2Q16 - Not much surprise; better retail contribution 2Q16 results - concerns remain on capital and shadow credit Slower earnings growth but margin expansion better than expected Hold: 1H16 loss-making on lower sales and bad debt provision 1H in line; HK RevPAR stabilizing but China still a drag Downgrade to Reduce：uncertain outlook 1H16 results largely in-line; mixed bag in operations; maintaining Buy Shougang Fushan Alert：Special dividend implies 11% yield Hold: High dividend payout maintained Making strides in its transformation