Third new city expansion in a row; a concern, but no surprise Rental growth still key amid rate hikes 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 Oil Services & Equipment: 2Q Earnings: Thoughts and Observations Large Cap Banks: Fed Weekly: C&I Loans Down Again Last Week,Offset Partly by Strong CRE Growth 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