Reinstating PICC P&C with Buy and PICC with Hold: Strategy; Shipping; Dairy; AIA Profitability up on lower expense ratios; top-line growth set to resume Domestic tourism may be a bright spot in 2017 Emerging Markets Monthly:Reassessing Risk Tax cuts could extend the business cycle Excavator sales grew 54% yoy in January despite CNY distortion Listed brokers' NP down 22% MoM in Jan 2017 Daily prices and news: Chinese steel output falls to 5-month low in January Worried about rates impact on EM sovereign credit? Look at EM corporates Hold: Still waiting for new product approvals