Guide to this report: The company established Huaihai Data Company as a joint venture with the Xuzhou Municipal Government's investment platform and Netcom Group to get involved in the government's big data trading, cleaning, and modeling, which is expected to promote the company's Internet financial capabilities and open up a market in the Huaihai region. Maintain the target price of $17 and the “increase in holdings” rating. On the evening of the 18th, the company announced the establishment of Xuzhou Huaihai Data Exchange Service Co., Ltd. as a joint venture with Xuzhou Guosheng, Shenyang Wanmeng, and Netcom Group, with an investment of 2 million yuan to account for 20% of the shares, while the related party Netcom Group holds 10% of the shares. Preliminary preparations have been completed. By using this to get involved in the government's big data business, the company is expected to create strong collaboration with the Internet finance business, catalyze the company's business development, and promote the implementation of the company's business in the Huaihai region. Maintain the 2015-2017 EPS at 0.11/0.15/0.20 yuan, maintain the target price of 17 yuan and the “increase in holdings” rating. Increase government big data services to form strong synergies with Internet finance. After Qiande Jing first joined the company, through the integrated operation of assets such as Yinghua Microfinance, Zhonghui Insurance, Yinghua Leasing, and Pioneer Fund, the company continued to develop its financial business, and its intention to use the listed company platform to carry out a large Internet financial layout was ready. The market has no prior expectations about the company's layout in the field of government big data. We believe: ① Government big data includes valuable credit information and financial data, which is expected to be processed and monetized through government holdings and Huaihai Data Company in which the company is a shareholder, to help the Internet finance business improve risk control capabilities and identify high-quality customers; ② Internet finance generates a large amount of credit data, which can effectively complement government credit information data, and has remarkable transaction value; ③ The company's affiliate Pioneer Financial Group has extensive experience in the field of transactions and payment IT systems, and is expected to provide services for building data trading platforms, thereby enhancing government relations. viscous. The main business has strong demand for local government relations, and is expected to benefit at the same time. The company's traditional main business, such as electricity and energy networks, traffic informatization, and electronic license plates, all rely heavily on local government relationships. The current cooperation with the Xuzhou Municipal Government is expected to promote the implementation of these businesses in the Huaihai region. Risk warning: The progress of government data opening is lower than expected, and integration between businesses is difficult.