W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF), W.I.S.E.-CSI HK 100 TRACKER TM, W.I.S.E.-SSE 50 CHINA TRACKER * ( * This is a synthetic

Transcription

1

2 W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF), W.I.S.E.-CSI HK 100 TRACKER TM, W.I.S.E.-SSE 50 CHINA TRACKER * ( * This is a synthetic ETF), W.I.S.E.-CSI HK LISTED MAINLAND CONSUMPTION TRACKER AND W.I.S.E.-CSI HK LISTED MAINLAND REAL ESTATE TRACKER (SUB-FUNDS OF WORLD INDEX SHARES ETFS) 300 * * 100 TM 50 * * ETFs CONTENTS PAGE(S) MANAGEMENT AND ADMINISTRATION 管理及行政 1 REPORT OF THE MANAGER TO THE UNITHOLDERS 致單位持有人之基金經理報告 2 REPORT OF THE TRUSTEE TO THE UNITHOLDERS 致單位持有人之受託人報告 27 INDEPENDENT AUDITOR S REPORT 獨立核數師報告 28 STATEMENTS OF COMPREHENSIVE INCOME 全面收益表 31 STATEMENTS OF FINANCIAL POSITION 財務狀況表 36 STATEMENTS OF CHANGES IN EQUITY 權益變動表 41 STATEMENTS OF CASH FLOWS 現金流量表 46 NOTES TO THE FINANCIAL STATEMENTS 財務報表附註 51 W.I.S.E.-CSI 300 CHINA TRACKER * (*This is a synthetic ETF) * 標智滬深 300 中國指數基金 ( * 此基金為一隻合成交易所買賣基金 ) INVESTMENT PORTFOLIO 投資組合 99 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS 投資組合變動表 116 HOLDINGS OF COLLATERAL 持有的抵押品 143 PERFORMANCE TABLE 投資表現報表 144 W.I.S.E.-CSI HK 100 TRACKER TM TM 標智中證香港 100 指數基金 INVESTMENT PORTFOLIO 投資組合 145 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS 投資組合變動表 149 PERFORMANCE TABLE 投資表現報表 155 W.I.S.E.-SSE 50 CHINA TRACKER * (*This is a synthetic ETF) * 標智上證 50 中國指數基金 ( * 此基金為一隻合成交易所買賣基金 ) INVESTMENT PORTFOLIO 投資組合 156 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS 投資組合變動表 159 HOLDINGS OF COLLATERAL 持有的抵押品 162 PERFORMANCE TABLE 投資表現報表 163 W.I.S.E.-CSI HK LISTED MAINLAND CONSUMPTION TRACKER 標智中證香港上市內地消費指數基金 INVESTMENT PORTFOLIO 投資組合 164 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS 投資組合變動表 166 PERFORMANCE TABLE 投資表現報表 169 W.I.S.E.-CSI HK LISTED MAINLAND REAL ESTATE TRACKER 標智中證香港上市內地地產指數基金 INVESTMENT PORTFOLIO 投資組合 170 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS 投資組合變動表 171 PERFORMANCE TABLE 投資表現報表 173

3 W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF), W.I.S.E.-CSI HK 100 TRACKER TM, W.I.S.E.-SSE 50 CHINA TRACKER * ( * This is a synthetic ETF), W.I.S.E.-CSI HK LISTED MAINLAND CONSUMPTION TRACKER AND W.I.S.E.-CSI HK LISTED MAINLAND REAL ESTATE TRACKER (SUB-FUNDS OF WORLD INDEX SHARES ETFS) 300 * * 100 TM 50 * * ETFs MANAGEMENT AND ADMINISTRATION MANAGER AND LISTING AGENT BOCI-Prudential Asset Management Limited 27/F, Bank of China Tower 1 Garden Road Central Hong Kong DIRECTORS OF THE MANAGER AND LISTING AGENT Wang Zhongze Mak Tat Cheung Tse Yung Hoi Guy Robert Strapp Paul Brian Hancock (resigned on 18 June 2013) Julian Christopher Vivian Pull (appointed on 15 August 2013) TRUSTEE AND CUSTODIAN BOCI-Prudential Trustee Limited 12/F & 25/F, Citicorp Centre 18 Whitfield Road Causeway Bay Hong Kong Standard Chartered Bank (China) Limited 28/F, Standard Chartered Tower 201 Century Avenue Pudong Shanghai China REGISTRAR Computershare Hong Kong Investor Services Limited 46/F, Hopewell Centre 183 Queen s Road East Wanchai Hong Kong CONVERSION AGENT HK Conversion Agency Services Limited 2nd Floor, Infinitus Plaza 199 Des Voeux Road Central Hong Kong LEGAL ADVISER TO THE MANAGER Baker & McKenzie 23/F, One Pacific Place 88 Queensway Hong Kong AUDITOR Deloitte Touche Tohmatsu 35/F, One Pacific Place 88 Queensway Hong Kong 中銀國際英國保誠資產管理有限公司香港中環花園道 1 號中銀大廈 27 樓 王中澤麥達彰謝湧海 Guy Robert Strapp Paul Brian Hancock ( 於二零一三年六月十八日辭任 ) Julian Christopher Vivian Pull ( 於二零一三年八月十五日獲委任 ) 中銀國際英國保誠信託有限公司香港銅鑼灣威非路道 18 號萬國寶通中心 12 樓及 25 樓 渣打銀行 ( 中國 ) 有限公司中國上海市浦東世紀大道 201 號渣打銀行大廈 28 樓 香港中央證券登記有限公司香港灣仔皇后大道東 183 號合和中心 46 樓 香港證券兌換代理服務有限公司香港中環德輔道中 199 號無限極廣場 2 樓 貝克 麥堅時律師事務所香港金鐘道 88 號太古廣場一期 23 樓 德勤 關黃陳方會計師行香港金鐘道 88 號太古廣場一座 35 樓 1

4 REPORT OF THE MANAGER TO THE UNITHOLDERS OF W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) 300 * * ETFs Fund Performance The W.I.S.E. CSI 300 China Tracker * ( * This is a synthetic ETF) ( WISE-CSI300 or the Sub-Fund ) is an indextracking exchange traded fund which seeks to track the performance of the CSI 300 Index. As of 31 December 2013, the net asset value ( NAV ) per unit of the Sub-Fund was HKD with a total of 324,000,000 units outstanding and total assets under management ( AUM ) of HKD 8,162,918,132. * 標智滬深 300 中國指數基金 ( * 此基金為一隻合成交易所買賣基金 )( 標智滬深 300 或 子基金 ) 是一個指數追蹤交易所買賣基金, 旨在追蹤滬深 300 指數的表現 截至二零一三年十二月卅一日, 子基金每基金單位資產淨值為 港元, 已發行的基金單位總計為 324,000,000 個, 管理資產 ( AUM ) 總計為 8,162,918,132 港元 WISE-CSI300 adopts a representative sampling strategy. A summary of the performance of the WISE-CSI300 is shown below. 標智滬深 300 採用代表性抽樣策略 標智滬深 300 表現概要如下 Total Return (a) 全收益 (a) as of 31 December Since Inception (e) 截至二零一三年十二月卅一日 二零一三年 二零一二年 二零一一年 二零一零年 二零零九年 (e) 自成立以來 CSI 300 Total Return Index (RMB) (b) -5.33% 9.80% % % 98.58% -6.07% 滬深 300 全收益指數 ( 人民幣 ) (b) WISE-CSI300 China Tracker NAV-to-NAV (c) -8.24% 7.28% % % 89.06% -6.23% (c) 標智滬深 300 中國指數基金資產淨值對資產淨值 WISE-CSI300 China Tracker Market-to-Market (d) % 5.97% % 3.99% 87.56% -6.28% (d) 標智滬深 300 中國指數基金市值對市值 Past performance figures shown are not indicative of the future performance of the sub-fund. 過往的表現並不代表未來的表現 (a) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. (a) 全收益代表投資者賺取 ( 或損失 ) 回報率, 當中假設再投資所有股息及分派 (b) Total Return Index in RMB. The index reflects returns due to both price changes and dividend income. An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the sub-fund. (b) 以人民幣計值的全收益指數 指數反映因價格變動和股息收入而產生的收益 投資者不能直接投資於一個指數, 且指數的回報表現並不反映管理費用 交易成本或其他開支, 該等因素均會降低子基金回報的表現 (c) (d) The sub-fund performance is calculated in HKD on NAV-to-NAV basis with gross distribution reinvested. Units in the sub-fund are issued and redeemed at NAV. Market returns are calculated in HKD using historical market closing prices, and do not represent the returns you would receive if you traded units at other times. (c) (d) 子基金的表現按資產淨值對資產淨值以港元計值, 總分派用作再投資 子基金的基金單位可按其資產淨值發行及贖回 市值回報率按歷史收盤價以港元計算, 並不代表閣下在其他時間買賣基金單位收取的回報 (e) This is the annualized return since the sub-fund inception. The sub-fund inception date is 13 July (e) 這是自子基金成立以來的年化回報率 子基金成立日期為二零零七年七月十三日 Source: BOCI-Prudential Asset Management Ltd., China Securities Index Co., Ltd., Bloomberg 資料來源 : 中銀國際英國保誠資產管理有限公司 中証指數有限公司 彭博資訊 2

