The company's development projects are deeply involved in Fujian, gradually expanding the Yangtze River Delta region of Shanghai. Currently, the company has a total of 39 second-level commercial housing development projects, with a total equity construction area of 9.583 million square meters. There are a total of 4 first-level development projects, and the total development area will reach 16.587,000 square meters. The company creates an “industry+capital” two-wheel drive model. The company announced its financial development strategy earlier, and plans to establish a platform for the company's capital investment through the establishment of a wholly-owned financial holding company. Tibet Kangsheng Investment, a 70% subsidiary of Shenzhen Mingcheng Financial Holdings, a wholly-owned subsidiary of the company, is an important securities investment platform for the company. The main investment areas include stock investment, strategic investment in listed companies, and investment in the New Third Board. Mingcheng Financial Holdings Group plans to actively seize development opportunities in asset management and equity investment, focusing on investments: 1. Equity investment. 2. Investment in the securities market. 3. Investment in the financial industry. Furthermore, the company has set up an overseas investment platform in Hong Kong. Since 2016, the company's large financial sector has continued to gain strength. In March 2016, the company jointly initiated the establishment of Yellow River Financial Insurance Company (14% shares). In April, Inpaison, which holds 70% of the company's shares, was listed on the New Third Board. In April, the company acquired 100% of the shares of Zhongcheng Leasing Company. In May, the company established Mingcheng International (Hong Kong) Co., Ltd. to create an overseas investment platform. In September, the company participated in the subscription for a fixed increase of 14.9 million shares of the Pearl Group. In November, the company intended to participate indirectly in Guorong Securities through Mingcheng Financial Holdings. In May, the company cooperated to establish the 3 billion yuan Anxin Fund-China Merchants Bank-Tibet Kangsheng Dingzeng No. 1 Asset Management Plan. In March 2017, the company will build the first new energy industrial park in Taizhou. On March 3, 2017, the company and the Taizhou Municipal People's Government of Zhejiang Province signed the “Daming City Taizhou New Energy Industrial Park Cooperation Agreement”. The company plans to establish a new energy subsidiary and invest in the construction of the company's first new energy industrial park in the Taizhou Bay Circular Economy Industrial Cluster Area in Zhejiang Province, build a new energy industry chain, and establish a new energy research institute to achieve vehicle production and energy storage power plants. The company launched the first phase of a 4 billion watt-hour lithium-ion battery project in the industrial park. We believe that the good development prospects of new energy vehicles will push the power battery and energy storage battery industry into a period of rapid development, and that the construction of this industrial park will promote the company's industrial+capital two-wheel drive development investment proposals. The dual concept of the Fujian Free Trade Zone and the “Silk Road”, “industry-capital two-wheel drive” is worth looking forward to. The company's development model is in line with the direction of new urbanization construction, and is an important target of the Fujian Free Trade Zone and the “Silk Road” theme. Daming City sales are expected to benefit from tax and financial benefits related to free trade zones. The Lanzhou Eastern Science and Technology City project is in the core area of the “Silk Road Economic Belt”. Currently, the company is clearly building a two-wheel drive for the real estate sector and the financial sector. The company clearly stated that it is actively exploring new industries such as financial services, investment and trade, warehousing and logistics, big culture and health. We expect the company's 2016 and 2017 EPS to be 0.48 yuan and 0.63 yuan respectively, and the corresponding RNAV will be 9.05 yuan. Considering the strong transformation of the company, we gave the company a PE valuation of 25 times that of 2016, that is, 12.0 yuan as the target price for the next six months, maintaining a “buy” rating. Risk warning: The risk that the transformation of the enterprise falls short of expectations, and the company's focus shifts downward.