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2017 2017 12 31 2018 3 28 1

2017 12 31 2017 12 31 H HSBC Investment Funds (Hong Kong) Limited 2018 3 28 2

1 1.1 2018 3 27 2017 1 1 2017 12 31 3

1.2 1... 3 1.1... 3 1.2... 4 2... 6 2.1... 6 2.2... 7 2.3... 8 2.4... 8 2.5... 8 3... 9 3.1... 9 3.2... 10 3.3... 14 4... 15 4.1... 15 4.2... 16 4.3... 16 4.4... 17 4.5... 17 4.6... 18 4.7... 19 4.8... 20 4.9... 20 5... 21 5.1... 21 5.2... 21 5.3... 21 6... 22 6.1... 22 6.2... 22 7... 25 7.1... 25 7.2... 27 7.3... 28 7.4... 30 8... 56 8.1... 56 8.2... 57 8.3... 58 8.4... 59 8.5... 64 8.6... 64 8.7... 64 8.8... 65 4

8.9... 65 8.10... 65 8.11... 65 8.12... 65 8.13... 67 9... 69 9.1... 69 9.2... 69 9.3... 69 10... 70 11... 71 11.1... 71 11.2... 71 11.3... 71 11.4... 71 11.5... 71 11.6... 71 11.7... 72 11.8... 74 12... 77 12.1 20%... 77 12.2... 77 13... 78 13.1... 78 13.2... 78 13.3... 78 5

2 2.1 540003 2007 4 9 464,347,155.79 A H 540003 960003 459,539,740.69 4,807,415.10 2016 6 28H 6

2.2 1. 2. (P/E) (ROE) (P/B) CFROI 50% MSCI A+ 50% 7

2.3 021-20376868 95559 compliance@hsbcjt.cn luzj@bankcomm.com 021-20376888 95559 021-20376999 021-62701216 8 17 8 17 188 188 200120 200120 2.4 www.hsbcjt.cn 817 188 2.5 202 2 11 8 17 8

3 3.1 3.1.1 2017 2016 2015 A H A H A H 115,010,447.01 299,922.63-29,620,774.78 1,679.31 731,734,620.80 163,717,481.79 28,685.45-44,955,845.48-2,397.60 339,834,548.86 0.3067 0.0227-0.0812-0.0302 0.6514 17.32% 1.92% -4.90% -2.92% 33.70% 19.18% 19.03% -8.30% 1.80% 38.46% 3.1.2 2017 2016 2015 417,897,836.64 2,759,568.87 341,014,094.57 64,768.59 489,499,465.93 0.9094 0.5740 0.6021 0.3803 1.3504 877,437,577.33 5,824,976.90 907,367,501.21 173,352.40 851,981,879.67 1.9094 1.2117 1.6021 1.0180 2.3504 3.1.3 2017 2016 2015 184.99% 21.17% 139.13% 1.80% 160.76% 1. 2. 3. 4. 2016 6 28H 9

3.2 3.2.1 A ➀ ➁ ➂ ➃ ➀-➂ ➁-➃ 2.87% 0.76% -0.80% 0.41% 3.67% 0.35% 8.93% 0.68% 2.26% 0.36% 6.67% 0.32% 19.18% 0.63% 4.76% 0.34% 14.42% 0.29% 51.33% 1.73% 4.46% 0.87% 46.87% 0.86% 177.68% 1.66% 34.58% 0.78% 143.10% 0.88% 184.99% 1.56% 38.80% 0.91% 146.19% 0.65% 1. 2017 10 12017 12 31 2. 2017 7 12017 12 31 3. 2017 1 12017 12 31 4. 2015 1 12017 12 31 5. 2013 1 12017 12 31 6. 2007 4 92017 12 31 H ➀ ➁ ➂ ➃ ➀-➂ ➁-➃ 2.89% 0.76% -0.80% 0.41% 3.69% 0.35% 8.87% 0.67% 2.26% 0.36% 6.61% 0.31% 19.03% 0.63% 4.76% 0.34% 14.27% 0.29% 21.17% 0.61% 7.27% 0.36% 13.90% 0.25% 1. 2017 10 12017 12 31 2. 2017 7 12017 12 31 3. 2017 1 12017 12 31 4. 2016 6 282017 12 31 10

3.2.2 A 2007 4 92017 12 31 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% -20% -40% 2007-4-9 2009-1-14 2010-11-5 2012-8-16 2014-6-10 2016-3-24 2017-12-31 1. 30%-95% 5%-70% 5% 2007 10 9 2. 2007 4 9 2014 5 31 50% MSCI A + 50%MSCI A 2014 6 1 50% MSCIA + 50% 11

H 2016 6 282017 12 31 30% 25% 20% 15% 10% 5% 0% -5% 2016-6-28 2016-9-26 2016-12-28 2017-3-31 2017-7-4 2017-9-28 2017-12-31 1. 30%-95% 5%-70%5% 2. = 50% MSCIA+ 50% 3. 2016 6 28H 12

