Key events in the report describe Changjiang Investment's 2013 semi-annual report. During the reporting period, the company achieved revenue of 787 million yuan, an increase of 60.43% over the previous year; of these, revenue for the second quarter was 380 million yuan, an increase of 26.32% over the previous year, and a decrease of 4.74% over the previous year. January-June operating expenses were 683 million yuan, up 69.21% year on year; of these, expenses for the second quarter were 376 million yuan, up 43.88% year on year and 6.27% month on month. The company achieved net profit attributable to the company in the first half of 2013 of 19.57 million yuan, a year-on-year increase of 17.02%, and a basic EPS of 0.0637 yuan in the first half of the year, and 0.0544 yuan in the same period last year; of these, net profit attributable to the parent company in the second quarter was 7.68 million yuan, a year-on-year decrease of 12.05%, and EPS in a single quarter was 0.025 yuan. Incident Review Revenue grew strongly year-on-year, and engineering settlement is the backbone of growth: the increase in guaranteed transactions and supply chain procurement business of Shanghai Land Freight Trading Center Co., Ltd. led to a 22.36% year-on-year increase in revenue. The operating income of the Gongji East Road BT Project and the Zhangdong Road BT Project was confirmed according to the completion schedule during the reporting period, which led to the same large increase in revenue in project settlement. The gross margin of engineering settlement fell month-on-month, and the industrial logistics industry improved: the outstanding gross margin of engineering settlement declined in 2012, from 18.36% in the second half of 2012 to 9.29%. The gross margins of the logistics industry and industry both declined slightly year over year, but there were significant improvements compared to the low levels in the second half of 2012. Three fees fell year on year, and government subsidies and tax payments helped to improve performance significantly: sales expenses during the reporting period were 16.08 million yuan, down 5.92% year on year; management expenses were 57.8 million yuan, down 1.37% year on year; financial expenses were -2.21 million yuan, down from -1.14 million yuan last year. Shanghai Changwang Meteorological Technology received VAT refunds from military sales in 2010 and 2011, and its subsidiaries also received more than 6 million yuan in various government subsidies. The dream of information logistics is still in the construction stage, and it also relies on traditional industries to support performance and maintain “careful recommendations”: this year, the Land Transport Center continued to officially launch the “56 Cloud Platform” to serve micro, small and medium-sized enterprises on the platform portal “56136” on the basis of serving both logistics supply and demand enterprises. Although there has been customer growth, this is a performance that started from zero. The low base effect has not yet passed; continued high growth is the focus of attention. Currently, the project-based profit structure reflected in the company's interim report still shows that the logistics business is still in the dream construction stage. We believe that diversification will add more attention to the company's business, but continuous service and profitability have never been verified. We maintain the “Cautious Recommendation” rating. The company's EPS for 2013-2015 is expected to be 0.125, 0.138 and 0.146 yuan, and the corresponding PE is 60, 54, and 51 times.