Matters: The company announced that after public bidding, Yunnan Yuntou Ecological Environment Technology Co., Ltd. (hereinafter: the “Company”), Yunnan Yunshengda Construction Engineering Co., Ltd., and Tongji University Architectural Design and Research Institute (Group) Co., Ltd. were identified as the first successful candidate for the “Baoshan Yongchang Road (Dabao Expressway-East Ring Road) road engineering construction project”, with a winning bid price of 71 million yuan. Jointly won the bid for the Yongchang Road Road Project in Baoshan City. The project construction period is short, and the project is expected to be released quickly: Company announcement, a consortium formed by Yunnan Yunshengda and Tongji University Architectural Design Institute, won the bid for the Baoshan Yongchang Road Road Project. According to information from the China Bidding Network, Baoshan Yongchang Road (Dabao Expressway-East Ring Road) road project is a general contract tender for municipal road construction. The total length of the project is 7.17 kilometers. The project includes a total design cycle and construction period of 12 months; we expect the company to undertake the main road landscape project in Baoshan City Chemical engineering roles, projects The construction period is short, and performance is expected to be released quickly; the company uses consortia to participate in municipal road engineering order acquisition, opening up new order acquisition channels, and enhancing order collection capabilities. The company has sufficient orders in hand to provide a guarantee for performance growth: According to the company's historical announcement data, the company signed 10 new orders in 2016, with a total amount of 2,528 billion yuan; at the same time, the company has a PPP cooperation framework agreement for the “Mountain, City, Lake” regional ecological (tourism) complex project in Tonghai County. The framework agreement has an investment of 2.5 billion yuan, plus the head office's investment amount of 2.5 billion yuan, the Hedong New District of Suining City's PPP project. The total PPP order of the company's announcement was about 3.8 billion yuan. Earlier company announcement, Suining, 13.2 billion yuan The PPP project plans to establish a PPP project company to promote project construction and implementation, and the certainty of the company's performance release has increased. This time, the company consortium won the bid for the road construction project on Yongchang Road in Baoshan City, with a bid amount of 700 million yuan. The project construction period was relatively short, and the company's performance growth was further supported. The number and quality of PPP projects in Yunnan Province is high, and the company's ability to obtain projects within the region is strong: as of the end of December 2016, the total number of PPP integrated information platform storage projects nationwide was 112,260, with a total investment amount of 13.5 trillion yuan, of which Yunnan Province had a total of 417 warehousing projects, ranking 10th in the country, while the total investment amount was 1.03 trillion yuan, ranking 3rd in the country. Judging from the Ministry of Finance's demonstration projects, out of the three batches of demonstration projects, Yunnan Province entered a total of 58 projects, with a total investment of 22.3 billion yuan. The total investment of Yunnan Province in the Ministry of Finance's demonstration projects accounted for 10.95% of the total demonstration, which is a very high proportion. It shows that not only is the total number of PPP projects in Yunnan Province high, but the quality of the projects is also at the forefront. As the only listing platform under Cloud Investment Group, the Company Division has many advantages such as high quality PPP orders, strong order processing capacity, low financing costs, bundled strategies, and repayment guarantees. It is expected that in the future, it will fully share the dividends of the accelerated implementation of PPP projects in the province. Investment advice: Buy-A investment rating, target price of 29.05 yuan for 6 months. The company is the only listing platform under Cloud Investment Group. In the context of the accelerated implementation of PPP projects in Yunnan Province, the company has strong order acquisition capacity, sufficient on-hand orders, and high certainty of performance reversal; we are optimistic about the company's state-owned enterprise reform imagination space and ecosystem, and the continued placement of orders to support performance, maintaining the company's buy-A investment rating. The six-month target price is 29.05 yuan, which is equivalent to a dynamic price-earnings ratio of 35 times that of 2017. Risk warning: State-owned enterprise reform falls short of expectations, extension development is progressing slowly, risks such as project repayment risks, macroeconomic downturn, and litigation and arbitration.