This report is read as follows:

Jiuding Investment, a major shareholder, has injected high-quality assets, and the company has been transformed into a leading private equity company with high prosperity in the industry. at the same time, as the only A-share listing platform under Jiuding Investment, the company is expected to integrate its assets in the future.

Main points of investment:

Cover for the first time, give "increase" rating, target price 76.04 yuan. It is predicted that the EPS from 2015 to 2017 is 0.23,0.78 and 0.84 yuan respectively (only considering PE asset injection, not private placement). With reference to the valuation of Luxin Venture Capital and other companies, give the target price 76.04 yuan.

The company has two major attractions: first, the major shareholders injected its high-quality PE assets, the company transformed from a small and medium-sized real estate company into a high-quality private equity company; second, as the only A-share listing platform of Jiuding Investment, there is the expectation of asset integration. In May 2015, the major shareholder of the company was changed to Jiuding Investment. Recently, Jiuding Investment injected its high-quality private equity asset Kunwu Jiuding into Zhongjiang Real Estate at a low price. As a result, the company has transformed from a small and medium-sized real estate enterprise into a leading private equity company with high industry prosperity, and its value has been greatly enhanced. There are broad prospects for the development of the PE industry, first, China is vigorously promoting "mass entrepreneurship and innovation", and good investment projects will emerge; second, with the construction of a multi-level capital market and the implementation of the registration system, the exit channel of PE projects will be more smooth. At present, the prosperity of the PE industry is high, and the professional PE company is facing great opportunities for development. Jiuding, the company's controlling shareholder, has a strong ability to operate investment capital and is currently laying out comprehensive finance. Zhongjiang Real Estate, as the only A-share listed company under Jiuding Investment, has a strong expectation of asset integration and great room for imagination in the future. We estimate that after the completion of the fixed increase, the reasonable valuation of the company is 124 billion yuan.

Core risk: regulatory approval risk. The promotion of the company's future value needs to be completed with the help of capital market forces, and the risk of future regulatory approval is the core risk factor affecting the company's value.