Global Emerging Markets Strategy：The GEM Inflow Spurt is Slowing ($690m) China Port Sector：Big growth acceleration at Shenzhen in August Upgrade to OW: Consolidation to fuel rerating Where have the earnings gone? China Growth Accelerates, Alongside Provisions SMBC proposed subscription of 222m new shares in BEA - ALERT YTD sales performance below expectations; lowering TP/EPS More clarity on lower gas transmission tariff; Buy BJE NEA issues long-awaited distributed solar policy Downgrade to N: Weaker but not falling apart at the seams