Guide to this report: The majority shareholder Jiuding invests in high-quality assets, and the company has transformed into a leading domestic private equity investment company with high industry prosperity. At the same time, as the only A-share listing platform under Jiuding Investment, the company's future asset integration expectations are strong. Investment points: First coverage, “increased holdings” rating, target price of 76.04 yuan. The forecast EPS for 2015-2017 is 0.23 yuan, 0.78 yuan, and 0.84 yuan respectively (only PE asset injection is considered, no targeted increase is taken into account). Referring to the valuations of companies such as Lu Xin Venture Capital, a target price of 76.04 yuan was given. The company has two major points of interest: first, the majority shareholders injected their high-quality PE assets, and the company transformed from a small to medium real estate company to a high-quality private equity investment company; second, as the only A-share listing platform under Jiuding Investment, there are asset consolidation expectations. In May 2015, the majority shareholder of the company changed to Jiuding Investment. Recently, Jiuding Investment injected its high-quality private equity investment assets in Kunwu Jiuding into Zhongjiang Real Estate at a low price. As a result, the company transformed from a small and medium-sized real estate enterprise to a leading domestic private equity investment company with a high level of industry prosperity, and its value increased greatly. The PE industry has broad prospects for development. First, China is vigorously promoting “mass entrepreneurship and mass innovation,” and good investment projects will emerge; second, as China establishes a multi-level capital market and implements a registration system, the exit channels for PE projects will be smoother. Currently, the PE industry is booming, and professional PE companies are facing major development opportunities. Jiuding, the controlling shareholder of the company, has strong capital management capabilities and is currently laying out comprehensive finance. As the only A-share listed company under Jiuding Investment, Zhongjiang Real Estate, as the only A-share listed company under Jiuding Investment, has strong expectations for future asset integration, so there is a lot of room for imagination. We expect that after the fixed increase is completed, the company's reasonable valuation will be 124 billion yuan. Core risk: Regulatory approval risk. The increase in the future value of a company needs to be done through the power of the capital market. The risk of future regulatory approval is a core risk factor affecting the company's value.