3.2.3 A 59.0% 54.0% 49.0% 44.0% 39.0% 34.0% 29.0% 24.0% 19.0% 14.0% 9.0% 4.0% -1.0% -6.0% 2013 2014 2015 2016 2017 H 59.0% 54.0% 49.0% 44.0% 39.0% 34.0% 29.0% 24.0% 19.0% 14.0% 9.0% 4.0% -1.0% -6.0% 2016 2017 2016 6 28 H 2017 12 31 H H 13

3.3 A 10 2017 2016 5.200 519,079,669.25 100,037,021.22 619,116,690.47 2015 5.200 519,079,669.25 100,037,021.22 619,116,690.47 H 14

4 4.1 4.1.1 2005 11 16 2 2017 12 31 18 2016 2006 5 23 2006 9 27 2007 4 9 2026 2008 7 23 2008 12 3 2009 6 24 2009 12 11 2010 6 8 2010 12 8 2011 7 272011 11 2 A 2012 8 1 2014 11 26 2015 2 112015 9 30 2016 3 11 2016 11 10 2017 6 2 4.1.2 2015 5 23 11 1. 2. 15

4.2 4.3 4.3.1 1 2 3 4 4.3.2 3 5 16

4.3.3 5% 4.4 4.4.1 2017 30021.78% 10.67% PPI CPI ROE M2 2017TMT 4.4.2 A 19.18% 4.76% A 14.42% H 19.03% 4.76% H 14.27% 4.5 2018 2018GDP 6.5% PPI 17

IPO ROE PEG0.6 4.6 (1) (2) (3) (4) (5) (6) (7) 18

4.7 2007<> [2007]21 [2008]38 (1) (2) I. 1. 2. 3. II. III. 19

IV. V. (1) (2) 4.8 4.9 20

5 5.1 2017 5.2 2017 5.3 2017 21

6 6.1 (2018) 21786 6.2 2017 12 31 2017 2017 12 31 2017 22

(1) (2) (3) (4) (5) 23

202 2 11 2018 3 26 24

7 7.1 2017 12 31 2017 12 31 2016 12 31 7.4.7.1 149,413,877.31 964,856.13 6,063,898.67 116,754,030.82 443,915.44 717,194.94 7.4.7.2 735,320,504.75 806,819,008.30 695,560,504.75 697,068,008.30 39,760,000.00 109,751,000.00 7.4.7.3 7.4.7.4 7.4.7.5 255,189.94 2,070,336.42 65,664.96 14,528.70 7.4.7.6 891,563,051.07 927,339,955.31 25

2017 12 31 2016 12 31 7.4.7.3 4,495,986.73 15,532,792.80 364,869.27 655,121.28 1,236,050.78 1,230,052.68 206,008.47 205,008.77 7.4.7.7 1,666,205.25 1,773,652.32 7.4.7.8 331,376.34 402,473.85 8,300,496.84 19,799,101.70 7.4.7.9 462,605,148.72 566,461,990.45 7.4.7.10 420,657,405.51 341,078,863.16 883,262,554.23 907,540,853.61 891,563,051.07 927,339,955.31 2017 12 31 464,347,155.79 A 459,539,740.69 1.9094H 4,807,415.10 1.2117 26

7.2 2017 1 12017 12 31 2017 1 1 2017 12 31 2016 1 1 2016 12 31 (1) 189,504,662.34-15,712,246.25 1. 4,040,627.66 7,043,823.93 7.4.7.11 890,437.71 3,101,788.80 2,111,875.44 2,941,253.24 1,038,314.51 1,000,781.89 2.- 136,076,500.32-9,089,810.20 7.4.7.12 128,753,405.98-14,754,198.71 7.4.7.13-1,916,744.15-440,273.84 7.4.7.13.5 7.4.7.14 7.4.7.15 7.4.7.16 9,239,838.49 6,104,662.35 3.- 7.4.7.17 48,435,797.60-15,339,147.61 4.- 5.- 7.4.7.18 951,736.76 1,672,887.63 27

2017 1 1 2017 12 31 2016 1 1 2016 12 31 (2) 25,758,495.10 29,245,996.83 1. 7.4.10.2.1 14,179,211.82 13,785,250.78 2. 7.4.10.2.2 2,363,202.00 2,297,541.78 3. 7.4.10.2.3 4. 7.4.7.19 8,748,156.28 12,724,257.85 5. 6 7.4.7.20 467,925.00 438,946.42 (3) - 163,746,167.24-44,958,243.08 (4) - 163,746,167.24-44,958,243.08 7.3 2017 1 12017 12 31 2017 1 12017 12 31 1. 566,461,990.45 341,078,863.16 907,540,853.61 2. 163,746,167.24 163,746,167.24 3. - -103,856,841.73-84,167,624.89-188,024,466.62 320,428,845.79 246,922,240.85 567,351,086.64-424,285,687.52-331,089,865.74-755,375,553.26 4. - 5. 462,605,148.72 420,657,405.51 883,262,554.23 28

