December 2014 二O一四年十二月December 2014 二O一四年十二月

Views expressed are not necessarily the views of Swiss Privilege (“SP”) and are for reference only. No responsibility is accepted by SP for and the authors for loss occasioned by any person acting or refrainingfrom action as a result of any views expressed therein. Any views or comments given on investment matters are offered for information only and do not constitute investment advice. No part of this magazine may bereproduced without the permission of SP.If you wish to withdraw your consent on the use and provision of your personal data for direct marketing, please send your request in writing to: Data Privacy Officer at customercare.sp@swissprivilege.com.AXA shall, without charge to you, ensure that you are not included in future direct marketing activities.任何在此發表的意見並不代表瑞士尊貴理財（「本公司」）之立場，僅供參考。任何人仕因任何經刊登文章所作出或不作出行為的損失，本公司及文章作者概不負責。任何有關投資事宜之意見或評論只供參考，並不構成投資意見。未經本公司同意，本刊物及其任何均不得翻印。閣下如欲撤回給予本公司有關使用閣下的個人資料及提供予其他人士任何促銷用途的同意，請發電郵至customercare.sp@swissprivilege.com 個人資料保護主任收。AXA會在不收取任何費用的情況下確保不會將閣下納入日後的直接促銷活動中。

01 Message from Editor 編者的話

Corporate Events 活動巡禮

02 Saying “Cheers” to Fine Art and Fine Wine 向藝術與美酒致敬！

Beyond Foundation. Pure Radiance. Beauty Workshop 「突破傳統𥺁容界限 一抹傾注鑽光」美顏坊

03 Taking Snaps that Truly Stand Out 您也可以成為攝影大師！

04 Safeguarding Clients Against HK’s Three Deadliest Health Threats 守護客戶共抗香港三大危疾

Ensuring Clients’ Kids Enjoy a Valuable Head Start in Life 讓孩子在人生跑道上成功起步

05 Staying One Step Ahead of Global Financial Markets 領先全球金融市場

06 A Treat in Every Sense 感官全接觸

Clients Ride High at S.T.Dupont WHITE KNIGHT S.T.Dupont WHITE KNIGHT 限量版系列全球率先推出

07 A Perfect Day for Golf Fanatics 盡享高球之樂

08 Ladies Savour the Sweet Smell of Success 細味成功的香氛

09 Toasting the Success of LALIQUE’s New Bontique at ifc Mall 慶賀 LALIQUE 新店開幕

Contents 目錄

Fund Forum 基金論壇

10 Asia: Appeal undiminished 亞洲：魅力不減

14 Long–term advantages of global healthcare stocks 環球健康護理股份的長遠優勢

Fund Manager Analysis 基金經理分析

18 European Market Perspective 歐洲市場剖析

Chinese Stocks: Ready for a Breakthrough? 中國股票：勢將突破？

Exclusive Client Interview 客戶專訪

19 Mrs. Sally Lee Wong Yuet Kuen 李黃月娟女士

20 Mr. Chris Chan 陳錫輝先生

21 Mr. Andy Fung 馮國良先生

Seasonal O�ers 今期特別推介

22 Marcus Spurway

23 Angsana Xi’an Lintong 西安臨潼悅椿溫泉酒店

24 Cambon Arty Boutique Hotel

01

Message from Editor 編者的話

Message from Editor編者的話

Dear Club Suisse members,

As an integral element in a renowned financial network, Swiss Privilege is committed to providing you and those you value with genuinely exceptional wealth management in all aspects. In 2014, we have continued leveraging of this customer-centric heritage to provide all-rounded services.

To serve our clients’ best interest, apart from providing the latest market trend in our financial luncheons and seminars with expert speakers, we also hosted an array of lifestyle events. In addition to informative seminars for parents planning their children’s future, “must attend” highlights included a fascinating workshop for photography fans and a world premiere from S.T.Dupont for fashionistas. Further spoiling clients for choice were ever popular activities such as beauty workshops for the ladies, plus tastings for wine lovers and our hugely competitive yet always good natured golf tournament.

As we prepare to end one year and enter yet another, we promise to continue doing all we can to not only keep you ahead with timely financial workshops but also keep you stimulated with unique gatherings. We also look forward to continuing to meet your needs with our top quality range of protection and wealth management solutions well into 2015 and beyond.

親愛的 Club Suisse 會員：

作為享譽國際的金融網絡的重要一員，瑞士尊貴理財至誠為您及您的摯愛提供超卓的全方位財富管

理服務。今年，我們繼續秉持以客為本的宗旨提供多元化的服務。

為全面照顧客戶的需要，我們除了定期舉辦財經午宴及財經講座，邀請金融專家介紹最新市場動向

外，亦致力舉辦一連串的時尚活動。例如為關心子女的家長舉辦教育講座、為攝影愛好者提供攝影

工作坊、以及為時尚達人舉行 S.T.Dupont 全球優先預覽。不得不提的還有最歡迎的皇牌活動，包括

深受女士歡迎的美顏坊，為愛酒人仕而設的品酒坊，以及精彩刺激的高爾夫球賽。

新年將至，我們承諾在 2015年將繼續歇盡所能，為您提供緊貼市場的金融講座及別出心裁的聚會，

給您更好的理財及生活體驗。我們期望繼續以優質的財富保障及理財方案，與您共進未來。

Your Lifetime Wealth Management Partner!

02

Saying “Cheers” to Fine Art and Fine Wine向藝術與美酒致敬！On 8 July, several of our most sophisticated wine and art loving clients were invited to an Art and Wine Appreciation Evening at Art Futures Group Gallery in Central.

The evening offered attendees an ideal introduction to many masters of Chinese contemporary art. While browsing the contemporary masterpieces, attendees were also free to sample a variety of top red and white American wines. Having enjoyed the evening’s climactic lucky draw, everyone went home feeling inspired, entertained and thoroughly well cared for.

瑞士尊貴理財於7月8日邀請了一眾熱愛美酒與藝術的客戶蒞臨中環 Art Futures Group Gallery

出席 「藝術與葡萄酒鑒賞之夜」。

在濃厚的藝術氛圍下，客戶一邊欣賞中國當代藝術大師的工藝，一邊

細味頂級美國紅、白酒，盡享醉人情懷！晚宴氣氛熱鬧，當然不少得

緊張精彩的抽獎環節，在場賓客皆盡興而回。

Beyond Foundation. Pure Radiance. Beauty Workshop 「突破傳統粧容界限 一抹傾注鑽光」美顏坊

A commitment to helping clients look and feel younger and more beautiful is yet another way Swiss Privilege demonstrates our service excellence. Attended by about 24 specially invited guests, the Cle de Peau Beaute beauty workshop at Central’s Four Seasons Hotel on 19 July was the latest example of how well we succeed at distancing ourselves and our services.

Ladies in attendance subsequently spent a happy Saturday afternoon discovering the extraordinary efficacy of advanced radiance makeup techniques. Having specially flown in for the event from Japan, top makeup artist Mr. Teruaki Shinjo succeeded in delighting his adoring audience by showing them how to take their inner glow to its highest level.

致力保持客戶身心年輕美麗是瑞士尊貴理財的優越服務承諾之一，

因此我們於7月19日假中環四季酒店舉辦了Cle de Peau Beaute

美顏坊， 24位特選客戶獲邀共聚。

大會特別邀請從日本遠道而來的頂尖化妝大師新城輝昌先生，為

一眾女士展示締造魅力粧容的秘訣，令場內每位女士均綻放由內

而外的亮麗光采。

Corporate Events 活動巡禮

03

Taking Snaps thatTruly Stand Out您也可以成為攝影大師！Continuous giant leaps in function, form and weight mean cameras are now so user-friendly that virtually everyone seems to be taking up photography as a hobby. Always aware of clients’ changing lifestyle, we recently invited guests to attend portrait photography workshops at the Swiss Privilege Centre on 19 August and 5 November.

