環球投資分析

Global InvestmentUpdate

二 ○ 一 ○ 年 五 月 ． M a y 2 0 1 0

環球市場展望美國：經濟數據利好市場氣氛歐洲：投資氣氛陰霾未定日本：主要受出口表現影響中國：宏調措施減輕泡沫化現象投資專題中國 / 香港 投資策略 – 更多政策出台？外匯市場速遞歐元、英鎊、日元及澳元回顧與展望

2 環

球投

資分

析

Global MarketOutlook

環球市場展望

日本日本的國民消費物價指數(核心)於1月下跌1.3%後，於2月按年

續跌1.2%，跌幅與彭博的中位數預測相符。由此可見，核心消費物價指數通縮於2009年8月跌至按年-2.4%的谷底後，已持續紓緩。日本消費 物價指數將繼續受三項主要因素影響：一) 產出 缺口及通脹預期，二) 日本貿易條件可能惡化，及三) 2010年的財政預算。

JapanJapan core CPI deflation has continued to

ease since hitting bottom at -2.4% YoY in

August 2009.

Three main factors remain affecting the

CPI for Japan would be 1) the output gap

and inflation expectations, 2) potential

deterioration in Japan’s terms of trade, and 3)

2010’s fiscal budget.

美國耐用品報告反映美國製造業正 復甦中。第一季耐用品訂單按

年增長11%，為近四年來最大增幅。另一方面， 美國消費者開支的數據亦令人鼓舞，輕型車輛銷售數字於3月達致按年率計11,800,000輛的水平，為自2008年9月以來最大幅度的反彈。美國供應管理協會指數(ISM index)顯示製造業持續轉強，而存貨及出口指數亦達20多年來的最高水平。職位增長 趨於穩定，並可能於未來數月保持趨勢。3月份 非農業新增職位增加162,000個，與上月比較， 職位增長上調62,000個。家庭調查繼續顯示復甦跡象，失業率於過去三個月下跌約0.2%，跌幅 反映職位增長的步伐較同期平均增長54,000個 為高。就業市場數據轉強，有可能使聯邦公開市場委員會在下月的議息會議上，至少考慮改變其 「維持低息一段長時間」的論調。

USThe durable goods report highlighted the

recovery of the goods sector.

The household survey continued to give a

signs of recovery with the unemployment

rate falling about 0.2% over the past three

months, a pace of decline that suggests a

stronger pace of job growth than the 54k

average gain in payrolls over this period.

歐洲歐元區經濟的悲觀氣氛持續。 主權債務危機、內部需求疲弱、

投資前景黯淡，都可能窒礙歐元區經濟復甦步伐。另一方面，歐元區數據顯示，疲弱的官方數據與較正面的調查指標存在分歧。官方數據反映下降的 歐元區工業訂單、法國家庭製成品消耗及意大利 零售銷售額均令人感到意外。另一方面，商業信心調查(即採購經理指數及Ifo)則上揚。儘管經濟數據顯示經濟前景向好，但歐元區在經濟結構上仍然可能面對三大挑戰：一) 產品質素及價格的競爭力，二) 私人企業“去槓桿化”，三) 政府償付能力。當歐元區國家努力應對這些挑戰，可能導致同時出現名義本地生產總值增長疲弱及低利率環境的狀況。

EuropeEuro area data have h ighl ighted the

divergence between the relatively downbeat

official data and the more positive survey

indicators. Surprising data reported on

declines in Euro area industrial orders,

F r e n c h h o u s e h o l d c o n s u m p t i o n o f

manufactured goods, and Italian retail sales.

On the other hand, surveys of business

confidence (ie. PMIs and Ifo) had trended

higher.

†資料來源 Sources: Bloomberg LP

3 G

lob

al

Inv

est

me

nt

Up

da

te

中國 / 香港投資策略─更多政策出台？自年初以來，中國當局收緊政策，但毋損經濟增長勢頭。由於即將公布的數據將進一步為收緊政策帶來支持， 我們認為中國政府會繼續進行調控政策，但預期政策對投資者情緒影響將會減輕。

中國：市場緊張氣氛或開始放緩中國宣布今年首季GDP增長達11.9%（2009年第四季增長10.7%），增幅令分析員感到意外。隨企業盈利前景 改善，加上中國逐步收緊政策，反映中國經濟的增長步伐仍然強勁。為壓抑市場的放貸活動，中國當局於第一季落實兩次調高法定儲備金率，而並沒有加息，以達致將銀行貸款額由2009年的人民幣9.6萬億元，降至2010年的人民幣7.5萬億元的目標。此外，當局可能會落實利民政策，主要分兩方面：一) 訂立提高國民福利的目標，特別是有關改善農村地區財富 分配的政策。二) 保持農業的高度生產力，長遠紓緩食品價格上漲的風險。

