Electronics: iPhone X to lead consumer electronics innovation and drive industry chaingrowth    Consumer electronics innovation this year has been seen in a broader scope, which has given asignificant boost to the related industry chain in China. The large number of innovative componentsused in the latest iPhone X will expand the overall smartphone price band upwards. Overall, webelieve that led by the iPhone X, a smartphone ASP uptrend based on the adoption of infinity displayswill drive another major upcycle in the domestic smartphone industry chain. We remain positive oncompanies with solid fundamentals, with companies closely involved in industry chain innovationlikely to achieve strong growth.    Environmental: More regular environmental inspections to bring opportunities for industrialwater treatment    China recorded industrial wastewater discharge of 19.95bn tonnes in 2015with papermaking,chemical, coal mining & washing, and textiles the most polluting industries accounting for a combined45.5% of total discharge. There has been a lack of regulation for industrial wastewater discharges inChina with companies (especially SMEs) illicitly letting out wastewater a sever issue, somethingwhich is reflected by a relatively low on-record discharge to water usage ratio. However, toughenedenvironmental regulation targeting the industrial sector will kick start widespread pollution treatment.

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