Microsoft Word - Dynamic Strategy KFS 2017-clean

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1 滙豐晉信動態策略混合型證券投資基金 H 股份類別 H 2018 年 10 月 31 日 H 31/10/2018 風險披露 本基金投資於在中國內地發行及 或上市的股票 債券及其他資產 本基金為一項根據內地與香港基金互認 ( 基金互認 ) 安排在香港發售的中國內地基金, 承受基金互認的相關風險, 包括配額限制 資格規定 中國內地稅務風險及不同市場慣例 本基金承受集中風險及與中國內地市場相關的風險, 包括波動性 流動性 政治 政策 稅務 經濟 外匯 法律 監管 高股票估值及結算風險 投資者可能在本基金的投資上蒙受重大損失 本基金可能大量投資於在深圳證券交易所中小企業板及 或創業板上市的股票, 該等股票承受較高的流動性 股價波動 估值過高及除牌風險 此外, 有關創業板上市公司的規則及規例較寬鬆 人民幣現時不可自由兌換, 且須受外匯管制和限制之規限 人民幣出現任何貶值, 可能對投資價值造成不利影響 在外匯管制影響下, 投資者於贖回及 或紅利派付時可能無法收取人民幣或有關支付可能會受到延遲 為本基金訂立的回購或反向回購交易可能涉及對手方風險 如對手方違約, 則本基金可能蒙受損失 本基金可能從資本或實際上從資本中支付分派 派息不獲保證及會導致資本蠶食及資產淨值減少 基金產品並不等同於定期存款 投資者不應僅就此文件提供之資料作出投資決定, 而應細閱本基金之銷售文件 基金投資目標及策略投資目標本基金將致力於捕捉在中國內地發行及 或上市的股票 債券等市場不同階段中的不同投資機會, 無論其處於牛市或者熊市, 均通過基金資產在不同市場的合理配置, 追求基金資產的長期較高回報 投資策略投資於在中國境內上市交易的股票 債券 ( 本基金主要投資於獲得中國內地信貸評級機構評為 BB+ 以上的債券, 但亦可投資於被評為 BB+ 或以下的債券及未獲評級的債券;以及其亦可投資於城投債 ) 和國務院證券監督管理機構允許 批准的其他證券品種 主要包括 : 中國內地股票 (A 股及監管機構允許投資的其他種類和其他市場的股票 ) 中國內地債券( 包括交易所和銀行間兩個市場的國債 金融債 企業債與可轉換債等 ) 短期金融工具( 包括到期日在一年以內的債券 債券回購 央行票據 銀行存款 短期融資券等 ) 現金資產 權證及法律法規或中國證監會允許基金投資的資產支持證券 年初夏普 2 股份類別詳情基金表現 (%) 1 個月 3 個月 1 年 3 年 ¹ 5 年 ¹ 波幅 3 至今比率 UCITS V 合規否 H 派息類型派息 / 累積參考基準 派息頻率其他 年度回報表現 (%)⁴ 首次認購費最高達 5.00% H 管理費 1.50% 參考基準 基本貨幣 在岸人民幣 過去的業績並不代表將來的表現 表現以股份類別基本貨幣計算, 資產淨值對資產淨值, 將股息再作投資, 並已扣除費用 如投資業績非以港元或美元計算, 以港元或美元作投資的投資者須承受匯率波動的風險 資料來源 : 滙豐環球投資管理, 數據截至 2018 年 10 月 31 日 1 當計算期超過一年, 業績為累積表現 2 成立至今數據, 作爲衡量基金的價格變動 ( 上升或下跌 ) 相對基金平均表現的百分比 3 成立至今數據, 作爲計算風險調整後回報的衡量指標, 並為業内的計算標準 4 如股份類別成立少於五年, 其首年年度表現為成立日至年底 最低初始認購額在岸人民幣 10,000 註冊地 ISIN 代號股份類別成立日期彭博代號 參考基準 基金經理 中國 CNE 年 6 月 27 日 HSJDYSH CH 50% MSCI 中國 A 股指數收益率, 50% 中債新綜合指數收益率 ( 全價 ) Dixie Guo 基準 :MSCI 中國 A 股指數收益率 *50% + 中債新綜合指數收益率 ( 全價 )*50% 2014 年 6 月 1 日前為 MSCI 中國 A 股指數收益率 *50% + 中信標普全債指數收益率 *50% 從此處下載銷售文件 ts/english/amhk_mrf.pdf

2 每月表現評論市場回顧中國宏觀經濟處於下行期 從 10 月官方製造業採購經理指數 (PMI) 來看, 數據如期回落, 經濟下行壓力加大 從上市公司公佈的三季報數據來看, 除上游部分行業公司如鋼鐵 水泥外, 上市公司盈利繼續小幅下滑 10 月份股市表現疲弱, 上證綜指單月下跌 7.75% 債券市場方面, 央行宣佈從 10 月 15 日起下調存款準備金率 1 個百分點, 同時再次強調了保持穩健的貨幣政策和流動性合理充裕 在此背景下,10 月債市資金總體寬裕, 長端利率一路震盪下行 全月中債新綜合債券全價指數上漲 0.65% 基金策略流動性邊際走向寬鬆, 但宏觀經濟仍處於下行期, 企業盈利仍處於下行初期 考慮市場經歷大幅調整後, 市場整體估值水準偏低,10 月基金維持對權益資產的配置, 自下而上選擇業績確定性較高, 估值與業績相匹配的個股 10 月我們維持債券組合不變 資產分佈策略及展望在股票與債券間進行動態資產配置, 分為戰略性資產配置 (SAA) 和戰術性資產配置 (TAA) 兩部分 戰略性資產配置 (SAA) 主要考慮 1 個季度至 1 年以上的長期因素 : 盈利增長及估值變化, 以此決定核心資產配置水準 : 增持 (80%) 中性 (60%) 減持 (40%) 戰術性資產配置 (TAA) 主要考慮短期因素 : 宏觀 流動性 政策 市場情緒 海外市場等, 在 SAA 配置結論基礎上, 基於短期因素策略性地調整配置,TAA 配置範圍 ( 10%/+15%) 綜合來看, 股票配置方面, 我們將從 自下而上 的角度選擇盈利未來有改善以及中期成長性確定的行業和個股, 重點配置 TMT 風電 光伏 醫藥 航空等行業, 分享行業增長帶來的收益 債券配置方面, 我們認為目前的政策更多是為了對沖和緩釋經濟的下行風險, 在沒有更為激進的政策出臺之前經濟反彈的可能性較低, 同時流動性將始終維持充裕, 因此繼續看好債市的整體表現 股票策略及展望展望後市, 宏觀經濟下行預期較強, 企業盈利下滑幅度仍有不確定性 從近期公佈的三季報數據來看, 整體市場的盈利增速仍處於下行期, 部分上游行業和個股業績較好, 如鋼鐵和水泥, 而部分中小上市企業盈利壓力較大, 增速出現明顯的下滑 市場整體估值仍處於歷史較低水準, 風險溢價水準已經有較高的吸引力, 預計市場整體呈現震盪走勢並存在結構性機會 從流動性來看, 隨著持續降准等措施釋放流動性後, 流動性邊際向好 從國債利率來看, 短端利率已經下行, 未來長端利率有望跟隨下行 同時目前存款準備金率維持高位, 未來仍存在降准的政策空間 我們認為邊際流動性最緊的時期已經過去 從已公佈的上市公司利潤來看, 仍需警惕盈利的下行風險 一方面考慮到需求的下滑如房地產需求下滑, 上中游價格存在下跌風險, 或對企業盈利有負面的影響 另一方面, 中小企業分化較為明顯, 未來對盈利分化的影響需警惕 整體來看,2018 年四季度以及 2019 年, 我們認為應尋找盈利穩定或向上的公司, 規避盈利有大幅下滑可能性的行業和個股 基金策略整體將維持對股票倉位的超配 重點從 自下而上 的角度選擇盈利未來將有改善以及中期成長性確定的行業和個股, 重點配置 TMT 風電 光伏 醫藥 航空等行業, 分享行業增長帶來的收益 債券策略及展望短期來看, 雖然通脹預期有所抬升, 但隨著食品價格逐漸回落以及經濟維持弱勢, 通脹風險中長期來看總體可控 另一方面市場擔心管理層托底政策頻出, 經濟短期可能反彈, 我們認為目前的政策更多是為了對沖和緩釋經濟的下行風險, 在沒有更為激進的政策出臺之前經濟反彈的可能性較低, 同時流動性將始終維持充裕, 因此繼續看好債市的整體表現

3 資產分佈 實際配置 股票 債券 5.49 銀行存款和結算備付金合計 2.03 其他 2.54 買入返售金融資產 股票十大持倉 (%) HISENSE HOME APPLIANCES GROUP CO.LTD. Xinjiang Goldwind Science&Technology Co.Ltd Agricultural Bank of China Limited Tongwei Co. Ltd. Tangshan Sanyou Chemical Industries Co.Ltd Air China Limited Foshan Nationstar Optoelectronics Co.Ltd Hangzhou Hikvision Digital Technology Co.Ltd. Sinocare Inc. Chengdu Kanghong Pharmaceutical Group Co. Ltd 資料來源 : 滙豐環球投資管理, 數據截至 2018 年 9 月 30 日 指數免責聲明資料來源 :MSCI MSCI 數據僅可供經理人內部使用, 不得以任何形式複製或再傳播, 亦不得用作任何金融工具或產品或指數的基礎或作為其成分 MSCI 數據不擬構成投資意見或作出 ( 或不作出 ) 任何種類投資決定的建議, 故不得加以依賴 歷史數據和分析不應被視作任何未來表現分析 預測或預估的指示或保證 MSCI 數據乃以 按原狀 的基礎提供, 而使用此等數據的人士需承擔任何使用此等數據的全部風險 MS CI 其聯屬機構及曾參與或涉及編制 計算或創造任何 MSCI 數據的他方 ( 統稱 MSCI 有關各方 ) 各自特此明確就此等數據的所有保證 ( 包括但不限於此等數據的原創性 準確性 完整性 適時性 非侵權性 適銷性及任何特定用途的適用性 ) 作出免責聲明 不受限於前述的情況,MS CI 有關各方在任何情況下不會有任何直接的 間接的 特殊的 附帶性的 懲罰性的 相應性的 ( 包括但不限於利益損失 ) 或其他任何損害賠償的責任 (

4 重要資訊本文件只提供一般性資料, 並不針對任何可能收到本文件的人士的具體投資目標 財務狀況和特別需求 在此表達之意見可因應情況修改而不作另行通知 本文件並非銷售文件, 且不構成建議 要約出售或招攬購買或認購任何投資 本文件所載任何預測 預計或目標僅供説明用途, 且並非任何形式的保證 滙豐環球投資管理 ( 香港 ) 有限公司 ( 滙豐環球投資管理 ) 就預測 預計或目標未能達成概不承擔任何責任 本文件內的資料乃取自滙豐環球投資管理合理地相信可靠的來源 然而, 無論明示或暗示, 滙豐環球投資管理不保證 擔保或代表本文件內該等資料的準確性 有效性或完整性 投資附帶風險, 過去的業績並不代表將來的表現 請參閱銷售文件以便獲取其它資料, 包括風險因素 此文件並未經證券及期貨事務監察委員會批閱 版權 HSBC Global Asset Management (Hong Kong) Limited ( 滙豐環球投資管理 ( 香港 ) 有限公司 )2018 版權所有 本文件由 HSBC Global Asset Management (Hong Kong) Limited ( 滙豐環球投資管理 ( 香港 ) 有限公司 ) 刊發

