Post 2Q: Energy Loans, Rate Positions Shifting, New Fee Growth Area; Sector Allocation Shift China Property：Positive turning point seen as ASPs fell Gold, Silver, and Palladium：The Dollar Like A Coiled Spring; Q2 Precious Earnings Calendar And Other Thoughts 1H15 no surprise；maintaining Hold 1H15 result – Strong VNB growth despite currency headwinds 2H15 outlook - Management focuses on driving top line Jun'15: Airline passenger traffic sustains healthy growth (+16% y/y) Daimler and Hyundai's 2Q results: One step forward and one step back Taiwan: June IP showed signs of sequential improvement following earlier weakness New PT of HK$5.3 - Surging installations driving growth; Add to AFL OW SMID