On the one hand, the company's holding subsidiary Betray signed a long-term cooperation agreement with the Institute of Physics of the Chinese Academy of Sciences to expand the company's technical strength in all aspects; on the other hand, it also cooperated fully with China Railway Resources on the mining and deep processing of Yunshan graphite ore and Hegang graphite ore in Luobei County to completely penetrate the entire NEV power battery anode material industry chain. We are strongly optimistic about Betray's future development space as the leading anode material for new energy power batteries, and maintains a “Highly Recommended -A” investment rating. The company signed a lithium battery material cooperation agreement with the Institute of Physics of the Chinese Academy of Sciences, which is committed to lithium battery anode material research and transformation of results. The agreement will help Betray to more quickly master the modification technology and preparation technology of lithium metal anode materials, and will further accelerate the industrialization process of lithium metal anode materials. On the other hand, the company cooperated comprehensively with China Railway Resources on the mining and deep processing work of Yunshan graphite ore and Hegang graphite ore in Luobei County, using the supply of graphite raw materials in Yunshan as the main material source, using Betray's graphite deep processing technology as technical support, and using the booming development trend of international lithium-ion battery anode materials as an opportunity to develop a globally influential lithium ion anode material R&D and supply base, eventually forming a natural graphite deep processing base for various products such as anode materials, graphite emulsion, and fluorinated graphite. The country produced 13,500 new energy vehicles in March, a year-on-month increase of 15.7%, in line with expectations. The year-on-year growth rate of NEV production and sales is expected to reach more than 20% this year. Globally, there are already 700,000 existing vehicles. It is estimated that by 2020, the world is expected to reach 20 million new energy electric vehicles (pure electric and hybrid). Based on the average demand for anode materials of 30 kilograms per vehicle, there is 600,000 tons of market space. Betray is the world's largest producer of graphite anode materials for new energy batteries. The annual shipment volume in 2013 was about 17,000 tons, accounting for about 35% of global production, and is expected to ship more than 20,000 tons in 2014. If calculated based on current production capacity, the supply gap for anode materials within the next 5 years will reach 240,000 tons. The company has controlled significant reserves of graphite ore resources, and the graphene industry chain has been fully extended. The upstream value industry chain, which took four years of hard work, has basically been formed. Maintain a “Highly Recommended - A” investment rating. We believe that the company's major transformation strategy of withdrawing from real estate and moving to high-tech industries such as new energy and new materials fully conforms to the development trend of China's economic transformation. The diversified transformation of the company is completely forward-looking, and at the same time has huge profit margins. The estimated 2014-2016 EPS is 0.27,0.29 and 0.32 yuan, respectively. Risk warning: The drop in oil prices has had an impact on expectations for new energy vehicles.