5 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 300 * * ETFs Fund Activities In 2013, the WISE-CSI300 continued to attract wide interest from investors seeking to get exposure to A-share market. The outstanding units by the end of December 2013 stood at 324,000,000 units. As of 31 December 2013, the Sub- Fund had exposure to 261 stocks. 於二零一三年, 標智滬深 300 繼續深受廣泛投資者垂青, 以投資 A 股市場 截至二零一三年十二月底, 已發行的基金單位為 324,000,000 個 截至二零一三年十二月卅一日, 子基金共間接持有 261 隻股份 On 8 January 2013, the Manager announced that (a) with effect from 8 February 2013 (the the Effective Date ), the Manager might invest directly in the PRC A Shares on behalf of the Sub-Fund to the extent of the Qualified Foreign Institutional Investor ( QFII ) investment quota allotted to the Manager for the account of the Sub-Fund. Concurrently, the Manager had obtained an investment quota of US$90 million for the account of the Sub-Fund; and (b) Eligible Investors (as defined in the Prospectus of the Sub-Fund, the Prospectus ) might, with effect from the Effective Date, make Creation or Redemption Application in Application Unit size via the Manager (in its capacity as dealer for the Eligible Investors) (a QFII) to effect the creation or redemption (subject to such terms and conditions as specified in the relevant application forms, the applicable QFII regulations and restrictions and the other requirements set out in the Prospectus) of units in the Sub-Fund. Various sections of the Prospectus will be updated accordingly to cater for the changes. 於二零一三年一月八日, 基金經理公佈 :(a) 由二零一三年二月八日 ( 生效日期 ) 起, 基金經理可以其合格境外機構投資者 ( QFII ) 投資額度中編配予子基金的該部分額度代子基金直接投資於中國 A 股 目前, 基金經理為子基金賬戶取得 9,000 萬美元的投資額度 ; 此外,(b) 由生效日期起, 合格投資者 ( 定義見子基金的認購章程 ( 基金認購章程 )), 可透過作為 QFII 的基金經理 ( 以其作為合格投資者證券商的身份 ) 按申請單位數目作出增設或贖回申請以增設或贖回 ( 在遵守有關申請表格訂明的條款和條件 適用的 QFII 法規和限制及其他載於基金認購章程的要求下 ) 子基金的基金單位 基金認購章程的各個相關章節將相應作出更新以反映上述變更 On 8 February 2013, with reference to the announcement dated 8 January 2013 (the Announcement ), the Manager announced that the changes relating to the direct investments in A Shares through the Manager s QFII investment quota and the creation and redemption application by Eligible Investors as stated in the Announcement would take immediate effect. The Prospectus and the Product Key Facts Statement (collectively, the Offering Document ) of the Sub-Fund had been updated to cater for the changes. 於二零一三年二月八日, 誠如日期為二零一三年一月八日的公佈 ( 該公佈 ) 所述, 基金經理公佈, 有關公佈所述關於子基金可透過基金經理的 QFII 投資額度直接投資於 A 股以及合格投資者的增設和贖回申請之變更已即時生效 子基金的基金認購章程及產品資料概要 ( 統稱 銷售文件 ) 已作出更新以反映變更 3

6 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 300 * * ETFs Fund Activities (continued) On 3 July 2013, the Manager announced that Standard & Poor s Ratings Services ( S&P ) had downgraded the credit ratings of Credit Suisse International ( Credit Suisse ) and Deutsche Bank AG London ( Deutsche Bank ) from A+ to A respectively. Credit Suisse and Deutsche Bank are AXP issuers of the Sub-Fund. As at the date of the announcement, the long term credit ratings of Credit Suisse and Deutsche Bank remained above the minimum credit rating requirement as disclosed in the prospectus. 於二零一三年七月三日, 基金經理公佈標準普爾評級服務公司 ( 標普 ) 已將 Credit Suisse International ( Credit Suisse ) 和德意志銀行 AG 倫敦 ( 德意志銀行 ) 的長期發行人信貸評級降級由 A+ 改為 A Credit Suisse 及德意志銀行為子基金的 AXP 發行人 於本公告日期,Credit Suisse 和德意志銀行的長期信貸評級高於認購章程所述的最低信貸評級要求 Please refer to the corresponding public announcements on our company web-site ( for details. 詳情請參考本公司網站 ( 所 載的相關公告 Index Activities The CSI300 Index underwent two regular semi-annual reviews and one index adjustment in In particular, details of the two reviews and the index adjustment are summarized in Figure 1 and Figure 2 respectively. 於二零一三年, 滬深 300 指數經歷兩次定期的指數樣本定期審核及進行一次指數樣本股調整 其中, 兩次指數樣本定期審核及一次指數樣本股調整分別概述於圖 1 及圖 2 The China Securities Index Co., Ltd. (CSI), the index provider of the CSI300 Index, announced that there were certain changes to the Index Regular Review Schedule and the Corporate Events Methodology. First of all, the effective day of the index regular review was changed to the next trading day after the close of the second Friday in June and December, with effect from the next index regular review in December For corporate events such as stock dividends, rights issues, stock splits or stock consolidation, leading to constituent stocks change, the adjustment will be implemented on the ex-right day. For other corporate events such as secondary offering and exercise of warrants, the adjustment will be implemented immediately if the accumulated change of constituent stocks is more than 5%. If the accumulated change of constituent stocks is less than 5%, the adjustment will be implemented in the next regular review. Corporate Events Methodology adjustment was put into effect from 16 December 滬深 300 指數之指數供應商中証指數有限公司公佈, 對指數定期檢討實行時間及證券事件維護規則作出若干變更 首先, 指數樣本定期審核實施時間調整為每年六月和十二月的第二個星期五收盤後的下一交易日, 此變更在二零一三年十二月第二次定期審核時開始生效 就某些公司事件, 如送股 配股 拆股或縮股導至的樣本股股份變動, 該調整將在除權日實施 就其他公司事件, 如增發 債轉股 權證行使, 當股本變動累計達到 5% 以上時對其進行臨時調整 當股本變動累計未達到 5% 時對其進行定期調整 證券事件維護規則於二零一三年十二月十六日起生效 4

