The company plans to invest no more than 10 million yuan, accounting for no less than 30% of the shares, and join the senior management team in the daily chemical industry to invest in the establishment of an investment management company; in the future, the investment company will be used as the sponsor to establish a daily chemical industry investment fund. The initial plan is to raise 1 billion yuan for strategic investment in the daily chemical industry and the emerging green environmental protection industry, providing important channels and tools for the company to implement industry integration in the future. Comment: Investment advice: The company invests in the establishment of an investment management company, which can make full use of industrial capital to achieve the epitaxial development of the enterprise through investment mergers and acquisitions. We believe that with years of operating experience in the daily chemical industry and the resource advantages of the parent company Light Industry Group, the company is expected to expand upstream and downstream of the supply chain and drive industry integration through epitaxial mergers and acquisitions; at the same time, with the recent introduction of the Guangzhou State-owned Enterprise Reform Plan, the company is the sole listing platform for the Guangzhou Light Industry Group, and expectations for high-quality asset integration will be further strengthened. In the future, the company is expected to use state-owned enterprise reforms to bring about high-quality asset integration+industrial fund outward mergers and acquisitions, and build a two-pronged approach to build a major platform for Langqi Daily Chemical. Maintain the company's 2015-2017 EPS: 0.26/0.49/0.64 yuan, maintain the target price of 20.8 yuan and the “increase” rating. The Japanese Chemical Industry Fund helps epitaxial development, and expansion upstream and downstream of the supply chain can be expected. In recent years, the company has used its position in the industry to actively expand its chemical trade business and extend upstream and downstream to the Japanese chemical industry. The company's Qihua Network is the largest electronic trading platform for chemical spot in China. The company now plans to participate in the investment and establishment of an investment management company, and plans to use this as the sponsor to establish a daily chemical industry investment fund. The initial phase is expected to raise no more than 1 billion yuan in capital, mainly in high-quality potential companies in the daily chemical industry. The company is expected to use industrial capital to provide high-quality project options for further mergers and acquisitions while obtaining investment returns through early intervention in high-quality companies upstream and downstream of the daily chemical industry supply chain. Guangzhou's state-owned enterprise reform plan was introduced to strengthen asset integration expectations, and a two-pronged approach was taken to build a major platform for Langqi Daily Chemical. Guangzhou's state-owned enterprise reform plan has been officially introduced, clarifying the reform goals, road map and schedule, and competitive municipal state-owned enterprises may be listed as a whole in 2020. The company is the only listing platform under Guangzhou Light Industry Group. Guangzhou Light Industry Group's revenue in 2014 was nearly 40 billion yuan; it owns famous brands such as Langqi, Shuangyu, Heimei, and Wuyang Watch. The company previously announced a fixed increase plan and plans to introduce shareholding plans for strategic investors and employees. Currently, the fixed increase plan has been accepted by the Securities Regulatory Commission. As reforms advance, expectations for the consolidation of the company's assets have been further strengthened. The company is expected to use the state-owned enterprise reform to bring about high-quality asset integration+industrial fund outward mergers and acquisitions, and jointly build the Langqi Daily Chemical Platform under a two-pronged approach. Risk warning: Progress in setting up industrial funds has been blocked; state-owned enterprise reforms have fallen short of expectations.