Incident: The company announced on June 24, 1) The company plans to sign “Investment Cooperation Agreements” with Wanhe Leasing, Jinhui Fangyuan, and Hengjin to increase the capital of Wanhe Leasing by RMB 15.875.294 million. After the capital increase, the company will hold 15% of Wanhe Leasing's shares. 2) Tianying Industrial, a holding subsidiary of the company, signed the “Yangtai Mountain Real Estate Project Investment Cooperation Agreement” with Shenzhen Dechang and Shenzhen Chuangblueprint, and also signed the “Yangtai Mountain Real Estate Project Investment Cooperation Share Confirmation” with Shenzhen Longhua Laiwushan, Shenzhen Jin Dechang, Shenzhen Dechang, and Shenzhen Chuangblueprint to jointly develop the Shenzhen Yangtai Mountain Real Estate Project. Capital increase Wanhe Leasing, Rio Tinto financial layout: 1) Capital increase in Wanhe Leasing, “financial +” layout: the company uses the assessed value as a benchmark, with a total investment of 158.752.94 million yuan and holds 15% of Wanhe Leasing's shares; 2) Performance promises are not sufficient, the repurchase agreement guarantees that the agreement includes a repurchase clause. When Wanhe Leasing's operating profit falls short of expectations for the next three years, the company has the right to request Jinhui Fangyuan and others to repurchase Wanhe Leasing shares held by the company; 3) Benefiting from collaborative development and broadening profit growth: the company lost the strategic development of Wanhe Leasing Planning helps enhance the company's core competitiveness and motivates the company Actively achieve the development of integrated industry and finance to benefit from collaborative development effects and broaden the company's profit growth points. From strategy to attack, firing the trumpet: 1) From strategy to attack: Tianying Industrial and Shenzhen Dechang cooperated to develop the Shenzhen Yangtai Mountain Villa real estate project, covering a total area of 65,945 square meters, with a proposed development and construction area of 31,000 square meters; this cooperative development of the Shenzhen Yangtai Mountain Villa real estate project is the company's first battle from strategy to attack; 2) The company's dominant position is highlighted: the agreement highlights many principles relating to equity ratio setting, management, etc. Company dominance; 3) Improve economic efficiency and promote sustainability Development: This time, the company launched the first step in laying out the real estate market in first-tier cities through cooperative development of non-agricultural construction land; through cooperative development, the company can effectively diversify the risks of project investment, help enhance the economic efficiency of the company's real estate sector, and promote the company's ability to continue to develop. Investment suggestions: The company's real estate business layout in Jinan is on the front line, which is expected to bring new growth points for the real estate business in the future; secondly, the company increases capital and leasing, and further expands the financial layout, combining the company's capital-intensive real estate, mining, and finance-assisted mining to better combine industry and finance to complement each other. We expect the company's EPS for 2016-2018 to be 0.20, 0.27 and 0.34, corresponding to the current stock price PE valuation of 69.9X, 51.6X, 40.4X, giving a “buy-A” rating. Risk warning: Performance falls short of expectations