5 HSBC Jintrust Dynamic Strategy Mixed Securities Investment Fund H Share Class H 31 Oct 2018 H 31 Oct 2018 Risk Disclosure The Fund seeks to invest in stocks, bonds and other assets issued and/or listed within Mainland China. The Fund is offered in Hong Kong pursuant to the Mainland-Hong Kong Mutual Recognition of Funds ( MRF ) arrangement, and is subject to risks associated with MRF arrangement, including quota restrictions, eligibility requirements, Mainland China tax risks and different market practices. The Fund is subject to concentration risk and risks associated with the Mainland China market, including volatility, liquidity, political, policy, tax, economic, foreign exchange, legal, regulatory, high stock valuation and settlement risks. Investors may suffer substantial loss of their investments in the Fund. The Fund may invest substantially in stocks listed on the small and medium enterprise (SME) board and/or ChiNext of the Shenzhen Stock Exchange which are subject to higher risks of liquidity, price fluctuation, over-valuation and delisting. Also, the rules and regulations regarding companies listed on ChiNext are less stringent. RMB is currently not freely convertible and is subject to exchange controls and restrictions. Any depreciation of RMB could adversely affect the value of investment. Investors may not receive RMB upon redemption and/or dividend payment or such payment may be delayed due to exchange controls. Repurchase or reverse repurchase transactions entered into for the account of the Fund may involve counterparty risk. If the counterparty defaults, the Fund may suffer substantial loss. The Fund may pay distributions out of capital or effectively out of capital. Dividend is not guaranteed and may result in capital erosion and reduction in net asset value. Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in this document and should read the offering document of the Fund for details. Fund Objective and Strategy Investment Objective The Fund seeks to deliver strong long term investment returns by investing in stocks, bonds and other assets issued and/or listed within Mainland China at different market stages and cycles whether in bull market or bear market through reasonable asset allocation. Investment Strategy Investment shall be made in equities and bonds (mainly bonds rated above BB+ by a Mainland China credit rating agency, but may also include bonds rated BB+ or below and unrated bonds) which are listed and traded within China and the other types of securities as permitted/allowed by the securities regulatory authorities under the State Council. They mainly include Mainland China equities (A shares and equities of other types and other markets that the regulatory authorities allow to invest), Mainland China bonds (including treasury bonds on the two markets of exchange and interbank, financial bonds, corporate bonds and convertible bonds etc), short term financial instruments (including bonds with maturity dates of less than one year, repurchase of bonds, notes of central bank, bank deposits, short term financing notes etc), cash assets, warrants, asset-backed securities that the laws and regulations or the CSRC allow the Fund to invest. Performance (%) Vol 2 S.R. 3 H Reference Benchmark YTD 1M 3M 1Y 3Y¹ 5Y¹ Share Class Details UCITS V Compliant Distribution Type Distribution Frequency Min. Initial Investment Reference Benchmark No Accumulating/Distri buting Other CNY 10, % 1.50% Calendar Year Max. Initial Charge Performance (%)⁴ Management Fee H Base Currency CNY Reference Domicile Benchmark ISIN Inception Date Bloomberg Ticker Past performance is not an indicator of future returns. The figures are calculated in the share class base currency, NAV to NAV basis with dividend reinvested, net of fees. If investment performance is not denominated in HKD or USD, HKD or USD based investors are exposed to exchange rate fluctuations. Source: HSBC Global Asset Management, data as at 31 October 2018 China CNE Jun 2016 HSJDYSH CH 50% MSCI China A Index, 50% ChinaBond New Composite Index (full price) 1 Result is cumulative when calculation period is over one year. 2 Volatility since inception, a measure of how much a fund's price goes up or down as a percentage of its average performance. 3 Sharpe ratio since inception, a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations. 4 The calendar year return of the first year is calculated between share class inception date and calendar year end of first year if the share class has less than 5-year history. Manager Dixie Guo Benchmark: Return of MSCI China A Index*50% + Return of China Bond New Composite Index (whole value)*50%. Prior to 1 June 2014, was Return of MSCI China A Index*50% + Return of CITIC S&P All Bond Index*50%. To download the offering documents from ents/english/amhk_mrf.pdf

