Short-term cost control starting to bear fruit;upgrading to Hold

30% earnings CAGR amid margin expansion; Hold for fair valuation Weak 1H now behind us; upbeat guidance reinforces our Buy thesis 1H's double squeeze in thermal/hydro offers stronger recovery prospect Growth slowing down and no catalyst ahead, d/g to Hold 1H17-Strong life growth but quality remains an issue; Hold 1H17 missed on lower revenue contribution from IoVs and Jiefa Reaffirming top pick for 30% earnings CAGR amid margin expansion Promoting credit cards to offset deleveraging pressure 1H17 first read is positive. Margin expanded, earnings in-line 1H17 in line–firing on all cylinders