1H15 preliminary results - Beats low guidance Hold: 2Q15 preview, headwinds in second half Greater China Quarterly Issues: China’s growth momentum improved in 2Q, but concerns remain Gaming Hardware: Consoles are Coming to China; Don’t Expect Meaningful Impact...for now Oil Services & Equipment: 2Q Earnings: Thoughts and Observations Made in China: Insurance: 1H15 preview; Toll Road: Stay defensive; Tourism; Property 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