China Environmental Protection Sector：More than half of 12th FYP period has passed;environmental pressure remains high in 2014/1 Macau Sensitivity: Bumpy GGR +Solid EBITDA Growth = Opportunity Sunlight REIT：Solid rental reversion to persist FX Positioning Analysis China Property Sector：Large developers outperform Upgrade to OW: Solid growth from milk margin expansion China: Banks-CMB, Minsheng, Industrial Bank: RRR cuts modest positive Growth outlook more assured Hong Kong/China Property Daily CN Oil & Gas,Construction Machinery, CN Basic Materials, CN/HK Prop