環球投資分析

Global InvestmentUpdate

二○一○年九月．September 2010

環球市場展望美國：經濟基礎保持穩定歐洲：復甦步伐仍然緩慢日本：強日元將危害經濟中國：利好政策有待上場投資專題正面政策及強勁企業盈利進一步提升股票吸引力外匯市場速遞英鎊、日元、澳元及歐元回顧與展望

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Global MarketOutlook

環球市場展望

日本日本經濟於近月急速放緩，政府正面對嚴峻挑戰。除了控制龐大

公債外，日本亦需回復經濟的可持續增長步伐以及 穩定的價格水平的需要。第二季度實質經濟增長按年上升0.4%，是過去三季增長最緩慢的一季，且低於 第一季經修訂增幅4.4%。私人消費開支（約佔日本GDP 60%）於第一季增長0.5%後，於第二季表現低迷。6月份的失業率同時創下5.3%的七個月高位。此外，日圓跌至84兌1美元水平，是自1995年7月以來的最低水平。日圓近期的強勢，令日本的出口前景再度蒙上陰影，並可能拖慢經濟復甦的步伐。

JapanJapan’s economy slowed sharply in recent months while the country faces the critical challenges of taming its massive public debt and returning to a sustainable growth with price stability. 2Q real GDP rose 0.4% YoY, the slowest pace in three quarters and down from a revised 4.4% increase in 1Q. Private consumer spending, which accounts for approximately 60% of Japan’s GDP was flat in 2Q, compared with 0.5% growth in 1Q. June unemployment rate also hit a seven-month high at 5.3%. In addition, the Yen fell to 84.72 per dollar, the lowest since July 1995. The recent strengthening of the yen further clouds the outlook for Japanese exports and may drags slower the economic recovery.

美國6月份的消費開支和收入疲軟，為過去數月的經濟復甦增添疑慮。由

於來自中國及其他供應國的消費品急增，6月份的貿易 赤字增至499億美元，錄得18.8%的意外增幅，令市場 憂慮經濟復甦並未如預期般強勁。根據數據公布， 第二季經濟增長繼續錄得2.4%的按年增長。此外， 已公布的第二季企業盈利大部分均高於市場預期，而企業盈利平均更能達至增長38%，顯示公司的盈利能力持續穩健，並有可能支撐美國中至長期的經濟 增長。

USFlat consumer spending and incomes in June added to recovery worries in the past months. Trade deficit increased to $49.9 billion, widened a surprising 18.8% in June on a surge of consumer goods from China and other supplier countries, suggesting economic recovery may not be as strong as anticipated. As reported, 2Q GDP showed a continued growth of 2.4% on an annualized rate. Moreover, majority of 2Q corporate earnings reported beating the market expectation with earnings averaged 38% which suggests profitability of the companies remained robust and may benefit the country’s GDP growth in the mid-to-long term.

歐洲歐元區經濟增長於第二季度較預期強勁，受冬季後的建築工程和補充

存貨帶動，按季上升1.0%。在歐元區，7月份的ZEW經濟景氣預期指數升至15.8，而現況指數則由-26.5 改善至-13.0，顯示市場對未來商業環境感到樂觀。 德國經濟持續強勁，第二季經濟增長按季增長2.2%，失業率跌至7.6%，是接近過去20年的歷史低位。但 法國和歐豬五國的失業率並未從各自的歷史高位 回落，顯示歐洲經濟恢復步伐不一。展望未來，歐元區內消費可能受到區內政府持續緊縮財政措施所影響而繼續緩慢。儘管部分歐洲地區經濟出現復甦跡象，但預計歐元區整體的復甦步伐仍然緩慢。

EuropeEuro area GDP grew stronger than expected in Q2, by 1.0%, QoQ, contributed mainly by post-winter construction and inventory restocking. In the euro area, ZEW expectations rose to 15.8 and the current situation component improved from -26.5 to -13.0, reported for July, suggesting optimism about future business climate. Germany economy remained strong with Q2 GDP growth of 2.2% QoQ and unemployment fell to 7.6%, near historical low level in the past 2 decades; however, France and PIIGS countries’ unemployment rates have not retreated from their historical high levels. Looking forward, consumption is likely to be affected by fiscal tightening measures across euro zone. Despite signs of recovery are spotted in parts of Europe, slow recovery is expected across the Euro zone.

