醫院管理局公積金計劃 HOSPITAL AUTHORITY PROVIDENT FUND SCHEME 給計劃成員的每季最新資料 Quarterly Information Update for Scheme Members 第四季 (2020 年 10 月至 12 月 ) Fourth Quart

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醫院管理局公積金計劃 HOSPITAL AUTHORITY PROVIDENT FUND SCHEME 給計劃成員的每季最新資料 Quarterly Information Update for Scheme Members 第四季 (2020 年 10 月至 12 月 ) Fourth Quarter (Oct Dec 2020) 基金表現截至 2020 年 12 月 31 日止的季度

而取得長期資本增值 Achieve returns in line with global equity markets & provide long-term capital appreciation by investing primarily in global equities with a bias towards Hong Kong and China 基金資產值 Fund Size

0.1% / HK/China Equities 26.9% ( / ) AsiaPacific ex-hk/japan Equities 2 15.6% 16. 14.7% 14.7% 13.8% 13. 11.1% 11.1% 8.3% 8.6% 8.4% 9. 8.8% 7.7% 5.8% 5. 40.3% 美元及港元 US Dollar and HK Dollar 80.

1 醫院管理局公積金計劃 HOSPITAL AUTHORITY PROVIDENT FUND SCHEME 給計劃成員的每季最新資料 Quarterly Information Update for Scheme Members 第四季 (2020 年 10 月至 12 月 ) Fourth Quarter (Oct Dec 2020) 基金表現截至 2020 年 12 月 31 日止的季度 Lifestyle Fund Performance Quarter Ended 31 December 2020 EQUITY 環球股票基金戰略股票配置 Strategic equity allocation 9 Global Equity Fund 非常高風險 Very High Risk 致力達到與環球股票市場相若的回報主要透過投資於環球股票 ( 比重傾向香港及中國股票 ) 而取得長期資本增值 Achieve returns in line with global equity markets & provide long-term capital appreciation by investing primarily in global equities with a bias towards Hong Kong and China 基金資產值 Fund Size HK$7,820m ( 百萬港元 ) 基金成立日期 Inception Date 31/3/2010 HK$ 基金風險指數 Fund Risk Indicator(3 年標準誤差 3 yrs S.D.) 16.3% p.a. 基金開支比率 Fund Expense Ratio( 年度 Year 2019/20) 0.44% 4.6% 4.8% 4.9% 1.8% 5.1% % / HK/China Equities 26.9% ( / ) AsiaPacific ex-hk/japan Equities % % 14.7% 13.8% % 11.1% 8.3% 8.6% 8.4% % 7.7% 5.8% % 美元及港元 US Dollar and HK Dollar 80.6% 日圓 Japanese Yen 2.9% 歐洲貨幣 European Currencies 4.8% 其他亞太區貨幣 Other Asia Pacific Currencies 9.7% 新興市場 ( 亞洲除外 ) 貨幣 1.9% 其他貨幣 Other Currencies 0.2% TENCENT HOLDINGS 1.9% APPLE INC 1. MICROSOFT CORP 1.3% AMAZON.COM 1.3% AIA GROUP 1.3% ALIBABA GROUP 1.2% MEITUAN DIANPING 1. HSBC HOLDINGS 1. ALPHABET INC 0.9% CHINA CONSTRUCTION BANK 0.8% 合計 Total 12.2%

2 增長基金 Growth Fund 戰略股票配置 Strategic equity allocation 67. 高風險 High Risk 透過投資於股票比重較多的組合獲取長期資本增值, 並以全球多元化來控制風險水平 Provide long-term capital appreciation by investing in an equity bias portfolio with risk control through global diversification 基金資產值 Fund Size HK$32,604m ( 百萬港元 ) HK$ 基金風險指數 Fund Risk Indicator(3 年標準誤差 3 yrs S.D.) 13.1% p.a. 基金開支比率 Fund Expense Ratio( 年度 Year 2019/20) 0.44% 0.1% 4.8% 4.9% 20.6% 1.4% % 21.2% 30.7% / HK/China Equities ( / ) AsiaPacific ex-hk/japan Equities Global Fixed Income % 11.7% 11.9% 12.1% 11.3% 9.7% 9.4% % 7.7% 7.3% 8.1% 7.9% 5.4% 4.9% 美元及港元 US Dollar and HK Dollar 80.6% 日圓 Japanese Yen 3.1% 歐洲貨幣 European Currencies 5. 其他亞太區貨幣 Other Asia Pacific Currencies 8. 