Maintain the target price of $17 and the “Overweight” rating. On the evening of the 18th, the company announced a joint venture with Xuzhou Guosheng, Shenyang Wanmeng, and Netcom Group to establish Xuzhou Huaihai Data Exchange Service Co., Ltd., with an investment of 2 million yuan to account for 20% of the shares, and the related party Netcom Group accounts for 10% of the shares. Preliminary preparations have been completed. The company will use this to get involved in the government big data business, which is expected to have strong collaboration with the Internet finance business, catalyze the company's business development, and promote the implementation of the company's business in the Huaihai region. Maintain the 2015-2017 EPS of 0.11/0.15/0.20 yuan, maintain the target price of 17 yuan and the “increase” rating. Increase the government's big data business and form strong collaboration with Internet finance. After Qiande Jingyi joined the company, it continued to develop financial business through the integrated operation of assets such as Yinghua Microfinance, Zhonghui Insurance, Yinghua Leasing, and Pioneer Fund, and the intention to use listed company platforms to carry out a large-scale Internet financial layout is ready to emerge. The market has no prior expectations about the company's layout in the field of government big data. We believe that: ① Government big data includes valuable credit reporting and financial data, which is expected to be processed and monetized through the Huaihai Data Company, where the government holds shares, to help Internet financial services improve risk control capabilities and identify high-quality customers; ② Internet finance generates large amounts of credit data, which can effectively complement government credit reporting data, and has significant transaction value; ③ Company affiliate Pioneer Financial Group has extensive experience in the field of transaction and payment IT systems, and is expected to provide services for building data trading platforms, thereby enhancing government relationships viscous. The main business has strong demand for local government relationships and is expected to benefit at the same time. The company's traditional main businesses, such as dedicated power and energy networks, traffic informatization, and electronic license plates, all rely heavily on local government relationships. This cooperation with the Xuzhou Municipal Government is expected to promote the implementation of these businesses in the Huaihai region. Risk warning: The progress of government data opening is lower than expected, and integration between businesses is difficult.