2016 1 12016 12 31 1. 362,482,413.74 489,499,465.93 851,981,879.67 2. -44,958,243.08-44,958,243.08 3. - 203,979,576.71 515,654,330.78 719,633,907.49 1,076,044,066.47 981,897,208.62 2,057,941,275.09-872,064,489.76-466,242,877.84-1,338,307,367.60 4. - -619,116,690.47-619,116,690.47 5. 566,461,990.45 341,078,863.16 907,540,853.61 7.1 7.4 29

7.4 7.4.1 [2007]64 5,264,523,342.19 KPMG-B(2007)CR No.0020 2007 4 9 5,265,643,757.13 1,120,414.94 2016 6 28 A H A H A 30%-95% 5%-70% 5%50% MSCI A + 50% 2018 3 26 7.4.2 2006 2 15 XBRL 3 7.4.4 30

7.4.3 2017 2017 12 31 2017 7.4.4 7.4.4.1 1 1 12 31 7.4.4.2 7.4.4.3 (1) (2) 7.4.4.4 31

(1) (2) (3) 7.4.4.5 (1) (2) (3) 7.4.4.6 (1) (2) 32

7.4.4.7 7.4.4.8 ) 7.4.4.9 7.4.4.10 7.4.4.11 A H 33

7.4.4.12 (1) (2) (3) 7.4.4.13 (1) [2017]13 (AMAC) (2) [2017]13 2015 1 7.4.5 7.4.5.1 7.4.5.2 34

7.4.5.3 7.4.6 [2004]78 [2008]1 [2012]85 [2015]101 [2015]125 [2016]36[2016]46 [2016]70 (1) 2016 5 1 2016 5 1 (2) (3) 20% 1 1 1 1 1 50% 1 7% 10% (4) 0.1% 35

7.4.7 7.4.7.1 2017 12 31 2016 12 31 149,413,877.31 964,856.13 1-3 149,413,877.31 964,856.13 7.4.7.2 2017 12 31 664,744,109.98 695,560,504.75 30,816,394.77 39,817,120.00 39,760,000.00-57,120.00 39,817,120.00 39,760,000.00-57,120.00 704,561,229.98 735,320,504.75 30,759,274.77 2016 12 31 714,089,401.13 697,068,008.30-17,021,392.83 110,406,130.00 109,751,000.00-655,130.00 110,406,130.00 109,751,000.00-655,130.00 824,495,531.13 806,819,008.30-17,676,522.83 36

7.4.7.3 7.4.7.4 7.4.7.4.1 7.4.7.4.2 7.4.7.5 2017 12 31 2016 12 31 23,176.51 102.66 2,728.70 38,454.30 229,084.93 2,031,456.66 199.80 322.80 255,189.94 2,070,336.42 7.4.7.6 37

7.4.7.7 2017 12 31 2016 12 31 1,665,755.25 1,773,302.32 450.00 350.00 1,666,205.25 1,773,652.32 7.4.7.8 2017 12 31 2016 12 31 1,376.34 2,473.85 330,000.00 400,000.00 331,376.34 402,473.85 7.4.7.9 7.4.7.9.1 A A 2017 1 12017 12 31 566,353,406.64 566,353,406.64 317,329,186.68 317,329,186.68 - -424,142,852.63-424,142,852.63 459,539,740.69 459,539,740.69 A 38

7.4.7.9.2 H H 2017 1 12017 12 31 170,290.06 108,583.81 4,861,129.83 3,099,659.11 - -224,004.79-142,834.89 4,807,415.10 3,065,408.03 7.4.7.10 7.4.7.10.1 A A 622,735,792.90-281,721,698.33 341,014,094.57 115,010,447.01 48,707,034.78 163,717,481.79-133,601,780.09 46,768,040.37-86,833,739.72 367,925,068.11-123,788,810.28 244,136,257.83-501,526,848.20 170,556,850.65-330,969,997.55 604,144,459.82-186,246,623.18 417,897,836.64 7.4.7.10.2 H H 118,755.99-53,987.40 64,768.59 299,922.63-271,237.18 28,685.45 3,583,632.84-917,518.01 2,666,114.83 3,759,988.38-974,005.36 2,785,983.02-176,355.54 56,487.35-119,868.19 4,002,311.46-1,242,742.59 2,759,568.87 39

7.4.7.11 2017 1 1 2017 12 31 2016 1 1 2016 12 31 162,470.51 6,571.90 718,377.15 3,057,346.30 9,590.05 37,870.60 890,437.71 3,101,788.80 7.4.7.12 2017 1 1 2017 12 31 2016 1 1 2016 12 31 2,938,692,772.86 4,179,090,680.71 2,809,939,366.88 4,193,844,879.42 128,753,405.98-14,754,198.71 7.4.7.13 7.4.7.13.1 2017 1 1 2017 12 31 2016 1 1 2016 12 31-1,916,744.15-440,273.84-1,916,744.15-440,273.84 40