新興市場 ( 亞洲除外 ) 貨幣 2.1% 其他貨幣 Other Currencies 0.3% TENCENT HOLDINGS 1. APPLE INC 1.1% MICROSOFT CORP 1. AMAZON.COM 1. AIA GROUP 1. ALIBABA GROUP 0.9% MEITUAN DIANPING 0.8% HSBC HOLDINGS 0.7% FNMA SINGLE FAMILY MORTGAGE 4% 30YR SETTLES FEB 0.7% ALPHABET INC 0.6% 合計 Total 9.3% 均衡基金 Balanced Fund 戰略股票配置 Strategic equity allocation 47. 中等風險 Medium Risk 透過投資於股票及債劵的多元化組合以獲取長期資本增值 Provide long-term capital appreciation by investing in a diversified portfolio of equities and bonds 基金資產值 Fund Size HK$21,676m ( 百萬港元 ) HK$ 基金風險指數 Fund Risk Indicator (3 年標準誤差 3 yrs S.D.) 10.3% p.a. 基金開支比率 Fund Expense Ratio( 年度 Year 2019/20) 0.44% 4.8% 0.1% / HK/China Equities 4.9% % 39.1% 23. ( / ) AsiaPacific ex-hk/japan Equities Global Fixed Income 9.3% 10.2% 9.1% % 6.3% 5.2% 8.3% 7.9% 6.8% 6.3% 4.1% 7.3% 6.9% % 6.2% 2. 美元及港元 US Dollar and HK Dollar 82.4% 日圓 Japanese Yen 3. 歐洲貨幣 European Currencies 5.6% 其他亞太區貨幣 Other Asia Pacific Currencies 6.8% 新興市場 ( 亞洲除外 ) 貨幣 1.9% 其他貨幣 Other Currencies 0.3% FNMA SINGLE FAMILY MORTGAGE 4% 30YR SETTLES FEB 1.2% FNMA SINGLE FAMILY MORTGAGE 2% 30YR SETTLES MAR 1.1% TENCENT HOLDINGS 1.1% FNMA SINGLE FAMILY MORTGAGE 4% 30YR SETTLES JAN 1. APPLE INC 0.9% CHINA DEVELOPMENT BANK 4.04% 10/4/ % MICROSOFT CORP 0.8% AMAZON.COM 0.8% FNMA SINGLE FAMILY MORTGAGE 2. 30YR SETTLES MAR 0.8% AIA GROUP 0.7% 合計 Total 9.2%

3 保守基金 Conservative Fund 戰略股票配置 Strategic equity allocation 22. 中等低風險 Medium Low Risk 投資主要集中於債劵 ( 但有部份股票 ) 的多元化組合而獲得若干長期資本增值的機會, 但仍具資本虧損的可能性 Provide some long-term capital appreciation opportunity with some risks of capital loss by investing in a diversified portfolio focusing toward bonds whilst retaining some equities 基金資產值 Fund Size HK$7,623m ( 百萬港元 ) HK$ 基金風險指數 Fund Risk Indicator(3 年標準誤差 3 yrs S.D.) 6.2% p.a. 基金開支比率 Fund Expense Ratio( 年度 Year 2019/20) 0.37% 4.8% 4.9% 0.1% % 11.6% 40.7% 3.1% 1.2% 1.4% 0. / HK/China Equities ( / ) AsiaPacific ex-hk/japan Equities Global Fixed Income ( ) Short Term Bonds (HKD&USD) 6.2% 5.2% 5.1% 10.4% 7.2% 6.8% % 5.4% 4.9% 4.3% % 美元及港元 US Dollar and HK Dollar 87.7% 日圓 Japanese Yen 2.2% 歐洲貨幣 European Currencies 4. 其他亞太區貨幣 Other Asia Pacific Currencies 3.8% 新興市場 ( 亞洲除外 ) 貨幣 1.4% 其他貨幣 Other Currencies 0.4% FNMA SINGLE FAMILY MORTGAGE 4% 30YR SETTLES FEB 1.3% FNMA SINGLE FAMILY MORTGAGE 2% 30YR SETTLES MAR 1.1% FNMA SINGLE FAMILY MORTGAGE 4% 30YR SETTLES JAN 1.1% CHINA DEVELOPMENT BANK 4.04% 10/4/ % FNMA SINGLE FAMILY MORTGAGE 2. 30YR SETTLES MAR 0.8% SHENZHEN INTERNATIONAL HOLDINGS /03/ % NYKREDIT REALKREDIT 1% 1/10/ % BANK OF AMERICA 2.3 7/12/ % AIA GROUP /7/ % EXPORT IMPORT BANK OF CHINA 3.13% 22/3/ % 合計 Total 8.6% BOND 環球債券基金 Global Bond Fund 戰略債券配置 Strategic bond allocation 9 中等低風險 Medium Low Risk 致力達到與環球債劵市場相若的回報主要透過投資於環球債券以提供穩定收入, 雖然避免股票的風險, 但仍具信貸和利率的風險 Achieve returns in line with global bond markets & provide stable income by investing primarily in global bonds to avoid equity risk but with exposure to credit risk and interest rate risk 基金資產值 Fund Size HK$3,378m ( 百萬港元 ) 基金成立日期 Inception Date 31/3/2010 HK$ 基金風險指數 Fund Risk Indicator(3 年標準誤差 3 yrs S.D.) 4.4% p.a. 