Core operation enhancement on track despite RMB headwinds

1H15 breakeven on non-recurring gain; UG to Hold on shares correction Equity Capital Markets Weekly Newsletter China International Travel Service：H115 net profit attributable to shareholders up 19.5% YoY; focus on SOE reform Buy: Aggressively leveraging on loose interbank liquidity Conference call takeaways - slight earnings cut on JVs' profitability Retail sales volume growth moderated to 1.9% YoY in July under weakened tourism and consumer sentiment Regional Morning Notes China Banks LDR Cap Removed by Top Legislature；Effective on Oct 1st Sector outlook Australian Equity Strategy: A disappointing reporting season, but some bright spots in the detail