Hold: In-line FY15 results, but uncertain outlook What’s Changed, Research Focus, Today’s Events Falling after peak year 2015 Buy: Underappreciated play on Chips in Chin Reduce: Slowing exports continues to hurt profitability 2016 passenger demand outlook still benign, cargo demand may be bottoming Emerging Markets Strategy Dashboards Falling Expectations for Rate Rises and Increased Macro Risks Lift Gold Investors' Spirits China Financial Daily：China Loosens Ceiling on QFII Fund Size Per Institution EM Daily:Mexico:Banxico is likely to stay pat