Cautious on weak wholesale trend and turnaround plan Seasonal strength, but overcapacity remains Poor 3Q results, earnings dropped by 17% YoY 3Q13 in-line; sustainability low in 4Q13E A forgiving valuation supported by in-line Q3 update 3Q13 in line; V-shape recovery likely in 4Q13E Q3 beat on volume；stronger Q4 expected 3Q earnings surged by 45% YoY, oil business growth strong Overcapacity drives 3Q losses Cautious tone continued –Waiting for the Strategy Day