Quality in the price; downgrading to Hold on valuation Reduce: 1Q in-line, expensive valuation for low growth China Oil & Gas:OPEC cuts a non-event; long-term oil price is what matters Intgd Oil & Refining:They Are Who We Thought They Were China Financial Daily: Financial deleveraging impact: CITIC Bank Stopped Quasi-Equity Lending Hold: Credit risk seems contained for now Morning Meeting Notes How much cash can be upstreamed to RCOM? Brazil: Should I stay or should I go? Hold: Higher margins and higher NPLs