Investment highlights: events. The company announced the first quarter of 2016. During the reporting period, the company achieved operating income of 244 million yuan, a year-on-year increase of 12.2 times; net profit attributable to shareholders of listed companies was 22.65 million yuan, turning a loss into a profit over the previous year; and achieving basic earnings per share of 0.03 yuan. In the first quarter of 2016, driven by increased sales of industrial carriers, the company's revenue increased 12 times, and net profit was 22.65 million yuan. From January to January 2016, the company and its holding subsidiaries added 1 new real estate project reserve, with a land concession area of 42593.7 square meters. From January to January 2016, the company and its holding subsidiaries started construction with a new construction area of 209,600 square meters. From January to January 2016, the company and its holding subsidiaries had a sales contract area of 60,000 square meters, with a contract amount of 190 million yuan. As of March 31, 2016, the total leased real estate area of the company and its holding subsidiaries was 173,600 square meters, and the company achieved real estate rental income of 379.0.1 million yuan in January-March 2016. From January to March 2015, real estate rental income was 32.7554 million yuan, an increase of 15.71% over the previous year. In February 2016, Shanghai Kaichuang Enterprise Development Co., Ltd., a wholly-owned subsidiary of the company, successfully won the right to use state-owned construction land in plots 076f-02 and 076c-04, Unit N070601, Yonghe Community, Zhabei District. In February 2016, the company set up a special asset management plan of 1.25 billion yuan to issue loans to its subsidiary Shanghai Venture Company. In 2016, the total construction area of the company's ongoing and newly started projects will reach 500,000 square meters. Investment advice. Benefiting from the construction of data trading centers and science and innovation centers, equity investment is expected to grow rapidly. The company is positioned as a “boutique park” integrated operator, service integrator and investor. It has already laid out a 3.13 square kilometer North High-tech Industrial Park in Zhabei City, Shanghai and a 5.2 square kilometer Nantong Science and Technology City Industrial Park. Currently, the economy of the Shibei High-tech Park is growing at a high rate of 30% every year, and the share of the park's productive services has already exceeded 90%. The company has a total equity of 1.18 million square meters. Meanwhile, in the next 5 years, the Shibei High-tech Park will be able to develop 2.6 million square meters of land, and Nantong will reserve 4,200 acres of land. In recent years, the company has increased its investment in venture capital business, and future development can be expected. We expect the company's 2016 and 2017 EPS to be $0.31 and $0.39. Considering that the company is within the Dazhang River, it is expected to enjoy favorable policies such as the construction of a Shanghai Science and Technology Innovation Center and a data trading center (with market uniqueness) in the future, while also benefiting from the merger of the two districts of Jing'an and Zhabei, we gave the company 110 times PE in 2016, corresponding to the target price of 34.1 yuan for the next 6 months, and gave it a “buy” rating. Risk warning: The industry faces two major risks: interest rate hikes and policy regulation.