Benefiting from wireline and wireless upgrades 1H17 – Key takeaways from analyst meeting; Lifting TP by 5% Buy: On land banking mode A differentiated joint-stock bank, with signs of bottoming-out Strong net cash remains the key focus, but lack of imminent catalyst In-line results, volume/margin trade-off intensified Accelerating growth; reiterating Buy Reduce: Expectation exceeded but not sustainable Maintain Buy:China’s broader gas push shows8.90 Weak 1H17 results and little near-term impact from potential spin-off