Cautiously optimistic on profitability improvement FX Momentum China Solar Sector: On-grid solar power tariff likely to be cut in 2017, but with limited impact When will the BoJ sell the JGBs to raise 10-year yield? Premium justified on superior ROE;recommend BUY Topline growth beat Yili’s at the expense of profitability Slower momentum, higher profitability A leading integrated player in the pork industry Morning Research Focus US Machinery: MINExpo 2016 Takeaways