環球市場展望 Global Market Outlook Investment Feature 投資專題美國美元反彈的負面影響, 抵銷了經濟持續出現改善跡象的利好因素, 令股市於 12 月大幅波動儘管聯儲局重申在一段較長時間內維持息率低企, 但更多的利好經濟數據令市場開始預期利率最早會於 20

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1 Global 二一年一月.January 2010 Investment Update 環球市場展望美國 : 退市策略增添股市波動歐洲 : 股市進入整固期日本 : 仍受內需疲弱及財赤拖累亞洲 : 資金流入繼續利好股市走勢投資專題 2010 金市展望外匯市場速遞日圓歐元及英鎊回顧及展望

2 環球市場展望 Global Market Outlook Investment Feature 投資專題美國美元反彈的負面影響, 抵銷了經濟持續出現改善跡象的利好因素, 令股市於 12 月大幅波動儘管聯儲局重申在一段較長時間內維持息率低企, 但更多的利好經濟數據令市場開始預期利率最早會於 2010 年下半年開始調升此外, 退市策略的不明朗將繼續打擊投資者的風險胃納我們預期這些短期風險將左右市場氣氛, 令股市波動加劇然而, 由於經濟及企業盈利前景不斷改善, 股市的長遠前景仍然被看好歐洲由於經濟數據反映經濟穩步復蘇, 加上商品價格急升刺激礦業股上升, 因此雖然市場氣氛受希臘及西班牙政府惡化的財政狀況打擊, 但股市仍表現堅挺股市已錄得不俗的升幅, 看來已反映了企業盈喜及經濟數據轉強的利好因素此外, 股市亦受多個問題所困擾, 包括非常財政及貨幣政策正常化的後遺症, 以及銀行資產可能進一步需要撥備及收緊資本要求對銀行體系穩定性的影響因此, 我們預期市場將於短期內進入整固期 US Uncertainty over the implementation of exit strategies will continue to weigh on investors appetite for risk. We expect such short-term risks to dominate market sentiment and fuel market volatility, though the longterm outlook for the equity market remains favorable along with improving economic and corporate earnings perspectives. Europe Given the equity markets have already enjoyed a decent runup, it seems that positive earnings surprises and stronger economic data have already been priced into the markets. Concerns about the legacy of the unconventional fiscal and monetary polices normalization, as well as the stability of banking system amid possible further asset write-off and stricter capital requirement are headwinds for the equity markets. Therefore, we expect a period of consolidation to occur in the near term 年金市展望金價於 2009 年年底由 12 月初每盎司 1,227 美元的紀錄高位回落 10%, 我們相信金市前景將受美元走勢市場游資通脹預期及央行吸納等關鍵因素所左右本文將分析這些因素對 2010 年金市前景的影響美元走勢美國經濟出現穩健復甦的跡象, 令市場揣測聯儲局可能逐步撤回刺激經濟的措施, 並比預期更早加息, 我們相信金價將受美元短期反彈所拖累儘管如此, 由於美國財赤創下歷史新高, 而美元作為主要儲備貨幣的地位亦有所動搖, 我們相信美元中期內將再次轉弱, 有利金價保持長期向上的勢頭市場游資由於各國央行採取史無前例的寬鬆貨幣政策, 使市場游資充裕, 刺激資產價格自 2009 年 3 月開始節節上升展望 2010 年, 在退市的陰霾籠罩下, 游資充裕的情況料難以持續, 令資產價格可能失去上升動力然而, 實體經濟持續改善, 應可為資產價格帶來支持 Gold Outlook for 2010 We believe the US dollar trend, market liquidity, inflation expectations and central banks purchase will play key roles in the gold market outlook. US Dollar Trend We believe gold prices will be vulnerable to the US dollar rebound in the near term. Nevertheless, we believe the US dollar weakness will resume in the medium terms which shall bode well for long-term bullish trend of gold prices. Market Liquidity In 2010, with the withdrawal of the unconventional polices down the road, ample liquidity condition is unlikely to persist and asset prices may lose momentum. However, continued improvement of the real economy can provide support to the asset prices. 