The company released a performance report, with a year-on-year increase of 150% to 200%, lower than market expectations. According to the company's announcement, we expect the company to achieve net profit of about 288 million yuan and earnings per share of about 0.27 yuan in 2007. The performance growth below market expectations is mainly due to the investment income of Bohai Securities and the transfer of 47% of TEDA City Development's shares. The transfer of shares in TEDA City Development contributed 160 million yuan in net profit and 0.15 yuan in earnings per share. After deducting this part of the non-recurring profit and loss, the company's main business achieved earnings of about 0.12 yuan per share in 2007, which is the same as the three-quarter report. We believe that the company has not fully released the performance finance equity asset injection and there is still no progress in the short term. The Tianjin Binhai New Area has become a national comprehensive supporting reform pilot zone. The State Council officially approved the specific reform support implementation plan for the Bohai New Area on January 5, 2008. We believe that the company will play an important role as a financial platform in the experimental financial reform of the Bohai New Area. We expect that in mid-2008, the company may launch asset injection of financial equity in the form of targeted additional issuance to maintain profit forecasts and maintain an increase in holdings ratings. We maintain the company's performance forecasts of 0.39 yuan and 0.58 yuan in 2008 and 09 unchanged. Currently, the value of the company's existing financial equity is 25.45 yuan; assuming that financial assets are injected through targeted additional issuance, if all Bohai Securities and North International Trust held by the group and major shareholders are injected into the company's stock price is 40.83 yuan, and if all financial assets are injected into the company, the stock price is 49.80 yuan. We are optimistic about the market capitalization growth brought to the company by financial equity injection. Considering the possibility of further increasing financial equity holdings and resource integration in the future, we maintain the “increase in holdings” rating. At the same time, considering the uncertainty of future financial equity injections, investors are invited to pay attention to risks.