A differentiated joint-stock bank, with signs of bottoming-out Strong net cash remains the key focus, but lack of imminent catalyst 1H17–Robust VNB growth,albeit weaker than peers In-line results, volume/margin trade-off intensified Accelerating growth; reiterating Buy 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 Buy: Gas sales growth ahead of peers