基金開支比率 Fund Expense Ratio( 年度 Year 2019/20) 0.41% 4.8% 4.9% 0.1% / Government/Agency Bond Corporate Bond 12.8% 35.4% Non-agency ABS Short-term Bills and Cash 7.3% % Others 2.1% 2.2% % 4.8% 4.6% 4.4% 4.6% 4.2% 4.1% 3.9% 3.6% 3.7% 3.3% 1.6% 美元及港元 US Dollar and HK Dollar 86.8% 日圓 Japanese Yen 2.6% 歐洲貨幣 European Currencies 6. 其他亞太區貨幣 Other Asia Pacific Currencies 2.4% 新興市場 ( 亞洲除外 ) 貨幣 1.6% 其他貨幣 Other Currencies 0.6% FNMA SINGLE FAMILY MORTGAGE 4% 30YR SETTLES FEB 2.9% FNMA SINGLE FAMILY MORTGAGE 2% 30YR SETTLES MAR 2. FNMA SINGLE FAMILY MORTGAGE 4% 30YR SETTLES JAN 2.4% CHINA DEVELOPMENT BANK 4.04% 10/4/ % FNMA SINGLE FAMILY MORTGAGE 2. 30YR SETTLES MAR 1.7% NYKREDIT REALKREDIT 1% 1/10/ % FNMA SINGLE FAMILY MORTGAGE 30YR SETTLES JAN 1.1% MEXICAN GOVERNMENT BOND /10/ % SPAIN 0.8% 30/7/ % JAPAN T-BILL 29/3/ % 合計 Total 16.9%

4 貨幣市場基金 Money Market Fund 貨幣市場基金 Money Market Instruments 10 低風險 Low Risk 致力達到與港元儲蓄利率相若的回報 Achieve returns in line with Hong Kong Dollar savings rates 基金資產值 Fund Size HK$4,516m ( 百萬港元 ) HK$ 基金風險指數 Fund Risk Indicator(3 年標準誤差 3 yrs S.D.) 0.3% p.a. 基金開支比率 Fund Expense Ratio( 年度 Year 2019/20) 0.12% Bond Treasury Bill and Cash Equivalents % % 0.7% 0.6% 0.4% 0.2% % 0.3% 美元及港元 US Dollar and HK Dollar 10 CDBL FUNDING 1.8 8/2/ ICBC 0.4% 7/10/ % BANCO SANTANDER 0. 9/3/ % CATHAY UNITED BANK 0. 29/3/ % CATHAY UNITED BANK 0. 18/3/ % CHINA DEVELOPMENT BANK 0.6% 16/3/ % BANK OF COMMUNICATION HK 4% 24/2/ UNITED STATES TREASURY BILLS 0. 1/5/ % CHINA DEVELOPMENT BANK 0.6% 5/2/ % AGRICULTURAL BANK OF CHINA 0. 15/3/ % 合計 Total 38.1% 股票行業分配 Equity Sector Allocation % 3.8% 4.2% 11.3% 9.2% 17.4% 16.3% 6.3% 2.1% 電訊 Communication Services 非必需消費 Consumer Discretionary 必需消費 Consumer Staples 能源 Energy 金融 Financials 醫療保健 Health Care 工業 Industrials 資訊科技 Information Technology 原材料 Materials 房地產 Real Estate 公用事業 Utilities 附圖顯示公積金計劃中所有股票基金經理的綜合行業配置, 各成員基金的行業配置或會與這些數字有略微偏差 The figures illustrate the aggregated sector allocation of all equity managers at the scheme level. The sector allocation of each member choice fund may vary slightly from these figures. 重要資訊 Important Information 1. 閣下在作出投資選擇前, 應先考慮自身之風險承受能力與財政狀況若閣下在選擇基金時對某基金是否適合閣下 ( 包括是否符合閣下之投資目標 ) 有疑問, 閣下應咨詢理財及或專業意見, 並在考慮自身情況後選擇最適合閣下之基金 You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of funds, you are in doubt as to whether a certain fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose the fund(s) most suitable for you taking into account your circumstances. 2. 投資附帶風險過往投資表現並不能代表將來業績 Investment involves risks. Past performance is not indicative of future performance. 3. 由 2019 年 10 月 1 日起, 在偏好本土投資的策略下, 分配在香港和中國資金佔所有股票投資組合 3 With effect from 1 October 2019, an equity market home bias (including Hong Kong and China) of 3 of total equities has been adopted for strategic asset allocation for the equity portfolio.

