Due to the company's announcement that Bohai Securities is undergoing restructuring, the company's plan to increase capital in Bohai Securities to 32.78% has been suspended. We reduced the company's shareholding of 32.78% to 26.94%, the profit forecast of Bohai Securities in 2008 and 2009 from 1.1 billion yuan and 1.4 billion yuan to 900 million yuan and 950 million yuan, and the profit forecast for 2008 and 2009 from 0.39 yuan and 0.58 yuan to 0.26 yuan and 0.30 yuan.

At present, the value of the company's existing financial equity is 20.69 yuan; on the assumption that the group and major shareholders hold Bohai Securities and Northern International Trust, the reasonable share price of the company is 35.89 yuan.

We are optimistic about the market capitalization growth brought about by the financial equity injection, and maintain the "overweight" rating, taking into account the possibility of further increasing financial equity holdings and resource integration in the future. At the same time, considering the uncertainty of financial equity injection in the future, investors are asked to pay attention to the risk.