A stumble up the transition path Downside risk from Sinopec's steeper production cuts and 61% capex reduction in 1H16 points to more pressure for 2H16 1H16 results in line; no immediate regulatory risk 每日晨报 1H16 results miss; upgrading on valuation grounds H/A: Reduce: Too big to make a turnaround 固废业务并表，半年业绩大增 澳至尊：IPO点评 布局零售终端，打造肾科旗舰 收市简评