6 Monthly Performance Commentary Market review Chinese economy still faces downside. The October official China Manufacturing Purchasing Managers Index fell as expected, indicating mounting downward pressure on the economy. Looking at third-quarter earnings released by listed companies, earnings growth slightly declined, except companies in upstream industries like steel and cement industry. In October, China stock market retreated, with the Shanghai Composite Index down 7.75% over the month. China s PBoC announced to lower commercial banks required reserve ratio by 1 percentage point, effective from 15 October, and in the meantime reiterated that it will maintain prudent monetary policy and reasonably abundant liquidity. Against this backdrop, overall liquidity in the bond market remained loose and interest rates on the longer-term bonds went down. Over the month, ChinaBond New Composite Index (full price) index rose 0.65%. Portfolio strategy In October, the liquidity condition was marginally loose, but economic growth is slowing down and corporate earnings still sees downside. The Fund maintained the equity position in October, as the overall valuation of A-shares was relatively low after substantial market correction. We mainly selected shares bottom-up, which have positive growth prospects and reasonable valuations. In October, the Fund s bond portfolio remained unchanged. Asset allocation strategy and outlook Dynamic asset allocation between equity and bond consists of Strategic Asset Allocation ( SAA ) and Tactical Asset Allocation ( TAA ) sessions. SAA mainly considers the long-term factors from a quarter to a year or above, including profitability and valuation change and determines the allocation: overweight (80 per cent), neutral (60 per cent), underweight (40 per cent); TAA mainly considers short-term factors, such as macro economics, liquidity, policy, market sentiment and overseas markets and adjusts allocation to exploit short-term factors based on the SAA, the allocation of TAA is -10per cent/+15per cent. Overall, for equity allocation, bottom-up, we will focus on industries and shares that see upside potential in their earnings and have solid growth prospects over the medium term, especially TMT, wind power, photovoltaic manufacturers, pharmaceuticals and chemicals, to gain returns brought by industries growth. For bond allocation, we believe that the current policies mainly aim to hedge the economic downside risk. The economy is unlikely to rebound before the introduction of more radical policies. Meanwhile, liquidity will remain abundant, so we continue to be optimistic on the bond market. Stock strategy and outlook Looking forward, the Chinese economy is expected to weaken, and it s uncertain to what extent the corporate earnings would slide. Judging from the third-quarter earnings results, the overall profits further declined, while some industries and companies presented robust growth, including steel and cement companies. But some middle and small-sized enterprises were pressured in their earnings, with growth obviously decreasing. In terms of valuation, the overall valuation of A-shares is below its historic average. The risk premium of equities has become attractive. We expect that market consolidation will likely continue and there will be structural opportunities. With accommodative measures like PBoC s reducing required reserve ratio, overall liquidity has improved marginally. Interest rates of the short-term government bonds have lowered, and rates of the long-term bonds may follow the trend. As currently banks RRR remains high, there is room for further RRR cuts in the future. We deem that the period of worst liquidity has been over. Looking at corporate earnings, we need to beware of the downside risk going forward. On the one hand, as demand such as property demand slides, upstream and midstream prices may decline, which may weigh on earnings. On the other hand, middle and small enterprises diverged substantially in their earnings. We need to remain alert to this trend and watch its influence. Overall, we need to look for companies with upside earnings outlook through the fourth quarter of 2018 as well as in 2019, and avoid industries and names that may see worsening earnings. The Fund will remain overweight equities. Adopting a bottom up strategy, we will select industries and shares that see upside potential in their earnings and have solid growth prospects over the medium term, especially TMT, wind power, photovoltaic manufacturers, pharmaceuticals and aviation sector, to gain returns brought by industries growth. Bond strategy and outlook In the short term, although inflation expectations have risen, inflation risks are generally manageable in the medium and long term, as food prices gradually decrease and the economy remains weak. On the other hand, the market is worried that the economy may rebound recently, buoyed by pro-growth policies. We believe that the current policies mainly aim to hedge the economic downside risk. The economy is unlikely to rebound before the introduction of more radical policies. Meanwhile, liquidity will remain abundant, so we continue to be optimistic on the bond market.