資料來源 Sources: Reuters 日本日圓轉弱刺激出口股的股價上揚, 加上日本政府及央行公布刺激經濟及對付通縮的措施, 日本股市於 12 月的表現領先其他主要股市在日本央行推出總值 10 萬億日圓的信貸計劃後, 日本政府於 12 月 8 日再公布總值 7.2 萬億日圓的經濟刺激方案受亞洲需求所支持, 日本出口亦錄得不俗的增長, 使經濟保持穩健的復蘇步伐儘管如此, 在失業及消費信心惡化的情況下, 內需疲弱仍然是經濟的主要風險, 更甚是日本政府的財政赤字已達危險水平, 因此已無太大餘地採取進一步的刺激措施我們對日本股市維持審慎態度, 而政府政策將是主導市場短期走勢的關鍵亞洲亞洲經濟強勁復蘇, 加上在低息環境下, 市場游資充裕, 使亞洲股市在 12 月反覆向好儘管全球經濟持續復甦利好亞洲出口, 但由於本土財政刺激措施的效應開始消退, 區內經濟的增長動力料會減弱此外, 市場日益憂慮通脹壓力上升及資產泡沫形成, 亦意味著部分國家, 尤其是印度印尼及韓國等的央行可能撤銷其超寬鬆的措施, 甚至比預期更早收緊貨幣政策整體而言, 經濟及企業盈利的良好增長前景, 將繼續吸引資金流入亞洲市場儘管如此, 亞洲股市在未來一年將更為波動 Japan Lackluster domestic demand amid worsened unemployment and consumer confidence remains to be a key risk to the economy, especially the government has little flexibility to adopt further stimulus package as its fiscal deficit has already reached a hazardous level. We remain cautious on Japan s equity markets and the government policies will hold the key for the market direction in the near term. Asia Although ongoing global economic recovery bodes well for Asian exports, economic growth momentum in the region is likely to recede as the impact of domestic fiscal stimulus programs begins to fade. Overall, brilliant growth prospect of economic and corporate earnings will continue to trigger fund inflow to the Asian markets. Nevertheless, the equity markets will be more volatile in the year ahead. 通脹預期不同地區的 2010 年通脹預期並不一致一方面, 歐美經濟溫和復甦, 顯示通脹風險並不迫切 ; 另一方面, 中國等新興市場在經濟強勁復蘇及信貸急速增長的情況下, 通脹壓力正在升溫整體而言, 儘管通脹在短期內不會成為市場關注的焦點, 但超寬鬆貨幣措施將刺激通脹預期上升, 同時亦加強黃金作為抗衡通脹的角色央行吸納由於預期美元會長期處於弱勢, 越來越多央行已開始增加黃金儲備, 特別是外匯儲備正在颷升的亞洲國家央行俄羅斯央行已宣布提高黃金在其外匯儲備中的比例, 而印度央行亦已向國際貨幣基金會購入 200 噸黃金, 清楚顯示亞洲各國央行對黃金的胃納正不斷增加, 成為黃金市場的一個持續利好因素結論儘管美元反彈以及退市策略對市場流動性的影響均是未來數月黃金市場的風險因素, 但各國央行持續購買黃金通脹預期升溫, 加上美元長期積弱, 應會繼續刺激黃金需求我們相信雖然金價短期內有機會調整, 但仍有力於 2010 年再創新高 Inflation expectations Despite inflation is not a main concern in the short-term, the ultra quantitative easing measures will spur higher inflationary expectations and strengthen the role of gold as an inflation hedge. Central Banks Purchase With anticipated long-term US dollar weakness, more central banks have begun to increase their gold reserves, which will be a sustainable positive factor to the gold market. Conclusion We believe gold prices have the potential to move higher to a new peak in 2010, albeit a consolidation is likely in short term. 2 3

