China Auto Sales in March Solid growth for PV sales: +9% YoY Lower iron ore tax to benefit steel producers； Buy Baosteel/Angang Iron ore hits new low; US prices fall further Daily prices and news: Thermal coal pricing settles at $68/ton Still too much light crude at the end of the tunnel FY16 business targets, VGI to be group’s biggest revenue earner 1QFY15 profit seen up 2.2% q-q but flat y-y Everbright Spot：What’s Inside FY14 Results Presentation Takeaways Bode Well at Home and Abroad; Environmental Protection as Growth Driver