Revenue and profit continued to grow at a high rate. The traditional main business grew strongly. In the first half of 2018, the company achieved operating income of 307 million yuan, an increase of 56.81% year on year; realized net profit of 75.69 million yuan, or 51.08% year on year; after deducting non-net profit of 69.73 million yuan, an increase of 39.92% year on year, and the net interest rate declined somewhat. Among them, the parent company's revenue was 284 million yuan, up 59.55% year on year, the parent company's net profit was 66.59 million yuan, up 54% year on year, and the company's traditional main business grew strongly. Regulating technology dividends directly benefits the company's business. On April 27, 2018, the Central Bank, the Banking Regulatory Commission, the Securities Regulatory Commission, and the Foreign Exchange Administration jointly issued the “New Asset Management Regulations”, which emphasize net value management and fair value measurement of asset management products, directly driving the business needs of the company's core advantage product valuation system. The company's valuation system definitely leads the market share of existing asset management agencies and custodian institutions. Under the incremental demand for bank asset management business brought about by the new asset management regulations, the company has benefited significantly. In addition, a series of regulatory policies, such as the introduction of value-added tax on asset management products, new regulations on the valuation of stocks with restricted circulation, and new regulations on liquidity risk management, promote demand for financial supervision technology products. Expand the scope of product business vertically and horizontally, build internal skills in fintech, increase investment in intelligent technology companies' current product business with the implementation of new technologies such as big data, cloud computing, artificial intelligence, blockchain, and microservices, and further extend to OTC transactions, non-standard assets, TA asset clearing, intelligent asset management operations, and intelligent escrow services. The products are used in all business aspects of the financial industry, such as research, analysis, investment, trading, risk control, supervision, clearing, accounting, valuation, performance evaluation, depository management, data integration, and customer service. In the first half of the year, the company held 24 million shares in Beijing Huiwen Technology, a 20% value-added AI company; invested 9 million to account for 30% of the shares to establish Huaiguang Intelligence to provide intelligent operation service support. Profit forecast and investment recommendations We expect revenue of RMB 8.59/12.89/1,890 million from 2018 to 2020, respectively, up 60.0%/49.9%/46.7% year-on-year, respectively. Net profit for 2018 to 2020 was 275/391/582 million yuan, respectively, up 32.0%/42.1%/48.8% year-on-year, respectively. Earnings per share from 2018 to 2020 were 0.37/0.53/0.78 yuan, corresponding price-earnings ratios of 40/28/19 times, respectively, giving an increase in holdings. Investment venture companies' foreign investment projects fall short of expectations; risk of policy advancement falling short of expectations; risk of bad debts due to accounts receivable.