1H15 results below, but cheap valuation offers favourable risk-reward 1H15 Results disappointing 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 Conference call takeaways - slight earnings cut on JVs' profitability Core operation enhancement on track despite RMB headwinds 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