7 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 300 * * ETFs Index Activities (continued) Please refer to the corresponding announcements on the CSI web-site ( for details. 詳情請參考中証指數有限公司網站 ( 所載的相關公告 Figure 1 Deletion 1 Addition Effective Date Stock Code Stock Name Stock Code Stock Name 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 WANXIANG QIANCHAO CO., LTD 萬向錢潮股份有限公司 SHANXI TAIGANG STAINLESS STEEL CO., LTD 山西太鋼不銹鋼股份有限公司 ANGANG STEEL CO., LTD 鞍鋼股份有限公司 Taiyuan Coal Gasification Company, Limited 太原煤氣化股份有限公司 MESNAC CO., LTD 軟控股份有限公司 TIANMA BEARING GROUP CO., LTD. 天馬軸承集團股份有限公司 NavInfo Co., Ltd. 北京四維圖新科技股份有限公司 SHANDONG IRON AND STEEL COMPANY LTD 山東鋼鐵股份有限公司 Beijing Gehua CATV Network Co., LTD. 北京歌華有線電視網路股份有限公司 SICHUAN HONGDA CO., LTD. 四川宏達股份有限公司 BAOJI TITANIUM INDUSTRY CO., LTD 寶雞鈦業股份有限公司 Jiangsu Zongyi Co., LTD 江蘇綜藝股份有限公司 China XD Electric Co., Ltd. 中國西電電氣股份有限公司 INNER MONGOLIA JUNZHENG ENERGY & CHEMICAL INDUSTRY CO., LTD 內蒙古君正能源化工股份有限公司 TONGKUN GROUP CO., LTD 桐昆集團股份有限公司 Shenzhen Energy Group Co., Ltd. 深圳能源集團股份有限公司 WASU MEDIA HOLDING CO., LTD 華數傳媒控股股份有限公司 GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD 廣東電力發展股份有限公司 JINKE PROPERTY GROUP CO., LTD 金科地產集團股份有限公司 HUADONG MEDICINE CO., LTD 華東醫藥股份有限公司 CHINA CAMC ENGINEERING CO., LTD. 中工國際工程股份有限公司 Shanghai Metersbonwe Fashion & Accessories Co., Ltd 上海美特斯邦威服飾股份有限公司 Shenzhen Salubris Pharmaceuticals Co., Ltd 深圳信立泰藥業股份有限公司 Beijing Kangde Xin Composite Material Co., Ltd. 北京康得新複合材料股份有限公司 HISENSE ELECTRIC CO., LTD. 青島海信電器股份有限公司 Guangzhou Baiyunshan Pharmaceutical Holding Company Limited 廣州藥業股份有限公司 HENAN DAYOU ENERGY CO., LTD 河南大有能源股份有限公司 ZHANGZHOU PIENTZEHUANG PHARMACEUTICAL CO., LTD. 漳州片仔癀藥業股份有限公司 SHENZHEN GAS CORPORATION LTD. 深圳市燃氣集團股份有限公司 DATANG INTERNATIONAL POWER GENERATION CO., LTD. 大唐國際發電股份有限公司 5

8 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 300 * * ETFs Index Activities (continued) Figure 1 (continued) Deletion 1 Addition Effective Date Stock Code Stock Name Stock Code Stock Name 1-Jul-2013 二零一三年七月一日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 Sinovel Wind Group Co., Ltd. 華銳風電科技 ( 集團 ) 股份有限公司 Shenzhen Energy Group Co., Ltd. 深圳能源集團股份有限公司 LIAONI HUAJIN TONGDA CHEMICALS CO., LTD 遼寧華錦通達化工股份有限公司 HUBEI YIHUA CHEMICAL INDUSTRY CO., LTD 湖北宜化化工股份有限公司 GUANGDONG ELECTRIC POWER DEVELOPMENT CO., LTD 廣東電力發展股份有限公司 INNER MONGOLIA PingZhuang Energy Resources CO., LTD 內蒙古平莊能源股份有限公司 YUNNAN ALUMINIUM CO., LTD 雲南鋁業股份有限公司 HuBei Energy Group CO., LTD. 湖北能源集團股份有限公司 ADVANCED TECHNOLOGY & MATERIALS CO., LTD 安泰科技股份有限公司 XINJIANG ZHONGTAI CHEMICAL CO., LTD. 新疆中泰化學股份有限公司 HUOLINHE OPENCUT COAL INDUSTRY CORPORATION 內蒙古霍林河露天煤業股份有限公司 Chongyi Zhangyuan Tungsten Co., Ltd. 崇義章源鎢業股份有限公司 Wuhan Iron and Steel Company Limited. 武漢鋼鐵股份有限公司 CHINA RAILWAY TIELONG CONTAINER LOGISTICS CO., LTD 中鐵鐵龍集裝箱物流股份有限公司 CHONG QING BREWERY CO., LTD 重慶啤酒股份有限公司 TAIYUAN HEAVY INDUSTRY CO., LTD. 太原重工股份有限公司 Jilin Jien Nickel Industry Co., LTD 吉林吉恩鎳業股份有限公司 China Molybdenum Co., Ltd. 洛陽欒川鉬業集團股份有限公司 XJ ELECTRIC CO., LTD 許繼電氣股份有限公司 CPT TECHNOLOGY (GROUP) CO., LTD 華映科技 ( 集團 ) 股份有限公司 Chengdu Xingrong Investment Co., Ltd 成都市興蓉投資股份有限公司 Huawen Media Investment Corporation 華聞傳媒投資集團股份有限公司 SOUND ENVIRONMENTAL RESOURCES CO., LTD. 桑德環境資源股份有限公司 CHINA MINMETALS RARE EARTH CO., LTD. 五礦稀土股份有限公司 DHC SOFTWARE CO., LTD 東華軟體股份公司 TIANJIN ZHONGHUAN SEMICONDUCTOR CO., LTD. 天津中環半導體股份有限公司 ANHUI USTC iflytek CO., LTD 安徽科大訊飛資訊科技股份有限公司 Shenzhen O-film Tech Co., Ltd. 深圳歐菲光科技股份有限公司 Xizang Haisco Pharmaceutical Group CO., LTD 西藏海思科藥業集團股份有限公司 Beijing Capital Co., Ltd 北京首創股份有限公司 Shanghai International Port (Group) Co., Ltd 上海國際港務 ( 集團 ) 股份有限公司 Humanwell Healthcare (Group) Co., Ltd. 武漢人福醫藥集團股份有限公司 BRIGHT DAIRY & FOOD CO., LTD 光明乳業股份有限公司 SHANGHAI WAI GAOQIAO FREE TRADE ZONE DEVELOPMENT CO., LTD. 上海外高橋保稅區開發股份有限公司 6

9 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 300 * * ETFs Index Activities (continued) Figure 1 (continued) Deletion 1 Addition Effective Date Stock Code Stock Name Stock Code Stock Name 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 SHANGHAI DATUN ENERGY RESOURSES CO., LTD. 上海大屯能源股份有限公司 BAODING TIANWEI BAOBIAN ELECTRIC CO., LTD 保定天威保變電氣股份有限公司 SICHUAN SWELLFUN CO., LTD 四川水井坊股份有限公司 JILIN YATAI (GROUP) CO., LTD. 吉林亞泰 ( 集團 ) 股份有限公司 Everbright Securities Company Limited 光大證券股份有限公司 Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. 上海陸家嘴金融貿易區開發股份有限公司 SINOPEC SHANGHAI PETROCHEMICAL CO., LTD 中國石化上海石油化工股份有限公司 AVIC CAPITAL CO., LTD. 中航投資控股股份有限公司 Universal scientific industrial(shanghai)co., Ltd. 環旭電子股份有限公司 People.cn CO., LTD 人民網股份有限公司 Source: China Securities Index Co., Ltd. 資料來源 : 中証指數有限公司 Figure 2 2 Deletion Addition Effective Date Stock Code Stock Name Stock Code Stock Name 18-Sep-2013 二零一三年九月十八日 GUANGDONG MIDEA ELECTRIC APPLIANCES CO., LTD 廣東美的電器股份有限公司 Midea Group CO., LTD 美的集團股份有限公司 Source: China Securities Index Co., Ltd. 資料來源 : 中証指數有限公司 7

