Key investment points: Maintain the “increase in holdings” rating and raise the target price to 29 yuan. The company previously signed strategic cooperation framework agreements with four heavyweight institutions, including the State Key Laboratory of Virtual Reality, and the market is concerned that the company's “VR+ radio and television” strategy will be difficult to implement; this time, it has signed a number of technology development and service contracts with partner institutions to study 3D reconstruction and high-speed decoding of VR live streaming, naked eye 3D live streaming, and VR transmission over cable networks, indicating that the “VR + radio and television” strategy is being implemented intensively. The company's 2015-2017 EPS forecast was maintained at 0.04, 0.14, and 0.26 yuan. Considering the strengthening of strategic implementation expectations and the recovery in market risk appetite, the target price was raised to 29 yuan (+15%), corresponding to a market value of nearly 6.6 billion yuan. The “VR+ Radio and Television” strategy has taken the first step, and implementation is expected to continue in the future. The market is worried that the company's “VR+ radio and television” strategy will be difficult to implement, and we believe that the company is expected to continue to act and benefit from the rapid development of the VR industry. The reason: ① The radio and television system actively embraces VR: The market believes that radio and television is slow to respond to technology, yet we have discovered that recently, from the General Administration, CCTV, and local radio and television companies have shown great enthusiasm for VR, and it is expected that they will continue to launch VR content; according to reports from China Press, Publication, Radio, and Television, CCTV, CCTV has used VR technology for coverage at both sessions, and received attention from Director Cai of the State Administration of Radio, Film, and Television. ② Research on VR technology suitable for radio and television content and networks, and it is expected that there will be extensive cooperation with radio and television systems: the company's current research directions are all highly related to radio and television content and networks. For example, VR live streaming splicing reconstruction technology is highly compatible with sports events, variety shows, etc., VR live streaming high-speed decoding and cable network transmission technology are directly related to radio and television networks, and naked eye 3D live streaming technology can better serve families to watch together; the broadcasting system has strong technical requirements for the company, and it is expected that extensive cooperation will be carried out to provide the company with content and networks. Catalyst: The VR+ radio and television strategy continues to be implemented. Risk warning: The promotion of VR in the radio and television field falls short of expectations, and VR user acceptance is slowly increasing.