The company announced its 2019 three-quarter report. In the first three quarters of 2019, the company achieved operating income of 252.185 billion yuan (+18.52% yoy), net profit of 2,373 billion yuan (+29.93% yoy), net profit of 2,373 billion yuan (+29.93% yoy), and net profit of 1,856 million yuan (+65.09% yoy). Non-recurring profit and loss was mainly due to the transfer of three assets, which achieved a total investment income of 583 million dollars. In terms of expenses, in addition to a slight increase in the R&D expense ratio, the company's sales, management, and financial expenses all decreased significantly year over year. The total cost rate for the period was 1.70%, down 0.34 pct year on year, a significant decline. Q3 Operating cash flow continues to improve, and is expected to be corrected throughout the year. The company's net operating cash flow for the first three quarters was $1,650 million, of which Q3 was $1,711 million. Operating cash flow was positive for two consecutive quarters (Q2 was $980 million). Specifically, the main reason for the improvement in Q3 cash flow is that advance payments increased sharply by 4.242 billion yuan compared to the semi-annual reporting period, while the growth in receivables and prepayments was relatively stable, and the company significantly accelerated the repayment and collection speed. We believe that the company's operating cash flow is expected to improve throughout the year. The Zhejiang International Oil and Gas Trading Center is advancing at an accelerated pace. The Zhejiang International Oil and Gas Trading Center was established under the leadership of Zhongda and the Zhoushan Municipal Government. It is the only platform in Zhejiang Province that specializes in petrochemical products trading services, and is also the core content of the Zhoushan Free Trade Zone. We believe that the Zhejiang International Oil and Gas Trading Center will become an important engine for the future growth of CITIC. At the 3rd World Oil Merchants Conference held on October 18, the Zhejiang International Oil and Gas Trading Center signed a letter of intent to support the Bank of China to introduce strategic investors and optimize the equity structure; a memorandum of cooperation was signed with the Singapore Asia Pacific Exchange to carry out comprehensive cooperation based on their respective advantages. After introducing war investment and optimizing the equity structure, the construction of the Zhejiang International Oil and Gas Trading Center will accelerate. Privately approved, further enhancing the advantages of integrated supply chain services. The company's $3,815 million privately was approved by the Securities Regulatory Commission on July 16. The capital raised will be used for supply chain integration service projects (intelligent cable manufacturing base, smart new retail platform for automobiles, integrated services for urban rail transit), supply chain big data center construction projects, and additional working capital to further enhance the company's supply chain integration service advantages. We forecast the company's net profit of 29.05/34.13/4.03 billion yuan and EPS of 0.67/0.79/0.93 billion yuan in 2019/20/21, corresponding to PE 8.3/7.0/6.0 times the current price, maintaining the “buy” rating. Risk Warning: Trade wars intensify, commodity prices fluctuate greatly, asset disposal, etc. do not fluctuate