Strong focus in the future:New Energy Vehicles and ADAS China Internet Sector: Embracing a new normal of regulation A possible win-win situation to acquire parentco’s commercial arm WESCHI – limited capex spent in Ethiopia expansion so far. Still OW on robust China’s operation CMBI Research Focus List: Our best high conviction ideas China Banking Sector: Supportive policy on carbon-efficient industry VNET (B2/B rated) – 3Y New Issue: FV 8.7% Looking beyond 2H21 ads headwinds Hope for the best and prepare for the worst China Property Sector：What is the end game? A detailed analysis of chairpersons’ possible bailout