7.4.7.13.2 2017 1 1 2017 12 31 2016 1 1 2016 12 31 165,120,717.40 72,723,212.01 162,883,538.50 71,231,285.36 4,153,923.05 1,932,200.49-1,916,744.15-440,273.84 7.4.7.13.3 7.4.7.13.4 7.4.7.13.5 7.4.7.14 7.4.7.14.1 7.4.7.14.2 7.4.7.14.3 7.4.7.14.4 41

7.4.7.15 7.4.7.15.1 7.4.7.15.2 7.4.7.16 2017 1 1 2017 12 31 2016 1 1 2016 12 31 9,239,838.49 6,104,662.35 9,239,838.49 6,104,662.35 7.4.7.17 2017 1 1 2017 12 31 2016 1 1 2016 12 31 1. 48,435,797.60-15,339,147.61 47,837,787.60-14,590,032.97 598,010.00-749,114.64 2. 3. 48,435,797.60-15,339,147.61 42

7.4.7.18 2017 1 1 2017 12 31 2016 1 1 2016 12 31 943,837.84 1,670,714.34 7,898.92 2,173.29 951,736.76 1,672,887.63 1. A 0.50% 25% A 25% 2. H0.13%100%H 7.4.7.19 2017 1 1 2017 12 31 2016 1 1 2016 12 31 8,746,881.28 12,722,657.85 1,275.00 1,600.00 8,748,156.28 12,724,257.85 7.4.7.20 2017 1 1 2017 12 31 2016 1 1 2016 12 31 130,000.00 100,000.00 300,000.00 300,000.00 1,725.00 2,746.42 36,000.00 36,000.00 200.00 200.00 467,925.00 438,946.42 43

7.4.8 7.4.8.1 7.4.8.2 7.4.9 1 2 3 4 5 1. 2. 3. 4. 5. 44

7.4.10 7.4.10.1 7.4.10.1.1 7.4.10.1.2 7.4.10.1.3 7.4.10.1.4 7.4.10.1.5 7.4.10.2 7.4.10.2.1 2017 1 1 2017 12 31 2016 1 1 2016 12 31 14,179,211.82 13,785,250.78 1,812,612.85 1,925,014.96 1.50% 1.50% 45

7.4.10.2.2 2017 1 1 2017 12 31 2016 1 1 2016 12 31 2,363,202.00 2,297,541.78 0.25% 0.25% 7.4.10.3 7.4.10.4 7.4.10.4.1 7.4.10.4.2 A 2017 12 31 2016 12 31 2,013,406.88 0.44% 2,013,406.88 0.36% 7.4.10.5 2017 1 1 2017 12 31 2016 1 1 2016 12 31 149,413,877.31 162,470.51 964,856.13 6,571.90 46

7.4.10.6 7.4.10.7 7.4.11 7.4.12 2017 12 31 7.4.12.1 7.4.12.2 7.4.12.3 7.4.12.3.1 7.4.12.3.2 7.4.13 7.4.13.1 47

7.4.13.2 2017 12 31 2016 12 31 7.4.13.3 2017 12 31 48

7.4.13.3.1 2017 10 1 10% 10% 15% 30% 7.4.12 15% 7 7 49

7.4.13.4 7.4.13.4.1 7.4.13.4.1.1 2017 12 31 1 1-5 5 149,413,877.31 149,413,877.31 6,063,898.67 6,063,898.67 443,915.44 443,915.44 39,760,000.00 695,560,504.75 735,320,504.75 255,189.94 255,189.94 65,664.96 65,664.96 195,681,691.42 695,881,359.65 891,563,051.07 4,495,986.73 4,495,986.73 364,869.27 364,869.27 1,236,050.78 1,236,050.78 206,008.47 206,008.47 1,666,205.25 1,666,205.25 331,376.34 331,376.34 8,300,496.84 8,300,496.84 195,681,691.42 687,580,862.81 883,262,554.23 50

2016 12 31 1 1-5 5 964,856.13 964,856.13 116,754,030.82 116,754,030.82 717,194.94 717,194.94 80,423,000.00 29,328,000.00 697,068,008.30 806,819,008.30 2,070,336.42 2,070,336.42 14,528.70 14,528.70 198,859,081.89 29,328,000.00 699,152,873.42 927,339,955.31 15,532,792.80 15,532,792.80 655,121.28 655,121.28 1,230,052.68 1,230,052.68 205,008.77 205,008.77 1,773,652.32 1,773,652.32 402,473.85 402,473.85 19,799,101.70 19,799,101.70 198,859,081.89 29,328,000.00 679,353,771.72 907,540,853.61 7.4.13.4.1.2 2017 12 31 4.50% 2016 12 3112.09% 2016 12 31 7.4.13.4.2 7.4.13.4.3 51

