The company's performance lock is strong, by the end of the third quarter of 2010, the company's accounts received in advance is about 1.453 billion yuan, in 2011, the company's performance lock is more than 60%. We estimate that the EPS of the company from 2010 to 2012 is 0.49,0.78 and 1.16 yuan, respectively, and the corresponding PE is 27.2,17.1 and 11.5 times, respectively, and the RNAV per share is about 10.68 yuan, corresponding to P/RNAV1.25 times. In view of the fact that the current stock price basically reflects the valuation level of the company's real estate business, we give it a "cautious recommendation" rating. If the company makes further progress in mining investment in the future, the stock price is expected to perform better.