资源服务枢纽 青岛国家人力资源服务出口基地不仅是《指南》的发布者，更是企业出海征程的强力"赋能平台"。基地 依托青岛作为"一带一路"双节点城市、RCEP区域优势，以打造东北亚人力资源服务配置枢纽为愿景， 构建了强大的服务生态体系。基地依托国家级平台优势，集成优质资源禀赋，提供"一站式"服务；通 过"基地发展合伙人机制"，汇聚国内外顶尖人力资源服务机构，构建涵盖国际人才寻访、跨境派遣管 理、薪酬福利与税务筹划、法律合规 ...

一、RCEP实施三周年，重塑区域贸易新生态 2025年正值《区域全面经济伙伴关系协定》（RCEP）生效三周年。作为全球最大的自贸协定，RCEP覆盖15个成员国、23.7亿人口，经济总量达30.1万亿美 元，占全球GDP的30%。三年来，其核心成果深刻改变了区域贸易生态： 贸易便利化水平大大提升：RCEP的实施使得贸易通关效率大大提升，推动区域内生鲜类、易腐类农产品的交易规模增长。因为通关时间从之前的12个小时 缩短至3小时，使得从韩国进口海鲜，从越南、菲律宾进口鲜榴莲成为新的选择。 原产地累积规则促进区域供应链深度融合：原产地累积规则打破了国界限制，显著扩大了区域内中间品的生产和贸易，使得区域内贸易进一步扩大，据商务 部数据显示，2024年我国发放RCEP优惠原产地证书和自主出具原产地声明数量分别同比增长17.4%和38%。 二、RCEP促进区域人才流动，加码中企出海用工确定性 中国与RCEP成员国之间贸易往来的重点行业包括纺织业、机械行业、电子信息行业、石化行业、农业，在RCEP制度实施框架下，将推动这些行业中的各 类企业加速出海步伐，以最大化享受制度红利。据商务部企业调研数据显示，70%的受访企业认为RC ...

企业名称沪博优才（上海）人力资源有限公司法定代表人陈绪注册资本200万人民币国标行业租赁和商 务服务业>商务服务业>综合管理服务地址上海市宝山区长逸路188号1幢10层企业类型有限责任公司 （自然人投资或控股的法人独资）营业期限2025-6-19至无固定期限登记机关宝山区市场监督管理局 来源：金融界 天眼查App显示，近日，沪博优才（上海）人力资源有限公司成立，法定代表人为陈绪，注册资本200 万人民币，由上海畅联升网络科技有限公司全资持股。 序号股东名称持股比例1上海畅联升网络科技有限公司100% 经营范围含人力资源服务（不含职业中介活动、劳务派遣服务）；企业管理；装卸搬运；家具安装和维 修服务；市场营销策划；家政服务；组织文化艺术交流活动；会议及展览服务；礼仪服务；信息咨询服 务（不含许可类信息咨询服务）；普通货物仓储服务（不含危险化学品等需许可审批的项目）；供应链 管理服务；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；包装服务；专业保洁、 清洗、消毒服务；商务秘书服务；社会经济咨询服务；企业形象策划；广告设计、代理；国内货物运输 代理；互联网销售（除销售需要许可的商品）；咨询策划服务；居 ...

"如果要到非洲做生意，至少要花半年的时间深入当地做市场考察，了解这边的政策法规、营商环境和人文情况。"在坦桑尼亚二次创业失败 后，牟女士得出了这样的结论。 北京外国语学校毕业的她，曾做过翻译，之后进入武汉一所国际学校任教。2024年，当国内越来越多的人都竞相追求一份稳定工作时，她却作 出一个令人意想不到的决定——放弃稳定且体面的教师工作，奔赴非洲创业。 在她心里，非洲是一片充满机遇的蓝海。她将创业首站定在东非第二人口大国、第三大经济体的坦桑尼亚。该国城市化优势明显，且属于非洲 经济增长速度最快的国家之一，发展前景乐观。 抵达坦桑尼亚后，牟女士最先尝试的是服装零售和批发业务，后又增加了床品和玩具两大品类。尽管她付出了诸多努力，最终的经营效果却不 尽人意。 可牟女士并未就此退却。如今，她已三闯非洲，在卢旺达开启了财税业务新征程。 服装行业"试炼" 牟女士的主要合伙人之一，此前在国内服装行业深耕近20年，从销售做起，后来进入大厂负责全国店面运营，对整个服装产业链十分熟悉。因 此他们选择从服装行业入手，一步步在坦桑尼亚开拓市场。 2024年七月底，牟女士一行人前往坦桑尼亚考察。他们几乎跑遍了达雷萨拉姆市（简称"达市" ...

