One-offs masked solid fundamentals; stay Neutral, as fairly priced, though still our sector's preferred play Buy:1H16 performance in line with expectations 每日市场透视 Key takeaways from 1H results call Life still carrying P&C Beijing Enterprises Water Looming downside risks; downgrading to Hold Key NDR takeaway: new gas supply contract settled Buy:Non-deal roadshow takeaways Falling earnings, but more or less in the price