Analyst briefing takeaways Expecting margins to improve from 2H17 Higher SG&A costs triggered by business transformation; Hold 1H17 – In-line, weaker brokerage and margin financing to drag Hold: Stable underlying trends in a tough market China Financial Daily:2Q17 results: SPDB and INDB Chinese Estate acquired 5.83% Evergrande stake since April 2017 Marginally expansionary Good quality results with payout ratio guidance lifted; Buy 1H17 in line; Hold on mild growth outlook