3 基金指南 Mutual Funds Guide 風險 : 低度風險 : 中度風險 : 高度 Risk Level: Low Risk Level: Medium Risk Level: High Lipper 基金評級 :Lipper 基金評級每月更新一次, 並根據三年的穩定回報保本能力及總回報所得的數值計算每隻基金等權平均數, 繼而將同類基金以百分位數排名於同一組別中, 領先的 20% 基金在總體回報上被授予 Lipper Leaders 稱號, 之後的 20% 為 2 級中間的 20% 為 3 級, 再之後的 20% 為 4 級, 最後的 20% 為 5 級 Lipper 基金評級不可預測基金表現, 而且 Lipper 並不保證資訊的準確性查詢詳情, 請瀏覽 Lipper Ratings: The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for Consistent Return, Preservation, and Total Return metrics over three-year periods. The highest 20% of funds in each peer group are named Lipper Leaders, the next 20% receive a score of 2, the middle 20% are scored 3, the next 20% are scored 4, and the lowest 20% are scored 5. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at 夏普比率是用來衡量基金調整風險後的表現之比率它以標準差及超額回報率計算每一分風險所得到的報酬補償夏普比率愈高, 代表基金在歷史風險調整後的回報表現愈高 Sharpe ratio is a ratio to measure mutual fund s risk-adjusted performance. It is calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund s historical risk-adjusted performance. 環球債券股票及均衡基金 Global Bond, Equity & Balanced Funds 環球債券 Global Bond 鄧普頓環球總收益基金 Templeton Global Total Return USD $ Leader Leader 天達環球策略基金 - 環球策略收益基金 USD $ Leader Investec GSF Global Strategic Income 鄧普頓環球債券基金 Templeton Global Bond USD $5, Leader Leader Sector Average $ 環球高息債券 Global High Yield Bond 聯博 - 環球高收益基金 AllianceBernstein-Global High Yield Portfolio USD $9, Leader 景順策略債券基金 Invesco Global High Income USD $ Leader Leader Sector Average $1, 環球股票 Global Equity 匯豐增長管理基金 HSBC Managed Growth Fund HKD $ Leader Leader 霸菱環球精選基金 Baring Global Select USD $ Leader Leader Sector Average $ 環球股票小型公司 Global Equity Smaller Companies 景順環球企業基金 Invesco Global Small Cap Equity USD $ 貝萊德全球基金 - 環球特別時機基金 BGF Global Opportunities Fund USD $ Leader Leader Sector Average $ 環球均衡 Global Balanced 首域亞洲鐵橋基金 First State Asian Bridge USD $ 德盛東方入息基金 Allianz RCM Oriental Income USD $ 貝萊德全球基金 - 環球資產配置基金 BGF Global Allocation Fund USD $6, Leader Leader Sector Average $ 地區股票基金 Regional Equity Funds 歐洲股票 European Equity 貝萊德全球基金 - 歐洲基金 BGF European Fund EUR $2, Leader Leader 富達基金 - 歐洲動力增長基金 EUR $ Leader Fidelity Funds - European Dynamic Growth 霸菱歐洲基金 Baring Europa Fund USD $ Sector Average $ 歐洲股票小型公司 European Equity Smaller Companies 景順歐洲大陸企業基金 Invesco Continental European Small Cap Equity USD $ 霸菱歐洲精選基金 Baring Europe Select EUR $ Leader Leader Sector Average $ 亞太股票 Asia Pacific Equity 景順太平洋基金 Invesco Pacific Equity USD $ JF 太平洋證券基金 JF Pacific Securities Fund USD $ Leader Leader Sector Average $ 亞太股票 ( 不包括日本 ) Asia Pacific Equity (Excl. Japan) 鄧普頓亞洲增長基金 Templeton Asian Growth USD $1, Leader Leader 惠理高息股票基金 Value Partners High - Dividend Stocks Fund USD $ Leader Leader 施羅德環球基金系列 - 新興亞洲基金 Schroder ISF Emerging Asia USD $ Leader Sector Average $ 亞太股票小型公司 Asia Pacific Equity Smaller Companies JF 東方小型企業基金 