Maintain the “increase in holdings” rating and maintain the target price of 46.05 yuan/share. Guosheng Financial Holdings announced that Shenzhen Gardexin Investment Co., Ltd., Tibet Jiajialesco Information Technology Co., Ltd., and Wu Ying are co-sponsors to invest in the establishment of Guangzhou Rennuo Internet Microfinance Co., Ltd. The establishment of Internet small loan companies is conducive to the formation of synergy with the large shareholders' high-quality external assets, and has become a major complement to the sources of capital for out-of-body assets. Maintain the company's 2016-2018 EPS at 0.56/0.89/1.05 yuan, maintain the company's target price of 46.05 yuan/share, and increase holdings. Apply for an Internet small loan license based on in vitro asset collaboration: It is expected that the current application of the Internet small loan company will still be based on the purpose of forming a synergy effect with Guosheng Financial Holdings in actually controlling external assets. Currently, many high-quality assets, such as consumer finance (represented by the Happy Times in Beijing) outside the majority shareholders of listed companies, are in a stage of rapid growth, and there is an urgent need for financial support. Once the Internet financial supervision policy is loosened, Renuo Internet small loans are expected to be an important source of capital for high-quality assets outside of the body. Strong alliances, and the future is even more promising: Another highlight of this expansion of expansion is the emergence of Cardson Investment (currently the fourth largest shareholder of Zhongan Insurance) and Wu Ying (China's first-generation Internet giant, founder of UT Starcom) among the company's partners. Another partnership with the Internet giant proves the company's strong ability to integrate resources, and future epitaxial expansion is even more worth looking forward to. Risk Warning: License Approval Risks