Matteo Renzi’s institutional reform: The mother of all reforms in the parliamentary arena CRE turning into a beer company； thoughts on valuations 4Q15 Update - Slightly Stronger than Expected.Highlighting Melvita Growth Potential in FY16 Yum Cha饮茶 Hong Kong: CPI rose 4.5% in March; expect lower inflation prints in 2H15 1Q15 profit growth driven by injected assets + falling coal prices Regional Morning Notes Investment Daily Adjusting estimates for CB issuance; mgmt outlook negative near-term, but more favorable longer-term Orders and profit improve sequentially

Quick Note – Slightly NEGATIVE A new game plan August was the busiest month for pax biz in 2014 so far; cargo demand was also robust; stay OW 1H14 summary; raising our estimates, rolling out to 2015E, TPs up Top Stories 每日港股导航 招财日报 业务增长于调整并存，持续回购回馈股东 非亚马逊渠道表现亮眼，毛利率进一步改善 新永安每日市场资讯