Still growing but slower than expected 2015 results review Seeking earnings quality 2016: promotions to decline, top line growth to resume Slower growth until we see clear regulations over online car services Analyst briefing takeaways: no clarify on risk compensation; oil drilling slowdown and pipeline delay confirmed Consistent growth and strong margins A wake-up call when the market slows: downgrade to Neutral Neutralize UW position 港股点评：中国PMI回升 经济前景仍须观察