Strong 1H16 results in line with expectations; reiterating Buy 1H16 results: improving wine margin; eyes on SOE reform 1H16 sales in line; but OP miss on rising operating expense Growth outlook remains strong Expect growth acceleration of Plendil 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