1H16 result: no clear strategy to lift growth and returns Disappointing 4Q but long-term picture still intact BUY: Shift to next growth phase Morning Meeting Daily Moving further into the MSCI Weak GBP a risk for CKI;we prefer CLP Metals & Mining Alert:Daily prices and news:Global steel output declines in January China Internet Daily: Cainiao update Priced as of February 19, 2016 U/G BIDU/EDU to Buy; D/G Esprit to Sell; Strategy; HK Utilities; CN Internet