Event: Announced the annual report, achieving operating income of 2,676 billion yuan, a year-on-year increase of 14.10%, net profit of 73.98 million yuan, a year-on-year decrease of 80.01%, and earnings of 0.11 yuan per share. It also introduced a cash dividend of 0.28 yuan (tax included) for every 10 shares. Brief review: There was a large loss in the fourth quarter, and the company lost 72.29 million yuan in the fourth quarter, erasing half of the net profit of the first three quarters. There are two reasons for the loss: First, the main business lost money due to a sharp drop in freight rates, and gross margin fell rapidly to 4.32% from 21.88% in the previous three quarters; second, the sharp decline in the stock market caused the market value of securities investment to shrink sharply, and losses from changes in fair value reached 27.75 million in the fourth quarter. Securities investment has dragged down the company's performance. The company participated in securities investment through its subsidiary Changjiang Jiaotong Technology. Investments during the year caused losses of 42.76 million yuan, and still held a market value of 32.43 million yuan at the end of the period. The company's securities investment losses have eaten up nearly 30% of the total profit generated by businesses other than the securities investment business. In 2009, as the main business became more sluggish, the impact of the securities investment business on profits will become more obvious. Companies that are under high pressure on capital expenditure have now arranged a large number of shipbuilding orders. Future capacity will increase rapidly, and at the same time, capital expenditure will be large. Due to additional bank loans, the company achieved financial expenses of 159 million yuan in 2008, an increase of 61.67% over the previous year. The planned funding requirement for this year is close to 1.95 billion yuan. At the end of the year, the company's balance ratio reached 73%. Due to the downturn in the main business, future capital requirements are tight. Focusing on the early stages of integration between the Group and Sinotrans, we have analyzed that the company may be the most anticipated company in anticipation of the integration of Sinotrans and Changhang, but expectations are still limited by the recovery of related industries such as shipping and shipbuilding. It is difficult to improve the company's performance in the short term; maintain a neutral rating within half a year