RRR adjusted for individual banks by PBOC New report: Continued growth momentum despite equity & FX headwinds and concerns over UnionPay Portfolio remixed with little accretion; Buy on defensive fundamentals Morning Notes Spotlight on Asia China: Real Estate Developers: Cut in transaction tax, another move to stimulate housing purchase On the right track to enjoy China semiconductor’s structural growth opportunity Morning Express Recalibrating for macro, still solid on micro, reiterate CL-Buy 2015 earnings preview