There are no prospects for trade negotiations between China and the US, and the search for funds avoids the “eye of the wind.” The domestic property management industry continues to develop, and the industry itself has strong cash flow characteristics. Unlike recent improvements in domestic housing stocks, property management development is expected to rebound. Aoyuan Health (3662) was spun off from China and Yuen (3883) and has a long-term stable business partnership with its parent company. At the end of June this year, the Group involved 75 properties with a total construction area of about 12 million square meters in 12 provinces, municipalities under direct control and 29 cities in the Mainland; of these, 11.05 million square meters came from the parent company group and its penalties, while 92.2% of the revenue from property management services during the period came from the parent company group and its related parties. As a result, with the continuous growth of the parent company's business in recent years, the property prices managed by the Group have increased. In the first half of this year, the Group's revenue was 392 million yuan (RMB, same below), up 46.7% year-on-year, and net profit increased by 151.8% to 89.94 million yuan. Overall gross margin increased 3.4 percentage points from 36.2% in the first half of 2018 to 39.6%. In the first half of this year, segment revenue increased by 40.8% year-on-year to 287 million yuan, accounting for 73.2% of total revenue. In addition to residential properties, groups also develop serviced apartments, high-end villas, offices, schools, etc., and this type of property can usually charge higher property management fees than residential properties. As for commercial operation services, developed under the light asset model, segment revenue increased 65.3% to $104 million during the period, mainly due to the increase in the number of shopping malls managed or operated from 7 in the first half of 2018 to 12 in the first half of this year. The cash flow in the property management industry was stable. At the end of June this year, the Group's bank balance and cash balance was $997 million, and bank loans of about $1.78 million had not been repaid; the current ratio increased to 1.26 at the end of December 2018, to 2.6. The group stock price rose to a new high of 6.58 yuan (HKD, same below) on November 14, but it was blocked and declined after the period. Currently, the STC%K line has risen through the %D line, and the MACD bear distance has changed, and short-term trend improvements can be taken into account. The resistance was 6.6 yuan, and it continued to be held without falling below 5.5 yuan.