Core results in line with our expectations, Supramax segment did well; outlook still challenging but priced in CEEMEA & Latam Daybook Lift PT to HK$47 on better acoustics content;Stay UW on margin downside China Life becomes the largest shareholder of China Guangfa Bank Solid balance sheet to fund future growth Tumi reports incremental weaker sales for US in 4Q15 More data points to support our bearish view Challenges linger into 2016 Results in line Weekly Fund Flows:The(most likely short-lived)return of credit inflows