The company implements limited industrial diversification and professional development, and is committed to the four major business fields of biopharmaceuticals, trade circulation, energy development, and financial services. The pharmaceutical sector dominates the segmented vaccine market, and various indicators of equity investment in GF Securities remain at the forefront of the industry, and profitability is strong. The company is determined to enhance the military insurance industry this time, giving full play to the advantages of collaborative development in the financial sector and cultivating new profit growth points. We gave the purchase an initial rating, with a target price of 23.26 yuan. The main points supporting the ratings are that there is a lot of room for valuation repair, and the margin of investment safety is high. The profitability of the company's core assets (biopharmaceuticals, pharmaceutical chains, China Insurance shares to be acquired by Guangfa Securities) is excellent, but its valuation is still highly discounted compared to the current market value, and the margin of investment safety is high. The company has now decided to add China United Insurance to open up a new situation. The adverse factors of the oil shale project have been eliminated, and valuation repairs can be expected. The performance is facing an inflection point due to the promotion of profit and avoidance of harm and restructuring. International oil prices have declined in recent years, and the company's energy development business has suffered losses. Since then, the company promptly stopped losses, implemented a long-term shutdown of Chengda Hongsheng, and reduced the operating rate of Baoming in Xinjiang. Liaoning, which has experienced the pain of business adjustments, has grown big, and business pressure has been greatly relieved. It has been revived and has gone into battle lightly, ushered in an inflection point in performance. Securities and insurance are flourishing, and multi-faceted cooperation promotes development. The shares of China Insurance to be acquired by the company and the shares of the original Guangfa Securities form a complex system, which is conducive to integrating the resources of the two major industries and maximizing the financial synergy between the securities industry and the insurance industry. China Insurance is a comprehensive insurance finance group integrating financial insurance, life insurance, and asset management. Premium income and growth rate are high, market share is the highest, and the new life insurance license has greatly opened up room for the company to grow. At the same time, in the future, through innovation in product research and development, information sharing, and capital investment methods, etc., a high degree of collaboration between brokerage firms and insurance complex systems can be achieved in all aspects. Shareholders actively participated in the increase in issuance, and their holding position increased markedly, demonstrating confidence. The company's major shareholders actively participated in the fixed increase to help acquire shares in China Insurance, demonstrating their high recognition of the overall profitability of the future. At the same time, this fixed increase will introduce new shareholders, and Galaxy Jinhui Securities assets and China-Europe bonded logistics will increase equity diversification and inject new vitality into the company. The main risks facing ratings include declining prosperity in the biopharmaceuticals and pharmaceutical chain industry; failure to approve non-public offering plans; falling oil prices. For valuation, we used a segmented valuation method to give the pharmaceutical sector a price-earnings ratio of 33.9 times. The shares of Guangfa Securities and China Insurance were valued at $22.48 billion and $8.20 billion respectively. The company's target price was 2,326 yuan, providing in-depth coverage for the first time and a buying rating.