香港：大量流動資金帶動經濟復甦　經歷2008年金融海嘯，香港GDP已於2009年第四季回復按季正增長，增幅為2.8%，更值得令人鼓舞的是失業率 連續7個月下跌，回落至今年3月的4.4%。資金成本（香港銀行同業隔夜拆息率）創下歷史低位、流動資金（M2）充裕，加上財政儲備增加，均利好股市。

行業股概況按過去3個月平均計算，中國零售業銷售額增長強勁，達18%以上。與去年同期比較，增幅為3.1%，令市場感到 意外。利率低企、就業市場改善，加上通脹預期溫和，消費行業的強勁增長或會持續至2010年整年。隨著全球經濟持續改善，在消費市場前景向好及有機會提價下，高消費品行業可望於2010年第二季可望造好。然而，邊際利潤萎縮、投資需求減弱，加上產能過剩，均利淡基建類股份。

China / HK Investment Strategy – More Policies Ahead?Since the start of the year, China’s economic continues to point higher together with policies tightening. We believe policy controls will remain while it should affect less on investor sentiment as up coming data would provide supports for further tightening needs.

China: Cautious of market sentiment may start to see reliefDuring 1Q, China’s GDP growth had surprised market analysts by announcing growth rate at 11.9% (as compared to 2009 4Q at 10.7%). Improving corporate earnings outlook and policy tightening progressively suggest China’s economic growth remains above pace. Instead of raising interest rates, China had increased required reserve ratio (RRR) twice during 1Q in attempt to reduce lending in the market. This aimed to reduce bank lending from RMB 9.6 trillion in 2009 to RMB 7.5 trillion in 2010.

Furthermore, public-welfare-supportive policies may be seen in 2 areas. 1) Targeting to uplift public welfare may start to be seen, especially in the potential support to facilitate better distribution of wealth in the rural area. 2) Maintaining a high productivity in the agricultural industry which could lower the risk of food price inflation problem in the long term.

HK: recovery under way with massive liquidityAfter the financial tsunami in 2008, HK’s GDP (QoQ) growth is back at a positive growth of 2.8% as reported for 2009 4Q while more encouragement is shown from the consecutive 7 months fall of unemployment rate to 4.4% reported in March this year. The combination of historically low cost of fund (overnight HIBOR), abundant liquidity (illustrated by M2 value) and an increasing fiscal reserve creates an environment which may be supportive of the equity market.

Sector watchOver the past 3 months’ average, China’s retail sales growth is growing at a strong momentum of above 18%. It has surprised the market by its growth rate of 3.1% as compared to the same period in 2009. Strong consumption growth may extend throughout 2010 with a combination of low interest rate, improving employment market, and moderate inflation expectation. With the global economy continuous to improve, the consumer discretionary sector may outperform in 2Q10 foster by progressing outlook in consumer sentiment and opportunity to raise prices. However, in the infrastructure sector, dwindling of profit margin, decreasing investment demand, and excessive capacity may be unfavorable for the sector.

InvestmentFeature

投資專題

中國面對貨幣操控的指責，中國面臨重估人民幣的重大壓力，但公布

的數據反映並無重估人民幣的迫切需要。中國人民銀行表示，中國的內外經濟及財政狀況正處於極端複雜的情況。由於問題顯著，或須調整現時的增長模式以減少依賴出口。有關的正反數據參半，利好因素包括刺激採購經理指數上升、使外匯儲備創紀錄等，而負面因素則包括出現貿易赤字及導致外國直接投資放緩。中國的貿易順差已持續收窄，由2009年10月的240億美元下跌至今年2月的76億美元，其後貿易差額再下跌至-72.4億美元，達到逆差水平。隨著貿易順差由2008年的2,970億美元下跌至2009年的1,960億美元，經常帳盈餘已顯著減少，由2007年及2008年分別佔本地生產總值的11%及9.4%，收窄至2009年的5.8%。

ChinaAmid heightened pressure on China being

named a currency manipulator on CNY’s

revaluation need, reported data suggested

revaluation may not be imperious.

China’s economy is facing some prominent

problems and may need to transform the

current growth model to reduce reliance on

exports.

4 環

球投

資分

析

資料來源：Lipper，截至2010年4月30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 2/26/2010, USD percentage return, bid to bid, gross income reinvested.

風險：低度 　Risk Level: Low★於同一組別中，一年最佳表現基金。 The best one year performance fund, relative to peer.

