Investment highlights: The company announced its 2017 semi-annual report. During the reporting period, the company achieved operating income of 1.52 billion yuan, an increase of 11.6% over the previous year; net profit attributable to shareholders of listed companies of 277 million yuan, an increase of 21.7% over the previous year; and realized basic earnings per share of 0.13 yuan. In the first half of 2017, the company's revenue increased by 11.6%, driven by an increase in real estate carry-over; the high carry-over margin and lower expenses during the same period led to a net profit increase of 21.7%. From January to June 2017, the “3+2” industrial pattern of the company's real estate industry, port economy industry, marine economy industry, modern service industry, and modern finance industry was further developed and consolidated. Among the company's real estate development projects during the reporting period, the total construction area of completed projects was 101,800 square meters, the total construction area of newly started projects was 309,900 square meters, and the construction area of projects under construction was 405,700 square meters. As of January 2017, China Investment Corporation, the controlling shareholder of the company, increased its holdings of the company by 0.36%. In July 2017, the company won 6 plots in the Hongwan area of Zhuhai with a total construction area of 223,800 square meters. Investment advice. I am 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 businesses such as Hengqin, Hong Kong-Zhuhai-Macao cooperation, 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. Currently, the average dynamic valuation of financial control business companies in 2017 is about 22 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 25 times PE in 2017, so we can see that the company has a reasonable valuation of 9.50 yuan, maintaining a “buy” rating. Risk warning: The industry faces two major risks: interest rate hikes and policy regulation.