†資料來源 Sources: Bloomberg LP

標準普爾500指數† 歐盟50指數† 日經225指數†6/1/2010 - 8/23/2010 (GMT)1,150

1,125

1,100

1,075

1,050

1,025

1,00001 06 11 16 21 26 01 06 11 16 21 26 31 05 10 15 20| Jun | Jul | Aug |

6/1/2010 - 8/23/2010 (GMT) 6/1/2010 - 8/23/2010 (GMT)2,9502,9002,8502,8002,7502,7002,6502,6002,5502,5002,4502,400

10,500

10,250

10,000

9,750

9,500

9,250

9,000

8,750

8,50001 06 11 16 21 26 01 06 11 16 21 26 31 05 10 15 20| Jun | Jul | Aug |

01 06 11 16 21 26 01 06 11 16 21 26 31 05 10 15 20| Jun | Jul | Aug |

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投資專題

中國7月份公布的經濟數據反映中國經濟繼續溫和增長。由於房地產及基建

投資降溫，固定資產投資及工業生產增長均於7月份 放緩。中國經濟增長於第二季按年增長10.3%，而國家 信息中心則預測第三季的經濟增長可能會放緩至9.2%。中國出口於7月份錄得38.1%的強勁增長，但由於美國 供應管理協會指數（ISM）回落，加上出口退稅於7月 中旬結束，此升勢於2010年其餘時間相信難以持續。受農產品價格上升帶動，7月份的消費物價指數為3.3%。 由於中國政府於年初執行壓抑房貸的調控政策，銀行 貸款亦見放緩。零售銷售額增長料會繼續成為未來數季推動經濟增長的重要因素。「小型合格境外機構投資者」計劃的推行，可容許離岸人民幣回流內地並進入A股市場，可能為中國疲弱的股市帶來上升潛力，並為人民幣國際化鋪路。

ChinaJuly data released continue to point to a moderate growth in China. Fixed asset investment and industr ial output growth weakened in July on decelerating property and infrastructure investments. China's GDP grew at an annual rate of 10.3% in 2Q but the State Information Centre’s forecast 3Q GDP may slow to 9.2%. Strong export growth at 38.1% in July is not likely to be sustainable for the rest of 2010 as US ISM index declined and cease of export tax rebate in mid-July. CPI is at 3.3% in July, driven by rising agricultural product prices. Slowdown on bank loan is also observed due to policy control on property loan from the beginning of the year. Retail sales growth shall remain as the key growth driver in coming quarters. Implementation of “mini-QFII” to allow offshore RMB return back to China to invest into the A share market may create an upside potential for the lackluster Chinese share market and pave the path for RMB internationalization.

上海證券交易所綜合指數† 6/1/2010 - 8/23/2010 (GMT)2,700

2,650

2,600

2,550

2,500

2,450

2,400

2,350

2,30001 06 11 16 21 26 01 06 11 16 21 26 31 05 10 15 20| Jun | Jul | Aug |

正面政策及強勁企業盈利進一步提升股票吸引力中國：沒有進一步收緊貨幣政策的需要自中國政府開始收緊貨幣政策以來，經濟的不同層面及環節均已受到影響。根據報告指出，外商直接投資已由去年-35.71%的偏低基數，放緩至按年增長29.20%，顯示收緊政策已開始發揮成效，而該數字於未來數月或會持續放緩。

受政策緊縮影響，新造人民幣貸款已由1月份的13,930億元人民幣的高位，回落至7月份的5,328億元人民幣。於09年，新造人民幣貸款總增長額達95,760億元，預期今年會放緩至人民幣80,000億元。隨著貸款增長回復至按月低於人民幣6,000億元的幅度，意味中國並沒有進一步收緊貨幣政策的需要。

由中國容許機構發行更多人民幣投資產品以及內地債券市場發行新債等，均可能是預備引進更多外資進入中國市場的第一步。隨著人民幣產品的改革及開發，以及現行合格境外機構投資者計劃的擴大（小QFII），預期更多離岸人民幣資金會被吸引回流至A股市場。

香港：股值合理加上企業盈利向好中國人民銀行自6月份宣布改革人民幣匯率機制後，於 7月19日亦公布有關跨境人民幣業務的政策。新的人民幣匯率機制可容許大量人民幣流動資金注入香港銀行體系將對銀行業帶來中、長期的利好影響。

香港於2010年上半年的人民幣存款及人民幣貿易結算分別達人民幣897億元及人民幣530億元。人民幣流動資金或會繼續以更快的速度增長，而本港人民幣存款及貿易結算於本年底前或會增加一倍。另一方面，隨著已推出的銀行間貨幣市場，再加上人民幣跨境貿易結算金額不斷上升，人民幣流動資金的總額將超逾人民幣4,000億元。

儘管投資者對全球經濟復甦存憂慮，目前股市的估值實屬合理及具投資價值。至8月23日為止，恆生指數及恆生國企指數的市盈率分別為 13.3x及12.2x，而每股盈利增長則分別為19.6%及25.4%。充裕的流動資金、處於近歷史低位的資金成本，加上具吸引力的估值水平，將支持股市於今年下半年有機會走強。

