Matters: Today, the company announced that executives (5 core executives including the chairman, vice chairman, general manager, financial director, and deputy general manager) have increased their holdings by 133 million yuan in the secondary market through the trust plan, at an average cost of 32.13 million yuan, increasing their holdings by 4.13 million yuan. Comment: The increase in executive holdings near a record high shows a high level of confidence that the company's stock price has recently reached an all-time high of 33.18 yuan. The cost of this increase in executive holdings is close to the highest stock price in history, and the high increase reflects the company's confidence. Furthermore, the three core executives (Mr. Lei Hua, Mr. Qian Congxi, and Mr. Liu Anzhi) in the current holdings increase plan did not originally hold shares in the company. Through this increase in holdings, the incentive mechanism can be strongly improved, and subsequent performance beyond expectations can be expected. The demonstration benefits of the Jinchuan project were obvious. Subsequent orders for non-ferrous slag were quickly implemented, driving high performance. The company's first non-colored tailings utilization project, the Jinchuan Phase I Copper Tailings Comprehensive Utilization Project, passed the inspection and put into operation on December 26. The project uses the “rotary bottom furnace direct reduction+magnetic grinding and iron powder briquetting” process to treat 800,000 tons of copper tailings per year, producing 276,900 tons of iron powder briquettes, 341,000 tons of zinc oxide powder, and 449,000 tons of steam per year. After the project is completed and put into operation, the estimated annual sales revenue is 670 million yuan, annual profit and tax is 100 million yuan, and the payback period is about 4.1 years. The cumulative stock of copper slag in Jinchuan has reached 35 million tons. Environmental risks are increasing and facing transformation. Using Shenwu rotary bottom furnace technology, the Jinchuan Group is looking for the ultimate choice for ten years, and demonstration projects may drive further cooperation in the future. The company signed cooperation framework agreements with many domestic non-ferrous giants at the press conference of the Jinchuan project. The current order amount is 11 billion dollars, and it is expected that the order will be released quickly in the future. The company's market segments in various fields are expected to gradually open up. Companies with huge space are not only companies that can only process waste ore, but also have world-leading cost advantages in the smelting fields of many metals such as nickel, vanadium, and titanium. The total market space of the company's various market segments exceeds 600 billion dollars. In addition to the utilization of non-ferrous tailings, the company is also gradually freeing up market space in business sectors such as bulk solid waste (steel dust), comprehensive utilization of difficult mineral resources, and reengineering of steel smelting processes, etc., with great potential. We reaffirm that the company is the target of environmental technology stocks with strong technical certainty, large market space, and determined growth. The number of new orders is expected to be significant this year. The net profit for 17-18 is expected to be 68/98 million yuan, respectively. The performance is high and the growth is very certain. Future order settlement, performance fulfillment, and expansion into new fields will all be important stock price catalysts, and the “buy” rating will continue to be maintained.