2016

2016

2016 1 2019 8 2020 1 1 (i) 19 15 (ii) 19 (iv) (iii) 20 (iv) 2019 12

2016 1 2019 8 (i) 9 5. (ii) 9-10 6. 6.

:, 2019 8

2016 1 2016 1 1. 20 (i) (ii) (iii) (v) (vi) (ix) (iv) (viii) (vii) (ii) (v) 2. / 3. 9-10 6. 6. 1 / 2

2016 7 2 / 2

2016 1 2016 1 11 5 2016 1 1 / 1

2011 7 13 2016 1 Deacons

2011 7 13 104 Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations of the Commodities Futures Trading Commission 1 4 5 1. (i) (ii) 2

(i) 31 (ii) 183 2. 3. 4. 1996 8 20 1996 8 19 5. 1 NFFE 1471 1474 FATCA NFFENFFE 2015 5 22 a) b) c) d) e) 3

f) (f) a) b) c) d) 1 e) 2 f) g) 50% (g) 50% 50% 50% 8 21 (852) 2978 7788 4

A www.jpmorganam.com.hk 104 (a) 103 H H H 5

H H A H HH H H www.jpmorganam.com.hk 1 95% 40% BBB- BBB- 40% 6

40% (A) AA (B) AA 7

1. 2. 8

3. 4. H CNY H CNH CNY 5. 6. 9

10 7. 8. 20 9. 10.

11. FATCA FATCA 100 100 100 100 8 3 5 11

5 H 100 V1 12

7 20 (i) (ii) (i) a. 13

b. (ii) (iii) (iv) H 14

www.jpmorganam.com.hk www.jpmorganam.com.hk H H H H H 12 # www.jpmorganam.com.hk H 15

# 12 H 5% 10,000 H 5% 1.5 = ( 10,000 X 5%) / (1+5%) = 476.19 = 10,000 476.19 = 9,523.81 = 9,523.81 / 1.5 = 6,349.21 10,000 6,349.21 H H 0.13% 0.5% 25% H 10,000 1.5 = 10,000 1.5 = 15,000 = 15,000 * 0.13% = 19.5 = 15,000 19.5 = 14,980.5 14,980.5 16

(A) 2015 12 18 [2015] 125 (B) [2008] 1 [2002] 128 20% 10% 7% A B 0.1% 17

1986 1471 1474 FATCA 30% 2014 7 1 30% 2019 1 1 FATCA FATCA FATCA 18

FATCA 90 60 15 www.jpmorganam.com.hk i. ii. iii. iv. v. vi. vii. viii. 19

ix. (i) (iii) (vi) (ix) (ii) (v) (iv) (viii) (vii) (ii) (v) (iv) (v) (iv) 20

2019 12

2011 7 13

1 2 3 4 5 6 7 8 2019 10 31 2019 9 30 H H H 1

................................................................... 3................................................................... 3............................................................. 8............................................................. 20........................................................... 23............................................. 35............................................. 36............................................................. 46............................................................. 59............................................................. 61....................................................... 62..................................................... 69..................................................... 71..................................................... 73....................................................... 74............................................................. 80................................. 84................................................... 87............................................... 115............................................... 128................................................... 129......................................... 129........................................................... 129 2

1 2 3 4 5 3

6 7 8 9 2012 12 28 2013 6 1 10 2013 3 15 6 1 11 2019 7 26 9 1 12 13 2017 8 31 10 1 14 15 16 17 18 4

19 20 21 22 23 24 25 26 27 28 29 30 31 5

32 33 34 3 35 36 37 38 39 40 41 42 43 44 45 46 47 T T + n T n T 6

48 49 50 51 52 53 54 55 56 57 58 59 10% 10 A H 60 7

61 99 25 99 25 2004 5 12 51% JPMorgan Asset Management (UK) Limited 49% [2004]56 2004 5 12 2005 8 12 67 33 51% 49% 2006 6 6 2006 4 29 2006 6 2 8

2009 3 31 2009 3 31 1 Paul Bateman Chase Fleming Asset Management Limited Daniel J. Watkins 9

