Investment highlights: **** visited Imperial Polytechnic and visited the Keybridge Communications Joint Laboratory for Data Economics. On October 21, 2015, **** was invited to visit Imperial College. Imperial College signed a memorandum of understanding with CCB International and Pioneer Group during ****'s visit to the UK to carry out in-depth cooperation on medical robotics, wearable devices, data science, etc. Keybridge Communications named the “CCB International-Keybridge-Imperial College Data Economics Laboratory” as an affiliate of Pioneer Group. CCB International and Pioneer Group will provide multi-level comprehensive financial services as research projects are carried out and Imperial College research results are industrialized. The tripartite cooperation will help promote the industrialization and commercialization of scientific research results and consolidate the company's resource advantages in the fields of big data and internet finance. This tripartite cooperation will strongly promote the company's strategic layout in the field of big data. This cooperation integrates the comprehensive financial service resources provided by CCB International, Imperial College's technological research and development advantages in the fields of scientific engineering, medical care and data science, and the customer resource advantages of the company and shareholder Pioneer Group in the fields of communication technology and Internet finance, which can be described as a strong alliance. Participation in this cooperation will help give full play to the industry advantages, technology research and development and marketing network advantages of the company and partners, strongly promote the industrialization and commercialization of scientific research results in cooperative projects, and enhance the company's overall competitiveness and influence. Endogenous epitaxial dual drive opens up the big data collection, processing and analysis application industry chain. The company's layout in the big data industry chain is becoming more and more perfect. 1) On the big data collection side, the company targets additional investment in the “Internet of Things + industry”, and future implementation in the fields of energy, finance, and transportation will generate massive amounts of data. 2) In the field of big data processing and analysis, on October 19, the company participated in the investment of Huaihai Data Company with 2 million yuan of its own capital, and plans to engage in big data trading, cleaning and modeling technology development business. Through this cooperation, the company will directly receive support from Imperial College's R&D capabilities in data science and other fields; 3) In the field of big data monetization, the company currently has a presence in the fields of microfinance, funds, investment, mutual insurance, etc. Coupled with targeted additional investment in the fintech cloud and the acquisition and capital increase of Yinghua Leasing, the big data financial layout is becoming more and more perfect. Furthermore, with this cooperation, the company is also extending its layout to the field of medical robots and wearable devices. While creating more channels for the company to obtain big data, big data will also help make these fields more intelligent and create more diverse channels for the company's data monetization. Combining industry and finance opens up a rich space for imagination. The company has accumulated rich customer resources in the fields of transportation, energy, etc. through private network communication services, which will provide support for the company's big data financial ecosystem in terms of customer resources; in addition, with the layout of the big data finance field, the company can provide financial services to customers and small and medium-sized suppliers, closely strengthen the links between upstream and downstream enterprises and companies, and form a competitive advantage in the industrial chain. The combination of industry and finance will become a bridge between the company's traditional business and big data finance in the future, and the combination of fiction and reality will help the company open up a wider space for growth in the future. Maintain an “gain” rating and maintain profit forecasts. The company's 15-17 EPS is estimated to be 0.10/0.17/0.21 yuan, respectively, and the corresponding PE is 170/100/81 times. The company has sufficient orders in hand, and short-term performance is supported. With the gradual implementation of the company's Internet of Thing+ and finance layouts, there is plenty of room for development. Maintain an “Overweight” rating.