JF Eastern Smaller Companies Fund USD $ 德盛小龍基金 Allianz RCM Little Dragons USD $ Sector Average $ 環球新興市場股票 Global Emerging Market Equity 德盛金磚四國股票基金 Allianz RCM BRIC Equity EUR $ 霸菱全球新興市場基金 Baring Global Emerging Markets USD $1, Leader Leader 貝萊德全球基金 - 新興市場基金 BGF Emerging Markets Fund USD $ Sector Average $ 地區債券基金 Regional Bond Funds 美元債券 USD Bond 聯博 - 美元收益基金 AllianceBernstein - American Income Portfolio USD $4, Leader 施羅德環球基金系列 - 美元債券基金 Schroder ISF US Dollar Bond USD $ Leader 4 Sector Average $ 美元高息債券 USD High Yield Bond 富達基金 - 美元高收益基金 Fidelity Funds - US High Yield USD $ Leader Leader 富蘭克林高息基金 Franklin High Yield USD $1, Sector Average $ 歐洲債券 European Bond 聯博 - 歐洲收益基金 AllianceBernstein - European Income Portfolio EUR $ 景順歐洲債券基金 Invesco European Bond EUR $ Sector Average $ 亞太債券 Asia Pacific Bond 貝萊德全球基金 - 亞洲老虎債券基金 BGF Asian Tiger Bond Fund USD $ 匯豐亞洲債券基金 HSBC Asian Bond Fund USD $ Leader Leader Sector Average $ 新興市場債券 Emerging Market Bond 鄧普頓新興市場債券基金 Templeton Emerging Markets Bond USD $1, Leader Leader 匯豐環球投資基金 - 新興市場債券基金 USD $ HSBC GIF Global Emerging Markets Bond Sector Average $ 主題及對沖基金 Theme & Hedge Funds 資訊科技 Information Technology 富達基金 - 科技基金 Fidelity Funds - Global Technology EUR $ JF 太平洋科技基金 JF Pacific Technology Fund USD $ Leader Sector Average $ 天然資源 Natural Resources 摩根富林明環球天然資源基金 JPM Global Natural Resources Fund EUR $ 貝萊德全球基金 - 世界礦業基金 BGF World Mining Fund USD $12, Leader Leader Sector Average $ 健康護理 Healthcare 富達基金 - 環球健康護理基金 Fidelity Funds - Global Health Care EUR $ 貝萊德全球基金 - 世界健康科學基金 BGF World Healthscience Fund USD $ Leader Leader Sector Average $ 金融服務 Financial Services 富達基金 - 環球金融服務基金 Fidelity Funds - Global Financial Services EUR $ Leader 貝萊德全球基金 - 世界金融基金 BGF World Financials Fund USD $ Sector Average $ 其他 Others 天達環球策略基金 - 環球黃金 Investec GSF Global Gold USD $ Leader 貝萊德全球基金 - 世界黃金基金 BGF World Gold Fund USD $5, 施羅德商品基金 Schroder AS Commodity USD $1, No Ranking 對沖及管理期貨基金 Hedge and Managed Futures Man AHL Diversified Futures Ltd USD $1, No Ranking 於同一組別中, 一年最佳表現基金 The best one year performance fund, relative to peer. 單一國家基金 Single Country Funds 美國股票 American Equity 天達環球策略基金 - 美國股票基金 Investec GSF American Equity USD $ 富達基金 - 美國基金 Fidelity Funds - America USD $ 聯博 - 美國增長基金 AllianceBernstein - American Growth Portfolio USD $ Leader 4 Sector Average $ 美國股票小型公司 American Equity Smaller Companies 貝萊德全球基金 - 美國中小型企業特別時機基金 USD $ BGF US Small & MidCap Opportunities Fund 施羅德環球基金系列 - 美國小型公司基金 USD $ Schroder ISF US Smaller Companies Sector Average $ 日本股票 Japan Equity 景順日本動力基金 Invesco Japanese Equity Core USD $ Leader Leader 富達基金 - 日本領先基金 Fidelity