The announcement didn’t say anything, but we think… Conviction OW as both a defensive and offensive player January AC: output cut softened helped by export demand Top Stories Towards the end of group restructuring China Watch P221:Growth deceleration in 4Q15 vs.YTD 3Q15 EM Daily:Updating fiscal breakevens for EM oil producers Construction(NEUTRAL):Stimulus and accounting changes in spotlight Steel(NEUTRAL):Iron ore and steel prices still rising D/G Tingyi to Hold; Equity Strategy; Anta:results (=)/TP down; A&D; White goods