Guest of honour at the event was leading Asian portrait photographer Ms. Francesca L who leveraged her specialist skills and taught attendees the basics of how to compose and capture amazing images. She also demonstrated how a standing or sitting pose can help one to look taller, slimmer and more charm. The workshop was very lively, practical and engaging and everyone went home resolving to take some great shots.

隨着相機的款式日新月異，功能不斷提升，外形輕巧易用，攝影已

成為不少客戶的嗜好。瑞士尊貴理財時刻迎合會員的喜好，分別於

8月19日及11月5日假瑞士尊貴理財中心舉辦「人像攝影研習班」。

研習班誠邀亞洲著名人像攝影師 Francesca L 女士到場，向客戶

講解人像攝影的基本技巧，教授如何構圖及捕捉出色的畫面。她還

向大家分享在鏡頭下顯得高瘦和神采飛揚的秘訣，講解生動實用，

所有來賓都學會拍出與眾不同的照片的竅門。

Corporate Events 活動巡禮

Safeguarding Clients AgainstHK’s Three Deadliest Health Threats守護客戶共抗香港三大危疾To ensure our valued clients can better care for their health and enjoy an enhanced quality of life, we have organized a health seminar at the Swiss Privilege Centre on 12 August.

Key topics included common gastrointestinal problems affecting stressed out Hongkongers. Among them were colon cancer, stomach cancer and liver cancer – respectively the second, third and fourth largest local causes of death. A packed audience subsequently listened intently as Dr. Ng Fook-Hong, a respected Gastroenterology & Hepatology, delivered a keynote speech explaining not only the early warning symptoms, but also the prevention and treatment of all three cancers.

為讓客戶擁有良好的體魄以享受優質生活，瑞士尊貴理財

特於8月12日假瑞士尊貴理財中心舉辦了一場名為「香港

常見的腸胃及肝癌」的健康講座。

講座焦點為香港都市人在壓力下常見的腸胃問題，包括

結腸癌、胃癌和肝癌，它們分別是香港第二、三及四號癌症

殺手。由腸胃及肝臟專科醫生吳福康主講這三種癌症的早期

病徵、預防及治療之法，令一眾來賓獲益良多。

Ensuring Clients’ Kids Enjoy a Valuable Head Start in Life讓孩子在人生跑道上成功起步

On 23 August, we invited around 80 guests who have young children to join an informative Parenting and Education Seminar held at the Swiss Privilege Centre.

Aimed at clients’ keen to give their children the best possible start in life, the event got underway when Mr. Peter Chiu, former Vice Principal of La Salle College, shared useful tips for getting youngsters admitted to top primary schools. Ms. Sandy Tai, Senior Vice President of Swiss Privilege, subsequently outlined some effective financial strategies for meeting children’s school fees and other future educational expenses.

As Swiss Privilege understands emotional management is every bit as important as schooling in future leaders’ intellectual growth, the day concluded with hints on how to better manage children’s emotions during daily life from leading psychiatrist Dr. Jackie Fu. Attendees went home greatly impressed with the seminar’s comprehensiveness.

於8月23日，瑞士尊貴理財中心為家長客戶舉辦了《育兒、升學全攻略》講座，約80位家長

參加。

為了讓客戶的孩子嬴在起跑線上，我們邀請了前喇沙書院副校長趙榮德先生為客戶分享

「入讀心儀小學攻略」。瑞士尊貴理財資深副總裁戴聖慈小姐亦向一眾家長介紹有效的財富

管理策略，助他們輕鬆應付孩子的學費和未來的教育開支。

瑞士尊貴理財深明要子女成才，情緒管理跟學校教育對孩子的智能成長同等重要，因此，

我們還誠邀了精神專科醫生傅子健教授 「提升子女EQ竅門」。講座內容深入淺出，所有

家長均獲益良多。

04

Corporate Events 活動巡禮

Staying One Step Ahead of Global Financial Markets 領先全球金融市場Swiss Privilege is renowned for doing its utmost to help its clients quickly grasp global investment opportunities as they happen. In once again delivering on this promise, we have sponsored the Global Investment Strategies Seminar organized by Metro Finance at the Grand Ballroom of Kowloon Sheraton Hotel on 20 September.

Ms. Agnes Wu of Metro Finance welcomed everyone to the event by explaining the likely impact of the “Shanghai – Hong Kong Stock Connect” on general investors’ long-term strategies. Ms. Angela Tsang, Vice President of Business Development Fund in Hong Kong of Schroders, then shared her insights into opportunities in emerging markets. Next up was Mr. Kendy Lee, our Head of Advice, who analyzed and discussed other potential investment growth areas. The seminar concluded with a fascinating presentation on the current situation of the US economy and its ongoing influence on global markets from Mr. Stephen Wong, guest lecturer on the Global Political and Economic Masters Course at the Chinese University.

Having been stimulated with fruitful and informative market overviews, everyone went home resolving to make their hard-earned money work even harder in future.

瑞士尊貴理財一直致力協助客戶掌握環球投資機遇。最近，我們贊助了由新城財經台主辦，

於9月20日假九龍喜來登酒店宴會廳舉行的《論投資‧談策略‧看全球》投資講座。

新城財經台主持胡孟青為到場來賓剖析「滬港通」如何影響普羅投資者的長遠策略；施羅德

香港基金業務拓展副總裁曾雅恩小姐分享了她對新興市場機遇的看法；而瑞士尊貴理財

財富策略部總監李健先生則探討了其他具增長潛力的投資契機。最後，香港中文大學全球

政濟碩士課程客席講師黃元山先生為講座作總結，闡述了美國目前經濟市況及其對全球經濟

的持續影響。

是次講座提供了全面的市場資訊，現場反應熱烈，數百名觀眾均深受啟發。

05

Corporate Events 活動巡禮

05

A Treat in Every Sense感官全接觸At Swiss Privilege, we’ve always understood the importance of accumulating wealth as well as enjoying life in different aspects. To help our valued clients do just that, we recently invited a select band of individuals to experience a Journey of the Senses at the upmarket Bowers & Wilkins Showroom in Central on 28 August.

Key stops along the way included a sneak peak of some of the world’s most advanced state-of-the-art home entertainment systems. To further enrich everyone’s sense of taste, we also tempted attendees with perfectly balanced wine and food pairings. Rounding out the day’s indulgent appeal to guests’ every sense were a fragrant aroma product showcase and complimentary soothing hand treatments.

瑞士尊貴理財深明在積累財富的同時，我們亦應盡情享受生活。於8月28日，我們誠邀

尊貴的客戶蒞臨中環Bowers & Wilkins陳列室，享受一個非一般的感官之旅。

客戶親身體驗了全球最先進的家庭娛樂系統所帶來的視聽享受，配以醇酒美食滿足

味蕾。會場還特設香薰產品和手部按摩，為客戶帶來前所未有的嗅覺及觸感的體驗。

Clients Ride High at S.T.Dupont’sWHITE KNIGHT Limited Edition World PremiereS.T.Dupont WHITE KNIGHT限量版系列全球率先推出

Luxury brand, S.T.Dupont, is another firm favourite with Swiss Privilege clients and on 30 October we held a special cocktail soiree to mark the visit of CEO of S.T.Dupont, Mr. Alain Crevet to their recently opened flagship store in Harvey Nichols Pacific Place.

Our guests subsequently enjoyed the world premiere of the brand’s exclusive new WHITE KNIGHT limited edition, plus an early look at the brand’s elegant GOAT limited collection. Everyone in attendance was also delighted to have a souvenir snap taken of them dressed as a knight and receive a personalized card from a famous western calligrapher using a special S.T.Dupont fountain pen. Delicious drinks, snacks, a lucky draw, exclusive shopping privileges and door gifts which were proved to be a thoroughly enjoyable evening for all.