7 Asset Allocation Actual Equities Bond 5.49 Total of bank deposits and provision for settlement 2.03 Others 2.54 Reverse repo Equity Top 10 Holdings (%) HISENSE HOME APPLIANCES GROUP CO.LTD. Xinjiang Goldwind Science&Technology Co.Ltd Agricultural Bank of China Limited Tongwei Co. Ltd. Tangshan Sanyou Chemical Industries Co.Ltd Air China Limited Foshan Nationstar Optoelectronics Co.Ltd Hangzhou Hikvision Digital Technology Co.Ltd. Sinocare Inc. Chengdu Kanghong Pharmaceutical Group Co. Ltd Source: HSBC Global Asset Management, data as at 30 September 2018 Index Disclaimer Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the MSCI Parties ) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (

8 Important Information This document is prepared for general information purposes only and does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any views and opinions expressed are subject to change without notice. This document does not constitute an offering document and should not be construed as a recommendation, an offer to sell or the solicitation of an offer to purchase or subscribe to any investment. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (Hong Kong) Limited ( AMHK ) accepts no liability for any failure to meet such forecast, projection or target. AMHK has based this document on information obtained from sources it reasonably believes to be reliable. However, AMHK does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or completeness of such information. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. This document has not been reviewed by the Securities and Futures Commission. Copyright HSBC Global Asset Management (Hong Kong) Limited All rights reserved. This document is issued by HSBC Global Asset Management (Hong Kong) Limited.

9 PRODUCT KEY FACTS 產品資料概要 HSBC Jintrust Dynamic Strategy Mixed Securities Investment Fund 滙豐晉信動態策略混合型證券投資基金 April 年 4 月 This is a Mainland fund authorised for public offering in Hong Kong pursuant to Mainland-Hong Kong Mutual Recognition of Funds arrangement. 此乃根據內地與香港基金互認安排獲認可於香港作公開發售的內地基金 This statement provides you with key information about this product. 本概要提供有關本產品的重要資料 This statement is part of the offering document. 本概要是銷售文件的一部分 You should not invest in this product based on this statement alone. 投資者切勿單憑本概要作投資決定 Quick facts 基本資料 Fund Manager 基金管理人 HSBC Jintrust Fund Management Company Limited / 滙豐晉信基金管理有限公司 Custodian 託管人 Bank of Communications Co., Ltd / 交通銀行股份有限公司 Ongoing charges over a year # Class H / H 類別 : 1.96% # 過去一年經常性開支比率 Dealing frequency 交易頻率 Each Hong Kong Dealing Day i.e. a business day in both Mainland China and Hong Kong / 每個香港交易日 - 即同是中國內地及香港營業日的日子 Base currency 基礎貨幣 RMB / 人民幣 Dividend policy 股息政策 Class H: Distribution, if declared, will be paid by way of cash dividend only for not more than 4 times in a calendar year at such times at the discretion of the Fund Manager. Distributions may be paid out of capital or effectively paid out of capital. / H 類別 : 如宣佈分派, 則將透過現金紅利方式支付, 於一個曆年將不超過 4 次, 時間由基金管理人酌情決定 分派可從資本或實際從資本中支付 Financial year end of this fund 31 December / 12 月 31 日本基金的財政年度終結日 Minimum investment 最低投資額 Class H: RMB10,000 (Minimum initial investment and subsequent investment) / H 類別 : 人民幣 10,000 元 ( 最低首次投資及後續投資 ) # The figure is based on ongoing expenses chargeable to the class expressed as a percentage of the average net asset value of the class for the year ended 31 December This figure may vary from year to year. 此數字乃根據可從該類別扣除的經常性開支計算, 以佔該類別截至 2017 年 12 月 31 日止年度的平均資產淨值的百分比列示 此數字每年均可能有所變動 What is this product? 本基金是甚麼產品? HSBC Jintrust Dynamic Strategy Mixed Securities Investment Fund (the Fund ) is a fund constituted under the laws of the Mainland China and its home regulator is the China Securities Regulatory Commission. 滙豐晉信動態策略混合型證券投資基金 ( 本基金 ) 為根據中國內地法律組成的基金, 在當地由中國證券監督管理委員會監管

10 Objectives and Investment Strategy 目標及投資策略 Objectives 目標 The Fund seeks to deliver strong long term investment returns by investing in stocks, bonds and other assets issued and/or listed within Mainland China at different market stages and cycles whether in bull market or bear market through reasonable asset allocation. 本基金將致力於捕捉在中國內地發行及 / 或上市的股票 債券等市場不同階段中的不同投資機會, 無論其處於牛市或者熊市, 均通過基金資產在不同市場的合理配置, 追求基金資產的長期較高回報 Strategy 策略 Investment shall be made in equities and bonds (the Fund mainly invests in bonds rated above BB+ by a Mainland China credit rating agency, but may also invest in bonds rated BB+ or below and unrated bonds; and it may also invest in urban investment bonds) which are listed and traded within China and the other types of securities as permitted/allowed by the securities regulatory authorities under the State Council. They mainly include Mainland China equities (A shares and equities of other types and other markets that the regulatory authorities allow to invest), Mainland China bonds (including treasury bonds on the two markets of exchange and interbank, financial bonds, corporate bonds and convertible bonds etc), short term financial instruments (including bonds with maturity dates of less than one year, repurchase of bonds, notes of central bank, bank deposits, short term financing notes etc), cash assets, warrants, asset-backed securities that the laws and regulations or the CSRC allow the Fund to invest. If the Fund is permitted by laws and regulations or regulatory authorities to invest in other investment types in the future, the Fund Manager may include those types in its investment universe after performing the appropriate procedures. 