The Port Entry Department, the controlling shareholder of the company, signed the “Tianjin Petrochemical Community Water Supply Transfer Agreement” with Tianjin Petrochemical, and plans to sign an “Entrusted Operation Contract” to entrust the operation and management of the Tianjin petrochemical community and living area water supply business to Binhai Water Industry, a wholly-owned subsidiary of the company. 1) The company and China Development Fund increased capital by 9 million yuan and 43 million yuan respectively, and invested in Zhongfu Tianhe Smart Pension Industry Operation and Management (Tianjin) Co., Ltd. After the capital increase, the shares of the company and CDF were 9.3% and 46.4% respectively; the share of shares of the original shareholder Zhongfu Aging Industry Development (Tianjin) Co., Ltd. fell from 100% to 44.3%; 2) The company plans to transfer the shares of Zhongfu Tianhe held by the China Development Fund over four years from 2022 to 2025, and the 10-year China Development Fund received cash shares, premium repurchases, etc. Earnings (according to 1.2 % annual return on investment calculation). The company plans to jointly establish the “Southern University of Science and Technology - Bohai Joint Research Institute for Environmental Governance” with the Engineering Technology Innovation Center of Southern University of Science and Technology to cooperate in scientific research and development, transformation of achievements, resource integration, technical consulting, talent training, industry alliances, etc., to establish a long-term mechanism for school-enterprise strategic cooperation; the company plans to provide the Institute with a cumulative funding of no less than 10 million yuan for technology research and development over three years. Profit forecasts and investment ratings. We expect the company's EPS after dilution in 15-17 to be 0.43/0.79/1.04 yuan, respectively, and the corresponding PE is 74/40/31 times, respectively. The company is a local state-owned water enterprise that is good at capital management and active expansion, and is continuously expanding its business coverage area and business scale; furthermore, the company will act as a platform-based investment company and expand into emerging industries in multiple directions; in the medium to long term, the state-owned enterprise reform trend is expected to bring new growth impetus to the company. It is an excellent target for state-owned enterprise reform and investment with small market capitalization, and maintains a “buy” rating. risk factors. The construction progress of the project is lower than expected, and the progress in the expansion of smart old-age care projects is lower than expected.