Core Viewpoint - Multiple institutions have issued positive ratings for Core International, highlighting the rapid growth of its AI-driven "He Wa" platform and the company's overall performance improvements [1][4]. Financial Report Analysis - Core International's 2025 profit forecast indicates a net profit of 267-334 million yuan, representing a year-on-year growth of 30%-62.5%. The non-recurring net profit is expected to be 145-211 million yuan, with a growth of 6.46%-54.52% [5]. - Non-recurring gains are estimated at approximately 122 million yuan, primarily from government subsidies and subsidiary equity sales, although Q4 non-recurring net profit may fluctuate due to high base effects and asset impairment provisions [5]. - The flexible employment segment has over 50,900 personnel as of Q3, showing a year-on-year increase of 20.06%, with the proportion of technical research positions rising to 70.97% [5]. - The efficiency of mid-to-high-end recruitment has improved by 15%, and overseas operations achieved a profit of about 15 million yuan in the first three quarters, successfully turning profitable [5]. Recent Stock Performance - As of February 11, 2026, Core International's stock price is 28.55 yuan, with a daily decline of 0.56% and a cumulative drop of 2.16% over the past five days. Year-to-date, the stock has risen by 12.71%, but has seen a 20-day decline of 8.58% [6]. - The trading volume on the latest date was 82.65 million yuan, with a turnover rate of 1.48% and a volume ratio of 0.87, indicating relatively low trading activity [6]. - The stock is currently near a 20-day support level of 27.36 yuan and a resistance level of 31.94 yuan, with MACD and KDJ indicators showing weakness, suggesting a potential continuation of adjustments in the short term [6]. Recent Events - On January 29, 2026, Core International announced its 2025 earnings forecast and disclosed that the controlling shareholder plans to reduce holdings by 5.9041 million shares (3% of total shares) between December 30, 2025, and March 27, 2026 [3][7]. - The company emphasized that its earnings growth is driven by the AI empowerment of the "He Wa" platform and the recovery of overseas markets, but the share reduction plan may impact market sentiment [3][7].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The 2026 Spring Festival will feature a "9-day no work adjustment" policy, leading to a high public satisfaction rate of 92.9%. This extended holiday is expected to significantly boost travel and consumption during the Spring Festival period [7][8]. - The aviation sector anticipates a record passenger volume of 95 million during the 40-day Spring Festival travel period, representing a year-on-year increase of 5.3%. The number of flights planned by domestic airlines is expected to reach 657,000, also up by 5% [8]. - The domestic tourism market is experiencing diverse growth, with family travel becoming increasingly popular. The proportion of family travelers is expected to reach 39%, while the elderly demographic (aged 60 and above) will account for 19% of travelers [18][20]. - There is a notable increase in outbound travel demand, with booking volumes rising nearly 40% year-on-year. Southeast Asia is dominating international travel routes, capturing nearly 50% of outbound flights, while flights to Japan have decreased significantly [31][40]. Summary by Sections 1. Expansion of Aviation and Railway Capacity - The Spring Festival travel period will see a significant increase in passenger flow, with the aviation sector expecting 95 million passengers, and the railway sector projecting 539 million passengers, both reflecting a 5% increase year-on-year [8][16]. 2. Emergence of Diverse Customer Groups - Family travel is on the rise, with a notable increase in the average booking price for family accommodations, which is 9% higher than other types. The demand for larger, more private accommodations is also increasing, with a 77% year-on-year growth in bookings for standalone villas during the winter holiday [18][20]. 3. Restructuring of Destination Patterns - Outbound travel is seeing a shift, with Thailand regaining its position as the top destination. The demand for long-haul and differentiated travel experiences is becoming mainstream, with a significant increase in interest for destinations like Turkey and New Zealand [31][42]. 4. Investment Analysis Recommendations - The report suggests focusing on companies that can leverage the benefits of the extended holiday and the growth in inbound and long-haul outbound travel. Recommended sectors include tourism attractions, exhibition and sports events, human resources, hotels, and duty-free retail [43].