專題特稿─新興亞洲市場的機遇新興亞洲市場包括中國、南韓、台灣、印度、馬來西亞、印尼、泰國及菲律賓（按國家對整體新興亞洲的比例排列）。自年初以來，全球市場憂慮歐洲爆發債務危機、中國進一步收緊政策，加上全球可能出現雙底衰退，導致全球市場與中國市場雙雙下跌。於8月25日，MSCI世界股票指數下跌7.4%，而新興亞洲國家指數雖未能倖免卻只下跌1.4%，跌幅遠低於MSCI東歐國家指數（-8.7%）及MSCI拉丁美洲國家指數（-5.3%）。

股市近期出現整固後，企業盈利持續強勁，新興亞洲國家的股票估值變得更加吸引。由於經濟增長前景預期持續強勁，加上企業的資產負債狀況穩健，區內提供不少長遠的投資機會。儘管這些國家的增長勢頭強勁，但通脹率維持溫和，所以現階段無大幅收緊貨幣政策的需要。

展望未來，隨著全球經濟持續復甦、經濟基本因素不斷改善，加上本區出口已非只依賴歐美（對歐美的出口由2001年的32%降至2009年的19%），將使新興亞洲國家的經濟增長更趨穩定。預期增加的基建需要及開支將有助這些國家在未來數年得到持續發展。

Positive policies and corporate earnings raise attractiveness for stocksChina: No further tightening needs requiredMonetary policy tightening measures start taking effect and related economic figure may continue to slow in the month ahead. No further policy tightening may be needed as loan growth has returned to a growth rate of less than RMB 600b on a month-on-month basis.By allowing more investment products to be issued with RMB currency based and the further development of RMB product, it may open up of the A share market for offshore RMB investment through further expansion of the current QFII scheme (“mini-QFII”).

HK: Reasonable valuation coupled by new earnings driverThe new RMB policy announced by PBOC on July 19, together with the launch of interbank money market and increasing amount of RMB cross-boarder trade settlement, the total amount of RMB liquidity will exceed RMB400b.Investors concern over global economic recovery had overcome the reasonable valuations of current stock markets. As of August 23, HSI and HSCEI are trading on PER of 13.3x and 12.2x, with EPS growth of 19.6% and 25.4%, respectively.Abundant liquidity, historical low cost of fund, and attractive stock valuation post investment may be supportive of equity market towards 2nd half of the year.

Special Featured Topic – Opportunities in Emerging AsiaEmerging Asia covers countries including China, South Korea, Taiwan, India, Malaysia, Indonesia, Thailand and Philippines (order ranked by contribution to Emerging Asia). Equity valuations in this part of the world have become more compelling after the recent consolidation in stock markets. Long term investment opportunities around the region as economic growth prospects remain strong together with healthy corporate balance sheets. Looking forward as global economic continues to recover, improving economic fundamentals and diversion of export will be supportive more stable growth in these countries.

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資料來源：Lipper，截至2010年8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 8/31/2010, 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 FundsLists

基金概覽

地區股票基金 Regional Equity Funds Lipper 總回報 基金規模 累積回報率 夏普比率 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 $297.6 8.91 -24.12 18.90 -0.12 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 $162.3 7.41 -20.00 26.26 -0.11 Leader Leader景順歐洲指標增值基金 Invesco Pan European Structured Equity EUR $349.8 2.41 -20.80 31.49 -0.13 Leader LeaderSector Average $370.2 -2.91 -31.86 2.15 -0.17 – –歐洲股票 – 小型公司 European Equity – Smaller Companies景順歐洲大陸企業基金 USD $54.7 14.39 -32.12 12.69 -0.10 4 3Invesco Continental European Small Cap Equity富達基金 - 歐洲小型公司基金 EUR $806.6 8.44 -31.90 9.23 -0.14 4 4Fidelity Funds - European Smaller CompaniesSector Average $149.2 2.84 -35.55 6.55 -0.16 – –亞太股票 Asia Pacific Equity景順太平洋基金 Invesco Pacific Equity USD $198.8 4.05 -4.27 48.19 -0.03 Leader LeaderJF太平洋證券基金 JF Pacific Securities Fund USD $398.0 3.68 -9.54 38.54 -0.06 4 4Sector Average $226.3 7.22 -13.15 35.16 -0.07 – –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 $301.6 34.87 16.99 118.28 0.03 Leader Leader富達基金 - 東協基金 Fidelity Funds - ASEAN USD $905.4 33.09 18.29 106.78 0.03 – –鄧普頓亞洲增長基金 Templeton Asian Growth USD $2,328.8 28.78 -0.63 111.68 -0.02 Leader LeaderSector Average $376.8 15.98 -10.02 65.74 -0.05 – –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 $59.7 34.68 -4.76 86.15 -0.03 4 4HSBC GIF Asia ex Japan Equity Smaller Companies德盛小龍基金 Allianz RCM Little Dragons USD $651.8 16.30 -17.65 67.64 -0.07 3 3Sector Average $171.8 26.62 -9.47 61.60 -0.04 – –環球新興市場股票 Global Emerging Market Equity摩根富林明全方位新興市場基金 JPM Emerging Markets Equity USD $2,360.4 17.10 -6.65 72.24 -0.04 4 4霸菱全球新興市場基金 Baring Global Emerging Markets USD $1,569.4 14.15 1.07 91.59 -0.01 Leader LeaderSector Average $543.1 15.94 -8.24 63.22 -0.04 – –

