Hang Seng Index sank for 5 consecutive days Morning Briefing Govt proposes operating blocks to be exempted from de-allocation Does very high public and private debt lead to expectations of higher inflation? Economic Research：Scotland four days before the referendum China Cement Industry Database In line with expectations; better NIM/NII; relatively stable asset quality China: Preview of data to be released in September-slower activity growth, lower inflation, and lukewarm credit supply In line with expectations: Stable NIM, below-peer NPLs; retain Buy In line with expectations: Strong product cycle continues; Buy