February shipment growth diverges Asia Pacific ETF News:Risk aversion abates Container Shipping:Transpac trade still better than Asia-Europe;global port traffic growth slowed to lowest level since 2009 Asia Credit:Singapore banks stress-test:capital remains strong.Prefer cash to CDS China Apple Pay: Banks’ weapon in payments battle; execution is key Goldin Financial won the Ho Man Tin site for HK$6.4 bn Views on the Estate: HK/China property monitor Asia Pacific Strategy Dashboards Regional Morning Notes Nine Dragons Paper (Holdings) Limited [2689.HK; HK$4.99; Not Rated]- Key takeaway from 1HY16 results presentation China H-Share Strategy：MSCI China results preview: Bad, but not so bad

毛利率稳步改善，基本面符合预期 氨纶行业淡季不淡，经营业绩远超预期 盈利逐季加快，期待电子烟业务 息差再度回升，资产质量压力仍存 拨备和费用计提超预期 零售低迷和直营化导致业绩持续下降，预计最快明年复苏 收入增速下降，下调盈利预测 3季度农牧业务有所改善，全年业绩增速有望负转正 收入增速趋势仍在 多基地生产致费用率上升过快 积极进取，稳健成长