Mutual FundsGuide

基金指南

地區股票基金 Regional Equity Funds 基金規模 累積回報率 夏普比率 Lipper 總回報 基金評級 Fund Size Cumulative Return (%) Sharpe Ratio Lipper Total Return

貨幣 美元百萬 1年 3 年 5 年 3年 3年 整體基金名稱 / 類別 Fund Name/ Sector Currency USD million 1 Year 3 Years 5 Years 3 Years 3 Years Overall歐洲股票 European Equity富達基金 - 歐洲動力增長基金 EUR $302.4 42.11 -22.96 40.47 -0.14 Leader LeaderFidelity Funds - European Dynamic Growth貝萊德全球基金 - 歐洲增長型基金 BGF European Growth Fund USD $161.7 38.87 -17.34 40.76 -0.12 Leader Leader貝萊德全球基金 - 歐洲基金 BGF European Fund EUR $2,508.2 36.47 -18.44 38.85 -0.12 Leader LeaderSector Average $409.5 32.20 -28.40 18.05 -0.18 – –歐洲股票 – 小型公司 European Equity – Smaller Companies景順歐洲大陸企業基金 USD $66.7 86.60 -30.17 43.19 -0.10 3 3Invesco Continental European Small Cap Equity富達歐洲小型公司基金 EUR $931.7 53.64 -27.99 29.64 -0.14 4 4Fidelity Funds - European Smaller CompaniesSector Average $179.7 46.58 -33.07 30.63 -0.17 – –亞太股票 Asia Pacific Equity景順太平洋基金 Invesco Pacific Equity USD $209.9 48.28 9.31 70.00 0.01 Leader 4JF太平洋證券基金 JF Pacific Securities Fund USD $439.0 45.64 12.38 63.77 0.02 Leader LeaderSector Average $233.5 45.51 -0.21 55.62 -0.03 – –亞太股票（不包括日本） Asia Pacific Equity (Excl. Japan)惠理高息股票基金 Value Partners High-Dividend Stocks Fund USD $280.2 76.44 36.41 124.65 0.07 Leader Leader鄧普頓亞洲增長基金 Templeton Asian Growth USD $2,257.6 71.87 26.92 128.16 0.04 Leader Leader富達基金 - 東協基金 Fidelity Funds - ASEAN USD $685.7 68.77 15.88 106.28 0.02 – –Sector Average $394.2 50.97 5.97 82.94 0.00 – –亞太股票 – 小型公司 Asia Pacific Equity – Smaller Companies匯豐環球投資基金 - 亞洲小型公司股票基金（日本除外） USD $55.6 79.52 9.30 – 0.00 4 4HSBC GIF Asia ex Japan Equity Smaller Companies德盛小龍基金 Allianz RCM Little Dragons USD $690.7 42.54 -1.89 79.52 -0.03 3 4Sector Average $175.1 70.18 -0.16 69.36 -0.02 – –環球新興市場股票 Global Emerging Market Equity貝萊德全球基金 - 新興市場基金 BGF Emerging Markets Fund USD $898.1 58.43 9.00 108.16 0.00 3 3霸菱全球新興市場基金 Baring Global Emerging Markets USD $1,616.3 55.53 21.61 130.81 0.04 Leader LeaderSector Average $601.4 56.54 6.48 98.68 0.00 – –

環球債券、股票及均衡基金 Global Bond, Equity & Balanced Funds 基金規模 累積回報率 夏普比率 Lipper 總回報 基金評級 Fund Size Cumulative Return (%) Sharpe Ratio Lipper Total Return

貨幣 美元百萬 1年 3 年 5 年 3年 3年 整體基金名稱 / 類別 Fund Name/ Sector Currency USD million 1 Year 3 Years 5 Years 3 Years 3 Years Overall環球債券 Global Bond鄧普頓環球總收益基金 Templeton Global Total Return ★ USD $1,609.1 35.41 48.89 82.81 0.25 Leader Leader天達環球策略基金 - 環球策略收益基金 USD $504.3 28.85 24.12 38.15 0.04 Leader LeaderInvestec GSF Global Strategic Income鄧普頓環球債券基金Templeton Global Bond USD $6,896.9 21.67 45.85 69.31 0.31 Leader LeaderSector Average $286.9 13.41 17.90 23.02 0.10 – –環球高息債券 Global High Yield Bond聯博 - 環球高收益基金 USD $11,699.3 51.23 19.21 53.84 0.05 Leader LeaderAllianceBernstein - Global High Yield Portfolio景順策略債券基金Invesco Global High Income USD $605.4 42.21 17.86 47.25 0.05 Leader 4Sector Average $1,222.4 43.56 12.36 40.08 0.03 – –環球股票 Global Equity天達環球策略基金 - 環球動力基金 Investec GSF Global Dynamic USD $336.0 38.93 -21.76 26.17 -0.13 3 4匯豐增長管理基金 HSBC Managed Growth Fund HKD $349.5 38.29 -6.52 37.68 -0.05 Leader LeaderSector Average $231.7 34.90 -19.54 19.21 -0.13 – –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 $120.3 61.34 -11.22 44.07 -0.07 4 4貝萊德全球基金 - 環球小型企業基金 BGF Global SmallCap Fund USD $271.2 40.37 -5.49 45.07 -0.05 Leader LeaderSector Average $136.7 49.90 -16.81 27.81 -0.09 – –環球均衡 Global Balanced首域亞洲鐵橋基金 First State Asian Bridge USD $95.5 39.51 5.70 47.07 -0.01 – –德盛東方入息基金 Allianz RCM Oriental Income USD $352.7 34.29 0.45 66.47 -0.03 – –貝萊德全球基金 - 環球資產配置基金 BGF Global Allocation Fund USD $6,732.0 25.45 6.03 40.50 -0.01 Leader LeaderSector Average $393.6 25.16 -2.99 26.71 -0.06 – –

