Treasure buyback in action Industry consolidation to continue; Potential GPM rebound a catalyst US NDR takeaway-the "BRAIN" of China's aviation system 2016 results largely in line China Galaxy A-Share Research Key Ideas (Excerpt) Strong start to 2017 Fast-growing Anti-influenza Medicine Manufacturing Leader Buy: Strong pipeline bodes well beyond 2018 Quality in the price; downgrading to Hold on valuation Reduce: 1Q in-line, expensive valuation for low growth

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