Key investment points: The company obtained 6 blocks of commercial land supporting the central fishing port of Zhuhai in Hongwan to build the marine economy industry in the company's “3+2” industry. On July 5, 2017, the company announced that Zhuhai Hongwan Central Fishing Port Development Co., Ltd., a wholly-owned company under the company, obtained the right to use state-owned construction land for six parcels of land in Zhuhai through public bidding, and signed the “Zhuhai State-owned Land Use Rights Concession Contract” on July 4, 2017. Hongwan Company is the main contractor of the Zhuhai Hongwan Central Fishing Port Project. The above six parcels of land are supporting land for the Hongwan fishing port planning. We believe that the acquisition of the above six parcels of land by the company is conducive to consolidating the development of the marine economy industry in the company's “3+2” industry. The Hongwan Central Fishing Port project is the starting point for the company's marine economy. The company's marine fishery industry chain is located in Xinhong Bay on the Nanwan Peninsula in Zhuhai. In the Hongwan area, the company used the construction of the Hongwan fishing port as an opportunity to seize the business opportunities brought by the Hong Kong-Zhuhai-Macao Bridge and comprehensively promote the upgrading of the industrial chain in Zhuhai through the construction of the Hongwan fishing port municipal support and customs clearance center. The project will draw on the advanced experience of San Francisco Fisherman's Wharf and strive to become a modern central fishing port economic zone integrating production, trade, processing, logistics, catering, tourism and other functions to achieve comprehensive development of the leisure tourism economy. We believe that the company's marine industry is based on related industrial chains such as port management, island construction, yacht wharves, and beach restoration. Comprehensive management of the Xiangzhou Port area to create an attractive shoreline around the Pearl River Estuary Bay Area. As a century-old fishing port in Zhuhai, Xiangzhou Port carries the historical changes of the city of Zhuhai, but it is also in urgent need of rectification due to its age. With the relocation of the Xiangzhou fishing port, the company has begun to carry out comprehensive restoration of Xiangzhou Port. By building an ecological wetland, building an urban park, and improving the yacht circle, making it a multi-functional area integrating leisure, entertainment, cultural tourism, etc., it has created the most charming and cultural coastline around the Pearl River estuary bay area. Investment advice: Be optimistic about Zhuhai and choose Gree. The company's main business is concentrated in Zhuhai. The company's development direction and core superior resources are related to the high-end economy of Zhuhai. The company also has various concepts such as cooperation between Hengqin, Hong Kong-Zhuhai-Macao, state-owned assets reform, and modern service industry transformation. In 2017-2018, the company's EPS is expected to be 0.38 yuan and 0.49 yuan, respectively. The corresponding RNAV is 8.90 yuan. Currently, the average dynamic valuation of financial control concept companies in 2017 is about 27 times. Considering that the state-owned enterprise reform has brought substantial changes to the company's fundamentals, and that the ocean, port economy, modern service industry, and modern financial industry are in a stage of active development, we gave the company 28 times PE in 2017, so we can see that the company has a reasonable valuation of 10.6 yuan, maintaining a “buy” rating. Risk warning: The industry faces two major risks: interest rate hikes and policy regulation.