For the first time, coverage was given a “prudent increase in holdings” rating. The target price was HK$1.26: the company adopted a more prudent margin business policy than the market in terms of scale control, optimization of the loan structure, and risk provision calculation, and the loan business adjustments were basically completed. We expect the company's revenue to increase by 1.5/11.4/10.1% year on year in 2020-2022; net profit attributable to shareholders will increase by 14.2/15.8/11.3% year on year, respectively. In 2020-2022, the company's target price corresponding to PB levels was 0.8, 0.8, and 0.7 times, respectively. The target price increased by about 25.6% from the current price. Investors are advised to pay attention. Risk control-based ratings are leading, and capital cost advantages are obvious: the company has long-term “investment grade” credit ratings from Moody's Baa2 and Standard & Poor's BBB+, leading most peers. The share of the company's overall loan business in revenue fell to 26.7% (-16.6pct) in 2019. The company's financing channels are unobstructed. Secured repurchase agreements and bond financing are the main financing methods, and comprehensive financing costs (about 2.1%) are lower than the market average (about 3%). The investment banking business gradually established a leading position in the market: in 2019, Asia (excluding Japan) ranked fourth and second in the industry in terms of underwriting amount and volume of high-yield bonds, respectively; the stock capital market business completed the transformation from underwriting by small to medium to large companies (the share of companies with a market value of HK$5 billion or more among companies acting as lead underwriters increased from less than 20% in 2017 to 42% in 2019). The institutional financing business has entered a period of rapid development: the products provided by the company mainly include participation notes, income swaps, leveraged notes, cash gain notes, options and other derivatives. In 2019, revenue from financial products, investment and market making was HK$1.73 billion, a sharp increase of 165.9% over the previous year, of which 38.4% came from investment, 37.5% from market making, and 24.1% from financial products. The wealth management business has become the next growth point: differentiated customer positioning strategies, lowering the high net worth threshold to HK$8 million (over 3 million US dollars in foreign investment), greatly increasing the number of professional investors and clients' custodian assets; deeply collaborating with investment banking departments to provide customers with high-quality Chinese dollar bond investment targets; continuing to increase the construction of digital platforms, which support 8 important securities markets and more than 20 global futures and options markets; 2019 became the first Chinese securities firm to set up in Vietnam to better meet investors' increasing cross-border investment and business needs.