Wumart Stores; Results: AIA/CKI/PAH(=).Tal Education (+); NCI Profit alert Daily Breakfast Spread Top Stories Post 2Q: Energy Loans, Rate Positions Shifting, New Fee Growth Area; Sector Allocation Shift China Property：Positive turning point seen as ASPs fell 1H15 no surprise；maintaining Hold 1H15 result – Strong VNB growth despite currency headwinds MLPs Succumb to Broad-Based Energy Selloff as WTI Dips Below $50/bbl; Weekly Comp Tables 2H15 outlook - Management focuses on driving top line Jun'15: Airline passenger traffic sustains healthy growth (+16% y/y)

“熟料资源化”下的集中度提升，成本曲线分化下的盈利高增 2018年中报点评：零售餐饮双轮驱动，业绩有望保持高速增长 梯级水电高弹性，上半年净利增197% 18年上半年净利润同比增122%，菊酯产品延续高景气度 资源禀赋优异，跨越式发展可期 水务文旅齐发力，订单充足有保障 订单饱满，云贵公路投资高景气受益 去化率维持高位，多元化发展助力 营收增速略好于市场预期，云计算业务占比继续扩大 销售积极、杆杆率低、融资优势凸显