Investment advice: First, we believe that the current profit forecast and stock price of Aodong, Jilin mainly reflect the value of the four major securities, pharmaceuticals, highways, and iron ore businesses, and do not include the contribution of the artificial liver business, so the current stock price is still at a reasonable level. Second, it is currently impossible to completely rule out the possibility that the artificial liver project will receive domestic approval and that the company will invest more in the future, but it is expected that the difficulty and cost of intervention in Aodong, Jilin will increase at that time. Taking into account that the current shareholding ratio of the company's main incremental business artificial liver project in the future is still low at 5-6%, and that the domestic approval application process may take a long time, we believe that the company's long-term performance growth expectations may weaken as a result, and adjust the company's rating to “increase holdings.”