Strong messaging, we applaud the moves Maanshan 3Q13 results disappointing 3Q13 results beat by 8.6% on NIM rebound; challenges remain In line with expectations: QoQ jump led by rebound of Chengya Below expectations：another difficult quarter; EPS and ROE declines In line with expectations; solid NII/fees/PPOP, modest NPL formation Above expectation on NIM/PPOP/provision; Affirm CL-Buy/Buy on A/H In line with expectations: 3Q interbank deleveraging, NPL write-offs Above expectations: NPAT up on cost control, FYP solid but slows Above expectations; stable NIM/NPLs, though qoq trend slowing