Performance is expected to increase by 80-120%. The company announced today that net profit from January to September '07 and July-September increased by 80% to 120% compared to the same period last year. According to the announcement, we expect net profit of about 147 million yuan and EPS of about 0.14 yuan from January to September. The increase in performance was mainly due to investment income from Bohai Securities. Bohai Securities achieved a profit of about 900 million yuan in the first three quarters, and the company confirmed investment income of about 242 million yuan based on a 26.94% shareholding ratio, which was the main source of profit growth. After deducting the investment income of Bohai Securities, the loss was about 100 million yuan. The main reason was the increase in amortization and depreciation expenses and loans for the sale of the Binhai Bridge management rights, green space assets, and green space usage rights, which led to a sharp increase in management expenses and financial expenses. Keep profit forecasts unchanged. We kept the original profit forecast assumption unchanged: first, the company completed the equity transfer procedure to increase its holdings of Bohai Securities to 32.78% during the year; second, Beijing SDIC paid dividends at a rate of 50%; third, the settlement progress of the Nanjing Xincheng real estate business was in line with expectations. We kept our profit forecasts unchanged at 0.33 yuan, 0.46 yuan, and 0.58 yuan for 07-09. Northern International Trust's proposed listing under ST Fourth Ring Road is a catalyst for recent stock prices. ST Fourth Ring Road announced on October 8 that it is intended to issue additional shares to the original shareholders of Northern International Trust Investment. The company and actual controller, Teda Investment, hold 15.82% and 15.19% of the shares in Beijing SDIC, ranking the first and second largest shareholders. If the backdoor is successfully implemented, it may promote market popularity. Focus on future asset injections. The company may become a listing platform for integrating financial resources in the Binhai New Area. We expect that at the end of the year, the company may once again report a targeted increase plan to acquire the financial shares of the actual controller Teda Holdings and the majority shareholder Teda Group. Maintain an “Overweight” rating. Currently, the value of the company's existing financial shares is 29.31 yuan; assuming that financial assets are injected through targeted issuance, if all Bohai Securities and Northern International Trust are injected into the company's stock price is 42.89 yuan, if all financial assets are injected into the company, the company's stock price is 50.60 yuan. Considering the possibility of further increasing financial equity holdings and integrating resources in the future, the “increase in holdings” rating is maintained. At the same time, considering the uncertainty of future financial equity injections, investors are invited to pay attention to risks.