5 投資經理的真知灼見 Manager Insights 醫院管理局公積金計劃的資產由二十多位投資經理管理, 涵蓋多元化資產類別廣泛地區及不同投資風格在投資經理的真知灼見系列中, 我們將邀請投資經理分享他們的見解, 旨在促進了解不同領域的投資觀點 The assets of Hospital Authority Provident Fund Scheme are managed by more than 20 investment managers covering a wide range of asset classes over diversified regions with different investment styles. In this Manager Insights series, we will invite our investment managers to share their insights on investment from different perspectives. 各式各樣的債券 The many different kinds of bonds 整體上, 政府債券和企業債券仍然是債市的最大範疇, 但其他類型的債券 ( 包括按揭抵押證券 ) 亦擔當著重要角色, 可為若干行業 ( 例如房地產 ) 提供融資及滿足個別投資需求政府債券 : 政府債券是一個廣泛類別, 包括由中央政府發行, 並一般獲其擔保的主權債券部份政府亦發行與通脹掛鈎的主權債券, 稱作通脹掛鈎債券, 在美國則稱為國庫抗通脹債券通脹掛鈎債券的利率及 / 或本金會定期調整, 以反映通脹率的變動, 從而提供實質 ( 即經通脹調整 ) 回報與其他債券不同的是, 當實質利率變化的速度高於名義利率, 通脹掛鈎債券或會蒙受較大虧損除主權債券外, 政府債券亦包括以下分類類別 : 機構和準政府債券 : 中央政府致力透過機構實現不同目標, 例如是支持經濟型房屋或小企業的發展不少機構都會發行債券以籌集營運資金地方政府債券 : 不論是省份州份或城市的地方政府都會借款, 為興建大橋或學校, 以至日常營運等項目籌集資金企業債券 : 企業債券一直是繼政府債券後最大規模的債市企業在債市借款, 以擴充業務或為新業務提供資金企業債券可分為兩個主要類別 : 投資級別及投機級別 ( 亦稱為高孳息或垃圾 ) 債券與評級較高的投資級別企業比較, 投機級別債券的發行公司被視為信貸質素較低, 並附帶較高的違約風險綜觀這兩大類別, 企業債券的評級區間廣闊, 反映發行人的財務狀況可以有重大差異新興市場債券 : 發展中國家發行的主權和企業債券亦稱作新興市場債券按揭抵押及資產抵押證券 : 全球債市另一個主要領域源自一個稱為證券化的程序, 即是結集不同貸款類別 ( 例如按揭供款汽車供款信用卡供款 ) 的現金流, 然後以債券形式重新售予投資者按揭抵押證券和資產抵押證券是涉及證券化的最大領域按揭抵押證券 : 由住宅物業業主按揭供款組成的債券按揭貸款人 ( 一般為銀行和金融公司 ) 會向另一實體出售獨立按揭貸款, 後者會把貸款組合成一項證券, 其派息與住宅物業業主支付的按揭利率相近資產抵押證券 : 這類債券是由汽車供款信用卡供款及其他貸款所組成的證券就如按揭抵押證券般, 資產抵押證券將同類貸款組合包裝成證券, 再出售予投資者上述非政府債券通常根據政府債券孳息或倫敦銀行同業拆息進行定價非政府債券與政府債券或倫敦銀行同業拆息之間的孳息差異, 稱為信貸息差舉例而言, 一家信貸評級略低於當地政府的企業, 或會發行一項孳息或信貸息差較同等年期的政府債券高 50 基點 (0.) 的債券信貸息差根據投資者對信貸質素和經濟增長的看法, 以及投資者對風險與較高回報的需求而作出調整 Broadly speaking, government bonds and corporate bonds remain the largest sectors of the bond market, but other types of bonds, including mortgage-backed securities, play crucial roles in funding certain sectors, such as housing, and meeting specific investment needs. Government bonds: The government bond sector is a broad category that includes sovereign debt, which is issued and generally backed by a central government. A number of governments also issue sovereign bonds that are linked to inflation, known as inflation-linked bonds or, in the U.S., Treasury Inflation-Protected Securities (TIPS). On an inflation-linked bond, the interest and/or principal is adjusted on a regular basis to reflect changes in the rate of inflation, thus providing a real, or inflation-adjusted, return. But, unlike other bonds, inflation-linked bonds could experience greater losses when real interest rates are moving faster than nominal interest rates. In addition to sovereign bonds, the government bond sector includes subcomponents, such as: Agency and quasi-government bonds: Central governments pursue various goals supporting affordable housing or the development of small businesses, for example through agencies, a number of which issue bonds to support their operations. Local government bonds: Local governments