環球債券、股票及均衡基金 Global Bond, Equity & Balanced Funds Lipper 總回報 基金規模 累積回報率 夏普比率 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鄧普頓環球債券基金 Templeton Global Bond USD $7,466.0 12.90 44.68 69.53 0.31 Leader Leader天達環球策略基金 - 環球債券基金 Investec GSF Global Bond USD $80.6 7.86 30.47 33.69 0.19 Leader LeaderSector Average $291.6 7.21 21.71 29.83 0.16 – –環球高息債券 Global High Yield Bond聯博 - 環球高收益基金 ★ USD $14,376.9 23.96 24.11 46.33 0.07 Leader LeaderAllianceBernstein - Global High Yield Portfolio景順策略債券基金 Invesco Global High Income USD $644.8 21.55 27.35 42.71 0.10 Leader LeaderSector Average $1,357.9 17.40 16.92 35.57 0.07 – –環球股票 Global Equity霸菱環球精選基金 Baring Global Select USD $45.5 1.40 -22.09 30.01 -0.10 4 Leader貝萊德全球基金 - 環球特別時機基金 USD $95.2 -0.21 -17.56 9.81 -0.09 Leader 4BGF Global Opportunities FundSector Average $194.7 0.92 -27.40 1.26 -0.15 – –環球股票 – 小型公司 Global Equity – Smaller Companies鄧普頓環球小型公司基金 Templeton Global Smaller Companies ★ USD $104.9 13.61 -30.45 -1.16 -0.12 1 1景順環球企業基金 Invesco Global Small Cap Equity USD $117.8 12.24 -17.41 20.22 -0.08 Leader LeaderSector Average $106.3 7.02 -25.10 3.63 -0.12 – –環球均衡 Global Balanced首域亞洲鐵橋基金 First State Asian Bridge USD $96.4 17.66 5.72 45.03 0.00 0 –鄧普頓環球入息基金 Templeton Global Income USD $48.9 6.10 -1.05 30.30 -0.04 4 Leader貝萊德全球基金 - 環球資產配置基金 BGF Global Allocation Fund USD $6,263.4 4.58 -1.36 27.68 -0.05 4 LeaderSector Average $349.4 3.83 -7.27 18.02 -0.08 – –

主題及對沖基金 Theme & Hedge Funds Lipper 總回報 基金規模 累積回報率 夏普比率 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 Technology富蘭克林科技基金 Franklin Technology USD $174.7 13.77 -3.60 20.60 -0.03 Leader LeaderJF太平洋科技基金 JF Pacific Technology Fund USD $74.0 2.60 -15.39 36.07 -0.08 4 LeaderSector Average $159.5 5.61 -18.92 5.66 -0.10 – –天然資源 Natural Resources摩根富林明環球天然資源基金 USD $525.3 21.44 -12.07 65.85 -0.01 3 3JPM Global Natural Resources Fund貝萊德全球基金 - 世界礦業基金 BGF World Mining Fund USD $11,935.3 15.80 -18.59 93.89 -0.05 3 LeaderSector Average $736.1 2.96 -23.06 16.64 -0.09 – –健康護理 Healthcare富達基金 - 環球健康護理基金 EUR $341.8 3.92 -8.84 6.16 -0.07 4 LeaderFidelity Funds - Global Health Care貝萊德全球基金 - 世界健康科學基金 USD $276.1 0.37 -8.34 4.73 -0.08 Leader LeaderBGF World Healthscience FundSector Average $132.8 2.64 -11.63 -2.15 -0.10 – –金融服務 Financial Services富達基金 - 環球金融服務基金 EUR $229.2 0.35 -34.90 -4.69 -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 $176.3 -7.18 -46.15 -34.95 -0.20 3 4Sector Average $63.2 -4.85 -40.28 -4.67 -0.17 – –其他 Others 貝萊德全球基金 - 世界黃金基金 BGF World Gold Fund USD $6,252.3 33.37 44.13 153.02 0.07 – –No Ranking對沖及管理期貨基金 Hedge and Managed FuturesMan AHL Diversified Futures Ltd USD $1,297.5 2.07 25.21 52.72 0.12 – –No Ranking