S.T.Dupont是瑞士尊貴理財客戶喜愛的另一經典品牌。品牌最近於太古廣場

Harvey Nichols開設新旗艦店，S.T.Dupont行政總裁Alain Crevet亦親自來港

出席開幕典禮，為此我們特別於10月30日舉行雞尾酒會。

酒會之上，我們的客戶全球獨家欣賞了品牌最新的 WHITE KNIGHT 限量版

系列，更率先一睹品牌極盡高雅的瑞羊限量版系列。每位客戶都化身成武士

拍照留念，並獲贈一張由著名西洋書法家以S.T.Dupont鋼筆書寫的心意卡。

當晚還設有美味的飲品小食、幸運抽獎，以及獨家購物優惠和小禮物，令一眾

來賓樂而忘返。

06

Corporate Events 活動巡禮

A Perfect Day for Golf Fanatics盡享高球之樂Situated in the beautiful Botanical Garden at Longgang, the fairways at Genzon Golf Club in Shenzhen boast absolutely stunning views.

On 17 October, about 60 die-hard golf lovers travelled up Genzon for this year’s long-awaited Swiss Privilege Golf Tournament. After a delicious breakfast in the Clubhouse, all players teed off in bright, breezy conditions that were just perfect for golf!

Having greatly enjoyed their 18-hole challenge, everyone happily swapped tales of drives made and putts missed over a hearty lunch. Still more excitement came with the day’s lucky draw and prize presentation for an array of fabulous golf equipment. Having enjoyed an unforgettable outing, participants returned to Hong Kong eagerly relishing the ambitious shots they would attempt at the next Swiss Privilege Golf Tournament!

10月17日，瑞士尊貴理財特別為一向熱愛高爾夫球的客戶舉辦了年度高爾夫

球賽。約 60名高爾夫球愛好者獲邀前往深圳正中高爾夫球會出席賽事。

球會位於美麗的龍崗植物園，擁有景致優美的球道。當日風和日麗，眾選手

在俱樂部享用美味早餐後隨即往球場進發。

大家享受完18洞的挑戰後，在午餐桌上回味賽事點滴。當日還設有幸運抽獎

和頒獎禮，送出精美的高爾夫球用品。人人均盡興而歸，回程時已急不及待

籌謀如何在下一次瑞士尊貴理財高爾夫球賽中再下一城。

07

Corporate Events 活動巡禮

07

Ladies Savour the Sweet Smell of Success細味成功的香氛Swiss Privilege has long been renowned for taking extra special care of its female customers. On 29 October, we further enhanced our reputation in this area by inviting about 30 ladies to join us for an Evening of Fragrances and Flowers at the Swiss Privilege Centre.

In addition to charming arrivals with an array of wonderful aromas, we invited along fragrance specialist Ms. Agnes Yim of Marcus Spurway, the oldest and most revered perfumery in Cannes, France. She subsequently demonstrated a passion for scents dating all the way back to 1825. All the ladies subsequently got to take home a personalized sample of Spurway’s trademark tailor-made perfume. Having well-known for their creation of tailor-made perfumes, everyone went home with the fragrances of their own favourite.

Further adding to attendees’ enjoyment was professional floral arranger, Ms Tiffany Yiu of Tiffany Flowers, who generously shared expert tips and hosted a floral arrangement workshop for all ladies. Guests could learn the caring tips of different kinds of flowers as well as the floral arrangement techniques.

瑞士尊貴理財一向悉心照顧女性客戶的需要，因此我們誠邀約30位女士於10月29日參加假瑞士

尊貴理財中心舉行的鮮花香水之夜。

Marcus Spurway是法國康城最歷史悠久及備受推崇的香水製造商，我們特意邀請了Spurway的

香水專家Agnes Yim，分享品牌由1825年至今對香水的熱情。Spurway以為客戶度身訂造香水

而聞名，眾參加者均獲贈Spurway特製香水的樣本，把她們鍾情的香氣帶回家。

此外，活動當日還邀請了專業花藝師Tiffany Flowers的姚欣小姐舉辦花藝工作坊，教授眾女士

花藝竅門，客人除學習如何照料各種花卉外，還學會不同的插花技巧。

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Corporate Events 活動巡禮

Toasting the Success of LALIQUE’s New Boutique at ifc Mall 慶賀LALIQUE新店開幕Renowned for its meticulous craftsmanship, LALIQUE has long been loved by many Swiss Privilege clients. To celebrate the opening of the brand’s new store at ifc mall in Central, we have invited our clients to the gala cocktail reception on 14 November.

In addition to getting an up-close-and-personal glance at legends of LALIQUE, attendees enjoyed a privileged preview of latest Fall /Winter Provence collection, such as the <Rayons> vase with gold leaves and limited edition art-piece the <Mare> sculpture from Rembrandt Bugatti’s collection by Lalique. Everyone enjoyed having their portraits sketched by an expert artist and sampling complimentary vintage champagne and gourmet canapés, each of them also has an exclusive gift to take home.

LALIQUE素來以超卓的工藝見稱，其品牌一直深受瑞士尊貴理財客戶喜愛。為慶祝

品牌於中環國際金融中心的新店開幕，我們邀請了尊貴的客戶參加於11月14日舉辦

的雞尾酒會。

當晚，客戶不但可近距離欣賞LALIQUE的經典名物，更率先一睹最新《Provence》

秋冬系列中, 綴有上千塊金箔的《Rayons》花瓶及Rembrandt Bugatti by Lalique

系列的《Mare》母馬限量版水晶雕塑等, 大會更特別邀請專業畫家為賓客留下素描

肖像作紀念，並獲贈獨家禮品，大家都在美食佳釀下共渡愉快時光。

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Corporate Events 活動巡禮

Fund Forum 基金論壇

Asia: Appeal undiminished亞洲：魅力不減

- Asian markets will be volatile as stocks adjust to normalising rates and tighter liquidity with the end of quantitative easing (QE)- However, corporate fundamentals in the region are sound as companies have cut costs and improved profitability- Also, Asian stocks are cheap compared to the developed world

﹣ 隨著央行正常化利率，加上結束量化寬鬆措施， 令到流動性收緊，亞洲市場將會變得波動

﹣ 不過，區內企業的基本因素強勁，已經減省成本 及加強盈利能力

﹣ 此外，亞洲股市的估值較已發展市場便宜

10

Fund Forum 基金論壇

Within the region, Asean countries led the way in 3Q 2014During the third quarter of this year, the MSCI Asia Pacific ex Japan index was down around 4.0% in US dollar terms. Fund flows recovered over the quarter, although worries over slowing Chinese growth, rising conflict in the Middle East and the prospect of higher US interest rates weighed on markets.

The Philippines outperformed because of positive sentiment and robust domestic demand. In Thailand, a more stable political situation enforced by the military helped the market rebound. India posted further gains on the back of better GDP data, which prompted credit ratings agency S&P to lift its outlook. Stocks in Indonesia posted modest gains, as optimism over the election of reformist Joko Widodo (Jokowi) as president was overshadowed by the inauguration of an opposition-dominated parliament. Meanwhile, softer commodity prices weighed on Australian stocks while sentiment in South Korea remained depressed by weaker data.

China: Sentiment lifted by reform but property sector remains a riskThe MSCI Zhong Hua index rose 5.8% in the year to end August. Sentiment was lifted by the brisk pace of economic growth in the second quarter. Investors were also encouraged by proposals for state-owned enterprises (SOEs) to improve corporate governance and efficiency. Stocks are attractively-valued on an absolute basis, trading at an estimated price-to-earnings ratio of around 11.7 times for 2014, whereas in the past it had traded at multiples of 18 times.

