1H16 sales in line; but OP miss on rising operating expense Growth outlook remains strong Expect growth acceleration of Plendil ICBC reportedly one of the bidders for The Center Hold: focus shifts from broadband to new growth areas 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 First Take: 1H above expectations; the bright spot in a tough market Twin growth drivers continue to shine; Reiterating Buy