Highlights of the report describe the company signed a framework cooperation contract with Beijing Baidu Netcom Technology Co., Ltd. today, and will cooperate in the fields of intelligence, big data, and innovative technology applications in the future. Incident Review teamed up with Future Stores to expand the content of the home furnishing business. According to the agreement, Baidu Future Store will receive priority framework support policies for the company's Xiangjiang Home Furnishing Store and related channels. Future Store is an online store for intelligent innovative products launched by Baidu. Relying on Baidu's advantages in the Internet field, it has become a leading platform in the smart home field in the country. However, after this year's asset injection, Heung Kong Holdings has become the only A-share listed company in the domestic home furnishing trade industry. The two sides will join forces to help make full use of their respective platform advantages and continue to strengthen their positions in the smart home field. Use Baidu resources to expand the trading industry platform. After asset injection, the company's main business will gradually shift to household trade circulation and trade logistics platform construction. We anticipate that in the future, the company may use the experience and resources accumulated in the construction of the operator's trade logistics platform, rely on the Gaoling Trade City in Changsha to further extend the downstream trade industry chain, expand the content of trade business, and build a leading trade industry platform in the country. However, as the penetration of Internet technology into the field of commerce and trade gradually deepens, the company's dependence on the Internet for business development in the trade industry chain is also increasing day by day. However, once a cooperative relationship is established with Baidu, the domestic Internet giant, the company is expected to take advantage of Baidu's absolute advantages in big data and internet marketing and promotion to further consolidate its leading position in the commercial and trade industry chain, and the depth of cooperation between the two sides is worth looking forward to in the future. Equity incentives have been completed, and asset injections are progressing at an accelerated pace. The company launched an equity incentive plan in October 2015. The incentive scale is 25 million shares, covering 31 core executives, and the grant price is about 3 yuan/share. The promised performance growth rate in the past three years is 80%, 100%, and 120%. It has now been officially granted and registration completed. At the same time, the company's first round of asset injection has been completed, and the second round of asset injection plans is progressing in an orderly manner. The introduction of the equity incentive plan is conducive to binding the interests of executives and stimulating the enthusiasm of management; while the two rounds of asset injections show the firm support of the majority shareholders for the development and growth of listed companies. The value is undervalued, and the potential can be expected, waiting to explode. After the first round of asset injection, we comprehensively calculated that a reasonable market revaluation of the company's three assets (original real estate business+Xiangjiang commercial+Shenzhen base operation) should be at least 15 billion yuan, corresponding to the company's current market price discount of nearly 30%. The company's EPS is expected to be 0.43 yuan/share and 0.5 yuan/share in 2015, respectively, and PE corresponding to the current stock price will be 21 and 18 times, respectively, maintaining the company's purchase rating.