Making strides in its transformation 1H16 results – Poised for a re-rating; lifting target price 净利差持续回升提升经营业绩 Hold: Uninspiring 1H; NBV no longer a share price driver 1H16 results in-line; lower costs saving weak non-aeronautical 核心业务现增长，联营公司拖累净利润 股市评论: 业绩差两桶油受压 牛熊日志 Hold: Domestic brands drag 1H16 results down 2016年下半年为确定的收获季节，维持“收集”