Core conclusion The asset securitization rate in Sichuan Province is expected to increase dramatically in the next 3 years. The 2016 “13th Five-Year Plan for the Development of the Financial Industry in Sichuan Province” suggests that by the end of 2020, the asset securitization rate of provincial enterprises will exceed 30%. Compared with the current asset securitization rate of about 15%, there is room for doubling in the next 3 years. Judging from the situation of listed companies in Sichuan Province, there are currently 32 Sichuan stock companies with a central or local state-owned capital background, including two in the media category, Xinhua Wenxuan and Borui Communications. Borui Communications is the only cultural listing platform in Chengdu. The company has a wide layout and operating experience in the fields of education, games, advertising, etc. The company's school business is growing steadily. In 2016, the school business revenue was 110 million yuan, an increase of 18% over the previous year. The education industry will become an important development direction for the company in the future, including preschool education, training and education, vocational education, etc. The company's mobile game declined, but it began to gain strength in the mobile game business. In 2016, the company's online game revenue was 190 million yuan, a year-on-year decrease of 41%, mainly due to the accelerated aging of stock products and delays in the launch of new products. A number of mobile games were launched in the second half of the year: “Dragon Guardian” was launched in the third quarter of 2017, “National Democratic Republic 2” is expected to launch on Tencent in the fourth quarter of this year, and “Qi Tianjiao” is expected to be launched by the end of the year. Traditional businesses are under pressure: In 2016, the total revenue of the company's advertising, printing and distribution business was 580 million yuan, a year-on-year decrease of 15%. Among them, advertising fell 11.6%, printing fell 25.2%, and distribution fell 6.0%. Risk warning: further decline in traditional business; impairment of goodwill; policy risk.