非交易路演纪要 In line with expected: Possible upside in receivable provision reversals Shaking the tree of low-value products In line with expectations:Strong VIP volume growth,mass lagging In line with expected: Prop. sales ahead of target, infrastructure stable 1H16 results beat - 2Q swings back to core profits 1H16 first cut: Still little value addition from Life/ Health, Challenging P&C underwriting outlook 1H16 results beat - Rail a positive surprise, upgraded FY16 guidance remains 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