ALL, RE & XL：ALL 4Q EPS Beats & Margins Reach Positive Inflection Point; RE Beats; XL Core EPS Misses Rmb15bn A-shr placement approved Weak earnings already in price, top-line growth remains a concern A bold and large investment in Europe; strategic benefits to be seen FY15 profit warning–Large impairment hits 4Q profits Buy:News suggesting SMIC to buy MagnaChip Near-term prospects capped by supply and margin constraints China oil demand risks; Record diesel exports to continue; gasoline growth moderating? How to think about tail risks in China, 2 Downpayment relaxation unlikely to provide significant boost