A-Share Properties：Lower Financial and Operation Leverages-Developers’ Valuation Goes Up Credit Outlook Long-Term Prospects for Credit Warn of Narrower Margin for Error April 2015 OPEC Monthly Oil Report Highlights：We view this as slightly negative for crude prices Asia Oil&Gas：1Q Chinese oil demand growth at highest level since 2013_increasing oil demand elasticity in Asia Global CIS market：The brightest spot in mobile device components,Prefer sensor over module China: SDR, RMB, and implications EM Asia: would the real export data please stand up Singapore: March NODX bounce back on pharma; tight domestic monetary conditions could dampen external lift Chinese Airlines Sector：March operations surprised；CSA outperformed in pax,Air China in cargo；stay OW AC,CSA-H-Shares