However, the property sector continues to pose a risk in China. Although the easing of mortgage restrictions for second and third-time home buyers has led to a recent rebound in property sales, many mainland property developers are still saddled by debt which they’re struggling to repay. We could see bankruptcies among the country’s 90,000-plus property developers but the largest companies enjoy better margins and have more cash on their balance sheets compared to their US counterparts – home of the original subprime crisis – which should help them weather the cyclical downturn. It will take time for home prices to stabilise, given current oversupply. What should underpin the sector’s growth in the long-term is genuine demand from serious home buyers who are waiting to make their purchase.

在亞洲區，東盟國家於2014年第三季度脫穎而出

於今年第三季度，MSCI 亞太（日本除外）指數以美元計下跌接近 4.0%。亞洲的流入資金於季度內回升，但中國增長放緩引起憂慮、中東的糾紛升級，加上美國快將加息，導致市場受壓。

受到利好氣氛及強勁內需所支持，菲律賓股市跑贏大市。在泰國，軍政府掌權令到政局穩定下來，刺激國內股市反彈。在國內生產總值數據增長帶動下，印度股市進一步上升，也促使信貸評級機構標準普爾提升其前景級評。雖然被視為改革派的佐科威（Joko Widodo）當選總統帶來樂觀情緒，但反對派成功主導國會令前景蒙上陰影，導致印尼股市只錄得溫和升幅。與此同時，澳洲股市受到商品價格回落所打擊，而南韓的經濟數據轉弱則繼續沖淡市場氣氣。

中國：改革帶來利好氣氛，惟地產界別仍構成風險

MSCI 中華指數於今年截至8月底為止上升5.8%，歸功於經濟於第二季度快速增長，帶來樂觀氣氛。此外，北京提出改革國有企業，目標是提升企業管治及效率，也加強投資者的信心。中國股市於2014年的市盈率估計接近11.7倍，遠低於過往的18倍，以絕對基準計算估值算是便宜。

然而，地產界別仍然構成中國一大風險。雖然北京放寬第二及第三套房的按揭貸款限制，刺激物業銷量最近回升，但內地很多地產發展商仍然債台高築，面對沉重的償債壓力。在中國逾9萬個地產發展商當中，有一些或會承受不了壓力而破產。不過，與當年身陷次按危機的美國同業相比，國內大型地產商享有較高利潤率，也手持較多現金，應有能力渡過目前的不景氣週期。考慮到地產市場現時供應過剩，住宅價格需要一段時間才會穩定下來。長遠而言，真正可以推動地產界別增長的是真正用家所帶來的住宅需求。

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Source: Forecast figures provided by Economic Consensus, Aberdeen Asset Management, September 2014資料來源：Economic Consensus 提供的預測數據，安本資產管理，2014年9月

Chart 1: Growth prospects remain attractive 圖一：增長前景依然樂觀

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Fund Forum 基金論壇

India: Outlook has improved but valuation appears stretchedIndia’s economy expanded at a relatively robust 5.7% in the third quarter, reversing the sub-5% growth seen over the past two years. Sentiment has improved on hopes that the Modi government and the central bank are steering the economy in the right direction. Companies and consumers are spending again and inflation is easing. The current deficit has also narrowed sharply, helped by falling oil prices as India is a net importer of energy. Even so, the recovery remains muted and inflation, in particular, remains a risk, particularly if the sub-par monsoon season causes food prices to spike again. For now, the Modi government has been proactive, and the parliamentary majority which it enjoys should help speed up the approval of infrastructure projects and business-friendly policies.

Currently, Indian equities are trading above their five-year historical average, at an estimated price-to-earnings ratio of about 17 times for CY2014. Stocks are not cheap, although they have traded at multiples of 20 times or more in the past. We worry prices may have gotten ahead of fundamentals given that it’ll take time for the new government to deliver on structural changes to boost growth.

Indonesia: Jokowi is moving in the right direction but faces obstaclesIndonesia’s constitutional court dismissed a legal challenge from Prabowo Subianto, which paves the way for Jokowi to assume the presidential office in October. The question now is can the newly elected president deliver on his reform promises? The key reform to watch is the removal of fuel subsidies, which would free up revenue to boost infrastructure spending. He has formed a largely credible cabinet to achieve this. However, he could be hampered by entrenched interests and an opposition-dominated parliament.

Fortunately, the country’s long-term growth prospects are anyway underpinned by a huge domestic base, urbanisation and growing middle class wealth.

印度：前景已經好轉，惟估值似乎偏高

印度經濟於第三季度強勁增長5.7%，打破過去兩年增長率低於5%的頹勢。投資者期望穆迪（Modi）政府及印度央行帶領經濟回到正軌，營造出樂觀氣氛。企業及消費者恢復消費，通脹也正在降溫。由於印度屬於能源淨進口國，隨著石油價格回落，其經常賬赤字也顯著收窄。然而，經濟尚未開始復甦，而且通脹仍是一大風險，尤其是如雨季的降雨量不足，則可能引發食品價格再度飆升。截至目前為止，穆迪政府表現積極，也持有國會大多數議席，應該能夠加快通過基建項目及親商界的政策。

印度股市的 2014 年市盈率現時估計約為17倍，高於過去五年的平均水平。雖然過往的市盈率曾經高逾20倍，但現行估值也不便宜。考慮到新政府需時進行結構性改革以刺激增長，我們擔心股價已經脫離基本因素。

印尼：政策方向正確，惟面對一些障礙

印尼憲法法院駁回普拉博沃（Prabowo Subianto）的上訴，為佐科威於10月份就任總統鋪路。目前的問題是新任總統能否實現其改革承諾？最受到關注的改革莫過於取消能源補貼。如果成真，將會騰出資金用於改善基建。為了推行改革，佐科威已經組成一個以技術專家為主的內閣。然而，他的改革之路可能受到既得利益者及由反對派主導的國會所阻撓。

可幸的是，印尼的長遠增長前景也受到國內龐大市場、城市化及中產階層日益富裕所支持。

Source: IBES, Datastream, CLSA, 30 September 2014資料來源：IBES，Datastream，里昂證券，2014年9月30日

Chart 2: Stocks trading at discount to the developed world圖二：股價較已發展市場便宜

MSCI AXJ 12m forward PE discount to MSCI AC WorldMSCI 亞太（日本除外）指數與 MSCI世界指數的12個月預計市盈率比較所呈折讓

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Despite potential volatility, Asia’s prospects remain positive

The Federal Reserve’s bond-buying programme is coming to an end in October and anticipated interest rate hikes in 2015 could lead to capital outflows from Asia, as investors re-position their portfolios. Volatility will persist as markets adjust to a period of normalising interest rates and tighter liquidity.

That said, the Federal Reserve has stated that the interest rate outlook would be tied to the health of the economy, and a sustainable US-led recovery should benefit Asian exporters in the long run. Corporate fundamentals remain sound and companies that have focused on controlling costs and improving margins should reap dividends when the cycle turns. Asia’s appeal remains undiminished and we remain committed, long-term investors in some of the region’s best companies.

Conclusion

Despite facing some headwinds, Asia as a whole still looks in reasonable shape. Governments have strong finances, consumers are not overleveraged by Western standards, and more importantly, corporate balance sheets remain healthy and debt levels manageable. In addition, although valuations for individual markets such as India and Thailand now appear stretched after a good run, regional stocks are fairly valued, trading at an estimated 13 times for CY2014. Given that Asia’s underlying growth momentum remains strong and its valuation is cheap compared to the developed world, we still find value in this market.

