Event: In August 2017, Dongxu Blue Sky announced its 2017 semi-annual report. From January to June 2017, Dongxu Blue Sky achieved operating income of 3,217 billion yuan, an increase of 149.14% over the previous year, and net profit attributable to shareholders of listed companies of 152 million yuan, an increase of 88.23% over the previous year. After deducting the one-time factor, the company's net profit not attributable to the parent company was 152 million yuan, an increase of 89.25% over the previous year. Basic earnings per share are $0.11. On August 31, 2017, we organized the Dongxu Blue Sky survey. During the research process, the company summarized the results of recent development and the driving factors of rapid development; in addition, it also sorted out the company's main business segments and the future development context of various business segments. At the same time, the company also gave a brief introduction to the collaboration of the three business sectors and the collaborative development case planned for the future — Anping Industrial Park. Comment: The company's performance increased in the first half of 2017. The growth rate exceeded the upper limit of the performance forecast and exceeded market expectations, but it was basically in line with our expectations. The reason for the rapid growth in the company's revenue and profit is, on the one hand, because the company's environmental protection business has increased its expansion efforts and has begun to contribute to revenue. The company's PPP project has gained a lot recently. The early framework agreement has also begun to be gradually implemented into winning orders. At the same time, the company's extended expansion continues to gain strength, and mergers and acquisitions have entered the hazardous waste treatment business; on the other hand, the company's existing photovoltaic and real estate businesses have also continued to advance, contributing to profit growth. Overall, the company has initially formed the three main sectors of green environment, green energy, and green living. Each sector will expand the market and business scope, and form very good synergy between the three sectors, thus further enhancing the company's overall competitiveness. In the first half of the year, the company's business in various sectors blossomed more and expanded vigorously to the field of environmental protection. Collaborative changes in business layout also contributed to rapid growth in the company's performance. In the first half of 2017, the company achieved rapid growth of more than 88%, and looking at the second half of the year, with the gradual increase in the profit contribution of the environmental protection business, the annual performance growth rate will be even higher. We expect the company to achieve attributable net profit of 4.1 million yuan, 980 million yuan, and 1.9 billion yuan respectively in 2017-2019, and the compound performance growth rate for the next three years will exceed 100%. Considering that the company has now entered the fast track of development, the increase in orders and business growth will gradually be realized, and after the synergy between the three sectors has shown, there is greater potential for future growth, so it will maintain the “Highly Recommended - A” rating. Risk warning: Construction, grid connection, and settlement progress fell short of expectations, PV subsidies were lowered, and the environmental protection market expansion fell short of expectations.