2015
惠理基金管理公司 (852) 2880 9263 (852) 2565 7975 vpl@vp.com.hk www.valuepartners.com.hk
2-3 4-11 12 13-19 20 1
Bank of Bermuda (Cayman) Limited P.O. Box 513 HSBC House 68 West Bay Road Grand Cayman KY1-1106 Cayman Islands Maples and Calder P.O. Box 493 Century Yard Cricket Square Grand Cayman KY1-1106 Cayman Islands (852) 2143 0688 (852) 2565 7975 fis@vp.com.hk www.valuepartners.com.hk 2
2015 3A 2014/2015 Asian Private Banker 2015 2014 (i) (ii) (iii) Benchmark 2014 DHL AsiaHedge Awards 2014 2014 25 2014 25 Institutional InvestorAlpha 2014 9 2014 100 58 Institutional InvestorAlpha 2014 5 2014 3A 2014 AsianInvestor 3
2015 7 86 1232% 2015 7 8 A 8% 12 70% 2015 67 67 4
10% 15% 6 18 2.3 1.5 7 1 2014 H 2015 7 8H MSCI 9.2 300A13.5 9% 5
623.7% MSCI14.6% 6A A3 33% 29%A 2015The Asset 3A 2014/15 (Asia Private Banker) 2009 6
2015 5 20 400 2015 8 21 2015 6 30 7
2015 6 30 1816 HK 238 2015 4.06 21.5 2.4 1.5% 2014 12 2014 6 8
600900 CH 392 601006 CH 337 2015 14.73 19.5 2.6 2.4% 14.04 13.1 2.2 3.5% 50% 9
2015 6 30 601318 CH 1,219 1918 HK 37 2015 81.94 * 1.3 1.0% 8.49 5.1 1.2 3.5% 2010 2010 2014 71% 10% * = 2015 6 3020.9%2015 6 30 10
2015 6 30 = 50.24 2015 6 30 2003 11 272015 6 30 500% 400% +402.4% +377.8% 300% 200% 100% 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 11
3,670,174 187,381,552 153,284,170 799,031 4,333 266,539 43,794 6,848,115 81,331 830,994 1,183,099 199,796,405 154,596,727 13,609,015 8,967,187 265,615 761,992 228,232 328,875 212,421 155,774 5,892,381 2,860,778 272,633 272,633 28,889 21,185 23,247 41,098 20,532,433 13,409,522 179,263,972 141,187,205 3,568,45731.12.2014 3,474,553 50.24 40.63 12
1,012,624 2,978,191 1.66 275,649 1,707,450 0.95 19,000 40,032 0.02 589,500 2,722,655 1.52 2,850,457 6,768,641 3.78 797,181 2,039,150 1.14 3,428,845 7,760,669 4.33 166,300 2,321,369 1.29 446,848 4,603,041 2.57 387,182 2,434,243 1.36 8,000 44,287 0.02 500 795 0.00 501,050 2,360,990 1.32 1,000 3,990 0.00 43,500 1,806,773 1.01 239,413 1,438,825 0.80 790,043 10,435,924 5.82 500 1,060 0.00 773,193 1,701,025 0.95 745,051 1,903,704 1.06 18,900 79,826 0.05 1,240,441 3,321,467 1.85 56,474,107 31.50 13
H H 1,600,000 1,564,439 0.87 H 2,964,500 3,001,861 1.67 H 10,792,000 5,651,938 3.15 H 2,528,000 3,293,577 1.84 H 2,940,000 2,779,846 1.55 H 5,384,000 1,750,149 0.98 H 388,000 1,428,918 0.80 H 6,920,000 5,427,241 3.03 H 8,044,000 3,849,598 2.15 H 2,490,000 2,759,065 1.54 H 7,114,000 2,872,286 1.60 H 1,411,400 3,987,160 2.22 H 326,500 4,409,601 2.46 H 2,520,000 1,521,303 0.85 H 916,000 1,765,288 0.98 H 4,758,000 2,092,899 1.17 H 802,000 1,622,146 0.91 H 728,000 622,607 0.35 H 407,000 3,050,282 1.70 53,450,204 29.82 14
50,132,000 3,298,030 1.84 3,110,000 1,191,479 0.66 944,000 3,275,621 1.83 3,492,000 2,662,142 1.48 23,700,000 1,773,151 0.99 804,000 2,385,357 1.33 1,828,000 2,560,799 1.43 3,180,000 1,538,253 0.86 470,000 1,594,495 0.89 TCL 1,772,000 1,197,745 0.67 2,426,000 2,059,141 1.15 23,536,213 13.13 15
7,080,000 1,360,783 0.76 6,824,000 5,563,211 3.10 47,870,000 3,643,216 2.03 716,500 1,685,817 0.94 9,556,000 1,775,040 0.99 6,412,000 1,480,526 0.83 10,157,000 2,240,428 1.25 1,002,000 904,764 0.50 4,084,000 532,079 0.30 2,625,000 1,672,729 0.93 2,531,500 2,710,350 1.51 2,058,000 1,799,884 1.00 5,646,000 1,019,620 0.57 1,315,000 237,478 0.13 5,785,000 6,335,494 3.54 1,653,000 3,603,537 2.01 13,378,000 2,157,102 1.20 1,357,000 2,842,728 1.59 13,444,000 2,601,292 1.45 5,721,000 1,660,443 0.93 45,826,521 25.56 122,812,938 68.51 16
12,305,000 1,784,527 1.00 22,500 1,633,950 0.91 12/18/2015 74,825 449,698 0.25 CICC Financial Trading 10/03/2017 241,027 545,444 0.30 995,142 0.55 17
68,420 14,368 0.01 5% 03/30/2018 6,000,000 773,964 0.43 1,030,000 18
CWts 11/11/2016 922,100 1,697,586 0.95 05/15/2018 282,900 1,194,970 0.67 2,892,556 1.62 187,381,552 104.53 164,570,306 19
31.50 38.10 68.51 51.48 1.00 1.30 0.91 2.45 101.92 93.33 0.55 7.38 0.01 0.01 0.43 1.62 7.85 104.53 108.57 20