地區債券基金 Regional Bond Funds Lipper 總回報 基金規模 累積回報率 夏普比率 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 USD $5,004.5 16.19 25.71 37.29 0.15 4 LeaderAllianceBernstein - American Income Portfolio PIMCO 總回報債券基金 PIMCO GIS Total Return Bond USD $4,316.5 10.72 35.37 43.71 0.55 Leader LeaderSector Average $491.7 10.83 20.44 27.67 0.25 – –美元高息債券 USD High Yield Bond貝萊德全球基金 - 美國高孳息 / 收益債券基金 USD $713.9 19.69 15.88 24.75 0.05 4 4BGF US Dollar High Yield Bond Fund富達基金 - 美元高收益基金 Fidelity Funds - US High Yield USD $2,358.3 19.53 23.41 36.18 0.09 Leader LeaderSector Average $444.4 18.35 13.39 25.58 0.04 – –歐洲債券 European Bond聯博 - 歐洲收益基金 ★ EUR $395.2 3.07 9.68 22.08 0.06 3 3AllianceBernstein - European Income Portfolio景順歐洲債券基金 Invesco European Bond EUR $81.8 -2.46 10.44 20.62 0.23 4 4Sector Average $182.8 -1.68 10.73 20.57 0.18 – –亞太債券 Asia Pacific Bond富達基金 - 亞洲高收益基金 Fidelity Funds - Asian High Yield ★ USD $334.0 20.15 17.68 – 0.03 2 3貝萊德全球基金 - 亞洲老虎債券基金 USD $198.8 19.26 32.45 46.17 0.16 Leader LeaderBGF Asian Tiger Bond FundING (L) Renta 亞洲債券基金 ING (L) Renta Fund Asian Debt USD $83.3 18.89 33.08 48.45 0.15 Leader LeaderSector Average $292.9 15.09 19.85 35.69 0.09 – –新興市場債券 Emerging Market Bond匯豐環球投資基金 - 新興市場債券基金 USD $204.6 20.11 35.85 58.09 0.18 Leader 4HSBC GIF Global Emerging Markets Bond鄧普頓新興市場債券基金 Templeton Emerging Markets Bond USD $1,630.2 18.12 37.80 67.50 0.14 Leader LeaderSector Average $367.6 15.96 24.44 42.15 0.09 – –