whether provinces, states or cities borrow to finance a variety of projects, from bridges to schools, as well as general operations. Corporate bonds: After the government sector, corporate bonds have historically been the largest segment of the bond market. Corporations borrow money in the bond market to expand operations or fund new business ventures. Corporate bonds fall into two broad categories: investment grade and speculativegrade (also known as high yield or junk ) bonds. Speculative-grade bonds are issued by companies perceived to have lower credit quality and higher default risk than more highly rated, investment grade companies. Within these two broad categories, corporate bonds have a wide range of ratings, reflecting the fact that the financial health of issuers can vary significantly. Emerging market bonds: Sovereign and corporate bonds issued by developing countries are also known as emerging market (EM) bonds. Mortgage-backed and asset-backed securities: Another major area of the global bond market comes from a process known as securitization, in which the cash flows from various types of loans (mortgage payments, car payments or credit card payments, for example) are bundled together and resold to investors as bonds. Mortgage-backed securities and asset-backed securities are the largest sectors involving securitization. Mortgage-backed securities (MBS): These bonds are created from the mortgage payments of residential homeowners. Mortgage lenders, typically banks and finance companies, sell individual mortgage loans to another entity that bundles those loans into a security that pays an interest rate similar to the mortgage rate being paid by the homeowners. Asset-backed securities (ABS): These bonds are securities created from car payments, credit card payments or other loans. As with mortgage-backed securities, similar loans are bundled together and packaged as a security that is then sold to investors. The non-government bonds described above tend to be priced relative to government bond yields or the London Interbank Offered Rate (LIBOR). The difference between the yield on a non-government bond and the government bond yield, or LIBOR rate, is known as the credit spread. For example, a company with a slightly lower credit rating than its government might issue a bond with a yield or credit spread of 50 basis points (0.) over a government bond with the same maturity. Credit spreads adjust based on investor perceptions of credit quality and economic growth, as well as investor demand for risk and higher returns. 資料來自 : 品浩投資管理 ( 亞洲 ) 有限公司, 香港 Source: PIMCO Asia Limited, Hong Kong 本文章經明品浩投資管理 ( 亞洲 ) 有限公司文書面同意, 包含在此季給計劃成員的每季最新資料內 This article may include copyright material reproduced with the express permission from PIMCO Asia Limited and has been made for inclusion in the Quarterly Information Update for Scheme members.

