Key investment points, peace view: Introducing Dianjian Huadun and moving from Wuhan to a nationwide layout: the company went public in 2009, and after Dianjian Real Estate became a real estate listing platform under central enterprises at the end of 2012, Huadun became a real estate listing platform for central enterprises. The company was founded in Wuhan and mainly focuses on commercial real estate development and operation. It uses a unified sales and leaseback business model to balance the long-term and short-term cash flow of commercial real estate while giving full play to the advantages of the company's commercial real estate operations. With the investment of power construction real estate and financial support from major shareholders, the company has the ability to gradually increase its self-ownership ratio of high-quality properties. At the same time, in terms of layout, land has been acquired in Nanjing one after another since 2015, gradually moving out of Hubei and expanding throughout the country. Attracting external intranets and entering cultural and creative industrial parks: In 2015-2016, the company successively signed a cooperation framework agreement with China and India Culture and Hubei Electric Power Company, a subsidiary of China Power Construction, to cooperate in the development of cultural, creative, and innovative industrial industrial parks. Chinese and Indian Culture is an investment platform for cultural and creative industries for the central enterprise Wenfa Group. It has invested in four cultural and creative enterprises, including Danwen Xinghua, and successfully operated the Xinhua 1949 Cultural Industrial Park. Chinese and Indian culture will introduce cultural-themed industrial parks and cultural financial services in company-related projects. The industrial investment experience of Chinese and Indian culture complements the company's commercial real estate operation capabilities, and is expected to achieve collaborative development of “cultural industry+commercial real estate”. In the future, the South provides operational capacity, China and India provide creative design, and China Power Construction provides industrial land resources such as factories, etc., and the joint construction of a cultural industrial park is worth looking forward to. The PPP expansion model is worth looking forward to. The value of real estate platforms is highlighted in the context of central enterprise integration: China Power Construction has a large number of urban infrastructure projects across the country, and in the future, relying on China Power Construction's urban rail transit PPP projects, it is worth looking forward to promoting the business layout of major urban transportation nodes. At the same time, the acquisition of CITIC Real Estate from CITIC Real Estate from CNOOC, the merger of China Metallurgical and Minmetals, the overall listing of China Metallurgical and Minmetals, the overall listing of China Merchants Shekou, and the seizure of “land kings” by central enterprises everywhere can all be seen in the “dark war” in the drama of central enterprise integration, striving for more “voice” in the future integration of central enterprises. The company's majority shareholder, Dianjian Real Estate, has a sales scale of only 20 billion dollars. It is a small scale among central housing enterprises. Recently, the Power Construction Jinmao Consortium won the king of the total price of Hexi in Nanjing with 3.4 billion dollars, which also reflects the large-scale intentions of Power Construction. As the company's only real estate listing platform under the power construction, there is room for imagination in terms of asset integration and capital operation in the context of central enterprise integration. Dingzeng expands its main business and joins hands with Wuhan Housing Finance to lay out the Cloud Network+: The company issued a fixed increase plan in May 2015 to raise no more than 1.55 billion yuan and an issue price of 5.64 yuan/share. Among them, the majority shareholder, Electric Construction Real Estate plans to subscribe no more than 620 million yuan, mainly for the construction of four projects in Southern Central District 1, Tanhualin, Xiongchu Plaza, and Nanguo Center to further expand the main business. Currently, Dingzeng has been approved. In July 2015, the company signed a strategic cooperation agreement with Wuhan Fangrong. It will integrate the company's online and offline resources to create five financial platforms that fully meet the needs of owners, merchants, and bank-related partner institutions to help the company improve efficiency and realize the cloud network+commercial real estate vision. Profit forecast and investment rating: The company's performance in 2015 was relatively lackluster due to tax increases on prepaid land and sales of some high-quality properties. In 2016, tax increases on prepaid land will drop sharply. Under neutral settlement assumptions, the company's 2016-2017 EPS is expected to be 0.26 yuan and 0.38 yuan respectively, and the current stock price corresponding to PE is 18.3 times and 12.6 times, respectively. The company's main real estate business benefits from the recovery of the Wuhan regional property market and actively explores the layout of cultural and creative industries; relying on the resources of the majority shareholder Power Construction Group, the PPP expansion model is worth looking forward to; at the same time, in the context of central enterprise integration, as the only real estate listing platform in the power construction department, there is a lot of room for imagination in asset integration and capital operation, and the current stock price is 14% compared to a fixed price increase, giving it a “recommended” rating for the first time. Risk warning: Performance and sales volume fell short of expectations; cultural industry expansion fell short of expectations.