Funds - Japan Advantage JPY $ Leader Leader Sector Average $ 大中華股票 Greater China Equity 惠理價值基金 Value Partners Classic Fund USD $ Leader Leader 施羅德環球基金系列 - 大中華基金 Schroder ISF Greater China USD $ 霸菱香港中國基金 Baring Hong Kong China USD $5, Leader Leader Sector Average $ 中國股票 China Equity 首域中國增長基金 First State China Growth USD $3, Leader Leader 惠理中華匯聚基金 Value Partners Intelligent - China Convergence USD $ Leader Leader Sector Average $ 香港股票 Hong Kong Equity 首域香港增長基金 First State Hong Kong Growth USD $ 德盛香港基金 Allianz RCM Hong Kong USD $ 施羅德環球基金系列 - 香港股票基金 Schroder ISF Hong Kong Equity HKD $ Sector Average $ 台灣股票 Taiwan Equity 施羅德環球基金系列 - 台灣股票基金 Schroder ISF Taiwanese Equity USD $ 富達基金 - 台灣基金 Fidelity Funds - Taiwan USD $ Sector Average $ 韓國股票 Korea Equity JF 南韓基金 JF Korea Fund USD $ Leader Leader 景順韓國基金 Invesco Korean Equity USD $ Leader 4 Sector Average $ 泰國股票 Thailand Equity JF 泰國基金 JF Thailand Fund USD $ Leader Leader 富達基金 - 泰國基金 Fidelity Funds - Thailand USD $ Leader 4 Sector Average $ 印度股票 India Equity 匯豐環球投資基金 - 印度股票基金 HSBC GIF Indian Equity USD $6, 首域印度次大陸基金 First State Indian Subcontinent USD $ Leader 4 Sector Average $ 新加坡股票 Singapore Equity JF 新加坡基金 JF Singapore Fund USD $ Leader 富達基金 - 新加坡基金 Fidelity Funds - Singapore USD $ Leader Leader Sector Average $ 資料來源 :Lipper, 截至 2009 年 12 月 31 日, 以期內每股買入價折合美元計算, 收益再作投資 Sources: Lipper, as of 12/31/2009, USD percentage return, bid to bid, gross income reinvested. 4 5

4 外匯市場速遞 Foreign Currency Snapshot 日圓日本連續九個月錄得通縮,11 月的核心消費價格指數按年下跌 1.7% 面對通縮壓力升溫, 日本央行不但未跟隨其他主要央行撤回超寬鬆的貨幣措施, 更準備進一步放寬貨幣政策, 及於一段較長時間內將利率維持在接近零的水平此外, 日本政府採取更多財政刺激措施來振興疲弱經濟, 使公債水平接近國民生產總值的 200%, 觸發市場對日本主權信貸評級的不安情緒雖然投資者的風險胃納仍將是影響日圓走勢的主要因素, 但疲弱的經濟基礎通縮環境及不斷增加的財政赤字, 將在短期內拖累日圓匯價歐元歐元區 11 月的通脹率上升 0.5%, 遠低於歐洲央行的 2% 目標在失業率高企及經濟剛開始恢復增長的情況下, 工資增幅及成本壓力有限, 故通脹不大可能在短期內對歐洲央行構成威脅此外, 貨幣供應增長緩慢及失業率惡化, 亦反映歐洲經濟仍然存在不明朗因素在當前的情況下, 預計歐洲央行至少在 2010 年上半年將保持利率不變, 同時亦只會逐步取消其緊急貨幣措施另一方面, 歐洲部分國家的信貸問題引起市場更大關注, 加上歐洲銀行可能受相關的債務問題所拖累, 故短期內歐元仍欠缺上升動力 EUR The ECB is expected to keep interest rate unchanged at least for the first half of 2010 and withdraw its emergency monetary measures at a gradual pace only. Together with mounting concerns over credit problems in some countries of the region as well as potential exposure of European banks to the related debt problems, EUR seems to lose upward impetus in the near term. 