Events: The company recently released the 2019 interim report, achieving total operating income of 1,951 billion yuan, an increase of 58.10%; realized net profit of 6.3 billion yuan, an increase of 16.67% over the previous year; ROE 6.34%, an increase of 0.15 percentage points over the previous year; net assets at the end of the period were 10.103 billion yuan, up 4.87% from the end of the previous year, and total assets of 27.219 billion yuan, up 4.27% from the end of the previous year. EPS is 0.388 yuan/share. Innovate business models and improve Aijian Trust's performance. In the first half of the year, Aijian Trust achieved total operating income of 1,096 million yuan, an increase of 13.64% over the previous year, and net profit of 585 million yuan, an increase of 2.86% over the previous year. Aijian Trust has carried out supply chain finance-related business in an orderly manner in supply chain finance and completed the implementation of various projects; in terms of consumer finance, it continues to promote technical cooperation and business cooperation with large platform companies. The performance of the leasing business has increased dramatically, and the utility business continues to be strengthened. In the first half of the year, Aijian Leasing achieved total operating income of 1998.919 million yuan, an increase of 45.97% over the previous year; realized net profit of 50,1364 million yuan, and an interest-bearing asset balance of 5.163 billion yuan. Huarui Leasing achieved net profit of 508.936 million yuan, and the scale of interest-bearing assets exceeded 5 billion yuan. Aijian Leasing continues to strengthen its utility business, increase its investment in the medical and education sectors, and actively explore innovative business models such as logistics, urban service upgrades, and energy and environmental protection. The majority shareholders continued to increase their holdings, highlighting confidence in the future. Junyao Group, the majority shareholder of the company, has increased its shareholding in the company since January 2019. As of July 1, Junyao Group increased its holdings of the company's shares by a total of 16.219,500 shares, accounting for 1% of the company's total share capital. Junyao Group plans to increase its holdings of Aijian Group by a minimum of not less than 0.1% and a maximum of no more than 0.5% within 6 months from July 3, 2019. Investment suggestions: Relying on the majority shareholder Junyao Group, the company has strong ability to integrate resources, high degree of collaboration and cooperation among various subsidiaries, and steady development. The forecast EPS for 19/20/21 is 0.86/1.04/1.18 yuan. The company's valuation is Pb1.43 times, which is slightly below the industry average. Risk warning: A-share trading activity declined; shareholders' holdings increased less than expected; macroeconomic downturn.