Focus？of ？the ？Day Gold desired neither as a currency or a commodity – we downgrade Great Wall 2Q preliminary earnings in line with our expectation Morning Meeting Daily Deleveraging continues despite turbulent Al prices; FCF intact; Buy Awaited asset injection announced; rich valuations but EPS neutral; focus on long term synergies Buy: Don’t flinch on the pullback Buy: New target price post share split China: Rebound in land sales indicates growth may improve in Q4 1H15 results in-line; moderate growth remained