Headline defense budget unexciting,but mix shift is the key China NPC III:2016 Budget pledges stronger fiscal stimuli China: NPC delivers more forceful fiscal policy, as expected Potential earnings boost of 65% Awaiting calmer seas 2016E supply growth well below orderbook, significant ship scrapping helps and orders dried up but demand still soft China and HK Property： HK property presents better riskreward than Tier-1 cities Financial Street:Sticking to focus on land acquisitions in tier 1 cities Shanghai Tofflon Science and Technology:Industry 4.0 business likely to largely offset declining core business growth China Cement：Channel checks on cement demand stock rally not sustainable