Key investment points: Capital Environment is the only solid waste listing platform under Capital Group. The company is positioned as a comprehensive solid waste treatment enterprise that opens up the entire industry chain. Its business has covered various fields such as domestic waste landfill, incineration, food waste, and front-end collection, storage and transportation integration, and has expanded in solid waste-related fields such as electronic waste dismantling and hazardous waste. Since turning a loss into a profit in 2015, the company is about to complete the injection of 51% of New Zealand's BCG NZ shares this year with the strong support of the majority shareholder, Capital Group. Profitability has been greatly increased, and operations and development will reach an inflection point. Currently, the PB of Pioneer Environment is only 1.09 times, and we expect the company to be about 13 times after PE dilution in 2016. Considering the market position of the pioneering brand and the company's development potential, it is currently clearly underestimated, so investors are advised to pay active attention. It is the only solid waste listing platform under Capital Group, and is blessed with inherently favorable conditions. Capital Group, the majority shareholder, has rich management experience and industry resources in the environmentally friendly water market, providing unique conditions for the development of Shouchuang Environmental in the solid waste environmental protection market. Aim high and build a first-class comprehensive solid waste platform. At present, Shouchuang Environmental has completed the clean-up of issues left over from the history of the original shareholders, and the company's fundamentals have been completely refreshed. It is hoped that in the future, with the support of Capital Group, it will grow into a first-class comprehensive solid waste platform enterprise around the upstream and downstream of the solid waste industry chain. Both fundamentals and profitability have reached inflection points. The company has formed a seamless layout throughout the solid waste industry chain. Future project development around the industrial chain will be a major advantage for the company. The New Zealand asset injection, which is about to be completed this year, will also add about HK$250 million to the company's net profit, greatly increasing profitability and entering an inflection point in overall growth. Risk warning: New projects fell short of expectations, and the RMB and New Zealand dollars depreciated against the Hong Kong dollar.