Event: The company released its 2019 interim report, achieving total operating income of 1.95 billion yuan, a year-on-year increase of 58.0%; net profit attributable to shareholders of listed companies of 630 million yuan, an increase of 16.7% over the previous year; and earnings per share of 0.388 yuan/share. Key investment points The trust business is steady. The company's net profit for 2019H1 was +16.7% YoY: 1) 2019H1 achieved +217.0% in revenue to 850 million yuan, mainly due to the increase in Aijian's import and export trade business revenue and the merger of Huarui Leasing, resulting in investment income of +54.8% to 320 million yuan. 2) Aijian Trust achieved revenue of +13.6% year on year and net profit of +2.8% year on year to 590 million yuan, mainly due to Fangda Carbon's lawsuit against Aijian Trust and other undertaker shareholders, which caused the company's non-operating expenses of 160 million yuan. Excluding the impact of this factor, the company's net profit growth rate was 30.9%, and the main business maintained steady growth. 3) The company's average annualized comprehensive trust return rate in the first quarter of 2019 was 0.4%, a significant increase over last year. Under the new asset management regulations, the scale of channels and multi-level nested business was continuously reduced, the trust business structure was optimized, and active management capabilities were enhanced, driving the increase in trust remuneration rates. The leasing business contributed steadily to performance, and the diversified layout created a comprehensive financial service system: 1) At the end of September 2018, the company transferred 100% of Huarui Leasing, a subsidiary of the majority shareholder Junyao Group, to supplement leasing fields such as aviation and backup engines, and further integrate shareholder resources. The integration of industry and finance is expected to drive profit growth. 2) Aijian Financial Leasing's operating revenue for the first half of the year reached 200 million yuan, net profit increased +7.3% year-on-year to 500 million yuan, Huarui Financial Leasing's operating income for the first half of the year was 300 million yuan, net profit was 500 million yuan, and the company's interest-bearing asset balance in the first half of the year reached 5.16 billion yuan, which is expected to provide stable income for annual revenue growth. 3) The company has a diversified financial layout. Currently, the company has many financial subsidiaries such as Aijian Securities, Aijian Trust, Aijian Leasing, Aijian Wealth, and Aijian Asset. Combining the industrial advantages of shareholder Junyao Group, the integration of industry and finance is expected to create a comprehensive financial service system and achieve the company's further development. The majority shareholders have continued to increase their holdings of Aijian, and the market-based incentive mechanism has achieved remarkable results: 1) Since 2018, the majority shareholder Junyao has continued to increase their holdings in Aijian. As of August 2019, the cumulative shareholding ratio was 28.9%, demonstrating shareholders' confidence in the company. 2) Junyao Group mainly invests in industry and has now formed five major sectors, including air transportation, financial services, modern consumption, education services, and technological innovation. As the core strength of its financial sector, Aijian Group is expected to achieve business interconnection with other sectors and promote common development through integrated industry and finance. 3) The company uses market-based incentives to attract a large number of excellent external teams to provide a talent base for actively managing business transformation and establishing a direct sales system. The performance of the main trust business continues to grow at a high level, and the incentive mechanism has achieved remarkable results. Profit forecasting and investment ratings: The performance of the trust industry continues to improve, incentive system reform runs through the entire business line, and the company's profit level and operating efficiency may continue to improve. Optimistic about the development potential of the company's comprehensive financial platform, it is expected to maintain high growth throughout the year. The company's net profit for 2019 and 2020 is estimated to be 13.2 billion yuan and 1.80 billion yuan respectively, with corresponding valuations of about 10.7 and 7.9 times, maintaining the “buy” rating. Risk warning: 1) Active trust management falls short of expectations; 2) The quality of leased assets has declined.