雖然市場或會變得波動，但亞洲前景依然樂觀

美國聯儲局將於10月份結束買債計劃，也預期會於 2015 年加息。隨著投資者因應情況重新部署，上述發展或會觸發資金流出亞洲。在適應利率正常化及流動性收縮期間，市場將會持續波動。

儘管如此，聯儲局已經表明，利率前景取決於經濟是否穩健。假如美國真的帶動經濟持久復甦，亞洲出口商長遠應會受惠。區內企業的基本因素維持強勁，紛紛致力減省成本及提升利潤率，因此有條件於環境逆轉時蓬勃發展。我們認為亞洲的吸引力未減，也繼續長線投資區內一些最優質企業。

總結

雖然面對一些不利因素，但亞洲整體狀況維持良好。不單止政府財政健全，消費者的債務負擔也遠低於西方國家。更重要的是，企業的財政狀況穩健，負債也於受控水平。此外，雖然印度及泰國等個別股市於最近急升後估值似乎偏高，但亞洲股市整體估值仍然合理，2014年的市盈率估計為13倍。考慮到亞洲的基本增長動力依然強勁，加上估值較已發展市場便宜，我們認為亞洲股市仍然值得投資。

The ariticle is prepared by Aberdeen International Fund Managers Limited and for reference only. All views expressed cannot be construed as an offer or recommendation by Swiss Privilege and AXA Group and shall not be held liable for damages arising out of any person’s reliance upon this information.

文章由安本國際基金管理有限公司提供，只供參考用途。文件內所載的觀點，在任何情況下均不應被視為 AXA 安盛旗下的瑞士尊貴理財及 AXA 集團的促銷或建議。AXA 安盛旗下的瑞士尊貴理財及 AXA 集團對任何依賴本文而引致的損失概不負責。

Important InformationThe above is strictly for information purposes only and should not be construed as advice or an offer or solicitation, to deal in any investment product. Any research or analysis used in the preparation of the above information, procured by Aberdeen International Fund Managers Limited (“AIFML”) for its own use and purpose, is based upon sources believed to be reliable as of the date thereof, but no representation or warranty is given as to the accuracy or completeness of data sourced from third parties. Any projections or other forward-looking statements regarding future events or performance of countries, markets or companies are not necessarily indicative of, and may differ from, actual events or results. Opinions, estimates or forecasts may be changed at any time without prior warning.

Investment involves risk. Past performance is not a guide to future performance. Investors may not get back the amount they have invested. No liability whatsoever is accepted for any loss arising from any person acting on any information contained in this document.

Investors should not make an investment into the investment product based solely on this document and should read the relevant offering documents for more details to ensure that they fully understand the associated risks before investing.

Investors are responsible for their investment decisions and should ensure that the intermediary has advised on the investment product's suitability and consistency with their investment objective and risk tolerance level. If in doubt, please seek independent financial and professional advice.

This document has not been reviewed by the Securities and Futures Commission.

重要提示

上述內容僅供參考之用，不應構成買賣任何投資產品的意見或要約或招攬。

編備上述資料所用的任何研究或分析乃由安本國際基金管理有限公司（「安本

國際」）為自身用途及目的而獲取，並來自於本文件日期認為可信的來源，

惟概不就源自第三方的資料的準確性或完整性作出任何聲明或保證。有關國

家、市場或企業未來事件或表現的任何預測或其他前瞻性陳述未必具有指示

性，而且可能與實際事件或結果有別。任何意見、估計或預測可在無事先警

告的情況下隨時變更。

投資涉及風險。過往表現並非日後表現的指標。投資者未必可以取回所投資

的全數本金。對於任何人士根據本文件所載資料行事而遭受的任何損失，概

不承擔任何責任。

投資者不應單憑本文件決定投資於任何投資產品，於作出投資前應該參閱有

關銷售文件，以了解更多詳情，確保完全了解相關風險。

投資者須對所作出的投資決定負責，也應確保中介人已向他們解釋基金是否

適合他們及符合他們的投資目標及風險承受能力。如有任何疑問，請諮詢獨

立財務顧問的專業意見。

本文件並未經證券及期貨事務監察委員會審閱。

13

Chart 1. 圖一

Fund Forum 基金論壇

Health care industry has been driven by factors such as ageing populations, increasing prevalence of chronic diseases, technological advancements and product innovation, plus certain anticipated impacts from the health care reform in the US, including potential increases in government funding and insurance coverage. In addition, opportunities in emerging markets such as China, India and Russia could continue to be drivers.

In fact, global health care stocks, which include American and European pharmaceutical companies, have outperformed the Hang Seng Index significantly in the past three years (Figure 1), as investors have become more aware of the long-term potential in the health care industry. In addition, the Obamacare reforms are also deemed to be a boost to the sector. As such, we believe that the stocks of health care players, particularly those in the US and developed Europe, are likely to present opportunities for investors.

隨著人口老化、長期病患增加、技術進步、產品創新，以及美國

醫療改革帶來的預期影響（包括政府可能投放更多資金和增加保

險覆蓋率），健康護理業具備長遠的增長動力，新興市場機會處

處（例如中國、印度、俄羅斯）將繼續擔當增長引擎的角色。

事實上，包括歐美製藥公司的環球健康護理股過去三年的表現

（圖一）顯著優於恒生指數，反映不少投資者注視醫療保健業的長

遠潛力。此外，奧巴馬的醫療改革，預料有助推動健康護理業

的發展，所以健康護理業者（尤其是美國及成熟的歐洲健康護理

公司）是投資者不可錯過的機遇。

Long-term advantagesof global healthcare stocks環球健康護理股份的長遠優勢

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Fund Forum 基金論壇

A contrarian’s view on pharmaceuticals

The pharmaceuticals industry is in the midst of a renaissance. Patent expiration concerns, pipeline disappointments and setbacks, and a highly uncertain regulatory backdrop are forcing executives to rethink the way they have traditionally done business. In this harsh environment, certain companies stand out as deep-value opportunities. And their stock prices don’t reflect our view of their long-term potential. This is why we believe that certain pharmaceuticals are well-positioned for further upside.

Pharmaceutical companies were once defined by big-name drugs that were protected by patents for extended periods. But in the early 2000s, major patents were expiring, generic drugs were presenting more competition, and regulations weren’t providing clear guidance. This led investors to start worrying about the future of “Big Pharma” and its ability to weather the changing environment.

These concerns pushed long-term valuations to historically low levels: Over the past 35 years and beyond, pharmaceutical companies in the S&P 500 Index have traded at a relative price-to-earnings (P/E) ratio of 1.14x1 when measured against the broader index. But at their lowest levels in June 2009, valuations hit 0.69x — a 40% reduction in comparison to their long-term average.

At Invesco, we agreed that the pharmaceuticals business model had changed – but we did not believe that profitability would be impaired to the levels implied by the reduction in stock prices. We took a positive view of certain pharmaceuticals companies such as one particular German firm – a great example of the type of long-term value story that many other investors avoid in an uncertain climate, but which we actively seek out.

1 Source: Bloomberg, data as at 30 October 2014

對藥業股的逆向觀點

現時，製藥業正處於一個復興期。市場關注專利權屆滿的問

題、產品研發的進展令人失望並屢遇挫折，加上監管環境頗欠

明朗，均促使企業管理層反思傳統業務模式。在如此嚴峻的環

境下，部分公司展現深層價值的投資機會，其股價尚未反映我

們對該公司長遠潛力的觀點，因此我們相信部分藥業股擁有優

勢，股價可望進一步攀升。

藥業公司曾經依賴生產知名藥物，並享有這些藥物附帶的長期

專利權保障。不過，自 2000 年代初，多項主要專利權陸續屆

滿，非專利藥物帶來的競爭日趨激烈，但法例未能提供清晰的

指引，使投資者開始憂慮大型藥企的前景及其駕馭環境變化的

能力。

這些憂慮導致藥業公司的長期估值跌至歷史低位：在過去35年

及以前，標準普爾 500 指數藥業成分股的相對市盈率為大市指

數的 1.14倍1。在 2009 年6月，當其估值處於低谷時，這個比例

只有 0.69 倍，低於長期平均 40%。

景順團隊同意藥企的業務模式已經改變，但其盈利能力將不會

降至股價跌幅所反映的水平。我們看好若干藥業公司，例如是

某家德國企業 — 其例子正好印證長期價值的主題：在不明朗的

環境下，這些公司遭不少投資者忽略，卻是我們積極發掘的目

標。

1 資料來源：彭博資訊，數據為2014年10月30日。

Total Returns

MSCI World Health Care IndexMSCI 世界健康護理指數

Hang Seng Index恒生指數

Cumulative returns (%) Cumulative returns (%)220

200

180

160

140

120

100

80

60 9/11 12/11 3/12 6/12 9/12 12/12 3/13 6/13 9/13 12/13 3/14 6/14 9/14

Source: Bloomberg, from 30 September 2011 to 30 September 2014, total returns in US dollars, with dividend re-invested, net of tax.資料來源：彭博資訊，由2011年9月30日（重設於100%）至2014年9月30日，總回報以美元計，股息除稅後用作再投資。

