1H17–Robust VNB growth,albeit weaker than peers In-line results, volume/margin trade-off intensified Accelerating growth; reiterating Buy Reduce: Expectation exceeded but not sustainable Maintain Buy:China’s broader gas push shows8.90 1H17 results first take Proactive B/S deleveraging: short-term pain, long-term gain Buy: Gas sales growth ahead of peers Strong 1H17 earnings, as expected;momentum should stay Refocusing and reaccelerating amid margin expansion