1H in line; HK RevPAR stabilizing but China still a drag Weak 1H16 results; marketing business also turned loss making Downgrade to Reduce：uncertain outlook 1H16 results largely in-line; mixed bag in operations; maintaining Buy Shougang Fushan Alert：Special dividend implies 11% yield 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