Core point of view: Goodbye, China Yintai received a letter from Cheng Shaoliang, the second shareholder, and China Yintai, the shareholder, about dissolving the relationship between co-actors. Meanwhile, China Yintai has completed the business change registration procedures relating to the transfer of all of China Yintai's shares indirectly held by Mr. Cheng Shaoliang to others. Mr. Cheng Shaoliang is no longer the final shareholder of China Yintai and has resigned as an executive director of China Yintai. The withdrawal of China Yintai has broken the shackles that have limited the company's development, and with the support of the Group, Beijing Investment Bank will enter the fast track of development. Hello, Sunshine Insurance. Recently, Sunshine Life has further increased its shareholding ratio by increasing its holdings in the secondary market. Together with Sunshine Financial Insurance, it holds 37.13 million shares of the company's unrestricted tradable shares, accounting for 5.01% of the company's total share capital, meeting the listing conditions. As one of the top seven insurance groups in the country, Sunshine Insurance Group's listing of Beijing Investment Yintai is a recognition of the company's long-term development space and resource value. From the timing of the increase in holdings, it can also be seen that insurance capital also agreed with the positive impact of changes in the company's equity structure on future development. We believe that there is room for further cooperation and collaborative development between the two sides in the future. The EPS for 15-16 is expected to be 0.26 and 0.34 respectively, maintaining the “buy” rating. In terms of absolute valuation, the company added a new land reserve in Pinggu Town at the end of October. The project is an inland plot for the majority shareholder's first-level development project. After adjustment, the company's NAV per share was 11.53 yuan/share (wacc= 15%), corresponding to the current stock price, which is still being discounted. In terms of relative valuation, as of the end of the third quarter of '15, the company's settlement projects were mainly the Park Yuefu Project and the Wuxi Hongshu Project, and the overall gross margin level was low. The first three quarters achieved a 102% year-on-year increase in sales of 7.45 billion yuan, and an advance account balance of 9.71 billion yuan, an increase of 72.5% compared to the end of 2014. High-margin projects are expected to enter settlement in 2016, and the company's profit growth in the next 2-3 years is highly certain. The risk suggests that there is uncertainty in the process of resolving the equity issue of the two shareholders, and there are no clear arrangements for injecting group resources.