Through investigation, we believe that Changjiang Telecom (600345) is a company with excellent assets. although the company is not directly engaged in production and operation activities, it invests in the upstream and downstream of the optical communication field relying on Wuhan Optical Valley. Basically formed a production and manufacturing group around the optical communication industry, compared with the departmental system of many joint-stock companies We believe that such a structure can enable all relevant companies to fully compete and make a profit in the market. Changjiang Telecom itself attaches great importance to the efficiency and direction of investment, profit-oriented, and can share the growth and income of its subordinate shareholding companies. The 2007 interim report shows that earnings per share is 0.10 yuan per share. We believe that earnings per share will be 0.25 yuan per share at the end of 2007 and will be greatly improved to 0.4 yuan per share and 0.6 yuan per share in 2008 and 2009. Based on this judgment and the current state of the market, given 60 times of PE, 2007 price should be 15 yuan / share, 2008 based on 50 times PE, price should be 20 yuan / share, give overweight rating.