30%-95% 5%-70% 5% VaR (Value at Risk) 7.4.13.4.3.1 2017 12 31 (%) 2016 12 31 (%) 695,560,504.75 78.75 697,068,008.30 76.81 695,560,504.75 78.75 697,068,008.30 76.81 7.4.13.4.3.2 7.4.1 2017 12 31 2016 12 31 1. 7.4.1 5% 67,181,996.96 76,972,774.13 2. 7.4.1 5% -67,181,996.96-76,972,774.13 52

7.4.14 (1) (a) (b) (i) 2017 12 31 695,560,504.75 39,760,000.00 2016 12 31696,594,602.74110,224,405.56 (ii) 53

2017 6 30 [2017]56 3% 2018 1 1 2017 12 25[2017]90 2018 1 1 2017 12 31 (3) 55

8 8.1 (%) 1 695,560,504.75 78.02 695,560,504.75 78.02 2 3 39,760,000.00 4.46 39,760,000.00 4.46 4 5 6 7 155,477,775.98 17.44 8 764,770.34 0.09 9 891,563,051.07 100.00 56

8.2 (%) A B C 307,244,040.90 34.79 D E F 9,321,896.00 1.06 G 31,523,124.21 3.57 H I 91,479,408.31 10.36 J 245,962,992.43 27.85 K L M N 10,029,042.90 1.14 O P Q R S 695,560,504.75 78.75 57

8.3 (%) 1 601288 17,027,381 65,214,869.23 7.38 2 002517 2,395,556 53,205,298.76 6.02 3 002202 2,786,304 52,521,830.40 5.95 4 000921 3,651,987 50,835,659.04 5.76 5 601601 1,199,063 49,665,189.46 5.62 6 002531 5,921,411 47,963,429.10 5.43 7 601988 11,634,102 46,187,384.94 5.23 8 300298 2,184,489 43,427,641.32 4.92 9 300433 1,248,100 37,255,785.00 4.22 10 600115 3,839,601 31,523,124.21 3.57 11 601818 7,343,793 29,742,361.65 3.37 12 300418 1,423,315 29,277,589.55 3.31 13 601166 1,687,785 28,675,467.15 3.25 14 601398 4,270,600 26,477,720.00 3.00 15 002456 1,217,700 25,072,443.00 2.84 16 002585 2,520,409 16,659,903.49 1.89 17 300618 49,715 11,721,305.55 1.33 18 300495 678,555 10,029,042.90 1.14 19 000581 410,600 9,854,400.00 1.12 20 600153 838,300 9,321,896.00 1.06 21 002555 438,000 8,996,520.00 1.02 22 000830 432,700 6,888,584.00 0.78 23 000636 424,500 5,043,060.00 0.57 58

8.4 8.4.1 2%20 (%) 1 601336 79,478,658.53 8.76 2 300418 73,382,015.16 8.09 3 000921 69,470,774.79 7.65 4 601988 62,654,909.20 6.90 5 002517 55,073,009.35 6.07 6 601601 53,727,105.77 5.92 7 002202 53,604,597.98 5.91 8 601628 53,241,427.95 5.87 9 601818 51,910,460.16 5.72 10 601288 50,938,659.00 5.61 11 002174 50,549,006.88 5.57 12 002555 49,866,739.69 5.49 13 002456 49,183,773.93 5.42 14 300298 48,900,565.94 5.39 15 601166 45,078,435.00 4.97 16 300433 41,739,314.84 4.60 17 002531 41,177,199.17 4.54 18 600340 39,408,903.95 4.34 19 002430 33,688,496.80 3.71 20 002624 32,779,195.00 3.61 21 000661 32,608,993.03 3.59 59

(%) 22 002449 31,092,498.32 3.43 23 002195 30,127,529.66 3.32 24 601877 29,087,385.71 3.21 25 600115 29,025,639.50 3.20 26 600048 28,394,589.13 3.13 27 600068 28,114,526.68 3.10 28 600729 27,921,990.40 3.08 29 600584 27,866,392.63 3.07 30 600030 27,819,620.00 3.07 31 000957 26,793,796.36 2.95 32 601398 26,413,645.00 2.91 33 300164 25,803,506.22 2.84 34 600060 25,554,712.83 2.82 35 600029 24,467,461.40 2.70 36 002354 23,119,227.81 2.55 37 300316 22,521,685.10 2.48 38 300618 22,467,416.00 2.48 39 000915 22,370,679.00 2.46 40 601899 21,696,795.44 2.39 41 000933 21,208,226.63 2.34 42 300364 21,018,780.73 2.32 43 600837 19,995,888.60 2.20 60

(%) 44 002236 19,988,010.90 2.20 45 603698 19,297,908.48 2.13 46 600023 19,046,066.03 2.10 47 600308 18,602,285.04 2.05 48 300197 18,329,251.02 2.02 8.4.2 2%20 (%) 1 601336 99,705,565.51 10.99 2 601628 88,127,179.92 9.71 3 600015 56,845,351.37 6.26 4 601818 55,020,693.13 6.06 5 600062 52,695,292.26 5.81 6 601233 52,132,193.30 5.74 7 000661 50,862,225.10 5.60 8 600597 48,581,563.40 5.35 9 600028 48,343,239.20 5.33 10 002174 44,881,185.28 4.95 11 300418 44,680,245.40 4.92 12 002555 44,407,828.43 4.89 61

