Yet to see overall improvement despite significant margin expansion 1H17 beats, fair valuation; Downgrade to Neutral Strong sales to continue; de-gearing in good progress, but fair valuation 2H17 outlook - potentially a more stabilized outlook In-line 2Q17, lens on their way Hold: Weak results, not a surprise A weak set of results, with mounting deleveraging pressure Buy: Asset restructruing a positive for Shenhua A fair JV proposal to minority shareholders EV/earnings in line, better life growth, P&C improved