The main point is that radio and television have begun to fight back against the Internet, and the products are unique. The products released this time have the following highlights: 1. Touch and see (previously known as TV image touch technology, smart terminal acts as a remote control to receive TV projection) +investment and watch (similar to Airplay, smart terminal projection to TV) functions to achieve a 1+1 television Internet. We think it is a counterattack on the Internet by radio and television, similar to the dispute between the financial Internet and Internet finance. 2. The products are quite rich, covering mobile phones, TVs, pads, boxes, game consoles, etc., and can meet diverse needs. Compatibility with iOS and Android is good, and the user experience is yet to be tested over time. 3. The box supports radio and television networks, telecommunication networks and the Internet to achieve DVB+OTT business integration. Digitalized+non-bidirectional cable network+telecommunication networks can achieve DVB+OTT services. United Zhaochi Co., Ltd. invested 10 billion yuan and cooperated with cable operators in 11 provinces and cities including Hubei to upgrade more than 100 million traditional one-way DVB set-top box users in the radio and television field to DVB+OTT users. We believe that this model of cable networks will be marginalized and will not become a broadcast-scale solution. Currently, Unicom+Telecom has 160 million broadband users, 214 million cable users, and 143 million digital users, covering 90 million households in both directions. While both directions are still being vigorously promoted, it is difficult for this model to become mainstream. Taking Hubei Radio and Television as an example, we are currently promoting a two-way network reform (coverage rate of nearly 70% at the end of 2013), and we plan to reach 90% coverage in 2014-2015. The company aims to develop 100 million users in two years, and still has to rely on box delivery for 50 million a year. We believe that the main development force of users is still direct PK with radio and television high-definition set-top boxes after the two-way network reform. The company has free promotions and multi-screen interactivity. Under a mutually beneficial cooperation model between the two parties, box delivery is very attractive to cable operators. 10 billion yuan can send at least 50 million boxes. The investment suggests maintaining a “prudent increase in holdings” rating within the next six months. We are quite optimistic about the company's multi-screen integrated products, the strategy of developing DVB+OTT and sending boxes to develop users by joining forces with Zhaochi Co., Ltd. and 11 radio and television operators. Fundamentally, it is still building a television Internet platform (or entrance, ecosystem), but the counterattack from radio and television manufacturers to the Internet lacks Internet genes, and the balance between the speed at which money is burned and the growth rate of users is difficult to grasp. We forecast that the company's operating income will increase by 38.78%, 48.51%, and 47.47% respectively in 2013-2015. Net profit attributable to the parent company will achieve annual increases of 23.34%, 31.61%, and 34.38%, and corresponding diluted earnings per share of 0.35 yuan, 0.46 yuan, and 0.62 yuan. For the first time, the company was given a “prudent increase in holdings” rating.