Key Points - The report emphasizes an overweight rating for the consumer services sector, highlighting a new phase of travel transformation driven by high demand for themed tourism [1][5] - The consumer services index has shown stability with a slight decline of 3.43% as of June 13, 2025, underperforming the CSI 300 index [7][16] - The report suggests that the consumer services industry is experiencing a trend of increasing volume but decreasing prices, leading to greater pressure on corporate profitability and necessitating transformation [7][68] Sector Investment Strategy Consumer Services Sector Overview - The consumer services index has been relatively stable since the beginning of 2025, with a recent underperformance compared to the CSI 300 index [16][17] - The tourism and hospitality sectors have weakened due to declining per capita travel spending [7][16] Tourism and OTA - Domestic travel demand has rebounded significantly, with 1.794 billion domestic trips in Q1 2025, a year-on-year increase of 26.43% [25] - The average travel expenditure per person in Q1 2025 was 1,003.34 yuan, indicating a decline from previous trends due to the rapid increase in travel frequency [25][26] - The report anticipates that the demand for self-driving and short-distance travel will continue to rise, with a focus on experiential tourism rather than traditional sightseeing [25][69] Duty-Free Sector - The duty-free market in Hainan has seen a decline in sales, but the rate of decline is narrowing, with sales of 13.33 billion yuan in the first four months of 2025, down 10.75% year-on-year [32][33] - The report notes that the average spending per customer in Hainan's duty-free shopping has rebounded, reaching 8,319 yuan, a 25.11% increase compared to the previous year [33] - The international travel market is recovering, benefiting airport duty-free shops, with significant growth in international passenger traffic at major airports [37][38] Hotel Sector - The hotel industry is facing increased competition due to rapid supply growth, with the number of hotel facilities reaching 570,100 by the end of 2024, a 6.87% decrease year-on-year [42][44] - The report highlights that leading hotel groups are maintaining strong performance despite price competition primarily affecting budget hotels [42][51] - The expansion of chain hotels in lower-tier markets is expected to continue, with major hotel groups increasing their market presence [54][55] Human Resources Services - The report indicates a slight increase in employment pressure, particularly among recent graduates, with policies aimed at promoting employment expected to be introduced [57][61] - The human resources service market is projected to grow, with a market size of 2.76 trillion yuan in 2023, expected to reach 5.03 trillion yuan by 2028 [65][66] - The integration of AI in human resources services is anticipated to enhance efficiency in recruitment and management processes [66][67] Investment Recommendations - The report recommends focusing on sectors with strong demand, such as scenic spots and OTA, as well as the hotel sector, which is expected to expand despite competitive pressures [68][69] - Specific stocks to watch include Long White Mountain (603099), Emei Mountain A (000888), and China Duty Free (601888) [69]

人力资源社会保障部日前宣布，将在30个左右具备条件的城市开展人力资源服务业与制造业融合发展试 点。试点有何现实意义？如何开展？重点有哪些？记者采访了人力资源社会保障部人力资源流动管理司 负责人。 从高端人才引育、招聘用工保障到人力资源专业培训、人力资源管理赋能，人力资源服务业和制造业关 系密切。 "人力资源服务业是现代生产性服务业重要门类，直接服务亿万劳动者和广大用人单位，对促进市场化 社会化就业、助力构建现代化产业体系具有重要意义。制造业是国民经济的主体，是吸纳就业和开发利 用人力资源的重要领域。"该负责人介绍，近年来，人力资源服务业与制造业融合发展水平不断提升， 人力资源服务业年均服务5000余万家次用人单位，其中约40%是制造业企业，形成了大量专门面向制造 领域的人力资源服务场景。 据了解，此次试点目的就是在现有经验基础上，探索产业升级与就业促进相互联动的新路径，推动形成 现代化产业体系和高质量充分就业高效协同的发展格局。 按照相关部署，30个左右试点城市将通过3年左右的努力，培育一批面向制造业的专业人力资源服务机 构，打造一批融合发展平台载体和联合体，发展一批支持制造业高质量发展的人力资源服务创新技术 ...

Core Viewpoint - Despite a slowdown in revenue growth, the company has achieved positive growth in core operating metrics through excellent cost control [1][2] Group 1: Financial Performance - For Q1 2025, the company reported revenue of 1.923 billion (+12.88%), GAAP net profit of 518 million (+111.53%), adjusted net profit of 764 million (+43.93%), and adjusted operating profit of 692 million (+76.18%) with a non-GAAP operating profit margin (OPM) of 36.0% [2] - Revenue growth has slowed down, with quarterly growth rates for 2024Q1 to 2025Q1 being +33.37%, +28.85%, +18.98%, +15.40%, and +12.88% respectively [2] - The company has effectively reduced sales expense ratio by 8.46 percentage points, with absolute sales expenses decreasing by 88.05 million year-on-year; R&D expense ratio decreased by 5.42 percentage points, and management expense ratio decreased by 2.07 percentage points [2] Group 2: Future Outlook - Revenue growth is expected to continue slowing in Q2 2025, with projected revenue between 2.05 billion and 2.08 billion, representing a year-on-year increase of 6.9% to 8.5% [3] - The company has a clear and rational plan for AI product development in the human resources service sector, with products for B2B, B2C, and management already planned and clear application scenarios identified [3] - The company anticipates that these AI products will begin gray testing in Q2 to Q3 of 2025, potentially contributing to future revenue [3]