(%) 13 000049 44,304,744.93 4.88 14 002475 41,772,948.79 4.60 15 002449 41,197,691.18 4.54 16 600340 40,315,247.79 4.44 17 002430 38,874,139.23 4.28 18 601688 36,024,662.88 3.97 19 600329 34,836,686.02 3.84 20 601998 34,124,987.09 3.76 21 601877 31,899,997.80 3.51 22 002624 31,620,731.77 3.48 23 002422 30,182,908.62 3.33 24 600048 29,535,564.32 3.25 25 300316 29,202,944.11 3.22 26 000800 28,926,275.86 3.19 27 600030 28,461,237.60 3.14 28 002195 28,040,213.52 3.09 29 600584 28,006,556.06 3.09 30 600729 27,487,490.20 3.03 31 600060 27,100,787.49 2.99 32 600029 25,962,932.47 2.86 33 002456 25,462,358.63 2.81 34 000957 25,114,334.22 2.77 35 002020 24,525,752.93 2.70 62

(%) 36 601601 24,322,870.70 2.68 37 002236 24,028,735.06 2.65 38 002701 23,435,700.28 2.58 39 000422 23,126,362.60 2.55 40 600068 22,686,205.25 2.50 41 601377 22,568,076.12 2.49 42 601899 21,931,361.74 2.42 43 300164 21,875,237.99 2.41 44 000921 21,497,680.76 2.37 45 600559 21,479,091.06 2.37 46 600308 20,851,791.30 2.30 47 603698 20,399,258.75 2.25 48 000915 20,313,444.36 2.24 49 300197 20,092,836.36 2.21 50 002354 19,916,436.85 2.19 51 600023 19,359,373.56 2.13 52 601988 19,295,401.70 2.13 53 600754 19,290,939.38 2.13 54 601211 19,125,474.64 2.11 63

8.4.3 2,760,594,075.73 2,938,692,772.86 8.5 (%) 1 2 3 39,760,000.00 4.50 39,760,000.00 4.50 4 5 6 7 8 9 10 39,760,000.00 4.50 8.6 (%) 1 170413 1713 400,000 39,760,000.00 4.50 8.7 64

8.8 8.9 8.10 8.10.1 8.10.2 8.11 8.11.1 8.11.2 8.11.3 8.12 8.12.1 8.12.2 65

8.12.3 1 443,915.44 2 3 4 255,189.94 5 65,664.96 6 7 8 9 764,770.34 8.12.4 8.12.5 8.12.6 66

8.13 2017/12/31 % A 17,027,381 65,214,869.23 7.38 2,395,556 53,205,298.76 6.02 2,786,304 52,521,830.40 5.95 3,651,987 50,835,659.04 5.76 1,199,063 49,665,189.46 5.62 5,921,411 47,963,429.10 5.43 11,634,102 46,187,384.94 5.23 2,184,489 43,427,641.32 4.92 1,248,100 37,255,785.00 4.22 3,839,601 31,523,124.21 3.57 7,343,793 29,742,361.65 3.37 1,423,315 29,277,589.55 3.31 1,687,785 28,675,467.15 3.25 4,270,600 26,477,720.00 3.00 1,217,700 25,072,443.00 2.84 2,520,409 16,659,903.49 1.89 49,715 11,721,305.55 1.33 678,555 10,029,042.90 1.14 410,600 9,854,400.00 1.12 838,300 9,321,896.00 1.06 438,000 8,996,520.00 1.02 432,700 6,888,584.00 0.78 424,500 5,043,060.00 0.57 67

% 695,560,504.75 78.75 695,560,504.75 78.75 664,744,109.98 695,560,504.75 78.75 187,702,049.48 21.25 883,262,554.23 100.00 2017/12/31 % 2017 2016 78.75 76.81 78.75 76.81 21.25 23.19 % 100.00 100.00 68

9 9.1 A 12,516 36,716.18 99,616,975.71 21.68% 359,922,764.98 78.32% H 2 2,403,707.55 4,807,415.10 100.00% 12,518 37,094.36 99,616,975.71 21.45% 364,730,180.08 78.55% H H HH 9.2 A 433,190.61 0.0943% H 0.00 0.00% 433,190.61 0.0933% 9.3 A 10~50 H 0 10~50 A 0~10 H 0 0~10 69

10 A H 2007 4 9 5,265,643,757.13 566,353,406.64 170,290.06 317,329,186.68 4,861,129.83 424,142,852.63 224,004.79-459,539,740.69 4,807,415.10 70

11 11.1 11.2 2017 1 12 2017 8 16 2018 1 31 11.3 11.4 11.5 2015 4 18 130,000 2017 130,000 11.6 71