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes the positive outlook for travel-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and anti-monopoly measures in the OTA sector [4] - The report also notes the potential in the gold and jewelry market, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea sector is acknowledged, with specific recommendations for brands benefiting from these subsidies [4] - AI applications and undervalued new consumer sectors are identified as areas of interest, with several companies recommended for investment [4] Summary by Sections Travel and Hospitality - The report recommends several hotel stocks, including Huazhu Group, ShouLai Hotel, and JinJiang Hotels, as well as duty-free stocks like China Duty Free Group [4] - Scenic spots such as Emei Mountain A, Jiuhua Tourism, and Huangshan Tourism are highlighted as investment opportunities [4] Gold and Jewelry - Stocks like Caibai Co., Luk Fook Holdings, and Laopuhuangjin are recommended based on short-term data exceeding expectations and improved competitive dynamics [4] New Consumer Trends - Companies such as Kangnait Optical, Huatu Shanding, and Tianli International Holdings are suggested for their potential in AI applications and new consumer trends [4] Low Valuation and High Dividend Stocks - Recommendations include Jiangsu Guotai, Yum China, and Haidilao, focusing on low valuation and high dividend yield stocks [4] Market Performance - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report discusses the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also mentions the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4]

Group 1 - The core viewpoint of the report is that Pacific Securities has given a "Buy" rating to Core International (300662.SZ) based on several positive indicators [1] - The forecast median indicates a slight slowdown in core operating profit growth for Q4 [1] - The main business remains stable with structural optimization [1] - The overseas business has successfully turned profitable [1] - The AI strategy, particularly the "He Wa" platform, is experiencing rapid growth [1] Group 2 - The report highlights potential risks including changes in the macro market environment and a decrease in corporate hiring demand [1] - There are concerns regarding the loss of major clients or a significant reduction in orders [1] - The report also notes risks related to slow progress in technology research and development, as well as unmet expectations in digital transformation [1]

Investment Rating - The report rates the industry as "Overweight" [1] Core Insights - The report highlights the upcoming "2026 Spring Festival Special Activity Plan" aimed at boosting consumption during the holiday season [3] - It emphasizes optimism towards tourism-related sectors, including hotels, duty-free shops, and scenic spots, due to improved vacation policies and ongoing anti-monopoly measures in the OTA sector [4] - The report also suggests a favorable outlook for the gold and jewelry sector, recommending stocks with low valuations and improved competitive landscapes [4] - The impact of subsidies on the milk tea industry is noted, with specific recommendations for brands benefiting from these initiatives [4] - AI applications and undervalued new consumer sectors are highlighted, with several companies recommended for investment [4] Summary by Sections Investment Highlights - The report suggests continued optimism for tourism-related sectors, recommending specific companies such as Huazhu Group, ShouLai Hotel, and China Duty Free Group [4] - It also recommends gold and jewelry companies like Caibai Co., Luk Fook Holdings, and Laopuhuangjin, focusing on those with short-term data exceeding expectations [4] - The milk tea sector is expected to benefit from subsidies, with recommendations for brands like Guming and Hushang Ayi [4] - AI and new consumer applications are highlighted, with recommendations for companies like Kangnait Optical and Huatu Shanding [4] - Low valuation and high dividend yield stocks are recommended, including Jiangsu Guotai and Haidilao [4] Market Review - The report notes a decline of 0.91% in the retail sector and a rise of 0.70% in consumer services, ranking them 20th and 9th respectively among 30 industries [4] - Notable stock performances include Junting Hotel (+10.38%) and Haidilao (+8.64%) [4] Industry Updates - The report mentions the issuance of a special activity plan by multiple government departments to promote various consumption sectors [4] - It also notes the acceptance of the first commercial real estate REITs by the Shenzhen Stock Exchange, expanding the scope to retail, hotels, and office buildings [4] - Recent acquisitions, such as Meituan's purchase of Dingdong Maicai's China business for approximately $717 million, are highlighted [4] Company Announcements - Key announcements include the resignation of the general manager of HeBai Group and the signing of a land compensation agreement by a subsidiary of an agricultural products company [4]

2026 年 02 月 06 日 公司点评 买入/维持 科锐国际(300662) 目标价: 昨收盘:28.57 2025 业绩预告点评：AI 战略引领，"禾蛙"平台打造第二增长曲线 走势比较 (10%) 8% 26% 44% 62% 80% 25/2/6 25/4/20 25/7/2 25/9/13 25/11/25 26/2/6 科锐国际 沪深300 股票数据 | 总股本/流通(亿股) | 1.97/1.96 | | --- | --- | | 总市值/流通(亿元) | 56.23/56.08 | | 12 个月内最高/最低价 | 39.99/21.66 | | (元) | | <<科锐国际 24 年报及 25Q1 季报点 评：营收利润双增长，技术赋能筑未 来>>--2025-04-26 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 事件：科锐国际发布 2025 年业绩预告，预计全年实现归母净利润 2.67-3.34 亿元，同比增长 30.0%-62.5%；扣非净利润 1.45-2.11 亿元， 同比增长 6.46%-54.52% ...