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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 Lipper 總回報 基金規模 累積回報率 夏普比率 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富蘭克林美國機會基金 Franklin US Opportunities USD $441.5 10.02 -15.16 10.22 -0.08 Leader 4富達基金 - 美國基金 Fidelity Funds - America USD $916.8 0.22 -22.89 -10.06 -0.13 4 4Sector Average $217.3 1.75 -26.44 -12.02 -0.15 – –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 $283.0 8.73 -7.66 11.96 -0.05 Leader 4BGF US Small & MidCap Opportunities Fund施羅德環球基金系列 - 美國小型公司基金 USD $370.4 8.54 -12.82 15.74 -0.08 4 LeaderSchroder ISF US Smaller CompaniesSector Average $123.5 8.17 -21.36 0.53 -0.11 – –日本股票 Japan Equity富達基金 - 日本領先基金 Fidelity Funds - Japan Advantage JPY $600.0 -2.37 4.42 18.35 -0.12 Leader Leader景順日本動力基金 Invesco Japanese Equity Core USD $580.7 -12.03 -9.54 14.92 -0.07 Leader LeaderSector Average $107.5 -7.57 -32.97 -20.45 -0.26 – – 大中華股票 Greater China Equity惠理價值基金 Value Partners Classic Fund USD $949.9 26.68 12.00 117.86 0.02 Leader Leader首域大中華增長基金 First State Greater China Growth USD $509.0 25.02 7.13 134.98 0.00 Leader LeaderSector Average $394.9 14.80 -9.12 95.90 -0.04 – –中國股票 China EquityGAM Star 中國股票基金 GAM Star China Equity USD $552.0 41.75 61.29 – 0.11 Leader Leader惠理中國大陸焦點基金 USD $131.4 35.01 23.78 174.83 0.05 Leader LeaderValue Partners Intelligent - Chinese Mainland Focus首域中國增長基金 First State China Growth USD $4,033.8 31.67 7.69 217.98 0.00 Leader LeaderSector Average $511.0 9.92 -14.15 154.57 -0.05 – –香港股票 Hong Kong Equity首域香港增長基金 First State Hong Kong Growth ★ USD $162.3 30.77 12.63 116.38 0.02 Leader Leader施羅德環球基金系列 - 香港股票基金 HKD $520.5 20.89 6.92 121.12 0.01 4 LeaderSchroder ISF Hong Kong Equity德盛香港基金 Allianz RCM Hong Kong USD $155.2 16.49 6.74 102.95 0.00 4 4Sector Average $454.6 10.16 -4.27 78.43 -0.03 – –台灣股票 Taiwan Equity施羅德環球基金系列 - 台灣股票基金 USD $114.9 15.91 -9.57 44.13 -0.05 4 4Schroder ISF Taiwanese EquityJF台灣基金 JF Taiwan USD $222.7 12.75 -28.53 19.90 -0.10 1 1Sector Average $103.8 12.01 -13.97 28.48 -0.06 – –韓國股票 Korea Equity景順韓國基金 Invesco Korean Equity USD $571.0 23.66 -17.80 50.96 -0.06 Leader LeaderJF南韓基金 JF Korea Fund USD $743.9 13.45 -14.87 71.40 -0.05 Leader LeaderSector Average $162.0 13.53 -26.55 35.88 -0.10 – –泰國股票 Thailand EquityJF泰國基金 JF Thailand Fund USD $340.7 62.19 44.10 147.43 0.08 Leader Leader富達基金 - 泰國基金 Fidelity Funds - Thailand USD $630.6 61.47 41.07 109.01 0.08 4 4Sector Average $179.7 55.65 28.86 93.45 0.05 – –印度股票 India Equity首域印度次大陸基金 First State Indian Subcontinent USD $223.3 30.98 31.97 141.83 0.06 Leader 4匯豐環球投資基金 - 印度股票基金 HSBC GIF Indian Equity USD $4,209.6 21.40 7.69 112.43 0.00 4 LeaderSector Average $472.7 25.59 6.43 107.15 0.00 – –新加坡股票 Singapore Equity富達基金-新加坡基金 Fidelity Funds - Singapore USD $188.8 26.76 10.34 98.00 0.01 Leader LeaderJF新加坡基金 JF Singapore Fund USD $103.9 24.82 -13.65 90.82 -0.05 2 4Sector Average $137.4 21.79 -7.23 82.64 -0.03 – –

主題及對沖基金 Theme & Hedge Funds Lipper 總回報 基金規模 累積回報率 夏普比率 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 Technology富蘭克林科技基金 Franklin Technology USD $174.7 13.77 -3.60 20.60 -0.03 Leader LeaderJF太平洋科技基金 JF Pacific Technology Fund USD $74.0 2.60 -15.39 36.07 -0.08 4 LeaderSector Average $159.5 5.61 -18.92 5.66 -0.10 – –天然資源 Natural Resources摩根富林明環球天然資源基金 USD $525.3 21.44 -12.07 65.85 -0.01 3 3JPM Global Natural Resources Fund貝萊德全球基金 - 世界礦業基金 BGF World Mining Fund USD $11,935.3 15.80 -18.59 93.89 -0.05 3 LeaderSector Average $736.1 2.96 -23.06 16.64 -0.09 – –健康護理 Healthcare富達基金 - 環球健康護理基金 EUR $341.8 3.92 -8.84 6.16 -0.07 4 LeaderFidelity Funds - Global Health Care貝萊德全球基金 - 世界健康科學基金 USD $276.1 0.37 -8.34 4.73 -0.08 Leader LeaderBGF World Healthscience FundSector Average $132.8 2.64 -11.63 -2.15 -0.10 – –金融服務 Financial Services富達基金 - 環球金融服務基金 EUR $229.2 0.35 -34.90 -4.69 -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 $176.3 -7.18 -46.15 -34.95 -0.20 3 4Sector Average $63.2 -4.85 -40.28 -4.67 -0.17 – –其他 Others 貝萊德全球基金 - 世界黃金基金 BGF World Gold Fund USD $6,252.3 33.37 44.13 153.02 0.07 – –No Ranking對沖及管理期貨基金 Hedge and Managed FuturesMan AHL Diversified Futures Ltd USD $1,297.5 2.07 25.21 52.72 0.12 – –No Ranking

