2020 Renewable Portfolio Standard roll out positive to PRC wind & solar sector Entry opportunities ahead Supply curtailment elusive Headline defense budget unexciting,but mix shift is the key China NPC III:2016 Budget pledges stronger fiscal stimuli Potential earnings boost of 65% Awaiting calmer seas Metals & Mining Alert:Daily prices and news:Gold enters bull market;prices at 13-month high 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