Main view: Set up a medical merger and acquisition fund and investment management company to enter the healthcare industry. The company set up a healthcare industry merger and acquisition fund and a medical investment management company to carry out industrial strategic transformation and expand the healthcare industry. Among them, the Healthcare Industry M&A Fund and Shang Xin Capital Management Co., Ltd. jointly invested and established. The total size of the M&A fund is RMB 1 billion, and the initial fundraising scale is RMB 200 million. It is planned to invest in the major health sector, covering various segments such as the medical service industry, the old-age service industry, health products (including pharmaceuticals, diagnostic equipment, reagents, etc.), and Internet medicine. Shangxin Capital Management Co., Ltd. has rich investment experience and many industry resources in the healthcare industry. Healthcare industry investment is its core business sector, and has initiated the establishment and management of a number of healthcare private equity investment funds. Leveraging the rich industry resources and professional capabilities accumulated by Shang Xin in the healthcare industry, selecting high-quality targets that are in line with the company's development strategy and have good growth potential and strategic value, incubating and cultivating them as a reserve for mergers and acquisitions projects. The merger and acquisition fund set up by the company this time focuses on strategic investments and will give priority to target companies that can help the company upgrade and transform from traditional industries. Areas related to precision medicine (including emerging medicine such as gene sequencing and cell therapy) representing the mainstream direction of future medical development, as well as optimizing existing medical resources and developing Internet medicine in a blowout manner will all be the company's preferred investment targets. The company is determined to strategically transform the healthcare industry, and the core medical resources - hospitals - will also be the main investment direction of M&A funds. The establishment of a merger and acquisition fund will provide important support for the company's transformation into the medical and health sector, and we look forward to the implementation of the M&A project. Improve the seamless garment industry chain, expand new markets, and enhance competitiveness. The company's main business is the design, development, production and marketing of seamless clothing. As customers' personalized demand for product quality and process characteristics increases, and competition in the industry intensifies, R&D design capabilities and sales channels are the main competitive advantages of seamless garment manufacturers. The company has extended the industrial chain upward, and the fund-raising projects have been steadily implemented with an annual output of 2,000 tons of nylon DTY and 1,200 tons of coated yarn. Nylon and coated yarn are the main raw materials for seamless garments. The quality characteristics directly affect the product quality and process performance of seamless garments. Self-sufficiency of nylon and coated yarn can effectively improve the company's product development level, profitability and production efficiency, and enhance the company's competitiveness in the international market. At present, the company has established a relatively sound sales network, accumulated a large number of customers, established good cooperative relationships with large foreign clothing retailers and buyers, and provided seamless clothing design services and series products for many internationally renowned clothing brands. The relationship is stable, and the company has stable sales channels and order sources. Second, the company strives to expand the domestic market. The extension of the industrial chain and the development of the domestic market are expected to improve the company's performance. First coverage, giving a “buy” rating. The company's main business is seamless clothing design, R&D, production and marketing. The company enhances competitiveness by extending the industrial chain and expanding new markets, improving R&D and design capabilities and sales channels. Currently, due to the downturn in the overall garment industry, the growth rate of performance is limited, but the company's transformation and expansion into the healthcare industry is strong. Using the advantages of rich industry resources and professional capabilities accumulated by Shang Xin in the healthcare industry, it is expected that the merger and acquisition project will be implemented soon. The company's current total market value is only about 5 billion dollars. A successful transformation of the healthcare industry can be expected, which will open up room for improvement in the company's valuation. We expect the EPS for 15-17 to be 0.26, 0.37, and 0.39 yuan respectively, covering the first time and giving it a “buy” rating. Risk warning. Business development falls short of expectations; the risk of uncertainty in M&A fund project investment, and the progress of fund-raising projects falls short of expectations.