REITs are a two-wheel drive to monetize property value, shopping center operations, and equity investment. According to the revised fixed increase plan, Hualian Co., Ltd. plans to use 3.43 yuan/share (previously 4.88 yuan/share) and 860 million yuan to acquire two shopping centers under construction under Shanghai Rongshang and CITIC Mezzanine and raise no more than 860 million yuan in supporting capital in Shannan, Tibet (all of which are owned by CITIC Industrial Fund). After the fixed increase is completed, Hualian Group's shareholding ratio drops to 24.1% (which is basically consistent with the original plan). The total shareholding ratio of CITIC Industrial Fund has reached 18.4%, making it the company's second largest shareholder. After the introduction of the CITIC Industrial Fund, the company's REITs property asset monetization will effectively connect with equity investment (in August last year, the company invested 90 million USD/160 million yuan RMB with CITIC Industrial Fund), completely transforming the business model of traditional shopping center operators: 1) Selling and managing properties through REITs, monetizing property value-added income and continuing to enjoy operation and management benefits. The business model was greatly reduced; 2) In addition to continuing to expand high-quality properties through mergers and acquisitions, REITs monetization capital can also connect with CITIC's industrial resources through continuous mergers and expansion of high-quality properties. Invest in projects to get a return on investment. The only A-share community shopping center operator, enjoying the dividends of business format growth. Shopping centers have one-stop experience functions such as shopping and consumption, catering and entertainment, leisure and fitness, etc., and in the long run, they are still one of the important development directions of consumption upgrading. Operators with excellent operational capabilities are expected to stand out and reshape the competitive landscape of the industry. Hualian Co., Ltd. is the only A-share community shopping center operator. So far, it has more than 17 years of retail industry background and operation management experience. It has opened about 40 shopping centers with 1.85 million square meters; of these, it has 12 of its own properties and 626,000 square meters. The company focuses on the operation of community-based shopping centers, and the competitiveness of major stores has reached a first-tier level. Property revaluation+equity investment, performance flexibility is extremely high. It is estimated that the company's future profits will mainly come from three parts, namely the operating income of the original main shopping center, property monetization investment income, and equity investment income. Due to the large increase in property sales prices compared to book assets (the average asset appreciation rate of the six sold projects reached 121.5%) and the uncertainty of return on equity investment, the company's performance is extremely flexible. Due to the high elasticity of performance, PB is a more reasonable valuation reference. The only A-share pure equity investment companies are Jiuding Investment (16.44XPB) and Lu Xin Venture Capital (5.67XPB). Television, radio and media (Chenda Venture Capital, 2.44XPB) and Qianjiang Water Resources (Paradise Silicon Valley, 27.9% equity, PB = 2.96X) are comparable to Hualian Co., Ltd. The company's book property assets are 6.8 billion yuan, cash is 3.6 billion yuan, and PB is only 1.41X (considering additional issuance of about 1.54X). The “buy” rating advises investors to pay active attention. Risk warning: fixed increase was not approved; equity investment returns fluctuated; shopping center operating profit declined;