11.7 11.7.1 1 1 1 785,049,585.44 13.79% 731,116.45 13.79% 1 1 1 104,880,557.93 1.84% 97,674.36 1.84% 1 150,432,127.87 2.64% 140,098.12 2.64% 1 845,294,404.53 14.84% 787,222.27 14.84% 1 1,069,235,653.57 18.78% 995,780.34 18.78% 2 1,722,143,185.65 30.24% 1,603,831.91 30.24% 2 1,017,207,505.11 17.86% 947,323.61 17.86% 1. 2. 1) a. b. c. d. e. 72

2) a. b. c. d. 11.7.2 1,640,000,000.00 25.40% 85,000,000.00 1.32% 268,000,000.00 4.15% 13,236,983.10 100.00% 2,217,000,000.00 34.33% 1,532,000,000.00 23.73% 715,000,000.00 11.07% 73

11.8 1 2 2016 4 3 4 5 6 7 8 9 2016 10 11 12 13 2017 1 2017 1 3 2017 1 19 2017 1 19 2017 2 9 2017 2 23 2017 2 27 2017 2 27 2017 2 27 2017 3 29 2017 4 10 2017 4 21 2017 4 22 2017 4 24 74

14 15 20171 16 17 18 19 20 21 22 23 2017 2 24 25 2017 26 27 28 29 2017 5 8 2017 5 25 2017 6 2 2017 6 30 2017 6 30 2017 6 30 2017 7 1 2017 7 1 2017 7 1 2017 7 20 2017 8 1 2017 8 26 2017 8 28 2017 8 28 2017 8 28 2017 9 2 75

30 31 32 2017 3 33 34 35 20172 36 37 38 39 40 2018 2017 9 28 2017 10 11 2017 10 25 2017 10 27 2017 11 9 2017 11 23 2017 12 29 2017 12 29 2017 12 30 2017 12 30 2017 12 30 76

12 12.1 20% 20% 1 2017/1/1~2017/1/19; 2017/3/22~2017/3/23 144,097,199.39 118,342,164.57 262,439,363.96 0.00 0.00% 20% 20% 12.2 77

13 13.1 1) 2) 3) 4) 5) 6) 7) 8) 9) 13.2 817 13.3 021-20376888 http://www.hsbcjt.cn 2018 3 28 78

2017 2017 12 31 2018 3 28 1

2017 12 31 2017 12 31 H HSBC Investment Funds (Hong Kong) Limited 2018 3 28 2

1 1.1 2018 3 27 2017 1 1 2017 12 31 3

2 2.1 540003 2007 4 9 464,347,155.79 A H 540003 960003 459,539,740.69 4,807,415.10 2016 6 28H 6

2.2 1. 2. (P/E) (ROE) (P/B) CFROI 50% MSCI A+ 50% 7

2.3 021-20376868 95559 compliance@hsbcjt.cn luzj@bankcomm.com 021-20376888 95559 021-20376999 021-62701216 8 17 8 17 188 188 200120 200120 2.4 www.hsbcjt.cn 817 188 2.5 202 2 11 8 17 8

3.2.2 A 2007 4 92017 12 31 200% 180% 160% 140% 120% 100% 80% 60% 40% 20% 0% -20% -40% 2007-4-9 2009-1-14 2010-11-5 2012-8-16 2014-6-10 2016-3-24 2017-12-31 1. 30% 95% 5% 70% 5% 2007 10 9 2. 2007 4 9 2014 5 31 50% MSCI A + 50%MSCI A 2014 6 1 50% MSCIA + 50% 11

H 2016 6 282017 12 31 30% 25% 20% 15% 10% 5% 0% -5% 2016-6-28 2016-9-26 2016-12-28 2017-3-31 2017-7-4 2017-9-28 2017-12-31 1. 30% 95% 5%-70%5% 2. = 50% MSCIA+ 50% 3. 2016 6 28H 12

3.3 A 10 2017 2016 5.200 519,079,669.25 100,037,021.22 619,116,690.47 2015 5.200 519,079,669.25 100,037,021.22 619,116,690.47 H 14

4.2 4.3 4.3.1 1 2 3 4 4.3.2 3 5 16

4.3.3 5% 4.4 4.4.1 2017 30021.78% 10.67% PPI CPI ROE M2 2017TMT 4.4.2 A 19.18% 4.76% A 14.42% H 19.03% 4.76% H 14.27% 4.5 2018 2018GDP 6.5% PPI 17

