NDRC to support Community VAS segment via tax and social insurance reduction China cloud outlook mixed Morning Notes Onewo’s spin-off a strong value boost for Vanke Multiple growth drivers ahead Strong focus in the future:New Energy Vehicles and ADAS China Internet Sector: Embracing a new normal of regulation A possible win-win situation to acquire parentco’s commercial arm WESCHI – limited capex spent in Ethiopia expansion so far. Still OW on robust China’s operation CMBI Research Focus List: Our best high conviction ideas