Investment Summary Group Performance 1) As of fiscal year ended 2017, operating value increased 6.7% to RMB 41,177 billion, shareholders' profit rose 37% to RMB 1,052 billion, and the core business of housing construction increased steadily during the period, rising 4.5% to RMB 25.046 billion. Although infrastructure projects have regressed, the Group sees this part as a strategic business, so it will continue to expand, while overseas and professional construction growth has reached 52% to RMB 4.576 billion. Indicate the regions of Geirao, East Timor and Fiji In addition, we will continue to work hard to develop overseas markets. (Group advantage and target price 2) In its business development at the end of 2017, the group indicated that it will continue the two major development paths. In the past, the group focused on the development of the Beijing-Tianjin-Hebei region, and in the future, it will also invest a large amount of resources to develop Xiong'an New Area and attract current contract customers. On the other hand, it will strengthen its undertaking of EPC projects to cooperate with the development of cities along the Belt and Road in the northwest, which will become the Group's future medium- and long-term business strategy. 3) Since 2014, business expression has been stable and has continued to grow, mainly benefiting from the country's continuous development and excellent management of the Group. The price-earnings ratio at the time of listing was only between 13.1-15.8 times. Although the stock price has increased compared to before listing, the valuation is still attractive. It is proposed to collect the current price, and the target price is 6.5 yuan.