投資於在中國境內上市交易的股票 債券 ( 本基金主要投資於獲得中國內地信貸評級機構評為 BB+ 以上的債券, 但亦可投資於被評為 BB+ 或以下的債券及未獲評級的債券;以及其亦可投資於城投債 ) 和國務院證券監督管理機構允許 / 批准的其他證券品種 主要包括 : 中國內地股票 (A 股及監管機構允許投資的其他種類和其他市場的股票 ) 中國內地債券 ( 包括交易所和銀行間兩個市場的國債 金融債 企業債與可轉換債等 ) 短期金融工具 ( 包括到期日在一年以內的債券 債券回購 央行票據 銀行存款 短期融資券等 ) 現金資產 權證及法律法規或中國證監會允許基金投資的資產支持證券 如法律法規或監管機構以後允許基金投資其他品種, 基金管理人在履行適當程序後, 可以將其納入投資範圍 The proportion of the Fund s portfolio: Mainland China equities account for 30%-95% of the Fund assets, the other assets (except for equities) account for 5%-70% of the Fund assets, of which the ratio of the total of cash (not including settlement provisions, guarantee deposits paid or subscription amount receivables) or Mainland Chinese government bonds maturing within one year accounts for no less than 5% of the Net Asset Value of the Fund. At the same time, for hedging purpose, the Fund can invest in all types of financial derivative products allowed by the laws and regulations or the CSRC, such as options, futures, warrants, asset-backed securities and other related derivative instruments. 基金的投資組合比例為 : 中國內地股票佔基金資產的 30%-95%; 除股票以外的其他資產佔基金資產的 5%-70%, 其中現金 ( 不包括結算備付金 存出保證金 應收申購款等 ) 或到期日在一年期以內的中國內地政府債券的比例合計不低於基金資產淨值的 5% 同時, 為對沖目的, 基金可投資於經法律法規或中國證監會允許的各種金融衍生產品, 如期權 期貨 權證 資產支持證券以及其他相關的衍生工具 During the actual management of the Fund, the Fund Manager makes active adjustment to the specific allocation proportion of this Fund (but will still be within the percentage limits specified above) according to the macro-economic conditions of the PRC and the changes of the securities market, so as to optimise the balance between risks and return in relation to the Fund s investments in various types of assets while the investment proportion is still within the above limit. The Fund Manager may make proper adjustments to the above proportions if there are applicable requirements stipulated in the Laws and Regulations, subject to any prior regulatory approval, and investors will be notified pursuant to applicable regulatory requirements. 在基金實際管理過程中, 本基金具體配置比例由基金管理人根據中國宏觀經濟情況和證券市場的階段性變化做主動調整 ( 但仍會在上述指定的百分比限制內 ), 以求基金在各類資產的投資中達到風險和收益的最佳平衡, 但比例不超出上述限定範圍 在法律法規有任何適用規定的情況下, 基金管理人可對上述比例作適度調整, 惟須事先獲得監管批准, 及投資者將根據適用監管規定獲通知 The Fund may have substantial exposure to stocks listed on the small and medium enterprise (SME) board and/or ChiNext of the Shenzhen Stock Exchange. 本基金可能大量投資於在深圳證券交易所中小企業板及 / 或創業板上市的股票 Where the Fund invests in financial derivative instruments (including options, futures, warrants and asset-backed securities), such instruments will be used for hedging purpose only. 倘本基金投資於金融衍生工具 ( 包括期權 期貨 權證及資產支持證券 ), 該等工具將僅用作對沖目的 The Fund does not engage in leverage except for liquidity management purposes to satisfy investors redemptions and for re-investment purposes for subscribing for shares in initial public offerings (IPOs). The Fund s leverage will be obtained by way of repurchase transactions only. The level of total leverage will not exceed 40% of the Net Asset Value of the Fund. 本基金並不運用槓桿, 惟就流動性管理目的以滿足投資者的贖回及用於再投資目的以供認購於首次公開發售 (IPO) 的股份除外 本基金的槓桿僅會透過回購交易獲得 總槓桿水平將不會超過本基金資產淨值的 40% The Fund does not engage in securities lending transactions. The Fund may engage in repurchase transactions ( repo ) and/or reverse repurchase transactions ( reverse repo ) in respect of bonds in the Mainland China exchange market and/or the interbank market. Provided that the minimum investment requirements for meeting the Fund s investment objective and strategies and the other applicable regulatory requirements are complied with, the Fund may enter into (i) repo transactions in the interbank market and/or the exchange market for up to 40% of the Net Asset Value of the Fund and (ii) reverse repo transactions in the interbank market and/or the exchange market for up to 40% of the Net Asset Value of the Fund. In practice, the extent of total exposure to reverse repo transactions is not expected to exceed 20% of the Net Asset Value of the Fund, whereas the exposure to reverse repo may exceed 20% of the Net Asset Value of the Fund only in extreme circumstances where the yield of reverse repo investment is better than that of bond investment in an acute shortage of liquidity. 本基金並無進行證券借出交易 本基金可就中國內地交易所市場及 / 或銀行間市場的債券進行回購交易 ( 回購 ) 及 / 或反向回購交易 ( 反向回購 ) 本基金可 (i) 於銀行間市場及 / 或交易所市場訂立最多達本基金資產淨值 40% 的回購交易及 (ii) 於銀行間市場及 / 或交易所市場訂立最多達本基金資產淨值 40% 的反向回購交易 實際上, 反向回購交易的總比例水平預期不超過本基金資產淨值的 20%, 而反向回購的比例只有在流動性嚴重短缺時反向回購投資收益較債券投資收益為佳的極端情況下, 方可超過本基金資產淨值的 20% For details relating to the investment objectives and strategy of the Fund, please refer to sub-sections (I) (IV) in the section 13. Fund Investment of the Prospectus. 有關本基金投資目標及策略的詳情, 請參閱招募說明書 十三 基金的投資 一節中的第 ( 一 ) 至第 ( 四 ) 分節

