Guide to this report: The equity incentive plan has been settled, and the three-year fixed increase is imminent. The transformation may be implemented at an accelerated pace to maintain an increase in holdings rating. Investment points: Maintain an overweight rating. The 2015-2017 EPS forecast is maintained at 0.20/0.25/0.29 yuan, respectively. The company has transitioned from the traditional aluminum foil industry to the dual main business of medical services. After equity incentives are settled, subsequent extended growth will accelerate, maintaining a target price of 15 yuan, corresponding to 2016 PE 60 times, and 19% space. The equity incentive plan was settled. On November 2, the company announced the equity incentive plan. On the evening of December 17, the company announced that the plan was settled. The incentive targets include 23 core personnel, with a total of 1.91 million shares, a capital dilution of 0.30%, and an exercise price of 5.15 yuan/share. The exercise conditions require performance assessment for the headquarters and branches of listed companies, etc., to achieve management incentives and benefit bundling. The transformation is likely to accelerate. The company's two main businesses go hand in hand. Deep processing in the traditional aluminum foil industry continues to expand, and the profit contributions of Baotou and Shandong Xinheyuan are gradually showing; transforming medical services, Shanghai Langmai continues to be deeply involved in the pharmaceutical clean zone service field, but with the end of phased highs such as GMP certification, the company may consider speeding up entry into other medical service fields. As the equity incentive plan is settled, management will also be extremely motivated to achieve performance commitments and extended mergers and acquisitions. The three-year fixed increase awaits, and Jiuding stepped in to inject new elements. In May, the company announced a three-year fixed growth plan. It plans to introduce Jiutai Fund (a subsidiary of Jiuding), with a fixed price of 7.88 yuan. After entering, Jiutai Fund will hold 6.56% of the shares, becoming the third largest shareholder. The company has submitted feedback responses at the end of November and is awaiting the meeting. Once Jiuding enters, it will rely on its in-depth layout in the first-tier market medical services sector to provide strategic support for the company's external mergers and acquisitions. Catalyst: A fixed increase is passed; extended mergers and acquisitions continue to be realized. Risk warning: The risk that aluminum prices will continue to fluctuate at a low level.