地區債券基金 Regional Bond Funds 基金規模 累積回報率 夏普比率 Lipper 總回報 基金評級 Fund Size Cumulative Return (%) Sharpe Ratio Lipper Total Return

貨幣 美元百萬 1年 3 年 5 年 3年 3年 整體基金名稱 / 類別 Fund Name/ Sector Currency USD million 1 Year 3 Years 5 Years 3 Years 3 Years Overall美元債券 USD Bond聯博 - 美元收益基金 AllianceBernstein - American Income Portfolio USD $4,567.8 22.70 18.47 36.05 0.08 3 4PIMCO 總回報債券基金 PIMCO GIS Total Return Bond USD $3,209.1 13.05 30.61 40.46 0.41 Leader LeaderSector Average $392.3 15.97 15.35 23.45 0.14 – –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 $1,987.1 43.16 18.88 43.66 0.06 Leader Leader貝萊德全球基金 - 美國高孳息／收益債券基金 USD $407.2 37.37 10.39 28.78 0.01 3 2BGF US Dollar High Yield Bond FundSector Average $458.7 39.04 9.27 32.91 0.01 – –歐洲債券 European Bond聯博—歐洲收益基金 EUR $418.7 43.58 9.95 22.79 0.02 4 4AllianceBernstein - European Income Portfolio ★景順歐洲債券基金 Invesco European Bond EUR $60.5 9.99 9.37 17.33 0.07 3 3Sector Average $175.8 14.99 10.03 17.03 0.08 – –亞太債券 Asia Pacific Bond富達亞洲高收益基金 Fidelity Funds - Asian High Yield USD $259.5 49.39 11.58 – 0.01 – –貝萊德全球基金 - 亞洲老虎債券基金 BGF Asian Tiger Bond Fund USD $68.2 26.36 20.90 37.37 0.09 4 4鄧普頓亞洲債券基 Templeton Asian Bond金 USD $321.6 25.52 29.61 – 0.10 Leader LeaderSector Average $244.3 22.85 13.91 29.33 0.04 – –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 $1,614.2 41.42 34.16 70.31 0.12 Leader Leader匯豐環球投資基金 - 新興市場債券基金 USD $918.1 29.01 24.99 57.94 0.11 4 4HSBC GIF Global Emerging Markets BondSector Average $284.3 28.63 16.85 46.73 0.05 – –

主題及對沖基金 Theme & Hedge Funds 基金規模 累積回報率 夏普比率 Lipper 總回報 基金評級 Fund Size Cumulative Return (%) Sharpe Ratio Lipper Total Return

貨幣 美元百萬 1年 3 年 5 年 3年 3年 整體基金名稱 / 類別 Fund Name/ Sector Currency USD million 1 Year 3 Years 5 Years 3 Years 3 Years Overall資訊科技 Information TechnologyJF太平洋科技基金 JF Pacific Technology Fund USD $90.8 46.34 11.19 67.83 0.01 Leader Leader富達基金-科技基金 Fidelity Funds - Global Technology EUR $402.2 44.83 3.16 43.38 -0.01 4 4Sector Average $118.9 63.29 -8.20 10.24 -0.07 – –天然資源 Natural Resources貝萊德全球基金 - 世界礦業基金 BGF World Mining Fund USD $12,518.6 69.35 -0.28 149.01 -0.02 Leader Leader摩根富林明環球天然資源基金 EUR $393.5 60.73 -13.93 – -0.01 2 1JPM Global Natural Resources FundSector Average $814.8 37.75 -5.52 66.75 -0.04 – –健康護理 Healthcare 富達基金 - 環球健康護理基金 Fidelity Funds - Global Health Care EUR $464.1 34.66 -3.59 22.07 -0.07 4 4貝萊德全球基金 - 世界健康科學基金 USD $335.4 28.56 3.49 34.85 -0.02 Leader LeaderBGF World Healthscience FundSector Average $164.1 34.76 -5.47 19.11 -0.08 – –金融服務 Financial Services富達基金-環球金融服務基金 EUR $342.8 38.34 -32.10 16.12 -0.20 4 LeaderFidelity Funds - Global Financial Services貝萊德全球基金 - 世界金融基金 BGF World Financials Fund USD $209.1 37.16 -41.98 -19.02 -0.20 3 4Sector Average $73.0 39.60 -33.12 11.41 -0.16 – –其他 Others貝萊德全球基金 - 世界黃金基金 BGF World Gold Fund USD $5,668.8 50.06 34.86 169.38 0.05 – –No Ranking對沖及管理期貨基金 Hedge and Managed FuturesMan AHL Diversified Futures Ltd USD $1,353.0 -3.70 23.65 63.97 0.10 – –No Ranking