IPO ROE PEG0.6 4.6 (1) (2) (3) (4) (5) (6) (7) 18

4.7 2007<> [2007]21 [2008]38 (1) (2) I. 1. 2. 3. II. III. 19

IV. V. (1) (2) 4.8 4.9 20

5 5.1 2017 5.2 2017 5.3 2017 21

6 6.1 (2018) 21786 6.2 2017 12 31 2017 () 2017 12 31 2017 22

( ) (1) (2) (3) (4) (5) 23

202 2 11 2018 3 26 24

2017 1 1 2017 12 31 2016 1 1 2016 12 31 (2) 25,758,495.10 29,245,996.83 1. 7.4.10.2.1 14,179,211.82 13,785,250.78 2. 7.4.10.2.2 2,363,202.00 2,297,541.78 3. 7.4.10.2.3 4. 7.4.7.19 8,748,156.28 12,724,257.85 5. 6. 7.4.7.20 467,925.00 438,946.42-163,746,167.24-44,958,243.08-163,746,167.24-44,958,243.08 7.3 2017 1 12017 12 31 2017 1 12017 12 31 566,461,990.45 341,078,863.16 907,540,853.61 163,746,167.24 163,746,167.24 - -103,856,841.73-84,167,624.89-188,024,466.62 320,428,845.79 246,922,240.85 567,351,086.64-424,285,687.52-331,089,865.74-755,375,553.26-462,605,148.72 420,657,405.51 883,262,554.23 28

2016 1 12016 12 31 362,482,413.74 489,499,465.93 851,981,879.67-44,958,243.08-44,958,243.08-203,979,576.71 515,654,330.78 719,633,907.49 1,076,044,066.47 981,897,208.62 2,057,941,275.09-872,064,489.76-466,242,877.84-1,338,307,367.60 - -619,116,690.47-619,116,690.47 566,461,990.45 341,078,863.16 907,540,853.61 7.1 7.4 29

7.4 7.4.1 [2007]64 5,264,523,342.19 KPMG B(2007)CRNo.0020 2007 4 9 5,265,643,757.13 1,120,414.94 2016 6 28 A H A H A 30%-95% 5%-70% 5%50% MSCI A +50% 2018 3 26 7.4.2 2006 2 15 XBRL 3 < > 7.4.4 30

7.4.3 2017 2017 12 31 2017 7.4.4 7.4.4.1 1 1 12 31 7.4.4.2 7.4.4.3 (1) (2) 7.4.4.4 31

(1) (2) (3) 7.4.4.5 (1) (2) (3) 7.4.4.6 1) 2) 32

7.4.4.7 7.4.4.8 7.4.4.9 7.4.4.10 7.4.4.11 A H 33

7.4.4.12 (1) (2) (3) 7.4.4.13 (1) [2017]13 (AMAC) (2) [2017]13 2015 1 7.4.5 7.4.5.1 7.4.5.2 34

7.4.5.3 7.4.6 [2004]78 [2008]1 [2012]85 [2015]101 [2015]125 [2016]36[2016]46 [2016]70 (1) 2016 5 1 2016 5 1 (2) (3) 20% 1 1 1 1 1 50% 1 7% 10% (4) 0.1% 35

7.4.7.3 7.4.7.4 7.4.7.4.1 7.4.7.4.2 7.4.7.5 2017 12 31 2016 12 31 23,176.51 102.66 2,728.70 38,454.30 229,084.93 2,031,456.66 199.80 322.80 255,189.94 2,070,336.42 7.4.7.6 37

7.4.8 7.4.8.1 7.4.8.2 7.4.9 1 2 3 4 5 1. 2. 3. 4. 5. 44

7.4.10 7.4.10.1 7.4.10.1.1 7.4.10.1.2 7.4.10.1.3 7.4.10.1.4 7.4.10.1.5 7.4.10.2 7.4.10.2.1 2017 1 1 2017 12 31 2016 1 1 2016 12 31 14,179,211.82 13,785,250.78 1,812,612.85 1,925,014.96 1.50% 1.50% 45

7.4.10.2.2 2017 1 1 2017 12 31 2016 1 1 2016 12 31 2,363,202.00 2,297,541.78 0.25% 0.25% 7.4.10.3 ( ) 7.4.10.4 7.4.10.4.1 7.4.10.4.2 A 2017 12 31 2016 12 31 2,013,406.88 0.44% 2,013,406.88 0.36% 7.4.10.5 2017 1 1 2017 12 31 2016 1 1 2016 12 31 149,413,877.31 162,470.51 964,856.13 6,571.90 46

7.4.10.6 7.4.10.7 7.4.11 7.4.12 2017 12 31 7.4.12.1 7.4.12.2 7.4.12.3 7.4.12.3.1 7.4.12.3.2 7.4.13 7.4.13.1 47

7.4.13.2 2017 12 31 2016 12 31 7.4.13.3 2017 12 31 48

7.4.13.3.1 2017 10 1 10% 10% 15% 30% 7.4.12 15% 7 7 49

30%-95% 5%-70% 5% VaR (Valueat Risk) 7.4.13.4.3.1 2017 12 31 (%) 2016 12 31 (%) 695,560,504.75 78.75 697,068,008.30 76.81 695,560,504.75 78.75 697,068,008.30 76.81 7.4.13.4.3.2 7.4.1 2017 12 31 2016 12 31 1. 7.4.1 5% 67,181,996.96 76,972,774.13 2. 7.4.1 5% -67,181,996.96-76,972,774.13 52