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 million square meters. The company creates an “industry+capital” two-wheel drive model. The company announced its financial development strategy earlier, and plans to create 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 new third board investment. 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 sector. In addition, 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 Huanghe Financial Insurance Company (14% shares). In April, the company, which holds 70% of Inpaison, 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 of Livzon Group to increase the number of shares by 14.9 million shares. In November, the company plans to participate indirectly in Guorong Securities through Mingcheng Financial Holdings. In May, the company cooperated to establish the 3 billion yuan Anxin Funds-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 signed the “Taizhou New Energy Industrial Park Cooperation Agreement” with the Taizhou Municipal People's Government of Zhejiang Province. 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 Eastern New Area of Taizhou Bay Circular Economy Industrial Cluster in Zhejiang Province. Through the transfer of land use rights in the agglomeration area, the construction of a new energy industrial park project exceeding 10 billion dollars, the construction of a new energy industry chain, and the establishment of a new energy research institute, etc. The company launched the first phase of a lithium-ion battery project with an annual output of 4 billion Wh 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 investment proposals for industrial+capital two-wheel drive development. With the dual concept of the Fujian Free Trade Zone and the “Silk Road”, the “dual drive of industry and capital” 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. Sales in Daming City are expected to benefit from the tax and financial benefits associated with the Free Trade Zone. The East Lanzhou Science and Technology City project is located in the core area of the “Silk Road Economic Belt”. Currently, the company has clearly created 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, and big culture and health. We expect the company's 2016 and 2017 EPS to be 0.48 and 0.63 yuan respectively, and the corresponding RNAV is 9.05 yuan. Considering the strong transformation of the company, we gave the company a PE valuation of 25 times that of 2016, or 12.0 yuan, as the target price for the next six months, to maintain the “buy” rating. Risk warning: There is a risk that enterprise transformation does not meet expectations, and the company's focus shifts downward.