10 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) Market Review China A-share market trended lower in The CSI 300 Total Return Index, representing a broad-based index, dropped by 5.3% in local currency term. The SSE 50 Total Return Index, which represents a large-cap index, tumbled by 12.4% in local currency term. Sectors performances were diverging. Information technology, health care, consumer discretionary and telecommunication services sectors registered gains; whereas energy and materials sectors underperformed most during the year. 300 * * ETFs 中國 A 股市場於二零一三年下跌 代表整體指數的滬深 300 全收益指數按當地貨幣計下跌 5.3% 代表大型指數的上證 50 全收益指數按當地貨幣計大跌 12.4% 本年, 行業板塊表現迥異, 信息技術 醫藥衛生 可選消費和電訊業務板塊均錄得升幅, 能源和原材料板塊則表現落後 Figure 1: CSI 300 Total Return Index & SSE 50 Total Return Index performance in Dec-12 Jan-13 Feb-13 Source: Bloomberg (Rebase 100 on Dec 31, 2012) 100 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 CSI 300 SSE 50 Oct-13 Nov-13 Dec-13 Figure 2: CSI 300 Sector Total Return Index & SSE 50 Total Return Index performance in % -30% -20% -10% Source: Bloomberg 0% 10% 20% 30% 40% 50% Utilities Telecommunication Services Information Technology Financials Health Care Consumer Staples Consumer Discretionary Industrials Materials Energy CSI 300 SSE 50 On the economic front, the economic growth remained steady in According to the preliminary result released by the National Bureau of Statistics of China, the Gross Domestic Product (GDP) ended up with a year-on-year (YoY) growth of 7.7%. The GDP of the primary industry, secondary industry and tertiary industry grew by 4.0%, 7.8%, and 8.3% YoY respectively. 在經濟方面, 二零一三年經濟繼續穩步增長 根據中國國家統計局公佈的初步數據, 國內生產總值錄得按年增長 7.7% 而第一產業 第二產業和第三產業的國內生產總值分別按年增長 4.0% 7.8% 和 8.3% 8

11 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI 300 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 300 * * ETFs Market Review (continued) The annual growth of investment in fixed assets (excluding rural households) slowed to 19.6% in the year. Eastern, central and western regions registered a year-on-year growth of 17.9%, 22.8% and 23.0% respectively. As to the domestic consumption, retail sales of consumer goods went up by 13.1% YoY. In terms of consumption patterns, the income of catering industry and the retail sales of goods grew by 9.0% and 13.6% YoY. Within the categories of goods, the sales of automobile, which constituted about one-tenth of total retail sales, went up by 10.4% YoY. Both imports and exports registered a year-on-year growth of 7.3% and 7.9% respectively. The total value of imports and exports reached USD 4,160.3 billion in 2013, up by 7.6% YoY. 固定資產投資 ( 不含農戶 ) 的按年增幅於本年放緩至 19.6% 東部 中部及西部地區分別錄得按年增長 17.9% 22.8% 和 23.0% 就國內消費而言, 消費品零售額按年上升 13.1% 在消費模式方面, 餐飲業收入和商品零售按年增長 9.0% 和 13.6% 在產品分類中, 佔零售總額約十分一的汽車消售額按年上升 10.4% 進口和出口分別錄得按年增長 7.3% 和 7.9% 二零一三年進出口總值達至 41,603 億美元, 按年上升 7.6% In 2013, the overall inflation was contained, with the Consumer Price Index (CPI) rising 2.6% YoY. Food prices, which accounted for around one-third of the CPI calculation, went up by 4.7% YoY. On the other hand, the Producer Price Index (PPI) for manufactured goods remained subdued and dropped by 1.9% during the year. 於二零一三年, 整體通脹受控, 消費者物價指數按年上升 2.6% 食品價格( 在消費者物價指數計算中約佔三分一 ) 按年上升 4.7% 另一方面, 工業生產者出廠價格仍然欠佳, 並在年內下跌 1.9% The People s Bank of China (PBC) played an important role of steering the economy. In 2013, the PBC released that new RMB loan reached RMB8.89 trillion, up by RMB687.9 billion. According to the preliminary figures released by the PBC, total social financing reached RMB17.29 trillion, up by RMB1.53 trillion. By the end of 2013, broad money supply (M2) amounted to RMB trillion, up by 13.6% YoY, down 0.2 percentage points from the end of During the year, the PBC vowed to implement interest rate reform further. For example, removing the floor of some lending rates and the ceiling of rural credit cooperatives lending rate let financial institutions and rural credit cooperatives determine interest rates independently on a market basis while the floating range of interest rates of mortgage loans was kept. On the other hand, the PBC allowed banks to issue interbank negotiable certificates of deposit which interest rates were determined by the market, with the Shanghai Interbank Offered Rate (SIBOR) being a reference. 中國人民銀行扮演了主導經濟的角色 於二零一三年, 中國人民銀行公佈新增人民幣貸款上升人民幣 6,879 億元至人民幣 8.89 萬億元 根據中國人民銀行公佈的初步數據, 社會融資總額上升人民幣 1.53 萬億元至人民幣 萬億元 至二零一三年底, 廣義貨幣 (M2) 供應按年上升 13.6% 至人民幣 萬億元, 較二零一二年底下跌 0.2 個百分點 年內, 中國人民銀行宣佈會進一步深化利率市場化改革 例如, 移除部分貸款利率的下限和農村信用社貸款利率的上限, 讓金融機構和農村信用社可獨立地按市場基礎釐定利率, 同時保留個人住房貸款利率浮動區間 此外, 中國人民銀行允許銀行於銀行間市場發行存款證, 而利率由市場釐定, 並以上海銀行間同業拆借利率作為參考 Investor should assess their risk tolerance and the risk level of the investment product before investing. 投資者在投資前, 應評估個人的風險承受能力和投資 產品的風險水平 9

