Investment highlights: events. The company published its 2015 annual report. During the reporting period, the company achieved operating income of 991 million yuan, an increase of 4.92 times over the previous year; net profit attributable to shareholders of listed companies was 132 million yuan, an increase of 4.4 times over the previous year; and realized basic earnings per share of 0.20 yuan. The company plans to distribute a cash dividend of 0.20 yuan (tax included) for every 10 shares to all shareholders. In 2015, the increase in the company's industrial carrier settlement increased the company's revenue 4.92 times and net profit increased 4.4 times. The company's 2015 annual report revealed: In 2015, the company achieved real estate sales revenue of 778 million yuan and real estate rental income of 156 million yuan, all of which increased significantly compared with last year. During the reporting period, the company developed four projects under construction on its own, with a total construction area of 500,000 square meters. The total construction area of equity owned by listed companies reached about 300,000 square meters. As of December 31, 2015, Junengwan Company has incubated 119 nursery projects, 190 incubator enterprises, and 38 accelerator enterprises. Since 2015, the company has won 6 land plot projects with a total equity interest to build 150,000 square meters. In July 2015, the company leased more than 10,000 square meters of housing for rent; the company cooperated with Kehua Hengsheng in cloud computing infrastructure and other fields. Since 2015, the company has cooperated to establish two companies, with an investment of 457 million yuan. In March 2015, the company increased the construction of incubators to distribute dividends from science and innovation. In October 2015, the company invested an additional 49% of Xinyun's shares and increased the development efforts of the 14-06 plot project. 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 science and technology innovation centers, reserves are expected to grow relatively 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. After the free trade zone industrial chain is upgraded, some productive industries and auxiliary enterprises will move to the Qidong Industrial Park around Waigaoqiao to bring indirect benefits to the company. 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. As of March 30, the company closed at 30.81 yuan, corresponding to 99.4 times and 79.0 times PE in 2016 and 2017, respectively. Currently, the 2016 valuation of “Dual Self-Linkage” Company - Zhangjiang Hi-Tech is 53.5XPE. Considering that the company is within the Dazhang River, it is expected to enjoy favorable policies related to the Science and Technology Innovation Center in the future, while also benefiting from the merger of the two districts of Jing'an and Zhabei. Target prices and ratings will not be given for the time being. Risk warning: The industry faces two major risks: interest rate hikes and policy regulation.