Hold: focus shifts from broadband to new growth areas Management reiterates positive outlook in the medium term Robust 1H and promising 2H; Buy Margin erosion more severe than expected; maintaining Sell 2016年中期业绩符合预期，维持“减持”评级 Twin growth drivers continue to shine; Reiterating Buy Buy: 1H16 results in line, confirm earnings visibility Buy: Expect further improvement in 2H Buy: Confident, despite 1H earnings decline 应重估风险回报水平