Incident World Bank signed a “Strategic Cooperation Framework Agreement” with the Ganzhou Nankang District People's Government and Zhuhai Grand Hengqin Group Co., Ltd. The first collaborative project since Grand Hengqin joined the company, and the collaborative development of the “State-owned Platform+Listed Platform” is beginning to show results. The company signed a “Strategic Cooperation Framework Agreement” with the People's Government of Nankang District of Ganzhou City and Zhuhai Grand Hengqin Group Co., Ltd. The three parties agreed to carry out comprehensive cooperation on comprehensive cultural tourism development business, urban asset management business, industrial investment and investment promotion. The cooperation includes: 1) The Nankang District Government of Ganzhou City will participate alone or in the development of low-density cultural tourism housing; 2) the Ganzhou Nankang District Government will grant the company large asset management business holding or control of state-owned assets for operation; 3) the World Bank is deeply involved in urban construction and real estate development consulting and investment services in Nankang District of Ganzhou City; 4) The Nankang District Government actively invests in the industry through this industrial fund. The signing of this agreement marks the formal implementation of resource business collaboration between Grand Hengqin and the company, and provides a model for the World Bank to follow for future nationalization projects. The large asset management business collaboration model is clear and replicable, and has great potential for future development. The major asset management business is the World Bank's future strategic level of business. Through this agreement, Grand Hengqin and the company have explored a clear and practical path, which is to rely on Grand Hengqin's resource advantages, become the single largest shareholder of property management enterprises under the local government through capital increases and share transfers, etc., and obtain the right to operate and manage the joint venture. The local government then hands over its property resources to the joint venture. This model not only meets the development needs of the World Bank, but also takes into account the interests of local governments, and has achieved a win-win effect for all parties. Local governments are also motivated to actively promote the implementation of projects. Across the country, local governments have a large number of similar projects, and Grand Hengqin will help the World Bank quickly reach such projects. It is foreseeable that with the promotion of the Ganzhou Nankang model, the company's large asset management business will enter the fast track of development. Participate in industrial investment, investment promotion and cultural tourism project development, and gain more possibilities for the company's development. In this cooperation with Nankang District, the company may participate in the development of cultural tourism housing with Grand Hengqin. This will allow the company to accumulate more experience in cultural tourism and housing business development. On the one hand, it can use Grand Hengqin's resources to carry out certain development business in the future. On the other hand, it will also help the company to better intervene more deeply in the development process and enhance the service level and overall competitiveness of the new housing agency business. Initiating the establishment of an industrial fund to help the government complete industrial investment is also one of the highlights of this cooperation agreement. We believe that if these partnerships are successfully implemented, it means that the World Bank will have the ability to provide a full range of services to the city from investment, investment, and asset management, and the World Federation is expected to become a major service provider for the city in the future. Maintain a buy rating. Considering improvements in asset management and operating business, we forecast the company's EPS for 2020-2022 to be 0.05/0.05/0.06 yuan. Risk warning: The decline in trading services exceeded expectations; the development of property management fell short of expectations