Introduction to this report: The company provided a number of anti-terrorism equipment and systems to the G20 summit, showing the government's recognition of the company's ability to integrate products and systems. It is expected that under the leadership of the PPP investment model, the company is expected to accelerate the transformation of a smart city integrated service provider. Investment Essentials: Maintaining the “” rating. Recently, through an investment relationship interactive platform, the company stated that it had provided a number of high-tech anti-terrorist equipment and systems to the G20 summit, such as explosion-proof equipment, new intelligent police vehicles and command systems, and handheld wall-penetrating radar. We believe that as a leading domestic public safety and anti-terrorism service provider, the company is accelerating its transformation into an integrated smart city service provider. The PPP model advocated by the government will accelerate the implementation of smart city projects and lead the company into a new growth cycle. We maintain the company's 2016-17 EPS forecast of 0.37 yuan and 0.47 yuan, and maintain the “” rating and target price of 20.96 yuan. The integration of strong and weak electricity is gradually improving, accelerating the transformation of smart city integrated service providers. The company acquired Beijing CLP Xingfa in 2015 and officially entered the smart city field. Based on the experience and capabilities of intelligent terminals such as high-definition cameras, anti-terrorist robots, and intelligent charging piles, as well as information system integration services and operation and maintenance services, it is expected to lead the company into a new growth cycle under the promotion of the smart city PPP model: ① The company provided a number of high-tech anti-terrorist equipment and systems for the G20 summit, indicating that the government's recognition of the company's police products and system integration capabilities is a strong endorsement of the company's related core products; ② The company is a smart city and safe China's construction industry The only comprehensive service provider with “top nine” qualifications has successfully won the bid and operated the largest 1.3 billion Guizhou Liupanshui Safety Bureau “Skynet” project in the country. It is in a leading position in the industry from product and technology reserves to system integration project operation. It is expected that with the PPP model, priority will be given to benefiting from the acceleration of smart city construction and accelerating the transformation of smart city integrated service providers. Catalysts: Ping An City and charging equipment received an order, charging operation demonstration project implementation risk warning: the scale of the charging equipment won the bid, and the expansion of the Ping An City project fell short of expectations