Key elements of the report: seize development opportunities in the Central Plains Economic Zone, lay out high-quality road products in the province, reserve good highway resources, and enhance the main highway industry. Firmly adhere to the idea of “one leader, diversification, and scientific development”, accelerate the path of diversification of development, and strive to open up new ways to increase revenue. Key investment points: Laying out high-quality assets to expand the scale of the main business: the Jining to Qimen Expressway Yongcheng section (Phase I project) was completed and opened; the Yongcheng section of the Jining to Qimen Expressway (Phase II project), the Shangqiu-Dengfeng Expressway, the Zhengkai section project, and the Beijing-Hong Kong-Macao Expressway Luozhu section renovation and expansion project began, and the Zhengzhou-Shirenshan Expressway passed completion and acceptance. The Yellow River Bridge will stop charging fees or will be subsidized by the government. Henan Transportation Investment Group Co., Ltd. will give the company cash compensation according to the asset valuation value finally approved by the Henan Provincial State-owned Assets Administration Commission on the date the charging of the Zhengzhou Yellow River Highway Bridge was terminated. Cash compensation will be given to the company according to the asset valuation value finally approved by the Henan Provincial State-owned Assets Administration Commission on the day the charge was terminated at the Huanghe Highway Bridge in Zhengzhou. This subsidy may contribute greatly to the company's profits this year. The first phase of the property was delivered and used by Yingdi Real Estate Tianjiao Huating. The second phase of the project progressed smoothly and became a new profit growth point; Bingyuan Investment Company's business developed smoothly and business performance was gradually realized; the participating Central Plains Trust, Xinxiang Bank, and Kaifeng Commercial Bank operated steadily and achieved relatively rapid economic growth; participated in the preparation of Zhongyuan Agricultural Insurance and actively developed new business fields. The draft amendments to the “Regulations on the Administration of Toll Roads” revealed that the policy is warm to protect the interests of investors in operating highways, attract the inflow of social capital, and resolve highway construction funds. Profit forecast and investment advice: The company's earnings per share for 13 and 14 are expected to be 0.13 yuan and 0.15 yuan, respectively. Based on the closing price of 2.36 yuan on May 14, the company's price-earnings ratio per share for 13 and 14 was 18.15 times and 15.73 times, respectively, giving it a “wait and see” rating. Risk warning: the implementation of the free holiday pass policy has been expanded; the country has strictly implemented the business period policy; real estate regulation has been strengthened;