Morning Snapshot What’s Changed, Research Focus, Today’s Events Eventful Week Ahead Reduce: Trouble behind, trouble ahead Morning Meeting Daily Acquisition of CA 1 & 2 in Shanghai; good project but limited upside potential New report: 1H15 result—strong momentum continues The deal is finally done 1H15 profit warning: A divergence in fundamentals vs peers, cost-cutting effort likely lagging Downgrading: 2015 still a challenge