3Q13 exceeds expectations mainly on inventory gain A quality laggard 3Q in line，but 4Q likely to be weak Initiation: materially different Slow bottom line growth could disappoint the market 3Q NP above expectation; FCF breakeven 3Q13 earnings in-line but 4Q13E guidance is a negative surprise 3Q beat market expectations;maintain Buy on improving outlook CMB - 3Q13 results beat on fee income growth and tight cost control PetroChina