Richard Titherington 10

51 11

2 (QDII) 3 4 12

13

5 2007 10 2011 7 2013 3 2015 9 30 2013 5 2014 12 2014 12 2019 4 2019 3 6 14

1 2 3 4 5 6 7 8 9 10 11 12 1 2 15

3 (1) (2) (3) (4) (5) (6) (7) (8) 4 (1) (2) (3) (4) (5) (6) (7) (8) 16

(9) (10) 5 (1) (2) (3) (4) 1 (1) (2) (3) (4) (5) 17

2 (1) (2) (3) (4) 3 (1) (2) 4 (1) (2) (3) (4) 18

(5) (6) 19

1 69 28 2009 1 15 [2009]13 [1998]23 34,998,303.4 010-66060069 010-68121816 2009 1 15 500 2004 2007 SAS70 SAS70 2010 (ISAE3402) 20

2010 TOP10 2010 2012 2013 2017 2015 2016 2018 20 2019 2019 1998 5 2 310 60 20 3 2019 9 30 486 1 21

2 3 1 2 3 22

1 2 A (1) 25 1 1 95533 www.ccb.com (2) 55 95588 www.icbc.com.cn (3) 69 69 95599 www.abchina.com (4) 95566 www.boc.cn (5) 7088 7088 95555 www.cmbchina.com (6) 188 188 95559 www.bankcomm.com 23

(7) 500 12 95528 www.spdb.com.cn (8) 154 95561 www.cib.com.cn (9) 168 168 95594 www.bankofshanghai.com (10) 6 95595 www.cebbank.com (11) 9 2495558 www.citicbank.com (12) 2 2495568 www.cmbc.com.cn (13) 22 22 95577 www.hxb.com.cn 24

(14) 17 17 95526 www.bankofbeijing.com.cn (15) 345 95574 www.nbcb.com.cn (16) 5047 5047 95511 3 www.bank.pingan.com (17) 2 961122 www.drcbank.com (18) 70 www.srcb.com 021-962999 (19) 288 95302 www.njcb.com.cn (20) 989 45 989 45 200031 95523 www.swhysc.com 25

(21) 358 20 2005 358 20 2005 830002 010-88085858 010-88085195 400-800-0562 www.hysec.com (22) 213 7 213 7 021-962518 www.shzq.com (23) 618 669 21 95521 www.gtja.com (24) 2 618 26 95575 www.gf.com.cn (25) 111 95565 www.newone.com.cn (26) 1508 1508 95525 www.ebscn.com 26

(27) 35 2-6 4008888888 www.chinastock.com.cn (28) 66 4 188 400-8888-108 www.csc108.com (29) 268 95562 www.xyzq.com.cn (30) 689 95553 www.htsec.com (31) 3 9 10 3 9 10 4008188118 www.guodu.com (32) 1012 16-26 95536 www.guosen.com.cn (33) 228 95597 www.htsc.com.cn 27

(34) 8 48 95548 www.cs.ecitic.com (35) 318 2 22-29 95503 www.dfzq.com.cn (36) 222 1 2001 95548 www.sd.citics.com (37) 157 7 8 157 7 10 0591-96326 www.hfzq.com.cn (38) 1 2 27 28 1 2 27 28 021-58881690 www.cicc.com.cn (39) 4018 35 28 A02 4018 35 28 A02 95517 www.essence.com.cn 28

(40) 100 9 400-820-5999 www.shhxzq.com (41) 8 95579 4008-888-999 www.95579.com (42) 5033 61-64 5033 61-64 95511-8 www.stock.pingan.com (43) 23 18 95531 4008888588 www.longone.com.cn (44) 360 9 3724 1687 2 400-821-5399 www.noah-fund.com (45) 526 2 220 1267 11 400-820-2899 www.erichfund.com 29

(46) 6 11 6 400-818-8000 www.myfund.com (47) 687 1 2 268 33 B 8 400-817-5666 (48) 33 11 B 1500 11 400-799-1888 www.520fund.com.cn (49) 488 1503 400-820-5369 www.jiyufund.com.cn (50) 8 53 5312-15 400-021-8850 www.harvestwm.cn (51) 1318 1301 1801 400-820-8988 www.dbs.com.cn 30

