Core view: We are optimistic about the operating model of Guosheng Financial Holdings: intervening in high-quality targets through private placement (that is, capital, own capital+industrial capital); extractive expansion of assets through mergers and acquisitions to unleash the synergy between high-quality targets and financial management platforms; relying on private equity to discover high-quality companies, achieve investment income through investment platforms, and exit through listed company platforms. Guosheng Financial Holdings has the advantage of “private placement” resources. This advantage can give full play to the sensitivity of capital to high-quality resources, capture the most favorable resources for financial holding platforms from the market, and give full play to the advantages of financial management platforms. Guosheng Financial Holdings' “private placement” resource advantages are reflected in three aspects: one is that the actual controllers, Du Li and Zhang Wei, are senior private equity investors with deep private equity investment experience; second, the company's shareholders have the power of a number of private equity, and there is broad scope for cooperation between these private equity firms and the company's operations; third, the company has set up a platform for equity investment in RMB and foreign currency, laying a good foundation for business connections or cooperation. At the same time, the financial control platform is also an important source of capital, and the listing platform is also a good entry point for supplementary capital. When combined with “private placement,” it is essentially a platform for connecting high-quality projects and capital. This platform has more information advantages, because the majority shareholders are upstream of the project, and the ability to intervene and allocate projects far exceeds the market function of “financial intermediaries” in some link. Guosheng Financial Holdings's basic development idea is to build a professional, innovative and open Internet financial control platform based on the Internet ecosystem. As a tool, the biggest characteristic of the Internet is that it is highly inclusive. At the customer level, it has the advantage of containing an unlimited number of customers. If the essence of the Internet is to bring in the number of customers, then the comprehensive financial services provided by financial control platforms are an ideal monetization model. Catalyst 1: Name changed. Catalyst 2: A quick test to implement the Internet strategy. Investment advice: We believe that the company is currently only in the initial stage of a financial control platform. In the next two years, the company will accelerate the pace of capital operations, combining internal extension growth with external expansion. Maintain Guosheng Holdings' “buy” rating, with a target price of 35.36 yuan for six months. Risk warning: There is a risk that the performance of the securities business will fluctuate, and the transformation progress will fall short of expectations.