On October 25, the key investment event, the company issued an announcement stating that it signed a strategic cooperation 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 in-depth cooperation on all aspects of comprehensive cultural tourism development business, large urban asset management business, industrial investment, and investment promotion. On October 27, the company issued an announcement stating that it has signed strategic cooperation agreements with Yancheng Chengnan New Area Development and Construction Co., Ltd., Zhuhai Grand Hengqin Group, and Guangzhou Zhenyuan Cultural and Creative Industry Co., Ltd. It was agreed to carry out comprehensive and in-depth cooperation in the fields of large urban asset management business strategies in the Yannan New Area, management service business for investment enterprises, and the development of major cultural tourism industries. On October 27, the company disclosed an announcement on the progress of shareholder Huaju Tianxia in reducing its shareholding. As of October 26, Huaju World reduced its holdings of the company by a total of 144 million shares, of which: from August 5 to August 18, it reduced its holdings by 203.7775 million shares (1% of shares) through collective bidding; on September 8, it reduced its holdings by 1.4 million shares (or 0.07% of shares) through bulk transactions; and the company's holdings were reduced by 122 million shares (6% of shares) through transfers to the Grand Hengqin Group through an agreement. Before the reduction in holdings, Huaju World held 183 million shares of the company, accounting for 8.99% of the total share capital; after the reduction, Huaju World held 39.054 million shares of the company, accounting for 1.92% of the total share capital. Comment: The World Federation Bank's ability to replicate from other locations is highlighted, and Greater Hengqin's resources are helping growth. This week, the company issued a series of announcements signing strategic cooperation agreements with the People's Government of Nankang District of Ganzhou City and Yancheng Chengnan New Area Development and Construction Co., Ltd. According to the agreement, in-depth cooperation will be carried out on comprehensive cultural tourism development, urban asset management business, and industrial investment promotion in Nankang District of Ganzhou City; comprehensive and in-depth cooperation will be carried out on the Yannan New Area's urban asset management business strategy, investment management service business, and major cultural tourism industry development. The World Federation Bank's “state-owned platform+listed platform” has obvious advantages. It relies on the resources of the Grand Hengqin Group and has outstanding strength in expanding from other locations. The World Federation Bank's “Big Trading+Big Asset Management” main business is clearly positioned and developed collaboratively. The World Bank is shifting from the previous model of transactions superimposing other businesses to a “big transaction+big asset management” collaborative development model. Using the large asset management business as an entry point to carry out business such as consulting planning and investment promotion services, etc., the monetization capacity of the asset management portal is worth looking forward to. According to the contents of the Ganzhou project agreement, Grand Hengqin or the World Federation Bank with the Grand Hengqin Group as the actual controller will participate in the development of the Xingledo Camping Town and low-density cultural tourism housing projects, and explore the cooperative development of projects such as ecotourism in the Dashanao Scenic Area and the Longhui Flying Town (gliding base). At the same time, we will jointly develop large-scale urban asset management services, improve the level of urban operation and management, and enhance the value of urban property assets. According to the content of the Yancheng project agreement, the two sides will establish a joint venture to carry out comprehensive strategic cooperation in urban asset management in the Yannan New Area, including industrial park space management and asset operation, spatial management and asset operation of local governments and state-owned enterprises, urban public resources management, etc., to jointly explore new space for industrial development in Yannan New Area and comprehensively enhance operation management and asset value. The former second shareholder, Huaju Tianxia, disclosed the progress announcement in reducing holdings. The shareholding ratio had dropped to 1.92%. As of October 26, Huaju World reduced its holdings of the company by a total of 144 million shares, of which: from August 5 to August 18, it reduced its holdings by 203.7775 million shares (1% of shares) through collective bidding; on September 8, it reduced its holdings by 1.4 million shares (or 0.07% of shares) through bulk transactions; and the company's holdings were reduced by 122 million shares (6% of shares) through transfers to Grand Hengqin Group through agreements. Before the reduction in holdings, Huaju World held 183 million shares of the company, accounting for 8.99% of the total share capital; after the reduction, Huaju World held 39.054 million shares of the company, accounting for 1.92% of the total share capital. Investment suggestions: World Federation Bank's “big transaction+big asset management” main business is clearly positioned, and the “state-owned platform+listing platform” has obvious advantages. It relies on the resources of the Grand Hengqin Group, and has outstanding strength in expanding from other locations. We expect the World Federation Bank's EPS for 2020 and 2021 to be 0.05 yuan and 0.07 yuan respectively. Based on the closing price on October 27, PE is 108.4 times and 77.4 times, respectively, maintaining the “buy” rating. Risk warning: The transaction service business falls short of expectations; the risk of continued loss in the apartment management business.