12 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI HK 100 TRACKER TM (SUB-FUND OF WORLD INDEX SHARES ETFs) 100 TM ETFs Fund Performance W.I.S.E. CSI HK 100 Tracker TM ( WISE-CSIHK100 or the Sub-Fund ) is an index-tracking exchange traded fund which seeks to track the performance of the CSI Hong Kong 100 Index (the Underlying Index ). As of 31 December 2013, the net asset value ( NAV ) per unit of the Sub-Fund was HKD with a total of 11,500,000 units outstanding and total assets under management ( AUM ) of HKD 232,969,717. TM 標智中證香港 100 指數基金 ( 標智中證香港 100 或 子基金 ) 為一個追蹤中證香港 100 指數 ( 相關指數 ) 表現的指數追蹤交易所買賣基金 截至二零一三年十二月卅一日, 子基金的每單位資產淨值為 港元, 合共發行 11,500,000 個單位, 管理資產 ( AUM ) 總計為 232,969,717 港元 WISE-CSIHK100 adopts a representative sampling strategy, and invests in a representative sample of the index securities of the Underlying Index. A summary of the performance of the WISE-CSIHK100 is shown below. 標智中證香港 100 採用代表性抽樣策略, 投資相關指數的代表性抽樣指數證券 標智中證香港 100 指數基金的表現概述如下 Total Return (a) in HKD (a) 全收益以港元計值 as of 31 December Since Inception (e) 截至二零一三年十二月卅一日 二零一三年 二零一二年 二零一一年 二零一零年 二零零九年 (e) 自成立以來 CSI Hong Kong 100 Total Return Index (b) 6.61% 26.23% % 9.28% 60.15% 1.87% (b) 中證香港 100 全收益指數 WISE-CSIHK100 Tracker NAV-to-NAV (c) 4.55% 25.97% % 9.37% 56.66% 0.73% (c) 標智中證香港 100 指數基金資產淨值對資產淨值 WISE-CSIHK100 Tracker Market-to-Market (d) 3.31% 27.17% % 9.35% 56.68% 0.75% (d) 標智中證香港 100 指數基金市值對市值 Past performance figures shown are not indicative of the future performance of the sub-fund. 過往的表現並不代表未來的表現 (a) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. (a) 全收益代表投資者賺取 ( 或損失 ) 回報率, 當中假設再投資所有股息及分派 (b) The index reflects returns due to both price changes and dividend income. An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the sub-fund. (b) 指數反映因價格變動和股息收入而產生的收益 投資者不能直接投資於一個指數, 且指數的回報表現並不反映管理費用 交易成本或其他開支, 該等因素均會降低子基金回報的表現 (c) Units in the sub-fund are issued and redeemed at NAV. The subfund performance is calculated on NAV-to-NAV basis with gross distribution reinvested. (c) 子基金的基金單位可按其資產淨值發行及贖回 子基金的表現按資產淨值對資產淨值計算, 總分派用作再投資 (d) Market returns are calculated using historical market closing prices, and do not represent the returns you would receive if you traded units at other times. (d) 市值回報率按歷史收盤價計算, 並不代表閣下在其他時間買賣基金單位收取的回報 (e) This is the annualized return since the sub-fund inception. The sub-fund inception date is 13 May (e) 這是自子基金成立以來的年化回報率 子基金成立日期為二零零八年五月十三日 Source: BOCI-Prudential Asset Management Ltd., China Securities Index Co., Ltd., Bloomberg 資料來源 : 中銀國際英國保誠資產管理有限公司 中証指數有限公司 彭博資訊 10

13 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI HK 100 TRACKER TM (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 100 TM ETFs Fund Activities As of 31 December 2013, there were 11,500,000 units outstanding in the WISE-CSIHK100 (the Sub-Fund ) and had exposure to 86 stocks. 截至二零一三年十二月卅一日, 標智中證香港 100 ( 子基金 ) 的已發行單位共有 11,500,000 個, 持有 86 隻股票 Effective from 29 January 2013, UBS Securities Hong Kong Limited was appointed as a Participating Dealer of the Sub- Fund. 由二零一三年一月廿九日起,UBS Securities Hong Kong Limited 獲委任為子基金的參與證券商 A distribution of HKD0.20 per unit cash dividend was paid on 20 January The Ex-distribution Date was 27 December 於二零一四年一月廿日, 派付每單位 0.20 港元的現金股息 除息日為二零一三年十二月廿七日 Please refer to the corresponding public announcements on our company web-site ( for details. 詳情請參考本公司網站 ( 所載的相關公告 Index Activities The CSI HK 100 Index underwent two regular semi-annual reviews in In particular, the details of the two reviews are summarized in Figure 1. 於二零一三年, 中證香港 100 指數經歷兩次定期的指數樣本定期審核 兩次指數樣本定期審核概述於圖 1 Figure 1 Deletion 1 Addition Effective Date Stock Code Stock Name Stock Code Stock Name 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 165 China Everbright Limited 中國光大控股有限公司 493 GOME Electrical Appliances Holding Limited 國美電器控股有限公司 606 China Agri-Industries Holdings Limited 中國糧油控股有限公司 966 China Taiping Insurance Holdings Company Limited 中國太平保險控股有限公司 3368 Parkson Retail Group Limited 百盛商業集團有限公司 1171 Yanzhou Coal Mining Company Limited 兗州煤業股份有限公司 302 Wing Hang Bank, Limited 永亨銀行有限公司 20 Wheelock And Company Limited 會德豐有限公司 10 Hang Lung Group Limited 恒隆集團有限公司 69 Shangri-La Asia Limited 香格里拉 ( 亞洲 ) 有限公司 1339 The People s Insurance Company (Group) of China Limited 中國人民保險集團股份有限公司 2688 ENN Energy Holdings Limited 新奧能源控股有限公司 1193 China Resources Gas Group Limited 華潤燃氣控股有限公司 3311 China State Construction International Holdings Limited 中國建築國際集團有限公司 2018 AAC Technologies Holdings Inc. 瑞聲科技控股有限公司 142 First Pacific Company Limited 第一太平有限公司 Source: China Securities Index Co., Ltd., HKEx 資料來源 : 中証指數有限公司, 香港交易所 11

14 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI HK 100 TRACKER TM (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 100 TM ETFs Index Activities (continued) The China Securities Index Co., Ltd. (CSI), the index provider of the CSI Hong Kong 100 Index, announced that there were certain changes to the Index Regular Review Schedule and the Corporate Events Methodology. First of all, the effective day of the index regular review was changed to the next trading day after the close of the second Friday in June and December, with effect from the next index regular review in December For corporate events such as stock dividends, rights issues, stock splits or stock consolidation, leading to constituent stocks change, the adjustment will be implemented on the ex-right day. For other corporate events such as secondary offering and exercise of warrants, the adjustment will be implemented immediately if the accumulated change of constituent stocks is more than 5%. If the accumulated change of constituent stocks is less than 5%, the adjustment will be implemented in the next regular review. Corporate Events Methodology adjustment was put into effect from 16 December 中證香港 100 指數之指數供應商中証指數有限公司公佈, 對指數定期檢討實行時間及證券事件維護規則作出若干變更 首先, 指數樣本定期審核實施時間調整為每年六月和十二月的第二個星期五收盤後的下一交易日, 此變更在二零一三年十二月第二次定期審核時開始生效 就某些公司事件, 如送股 配股 拆股或縮股導至的樣本股股份變動, 該調整將在除權日實施 就其他公司事件, 如增發 債轉股 權證行使, 當股本變動累計達到 5% 以上時對其進行臨時調整 當股本變動累計未達到 5% 時對其進行定期調整 證券事件維護規則於二零一三年十二月十六日起生效 Please refer to the corresponding public announcements on the CSI web-site ( for details. 詳情請參考中証指數有限公司網站 ( 所載的相關公告 Market Review Hong Kong stock market registered a gain in 2013 as there were moderate economic recoveries in some major developed nations such as the United States, the United Kingdom, and Western Europe. The CSI Hong Kong 100 Total Return index rose by 6.61% in 香港股市在二零一三年錄得升幅由於如美國 英國和西歐等部分主要發達國家的經濟溫和復甦 中證香港 100 全收益指數於二零一三年上升 6.61% For the economy as a whole, according to the latest figures from Census and Statistics Department (C&SD), the Gross Domestic Product (GDP) grew by 3.0% year-on-year (YoY) in the fourth quarter of 2013, slightly higher than the YoY growth of 2.8% in the third quarter of For 2013 as a whole, GDP rose by 2.9% in real terms over a year earlier. In terms of the major expenditure components, private consumption expenditure (PCE), government consumption expenditure and gross domestic fixed capital formation grew by 4.2%, 2.7% and 3.3% in real terms over 2012 respectively. The labor market continued to stay steadily and unemployment rate sustained at low levels, suggesting the situation of full employment in According to the latest figures from the C&SD, the seasonally adjusted unemployment rate dipped 0.1% from 3.3% in September November 2013 to 3.2% in October December 就整體經濟而言, 根據政府統計處公佈最新的數據, 本地生產總值在二零一三年第四季度按年增長 3.0%, 略高於二零一三年第三季度的 2.8% 按年增長 二零一三年全年本地生產總值較去年實質上升 2.9% 在主要開支成分中, 私人消費開支 政府消費開支和本地固定資本形成總額分別於二零一二年實質增長 4.2% 2.7% 和 3.3% 勞動力市場保持穩定, 失業率繼續處於低位, 顯示本地勞工市場在二零一三全年均處於全民就業的狀態 根據政府統計處公佈最新的數據, 季節性調整的失業率由二零一三年九月至十一月的 3.3% 下跌 0.1% 至二零一三年十月至十二月的 3.2% 12

