China: Aerospace & Defense 1H results in line: defense spending to continue to propel growth Guangzhou R&F Properties (2777.HK) In line with expectation: Faster investment to fuel better growth Huadian Power International (H) (1071.HK) Above expectations: outsized operating leverage continued; Buy ZTE Corporation (H) (0763.HK) HK$14.80 First Take: In line with pre-announcement, but cash flow weak Hani Financial Express Morning Briefing In-line gas sales volume growth target Quick Note First Read: Dongyue Further deterioration; warned but still bad Chart Of The Day SHIMAO PROPERTY 1HFY13 beats consensus by ~10% Quick Note