總回報累積回報(%) 累積回報(%)

Figure 1: Performance of global health care stocks 圖一：環球健康護理股份的表現

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Fund Forum 基金論壇

Today, Big Pharma, often associated with more defensive stocks, is having an impressive run. During the period from the market bottom of March 9, 2009 to mid-May 2014, pharmaceutical companies in the S&P 500 Index outperformed the wider index by over 700 basis points. In contrast to this, other defensive sectors such as consumer staples, utilities, and telecommunications have broadly and significantly underperformed the index as a whole. After a period of outperformance, you might expect the opportunity set to be less attractive for value investors — but this isn’t the case with many pharmaceuticals. After years of cost-cutting and rationalizing research and development capabilities, valuations for many companies in this sector remain very promising.

Selected hospital operators to benefit from Obamacare

Hospital operators are another group of companies where we see opportunities. 2014 should be a fruitful year for selected US hospital operating companies, with greater clarity on Obamacare implementation. At present, many hospitals in the US cover the needy plus individuals without health insurance, yet hospitals are often not paid for their services. Under Obamacare, each person will be required to have insurance coverage so hospitals will receive payment from the insurance companies instead of from uninsured individuals. This will mitigate the level of non-payments.

An improving US economy should also be beneficial for hospitals when more people, who have postponed seeking care during the economic recession, schedule procedures. Indeed, some hospitals saw significant growth in the second quarter for specialties such as orthopedics, cardiovascular and neuroscience. As such, we believe that selected hospital and clinic operators are likely to see improved profit margins on declining bad debts, thanks to the health care reforms in the US.

Investment implications

Traditionally, health care companies are providers of essential services and are more insulated from the ups and downs of the general market; they are, accordingly, more recession-proof. Together with the potential increase in the spending on medical care in emerging markets, the health care industry sector is likely to keep growing faster than the rest of the economy. Addressing the needs of emerging markets as their middle

現時，大型藥業公司（多為抗跌類股）的走勢令人刮目相看。在

2009 年 3月9日市場觸底至 2014 年5月中期間，標準普爾 500

指數藥業成分股的表現領先大市指數超過 700 個基點。相反，

消費必需品、公用事業和電訊股等其他抗跌類股的整體表現卻

顯著落後於指數。在經歷一段表現領先的時期後，你或會預期

價值投資者面對的機會不像過往般吸引，但不少藥業股的情況

並非如此。經過多年的削減成本措施，加上研發能力的整合，

不少藥業公司的估值前景仍然非常優秀。

個別醫院營運商，受惠於奧巴馬醫療改革

醫院營運商是另一類充滿機會的公司。美國在 2014 年明確落

實奧巴馬所倡導的醫療改革，對醫院營運公司來說應是豐收之

年。目前，部分美國醫院必須照顧有需要但沒有購買醫療保險

的病人，但醫院經常未能為所提供的服務收取應得費用。在奧

巴馬的醫療改革下，全民必須擁有醫療保險保障；因此，醫院

可向保險公司收取費用。這預料可明顯減少未能收取費用的情

況。

美國經濟正在好轉，不少在經濟衰退期間延遲接受治療的人士

再次安排療程，應可利好醫院的業務。部分醫院的專科業務在

第二季顯著增長，如骨科、心血管和神經系統科。因此，個別

醫院和診所經營者有望受惠於美國的醫療改革，令壞賬得以減

少，從而改善盈利率。

投資啟示

傳統上，健康護理公司提供的服務屬日常基本所需，受投資市

場波動的影響較低，通常可以免疫於經濟衰退。上述因素，加

上新興市場增加醫療開支的潛力，令健康護理業的增長將較其

他經濟環節迅速。應對新興市場正在壯大的中產階層，健康護

16

Fund Forum 基金論壇

High 高點Ratio of P/Es 市盈率比率 Historical average 歷史平均 Low 低點

Source: Bloomberg, forward P/Es are from Bloomberg, from 30 September 1994 to 30 September 2014資料來源：彭博資訊，預測市盈率來自彭博，1994年9月30日至2014年9月30日。

Ratio of forward P/ES&P 500 Health Care relative to S&P 500

1.8

1.6

1.4

1.2

1.0

0.8

0.6 9/94 9/95 9/96 9/97 9/98 9/99 9/00 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 19/11 19/12 9/13 9/14

預測市盈率比率標普500健康護理相對標普500綜合指數

The ariticle is prepared by Invesco Asset Management Asia Limited and for reference only. All views expressed cannot be construed as an offer or recommendation by Swiss Privilege and AXA Group and shall not be held liable for damages arising out of any person’s reliance upon this information.

文章由景順投資管理亞洲有限公司提供，只供參考用途。文件內所載的觀點，在任何情況下均不應被視為 AXA 安盛旗下的瑞士尊貴理財及 AXA 集團的促銷或建議。AXA 安盛旗下的瑞士尊貴理財及 AXA 集團對任何依賴本文而引致的損失概不負責。

Important Information

All data are sourced from Invesco dated 30 October 2014 unless otherwise stated. This document contains general information only. It is not an invitation to subscribe for shares in a fund nor is it to be construed as an offer to buy or sell any financial instruments. Nor does this constitute a recommendation of the suitability of any investment strategy for a particular investor. While great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. Opinions and forecasts are subject to change without notice. Investment involves risks. Past performance is not indicative of future performance. Investment cannot be made directly in an index. This material is issued by Invesco Asset Management Asia Limited (景順投資管理亞洲有限公司) in Hong Kong.

重要資料

除非另有說明，所有數據均來自景順及截至2014年10月30日。本文件僅包

含一般資料，並非認購基金股份的邀約，亦不應被視為建議購買或沽售任

何金融工具。此外，本文件亦不構成個別投資者對任何投資策略的合適性

的建議。雖然本公司已採取措施，確保文內資料準確無誤，但不擬就任何

失誤、錯誤或遺漏，以及任何依賴本文件作出的行動承擔責任。本文件內

的觀點及預測將不時轉變，而不會另行通知。投資涉及風險。過往業績並

不表示將來會有類似業績。本文件由景順投資管理亞洲有限公司 (Invesco

Asset Management Asia Limited) 在香港發行。

classes expand will call for new ideas in health care business models and, consequently, consolidation among health care providers will be more common. Industrial consolidation is likely to lead to greater operational efficiencies and increased bargaining power with suppliers. This leads us to believe that there is still room for growth in health care stocks.

In valuation terms, even though the US equity markets have been rallying in the past few years, reaching new highs in July 2014, the health care sector continues to look less expensive as compared to the overall market. In the US, the S&P 500 Health Care Index is currently trading at a forward price-to- earnings ratio only about 1.08 times the S&P 500, still below the long-term average ratio of 1.14 (Figure 2), and far below the highs in the period from 1994 to 2003.

