恩必普增长强劲，二线产品梯队推广良好 1H results slightly missed, maintain Hold on fair valuation Wynn Palace finally opens, and it lives up to the hype Model Update 1H16 results inline - core profit strong The long-term winner of SOE reform gets tested 1H16 results slightly behind as solid growth from MUs and Metro offset by locomotive and freight wagon weakness Strong demand & rising margins Results inline. Trends point to improving China gas business Expect re-rating to continue; Raise PT to HK$6.5