11 What are the Key Risks? 本基金有哪些主要風險? Investment involves risks and there is no guarantee of the repayment of principal. Please refer to the offering document for details including the risk factors. 投資附帶風險, 概不保證償付本金 請參閱銷售文件以便獲取其他資料, 包括風險因素 1. Risks associated with the MRF arrangement 與基金互認安排有關的風險 Quota restrictions: The Mainland-Hong Kong Mutual Recognition of Funds (MRF) scheme is subject to an overall quota restriction. Subscription of units in the Fund may be suspended at any time if such quota is used up. 額度限制 : 內地與香港基金互認安排 ( 基金互認安排 ) 設有一項整體額度限制 如該額度已用盡, 則本基金的份額可能隨時暫停接受認購 Failure to meet eligibility requirements: If the Fund ceases to meet any of the eligibility requirements under the MRF, it may not be allowed to accept new subscriptions. In the worst scenario, the SFC may even withdraw its authorisation for the Fund to be publicly offered in Hong Kong for breach of eligibility requirements. There is no assurance that the Fund can satisfy these requirements on a continuous basis. 未能符合資格規定 : 如本基金不再符合基金互認安排下的任何資格規定, 則本基金可能不得接受新認購 在最惡劣情況下, 證監會可能甚至就違反資格規定撤銷其就本基金於香港進行公開發售所授出的認可 概不保證本基金可持續符合該等規定 Mainland China tax risk: Currently, certain tax concessions and exemptions are available to the Fund and/or its investors under the MRF regime. There is no assurance that such concessions and exemptions or Mainland tax laws and regulations will not change. Any change to the existing concessions and exemptions as well as the relevant laws and regulations may adversely affect the Fund and/or its investors and they may suffer substantial losses as a result. 中國內地稅務風險 : 現時, 本基金及 / 或其投資者於基金互認安排的制度下可享有若干稅務優惠及豁免 概不保證該等優惠及豁免或內地稅務法律法規將不會改變 現有優惠及豁免以及相關法律法規的任何改變, 均可能對本基金及 / 或其投資者構成重大不利影響及彼等可能因此蒙受重大損失 Different market practices: Market practices in the Mainland China and Hong Kong may be different. In addition, operational arrangements of the Fund and other public funds offered in Hong Kong may be different in certain ways. For example, subscriptions or redemptions of units may only be processed on a Hong Kong Dealing Day (i.e. a business day in both Mainland China and Hong Kong), or it may have different cut-off times or dealing day arrangements versus other SFC-authorised funds. Investors should ensure that they understand these differences and their implications. 不同市場慣例 : 中國內地與香港的市場慣例可能不同 此外, 本基金及其他於香港發售的公眾基金的運作安排可能會在若干方面有所不同 例如, 認購或贖回基金份額僅可於香港交易日 ( 即同是中國內地與香港的營業日的日子 ) 進行, 或在截止時間或交易日安排有別於其他證監會認可基金 投資者應確保彼等了解該等分別及相關影響 2. Investment risk 投資風險 The Fund is an investment fund. There is no guarantee of the repayment of principal or payment of dividend or distribution. Further, there is no guarantee that the Fund will be able to achieve its investment objectives and there is no assurance that the stated strategies can be successfully implemented. 本基金為投資基金 概不保證可收回本金或支付紅利或分派 此外, 概不保證本基金將可實現其投資目標, 亦不保證可成功施行所述策略 3. Concentration risk / Mainland China market risk 集中風險 / 中國內地市場風險 The Fund invests primarily in securities related to the Mainland China market and may be subject to additional concentration risk. Investing in the Mainland China market may give rise to different risks including political, policy, tax, economic, foreign exchange, legal, regulatory and liquidity risks. 本基金主要投資於與中國內地市場有關的證券, 並可能承受額外的集中風險 投資於中國內地市場可能會產生不同風險, 包括政治 政策 稅務 經濟 外匯 法律 監管及流動性風險 4. RMB currency and conversion risks 人民幣匯率及兌換風險 RMB is currently not freely convertible and is subject to exchange controls and restrictions. 人民幣現時不可自由兌換並受到外匯管制及限制 Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors base currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor s investment in the Fund. 以非人民幣為基礎貨幣的投資者須承受外匯風險, 概不保證人民幣兌換為投資者的基礎貨幣 ( 如港元 ) 的價值不會貶值 人民幣的任何貶值可對投資者於本基金的投資價值造成不利影響 Investors may not receive RMB upon redemption of investments and/or dividend payment or such payment may be delayed due to the exchange controls and restrictions applicable to RMB. 在適用於人民幣的外匯管制及限制影響下, 投資者於贖回投資及 / 或紅利派付時可能無法收取人民幣或有關支付可能會受到延遲 5. Mainland China Equity risk 中國內地股票風險 Market risk: The Fund s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. 市場風險 : 本基金於股本證券的投資承受一般市場風險, 投資的價值可能因多項因素 ( 如投資氣氛 政治及經濟狀況的變化, 以及發行人特定因素 ) 而表現波動 Volatility risk: High market volatility and potential settlement difficulties in the Mainland China equity markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund. 波動性風險 : 中國內地股票市場的高市場波動性及潛在結算困難, 亦可能導致在該等市場所買賣證券的價格出現大幅波動, 繼而可能對本基金的價值造成不利影響

