Key investment events: The company recently received the “High-tech Enterprise Certificate” jointly issued by the Jiangsu Provincial Department of Science and Technology, the Jiangsu Provincial Department of Finance, the Jiangsu Provincial State Administration of Taxation, and the Jiangsu Provincial Local Taxation Bureau. The certification period is October 10, 2015, and the certificate is valid for three years. This is a re-certification carried out at the end of the validity period of the company's original high-tech enterprise certificate. For three consecutive years (that is, 2015, 2016, and 2017) after passing the new certification of a high-tech enterprise, the company can continue to enjoy preferential policies on high-tech corporate income tax and pay corporate income tax at a 15% rate. Comment: Once again, it has been recognized as a high-tech enterprise, demonstrating the company's core technical strength. The high-tech enterprise certification policy is a major national policy for guiding enterprises to carry out scientific and technological innovation, and it is also an important litmus test for the technological strength of enterprises. The core certification requirements include: 1) R&D expenses account for no less than a certain standard of total sales revenue; 2) the proportion of technical personnel with a college degree or above and the proportion of R&D personnel are not less than 30% and 10%, respectively; 3) the revenue of high-tech products (services) accounts for at least 60% of the company's total revenue for the year. The company has a number of high-tech technologies, such as a website management system, housing price evaluation software, and real estate business platforms, etc., which meet the above certification standards. It was recognized as a high-tech enterprise as early as 2009. This certification is the second time since 2012 that it has successfully passed the review, fully demonstrating the company's technical strength and commercial transformation capabilities in the real estate Internet field. Furthermore, the company can continue to enjoy a 15% corporate income tax rate discount (25% before certification) for three consecutive years (2015, 2016, 2017) after passing the certification, which will have a positive impact on the company's performance. Actively lay out the real estate aftermarket, and accelerate the development of real estate finance business. Real estate finance is a key area for the company in the future. 1) In November 2014, the company invested 120 million yuan to establish the “Home Loan” P2P platform. It is positioned as an “Internet+Real Estate+Finance” integrated service platform, and launched various products and mortgage services such as down payment loans, bridge loans, and home exchange loans. In 2015, the balance of the Home Loan Loan was about 200 million yuan, with an average order size of about 200,000 yuan. 2) A strategic cooperation was reached with Zhongyuan in October 2015. The company will rely on a strong home loan platform to provide a full range of financial products for the Zhongyuan Group. The two sides will join forces to open up online and offline channels, which will accelerate the growth of real estate finance business. 3) In January 2016, the company invested 280 million yuan to establish an Internet small loan company, which will effectively reduce the company's financial business costs and expand the scale of financial business. Investment advice: The company has once again passed the certification of a high-tech enterprise, demonstrating its core technical strength. We are optimistic about the in-depth layout of 365 Network in the real estate after-sales service market and the company's long-term development prospects. The 2015-2017 EPS is expected to be 0.66, 1.0, and 1.5 yuan, and the corresponding PE is 58, 44, and 32 times, respectively, maintaining the “increase in holdings” rating. Risk warning: Real estate recovery falls short of expectations