英鎊近期的經濟數據反映英國經濟正逐漸復甦 11 月獲批按揭宗數達到自 2008 年 3 月以來的最高水平, 而製造業採購經理指數及 M4 貨幣供應量亦分別錄得兩年多及八個月來的最高升幅這些令人鼓舞的經濟數據反映英倫銀行不大可能擴大量化寬鬆貨幣計劃, 對英鎊的短期走勢有利儘管如此, 英國不斷膨脹的財政赤字令人憂慮, 將成為英鎊一個主要的風險英國政府撤銷財政刺激措施及量化寬鬆貨幣政策的時間表, 將繼續左右英鎊的短期走勢 GBP These encouraging economic readings indicate that the BOE is unlikely to expand its quantitative easing program, which is positive to GBP in the near term. Nevertheless, ongoing worries about the ballooning fiscal deficit will pose a prominent risk to GBP. The timetable for the withdrawal of the fiscal stimuli and quantitative easing program remains to dominate GBP movement in the near term. JPY With highlighted deflationary pressure, the Bank of Japan is poised to ease monetary policies further and keep interest rate at merely zero for an extended period. Although investors risk appetite will still be a prevailing driver for JPY, fragile economic fundamentals, deflationary environment and mounting fiscal deficit will drag JPY in the near term. 資料來源 Sources: Reuters 6 7

5 本文所載之資料 ( 事實陳述除外 ) 全部取自中國建設銀行 ( 亞洲 )( 本行 ) 認為可靠之來源, 但本行並不保證資料乃準確及完整本文所載之意見乃善意提供, 如有更改恕不另行通知投資者不應以本文內容作為釐定個別市場是否適合投資的指引本指南亦非投資要約任何人士如有意投資於本文所載的市場, 應諮詢專業顧問意見基金的過去表現, 並不一定反映或保証其將來的表現, 而基金投資價格可升可跌, 因此有可能令您損失部份或全部投資本金基金並非銀行存款, 而本行或任何其附屬機構並不承擔或擔保該投資所構成的任何責任, 雖然本行並不會就上述基金投資服務收取任何費用, 惟於適當範圍內本行可從基金經理獲取佣金投資者應參閱有關基金之銷售文件以進一步瞭解投資基金的風險此乃涉及金融衍生工具的結構性產品投資決定是由閣下自行作出的, 但閣下不應投資在該基金, 除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後, 該產品是適合閣下的載本文之日, 本行可能以以下身份持有本行在本文中所推薦之基金或股票 :(1) 做為其客戶的代名人或托管人, 及 / 或 (2) 做為抵押權人, 持有為本行信貸而提供的基金或股票抵押品外滙買賣的投資及存入保證金作槓桿式買賣牽涉重大風險有關風險的描述, 請參閱本產品的特定文件外匯掛鈎存款的回報限於應付的利息面值, 而該利息將在某程度上受若干指定貨幣的匯率的變動影響雖然獲得的回報可能會比傳統定期存款為高, 但一般都承受較高的風險當貨幣匯率的浮動與客戶的預期有所不同時, 客戶可能需承擔所帶來的損失此產品不是受保障的存款及並不列入香港存款保障計劃的保障範圍此乃投資產品投資決定是由閣下自行作出的, 但閣下不應投資在該外幣掛鈎存款, 除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後, 該產品是適合閣下的若您不願意被列入本行及 / 或本行關聯公司之郵寄名單內, 獲取本行及 / 或本行關聯公司之有關資料最新服務產品優惠及 / 或其他有用資料, 請以書面致函 ( 寄香港中央郵箱 133 號 ) 或傳真 ( 傳真號碼 : ) 通知本行客戶聯絡 CONTACT US 電話銀行服務 Tel: (852) Bank By Phone 網址 WEB SITE 分行 BRANCHES 港島 HONG KONG 中環 Central Tel: (852) 中環德輔道中 Tel: (852) Central Des Voeux Road 上環 Sheung Wan Tel: (852) 西環 Sai Wan Tel: (852) 西營盤 Sai Ying Pun Tel: (852) 銅鑼灣渣甸街 Tel: (852) Causeway Bay Jardine s Bazaar 銅鑼灣廣場 Tel: (852) Causeway Bay Plaza 跑馬地 Happy Valley Tel: (852) 灣仔軒尼詩道 Tel: (852) Wanchai Hennessy Road 灣仔皇后大道東 Tel: (852) Wanchai Queen s Road East 灣仔鷹君中心 Tel: (852) Wanchai Great Eagle Centre 北角 North Point Tel: (852) 鰂魚涌 Quarry Bay Tel: (852) 香港仔 Aberdeen Tel: (852) 筲箕灣 Shau Kei Wan Tel: (852) 上環德輔道中 Tel: (852) Sheung Wan Des Voeux Road 九龍 KOWLOON 尖沙咀堪富利士道 Tel: (852) Tsimshatsui Humphreys Avenue 尖沙咀廣東道 Tel: (852) Tsimshatsui Canton Road 旺角彌敦道 Tel: (852) Mongkok Nathan Road 旺角聯合廣場 Tel: (852) Mongkok Allied Plaza 大角咀奧海城 Tel: (852) Tai Kok Tsui Olympian City 長沙灣 Cheung Sha Wan Tel: (852) 紅磡黄埔 Hunghom Whampoa Tel: (852) 紅磡馬頭圍道 Tel: (852) Hunghom Ma Tau Wai Road 