Guide to this report: Cooperate with Haixin Kejin to expand the application of artificial intelligence in industrial safety control fields such as civil explosions. Based in Turing, backed by large shareholders and supporting industrial funds, we can jointly explore the gold mine of artificial intelligence. Maintain the target price of 12.1 yuan. Key points of investment: Maintain an “increase in holdings” rating, target price of 12.1 yuan. The market believes that the company's biggest highlight is the Turing robot, and we believe that Turing is only the tip of the iceberg of artificial intelligence transformation and layout. Subsequent companies may rivet the status of the purest domestic artificial intelligence company in multiple dimensions, such as exploiting new products, signing partnerships, establishing new companies, industrial funds, and research institutes, etc., and the endogenous extension surrounding the main line of “intelligent interaction” will continue to ferment. This collaboration with Haixin Kejin, a leading multi-biometric identification company, aims to expand the application of artificial intelligence in industrial safety control fields such as civil explosions. Maintain the 16/17 EPS forecast of 0.06/0.07 yuan, “increase” the rating, and target price is 12.1 yuan. Using Haixin Kejin's multi-biometric recognition technology, the application of artificial intelligence in industrial safety control fields such as civil explosions will be expanded. On the 29th, the company signed a strategic cooperation agreement with Haixin Kejin, a leading multi-biometric identification company, to jointly design and develop intelligent safety control system solutions suitable for the entire industrial chain in the field of civilian explosions. In the future, it will also set up a joint venture to comprehensively promote the application of artificial intelligence in safety control. This cooperation is another transformation of Jiangnan Chemical in terms of artificial intelligence after investing in Turing and Fengshi Interaction. On the one hand, it helps the company's existing artificial intelligence layout and Haixin Kejin to link and exchange, and on the other hand, it also paves the way for connecting professional resources and sharing customer resources for subsequent new artificial intelligence layout sites. Based in Turing, backed by large shareholders and supporting industrial funds, we can jointly explore the gold mine of artificial intelligence. We believe that the interaction between Turing and Fengshi is only the beginning. The subsequent transformation of the company's artificial intelligence will be carried out with great fanfare, or rivet the status of the purest domestic artificial intelligence company in multiple dimensions, such as exploiting new products, signing partnerships, establishing new companies, industrial funds, research institutes, etc., and organically combine the efficient management system of successful private enterprises with cutting-edge explosive technology. Catalysts: An epitaxial layout around artificial intelligence; the launch of new subsidiary products. Core risk: Downstream demand in the explosion industry is weak.