The performance was in full bloom, and rapid growth was achieved. The sharp rise in the company's performance this year was mainly due to an increase in real estate sales carry-over and an increase in BOT business contracting and engineering design business volume. The company's sale of Western Securities and Everbright Bank shares in the current period brought huge investment returns and led to a sharp increase in performance. Gross margin declined due to rising real estate sales costs; the overall gross profit of the environmental protection business also declined due to government subsidies in the previous period and the decline in the average gross margin of environmental engineering contract design projects in the current period. The company's balance ratio is 52.85%, monetary capital/ (short-term borrowing+one-year debt repayment) is as high as 4.5 times, and the pressure to repay debt is low. Real estate has been significantly decimated, and resources have been expanded again. During the reporting period, the company's real estate business achieved revenue of 6.332 billion yuan, an increase of 67.78% over the previous year. The real estate business mainly revolves around infrastructure and guaranteed housing projects. In terms of guaranteed housing, all of the projects have been sold; in terms of the removal of commercial housing in this phase, the results have been remarkable. The removal rate of the Luxiangyuan High Area project has reached 88%, and the removal rate of the Wenxi Huating project is as high as 99%. This year, the company received guaranteed housing projects in Sheshe Mountain North, Songjiang South New Town, Jiuting, and village rehabilitation projects in Jinshan City, providing strong resource guarantees for subsequent development. Actively build a “big environment” industrial platform. During the reporting period, the company's environmental business achieved revenue of 1,650 million yuan and net profit of 302 million yuan, an increase of 30.18% over the previous year. The annual waste incineration volume increased 25.49% year on year, and the total solid waste business increased 17.48% year on year. Currently, the company is promoting the exchange of shares, absorption and merger of Shanghai Yangchen Co., Ltd. and major asset restructuring matters through a separate listing. It is hoped that this will be an opportunity to build a “big environment” industry platform and promote the Environmental Group to become a “comprehensive service provider for the urban environment.” There is huge scope for investing in business. In terms of direct equity investment, the company currently has a total market value of 17.533 billion yuan of shares in listed companies; in terms of private equity investment fund management, the “Chengding Fund”, a subsidiary of the company, established the fourth phase of the fund, adding 17 new investment projects, with a total investment of 2.6 billion yuan, mainly investing in targeted increases for listed companies; and cooperated to establish a 10 billion yuan urban industry fund, mainly investing in urban infrastructure and public services. Investment rating: The company has always maintained its leading edge in guaranteed housing sales, the construction of environmental business platforms is constantly being strengthened, and the company has rich experience in investment business, so profits can be expected. The company's 2016 and 2017 EPS are expected to be 1.34 and 1.59 yuan/share, and the PE corresponding to the current stock price is 12 times and 10 times, respectively, covering the “buy” rating for the first time.