On the evening of September 7, CLP Yuanda issued an announcement on the evening of September 7, announcing the joint establishment of an environmental IoT big data company with Xuedilon, Fresh Environment, Chongqing Nan'an Science and Technology Innovation Company, and Chongqing Environmental Protection Investment Group to carry out environmental data consultation and analysis, data exchange and trading, and environmental public information services. The company expects a total investment of 50 million yuan, with CLP Yuanda accounting for 40%, Xuedilon accounting for 15%, fresh environment accounting for 15%, Nan'an Science and Innovation Corporation accounting for 15%, and Chongqing Environmental Protection Investment Group accounting for 15%. Shareholders contributed in currency, and each company's share was invested in two installments. Commentaries conform to big data trends, keep up with the prime minister, and stay at the forefront of the industry: Since taking office, Premier **** has repeatedly proposed the establishment of a big data platform dominated by government platforms to better promote social and economic development. At the executive meeting of the State Council hosted on August 19, he once again proposed “the need to promote the interconnection and sharing of government information systems and public data, eliminate information silos, accelerate the integration of various government information platforms, avoid repeated construction and data “fights”, enhance government credibility, and promote the construction of a social credit system.” We believe that the cooperation between CLP Yuanda and major flue gas control enterprises and pollution monitoring companies in the industry is in line with the current development trend in the field of big data. As the first environmental data collection platform established in the industry, it also closely followed the Prime Minister's footsteps and played an exemplary role for enterprises in the industry. The long-term potential market is huge, and enterprises and governments are in urgent need of big data services: we expect the cumulative market space in the major environmental protection sector to exceed trillion dollars in the next two years (for details, refer to our big report on the solid waste industry released on September 7), and the direction of investing large amounts of capital in the future is what countries and enterprises are most concerned about. How to maximize the efficiency of capital utilization and reduce unnecessary repeated investments is related to the prospects for profit from the perspective of enterprises, and the optimal use of social resources from the perspective of the government. We believe that the integrated use of environmental big data is the key to solving the insufficient utilization rate of resources. We are optimistic about the future development of CLP Yuanda in the field of environmental big data. As the first environmental big data company in the industry, the company will provide critical data support for the government to solve pollution problems, and the government will also guide enterprises to make targeted investments based on data. The future profit model still needs to be explored: in the short term, the profit model of the newly established big data company is still very vague. As the first company in the industry to eat crabs, the company still needs to explore the final form of exchange of data services. The investment recommendation is to maintain the 15/16 EPS 0.61/0.59 forecast and maintain the “surplus” rating. The target price is 24.7 yuan, corresponding to 20.8x15EV/Ebitda.