理業必須為經營模式注入新元素。因此，行業的整合將趨於普

遍，而整合有助提升營運效率，並增強與供應商議價的能力；

預料可利好健康護理類股份的增長。

即使近年美國股市持續造好，並於今年7月創出新高，但與美國

股市整體比較，健康護理公司的股份仍顯得相對便宜。在美國，

標準普爾500健康護理指數與標準普爾500指數的預測市盈率比

率為1.08倍，持續低於長期平均值1.14（圖二），亦遠低於1994

至2003年間的高位。

Figure 2 : Ratio of Forward Price-to-Earnings Ratio of S&P 500 Health Care relative to S&P 500圖二：標準普爾500健康護理指數與標準普爾500指數的預測市盈率比率

17

基金經理分析Fund Manager Analysis

The ariticle is prepared by FIL Investment Management (Hong Kong) Limited and Henderson Global Investors (Hong Kong) Limited for reference only. All views expressed cannot be construed as an offer or recommendation by Swiss Privilege and AXA Group and shall not be held liable for damages arising out of any person’s reliance upon this information.

文章由富達基金（香港）有限公司及亨德森全球投資（香港）有限公司提供，只供參考用途。文件內所載的觀點，在任何情況下均不應被視為 AXA 安盛旗下的瑞士尊貴理財及 AXA 集團的促銷或建議。AXA 安盛旗下的瑞士尊貴理財及AXA 集團對任何依賴本文而引致的損失概不負責。

Henderson Caroline Maurer 沈 昱 Henderson Horizon China Fund manager 亨德森遠見中國躍升基金經理

Chinese Stocks: Ready for a Breakthrough?中國股票：勢將突破？

The Chinese stock market has been trading range-bound for the past three years in the absence of a major catalyst. The macro picture looks stable overall: income growth has been steady, boosting mass consumption; manufacturing and service sectors remain resilient despite slowing nominal GDP growth. Current stock valuations appear attractive, especially considering the reduced risk of a hard landing. So what will it take for a breakthrough, and is that time near?

Here are three potential market catalysts to watch:1. SOE Reforms SOE reforms are expected to create new sources of growth by improving operating efficiency and increasing profit margins. If the trend of cost-cutting and profitability improvement continues, we can expect more upside in select SOEs in 1H2015. With the mixed ownership structure and relaxed restriction on private capital to enter restricted sectors, high quality private companies are most likely to win out in the long term. 2. Anti-Corruption Measures Despite the short-term negative impact on high-end consumption, the anti-corruption campaign can benefit investors significantly in the medium-long term as corporate governance and operational efficiency improve as a result.

3. Shanghai-Hong Kong Stock Connect We expect fund flows to flourish, and stock exchanges and brokers on both sides to benefit accordingly. Companies with unique market positioning that are currently listed on only one exchange, such as Tencent and Kweichow Moutai, will likely gain upside. The prospect of A-shares’ eventual inclusion in global indexes should also help to provide support to the market.

We believe these factors combined with China’s accommodative monetary and credit conditions, and continued government spending on infrastructure create a favourable environment for Chinese equities to move higher in the near to medium term.

由於缺乏重大催化因素，中國股市於過去三年一直處於牛皮格局。整體而言，宏觀經濟尚算平穩：收入增長穩定，刺激大眾消費；雖然名義國內生產總值增長放緩，但製造業及服務業表現仍然穩健。現時股票估值似乎具吸引力，尤其是考慮到硬著陸的風險降低。那麼，什麼能帶動突破？出現突破的日子是否已經臨近？

以下三項潛在市場催化因素值得注視：1. 國企改革 預期國企改革能改善營運效率及提升利潤率，從而創造新 增長動力。假如削減開支及盈利能力改善的趨勢持續，我們可以預期 2015年上半年若干國企會有更好的表現。長遠而言，混合所有制結構及 放寬私人資金進入受限制板塊的措施很大機會令優質私人公司成為贏家。

2. 反貪腐措施 儘管反貪腐運動短期內會對高端消費產生負面影響，但 中長期而言，由於企業管治及營運效率得以改善，投資者將能顯著受惠。

3. 滬港通 我們預期將引發大量資金流，而兩地的交易所及經紀都能因 此受惠。騰訊及貴州茅台等目前只在一地上市且市場定位獨特的公司有 望報升。A股有望最終能成為全球指數之一，應同樣有助支撐大市。

我們相信，上述因素加上中國寬鬆的貨幣及信貸條件，以及政府持續投入基建開支，將為中國股市在短期至中期攀升創造有利環境。

Note:Reference to any specific company or stock is for information purposes only and should not be construed as a recommendation to buy or sell the same.

附註：凡提述任何特定公司或股票只供參考，不應詮釋為購買或出售該等公司或股票的建議。

Fidelity Michael Clark Portfolio Manager, Fidelity Funds – European Dividend Fund

European Market Perspective歐洲市場剖析

European equities were largely unchanged at the end of the third quarter of 2014. Concerns about the pace of the European economic recovery dampened sentiment at the start of the quarter. Moreover, continuing geopolitical tensions in Ukraine and the Middle East weighed on markets. The European Central Bank (ECB) announced new policy measures to stimulate economic growth. The central bank reduced the interest rate and bank deposit rate in order to persuade banks to lend more money to businesses and consumers. At a sector level, health care and information technology (IT) were the best performers; consumer discretionary and energy stocks lagged the broader market. Manufacturing and services growth in the eurozone slowed in September and October as new orders contracted on the back of lower demand. This is reflected in the composite Purchasing Managers’ Index (PMI), which declined in September. Data releases revealed that the GDP growth rate for the Eurozone remained muted in the second quarter, largely due to the contraction in large economies including Germany and Italy. The UK GDP, however, grew faster than estimated, coming in at 0.9% and extending a recovery that has been more robust than previously thought.

We are reasonably positive on the outlook for European markets. A weak outlook for Chinese growth could have a negative impact on German exporters, but the situation elsewhere in Europe appears to be improving. We expect interest rates to remain low for the time being, which should support the recovery process. However, it will take time for economic growth to strengthen and it is likely that we will continue to see some periods of weakness in stock markets. Nevertheless, European companies have better cash flows; this should eventually result in increased dividend payouts. Overall, we think both stock valuations and dividend growth prospects will continue to support the equity income strategy.

歐洲股市在2014年第三季末大致平收。季初，市場對歐洲經濟復甦步伐的憂慮削弱了投資氣氛。烏克蘭和中東的地緣政局持續緊張，亦令市場受壓。歐洲央行宣佈刺激經濟增長的新政策措施。當局削減利率和銀行存款利率，以鼓勵銀行增加向企業和消費者放貸。行業方面，健康護理和資訊科技股的表現最佳，而非必需消費品和能源股的表現則落後大市。在需求下跌的影響下，新增訂單減少，拖累歐元區製造業和服務業在9月及10月增長放緩，綜合採購經理指數在月內下跌，正好反映這個情況。經濟數據顯示歐元區國內生產總值增長率在第二季維持溫和，主要由於德國和意大利等大型國家的經濟收縮。然而，英國國內生產總值增長達0.9%，步伐較預測迅速，同時經濟持續復甦的動力亦較早前預期強勁。

我們相當看好歐洲市場的前景。中國的經濟增長前景疲弱，可能對德國出口商帶來負面影響，但其他歐洲地區的情況看來正在改善。我們預期利率將暫時維持低企，並對經濟復甦帶來支持。然而，經濟增長需要時間逐步轉強，預料股市將繼續間歇性偏軟。儘管如此，歐洲企業的現金流較佳，最終應可促使派息增加。綜觀而言，我們認為股票估值和股息增長前景將繼續為股票收益策略帶來支持。

DisclaimerFIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity Worldwide Investment. Fidelity only gives information about its products and services. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. Fidelity, Fidelity Worldwide Investment, the Fidelity Worldwide Investment logo and F symbol are trademarks of FIL Limited. The material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (“SFC”).

