Hold: 1H17 results in-line with good cost control Hold: Headline miss but good operating performance Upgrade to Buy: Emergence of new growth drivers Hold: Near-term policy headwind on toll tariffs No news is good news Lens module investment likely about to bear fruit 30% earnings CAGR amid margin expansion; Hold for fair valuation Weak 1H now behind us; upbeat guidance reinforces our Buy thesis 1H's double squeeze in thermal/hydro offers stronger recovery prospect Growth slowing down and no catalyst ahead, d/g to Hold