油麻地 Yaumati Tel: (852) 觀塘 Kwun Tong Tel: (852) 美孚 Mei Foo Tel: (852) 佐敦 Jordan Tel: (852) 新界 NEW TERRITORIES 荃灣 Tsuen Wan Tel: (852) 沙田廣場 Shatin Plaza Tel: (852) 馬鞍山 Ma On Shan Tel: (852) 將軍澳 Tseung Kwan O Tel: (852) 屯門 Tuen Mun Tel: (852) 元朗 Yuen Long Tel: (852) 上水 Sheung Shui Tel: (852) 火炭 Fo Tan Tel: (852) 大埔 Tai Po Tel: (852) The information contained in this newsletter, other than statements of fact, was obtained from sources believed to be reliable, but its accuracy of completeness cannot be guaranteed. 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This is a structured product involving derivatives. The investment decision is yours but you should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives. As at the date of this document, the Bank may hold funds or securities that it recommends in this newsletter (1) as nominee or custodian for its customers, and/or (2) as chargee/security interest holder in relation to financial accomodations granted to its customers secured by such funds or securities. Investment in foreign exchange and the use of leverage for margin involves significant risk. For a description of these risks, please refer to the specific documentation for this product. The return on FX Linked Deposits is limited to the nominal interest payable, which will be dependent, to at least some extent, on movements in some specified currency exchange rate. Whilst the possible return may be higher than conventional time deposits, it is normally associated with higher risks. When the fluctuation of the currency exchange rates differs from what the Customer expected, the Customer may have to bear the consequential loss. Note that this product is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong. This is an investment product. The investment decision is yours but you should not invest in the FX Linked Deposit unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives. If you do not wish to receive from us and/or our affiliates information in relation to ourselves and/or our affiliates, new services, products, special offers we and/or our affiliates provide and/or other useful information, please inform us in writing via mail (G.P.O. Box 133, Hong Kong) or fax (Fax no.: ). 中國建設銀行 ( 亞洲 ) 股份有限公司 China Construction Bank (Asia) Corporation Limited 01/10-SDHK

Microsoft PowerPoint - ~6631638.ppt

Microsoft PowerPoint - ~6631638.ppt Fixed Income 1 Why Investing in bonds? 2 CPY Fixed Income Department Overview Professional and experienced team Top-notch client-focused services Offering diversified fixed income products Unique short