China: NPC delivers more forceful fiscal policy, as expected Potential earnings boost of 65% Awaiting calmer seas Metals & Mining Alert:Daily prices and news:Gold enters bull market;prices at 13-month high 2016E supply growth well below orderbook, significant ship scrapping helps and orders dried up but demand still soft Financial Street:Sticking to focus on land acquisitions in tier 1 cities Shanghai Tofflon Science and Technology:Industry 4.0 business likely to largely offset declining core business growth China Cement：Channel checks on cement demand stock rally not sustainable Topchoice Medical:One bite at a time;initiating with Hold China Healthcare

Headline defense budget unexciting,but mix shift is the key China NPC III:2016 Budget pledges stronger fiscal stimuli China: NPC delivers more forceful fiscal policy, as expected Potential earnings boost of 65% Awaiting calmer seas 2016E supply growth well below orderbook, significant ship scrapping helps and orders dried up but demand still soft China and HK Property： HK property presents better riskreward than Tier-1 cities Financial Street:Sticking to focus on land acquisitions in tier 1 cities Shanghai Tofflon Science and Technology:Industry 4.0 business likely to largely offset declining core business growth China Cement：Channel checks on cement demand stock rally not sustainable

2020 Renewable Portfolio Standard roll out positive to PRC wind & solar sector Entry opportunities ahead Supply curtailment elusive Headline defense budget unexciting,but mix shift is the key China NPC III:2016 Budget pledges stronger fiscal stimuli Potential earnings boost of 65% Awaiting calmer seas Metals & Mining Alert:Daily prices and news:Gold enters bull market;prices at 13-month high 2016E supply growth well below orderbook, significant ship scrapping helps and orders dried up but demand still soft China and HK Property： HK property presents better riskreward than Tier-1 cities

HK IG earnings recap (1.0) and bond recommendation change From China with new uncertainties Monday Tidbits (India, India, India) China: NPC comment 1: Government Work Report sets 2016 economic targets 2020 Renewable Portfolio Standard roll out positive to PRC wind & solar sector Supply curtailment elusive Headline defense budget unexciting,but mix shift is the key China NPC III:2016 Budget pledges stronger fiscal stimuli China: NPC delivers more forceful fiscal policy, as expected Potential earnings boost of 65%

Potential earnings boost of 65% Awaiting calmer seas Metals & Mining Alert:Daily prices and news:Gold enters bull market;prices at 13-month high 2016E supply growth well below orderbook, significant ship scrapping helps and orders dried up but demand still soft China and HK Property： HK property presents better riskreward than Tier-1 cities Shanghai Tofflon Science and Technology:Industry 4.0 business likely to largely offset declining core business growth China Cement：Channel checks on cement demand stock rally not sustainable Topchoice Medical:One bite at a time;initiating with Hold China Healthcare Gree Alert：To foray into new energy industry