5 G

lob

al

Inv

est

me

nt

Up

da

te

風險：高度 　Risk Level: High風險：中度 　 Risk Level: Medium

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 www.lipperweb.com。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 www.lipperweb.com.

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.

單一國家基金 Single Country Funds 基金規模 累積回報率 夏普比率 Lipper 總回報 基金評級 Fund Size Cumulative Return (%) Sharpe Ratio Lipper Total Return

貨幣 美元百萬 1年 3 年 5 年 3年 3年 整體基金名稱 / 類別 Fund Name/ Sector Currency USD million 1 Year 3 Years 5 Years 3 Years 3 Years Overall美國股票 American Equity富達基金 - 美國基金 Fidelity Funds - America USD $1,145.8 40.51 -10.80 21.60 -0.08 4 Leader富蘭克林美國機會基金 Franklin US Opportunities USD $495.7 39.70 0.92 38.24 -0.03 Leader LeaderSector Average $260.0 35.87 -16.22 8.83 -0.11 – –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 $285.6 39.52 0.38 48.05 -0.03 4 4BGF US Small & MidCap Opportunities Fund施羅德環球基金系列-美國小型公司基金 USD $382.9 39.02 -3.74 43.90 -0.05 3 4Schroder ISF US Smaller CompaniesSector Average $140.4 46.19 -8.91 30.74 -0.06 – –日本股票 Japan Equity景順日本動力基金 Invesco Japanese Equity Core USD $854.4 34.96 2.72 38.38 -0.02 Leader Leader富達基金-日本領先基金 Fidelity Funds - Japan Advantage JPY $825.5 30.08 11.67 36.84 -0.06 Leader LeaderSector Average $145.7 27.62 -26.23 -4.68 -0.20 – –大中華股票 Greater China Equity惠理價值基金 Value Partners Classic Fund USD $869.2 72.10 27.02 127.55 0.04 Leader Leader首域大中華增長基金 First State Greater China Growth USD $489.3 47.92 31.18 136.67 0.06 Leader Leader霸菱香港中國基金 Baring Hong Kong China USD $4,866.6 40.15 14.35 180.16 0.02 4 LeaderSector Average $445.5 47.61 17.01 106.22 0.02 – –中國股票 China Equity首域中國增長基金 First State China Growth USD $3,802.0 64.34 42.97 219.92 0.08 Leader Leader惠理中華匯聚基金 USD $221.9 64.21 35.39 193.95 0.07 Leader LeaderValue Partners Intelligent - China ConvergenceSector Average $529.8 39.59 21.73 181.60 0.03 – –香港股票 Hong Kong Equity首域香港增長基金 First State Hong Kong Growth USD $152.1 59.11 31.22 115.65 0.06 4 4施羅德環球基金系列 - 香港股票基金 HKD $509.0 55.02 24.20 127.51 0.04 4 4Schroder ISF Hong Kong Equity德盛香港基金 Allianz RCM Hong Kong USD $154.8 48.94 29.93 122.94 0.06 Leader 4Sector Average $476.1 41.63 16.96 93.40 0.03 – –台灣股票 Taiwan Equity施羅德環球基金系列 - 台灣股票基金 USD $121.8 43.18 7.79 54.51 0.00 4 4Schroder ISF Taiwanese Equity 富達基金 - 台灣基金 Fidelity Funds - Taiwan USD $426.3 29.87 4.99 34.35 -0.01 3 3Sector Average $124.3 38.90 6.10 42.62 0.00 – –韓國股票 Korea Equity景順韓國基金 Invesco Korean Equity USD $501.0 51.21 2.89 74.75 -0.01 Leader 4JF南韓基金 JF Korea Fund USD $823.8 48.34 11.42 112.72 0.01 Leader LeaderSector Average $166.1 45.52 -7.09 69.76 -0.04 – –泰國股票 Thailand EquityJF泰國基金 JF Thailand Fund ★ USD $444.9 85.73 40.78 99.74 0.07 Leader Leader 富達基金 - 泰國基金 Fidelity Funds - Thailand USD $382.8 69.96 26.07 68.47 0.04 Leader 4Sector Average $175.8 74.92 19.46 54.20 0.03 3.2 3.2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 $6,876.6 114.26 22.42 177.56 0.02 4 Leader 首域印度次大陸基金 First State Indian Subcontinent USD $209.3 89.84 41.02 200.23 0.07 Leader 4Sector Average $591.0 87.27 20.71 167.33 0.03 – –新加坡股票 Singapore EquityJF新加坡基金 JF Singapore Fund USD $105.6 80.99 -11.03 116.01 -0.05 2 4富達基金 - 新加坡基金 Fidelity Funds - Singapore USD $168.6 79.74 9.79 112.12 0.01 Leader LeaderSector Average $115.4 77.79 -5.95 99.46 -0.04 – –

