Guide to this report: Wireless city construction will provide the company with new business growth such as e-government in the long term and help unleash the commercial potential of the company's advantageous networks. At the same time, the company has received another 10,000 high-definition interactive government orders, and government purchases will continue to boost the company's performance. Investment points: Maintain the target price of 20.38 yuan and maintain the “increased holdings” rating. The huge potential for performance growth contained in the company's excellent network foundation is being unleashed at an accelerated pace. The introduction of war investment in the future will open up space for business collaboration and expand the company's endogenous value. We maintain the company's 2016-2018 EPS forecast of 0.25/0.30/0.35 yuan, and the target price of 20.38 yuan, maintaining the “increase in holdings” rating. Obtaining approval for the wired and wireless integration pilot, “wireless cities” help unleash the potential of networks over the long term. The company announced on July 22 that it has received approval from the State Administration of Radio, Film, and Television to list the company as a pilot unit for the wired and wireless integrated network pilot project. We have emphasized many times that the release of the company's network commercialization potential is an important focus of the company's endogenous growth. The wireless traffic operation business carried out by combining the company's two-way network and IDC hardware, the first-mover advantage of special financial support, and the convenience of 700M radio and television frequencies is expected to provide the company with new revenue growth such as post-billing, e-government, and video value-added, which will become an important opportunity for the company to monetize its network advantages. The company's business operations will evolve from traditional radio and television business providers to broadcast+mobile network operators, enrich the company's revenue structure and increase valuation over the long term. Government orders have been placed again, and government purchases have continued to boost the company's performance. At the same time, the company announced that it had signed a “Project Agreement for the Purchase of Cable Television Services by the Zhenping County Government” with the Zhenping County People's Government. The company will provide high-definition interactive television services to about 10,000 households in concentrated areas, resettlement communities, and relocation sites for immigrants within 2017. The service costs will be borne by the government, and the purchase period is five years. Since last year, the company has received many government orders, and it is expected that more government purchase orders will be placed in the future, boosting the company's user size and performance this year and next two years to a certain extent. Risk warning: New business expansion is slow, and there is a risk that new media such as IPTV and OTT will increase competition.