New growth drivers on the horizon The thing with the gap NEAR-TERM CATALYST APPROACHING Results missed expectations; Outlook remains challenging Low beverage profitability may imply valuation vulnerability No secular trend yet. But no major negative in Q4 FY17 might trigger share price movement. Leading global golf brand on sale 1Q17 game results beat; clearer value of cloud and WPS Le Mariage Business as usual but likely some near-term shipment softness

业绩保持快速增长，长期成长空间打开 半年报业绩高增长 期待下半年新品突围 重组事项获无条件通过 信息安全航母起航 看好下半年分布式业务的推进 估值回归 事件点评：煤化工工程服务引领中报业绩超预期 中报预告超预期 转型步伐依旧坚定 上半年验收延迟，全年增长预期不变 定增股份上市 期待国企改革更进一步 可以期待的中国版世邦魏理仕