Event description Company announcement: 1. Jointly established the “Southern University of Science and Technology - Bohai Joint Research Institute for Environmental Governance”; 2. Foreign investment of 52 million yuan, of which 43 million yuan was transferred from China Development Fund to hold shares in Zhongfu Tianhe, 9 million yuan increased the capital of Zhongfu Tianhe. The company will hold 9.27% of Zhongfu Tianhe's shares, and in the long term (2022-2025), China Development Finance will transfer 44.33% of Zhongfu Tianhe's shares. A joint research institute was set up for incident review. A broad pattern is needed for environmental protection. The company opened up the water treatment industry chain through the acquisition of Jiacheng Environmental Protection. The establishment of a joint research institute shows that the company's pattern is not limited to the field of water treatment: 1) from the perspective of R&D, future expansion of the company in the field of environmental protection is worth looking forward to; 2) Essentially, the establishment of an R&D center will support the company's transformation and continuous expansion from a technical level. With the help of Guodai Finance to expand the old-age care business, the value of the platform has been demonstrated. This project is supported by the China Development Fund. The 44.33% shares held by the China Development Fund enjoy a priority return of only 1.2%, and the shares are gradually transferred to the company after expiration. The company's strategy is clear. This time, the small capital leverages Guodai Finance to enter the old-age care business. The strategic foresight and ingenious plan highlight the company's determination and motivation to build a platform-based company. The management has strong determination and sufficient motivation to continuously verify the logic of building a platform-based company. The company's traditional business will provide effective cash support for the company's transformation. The company's transformation momentum is strong. From the acquisition of Jiacheng Environmental Protection to the establishment of a joint research institute and entry into the old-age care business, the company's determination and execution are fully demonstrated. Considering mergers and acquisitions and additional dilution, the company's 2015-2017 EPS is expected to be 0.32, 0.46, and 0.75 respectively, maintaining the company's “recommended” rating! Risk warning 1) systemic risk; 2) the progress of research institutes and pension services;