Key investment points: Invest in Guohua Life Insurance to turn a loss into a profit and leap in performance. According to the performance forecast, Tianmao Group made a profit of 750 million yuan to 800 million yuan in the first quarter, and lost 20.41 million yuan in the same period last year, an increase of 38 times over the same period last year. The basic profit per share was 0.176 yuan to 0.188 yuan, and the loss was 0.015 yuan per share in the same period last year, an increase of 12 times over the same period last year. The key to Tianmao Group turning a loss into a profit was the successful acquisition of Guohua Life Insurance. On March 16, 2016, Tianmao Group officially acquired some of Guohua Life's shares as the controlling shareholder, and Guohua Life Insurance was included in the consolidated statement. After the merger, Guohua Life achieved net profit of 600 million yuan, and net profit attributable to Tianmao Group was about 306 million yuan. Meanwhile, Guohua Life Insurance's 7.14% shares held by Tianmao Group before the acquisition were re-measured at fair value, and the difference between the book value and book value increased net profit by about 500 million yuan. With forward-looking adjustments to the business structure, Guohua Life has entered a stable profit period. After opening up the market with asset-driven liabilities, Guohua Life Insurance gradually adjusted the focus of strategic development to the debt side in 2014, returning to the essence of security, reducing interest rate sensitivity, and at the same time making better use of insurance leverage to obtain profits. In 2015, we achieved original premium income of 23.7 billion yuan, an increase of 473% over the previous year; investment payments increased by 21.8 billion yuan, an increase of 55% over the previous year, achieving a balance between premium income from traditional insurance insurance and premium income from investment insurance. Guohua Life Insurance will continue to deepen its restructuring this year, focusing on traditional annuity insurance. As of February 2016, Guohua Life has achieved original premium income of 15.9 billion yuan, an increase of 2.7 times over the previous year. Increase the intake of Tianping Financial Insurance and build a comprehensive insurance platform. Tianmao Group issued another announcement in March 2016 to increase 1.4 billion shares to raise 9.5 billion yuan in capital to acquire part of Tianping Financial Insurance's shares and increase the capital of Guohua Life Insurance again. After the acquisition is completed, Tianmao Group will hold 50% of Tianping Financial Insurance's shares and 51% of Guohua Life Insurance's shares. Tianping Financial Insurance has continued to be profitable for the past three years, achieving net profit of 18 million yuan, 2021 million yuan, and 230 million yuan. Premium income accounts for 41% of the total volume of foreign-funded financial insurance companies, ahead of other foreign-funded financial insurance companies. After this acquisition, Tianmao Group will balance various types of insurance, prevent risks, improve solvency, and promote the comprehensive and rapid development of Tianping Insurance. The Group's business structure was adjusted, and the business was under the direction of finance. At the same time, Tianmao Group announced the establishment of Jingmen Tianmao Chemical Co., Ltd. to undertake all current chemical business, assets, debts and personnel, and form a comprehensive holding platform development model with finance as the main focus, medicine, and chemicals, to achieve resource exchange and collaboration. At the same time, Tianmao Group's controlling shareholder Xinliyi Group holds or shares in financial real estate assets such as Changjiang Securities and Xinliyi Real Estate, which will also provide strong support for the construction of Tianmao Group's financial control platform. It is estimated that in 2016-2017, BVPS 3.5, 3.8, P/B 2.3, and 2.1 will have a market value of 45.4 billion yuan after the acquisition is completed. It is currently the target of a comprehensive listed insurance company with the smallest market capitalization. The current valuation is still low, and it continues to give ratings for increasing holdings. Risk Warning: Acquisitions are not progressing as expected, sharp market fluctuations, and yields plummet