Tougher operating environment and higher impairment costs driving lower EPS China Equity Strategy：Watching policy stance and reform agenda in upcoming 'Two Sessions' Key takeaways Morning Meeting Daily Margin pressure for a good reason Read-through for consumer space from Parkson Retail FY15 results Shanghai adjusted land supply rules for more small-medium sized units Limited visibility on NT catalysts;cloud and mobile games materialization still a way off FY15 results slightly below on weaker PPOP, special dividend is a positive but not a surprise The announcement didn’t say anything, but we think…