Bohai Securities is the only brokerage firm registered in the Binhai New Area and the only large-scale integrated brokerage firm in Tianjin. According to estimates, the total investment in major construction projects in the Binhai New Area during the “11th Five-Year Plan” period is about 1849.4 billion yuan. According to a conservative calculation that direct financing accounts for 10% of the total investment amount, and financing intermediary expenses account for 2% of the direct financing amount, investment in major projects in the Binhai New Area during the “11th Five-Year Plan” period can create a huge market with annual revenue exceeding 1 billion dollars for Bohai Securities. There are also expectations for the third board counter trading market in the future. Bohai Securities has an advantage over other brokerage firms in enjoying the resources of the third board. Coastal development provides development opportunities and is expected to become a leader in coastal development. Whether it is a listed company, majority shareholder, or controlling shareholder, all benefit from the unprecedented development opportunities offered by Binhai Development, and through asset integration, the company will focus on developing the financial industry. Binhai development is national-level development. According to the “11th Five-Year Plan”, the total fixed asset investment in the Binhai New Area will exceed 500 billion yuan during the “11th” period, and financial reform and innovation will be the focus of work in the Binhai New Area. The state encourages the Tianjin Binhai New Area to carry out financial reform and innovation. Major reforms in financial enterprises, financial services, financial markets and financial openness can, in principle, be tested first in the Binhai New Area. Based on the principles of science, prudence, and risk control, it can be used in industrial investment funds, venture capital, comprehensive financial management, various forms of ownership, foreign exchange management policies, and exit Reforms and tests are being carried out in areas such as financial services. With the deepening of coastal development, the corporate finance industry is expected to make great strides. Bohai Securities is expected to make a profit of more than 1 billion yuan in 2007. Based on a 30% equity calculation, it will contribute 300 million yuan in net profit, contribute about 0.30 yuan per share, and North China Investment will contribute about 0.02 yuan in earnings per share. Summarized by relative valuation segments, the valuation is around 35 yuan. Earnings per share are expected to be around 0.40 yuan in 2007. Due to the company's location advantage in Binhai Development, the majority shareholders strongly support it. Coupled with the huge development space for the financial real estate industry, it can be given a certain growth valuation premium. The stock has become the leader in the Binhai New Area, and is cautiously bullish by 35-40 yuan during the year. Giving a “carefully recommended” investment rating, the risk is average.