Incident: On April 7, the company issued the “Notice on Signing a Carbon Trading Cooperation Agreement with Mulianeng”. The subsidiary Dongxu New Energy Investment Co., Ltd. and Beijing Mulianeng Software Co., Ltd. signed a cooperation agreement, agreeing that the two parties will carry out comprehensive and in-depth cooperation in carbon asset development and carbon trading business. The content of the cooperation is: 1. Dongxu New Energy is a large-scale photovoltaic power plant reserve holder, with a target of 3-4 GW of power plants for the next three years, and has rich carbon asset reserves. The two sides intend to cooperate on the development and trading of carbon assets held by Dongxu New Energy. 2. The two sides plan to give full play to the advantages of Woodlink Energy's energy internet platform and carry out cooperation relating to the layout of China's carbon emissions trading market. Comment: Based on power plants, we will enter the carbon market and expand the post-power plant market. Recently, Dongxu New Energy and Zhengtai International Engineering Co., Ltd. signed a strategic cooperation framework agreement to cooperate in the development of photovoltaic power generation projects and jointly develop markets. Dongxu New Energy gives priority to undertaking the construction of photovoltaic power plant projects provided by Zhengtai, with a cooperative construction scale of 200 MW. This will help the company achieve 3-4 GW of power plant holdings in the next three years, create new profit growth points, and accelerate the realization of new energy as one of its main businesses. Through this carbon trading cooperation, the company is committed to in-depth exploration of carbon assets, in-depth research and development of carbon finance, and further broadening the added value of power plants, which is conducive to enhancing the profitability of the new energy business. Meanwhile, at the beginning of this year, the Development and Reform Commission issued the “Notice on Effectively Accomplishing Key Tasks to Start the National Carbon Emissions Trading Market”, which aims to jointly promote the construction of a national carbon emissions trading market. The launch of the national carbon emissions trading market is getting closer, and the size of the carbon market is expected to be at the level of 100 billion yuan. A nationwide carbon trading market will be launched in 2017. At present, the domestic carbon trading market has only just begun. According to data as of March 9, 2016, the cumulative carbon quota trading volume of the seven pilot carbon markets including Shanghai is about 48.54 million tons, with a turnover of 1.38 billion yuan. We believe that with the launch of the national carbon emissions trading market, industries related to environmental protection and energy saving equipment and environmental services, carbon emissions related fields, and carbon capture services or carbon sinks will gain huge market development opportunities. There is great potential for financial innovation targeting carbon emissions. In particular, innovative financial products and mechanisms that target carbon emissions, including CCers pledges, carbon options contracts, carbon funds, CCers pre-purchase rights, and carbon borrowing businesses, etc., will also face opportunities. The company's entry into the carbon trading market at this time can be said to have a certain degree of foresight and timeliness. Actively deploy photovoltaic power generation to create the world's leading integrated green energy service provider. According to the annual report, in 2016, the company will actively lay out the photovoltaic power plant business and penetrate deeply into all fields of photovoltaic power plants from various angles and aspects through large-scale construction of power plants, EPC construction contracts, and construction of intelligent operation and maintenance systems. Explore the “industry+finance” power plant operation model, optimize the capital structure, make effective use of capital leverage, increase the company's asset securitization rate, and achieve the effective and healthy development of the company's photovoltaic industry through the integration of power plant operations and financial capital. This cooperation with Wood Union Energy will give full play to its advantages in areas such as the energy Internet platform, and carry out cooperation related to the layout of the Chinese carbon emissions trading market, which is conducive to raising the company's overall profit level. Profit forecast. In the context of the continuous release of supporting policies for the photovoltaic industry, with the acquisition of new energy companies, the company's dual main business is gradually being formed, and the scale of business continues to expand, entering the carbon market, which is expected to usher in sustainable growth. The forecast company's 2016-2017 EPS will be 0.18 and 0.26, respectively, giving it a “buy” rating. Risk warns that the company's photovoltaic investment project falls short of expectations