Financial innovation and reform in the Binhai New Area are being tested first, and financial holdings are gradually advancing. In May 2006, the State Council approved the Tianjin Binhai New Area as a national comprehensive supporting reform pilot zone. In principle, major reforms in financial enterprises, financial services, financial markets, and financial openness are arranged to be tested first in the Tianjin Binhai New Area. The company is now gradually selling property management assets and transforming into financial holdings. In the future, it may become a listing platform for integrating financial resources in the Binhai New Area. The company holds 27.51% of Bohai Securities and 15.82% of the shares in Northern International Trust, which constitute the main source of profit. Bohai Securities and Northern Trust are expected to contribute 397 million in investment income in 2008, accounting for 76% of the company's net profit. The real estate business, which is modeled after regional development, is extremely growing. The Jishan Software Park planned by the company has achieved unprecedented success, which indicates that the company can replicate the overall regional development model to the Binhai New Area, Yangzhou and Chengdu regions, and the real estate business is extremely growing. Filter media production capacity increased by 60%, and profit increased by 72%. As a leading manufacturer of high-end filter materials in China, the production line was expanded from 2,400 tons to 4,000 tons. The commissioning of the new line in 2008 will free the company from insufficient production capacity, and the profit of the filter material business will increase dramatically. Give it an increase in holdings rating. Currently, the value of the company's existing financial shares is 26.55 yuan; assuming that financial assets are injected through targeted issuance, we calculated that the reasonable stock price for injecting all of Bohai Securities and North Trust held by the actual controller into the company is 37.94 yuan, and the reasonable stock price for injecting all financial assets into the company is 46.36 yuan. Considering the space for financial industry integration in the Binhai New Area and the possibility that the company will further increase its financial equity holdings in the future, we give it an increase rating. If the market's enthusiasm for investing in financial holding companies decreases in the future, and considering the uncertainty of future financial equity injections, investors are invited to pay attention to the risks.