Bumpy Road. Downgrade to “Reduce”. First Take: 1H13 beats on opex, interest, and associate income HSBC-Shenzhen Expressway (548 HK)OW: Strong results beat; our FY forecasts are above consensus-130819 HSBC-Kingboard Laminates (1888 HK)OW: Margin improves but competitive environment tough-130819 HSBC-Voltas（VOLT IN）：N，Dismal Q1，though getting closer to the bottom-130819 Longfor Properties (960 HK) OW: There is a game plan, and it looks like it’s working Where we stand...on (met) coal; Buy ANR Consumer & Media Daily Turning Point Reached, Upgradeto "Buy" New report: Back to growth