More than just a policy beneficiary 2Q16 results largely in line; 2H outlook remains robust; Stay OW 每日港股导航 2016 年中期业绩 市场形势严峻，业绩下滑至亏损 Lacking near-term catalysts;maintaining Hold Regional downstream optimization – a focus; Possible M&A; Confident on upstream growth from new discoveries; Remain OW Key takeaways from 1H16 post-result conference call 新老产品交替空档期 短期业绩表现不佳 市场动态