The injection of high-quality assets has been completed, and Qiangqiang Joint Management Capacity Enhancement Company is the first company to specialize in real estate development and management since the liberation of Shanghai. It has a history of about 64 years so far. In April 2018, the company completed 100% equity injection of Zhongxing Group and obtained about 2 million square meters of high-quality development projects. The regional distribution was mainly Shanghai, but also cities such as Kunshan, Zhenjiang, Yangzhou, Hefei, and Jilin. The profit prospects for this injection project are good, strengthening the company's land reserves and asset quality in the core area of Shanghai, and expanding its business map to other regions of the country, helping to enhance the company's ability to continue to operate and withstand risks; after the restructuring was completed, the company became the only market-based real estate project development platform under the Shanghai Real Estate Group. It is planned to join forces with China Resources and Ping An to improve management efficiency. Complementary and synergistic effects of resources are obvious. The company plans to introduce China Resources Land (92%) and Ping An Real Estate (8%) as strategic investors through a non-public offering of shares and introducing China Resources Land (accounting for 92%) and Ping An Real Estate (accounting for 8%) as strategic investors. The strong alliance with China Resources and Ping An is expected, on the one hand, to introduce China Resources Land's advanced stock property management system and market-based operating mechanism to accelerate the release of the company's scarce resources in the Shanghai region; on the other hand, it may complement resources with various real estate finance platforms under Ping An, further enhancing the company's financing advantages and long-term development potential. Resource advantages are gradually reflected. The performance of the first three quarters of 2018 increased dramatically. In the first three quarters of 2018, the company's net profit to the mother increased sharply by 272.42% year-on-year, mainly due to an increase in settlement projects, an increase in gross margin, and an increase in investment income; the company expects net profit from asset injection for the full year of 2018 to be about 2.5-28 billion yuan, of which net profit generated by asset injection accounts for about 80%. At the same time, the Shanghai Group promised that the total net profit from the injection of assets in 2018-2020 will not be less than 5.04 billion yuan; The stability and sustainability of the company's subsequent performance growth It has a strong guarantee. The target price for 12 months is 7.02 yuan. Maintaining the “buy” rating based on abundant and high-quality land reserves after the company's assets are injected and the release of subsequent performance with high certainty, raised the company's 2018-2019 forecast net profit to 26.43 billion yuan and 3,063 billion yuan, and introduced the 2020 forecast net profit of about 3.635 billion yuan, corresponding to the 2018-2020 EPS of 0.56, 0.65, and 0.77 yuan respectively. Comprehensive considerations gave the company a PE valuation of 12.5 times in 2018, with a target price of 7.02 yuan for 12 months, maintaining a “buy” rating. Risks suggest that the company's restructuring has not progressed as expected; the improvement in management capabilities after the restructuring has fallen short of expectations; the regulation of key cities has been further strengthened, and the company's sales have fallen short of expectations.