6 披露過往表現並非未來業績的保證或可靠指標投資於債券市場須承受若干風險, 包括市場利率發行人信貸通脹風險及流動性風險大部份債券及債券策略的價值均受利率變動影響存續期較長的債券及債券策略的敏感度和波動性一般高於存續期較短的債券及債券策略 ; 當利率上升時, 債券的價格普遍下跌, 而目前的低息環境令有關風險增加現時債券交易對手的投資額度減少, 可能導致市場流動性下降, 以及價格加劇波動債券投資在贖回時的價值可能高於或低於原本成本投資於以外幣計價及 / 或在海外註冊的證券可能因匯率波動而涉及較大風險, 亦可能涉及經濟和政治風險 ; 若投資於新興市場, 有關風險可能更高按揭及資產抵押證券可能對利率的變動表現敏感, 而且涉及提早還款風險, 其價值可能因應市場對發行人的信譽預期而波動 ; 儘管債券普遍獲政府或私人擔保所支持, 但不保證私人擔保人將履行其責任高孳息及評級較低的證券涉及的風險高於評級較高的證券投資於前者的投資組合可能較並不投資於前者的投資組合承受較高的信貸及流動性風險市政債券的收益可能須繳付州稅及地方稅款, 有時亦須繳付另計最低稅若干美國政府證券是由政府的充份信譽保證美國政府機構及機關的債券獲得不同程度的支持, 但一般並非獲美國政府的充份信譽保證投資於這類證券的投資組合不獲保證, 其價值將會波動政府發行的通脹掛鈎債券 (ILB) 是固定收益證券, 其本金價值根據通脹率定期調整當實質利率上升時, ILB 的價值下跌美國國庫抗通脹債券是由美國政府發行的 ILB 多元化投資不確保沒有損失本資料屬於一般性質且僅作參考用途本網站並不招攬發售或推薦任何證券投資管理或諮詢服務本網站並不構成投資稅務或法律意見本資料由品浩投資管理 ( 亞洲 ) 有限公司於香港發佈, 並未經證券及期貨事務監察委員會審閱本文包括的資料來自品浩認為可靠的來源, 惟並不保證如此未經明文書面同意, 不得以任何形式複製或在任何其他刊物引述本資料的任何內容 PIMCO 是 Allianz Asset Management of America L.P. 在美國和全球各地的商標品浩是 Allianz Asset Management of America L.P. 在亞洲各地的註冊商標 2020 年, 品浩 Disclaimer Past performance is not a guarantee or a reliable indicator of future results. Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Mortgage- and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee, there is no assurance that private guarantors will meet their obligations. High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Certain U.S. government securities are backed by the full faith of the government. Obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. government. Portfolios that invest in such securities are not guaranteed and will fluctuate in value. Inflation-linked bonds (ILBs) issued by a government are fixed income securities whose principal value is periodically adjusted according to the rate of inflation; ILBs decline in value when real interest rates rise. Treasury Inflation-Protected Securities (TIPS) are ILBs issued by the U.S. Government. Diversification does not ensure against loss. This material is general in nature and is for information purposes only. It is not a solicitation, offer or recommendation of any security, investment management or advisory service. It does not constitute investment, tax or legal advice. This material is issued in Hong Kong by PIMCO Asia Limited and has not been reviewed by the Securities and Futures Commission. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. 2020, PIMCO.

7 查詢 Enquiries... 積金諮詢站的時間表將刊於人事部的內聯網及醫院的公告板成員可在醫管局人力資源內聯網 ( home/index.aspx), 景順積金網內醫管局公積金計劃的專設網頁 ( com.hk) 和 HR App( 查閱更多詳情如有任何查詢或意見, 請致電景順積金熱線 , 成員亦可電郵至總部公積金計劃組聯絡所屬醫院人力資源部或來函醫管局公積金計劃辦公室 Schedule of the Pension InfoCentre is available on HAHR Intranet or the notice board in your hospital. More details about the HAPFS are available on the HAHR Intranet ( home/index.aspx), INVESNet ( and HR App ( If you have any enquiries or comments about HAPFS, please call the INVESCall Hotline at , contact Head Office HR HAPFS Unit via address your hospital s HR department, or write to the Provident Fund Unit of the Hospital Authority. 信託人 Trustees... 