地區債券基金 Regional Bond Funds 基金規模 累積回報率 夏普比率 Lipper 總回報 基金評級 Fund Size Cumulative Return (%) Sharpe Ratio Lipper Total Return

貨幣 美元百萬 1年 3 年 5 年 3年 3年 整體基金名稱 / 類別 Fund Name/ Sector Currency USD million 1 Year 3 Years 5 Years 3 Years 3 Years Overall美元債券 USD Bond聯博 - 美元收益基金 AllianceBernstein - American Income Portfolio USD $4,567.8 22.70 18.47 36.05 0.08 3 4PIMCO 總回報債券基金 PIMCO GIS Total Return Bond USD $3,209.1 13.05 30.61 40.46 0.41 Leader LeaderSector Average $392.3 15.97 15.35 23.45 0.14 – –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 $1,987.1 43.16 18.88 43.66 0.06 Leader Leader貝萊德全球基金 - 美國高孳息／收益債券基金 USD $407.2 37.37 10.39 28.78 0.01 3 2BGF US Dollar High Yield Bond FundSector Average $458.7 39.04 9.27 32.91 0.01 – –歐洲債券 European Bond聯博—歐洲收益基金 EUR $418.7 43.58 9.95 22.79 0.02 4 4AllianceBernstein - European Income Portfolio ★景順歐洲債券基金 Invesco European Bond EUR $60.5 9.99 9.37 17.33 0.07 3 3Sector Average $175.8 14.99 10.03 17.03 0.08 – –亞太債券 Asia Pacific Bond富達亞洲高收益基金 Fidelity Funds - Asian High Yield USD $259.5 49.39 11.58 – 0.01 – –貝萊德全球基金 - 亞洲老虎債券基金 BGF Asian Tiger Bond Fund USD $68.2 26.36 20.90 37.37 0.09 4 4鄧普頓亞洲債券基 Templeton Asian Bond金 USD $321.6 25.52 29.61 – 0.10 Leader LeaderSector Average $244.3 22.85 13.91 29.33 0.04 – –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 $1,614.2 41.42 34.16 70.31 0.12 Leader Leader匯豐環球投資基金 - 新興市場債券基金 USD $918.1 29.01 24.99 57.94 0.11 4 4HSBC GIF Global Emerging Markets BondSector Average $284.3 28.63 16.85 46.73 0.05 – –

主題及對沖基金 Theme & Hedge Funds 基金規模 累積回報率 夏普比率 Lipper 總回報 基金評級 Fund Size Cumulative Return (%) Sharpe Ratio Lipper Total Return

貨幣 美元百萬 1年 3 年 5 年 3年 3年 整體基金名稱 / 類別 Fund Name/ Sector Currency USD million 1 Year 3 Years 5 Years 3 Years 3 Years Overall資訊科技 Information TechnologyJF太平洋科技基金 JF Pacific Technology Fund USD $90.8 46.34 11.19 67.83 0.01 Leader Leader富達基金-科技基金 Fidelity Funds - Global Technology EUR $402.2 44.83 3.16 43.38 -0.01 4 4Sector Average $118.9 63.29 -8.20 10.24 -0.07 – –天然資源 Natural Resources貝萊德全球基金 - 世界礦業基金 BGF World Mining Fund USD $12,518.6 69.35 -0.28 149.01 -0.02 Leader Leader摩根富林明環球天然資源基金 EUR $393.5 60.73 -13.93 – -0.01 2 1JPM Global Natural Resources FundSector Average $814.8 37.75 -5.52 66.75 -0.04 – –健康護理 Healthcare 富達基金 - 環球健康護理基金 Fidelity Funds - Global Health Care EUR $464.1 34.66 -3.59 22.07 -0.07 4 4貝萊德全球基金 - 世界健康科學基金 USD $335.4 28.56 3.49 34.85 -0.02 Leader LeaderBGF World Healthscience FundSector Average $164.1 34.76 -5.47 19.11 -0.08 – –金融服務 Financial Services富達基金-環球金融服務基金 EUR $342.8 38.34 -32.10 16.12 -0.20 4 LeaderFidelity Funds - Global Financial Services貝萊德全球基金 - 世界金融基金 BGF World Financials Fund USD $209.1 37.16 -41.98 -19.02 -0.20 3 4Sector Average $73.0 39.60 -33.12 11.41 -0.16 – –其他 Others貝萊德全球基金 - 世界黃金基金 BGF World Gold Fund USD $5,668.8 50.06 34.86 169.38 0.05 – –No Ranking對沖及管理期貨基金 Hedge and Managed FuturesMan AHL Diversified Futures Ltd USD $1,353.0 -3.70 23.65 63.97 0.10 – –No Ranking

