Acquisition of the trio: The exchange of shares completes the bundling of interests, and performance is expected to increase significantly. The company announced that it plans to purchase 100% of the three people's shares by issuing shares plus cash at a price of 1.104 billion yuan, and raise no more than 580 million yuan in supporting capital. The stock exchange acquisition method is conducive to the bundling of interests between the two parties and integration after the acquisition, and the performance commitments corresponding to this acquisition are high. The performance promises for the period 16-18 were 0.8, 1.0, and 125 million yuan respectively, which is a significant increase in the company's performance. At the same time, the company's current acquisition valuation corresponds to 13.85 times its dynamic PE in 2016, which is relatively low. Furthermore, the large shareholders' high percentage of subscriptions and capital raised fully demonstrated confidence in the company's future development, while also leaving room for the company's subsequent capital operations. Trio: A leading one-stop campus integrated marketer in the country, Sanyou is mainly engaged in campus all-media advertising business, campus PR event service business, and Internet product development and technical services. It was listed on the new third board in April 2015, becoming the first stock in campus media. The company achieved revenue and performance of $114 million and $24.4814 million respectively in 2015. The trio has huge media resources on campus. After entering the listed company system, the trio is expected to help the company make full use of the synergies between various business sectors, enhance the overall marketing capabilities of its tourism business, and accelerate the construction of a smart travel platform. Transformation expectations are clear in the context of national reform, and there are still many companies with a focus on the future as one of the “Three Masters of Xi'an” proposed by our group leading the market. Overall, the Xi'an sector has been influenced by hot topics such as the Belt and Road, the Innovation Pilot Zone, the Free Trade Zone, and the reform of state-owned enterprises since last year, which has brought continuous catalysts to individual stocks, and its vitality has gradually been stimulated. At the same time, the company further emphasized in its annual report that it will actively carry out capital operations and mergers and acquisitions, and implement project-driven strategies. We are also working hard on smart tourism to achieve the transformation to Internet +. Focusing on this strategy, the company's further actions in the future are worth looking forward to. Risks indicate that the progress of mergers, acquisitions and restructuring is lower than expected, that the performance promises of the subject of the acquisition are not fulfilled, and the impact of natural disasters and man-made disasters. Business transformation expectations are clear, and there are many future highlights. The “increase in holdings” rating assumes that the acquisition targets are consolidated at the end of October, and considering the impact of additional dilution, we expect the company's 2016-2018 EPS of 0.04/0.36/0.44 yuan after full dilution of the share capital after the increase, corresponding to PE334/36/29 times. The acquisition is expected to bring about a significant improvement in performance. Considering the company's active business transformation, capital operations are expected to accelerate further in the future. “State-owned enterprise reform+Belt and Road” is also expected to bring about continuous catalysis, and the company's market capitalization is extremely flexible. For the first time, the company was given an “increase in holdings” rating, and it is recommended that risk-conscious investors pay active attention.