於 2020 年 12 月 31 日的信託人名單 : 蔡永忠先生 BBS, JP ( 主席 ) 陳淑瑜女士陳初榮先生聯合醫院 * 朱永耀先生龔楊恩慈女士李苑詞女士東華醫院 * 顏文傑先生 CFA 郭逸森先生屯門醫院 * 王桂壎先生 BBS, JP 楊志威先生楊誠醫生將軍澳醫院 * As of 31 December 2020, members of the Board of Trustees were: Mr Philip TSAI Wing-chung BBS, JP (Chairman) Ms Anita CHAN Shuk-yu Mr Charlie CHAN Chor-wing UCH* Mr Alex CHU Wing-yiu Mrs Ann KUNG YEUNG Yun-chi Ms Antonia LEE Yuen-chee TWH* Mr Dave NGAN Man-kit CFA Mr Samson QUEK Yat-sum TMH* Mr WONG Kwai-huen BBS, JP Mr Jason YEUNG Chi-wai Dr Joseph YEUNG Shing TKOH* * 僱員信託代表 * Employee Trustee 職員代表 Staff Representatives... 於 2020 年 12 月 31 日的職員代表名單 : 陳初榮先生, 聯合醫院陳慧芬女士, 伊利沙伯醫院鍾樹輝先生, 伊利沙伯醫院何惠玲女士, 伊利沙伯醫院李吉平先生, 東區尤德夫人那打素醫院李坤淪先生, 瑪嘉烈醫院李苑詞女士, 東華醫院連志昌先生, 屯門醫院吳曙基先生, 伊利沙伯醫院郭逸森先生, 屯門醫院丘健昌醫生, 瑪嘉烈醫院楊誠醫生, 將軍澳醫院 As of 31 December 2020, members of the Staff Representatives Committee were: Mr Charlie CHAN Chor-wing, UCH Ms Lyon CHAN Wai-fun, QEH Mr CHUNG Shu-fai, QEH Ms HO Wai-ling, QEH Mr LEE Kat-ping, PYNEH Mr LEE Kwan-lun, PMH Ms Antonia LEE Yuen-chee, TWH Mr Alex LIN Chi-cheong, TMH Mr Richy NG Chu-kei, QEH Mr Samson QUEK Yat-sum, TMH Dr Eric YAU Kin-cheong, PMH Dr Joseph YEUNG Shing, TKOH 免責聲明此聲明嚴正地表明所有在投資經理的真知灼見系列中由投資經理撰寫的文章僅供參考, 並不代表醫院管理局公積金計劃 ( 本計劃 ) 認可或推薦該投資經理或其任何產品或服務所刊發的文章不擬作為在任何司法管轄區內對任何特定投資產品策略或其他目的的建議或推介, 亦不擬作為本計劃參與文章提及的任何交易的承諾文章中之意見及觀點僅代表該投資經理的意見, 並不一定反映本計劃的立場此每季最新資料僅供本計劃成員針對所列示之該特定目的使用本資料基於本計劃於報告日期可獲得的資訊編制, 並未將該日之後的發展狀況納入考量本計劃成員在事先徵得我方之書面許可前不得任意修改本資料或將本資料提供予他人任何第三者除非事先獲得我方之明確書面允許, 否則因倚賴本資料而導致任何後果時, 我方概不負責任何第三者如欲以本資料為基礎作出任何行動或非行動之決定, 均非本計劃編制本資料之本意 Limitations of Reliance It is to be strictly understood that the article written by the Investment Manager for the Manager Insights series is for information purpose only and does not constitute or imply an endorsement by Hospital Authority Provident Fund Scheme ( Scheme ) on the products or services of that Investment Manager. The article is not designed to be taken as advice or recommendation for any specific investment product, strategy or other purpose in any jurisdiction, nor is it a commitment from HAPFS to participate in any of the transactions mentioned herein. The views and opinions expressed in the article are those of the Investment Manager and do not necessarily reflect the views and opinions of the Scheme. This Quarterly Information Update is provided to the Scheme members solely for their use and for the purpose as indicated. This material is based on information available prior to the dates of the material and takes no account of subsequent developments after that date. It may not be modified or provided by the Scheme members to any other party without our prior written permission. In the absence of our express written permission to the contrary, the Scheme accepts no responsibility for any consequences arising from any third party relying on this material. This material is not intended by the Scheme to form a basis of any decision by a third party to do or omit to do anything.

Microsoft Word - SH090330.doc

Microsoft Word - SH090330.doc 2009 年 3 月 30 日環球指數上周收市價一星期變化百分率四星期變化百分率恆生指數 14,119.50 +1285.99 +10.02% +1307.93 +10.21% 國企指數 8,481.22 +985.26 +13.14% +1578.38 +22.87% 上海綜合指數 2,374.44 +93.35 +4.09%