6 環

球投

資分

析

Foreign CurrencySnapshot

外匯市場速遞

歐元希臘已正式向歐盟和國際貨幣基金組織尋求財政援助，但形勢仍未見明朗，而市場預期若情況持續，歐元表現將持續受壓。市場認為希臘可望於5月19日前獲得首批貸款。歐盟何時同意向希臘 伸出援手，將部分取決於德國總理默克爾能否 迅速獲得德國國會通過貸款方案。希臘債務評級已被信貸評級機構調低。雖然啟動財政援助方案將有助稍為回穩希臘的財政狀況，但希臘仍然需要國際社會數以千億歐元計的資金。此外，由於 希臘的財務問題極有可能蔓延至其他深受債務問題困擾的歐洲國家，故歐元在未來數月仍會繼續下試多月新低。歐元區2月的工業訂單按月升1.5%，按年升12.2%，而德國4月的Ifo商業景氣指數（Ifo Business Climate Index）則由98.2升至101.6，而法國3月的消費開支，按月升1.2%，按年升2.5%。

日元與主要貨幣比較，日元匯價續創新低。另一方面，過去三個月的美元兌日元匯價徘徊在88至94之間。美國經濟復甦的跡象日益明顯，美元兌日元匯率不斷攀升。鑑於通脹持續低企，日本央行於3月17日及4月7日決定維持息率不變。政府官員再次強調，他們將以保持平穩通脹而使經濟得以穩步增長為主要目標。同時，日本央行行長白川方明表示，貿易問題不應以匯率控制來解決。日本2月的工業生產指數按月跌2.3%，扭轉1月份的3.4%修訂升幅。

英磅英國大選及新首相能否籌組有效政府等不明朗因素，將左右英鎊走勢，其影響可能打擊英國進行財政措施的方向，並對英國信貸評級前景構成負面影響。另一方面，英國公布第一季本地生產總值（GDP）按季升0.2%，稍遜預期；按年則下跌 0.3%，較預期為佳。英國央行於3月4日及4月8日 繼續將政策利率維持在0.5%的低位，符合市場 預期。在5月6日舉行的大選中，首相白高敦很有可能會指上述數據顯示英國經濟正在復甦，但 反對黨卻很可能將之解讀成經濟增長仍然疲弱及易受影響。不少政治學者認為，大選會帶來一個沒有多數黨的國會。

GBPElection risks and the possibility to form a workable

government are the focus for GBP. The result of

these threats are the potential of jeopardizing fiscal

adjustment needs and post hazard to the UK’s credit

rating outlook.

BoE continue to maintain a low policy rate at 0.5% as

decided on March 4 and April 8.

Many political pundits believe the contest will result in a

hung Parliament.

JPYThe Japanese Yen continued to set new lows against

key counterparts. On the other side, the USD/JPY had

been trading between 88 to 94 in the past 3 months

against the U.S. dollar. The JPY & USD pair continued

to rise as there are increasing signs the U.S. economic

recovery is taking root.

Government officials had emphasized again that a

steady inflation shall be their key target to achieve in

order to accommodate a stable economic growth. Also,

the Bank of Japan Governor Shirakawa said exchange

rates should not be utilized to resolve trade issues.

Data released in Japan that the February All-Industry

Activity Index declined 2.3% MoM, a reversal from the

upwardly revised +3.4% climb in January.

EUROGreece officially requested financial assistance from

European Union and the International Monetary Fund

while situation remains ambiguous, market speculates

that this enduring environment could continue to

suppress the performance of the currency.

Greece debt ratings were downgraded by credit rating

agencies. The activation of the financial assistance

package for Greece will provide the country with a little bit

of financial stability but Greece will require well in excess

of 100 billion in aid from the international community.

Euro zone’s February Industrial New Orders were up

1.5% MoM and 12.2% YoY together with German’s

April Ifo Business Climate Index had risen from 98.2

to 101.6. French’s March consumer spending was up

1.2% MoM and 2.5% YoY.