Investment Rating - The report maintains an "Overweight" rating for the consumer services industry, indicating a positive outlook despite current challenges [1]. Core Insights - The consumer services industry is experiencing a slowdown in overall revenue growth, with total revenue reaching 237.785 billion yuan in 2024, a year-on-year increase of 1.9%. In the first quarter of 2025, revenue was 59.904 billion yuan, showing a minimal growth of 0.07% [4][11]. - The net profit for the industry is under pressure, with a significant decline of 23.24% year-on-year to 9.642 billion yuan in 2024, and a 7.1% decrease to 3.534 billion yuan in the first quarter of 2025. This is attributed to increased price sensitivity among domestic tourists [4][11]. - The report highlights that most sub-sectors within the consumer services industry are experiencing revenue growth without corresponding profit increases, particularly in the scenic spots and human resources service sectors [4][14]. Summary by Sections 1. Overall Industry Performance - The consumer services industry is seeing a stabilization in service consumption revenue, with a notable slowdown in growth compared to the explosive rebound in 2023. The overall revenue for 2024 is projected at 237.785 billion yuan, with a slight increase in the first quarter of 2025 [11][14]. - The report notes that tourists are becoming more price-sensitive, leading to a decline in net profits for tourism-related companies [11][14]. 2. Key Sub-Industry Performance 2.1 Scenic Spots - The scenic spots sector achieved a revenue of 22.866 billion yuan in 2024, a growth of 3.34%, with a net profit of 1.808 billion yuan, up 26.27% [15][24]. - In the first quarter of 2025, revenue was 4.792 billion yuan, a growth of 3.65%, but net profit decreased by 13.06% to 0.356 billion yuan [17][30]. 2.2 Education - The education sector's revenue reached 34.106 billion yuan in 2024, growing by 5.61%, while net profit was 0.843 billion yuan, down 20.68% [36][40]. - In the first quarter of 2025, revenue increased to 7.935 billion yuan, a growth of 8.65%, with net profit at 0.346 billion yuan, down 7.93% [36][42]. 2.3 Hotels - The hotel sector reported total revenue of 24.964 billion yuan in 2024, a decrease of 2.09%, with net profit at 1.595 billion yuan, down 9.76% [46][48]. - In the first quarter of 2025, hotel revenue was 5.435 billion yuan, a decline of 8.09%, and net profit fell to 0.125 billion yuan, down 54.87% [46][55]. 3. Investment Strategy - The report suggests that while profits are under pressure due to macroeconomic factors, the gradual recovery of the domestic economy post-September 2024 may boost demand. It recommends focusing on sectors like education and human resources services that are likely to benefit from policy support [4][14]. - Specific companies to watch include Xueda Education (000526) and Keri International (300662) in the education and human resources sectors, respectively [4][14]. In the tourism sector, companies like Songcheng Performance (300144) and Changbai Mountain (603099) are highlighted for their potential recovery [4][14].

据了解，湖北省将持续精准选育项目，策划储备一批立足地方特色产业、资源禀赋的优 势项目，推介发布一批"投资小、风险低、可预期"的创业项目，培育扶持一批市场认可度 高、成长带动性强的优质项目。 编辑：熊展平 以长江新区阳逻街乡村民宿改造项目为例，主要是对阳逻街内闲置农房及农村自然环境 进行改造升级，打造集休闲度假、农事体验、文化展示于一体的精品民宿集群。"该项目目 标客群为武汉市都市圈家庭亲子、短途游客及企业团建群体，可以充分利用街道内的农业资 源和文化底蕴，促进农业与旅游的有机结合，填补周边中高端民宿市场空白。"长江新区社 会事业局工作人员魏来表示，改造项目较新项目节约成本，建成后通过农旅文化教育体验、 农产品采摘带货、网红打卡、户外露营、客房餐饮收入等带来多元化收益，投资回收期合 理，长期收益可期。 5月9日，记者从湖北省"抓创业促就业"系列行动首场发布会上获悉，在湖北省首批返乡 创业推介项目中，武汉市6个创业推介项目名列其中，分别是：东西湖区面塑非遗文创工坊 项目、黄陂区蛋鸡养殖项目、长江新区阳逻街乡村民宿改造项目、蔡甸区人力资源产业园项 目、新洲区汪集汤食产业园项目和江夏区猪猪王国农旅欢乐体验项目。 这些 ...