Concerns on logistic constraint overdone Morning Research Focus 每日港股简评 Resume coverage; 3Q21 NIM expansion and improving asset quality Resilient 3Q21 with high inventory buffer RSMACA – Equity placement is credit positive and shows on track fundraising progress China Property Sector:Our take on the imminent property tax Impressive backlog growth momentum and enhancing global competence Expect future share gain under similar 5G capex plan China Construction Machinery & HDT:China Local Government Bond Tracker