15 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI HK 100 TRACKER TM (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 100 TM ETFs Market Review (continued) For the year of 2013, the value of total retail sales was HKD494.5 billion, edged up 11.0% in value and 10.6% in volume over a year earlier. In particular, the volume of sales of jewellery, watches and clocks, and valuable gifts rose by 24.8% YoY. That was followed by the year-on-year growth of 16.8% for commodities in department stores. 二零一三年, 零售業總銷貨價值 4,945 億港元, 與去年相比, 價值增長 11.0%, 銷貨數量增長 10.6%, 其中珠寶首飾 鐘錶及名貴禮物的銷售數量則按年增長 24.8%, 而百貨公司商品按年增長 16.8% External trade revived in 2013 due to resurgence in exports. The value of total exports and imports of goods edged up 3.6% YoY and 3.8% YoY respectively, leaving a trade deficit of HKD501.0 billion. Among major trading partners, the values of total exports to India and Mainland China rose by 7.9% and 4.9% respectively while exports to Japan declined by 6.1% YoY amid the depreciation of Japanese Yen. 受到出口回升所帶動, 對外貿易在二零一三年復甦 貨物進出口總值分別按年上升 3.6% 和 3.8%, 貿易逆差達 5,010 億港元 在主要貿易夥伴中, 香港對印度及中國內地的出口總值分別增長 7.9% 及 4.9% 由於日圓貶值, 香港對日本的出口按年下跌 6.1% Given moderate economic recoveries in several developed nations, external demand should lend support to Hong Kong economy in the near term. Investors should assess their risk tolerance and the risk level of the investment product before investing. 鑑於多個發達國家的經濟溫和復甦, 外部需求可望在短期內支持香港經濟 投資者在投資前, 應評估個人的風險承受能力和投資產品的風險水平 13

16 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-SSE 50 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) Fund Performance The W.I.S.E. SSE 50 China Tracker * (*This is a synthetic ETF) ( WISE-SSE50 or the Sub-Fund ) is an index-tracking exchange traded fund which seeks to provide investment performance (before taxes) that tracks the performance of the SSE 50 Index. As of 31 December 2013, the net asset value ( NAV ) per unit of the Sub-Fund was HKD with a total of 9,600,000 units outstanding and total assets under management ( AUM ) of HKD 145,348, * * ETFs * 標智上證 50 中國指數基金 ( * 此基金為一隻合成交易所買賣基金 )( 標智上證 50 或 子基金 ) 為一個提供投資表現 ( 稅前 ) 並追蹤上證 50 指數表現的指數追蹤交易所買賣基金 截至二零一三年十二月卅一日, 子基金的每單位資產淨值為 港元, 合共發行 9,600,000 個單位, 管理資產 ( AUM ) 總計為 145,348,848 港元 The WISE-SSE50 adopts a representative sampling strategy. A summary of the performance of the WISE-SSE50 is stated below. 標智上證 50 採用代表性抽樣策略 標智上證 50 的表現概述如下 Total Return (a) 全收益 (a) as of 31 December (f) Since Inception (e) 截至二零一三年十二月卅一日 二零一三年 二零一二年 二零一一年 (f) 二零一零年二零零九年 (e) 自成立以來 SSE 50 Total Return Index (RMB) (b) % 18.10% % % 39.92% -1.17% 上證 50 全收益指數 ( 人民幣 ) (b) WISE-SSE50 China Tracker NAV-to-NAV (c) % 14.33% % % 31.11% -4.12% (c) 標智上證 50 中國指數基金資產淨值對資產淨值 WISE-SSE50 China Tracker Market-to-Market (d) % 11.05% % % 32.09% -4.01% (d) 標智上證 50 中國指數基金市值對市值 Past performance figures shown are not indicative of the future performance of the sub-fund. 過往的表現並不代表未來的表現 (a) (b) (c) (d) (e) (f) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. Total Return Index in RMB. The index reflects returns due to both price changes and dividend income. An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the sub-fund. The sub-fund performance is calculated in HKD on NAV-to-NAV basis with gross distribution reinvested. Units in the sub-fund are issued and redeemed at NAV. Market returns are calculated in HKD using historical market closing prices, and do not represent the returns you would receive if you traded units at other times. This is the annualized return since the sub-fund inception. The sub-fund inception date is 9 April The performance shown for 2009 covers the period from the sub-fund inception date to the end of (a) (b) (c) (d) (e) (f) 全收益代表投資者賺取 ( 或損失 ) 回報率, 當中假設再投資所有股息及分派 以人民幣計值的全收益指數 指數反映因價格變動和股息收入而產生的收益 投資者不能直接投資於一個指數, 且指數的回報表現並不反映管理費用 交易成本或其他開支, 該等因素均會降低子基金回報的表現 子基金的表現按資產淨值對資產淨值以港元計值, 總分派用作再投資 子基金的基金單位可按其資產淨值發行及贖回 市值回報率按歷史收盤價以港元計算, 並不代表閣下在其他時間買賣基金單位收取的回報 這是自子基金成立以來的年化回報率 子基金成立日期為二零零九年四月九日 二零零九年的表現包括自子基金成立日期至二零零九年底期間 Source: BOCI-Prudential Asset Management Ltd., China Securities Index Co., Ltd., Bloomberg 資料來源 : 中銀國際英國保誠資產管理有限公司 中証指數有限公司 彭博資訊 14

17 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-SSE 50 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 50 * * ETFs Fund Activities In 2013, the WISE-SSE50 continued to attract wide interest from investors seeking to gain exposure to A-share market. The units outstanding by the end of 2013 stood at 9,600,000 units. As of 31 December 2013, the Sub-Fund had exposure to 49 stocks. 於二零一三年, 標智上證 50 繼續深受廣泛投資者垂青, 以投資 A 股市場 截至二零一三年底, 已發行的基金單位為 9,600,000 個 截至二零一三年十二月卅一日, 子基金共間接持有 49 隻股份 On 3 July 2013, the Manager announced that Standard & Poor s Ratings Services ( S&P ) had downgraded the credit ratings of Credit Suisse International ( Credit Suisse ) from A+ to A. Credit Suisse is an AXP issuer of the Sub-Fund. As at the date of the announcement, the long term credit rating of Credit Suisse remained above the minimum credit rating requirement as indicated in the prospectus. 於二零一三年七月三日, 基金經理公佈標準普爾評級服務公司 ( 標普 ) 已將 Credit Suisse International ( Credit Suisse ) 的長期發行人信貸評級降級由 A+ 改為 A Credit Suisse 為子基金的 AXP 發行人 於本公告日期,Credit Suisse 的長期信貸評級高於認購章程所述的最低信貸評級要求 Please refer to the corresponding public announcements on our company web-site ( for details. 詳情請參考本公司網站 ( 所載的相關公告 Index Activities The SSE50 Index underwent two regular semi-annual reviews in In particular, the details of the regular index review are summarized in Figure 1. 於二零一三年, 上證 50 指數經歷兩次定期的指數樣本定期審核 指數樣本定期審核概述於圖 1 The China Securities Index Co., Ltd. (CSI), the index provider of the SSE50 Index, announced that there were certain changes to the Index Regular Review Schedule and the Corporate Events Methodology. First of all, the effective day of the index regular review was changed to the next trading day after the close of the second Friday in June and December, with effect from the next index regular review in December For corporate events such as stock dividends, rights issues, stock splits or stock consolidation, leading to constituent stocks change, the adjustment will be implemented on the ex-right day. For other corporate events such as secondary offering and exercise of warrants, the adjustment will be implemented immediately if the accumulated change of constituent stocks is more than 5%. If the accumulated change of constituent stocks is less than 5%, the adjustment will be implemented in the next regular review. Corporate Events Methodology adjustment was put into effect from 16 December 上證 50 指數之指數供應商中証指數有限公司公佈, 對指數定期檢討實行時間及證券事件維護規則作出若干變更 首先, 指數樣本定期審核實施時間調整為每年六月和十二月的第二個星期五收盤後的下一交易日, 此變更在二零一三年十二月第二次定期審核時開始生效 就某些公司事件, 如送股 配股 拆股或縮股導至的樣本股股份變動, 該調整將在除權日實施 就其他公司事件, 如增發 債轉股 權證行使, 當股本變動累計達到 5% 以上時對其進行臨時調整 當股本變動累計未達到 5% 時對其進行定期調整 證券事件維護規則於二零一三年十二月十六日起生效 Please refer to the corresponding public announcements on the CSI web-site ( for details. 詳情請參考中証指數有限公司網站 ( 所載的相關公告 15

