Investment highlights: The company announced today: In order to build an overseas investment platform and speed up the internationalization process, the company plans to exchange its own RMB funds and invest 10,000 Hong Kong dollars to establish a wholly-owned subsidiary in the Hong Kong Special Administrative Region. The company's main business performance is stable, the property revaluation value is higher than the current market value, and the stock price safety margin is high. The company's main business, department stores, hotels and property leasing, has stable performance, contributing about 150 million yuan in net profit every year and providing stable cash flow. Currently, the total market value is only 4.188 billion yuan. Furthermore, the company's main physical properties are all owned. They are located in the center of Hangzhou, and the property has a high revaluation value. We conservatively estimate that the revaluation value of the company's own equity properties is about 8,094 billion yuan, and the stock price has a strong margin of safety. Obtaining a scarce cancer hospital license to transform medical care and health care, with strong profitability. The company obtained a tertiary hospital license in April of this year. It is the only private for-profit tertiary hospital in Zhejiang Province, and it is a pilot medical reform unit where public hospitals in Zhejiang Province cooperate with social capital to operate medical treatment. The license is very scarce. The company cooperated with Zhejiang Cancer Hospital to comprehensively promote hospital construction, and plans to build a world-class platform for accurate cancer treatment. The company's hospital has 800 beds. After operating at full capacity, the annual revenue for each bed is conservatively estimated to reach 1.5 million yuan. The net interest rate is calculated at 15%, and the cancer hospital will contribute about 300 million yuan in net profit every year. A Hong Kong investment subsidiary was established to accelerate the overseas merger and acquisition process of the oncology industry chain. The company's transformation direction is medical and health services for the entire oncology industry chain. The cancer hospital is initially expected to open before the end of 2016. Before the cancer hospital opens, the company will carry out a series of mergers and acquisitions in the oncology industry chain. We believe that the establishment of an investment subsidiary in Hong Kong will greatly accelerate the merger and acquisition process of the oncology industry chain and accelerate the launch process of a catalyst for rising stock prices. Maintain profit forecasts and maintain a “buy” rating. We maintain the company's profit forecast for 2015-2017. It is estimated that the net profit due to mother will be 157 million yuan, 87 million yuan and 80 million yuan respectively in 2015-2017. It is estimated that in 2019, the company's net profit from medical services will reach 300 million yuan, giving commercial retail business 20 times PE, and a reasonable market value corresponding to 10 times PE after 3 years is 6.14 billion yuan, and the corresponding reasonable stock price is 16.33 yuan. Maintain a “buy” rating.