Guide to this report: As the profitability of Guosheng Securities increases, the company's future performance is expected to continue to improve; through the acquisition of Happy Times shares held by actual controllers, it is worth looking forward to future collaboration between in-vitro assets and internal licenses. Investment points: Maintain the “increase in holdings” rating and maintain the target price of 46.05 yuan/share. The company achieved total operating income/net profit of $1,102/232 billion in the first three quarters, +32.3%/+643.2% year-on-year; in the third quarter, total operating income/net profit was 522/134 million yuan, +121.2%/+5804% year-on-year; the sharp increase in performance was mainly due to the merger of Guosheng Securities, which was in line with expectations. With the innovation of management mechanisms and the improvement of capital strength, the profitability of Guosheng Securities is expected to continue to improve; as the acquisition of shares in Happy Times is gradually implemented, the company's subsequent financial business synergy is worth looking forward to. The 2016-2018 EPS was maintained at 0.56/0.89/1.05 yuan, and the target price was maintained at 46.05 yuan/share, increasing holdings. Guosheng Securities has become the company's main source of profit, and subsequent performance is expected to continue to improve. Guosheng Securities has become the company's main source of profit. It has now completed management changes. With the help of listing platforms and private management mechanisms, subsequent incentive mechanisms and capital strength are expected to improve, which is conducive to improving profitability. According to estimates, Guosheng Securities's performance in the third quarter improved significantly from month to month. With capital in place and management mechanisms improved, subsequent performance is even more worth looking forward to. The consumer finance business layout has been implemented, and the synergies are worth looking forward to. The company plans to acquire 5% of Happy Times shares and lay out consumer finance business. Happy Times is currently the leading installment shopping platform in China, and has received strategic investment from institutions such as Yunxin Investment, Kunlun World Wide, and Linkage Advantage. This layout is expected to enhance the company's synergy in the fields of asset securitization, asset management, and comprehensive financial services for customers, and expand the depth of cooperation between the company and consumer finance business participants. Risk Warning: Financial License Approval Risks