3Q16 results in line;maintaining Hold on fair valuation 9M16 results+84% YoY–slight beat;up TP to HK$5.5;reiterate Buy 九兴控股上调至跑赢大市评级，目标价16元 Organic growth seems to have picked up in 3Q;Buy Solid 3Q16:Refining reverses inventory gains from 2Q 3Q16–Strong VNB growth,tracking ahead of DB estimates 3Q16 results in line;Buy on visible and healthy earnings outlook 李宁给予跑赢大市评级，目标价6.8元 Share price weakness presents buying opportunity Encouraging revenue growth acceleration in Q316