Reduce: Expectation exceeded but not sustainable Maintain Buy:China’s broader gas push shows8.90 Weak 1H17 results and little near-term impact from potential spin-off 1H17 results first take Proactive B/S deleveraging: short-term pain, long-term gain Strong 1H17 earnings, as expected;momentum should stay Refocusing and reaccelerating amid margin expansion DB Base Metals Weekly EM TODAY Hold: Putting new growth strategy to test