Key investment events: The company announced on the afternoon of the 27th that the fixed increase plan was unconditionally approved by the Securities Regulatory Commission. The fixed increase plan is: it is proposed to increase 54.85 million shares by 10.21 yuan (total share capital of 244 million shares after the fixed increase is completed), of which the controlling shareholder Guofeng Group participated in the fixed increase subscription for the first time by 45% (the shareholding ratio increased from 16.10% to 22.52% after the fixed increase was completed); Xiangyuan Group subscribed 37%; and Shanghai Zhuque Investment subscribed 18%. The total amount of capital to be raised is not more than 560 million yuan, of which no more than 209 million yuan will be used to repay bank loans, and the remaining portion will be used to supplement liquidity. Comment: The Hu Brothers held a license, and the majority shareholders actively defended control of the company. Through two increases in holdings in the secondary market, Hu Bo and Hu Biao held a total of 10.00% of the company's shares, becoming the second largest shareholder after the controlling shareholder Guofeng Group (holding 16.1%), which has an impact on the company's control. After the Hu Brothers were listed, the controlling shareholders of the company actively defended control through administrative and legal means, highlighting their optimism about the company's long-term development. The controlling shareholder's equity changed, and the blue cursor and Chairman La Cala were introduced. In September 2015, Guofeng Group completed the capital increase. After the capital increase, the actual controller of the company, Ouyang Xu, and his family held 65% of Guofeng Group's shares (26.52%), while the remaining three natural person shareholders held 35% of the shares, of which Sun Taoran held 24.02%, Zhao Wenquan held 5.99%, and Zhang Jun held 4.99%. Zhao Wenquan is the founder of Blue Cursor. He is currently the chairman and general manager of Blue Cursor, and Sun Taoran is currently the chairman and president of Beijing La Cala Electronic Payment Company. Furthermore, Zhao Wenquan and Sun Taoran and Ouyang Xu, the actual controller of the company, are Peking University students of the same year. The 13th Five-Year Plan for Tibet is about to be implemented, and the company will play an important role in building a world tourist destination in Tibet. The 13th Five-Year Plan for Tibet proposes to build important world tourist destinations. As an exclusive listed tourist company in the five major Tibetan regions and neighboring countries, the company has exclusive rights to manage resources in the top six high-quality scenic spots, and is expected to play an important role in building a world tourist destination in Tibet. Profit forecast and investment rating: This fixed increase has passed smoothly. After the fixed increase is completed, it will receive more than 300 million yuan in working capital, opening up space for subsequent capital operations; Tibet's 13th Five-Year Plan to build a world tourist destination is expected to land in January 2016. As an exclusive tourism listed company in the five major Tibetan regions and neighboring China, the company has exclusive rights to manage the resources of the top six high-quality scenic spots, and is expected to play an important role in building a world tourist destination in Tibet, with significant benefits. We recommend paying attention to the long-term growth space and subsequent capital operation expectations of the company's developed high-quality scenic spots. The company's EPS for 15-17 is expected to be -0.19/0.04/0.11 yuan respectively, maintaining the “increase in holdings” rating. Risk warning: The number of visitors to scenic spots falls short of expectations, policy support falls short of expectations, and risks such as politics and natural disasters.