地區債券基金 Regional Bond Funds Lipper 總回報 基金規模 累積回報率 夏普比率 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 USD $5,004.5 16.19 25.71 37.29 0.15 4 LeaderAllianceBernstein - American Income Portfolio PIMCO 總回報債券基金 PIMCO GIS Total Return Bond USD $4,316.5 10.72 35.37 43.71 0.55 Leader LeaderSector Average $491.7 10.83 20.44 27.67 0.25 – –美元高息債券 USD High Yield Bond貝萊德全球基金 - 美國高孳息 / 收益債券基金 USD $713.9 19.69 15.88 24.75 0.05 4 4BGF US Dollar High Yield Bond Fund富達基金 - 美元高收益基金 Fidelity Funds - US High Yield USD $2,358.3 19.53 23.41 36.18 0.09 Leader LeaderSector Average $444.4 18.35 13.39 25.58 0.04 – –歐洲債券 European Bond聯博 - 歐洲收益基金 ★ EUR $395.2 3.07 9.68 22.08 0.06 3 3AllianceBernstein - European Income Portfolio景順歐洲債券基金 Invesco European Bond EUR $81.8 -2.46 10.44 20.62 0.23 4 4Sector Average $182.8 -1.68 10.73 20.57 0.18 – –亞太債券 Asia Pacific Bond富達基金 - 亞洲高收益基金 Fidelity Funds - Asian High Yield ★ USD $334.0 20.15 17.68 – 0.03 2 3貝萊德全球基金 - 亞洲老虎債券基金 USD $198.8 19.26 32.45 46.17 0.16 Leader LeaderBGF Asian Tiger Bond FundING (L) Renta 亞洲債券基金 ING (L) Renta Fund Asian Debt USD $83.3 18.89 33.08 48.45 0.15 Leader LeaderSector Average $292.9 15.09 19.85 35.69 0.09 – –新興市場債券 Emerging Market Bond匯豐環球投資基金 - 新興市場債券基金 USD $204.6 20.11 35.85 58.09 0.18 Leader 4HSBC GIF Global Emerging Markets Bond鄧普頓新興市場債券基金 Templeton Emerging Markets Bond USD $1,630.2 18.12 37.80 67.50 0.14 Leader LeaderSector Average $367.6 15.96 24.44 42.15 0.09 – –

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外匯市場速遞

日元日本的經濟增長於第二季急速放緩，通縮 加上日元升值，導致消費呆滯及出口增長 放慢，令公布的數據低於市場預期。雖然 日本央行重申經濟復甦勢頭不變，但經濟 數據無助紓緩市場對日本經濟無法持續復甦 作出廣泛關注。由於擔憂全球出現雙底 衰退，資金流入安全資產暫避風險，而交易商則將利差盤（其中低收益貨幣，即歐元及英鎊的持倉量特別多）平倉，令日元的表現 繼續領先其他主要貨幣。日元於2010年8月 24日升至84.73的一年高位（於2010年8月 11日錄得），而一年低位是於2010年5月 4日錄得的94.99。

英磅由於6月份出口總值升至兩年來高位，英國貿易赤字的收窄幅度超過經濟師的預期，並支持英鎊在過去數月升穿1.50水平。貿易 赤字由5月份的80億英鎊縮減至6月份的 74億英鎊。英國央行成員於8月5日投票將 基本利率維持在0.5%不變，並承諾繼續 推行預算緊縮政策。由於近期發表的經濟 數據顯示，英國的消費及經濟增長得到相當堅穩的宏觀因素支持，英鎊兌美元可能保持強勢。7月份零售銷售額（不包括汽車業）按月上升0.9%，銷售業連續三個月保持 暢旺。削減財政預算將為英鎊帶來不明朗 因素及負面影響，而短期內，消費者或暫能以儲蓄來應付開支。

GBPUK’s trade deficit narrowed more than expectations from economists as June exports rose to a two-year high level, it had helped to support GBP to climb above 1.50 in the past few months. The trade deficit shrank from 8 billion pounds in May to 7.4 billion pounds in June. BoE members voted to maintain its Base Rate at 0.5% on August 5 and had committed to continue its budget tightening policy. The pound may continue its strong position against dollar as the economic indicators recently released suggesting a reasonably firm platform for consumption and economic growth in UK. July retail sales (ex-auto) rose by 0.9% MoM, which is the third consecutive month of strong sales. The main uncertainty is the dampening forces from the budget cuts while the consumers should still able to finance spending from saving in the short run.

JPYJapan's economic growth slowed sharply in the second quarter, data reported fell short of market expectation as stagnant consumption and slowing exports growth together obstructing by deflation and soaring Yen. While BoJ has reiterated that the economic recovery remains intact, however, economic data provided little resistance to the widespread concerns of the sustainability of the Japanese economic recovery. With concerns of a global double dip recession, Yen continued to outperform other major currencies as traders unwound carry trades positions, especially heavy in the low-yielding currencies (ie. EUR & GBP) while investors seek asylums in safety assets. As of 24 Aug 2010, JPY hit its one-year high of 84.73 (on 11 August 2010), up from its one-year low of 94.99 (on 4 May 2010).

