1H16 results beat on stronger-than-expected fixed BB revenue; Reiterate Buy Downgrade to Hold: More bad news to come before things turn rosy 1H16: miss on revenue but beat on gross margin Overall positive amid divergent business outlooks; Neutral Change in reporting currency; very weak sales momentum, earnings saved by two lines that are not sustainable Up to Neutral on strong brand portfolio and earnings recovery 研究部晨讯 Still a class above the rest 朝闻香江 复苏还未到来，维持“收集”