Korea’s welfare plan and its impact on inflation, debt and policy rates. China Galaxy A-Share Research Key Ideas (Excerpt) Key takeaways from 1H 2017 results presentation and detailed discussion with management Continue to be the proxy for China biotech Markets Overview Flash Notes Waiting for recoupment phase Semiconductors continue to drive export gains Saturation of shopping malls seen in Tier-1 cities BAIC Motor: HK NDR takeaways; Results: Ctrip/Gree (+) Galaxy/BEW/Tsingtao (=)