Passenger traffic growth stalled in March, weaker than seasonality which is a concern, cargo improved; stay Neutral Alpha Preferences Huaneng Renewables Corporation Weak power generation in 1Q14; Consensus earnings growth this year unachievable in our view 2014 HK/China Property Conference takeaways Switching focus to distribution and logistics Not immune to escalating grocery competition；add to CL-Sell Beneficiaries among SMID from Shanghai-Hong Kong Stock Connect pilot programme Asian Daily (Asia Edition) Morning Notes Asia Pacific Equity Research