Continued margin squeeze as expected 1H16 results beat Good start to 3Q but market surplus likely to see copper retrace 业绩持续走强，双轮驱动战略加速落地 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 Model Update 1H16 results inline - core profit strong 1H16 results in line-Strong 2H likely 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