It is the worst of times, it is the best of times; upgrading to Buy 2016财年的中期业绩不俗 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 Life still carrying P&C Takeaways from 1H16 analyst briefing Beijing Enterprises Water Looming downside risks; downgrading to Hold Key NDR takeaway: new gas supply contract settled