The company announced the 2014 three-quarter report. From January to September, the company achieved operating income of 874 million yuan, an increase of 120.41% over the previous year; net profit attributable to shareholders of the parent company of 350 million yuan, an increase of 343.44% over the previous year; basic earnings per share of 0.114 yuan; and net assets of 2.64 yuan per share. A brief review of the explosion of self-operated business, driving performance that continued to exceed expectations from January to September, there was a significant expansion in the scale of corporate bonds and stock asset allocation. Affected by the favorable “double bull in stocks and bonds,” the self-operated business performed excellently, driving the company's investment income and fair value change income to increase 1.42 times and 55 times, respectively, over the same period last year. The turnover of A-shares rose sharply in the third quarter from month to month, and the self-operated performance was even more prominent. It is the sector that contributed the most to the company's profit growth, and is also the primary reason why the company's performance has continued to exceed expectations since this year. The expansion of Liangrong's business is even more rapid. Since the company officially launched the Liangrong business in March of this year, the scale has increased dramatically to 1 billion yuan at the end of the third quarter, driving interest income from the year to now to date to a 2.7 times year-on-year increase. In particular, expansion was relatively rapid in the third quarter, leading to a significant increase in interest income over month. The brokerage business performed well in the third quarter. Since the third quarter, the company's stock base trading volume was 90.4 billion yuan, far exceeding the previous two quarters. The company's average commission rate remained at the level of 0.11% in the first half of the year under the circumstances of location advantages and the increase in the scale of credit business transactions and its transaction commission rate. Overall, net income from discipline and discipline business fees increased by 11.76% year-on-year, driven by transaction expansion, and commission revenue from January to September increased 11.76% year on year, reversing the declining trend in the first half of the year. According to the opinion of CITIC Construction Investment, given that the company's self-operated, two-finance, and brokerage business performed well, and continued to exceed market expectations, we raised our profit forecast. The 2014-2015 EPS score was 0.14 yuan and 0.21 yuan. With the liberalization of the company's various business qualifications, the company reached an inflection point in its performance in 2013; on the other hand, the company's private background system is flexible, and in the future, it will also go lightly and actively deploy in terms of business innovation and transformation. Overall, we judge that the increase in both the company's profit and valuation is a major trend, maintaining a “buy” rating.