Upgrade to Buy: Strong start to Three Year Plan 1H17–Key takeaways from analyst meeting NDR takeaways: cautiously optimisti 1H17 earnings jump in-line with guidance Briefing takeaway: Core profit growth target maintained at 15% yoy Aggressive scale expansion amid high gearing 1H17 profit a small miss on gross margin and SG&A (Revised) 1H17 slight beat on earnings and dividends 1H17 - beating on all fronts; reiterating Buy and upgrading TP Takeaways from post-results analyst briefings; Buy Longyuan, HNR