Quick Note Aluminum Corp of China (2600 HK/601600 CH):Hold H-share, Reduce A-share: Long road ahead China Tourism Sector: Spring Festival Golden Week travel data review: Outbound travel continues high growth China: Banks：NPL and liquidity outlook turning less certain, banks to muddle through; 7 rating changes Hold: Beijing Benz 2015 earnings slightly better than our expectation Regional Morning Notes SSS declines 19% over CNY In line with expectations: Margin improves, Cotai delayed to 1Q17 Property & Casualty Insurance: 4Q15 Earnings Review: Strong 4Q Results Support Valuations Life Sciences & Diagnostics: Call Today - Latest Thoughts on the Group (Our Thoughts and Yours)