Credit Suisse - Global Equity Strategy - The macro picture in China has improved. However, the ongoing challenge is that there has been no rebalancing. Our 'economic momentum proxy' is mildly positive and only one of our four hard landing indicators is flashing red. Current policy is mildly positive on our proxies. Investment conclusions: We see four China-related buys: (1) We upgrade luxury from underweight to overweight, (2) Non- China-related GEM exposure, (3) Shanghai A (excess liquidity is extreme), (4) Cement. We stay underweight: German autos, China-related capital goods, bulk chemicals and China-related competitive threat plays.