Group 1 - Hailanxin (300065) benefits from the collaborative development of the capital urban area port cluster and the intelligent upgrade of shipping, leading to strong growth momentum for the company [1][34] - The company specializes in marine electronic information systems and marine engineering equipment, with a leading position in domestic navigation technology [1][34] - The demand for technology support is expected to increase due to the acceleration of intelligent transformation at key ports like Tianjin and Tangshan [1][34] Group 2 - Jingtou Development (600683) focuses on the development of rail transit properties, leveraging the construction of a cross-regional rail transit network to unlock land value along the routes [2][36] - The company has developed a mature "rail + property" model and holds multiple patents in core technologies related to rail property [2][36] - The ongoing construction in key areas like Beijing's sub-center and Xiong'an New Area aligns with the demand for residential and industrial support due to population relocation [2][36] Group 3 - Chengjian Development (600266) is positioned to benefit from the accelerated urban renewal and non-capital function relief, which creates sustained demand for urban development and infrastructure projects [3][37] - The company has extensive experience in old city renovation and affordable housing construction, participating deeply in the quality upgrade projects of core cities [3][37] - The company’s land reserves and project resources in key areas can directly meet the housing and industrial space needs arising from population relocation [3][37] Group 4 - Langfang Development (600149) is strategically positioned in the land development business in the Beijing area, benefiting from the integration of Tongzhou and the North Three Counties [4][38] - The company can leverage local resource advantages to undertake land consolidation and infrastructure construction projects [4][38] - The demand for land development is expected to be rigidly released due to the implementation of cross-regional demonstration policies [4][38] Group 5 - Julisi (002342) sees a surge in demand for engineering equipment and rigging due to large-scale infrastructure projects in the urban area [5][39] - The company specializes in engineering rigging and lifting equipment, widely used in construction scenarios such as bridges and ports [5][39] - The integration of transportation in the Beijing-Tianjin-Hebei region is expected to drive significant growth in the company's product demand [5][39] Group 6 - Huasheng Tiancai (600410) focuses on cloud computing and digital services, capitalizing on the digital infrastructure upgrade and industrial digital transformation in the urban area [6][40] - The company has a comprehensive digital technology system and rich industry service experience [6][40] - The demand for digital services is expected to grow as the region develops smart transportation and digital governance applications [6][40] Group 7 - Jinyu Group (601992) is a leading supplier of building materials in the Beijing-Tianjin-Hebei region, benefiting from the ongoing construction boom and urban renewal [7][41] - The company’s product offerings include cement, concrete, and aggregates, with a strong supply chain advantage [7][41] - The demand for building materials is expected to rise significantly due to large-scale infrastructure and housing projects [7][41] Group 8 - Jidong Equipment (000856) is positioned to benefit from the upgrade of traditional industries and the demand for equipment renewal in the building materials sector [8][42] - The company specializes in cement equipment manufacturing and engineering services, with a strong technical capability [8][42] - The demand for high-end cement equipment and environmental renovation technology is expected to grow as the region pushes for green upgrades [8][42] Group 9 - Fushi Holdings (300071) focuses on brand marketing and public relations, benefiting from the growing demand for brand promotion in the urban area [9][43] - The company has a full-chain marketing service capability and serves clients across multiple industries [9][43] - The demand for customized marketing solutions is expected to rise as many enterprises establish and upgrade their brands [9][43] Group 10 - Huaxia Happiness (600340) specializes in the development and operation of industrial new towns, benefiting from the influx of industries due to non-capital function relief [10][44] - The company has a mature operational model that integrates industrial introduction and urban support [10][44] - The value of industrial new towns is expected to increase as the region enhances transportation and public services [10][44] Group 11 - Hongqiang Co., Ltd. (002809) sees a rigid growth in demand for concrete additives due to large-scale infrastructure projects [11][45] - The company specializes in concrete additives and new building materials, with stable product performance [11][45] - The demand for concrete is expected to rise significantly, driving the growth of the additives market [11][45] Group 12 - Siwei Tuxin (002405) is positioned to benefit from the rapid development of smart transportation and the growth of the connected vehicle and autonomous driving industries [12][46] - The company specializes in navigation maps and connected vehicle services, with leading technology in high-precision mapping [12][46] - The demand for smart transportation solutions is expected to grow as the region promotes intelligent upgrades in transportation systems [12][46] Group 13 - Leike Defense (002413) focuses on radar systems and electronic countermeasures, benefiting from the dual growth in defense and civilian security demands [13][48] - The company has core technologies and intellectual property rights in the defense and civilian security sectors [13][48] - The demand for security solutions is expected to increase as the region enhances its security capabilities [13][48] Group 14 - Aerospace Technology (000901) is involved in the aerospace equipment manufacturing sector, benefiting from the integration of innovation resources and the upgrade of high-end manufacturing [14][49] - The company leverages its aerospace technology advantages to participate in regional aerospace projects [14][49] - The demand for aerospace technology applications is expected to grow as the region develops its aerospace industry [14][49] Group 15 - Keri International (300662) focuses on human resources services, benefiting from the accelerated flow of talent and the growing demand for high-end talent in the urban area [15][50] - The company provides comprehensive human resources services, covering various industries [15][50] - The demand for customized human resources solutions is expected to rise as enterprises upgrade and expand [15][50] Group 16 - Tanshijia (300005) is positioned to benefit from the growth in outdoor leisure demand and the development of ecological tourism resources [16][51] - The company specializes in outdoor apparel and equipment, with a strong brand presence in the outdoor products industry [16][51] - The demand for outdoor products is expected to grow as consumer awareness of outdoor activities increases [16][51] Group 17 - Gangyan Gaona (300034) focuses on high-temperature alloy materials, benefiting from the rapid development of aerospace and new energy sectors [17][52] - The company specializes in the research and production of high-end alloy materials, with leading technology in the field [17][52] - The demand for high-temperature alloys is expected to grow as the region promotes high-end manufacturing upgrades [17][52] Group 18 - Electronic City (600658) focuses on the development and operation of technology parks, benefiting from the demand for innovation resources and the establishment of tech enterprises [18][53] - The company has extensive experience in park operation and enterprise incubation [18][53] - The demand for technology parks is expected to grow as the region promotes innovation and collaboration [18][53] Group 19 - Shangda Co., Ltd. (301522) specializes in the processing of special steel materials, benefiting from the growing demand for high-end materials in traditional industries [19][54] - The company focuses on the deep processing of special steel, with significant advantages in material processing technology [19][54] - The demand for special steel products is expected to rise as the region promotes the upgrade of manufacturing industries [19][54] Group 20 - Jikai Co., Ltd. (002691) focuses on mining equipment and intelligent upgrades, benefiting from the demand for efficient resource development [20][55] - The company specializes in mining machinery and technical services, with a strong service network [20][55] - The demand for intelligent mining equipment is expected to grow as the region promotes equipment renewal [20][55] Group 21 - Xinhua News (603888) focuses on news dissemination and digital content services, benefiting from the growing demand for media and cultural industries [21][56] - The company has authoritative information channels and strong content creation capabilities [21][56] - The demand for customized media solutions is expected to rise as the region promotes cultural integration and digital transformation [21][56]

