1. Incident: In the first half of 2016, the company achieved operating income of 1,244 billion yuan, a decrease of 20% over the previous year; net profit of 13.53 million yuan, a decrease of 68% over the previous year. 2 Actively expand the development path. The credit business of the three main businesses has achieved rapid development, and together with the hotel business, it has become the company's cash cow business; product sales and business travel business are constrained by environmental factors, which have dragged down the company's overall performance, but with the rapid expansion of the credit business, business collaboration has increased. 3. Inject the four high-quality assets of the Telecom Group. Future development is worth looking forward to injecting innovative business sectors into listed companies, building a pan-cultural entertainment business travel service ecosystem and intelligent entertainment platform, opening up new performance growth points, and accelerating Internet+ transformation. 4. Performance forecast: The short-term merger of high-quality assets will drive a significant increase in performance, and the performance growth in the next two years will also be sustainable. We forecast the company's 16/17/18 EPS (after dilution) to be 0.35, 0.42, and 0.50, and the corresponding PE is 62/51/43 times, giving it a “highly recommended” rating. 5. Risk warning: State-owned enterprise reform is progressing slowly; competition in the mobile Internet market is fierce; new business development falls short of expectations.