(52) 33 28 01A 02A 04 29 02 30 01 32 01 01B 33 01 03 34 01 35 33 28 01A 02A 04 29 02 30 01 32 01 01B 33 01 03 34 01 35 (AU SIU LUEN) 800 8301 880 www.citibank.com.cn (53) 6629 95382 www.hkbea.com.cn (54) 201 13 1 16 15 17 16 18 4 17 4 19 18 20 1 19 1 21 1 3 4 20 1 3 4 23 22 25 2 4 23 2 4 27 2 25 2 28 26 4008888083 www.sc.com.cn (55) 8 22 400-820-8828 / +86(0)21 38888828 www.hsbc.com.cn (56) 1000 34 36 528 27 800-830-4888 www.hangseng.com 31

(57) 8 13 1301-1305 14 400-990-8826 www.citicsf.com (58) 685 37 4 449 1118 903-906 400-700-9665 www.ehowbuy.com (59) 5047 25 I J 5047 25 I J 4006-788-887 www.zlfund.cn www.jjmmw.com (60) 969 3 5 599 18 B 6 400-0766-123 www.fund123.cn (61) 190 2 2 88 400-1818-188 www.1234567.com.cn (62) 903 7 2 4008-773-772 www.5ifund.com 32

(63) 1333 14 09 1333 14 400-821-9031 www.lufunds.com (64) 2 2 222 2 2 222 400-618-0707 www.hongdianfund.com (65) 6 105-3491 112 020-89629066 www.yingmi.cn (66) N-1 N-2 5 518 N-1 N-2 5 518 010-62675369 www.xincai.com (67) 2 4 401-15 18 4000988511/4000888816 http://fund.jd.com/ 33

(68) 1 2 2-45 1 A 5 4008-909-998 www.jnlc.com (69) 1 A 201 A 17 1704 TEO WEE HOWE 400-684-0500 www.ifastps.com.cn 3 4 H 8 21 8 21 (852) 2978 7788 https://www.jpmorganam.com.hk/jfasset/web/promotionsfile/mrf/cn/index. html H 2019 10 31 H 34

580 31 021-5234 1668 021-5234 1670 1318 6 202 2 11 (021) 23238888 (021)23238800 [2011]604 2011 6 15 2011 7 8 459,128,666.54 45,632.38 9922 1.00 459,128,666.54 45,632.38 459,174,298.92 2011 7 13 2015 7 21 35

1 2 3 3 36

1 2 T T+1 T+2 3 T 7 1 A 10 H 100 37

2 3 4 5 A 10 10 H 100 100 1 A H A H 38

2 = / 1 = = / T A 100 1.5% 100 500 1.0 500 1,000 H 5% 3 T A 1.5% 0.5% 0.35% 0.2% 0% H 0.5% 39

4 5 6 7 8 9 10 A H T 3 4 7 A 1.5% A 25% H 5% 5% 3 40

11 1 2 3 4 5 6 7 8 50% 50% 50% 1 2 3 5 7 8 41

1 2 3 4 5 6 50% 3 1 10% 42

2 (1) (2) 10% (3) 20% 20% 20% 20% 43

3 2 3 2 20 1 2 3 4 1 2 1 1 2 1 2 2 1 1 44

2 45

60%-95% 0-40% 0-3% 5% 80% 1 46

2 (1) 47

1 2 3 4 (2) 48

(1) (2) (3) (P/E) (P/B) (PEG) (EV/EBITDA) (DDM) (FCFF FCFE) 3 49

(1) (2) (3) (4) 4 5 50

*85%+*15% 100 1 2 3 4 51

1 2 3 4 5 (1) 10% (2) 10% 52

(3) 15% (4) 30% (5) 40% (6) (7) 5% (8) 0.5% 3% 10% (9) 10% 10% 10% 20% (10) 15% (11) 53

