Buy: One-off led 4Q16 miss; focus on 2017 turnaround Buy: Sailed comfortably through a tough quarter 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 Tax cuts could extend the business cycle Reduce: 3Q FY17: Asset quality remains a concern 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