Key investment events: The company signed a “Framework Cooperation Contract” with Beijing Baidu Netcom Technology Co., Ltd. to cooperate in the fields of intelligence, big data, and innovative technology applications. Comment: Join forces with Baidu Future Store to lay out the future business ecosystem. According to the framework cooperation agreement, Baidu Future Store has received priority framework support policies for Heungjiang Home Furnishing Stores and related channels across the country, and if Heungjiang Holdings publishes advertisements on Baidu media resources, Baidu grants preferential support policies to the company. Baidu Future Store is the first online store for intelligent innovative products launched by Baidu in 2015. Future Store is positioned as a total solution provider for hardware sales. Through this platform, it provides smart hardware partners with a complete set of solutions from brand promotion and marketing to evaluation, trial, and sales. Baidu Future surpasses ordinary e-commerce and creates a comprehensive sales and marketing ecosystem. Heung Kong Holdings currently owns well-known home furnishing brands such as “Heung Kong Home”, and has carried out regional layouts in places such as Chengdu, Nanjing, Xianghe, and Changsha. We believe that the partnership between Xiangjiang Home Furnishing and Baidu will, on the one hand, help Baidu's future stores to use the brand effect and strong offline trading resources of Xiangjiang Home Furnishing to achieve its layout in the home furnishing important consumer sector; on the other hand, it will also help further increase the popularity of the Xiangjiang Home Furnishing and rapidly expand the sales ecosystem combining online and offline sales channels, enhance the company's upstream and downstream bargaining power in the home furnishing industry chain, and have a positive impact on the company's CBD and commercial property management business. The introduction of Baidu's big data system is beneficial to the long-term development of the company. According to the framework cooperation agreement, the two sides will also jointly establish a collection and analysis system based on on-site user data, jointly promote the collection, mining, analysis, and promotion of big data, and promote two-way sharing and cooperation of existing resource data. Moreover, this cooperation is clearly exclusive. “Big data cannot be disclosed or provided to third parties without the permission of both parties.” We believe that smart hardware is a major trend in the development of the industry. The core of intelligence is big data, and experience is essential for this kind of product. The advantageous value of Heungjiang Holdings being able to quickly open large-scale experience stores is highlighted. With the growth of customers brought about by the increase in smart hardware sales, in the future, as more and more data is accumulated, accurate marketing can be carried out for all users, and more intelligence-related business models can be derived in the future. Major shareholders are rich in resources, attach importance to listing platforms, and management grants stock incentives, which help enhance cohesion and combat effectiveness. As the only listing platform under the Heung Kong Group, Heung Kong Holdings attaches great importance to listed companies, which has been particularly evident since this year. Management also recently granted the first stock incentives, which help strengthen cohesion and combat effectiveness. Investment advice: We are optimistic that the company and Baidu will join forces to double increase the company's brand awareness and home sales efficiency. At the same time, we are optimistic that the majority shareholders of Xiangjiang Holdings attach great importance to its only listing platform. The majority shareholders' layout in the fields of trade logistics, big finance, and big health brings broad space for the future growth of listed companies. Currently, the company's RNAV is 11.5 yuan, providing a certain margin of safety for the current stock price. Without considering the November restructuring, EPS is expected to be 0.30, 0.44, and 0.59 yuan respectively in 2015-2017, corresponding PE is 30, 20, and 15 times, respectively, maintaining a “buy” rating. Risk warning: Sales recovery falls short of expectations; restructuring progress falls short of expectations.