†資料來源 Sources: Bloomberg LP

澳元澳洲央行收緊利率政策，將利率調高0.5%（於3月2日及4月6日各自調高0.25%），由3.75%提高至4.25%，使澳元受到支持上升。儘管最近公布的數據反映市道輕微回軟，在加息聲明中，澳洲央行表示繼續看好全球經濟復甦有利國內商業 活動維持增長。現時政府利率及市場貸款息率同時仍低於長期平均水平，未來利率仍有空間作進一步正常化調整。於4月6日，根據市場分析員的中位數預測，澳洲央行有機會於年底前將利率調高至5.00%。

AUDAUD has jumped following the interest rate tightening

by the RBA, in which they raised the key policy rate

by 0.5% (0.25% raise on both March 2 and April 6)

from 3.75% to 4.25%. In the accompanying statement,

the RBA expressed continued optimism on the global

recovery and offered a firm assessment of domestic

activity despite recent slowdown in reported data such

as the weaker-than anticipated retail sales.

With both policy and market interest rates still below

long term averages, further normalization maybe in

store. As of April 6, median market analyst forecasts

suggested RBA could potentially raise rate to 5.00% by

the end of this year.

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. Any opinions expressed herein are given in good faith but are also subject to change without notice. Nothing contained in this newsletter should be constructed as guidance to the suitability of the markets mentioned, neither is it intended as an offer to invest, therefore you are encouraged to consult your own independent financial advisors before making any investment decision.

The past performance of a fund is not a guide to its future performance and yields are not guaranteed. The value of an investment can go down as well as up and you could lose some or all of the principal amount invested. Funds are not deposits or other obligations of, or guaranteed by the Bank or any of its affiliates. Although the Bank does not charge a fee for providing the mutual funds advisory services described above, it will normally be paid a commission by the fund managers. For the risks involved in investing in mutual funds, investors should refer to the prospectus of the relevant funds.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.: 3718 2248).

05/1

0-S

DH

K

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：3718 2248）通知本行。

九龍 KOWLOON

尖沙咀堪富利士道 Tel: (852) 3718 7166 Tsimshatsui Humphreys Avenue

尖沙咀廣東道 Tel: (852) 3718 3680 Tsimshatsui Canton Road

旺角彌敦道 Tel: (852) 3718 7128Mongkok Nathan Road

旺角聯合廣場 Tel: (852) 2787 3390Mongkok Allied Plaza

大角咀奧海城 Tel: (852) 3718 3920Tai Kok Tsui Olympian City

長沙灣 Cheung Sha Wan Tel: (852) 3718 3600

紅磡黄埔 Hunghom Whampoa Tel: (852) 3718 3180

紅磡馬頭圍道 Tel: (852) 3718 3580Hunghom Ma Tau Wai Road

油麻地 Yaumati Tel: (852) 2770 0996

觀塘 Kwun Tong Tel: (852) 3718 7082

美孚 Mei Foo Tel: (852) 3510 7800

佐敦 Jordan Tel: (852) 3718 3999

客戶聯絡 CONTACT US「電話銀行」服務 Tel: (852) 277 95533Bank By Phone

分行 BRANCHES

港島 HONG KONG

中環 Central Tel: (852) 2844 7016

中環德輔道中 Tel: (852) 2851 6611Central Des Voeux Road

西環 Sai Wan Tel: (852) 3718 3640

西營盤 Sai Ying Pun Tel: (852) 3718 3960

銅鑼灣渣甸街 Tel: (852) 3718 3520Causeway Bay Jardine’s Bazaar

銅鑼灣廣場 Tel: (852) 2838 2384Causeway Bay Plaza

跑馬地 Happy Valley Tel: (852) 2892 7488

灣仔軒尼詩道 Tel: (852) 2511 3283Wanchai Hennessy Road

灣仔皇后大道東 Tel: (852) 3718 3668Wanchai Queen’s Road East

灣仔鷹君中心 Tel: (852) 3718 3900Wanchai Great Eagle Centre

北角 North Point Tel: (852) 3718 3500

鰂魚涌 Quarry Bay Tel: (852) 3718 2518

香港仔 Aberdeen Tel: (852) 3718 3155

筲箕灣 Shau Kei Wan Tel: (852) 3718 7000

上環德輔道中 Tel: (852) 3718 7040Sheung Wan Des Voeux Road

新界 NEW TERRITORIES

荃灣 Tsuen Wan Tel: (852) 3718 7199

沙田廣場 Shatin Plaza Tel: (852) 3718 3160

馬鞍山 Ma On Shan Tel: (852) 3718 3560

將軍澳 Tseung Kwan O Tel: (852) 3718 3120

屯門 Tuen Mun Tel: (852) 3718 3118

元朗 Yuen Long Tel: (852) 3718 3543

上水 Sheung Shui Tel: (852) 3718 3620

火炭 Fo Tan Tel: (852) 3718 7062

大埔 Tai Po Tel: (852) 3718 7022

網址 WEB SITE

www.asia.ccb.com