†資料來源 Sources: Bloomberg LP

英磅兌美元† 9/4/2009 - 8/20/2010 (GMT)

1.66

1.62

1.58

1.54

1.50

1.46

1.42Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2009 | 2010

美元兌日元† 9/4/2009 - 8/20/2010 (GMT)96959493929190898887868584

Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2009 | 2010

澳元澳洲於6月份錄得貿易順差32億美元，為自1971年以來的最高水平。第二季的出口量 增長6%，澳洲儲備銀行人員指出，由於 亞洲市場需求增長強勁，出口量於未來數年可望維持高企。另一方面，商業調查所得 數據好壞參半，反映經濟的復甦步伐可能並非預期般迅速。澳洲7月份的失業率由5.1%微升至5.3%。澳洲於第二季錄得低通脹 數字（消費物價指數）後，澳洲儲備銀行於 兩次議息會議（7月6日及8月3日）均將 基準利率維持於4.50%不變，亦與市場預期相符。澳洲儲備銀行繼續對經濟復甦前景感到樂觀，而市場普遍預期利率於年底前或會進一步攀升。

AUDAustralia has recorded a trade surplus at USD 3.2 billion in June which was the largest since 1971. The export volume has increased by 6% in 2Q and it may continue to remain high over the next couple of years due to the strong demand growth from Asia, as commented by RBA officials. On the other side, the data reported on business survey was mixed, which may indicate an economic recovery may not be swift. Australia’s unemployment rate has increased slightly from 5.1% to 5.3% in July. As widely expected following the low inflation number (CPI) reported in 2Q, RBA left the cash rate unchanged at 4.50% on both meetings (6 July and 3 August). With RBA continued to hold an optimistic economy recovery outlook, market is anticipating further rate hikes may be possible before the end of the year.

澳元兌美元† 9/4/2009 - 8/20/2010 (GMT)

0.93

0.91

0.89

0.87

0.85

0.83

0.81Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2009 | 2010

歐元歐元區的貿易數據表現遜於預期，區內於 6月份錄得16億歐元的貿易赤字。出口值 分析顯示，來自亞洲的需求急升，而歐美其他地區的進口需求亦普遍改善。尤其是德國於2010年向其他歐元區進口的貨值增幅較 出口高出一倍。然而，該國的ZEW經濟 景氣指數則由7月份的21.2大幅跌至8月份的 14.0，顯示經濟增長可能持續疲弱。另一 方面，歐元區的商業及消費信心較之前輕微 改 善 ， 帶 來 一 線 曙 光 。 儘 管 不 明 朗 因 素 仍在，但歐洲央行預期通脹保持穩定，未來的經濟增長將趨於溫和及時有波動，利率則料會保持寬鬆。隨著美國公布7月份失業率9.5%，創下1982年以來的高位，歐元上升6%至8月6日的1.3280。其後，歐元輾轉升至接近1.3510水平(接近完成50%斐波納契回調水平)，收復較早前由1.5144（於2009年11月25日錄得）跌至1.1877（於2010年 6月7日錄得）的部分失地。展望未來，市場對歐洲經濟復甦的憂慮可能會令歐元的前景及表現動力蒙上蔭影。

EUROTrade data from Euro Zone showed a worse than expected trade deficit of EUR 1.6bn as reported in June. The breakdown for exports showed the surging demand from Asia, along with general improvement to the rest of Europe and US. In particular, German imports from other euro area in 2010 had grown twice as fast as its exports; however, the German ZEW economic sentiment index dropped sharply from 21.2 in July to 14.0 in August, suggesting that GDP growth may remain weak. On the other side, Euro zone’s business and consumer confidence provided shred of light as they improved slightly from previous data. Despite uncertainties remained, ECB expects inflation to remain tranquil while a moderate but uneven economic growth ahead and interest rate is likely to remain accommodative. Since July, Euro gained 6% to 1.3280 on Aug 6 after US released its July unemployment rate at 9.5%, a record-high since 1982. Subsequently, Euro has nearly completed its 50% Fibonacci retracement level at 1.3510 after dropping from 1.5144 (on 25 Nov 2009) to 1.1877 (on 7 Jun 2010). Looking forward, fear of European economic recovery may continue to cloud the outlook and performance of the currency.

歐元兌美元† 9/4/2009 - 8/20/2010 (GMT)

1.50

1.46

1.42

1.38

1.34

1.30

1.26

1.22

1.18Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug 2009 | 2010

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Disclaimer and Risk DisclosureThe 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).

09/1

0-SD

HK

免責聲明及風險披露聲明

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) 3718 7200

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) 3718 7233Wanchai 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

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