12 Policy risk: Securities exchanges in Mainland China typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund. 政策風險 : 中國內地證券交易所通常有權暫停或限制在相關交易所買賣的任何證券的交易 政府或監管機構亦可能實施可能影響金融市場的政策 所有有關因素可能對本基金造成負面影響 High stock valuation risk: The stocks listed on the Mainland China stock exchanges may have a higher price-earnings ratio; and such high valuation may not be sustainable. 高股票估值風險 : 於中國內地證券交易所上市的股票可能具有較高的市盈率 ; 而該高估值或不可持續 Liquidity risk: Securities markets in Mainland China may be less liquid than other developed stock markets. The Fund may suffer substantial losses if it is not able to dispose of investments at a time it desires. 流動性風險 : 中國內地證券市場的流動性可能較其他發達股票市場低 如果本基金不能在其需要時出售投資, 其可能遭受巨大損失 Risk associated with small-capitalisation / mid-capitalisation companies: The stock of small-capitalisation / mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general. 與小市值 / 中市值公司相關的風險 : 相對於較大市值的公司, 一般而言, 小市值 / 中市值公司股票的流動性可能較低, 其價格在不利經濟發展下亦較為波動不定 6. Risks associated with the Small and Medium Enterprise (SME) board and/or ChiNext 中小企業板及 / 或創業板風險 Higher fluctuation on stock prices: Listed companies on the SME board and/or ChiNext are usually of emerging nature with smaller operating scale. Hence, they are subject to higher fluctuation in stock prices and liquidity and have higher risks and turnover ratios than companies listed on the main board. 較高的股價波動:中小企業板及 / 或創業板上市公司一般屬新興性質, 營運規模較小, 因此相比主板上市公司, 該等公司承受較高的股價及流動性波動, 以及較高的風險和轉手率 Over-valuation risk: Stocks listed on the SME board and/or ChiNext may be overvalued and such exceptionally high valuation may not be sustainable. Stock price may be more susceptible to manipulation due to fewer circulating shares. 估值過高風險:在中小企業板及 / 或創業板上市的股票可能估值過高, 惟極高估值可能無法維持 股價可能會因較少流通股而較容易受到操控 Differences in regulations: The rules and regulations regarding companies listed on ChiNext are less stringent in terms of profitability and share capital than those in the main board and SME board. 規例差異:有關創業板上市公司利潤和股本的規則及規例相對主板及中小企業板上市公司的規定較寬鬆 Delisting risk: It may be more common and faster for companies listed on the SME board and/or ChiNext to delist. This may have an adverse impact on the Fund if the companies that it invests in are delisted. 除牌風險:中小企業板及 / 或創業板上市公司發生除牌, 可能較為普遍及快速 如果本基金所投資的公司除牌, 可能對本基金產生不利影響 Investments in the SME board and/or ChiNext may result in significant losses for the Fund and its investors. 投資於中小企業板及 / 或創業板可能導致本基金及其投資者蒙受重大損失 7. Mainland debt securities risk 內地債務證券風險 Volatility and liquidity risks: The Mainland China debt securities markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations. 波動性及流動性風險 : 中國內地債務證券市場可能較更成熟市場承受較高的波動性及較低的流動性 於該等市場買賣的證券價格可能出現波動 Counterparty risk: The Fund is exposed to the credit/default risk of issuers of the debt securities that the Fund may invest in. 對手方風險 : 本基金承受其所投資債務證券的發行人的信貸 / 違約風險 Interest rate risk: Investment in the Fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. 利率風險 : 本基金的投資承受利率風險 一般而言, 債務證券的價格在利率下跌時上升, 然而其價格在利率上升時卻下跌 Downgrading risk: The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Fund may be adversely affected. The Fund Manager may or may not be able to dispose of the debt instruments that are being downgraded. 調低評級風險 : 債務工具或其發行人的信貸評級其後可能被調低 如出現評級被調低的情況, 本基金的價值可能受到不利影響 基金管理人未必一定能夠出售被調低評級的債務工具 Credit rating agency risk: The credit appraisal system in Mainland China and the rating methodologies employed in Mainland China may be different from those employed in other markets. Credit ratings given by Mainland China rating agencies may therefore not be directly comparable with those given by other international rating agencies. 信貸評級機構風險 : 中國內地的信貸評價制度及中國內地所採用的評級方法可能有別於其他市場所採用者 因此, 中國內地評級機構所發出的信貸評級未必可與其他國際評級機構所發出者直接比較

13 8. Risks relating to repurchase / reverse repurchase transactions 有關回購 / 反向回購交易的風險 (for repurchase transactions) The Fund Manager may enter into repurchase transactions for the account of the Fund. For repurchase transaction, the Fund may suffer substantial loss as there may be delays and difficulties in recovering collateral pledged with the counterparty or the cash originally received may be less than the collateral pledged with the counterparty due to inadequate valuation of the collateral and market movements upon default of the counterparty. ( 有關回購交易 ) 基金管理人可為本基金訂立回購交易 就回購交易而言, 本基金可能蒙受重大損失, 因收回已抵押予對手方的抵押品的過程中可能出現延誤及遭遇困難, 或於對手方違約時原本收取的現金可能因抵押品的估值不足及市場走勢而少於抵押予對手方的抵押品 (for reverse repurchase transactions) The Fund Manager may enter into reverse repurchase transactions for the account of the Fund. The collateral pledged under the reverse repurchase transactions in the interbank market may not be marked to market. In addition, the Fund may suffer substantial loss when engaging in reverse repurchase transactions as there may be delays and difficulties in recovering the cash placed out or realizing the collateral, or proceeds from the sale of the collateral may be less than the cash placed with the counterparty due to inadequate valuation of the collateral and market movements upon default of the counterparty. ( 有關反向回購交易 ) 基金管理人可為本基金訂立反向回購交易 根據於銀行間市場所進行反向回購交易抵押的抵押品可能並非按市價計值 此外, 本基金可能在進行反向回購交易時蒙受重大損失, 因收回所存放現金或變現抵押品的過程中可能出現延誤及遭遇困難, 或於對手方違約時出售抵押品的所得款項可能因抵押品的估值不足及市場走勢而少於存放於對手方的現金 9. Risks associated with distributions out of capital 與從資本中分派有關的風險 Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholder s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of distributions out of the Fund s capital or (as the case may be) payment of distributions effectively out of the Fund s capital may result in an immediate reduction of the net asset value per unit. 