1H17 – Largely in-line and lacks catalysts; downgrade to Hold 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 1H17 as guided; staying positive on 2H17E NEV sales recovery 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