Incident: According to media reports, the company signed a strategic cooperation agreement with Meiya Property Insurance Co., Ltd. to develop in-depth cooperation in the field of Internet insurance and jointly explore a new model of internetization in the insurance industry in the future. Join forces to explore B2B internet insurance: Meiya Insurance is a wholly-owned subsidiary of American International Group that operates property liability insurance in China, and is currently the largest foreign-funded property insurance company in China. According to the cooperation agreement between the two sides, this cooperation between the two sides will take the lead in moving from fields such as credit insurance and product liability insurance, and will actively explore and cover supply chain financial insurance and logistics insurance to build a “cyber insurance ecosystem.” Meiya Insurance can achieve leapfrog development with the customer resources of tens of millions of business enterprises, and by introducing Meiya Insurance into the BusinessBao e-commerce system, it is possible to improve the ecology and provide more value-added services. It's not just Internet+insurance: This cooperation is not an internetization of insurance channels, but rather an improvement of the B2B e-commerce ecosystem. In the future, there will be innovation in insurance products based on the B2B e-commerce transaction process. Many data from many enterprises such as production, trade, logistics, warehousing, etc., and transaction payment logistics collected by the BusinessBao bulk e-commerce trading platform is an important foundation for future Internet insurance product innovation. In the future, innovative internet insurance products such as return shipping insurance on the Taobao platform will appear. The resource integration capability is strong, and the value of the commodity trading platform is outstanding: after years of hard work, the company has carried out extensive resource integration work for upstream and downstream customers, banks, and warehousing and logistics of bulk chemicals. The company's subsidiary, Shanghai Wangsheng Yunze Logistics Network, signed a strategic cooperation framework agreement with the China Transportation Association Express Branch and the China Transportation Association Express Branch and China Media Group to jointly build the “China Bulk Logistics Supplier Certification System”. A strategic cooperation agreement was signed with the China Warehousing Association to carry out long-term cooperation on resource connection, warehouse certification, warehouse certification, warehouse receipt standards and application, storage standard construction, industry research and marketing, etc. based on the “Third Party Management Code for Guaranteed Goods” (GB/T31300-2014) national standards. Valuation and Ratings: Based on the imminent launch of the company's commodity trading platform, we raised our profit forecast for 15,16, and expect 2014-2016 EPS 0.21,0.37,0.60. Referring to the market value of Shanghai Steel Union on similar platforms, the target price was raised to 95 yuan, corresponding to a market value of 20 billion yuan. Risk warning: Cooperation progress fell short of expectations, transaction volume fell short of expectations, and the acquisition of third party payment licenses fell short of expectations.