经营稳中求进，长期战略清晰 成本压力减缓，一季报业绩扭亏 核心业务平稳增长，检测服务能力保持扩张 2019年一季报点评：业绩符合预期，渠道下沉逐步深化 经营情况追踪：零售转型成果斐然 业绩持续承压，看好全国化潜力 业绩增长稳健，基层业务表现优秀 2018年年报及2019年一季报点评：龙头效应持续，产业链地位增强 2019年一季报点评：业绩低于预期，新店培育继续拉高费用 2019年一季报点评：渠道库存清理致收入增速放缓，轻装上阵业绩望持续改善

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New luxury car tax not impacting Chinese OEMs China Gas and Petrochemical Sector: Equilibrium of supply and demand may occur in H117 with OPEC's production cut deal Thailand economy Strong project growth to continue over the next few years 1H17 result: Reduced FY operating margin guidance a negative Markets Overview Stable expansion Decline in November PMI moderates Consumer & Media Daily Emerging Markets Equity Strategy