Incident: Following Chairman Liu Yi increasing his holdings by 10,000 shares with his own capital on July 15 (average price on the same day), general manager Tian Jun used his own capital to increase his holdings by 10,000 shares on July 28, 2015, promising not to reduce his holdings within 6 months, with an average price of 18.45 yuan on the same day. Key investment points: Executives have continuously increased their holdings, demonstrating confidence in the company's development. Tian Jun, the general manager of the company, was originally the deputy director of the safety and environmental protection supervision department of China Power Investment Group Corporation, and was appointed as the company's general manager on June 3, 2015. This transfer is conducive to smooth communication between Yuanda and the group level. As the only environmental listing platform under China Power Investment Corporation, the company is expected to benefit from the Group's environmental asset injection, nuclear waste disposal, and implementation of the “going global” strategy in the future. This time, executives used their own capital to increase their holdings of the company's shares, confirming the new management's confidence in the company's rapid development in the future. The water sector is catching up, and the group's environmental protection platform pattern is beginning to appear. In the past, the company's energy was mainly focused on desulfurization and denitrification related business. As the Group's environmental protection platform, the future water sector business will surely catch up. The company established Chongqing Yuanda Water Co., Ltd. The water treatment contract in Beipiao City reflects the rapid response of the company's new management to the strategic goals of water development. In the future, the company is expected to use the Ten Rules of Water and PPP industry policies to rapidly expand orders. Furthermore, in the future, the company is expected to use the advantages of platform resources to carry out catalyst recycling and disposal business and enter the field of hazardous waste treatment. Build the first domestic listing platform for nuclear environmental protection. The policy environment is favorable. The company will benefit from a new round of peak nuclear power investment. The market space for nuclear environmental protection will reach 50 billion yuan by 2020. The company is one of only three domestic enterprises with medium and low emission nuclear waste treatment licenses, and is also the first company to undertake an off-stack nuclear waste treatment project for a nuclear power plant using the EP method. The company is expected to achieve performance growth in the fields of nuclear power, civil and military nuclear waste treatment. The layout of carbon capture carbon trading has broad potential market space. China's carbon dioxide emissions rank first in the world, accounting for 27.14% of the world's total emissions. Energy saving and emission reduction will become one of the priorities of the future government's work, and the potential future market is huge. Investment rating and valuation: Regardless of new businesses such as nuclear waste, hazardous waste, and carbon trading, we maintain the company's 15-17 revenue forecasts of 38.39, 42.03, and 4,515 billion yuan (3.484 billion yuan in 2014), and net profit of 4.14, 3.17, and 347 million yuan respectively. The corresponding EPS is 0.69, 0.53, and 0.58 yuan/share, respectively. Considering that the company's water sector has begun to gain strength, the company has entered a golden period of development and has reaffirmed its “buy” rating.