Rich cash generator looking for potential acquisition; Buy Growth acceleration driven by acquisition and organic growth Maintain Sell for vague sales and profits growth outlook 1H17 results beat on better Yuji gas pipeline contribution; reiterate Buy Turnaround not yet in sight Quantifying the impact of two-invoice policy Materials may have further to go 1H17: Post results briefing and NDR group meeting highlights CBRC Fined Banks for Illegal Personal Consumption Lending Concerns overdone; Reiterate Buy on 2019s & 2022s