Key investment points: Abundant CCTV resources and strong competitive strength: China Vision Jinqiao and CCTV have a very close cooperative relationship, and the two sides have been cooperating for more than 12 years. As of January 2013, the company has advertising agency rights for 24 CCTV programs, and the number of agency programs is second to none in the industry. Furthermore, the company can maintain stable profits even in the face of poor market competition. In recent years, advertising spending in China has maintained a steady growth rate of around 11%. It is believed that with the company's outstanding ability to operate and operate, and the huge demand for CCTV advertising by enterprises around the world, the company will record more sales performance and guarantee a certain profit margin in the future. The sustainability of the company's operations is very good. Actively deploy new media to reduce the risk of a single system: The company's management considers the impact that new media industries such as the Internet and mobile terminals will have on traditional media in the future, and the company is also actively implementing media diversification strategies. Currently, the invested projects include media resources such as online media advertising and the charity 100 TV stations broadcast networks, such as the agricultural portal website Wugu Network, mobile terminal video production site Video China, TV100, etc., and the company strives to achieve a strategic layout of media diversification in the future. Buy Tianjie Property and have a stable income: The company plans to complete the acquisition of Tianjie Property in 2013. We believe that after completing the acquisition, the company can generate rent income of 30 million yuan per month by renting office buildings and offices. The management originally planned to rent 64% of Tianjie Tower's 22,187 square meters of floor area. Based on our calculation of 150 to 200 yuan per square meter per month, the company can charge a rent of about 25 million to 34 million yuan per year. After officially moving into Tianjie Tower, the company can save 6 million yuan in rent expenses every year, which will have a positive impact on the company's future cash flow. Profit summary: Bloomberg predicts that the company's 2013 and 2014 EPS will be RMB 0.513 and $0.577, respectively. The current stock price is HK$4.23, which is equivalent to 8.25 and 7.33 times PE of earnings per share in 2013 and 2014. Since the company is in a leading position in the market, and the company's management has close ties with CCTV and has very rich channel resources, the company's valuation will have great potential to improve in the future as the domestic economy recovers, so it is recommended to pay attention.