(12) (13) (7) (10) (11) 10 1 2 3 4 5 6 7 8 54

1 2 3 4 1 (%) 1 2,430,664,210.23 89.23 2,430,664,210.23 89.23 2 3 4 5 6 268,878,715.30 9.87 7 24,461,197.75 0.90 8 2,724,004,123.28 100.00 55

2 (%) A 109,577,304.00 4.08 B C 2,141,660,031.36 79.67 D E F 1,141,742.49 0.04 G H I 171,813,870.74 6.39 J 3,494,567.68 0.13 K L M N 2,976,693.96 0.11 O P Q R S 2,430,664,210.23 90.42 56

3 (%) 1 002236 13,743,786 237,355,184.22 8.83 2 601012 8,873,101 232,741,439.23 8.66 3 600438 14,723,832 187,581,619.68 6.98 4 300014 5,083,824 154,497,411.36 5.75 5 002157 9,379,999 141,731,784.89 5.27 6 603501 1,410,482 138,382,389.02 5.15 7 000661 287,538 113,393,485.68 4.22 8 300601 1,497,119 111,146,114.56 4.13 9 002714 1,554,288 109,577,304.00 4.08 10 002241 5,178,225 91,033,195.50 3.39 4 5 6 57

7 8 9 10 11 (1) (2) (3) 1 1,282,467.34 2 14,607,984.33 3 4 89,995.56 5 8,480,750.52 6 7 8 9 24,461,197.75 (4) 58

(5) (6) A 2011/12/31 2012/01/01 2012/12/31 2013/01/01 2013/12/31 2014/01/01 2014/12/31 2015/01/01 2015/12/31 2016/01/01 2016/12/31 2017/01/01 2017/12/31 2018/01/01 2018/12/31 2019/01/01 2019/6/30 2019/01/01 2019/9/30-12.00% 0.75% -18.19% 1.10% 6.19% -0.35% 27.73% 1.23% 6.71% 1.02% 21.02% 0.21% 47.15% 1.63% -5.57% 1.11% 52.72% 0.52% -5.50% 1.35% 42.21% 0.97% -47.71% 0.38% 65.39% 2.94% 5.68% 1.99% 59.71% 0.95% -19.81% 2.10% -8.35% 1.12% -11.46% 0.98% 42.21% 1.37% 17.55% 0.51% 24.66% 0.86% -35.65% 1.91% -19.12% 1.07% -16.53% 0.84% 31.15% 1.92% 22.06% 1.24% 9.09% 0.68% 44.65% 1.73% 22.03% 1.10% 22.62% 0.63% 59

H 2016/12/31 2017/01/01 2017/12/31 2018/01/01 2018/12/31 2019/01/01 2019/6/30 2019/01/01 2019/9/30 1.57% 1.81% 5.22% 0.93% -3.65% 0.88% 42.48% 1.37% 17.55% 0.51% 24.93% 0.86% -35.67% 1.91% -19.12% 1.07% -16.55% 0.84% 31.14% 1.93% 22.06% 1.24% 9.08% 0.69% 44.71% 1.73% 22.03% 1.10% 22.68% 0.63% 60

61

1 (1) (2) 62

(3) (1) (2) (1) (2) (4) 2 (1) (2) (3) (4) 63

(5) (6) (7) (1) (6) (1) (6) (8) 3 (1) (2) (3) (4) (1) (3) (1) (3) 64

(5) 4 1 65

2 (1) (2) (3) (4) (5) (6) 66

(7) 3 (1) (2) (3) (4) 4 (1) 3 3 0.25% 0.5% (2) 67

50% 50% (3) (4) 1 2 3 4 68

5 6 50% 0.001 1 2 (3) (7) (4) 69

1 2 3 4 5 6 4 30% 3 15 1 70

2 3 1 2 3 4 5 6 7 8 71

1 H E 1.5% H E 3 2 H E 0.25% H E 3 3 3 7 72

1 2 3 4 5 6 7 1 1 12 31 3 1 2 3 73

1 2 3 4 5 6 74

1 (1) (2) (3) (4) 2 75

3 4 5 15 2 20% 76

6 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 12 50% (11) 12 30% (12) (13) 77

