Expectations have been reset; reiterate Buy Key takeaways from analyst meeting;reiterating our Buy recommendation Conf. call takeaway: sell-off seems to be overreacted AUM在市场弱势时仍能稳中有升，中国市场是亮点 1H18 results in line; expecting an improving 2H 1H18 review: Three incremental drivers could propel consensus upgrades; Buy 1H18 results first take: Strong earnings beat but sellthrough less exciting 1H18 first take: Solid Recovery 流水持续高增长，维持长期看好 1H18 beats – strong demand powering resilient 2Q ASPs