Time to rotate into Air China, the laggard: Issues positive profit alert, non-public A-share issue will reduce gearing Profit alert – 1H15 net profit up ~70% on investments APAC Equity Strategy: "New" Economy: Baidu misses. Who else? Valuations increasingly attractive;potential for positive policy surprises Key takeaways from conf call - ecommerce is excluded Daily prices and news: World gold demand falls 16% QoQ in 2Q15 Key takeaways from AMKR results for Asia Tech PUNJAB NATIONAL BANK(PNB.IN):RESPITE TO ASSET QUALITY STRESS Tracking forecast, no surprises in 2Q Valuations increasingly attractive for long-term investment