研究报告 Key takeaways from 1H16 results conference call 收益跃升，但利润率平稳 In line with expectation:NPL formation slows in 2Q,PPOP flat; Buy H/A Above expectation; all eyes on off-balance sheet financing channels Below expectations: Lower volume and higher SG&A double hit 晨早通讯 In line with expectation: Some good progress but still early Robust growth to continue In line with expectations: NCB gain boosts PPOP, NPL under pressure