Sale of real estate and property companies, asset integration or acceleration: 1) Frequent asset integration movements: The company announced the sale of real estate and property subsidiaries at a price of 247 million yuan, further business focus; 2) A large amount of cash on hand, a decline in revenue and profit: the company had 1.32 billion yuan in cash on hand, with a market value ratio of 49%. However, due to the replacement of real estate and property business with relatively high gross profit, the company's remaining gross profit margin in construction business was only 4%, while the futures brokerage business was small and the industry competition was intense, and the downward pressure on future revenue and profit was high; 3) the only platform in Gaoxin, the problem of not being prominent in the main business is urgently needed Solution: The majority shareholder of the company is Chengdu Hi-Tech Investment Group, and the actual controller is the Chengdu High-tech Zone Management Committee. It is the sole listing platform for the High-tech Zone. Currently, operations are in trouble, and the entire company will focus on solving the problem that the company's main business is not outstanding. Continued breakthroughs in major shareholders' business and a steady increase in full cash participation: 1) Major shareholders made breakthroughs in the four major business sectors, with revenue close to 7 billion yuan: with the rapid development of high-tech zones, major shareholders continued to break through in construction and development, financial services, industrial investment and capital operations, with annual revenue of nearly 7 billion yuan, profit scale exceeding 200 million yuan, and net assets exceeding 13 billion yuan; 2) constant increase in full cash subscription companies, demonstrating confidence in the company's future development: majority shareholders' full cash participation increased at a price of 5.41 yuan, increasing shareholding ratio from 22% to 3%; technology Nearly 100 venture capital One hundred million dollars, finance, or two main businesses: In the field of industrial investment, the company actively invests in science and technology innovation companies, with an investment scale of nearly 10 billion yuan. Guarantee and small loan companies in the financial sector are developing rapidly. High-tech Zone and Tianfu New Area planning upgrade to help the company develop: The South Area of the High-tech Zone (high-end service) is included in the national Tianfu New Area plan. The High-tech Zone is currently a gathering place for innovative elements in the southwest region, and will promote the “4+1" strategy, that is, actively develop five-level industrial clusters in information technology, biology, high-end equipment, energy saving and environmental protection+productive services. The company will benefit significantly. Investment suggestions: The company sells real estate and property business, has plenty of cash on hand, asset integration is accelerating, and the majority shareholder strength is strong. With the increase in the number of companies that subscribe in full cash, along with the improvement of plans for the High-tech Zone and Tianfu New Area, the company will use its efforts in the future to solve the problem that the main business is not outstanding. Although the current main business continues to lose money, we expect the company's EPS for 15-17 to be -0.11, 0.03 and 0.05. For the first time, we have given a buy-A rating, with a target price of 11.68 yuan for 6 months. Risk Warning: Asset integration expectations have fallen short, and construction projects have shrunk further