2005-7-12 CRE Benefiting from wireline and wireless upgrades 1H17 – Key takeaways from analyst meeting; Lifting TP by 5% Buy: On land banking mode A differentiated joint-stock bank, with signs of bottoming-out 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