Positioning the party media and party network with strong competitiveness, core brand advantages and industry position. People's Online relies on the People's Daily, and the “Four Positions” clearly define its unique position: 1. It belongs to the People's Daily, and is good at the party media and party network. 2. An excellent enterprise that produces excellent cultural works. 3. A market-leading listed company. 4. The flagship of the People's Daily's new media integration. As the vanguard of national key news websites, the company takes “authority, popularization and credibility” as the purpose, covering all languages, countries, fields, and media in all aspects. The company's brand awareness, social influence, authority and credibility have obvious advantages in the Internet and media industry, and its outstanding brand reputation and platform position provide a solid guarantee for sustainable and stable revenue. Online stars have been added to the advertising business, and the business pattern has been adjusted and optimized. In 2015, the advertising business of People's Online was adjusted to a new pattern of 9 industries, 3 divisions, and 2 business centers, and achieved steady growth in advertising and promotion business amid fierce market competition. The company purchased 40% of NetStar's shares in early 2015, and NetStar also reported an increase of 122 million yuan. With the addition of Internet Stars, the advertising business will attract new growth impetus. Keep up with the pace of restarting online lottery tickets and be proactive to consolidate your position in the industry. In July of this year, the State Administration of Sports officially issued the “13th Five-Year Plan for the Development of the Sports Industry”, which for the first time identified sports lottery as one of the eight key industries. As market expectations for the lifting of the ban on online lottery sales increase, the company is expected to re-establish the online lottery business in the future. The company has a leading market position and influence in the Internet lottery sales industry. It still closely followed relevant policy trends during the Internet lottery ban, closely followed the pace and trend of policy relaxation by relevant departments, and prepared ahead of the rain to rebuild the online lottery business. The Australian Lottery Network, a subsidiary of People's Online, is the only online lottery participant with a state-owned background. Until now, its share in the domestic Internet lottery ticket sales market had been at the highest level, contributing 18% of the company's revenue in 2014. In the future, the company is expected to continue to take advantage of this round of policy relaxation to improve fundamental expectations with promising prospects for rebuilding the online lottery business. Once the internet lottery policy is restarted, the company's performance will increase considerably. Profit forecast and valuation: The company is an online media platform and media national team owned by the People's Daily. The company's main media advertising, mobile value-added, and information services businesses are supported by a good brand reputation and social influence, and its performance stability is strong. Based on this, we expect the company's 2016-2018 EPS to be 0.27, 0.35, and 0.39 yuan respectively, giving the company 65 times the PE valuation in '17, a target price of 22.75 yuan, and a rating to increase holdings. Risk warning: the risk that the restart of the Internet lottery policy is slower than expected; the risk that new business expansion will be blocked; the risk that the macroeconomic downturn will affect advertising revenue.