(14) (15) (16) (17) 0.5% (18) (19) (20) (21) (22) (23) (24) (25) (26) 7 8 30 78

9 10 79

1 (1) (2) (3) 80

(4) (5) 2 (1) (2) 3 81

4 5 IT 6 7 (1) (2) (3) 82

(4) 20% (5) (6) (7) 83

8 1) 2) 3) 4) 5) 1 2 1 2 (1) (2) 84

(3) (4) (5) (6) 1 2 3 4 6 6 1 (1) (2) (3) 2 (1) (2) (3) 85

(4) (5) (6) (7) (8) (9) 3 4 (1) (2) (3) (4) (1) (3) 5 5 6 15 86

[2011]604 1 (1) (2) (3) (4) (5) (6) (7) (8) (9) 87

2 (1) (2) (3) (4) (5) (6) (7) (8) 1 (1) (2) (3) (4) 88

(5) (6) (7) (8) (9) (10) (11) (12) (13) 2 (1) (2) (3) (4) 89

(5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 90

(18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) 1 (1) (2) (3) (4) 91

(5) (6) (7) (8) 2 (1) (2) (3) (4) (5) (6) (7) 92

(8) (9) 15 (10) (11) (12) (13) (14) (15) (16) (17) (18) 93

(19) (20) (21) (22) (23) 1 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 94

2 (1) (2) (3) (4) (5) (6) 1 2 3 10 60 10% 10 60 10% 10 60 95

4 5 10% 10% 30 1 30 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 96

2 3 1 (1) (2) (3) 2 (1) 1) 50% 50% 97

2) (2) 25 1) 2 2) 3) 50% 4) 25 98

1 (1) (2) 10% 35 30 30 (3) (4) 10% 6 99

(5) 30 30 2 (1) 50% (2) 30 2 3 1 2 100

(1) 50% (2) (2) 3 4 5 6 1 (1) 3 101

(2) (3) (4) 2 1 2 3 5 102

4 1 2 4 30% 3 3 4 5 6 15 103

1 2 3 1 2 3 4 5 6 7 8 104

1 H E 1.5% H E 3 2 H E 0.25% H E 3 3 3 7 105

60%-95% 0-40% 0-3% 5% 80% 106

(1) 10% (2) 10% (3) 15% (4) 30% (5) 40% 1 (6) (7) 5% (8) 0.5% 3% 10% 107

(9) 10% 10% 10% 20% (10) 15% (11) (12) (13) (7) (10) (11) 10 108

1 (1) (2) 109

(3) (1) (2) (1) (2) (4) 2 (1) (2) (3) (4) (5) (6) 110

(7) (1) (6) (1) (6) (8) 3 4 (1) (2) (3) (4) (1) (3) (1) (3) (5) 111

1 2 3 4 6 6 1 (1) (2) (3) 112

2 (1) (2) (3) (4) (5) (6) (7) (8) (9) 3 4 (1) (2) (3) (4) (1) (3) 5 5 113

6 15 114

1 2 69 28 100031 2009 1 15 [1998]23 32,479,411.7 115

1 60%-95% 0-40% 0-3% 5% 80% 2 1 2 3 10% 10% 15% 30% 116

4 5 6 7 8 9 10 40% 1 5 3% 10% 10% 10% 10% 20% 5% 10% 10% 2% 15% 11 117

12 13 8 10 11 10 6 3 118

4 5 3 119

6 (1) (2) (3) (4) (5) 120

(6) (7) 7 121

8 9 1 2 122

3 1 (1) (2) (3) (4) (5) (6) (7) 123

2 (1) (2) 2 2 (3) 3 (1) (2) (3) (4) (5) 124

4 (1) (2) (3) (4) (5) 5 6 (1) (2) 125

7 8 15 1 0.001 A H 2 126

6 30 12 31 6 30 12 31 15 127

1 2 (1) (2) (3) (4) 1 2 (www.cifm.com) 488 889 4888 www.cifm.com 128

1 2019 12 27 129

1219 www.jpmorganam.com.hk