基金份額持有人應注意, 從資本或實際從資本中支付分派, 相等於退回或提取基金份額持有人的原有投資的一部分或該原有投資應佔的任何資本收益 涉及從本基金資本中支付分派或 ( 視乎情況而定 ) 實際從本基金資本中支付分派的任何分派, 均可能導致每份額資產淨值即時減少 How has the fund performed? 本基金過往的業績表現如何? Is there any guarantee? 本基金有否提供任何保證? Past performance information is not indicative of future performance. Investors may not get back the full amount invested. 過去業績並不代表將來的表現 投資者可能不能取回全部投資金額 The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested. 業績表現以曆年末的資產淨值作為比較基礎, 股息會滾存再作投資 These figures show by how much the Class H increased or decreased in value during the calendar year being shown. Performance data has been calculated in RMB including ongoing charges and excluding subscription fee and redemption fee you might have to pay. 數據顯示 H 類別於上述曆年的價值升跌 業績數據以人民幣計算, 包括經常性開支但不包括您可能需支付的認購費用及贖回費用 Class H is a unit class open for investment by Hong Kong retail investors and denominated in the Fund s base currency. H 類別乃開放予香港零售投資者投資及以本基金的基礎貨幣計價的份額類別 Where no past performance is shown there was insufficient data available in that year to provide performance. 假如並無顯示過往表現, 則表示該年度並無足夠數據以提供表現 The Benchmark of Class H is 50% * MSCI China A Index + 50% * ChinaBond New Composite Index (full price). H 類別的基準為 50% MSCI 中國 A 股指數收益率 +50% 中債新綜合指數收益率 ( 全價 ) Fund launch date: 2007 基金成立日期: 2007 年 Class H launch date: 2016 H 類別成立日期: 2016 年 The Fund does not have any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證 閣下未必能全數取回投資本金

14 What are the fees and charges? 本基金涉及哪些費用? Charges which may be payable by you 認購本基金時閣下或須支付的費用 You may have to pay the following fees when dealing in the Fund. 閣下買賣本基金時可能須要支付以下費用 Fees 費用 What you pay 你須支付 Subscription fee 認購費 Up to 5% of the total subscription proceeds 最高為認購款項總額的 5% Switching fee 轉換費 Not applicable 不適用 Redemption fee 贖回費 0.13% of the total redemption proceeds 贖回所得款項總額的 0.13% Ongoing fees payable by the Fund 本基金持續繳付的費用 The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments. 以下收費將從本基金總值中支付 閣下的投資回報將會因而減少 Fees 費用 Annual rate (as a % of the Net Asset Value of the Fund) 年率 ( 以本基金資產淨值之 %) Management fee 管理費 1.5% Custodian fee 託管費 0.25% Performance fee 表現費 Administration fee 行政費 Not applicable 不適用 Not applicable 不適用 Other fees 其他收費 You may have to pay other fees and charges when dealing in the Fund. 閣下買賣本基金時可能須要支付其他費用 Additional information 其他資料 You generally buy and redeem units at the Fund s next-determined Net Asset Value after authorised distributor receives your request in good order no later than 3 p.m. (Hong Kong time) being the dealing cut-off time. Certain authorised distributor(s) may impose earlier dealing deadlines for receiving requests from investors. Investors should check with the relevant authorised distributors accordingly. 一般而言, 閣下認購及贖回本基金份額的價格, 是在認可分銷商於香港時間下午 3 時前 ( 即交易截止時間 ) 收到閣下的完整指示後, 參照本基金資產淨值而釐定的下一個認購及贖回價 若干認可分銷商可能就接收投資者的要求實施較早的截止時間 因此, 投資者應向相關認可分銷商查詢有關安排 The Net Asset Value of the Fund is calculated and the price of units published each Hong Kong Dealing Day. They are available online at the Hong Kong website of HSBC Global Asset Management (Hong Kong) Limited at (the website has not been reviewed by the SFC). 本基金的資產淨值及份額價格於每個香港交易日計算及公佈 資產淨值及份額價格均可於滙豐環球投資管理 ( 香港 ) 有限公司的香港網站 此網站並未經證監會審閱 ) 查覽 Compositions of the distributions (if any) (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) for the last 12 months would be made available by the Hong Kong Representative on request and also on the Hong Kong website of HSBC Global Asset Management (Hong Kong) Limited at (the website has not been reviewed by the SFC). 於過去 12 個月的分派 ( 如有 ) 之構成 ( 即是有關從 (i) 可供分派淨收入及 (ii) 資本撥付的款項 ) 可向香港代表索取, 亦載於滙豐環球投資管理 ( 香港 ) 有限公司的香港網站 此網站並未經證監會審閱 ) 查覽 Investors should visit the Hong Kong website of HSBC Global Asset Management (Hong Kong) Limited at (the website has not been reviewed by the SFC) for the latest notices (in both English and traditional Chinese) relating to the Fund. 投資者應瀏覽滙豐環球投資管理 ( 香港 ) 有限公司的香港網站 此網站並未經證監會審閱 ), 以了解有關本基金的最新通知 ( 提供英文版及繁體中文版 ) Important 重要提示 If you are in doubt, you should seek professional advice. 閣下如有疑問, 請應諮詢專業意見 The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness. 證監會對本概要的內容並不承擔任何責任, 對其準確性或完整性亦不作出任何陳述 Issued by HSBC Jintrust Fund Management Company Limited 由滙豐晉信基金管理有限公司刊發