18 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-SSE 50 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 50 * * ETFs Index Activities (continued) Figure 1 Deletion 1 Addition Effective Date Stock Code Stock Name Stock Code Stock Name 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 MINMETALS DEVELOPMENT CO., LTD. 五礦發展股份有限公司 YANZHOU COAL MINING COMPANY LIMITED 兗州煤業股份有限公司 China Communications Construction Co.,Ltd 中國交通建設股份有限公司 China Coal Energy Company Limited 中國中煤能源股份有限公司 Baoshan Iron & Steel Co., Ltd. 寶山鋼鐵股份有限公司 Shanxi Lanhua Sci-tech Venture Co.,Ltd 山西蘭花科技創業股份有限公司 YANG QUAN COAL INDUSTRY (GROUP) CO., LTD. 陽泉煤業 ( 集團 ) 股份有限公司 Sinohydro. Group, Ltd. 中國水利水電建設股份有限公司 Everbright Securities Company Limited 光大證券股份有限公司 Gemdale Corporation 金地 ( 集團 ) 股份有限公司 Kangmei Pharmaceutical Co., Ltd 康美藥業股份有限公司 China Merchants securities Co., LTD 招商證券股份有限公司 Everbright Securities Company Limited 光大證券股份有限公司 Shanghai International Port (Group) Co., Ltd 上海國際港務 ( 集團 ) 股份有限公司 Guangzhou Baiyunshan Pharmaceutical Holding Company Limited 廣州藥業股份有限公司 NARI Technology Development Limited Company 國電南瑞科技股份有限公司 BesTV New Media Co., Ltd. 百視通新媒體股份有限公司 China National Chemical Engineering CO., LTD 中國化學工程股份有限公司 Source: China Securities Index Co., Ltd. 資料來源 : 中証指數有限公司 16

19 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-SSE 50 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) Market Review China A-share market trended lower in The CSI 300 Total Return Index, representing a broad-based index, dropped by 5.3% in local currency term. The SSE 50 Total Return Index, which represents a large-cap index, tumbled by 12.4% in local currency term. Sectors performances were diverging. Information technology, health care, consumer discretionary and telecommunication services sectors registered gains; whereas energy and materials sectors underperformed most during the year. 50 * * ETFs 中國 A 股市場於二零一三年下跌 代表整體指數的滬深 300 全收益指數按當地貨幣計下跌 5.3% 代表大型指數的上證 50 全收益指數按當地貨幣計大跌 12.4% 本年, 行業板塊表現迥異, 信息技術 醫藥衛生 可選消費和電訊業務類別錄得升幅, 能源和原材料板塊則表現落後 Figure 1: CSI 300 Total Return Index & SSE 50 Total Return Index performance in Figure 2: CSI 300 Sector Total Return Index & SSE 50 Total Return Index performance in (Rebase 100 on Dec 31, 2012) 100 CSI 300 SSE 50 Utilities Telecommunication Services Information Technology Financials Health Care Consumer Staples Consumer Discretionary Industrials Materials Energy Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13-40% -30% -20% -10% 0% 10% 20% 30% 40% 50% CSI 300 SSE 50 Source: Bloomberg Source: Bloomberg On the economic front, the economic growth remained steady in According to the preliminary result released by the National Bureau of Statistics of China, the Gross Domestic Product (GDP) ended up with a year-on-year (YoY) growth of 7.7%. The GDP of the primary industry, secondary industry and tertiary industry grew by 4.0%, 7.8%, and 8.3% YoY respectively. 在經濟方面, 二零一三年經濟繼續穩步增長 根據中國國家統計局公佈的初步數據, 國內生產總值錄得按年增長 7.7% 而第一產業 第二產業和第三產業的國內生產總值分別按年增長 4.0% 7.8% 和 8.3% The annual growth of investment in fixed assets (excluding rural households) slowed to 19.6% in the year. Eastern, central and western regions registered a year-on-year growth of 17.9%, 22.8% and 23.0% respectively. As to the domestic consumption, retail sales of consumer goods went up by 13.1% YoY. In terms of consumption patterns, the income of catering industry and the retail sales of goods grew by 9.0% and 13.6% YoY. Within the categories of goods, the sales of automobile, which constituted about one-tenth of total retail sales, went up by 10.4% YoY. Both imports and exports registered a year-on-year growth of 7.3% and 7.9% respectively. The total value of imports and exports reached USD 4,160.3 billion in 2013, up by 7.6% YoY. 固定資產投資 ( 不含農戶 ) 的按年增長於本年放緩至 19.6% 東部 中部及西部地區分別錄得按年增長 17.9% 22.8% 和 23.0% 就國內消費而言, 消費品零售額按年上升 13.1% 在消費模式方面, 餐飲業收入和商品零售按年增長 9.0% 和 13.6% 在產品分類中, 佔零售總額約十分一的汽車消售額按年上升 10.4% 進口和出口分別錄得按年增長 7.3% 和 7.9% 二零一三年進出口總值達至 41,603 億美元, 按年上升 7.6% 17

20 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-SSE 50 CHINA TRACKER * ( * This is a synthetic ETF) (SUB-FUND OF WORLD INDEX SHARES ETFs) (continued) 50 * * ETFs Market Review (continued) In 2013, the overall inflation was contained, with the Consumer Price Index (CPI) rising 2.6% YoY. Food prices, which accounted for around one-third of the CPI calculation, went up by 4.7% YoY. On the other hand, the Producer Price Index (PPI) for manufactured goods remained subdued and dropped by 1.9% during the year. 於二零一三年, 整體通脹受控, 消費者物價指數按年上升 2.6% 食品價格( 在消費者物價指數計算中約佔三分一 ) 按年上升 4.7% 另一方面, 工業生產者出廠價格仍然欠佳, 並在年內下跌 1.9% The People s Bank of China (PBC) played an important role of steering the economy. In 2013, the PBC released that new RMB loan reached RMB8.89 trillion, up by RMB687.9 billion. According to the preliminary figures released by the PBC, total social financing reached RMB17.29 trillion, up by RMB1.53 trillion. By the end of 2013, broad money supply (M2) amounted to RMB trillion, up by 13.6% YoY, down 0.2 percentage points from the end of During the year, the PBC vowed to implement interest rate reform further. For example, removing the floor of some lending rates and the ceiling of rural credit cooperatives lending rate let financial institutions and rural credit cooperatives determine interest rates independently on a market basis while the floating range of interest rates of mortgage loans was kept. On the other hand, the PBC allowed banks to issue interbank negotiable certificates of deposit which interest rates were determined by the market, with the Shanghai Interbank Offered Rate (SIBOR) being a reference. 中國人民銀行扮演了主導經濟的角色 於二零一三年, 中國人民銀行公佈新增人民幣貸款上升人民幣 6,879 億元至人民幣 8.89 萬億元 根據中國人民銀行公佈的初步數據, 社會融資總額上升人民幣 1.53 萬億元至人民幣 萬億元 至二零一三年底, 廣義貨幣 (M2) 供應按年上升 13.6% 至人民幣 萬億元, 較二零一二年底下跌 0.2 個百分點 年內, 中國人民銀行宣佈會進一步深化利率改革 例如, 移除部分貸款利率的下限和農村信用社貸款利率的上限, 讓金融機構和農村信用社可獨立地按市場基礎釐定利率, 同時保留個人住房貸款利率浮動區間 此外, 中國人民銀行允許銀行於銀行間市場發行存款證, 而利率由市場釐定, 並以上海銀行間同業拆借利率作為參考 Investor should assess their risk tolerance and the risk level of the investment product before investing. 投資者在投資前, 應評估個人的風險承受能力和投資 產品的風險水平 18

