Main opinion 1. The financial assets of CNPC are injected, and a new army, St Jichai, is added to the financial control platform to initiate major asset restructuring, and the assets are replaced and loaded into CNPC's financial assets. The company issued 6.985 billion shares to CNPC at a price of 988 yuan/share and paid 6.036 billion yuan in cash. At the same time, it raised supporting capital for the non-public offering of 1,758 million shares from 10 eligible specific targets, including China Construction Capital and Aerospace Information. The issue price was 10.81 yuan/share, and the total amount of supporting capital raised was no more than 19 billion yuan to pay cash consideration for invested assets and capital increases for subsidiaries. 2. Invest in banks, insurance, trusts, brokerages, finance companies, financial leasing shares, and gather licenses. Among them, CNPC Finance has maintained the lead among financial companies of the same type, and has maintained number one in the industry for 13 consecutive years; Kunlun Bank operates steadily and has strong profit contribution capacity; Kunlun Financial Leasing has a scarce financial leasing license and maintains leadership in the industry; CNPC Asset Holdings Kunlun Trust and shares in Shandong Trust have strong active management capabilities and benefits from transfer channels The company's boost, future growth There is plenty of room; its four insurance businesses are developing steadily, and Sino-Italian Life Insurance has the highest market share among domestic and foreign life insurance companies. Due to intense competition, exclusive insurance continues to rely on group resources to achieve business growth, ranking in the top ten in the Kunlun insurance brokerage industry. In addition, the invested assets also include 15.92% shares of BOC International and 16.50% of the shares of CCB Credit. After the restructuring is completed, the company will have the most complete financial sub-industry license. At the same time, relying on the resources of CNPC Group, it is expected to build a giant Mac-level financial control platform. 3. Investment advice: The asset restructuring includes two parts: additional acquisition assets and supporting financing. The value of invested assets is 75.5 billion yuan, and ancillary financing is 19 billion yuan. The total scale is approaching 100 billion yuan. After completion, the share capital of listed companies will expand from the current 288 million shares to 9.03 billion shares. We use a segmented valuation method for PB valuation of various financial assets. We estimate that the company has a reasonable market value of 115.6 billion yuan, with a value of 12.80 yuan per share. Since the market value in circulation of the 100 billion asset company after the restructuring is too small, it is easy to be hyped up and sought after by the market until the restructuring and additional distribution is completed, so it is recommended to be careful to pursue higher prices. First coverage, giving a neutral rating. 4. Risk warning: The restructuring has not progressed as expected, and the company faces the risk of delisting.