Investment Rating - The report maintains a "Buy" recommendation for the consumer services industry, particularly focusing on the upcoming Spring Festival consumption boost [1]. Core Insights - The report highlights that the Spring Festival consumption season is set to begin, with various local governments implementing consumption-boosting policies, which are expected to drive strong market performance [1][2]. - Three major highlights of the consumption promotion activities are identified: unprecedented subsidy levels directly reaching consumers, innovative consumption scenarios integrating various sectors, and the synergy between online and offline channels through digital empowerment [2][3]. Summary by Sections Industry Investment Rating - The consumer services industry is rated as "Recommended" with a focus on benefiting companies in dining, hotels, tourism, duty-free, and retail sectors due to the anticipated recovery in consumer enthusiasm [1][3]. Key Highlights of Consumption Promotion - Subsidies are at an all-time high, with local governments offering consumption vouchers and subsidies exceeding 100 million yuan in various provinces, which is expected to enhance consumer purchasing power [2]. - Innovative consumption scenarios are being developed, moving beyond traditional discounts to immersive experiences that combine culture, tourism, and sports, thereby revitalizing traditional service sectors [2]. - The integration of online and offline channels is becoming more pronounced, with e-commerce platforms actively participating in promotional activities, enhancing efficiency and broadening the consumption landscape [2]. Market Outlook - The report anticipates a robust recovery in the Spring Festival consumption market in 2026, with data potentially exceeding market expectations, laying a solid foundation for sustained consumer market recovery throughout the year [3].

Core Viewpoint - The report highlights significant target price increases for several listed companies from January 26 to February 1, with notable mentions including Baili Tianheng, Zexing Pharmaceutical, and Great Wall Motors, indicating strong bullish sentiment in the market for these stocks [1][2]. Target Price Increases - Baili Tianheng (688506) has a target price increase of 375.97%, with a highest target price set at 1322.00 yuan [2]. - Zexing Pharmaceutical (688266) shows a target price increase of 88.56%, with a highest target price of 166.16 yuan [2]. - Great Wall Motors (601633) has a target price increase of 83.66%, with a highest target price of 38.00 yuan [2]. - Other companies with notable target price increases include Industrial Fulian (601138) at 73.31% and CATL (300750) at 71.71% [2][3]. Broker Recommendations - A total of 265 listed companies received broker recommendations during the period, with Qingdao Bank receiving the highest number of recommendations at 8 [3][4]. - Other companies with multiple recommendations include Xian Dao Intelligent and Wancheng Group, each receiving 5 recommendations [3][4]. Rating Adjustments - Eight companies had their ratings upgraded, including Shanghai Jahwa (600315) from "Hold" to "Buy" and ZTE Corporation (000063) from "Cautious Buy" to "Buy" [5][6]. - Two companies had their ratings downgraded, including Jincheng Shares (603396) from "Buy" to "Hold" and Huasheng Group (603018) from "Buy" to "Hold" [6]. First-Time Coverage - During the same period, 75 instances of first-time coverage were reported, with notable ratings including Shaanxi Tourism (603402) receiving a "Outperform Industry" rating and Bichu Electronics (688188) receiving a "Buy" rating [7].

事件：科锐国际发布2025 年度业绩预告，预计2025 年全年归母净利润2.67 亿元-3.34 亿元（同比增长 30.0%-62.5%）；2025 年扣非归母净利润1.4 亿元-2.1亿元（同比增长6.5%-54.5%）。其中2025Q4 以业 绩预告中值计算，归母净利润约0.8 亿元（同比+14.75%），扣非归母净利润约0.21 亿元（同 比-21.8%）。 预计2025 年非经常性损益约1.2 亿元。公司预计非经常性损益对归母净利润影响金额约为12,220 万元， 主要来源于政府补助以及出售子公司股权所产生的投资收益；预计计提资产减值对归母净利润影响金额 约为-2,296.28 万元。 2）AI 技术应用：公司在AI 技术赋能方面取得显著进展，其推出的具备语义推理与算术推理能力的 Embedding 模型 CRE-T1，能够构建精准高效的人才供需语义匹配底层架构。同时对内发布了自主决策 型数字分身的实验性版本 MiraAgent（包括 Plan Agent、Search Agent、Voice Agent）。目前已经初步实 现内部数据无缝链接与多元工具灵活调用，具备自主规划、Deep Research ...