Investment highlights: events. The company announced the first quarter of 2017. During the reporting period, the company achieved operating income of 1.14 billion yuan, a year-on-year increase of 13.4%; net profit attributable to shareholders of listed companies was 262 million yuan, an increase of 69.2% over the previous year; and realized basic earnings per share of 0.13 yuan. In the first quarter of 2017, driven by increased carry-over, the company's revenue increased by 13.4%; driven by higher carry-over gross margin, the company's net profit increased to 69.2%. As of January 2017, China Investment Corporation, the controlling shareholder of the company, increased its holdings of the company by 0.36%. On January 12, 2017, the company announced that the controlling shareholder of the company, Zhuhai Investment Holdings Co., Ltd. (“Haitian Investment Company”) plans to increase its holdings of the company's shares within the next six months from July 12, 2016. The cumulative increase ratio is not less than 0.12% of the company's total share capital and not more than 2% of the company's total share capital. On January 11, 2017, the period of the current holdings increase plan expires. This time, Haitian Investment Corporation has increased its holdings of the company's shares by a total of 7.339,800 shares, accounting for about 0.36% of the company's total share capital. As of the announcement date, China Investment Corporation held 847 million shares of the company's shares, accounting for about 41.13% of the company's total share capital. Investment advice. I am optimistic about Zhuhai and choose Gree. The company's main business is concentrated in Zhuhai, and the direction of enterprise development and core superior resources are related to the high-end economy of Zhuhai. The company also has various concepts such as cooperation between Hengqin, Hong Kong-Zhuhai-Macao, state-owned assets reform, and modern service industry transformation. In 2017-2018, the company's EPS is expected to be 0.38 yuan and 0.49 yuan, respectively. Currently, the average dynamic valuation of financial control concept companies in 2017 is about 28 times. Considering that the state-owned enterprise reform has brought substantial changes to the company's fundamentals, and that the ocean, port economy, modern service industry, and modern financial industry are in a stage of active development, we gave the company 28 times PE in 2017, so we can see that the company has a reasonable valuation of 10.6 yuan, maintaining a “buy” rating. Risk warning: The industry faces two major risks: interest rate hikes and policy regulation.