牛熊日志 1H 2018 results show continued recovery.We remain positive on the Company Q2 2018 results better than feared, but challenges remain in the coming quarters 1H2018 results in line with expectations,Biding time for are-rating 1H2018 results lower than expected.Wait for more visibility.Dowmgrade to HOLD Downgrade on lower earnings and dividend visibility 1H18 results show its capability to withstand the industry down-cycle 1H 2018 results a mixed bag. Concerns behind it; good foundation for future growth. 瑞银认股证牛熊证焦点 阅文集团2018H1财报点评：付费阅读增速波动、版权运营成长亮眼，拟收购新丽加强IP资源变现力