Guide to this report: The company has become an investment platform company, and the value of its many subsidiaries will be gradually discovered. The company's comprehensive ability to integrate resources will highlight its advantages in smart city construction. The target price is 10.5 yuan, increasing holdings. The company was given a rating to increase its holdings, with a target price of 10.5 yuan. The company has become an investment platform company, and the value of its many subsidiaries will be gradually discovered, and it will have great potential in the field of smart cities. We expect an EPS of 0.38 or 0.40 yuan in 13-14, which will cover the first increase in holdings rating. The target price is 10.5 yuan, corresponding to 28 times that of '13, which is still below the average PE of 34 times in the computer industry. Many businesses with sustainable equity investment returns have the potential to be spun off and listed. Since 2011, the company's income from equity investment (including income from changes in fair value and investment income) has accounted for more than 2/3 of the company's total profit. Due to concerns about poor sustainability, the market often does not recognize this kind of profit that does not come from operating income very well. However, we believe that Tongfang has become an investment platform company, forming a virtuous model of “investment - incubation - collaborative development - (spin-off).” The 12-year report revealed that there are 56 holding subsidiaries. After Tongfang Guoxin, Baishitong, and Tongfang Ted went public one after another, there are still many subsidiaries, including Tongfang Environment, Tongfang Knowledge Network, Chongqing Guoxin, etc., all with strong profitability or potential for spin-off listing, which will bring continuous benefits to the company. Complete the merger and acquisition of one person, one book to lay out the mobile Internet. The company completed the merger and acquisition of one person, one book in August. One person, one book with “original handwriting” as the core technology, sold 180,000 sets of tablets in 2012; after the merger, it will be possible to use Tongfang's strong channel system to develop customers, have great potential in the commercial market, and will become an important part of Tongfang's mobile Internet layout. The comprehensive advantages of resource integration are highlighted in smart city construction. Smart city construction is on the rise, and since it involves the integration and optimization of resources in various fields, it has become a problem facing various participants. The advantages of Tongfang's comprehensive business layout are highlighted here. The company is leading the industry in intelligent buildings, rail transit, security, data resource management, etc., and will use its comprehensive advantages to share the feast of smart city construction.