21 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI HK LISTED MAINLAND CONSUMPTION TRACKER (SUB-FUND OF WORLD INDEX SHARES ETFs) ETFs Fund Performance The W.I.S.E. CSI HK Listed Mainland Consumption Tracker ( WISE-CSIMLCT or the Sub-Fund ) is an index-tracking exchange traded fund which seeks to provide investment returns, before fee and expenses, that closely correspond to the performance of the CSI Hong Kong Listed Tradable Mainland Consumption Index (the Underlying Index ). As of 31 December 2013, the net asset value ( NAV ) per unit of the Sub-Fund was HKD with a total of 1,500,000 units outstanding and total assets under management ( AUM ) of HKD 13,039,666. 標智中證香港上市內地消費指數基金 ( 標智中證內地消費 或 子基金 ) 為一個指數追蹤交易所買賣基金, 旨在提供在扣除費用和收費之前與中證香港上市可交易內地消費指數 ( 相關指數 ) 之表現密切對應的投資回報 截至二零一三年十二月卅一日, 子基金的每單位資產淨值為 港元, 合共發行 1,500,000 個單位, 管理資產 ( AUM ) 總計為 13,039,666 港元 The WISE-CSIMLCT adopts a representative sampling strategy and holds a representative sample of the constituent securities of the Underlying Index. A summary of the performance of the WISE-CSIMLCT is shown below. 標智中證內地消費採用代表性抽樣策略, 並持有相關指數中代表性抽樣的成份證券 標智中證內地消費的表現概述如下 Total Return (a) in HKD (a) 全收益以港元計值 as of 31 December (f) Since Inception (e) 截至二零一三年十二月卅一日 二零一三年 二零一二年 (f) 二零一一年 (e) 自成立以來 CSI Hong Kong Listed Tradable Mainland Consumption Total Return Index (b) 8.48% 10.42% % -1.20% (b) 中證香港上市可交易內地消費全收益指數 WISE-CSI HK Listed Mainland Consumption Tracker NAV-to-NAV (c) 7.48% 3.24% % -4.07% (c) 標智中證香港上市內地消費指數基金資產淨值對資產淨值 WISE-CSI HK Listed Mainland Consumption Tracker Market-to-Market (d) 8.65% 2.05% % -4.15% (d) 標智中證香港上市內地消費指數基金市值對市值 Past performance figures shown are not indicative of the future performance of the sub-fund. 過往的表現並不代表未來的表現 (a) Total returns represent the rate that an investor would have earned (or lost) on an investment, assuming reinvestment of all dividends and distributions. (a) 全收益代表投資者賺取 ( 或損失 ) 回報率, 當中假設再投資所有股息及分派 (b) The index reflects returns due to both price changes and dividend income. An investor cannot invest directly in an index and the index performance returns do not reflect management fees, transaction costs or other expenses, which would reduce performance returns of the sub-fund. (b) 指數反映因價格變動和股息收入而產生的收益 投資者不能直接投資於一個指數, 且指數的回報表現並不反映管理費用 交易成本或其他開支, 該等因素均會降低子基金回報的表現 (c) Units in the sub-fund are issued and redeemed at NAV. The subfund performance is calculated on NAV-to-NAV basis with gross distribution reinvested. (c) 子基金的基金單位可按其資產淨值發行及贖回 子基金的表現按資產淨值對資產淨值計算, 總分派用作再投資 (d) Market returns are calculated using historical market closing prices, and do not represent the returns you would receive if you traded units at other times. (d) 市值回報率按歷史收盤價計算, 並不代表閣下在其他時間買賣基金單位收取的回報 (e) (f) This is the annualized return since the sub-fund inception. The sub-fund inception date is 7 January The performance shown for 2011 covers the period from the sub-fund inception date to the end of (e) (f) 這是自子基金成立以來的年化回報率 子基金成立日期為二零一一年一月七日 二零一一年的表現包括自子基金成立日期至二零一一年底期間 Source: BOCI-Prudential Asset Management Ltd., China Securities Index Co., Ltd., Bloomberg 資料來源 : 中銀國際英國保誠資產管理有限公司 中証指數有限公司 彭博資訊 19

22 REPORT OF THE MANAGER (continued) TO THE UNITHOLDERS OF W.I.S.E.-CSI HK LISTED MAINLAND CONSUMPTION TRACKER (SUB-FUND OF WORLD INDEX SHARES ETFs)(continued) ETFs Fund Activities As of 31 December 2013, the WISE-CSIMLCT (the Sub- Fund ) had exposure to 48 stocks and 1,500,000 units outstanding. 截至二零一三年十二月卅一日, 標智中證內地消費 ( 子基金 ) 持有 48 隻股份, 已發行的基金單位為 1,500,000 個 Effective from 29 January 2013, UBS Securities Hong Kong Limited was appointed as a Participating Dealer of the Sub- Fund. 由二零一三年一月廿九日起,UBS Securities Hong Kong Limited 獲委任為子基金的參與證券商 Please refer to the corresponding public announcements on our company web-site ( for details. 詳情請參考本公司網站 ( 所載的相關公告 Index Activities The CSI Hong Kong Listed Tradable Mainland Consumption Index underwent two regular semi-annual reviews in In particular, the details of the two index reviews are summarized in Figure 1. 於二零一三年, 中證香港上市可交易內地消費指數經歷兩次定期的半年調整 兩次定期指數檢討概述於圖 1 Figure 1 Deletion 1 Addition Effective Date Stock Code Stock Name Stock Code Stock Name 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 1-Jul-2013 二零一三年七月一日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 16-Dec-2013 二零一三年十二月十六日 1368 Xtep International Holdings Limited 特步國際控股有限公司 Degrees International Limited 361 度國際有限公司 980 Lianhua Supermarket Holdings Co., Ltd. 聯華超市股份有限公司 81 China Overseas Grand Oceans Group Limited 中國海外宏洋集團有限公司 891 Trinity Limited 利邦控股有限公司 1117 China Modern Dairy Holdings Ltd. 中國現代牧業控股有限公司 1293 Baoxin Auto Group Limited 寶信汽車集團有限公司 3998 Bosideng International Holdings Limited 波司登國際控股有限公司 2382 Sunny Optical Technology (Group) Company Limited 舜宇光學科技 ( 集團 ) 有限公司 2313 Shenzhou International Group Holdings Limited 申洲國際集團控股有限公司 1262 Labixiaoxin Snacks Group Limited 蠟筆小新休閒食品集團有限公司 1086 Goodbaby International Holdings Limited 好孩子國際控股有限公司 Source: China Securities Index Co., Ltd., HKEx 資料來源 : 中証指數有限公司, 香港交易所 20