Margin erosion more severe than expected; maintaining Sell 2016年中期业绩符合预期，维持“减持”评级 First Take: 1H above expectations; the bright spot in a tough market Twin growth drivers continue to shine; Reiterating Buy Buy: 1H16 results in line, confirm earnings visibility Buy: Confident, despite 1H earnings decline 应重估风险回报水平 Buy: Proving the importance of primary land projects Buy: Strong results driven by new connections Hold: Steady ship in turbulent sea