Health and Happiness (BTSDF) New Issue Factoring in ads & games headwinds NDR takeaways: Growth to accelerate in 2022E on strong backlog 4Q21 inline but we are prudent about FY22E China Property Sector: Mildly positive if the government relaxes pre-sales funds regulation CSCHCN - Maturity extensions fully priced in, maintain OW Look at NWD from a mainland angle China Banking Sector: Implications of Jan LPR drop Fixed Income Daily Market Update Morning Notes