免責聲明富達或 Fidelity 或 Fidelity Worldwide Investment 指 FIL Limited 及其附屬公司。富達只就產品及服務提供資料。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱有關基金說明書(包括風險因素)。若投資收益並非以港元或美元計算，以美元 / 港元計算的投資者，需承受匯率波動的風險。「富達」、Fidelity、Fidelity Worldwide Investment、Fidelity Worldwide Investment 標誌及F標誌均為 FIL Limited 的商標。本文件由富達基金（香港）有限公司發行。本文件未經證券及期貨事務監察委員會審核。

Source: Fidelity, as of 31 October 2014. 資料來源：富達，截至2014年10月31日。

18

客戶專訪Exclusive Client Interview

How would you describe your relationship with Sandy?您怎樣形容與 Sandy 的關係？

Apart from being my trusted wealth accumulation and protection partner, Sandy is also a valued family friend! We met often in different activities as we shared some common interests and friends. Thanks to her hard work, Swiss Privilege is now also my company’s designated MPF trustee. Sandy 除了是我信任的財富累積和保障的夥伴，更是我和家人的重要朋友。我們常在各種活動上碰頭，也有些共同的興趣和朋友。有賴她的努力，瑞士尊貴理財現也成為了我公司的指定強積金信託人。

What is your most memorable experience with Sandy during a Club Suisse event? 與Sandy參加了眾多瑞士尊貴理財的活動，您最難忘的是甚麼？

Needless to say, we really enjoy taking part in Swiss Privilege’s lifestyle events! I have participated in various Club Suisse events, including cooking workshop, Club Suisse dinner, photography workshop, etc.. Among all, my most memorable experience is the luxury trips organized by Swiss Privilege. Sandy recently came with us on Swiss Privilege’s luxury trip to the East Africa and the Southern France. Our whole journey was filled with care and love, plus unexpected surprises every day! Such evocative memories really made this a once-in-a-lifetime trip!

我們非常享受參與瑞士尊貴理財舉辦的時尚活動！我曾參加林林總總的活動，包括烹飪工作坊、Club Suisse 晚宴、攝影工作坊等，當中最難忘的莫過於與瑞士尊貴理財的豪華海外旅行。最近，Sandy 跟我們一起參加了瑞士尊貴理財的東非及南法豪華之旅，旅程之中滿載歡樂，每天都有驚喜！這些回憶令人回味，畢生難忘！

How is your Swiss Privilege financial consultant helping you to achieve your lifetime goals?您的瑞士尊貴理財顧問如何助您達成人生目標？

My family and I are very happy to have met Swiss Privilege’s Ms. Sandy Tai and had her team provide us with such excellent financial solutions these past three years. Her professionalism in financial planning has made our investment journey much easier. While Sandy has helped us moving towards our financial goals, we have more time to enjoy our lives.

我和家人都很高興有瑞士尊貴理財的 Sandy Tai 小姐及其團隊這三年來為我們提供了出色的財務方案。她的理財計劃專業，令我們的投資過程倍添順利。有了 Sandy 協助我們邁向投資目標，我們就有更多時間享受人生。

Mrs. Sally Lee Wong Yuet Kuen李黃月娟女士

Mrs. Sally Y.Y. Lee has been CEO of a leading firm that manufactures and exports internationally renowned brands of men’s and women’s sports, casual, outerwear and ski-wear for many years.李太太是一間頂尖服裝公司的行政總裁，其公司擁有多個男女運動服、便服、戶外服及滑雪服裝品牌，製造及出口至海外。

Providing professional wealth management service is not the only thing Swiss Privilege is good at. We also take pride in our exclusive lifestyle activities which help to enrich our clients’ lives. We are honoured to have three prestigious clients to share their experiences with us. 瑞士尊貴理財不但擅長專業卓越的財富管理服務，提供各種不同的生活體驗以令客戶活得更精彩，亦是我們引以為傲的事。今次我們很榮幸，能邀請到三位客戶，為我們分享他們對瑞士尊貴理財的感想。

Enriching your life 令生活更精彩

19

客戶專訪Exclusive Client Interview

Mr. Chris Chan陳錫輝先生

How is your Swiss Privilege financial consultant helping you to achieve your lifetime goals?您的瑞士尊貴理財顧問如何助您達成人生目標？

I am very happy to have met and entrust my financial management to Swiss Privilege consultant, Ms. Rachel Chung. The qualities I prize most highly in a financial consultant are sincerity, honesty, accurate risk evaluation and a real understanding of my investment aims. Rather than trying to sell me on funds that would earn her the highest commission and then cut me loose when times were bad, Rachel constantly keeps in touch.

Due to my business nature, I have to spend two or three weeks of each month flying overseas, leaves me little time to look after my investment portfolio properly. Fortunately, from the moment she started advising me, Rachel removed a lot of these burdens. She has done such a good job in helping me to move closer to my lifetime goal of a steady income without any potentially devastating losses, she now also looks after my company and my employees’ pension funds.

我很高興能夠遇上瑞士尊貴理財顧問 Rachel Chung 小姐，令我放心將我的財務管理交給她。我最重視理財顧問的真誠、誠實和準確評估風險的能力，並且真正理解我的投資目標。Rachel 經常與我保持密切的聯繫，不像一些只顧賺取高佣金的基金經紀在投資失利時卻無影無蹤。

由於我的業務需要，我每個月均須花兩至三週於海外公幹，未能抽空妥善管理我的投資組合。幸好自從 Rachel 成為我的理財顧問後，替我減輕了不少負擔。她助我邁向我的人生目標，在賺取穩定收入的同時，避免不少潛在的損失，目前我的公司及員工的退休金亦交託她管理。

What is your most memorable experience with Rachel during a Club Suisse event?與Rachel參加了眾多瑞士尊貴理財的活動，您最難忘的是甚麼？

Luncheons…fashion shows…movie screenings…golf days…Rachel and I have shared so many happy moments at various Club Suisse events! One of the most memorable came at the 2014 Swiss Privilege Golf Tournament when Rachel invited my business contacts to take part as well. My friends were over the moon that they kept on remarking how wonderful the day was and how meticulously Rachel was overseeing my wealth and lifestyle needs. The fact that my friends had such a great time ultimately made me feel tremendously proud!

財經午宴、時裝展、電影分享會、高爾夫球日，在多個 Club Suisse 活動中，我和 Rachel 都有很多快樂的時刻！其中特別令我難忘的是本年瑞士尊貴理財高爾夫球賽，Rachel 邀請了我和我的業務夥伴參加。我的朋友都十分雀躍，一直回味當日的精彩時刻，亦欣賞 Rachel 殷勤照顧我的財富和生活需要。我的朋友如此享受這活動，令我亦感到自豪！

How would you describe your relationship with Rachel?您怎樣形容與 Rachel 的關係？

Rachel is a very passionate person who understands my lifestyle and how hard I’ve worked to earn my wealth. Apart from updating me about global financial issues, she is also invaluable in helping me to fine-tune my risk levels. Her diligent gathering of detailed briefings on plans and funds she recommends makes it easier for me to make the right choices. No matter whether market sentiment is bullish or bearish, Rachel will back everything up with regular updates. When the economic outlook is not good, she also helps me lower my risk level and continue to earn more conservative returns.

Through different events and occasions, I have met some friends of Rachel and some eventually became my business partners. Best of all, she has become a good and trusted friend.

Rachel 做事熱誠，了解我的生活方式，亦明白我的財富得來不易。她除了向我更新環球財經資訊，並助我調整風險水平。她所推介的理財計劃和基金，她會積極詳盡地講解，使我輕鬆作出正確的選擇。無論市況是升是跌，Rachel 都會將所有資料備份及定期更新。當經濟環境轉差，她會盡力替我降低風險，讓我保持平穩的回報。

透過不同活動及場合，我認識了一些 Rachel 的朋友，有些更成為了我的業務夥伴。最可貴的是，她已成為我十分信任的好朋友。

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客戶專訪Exclusive Client Interview

Mr. Andy Fung馮國良先生

Mr. Andy Fung is one of the founders and directors of JH CPA Alliance Ltd., (“JH”). A Fellow Member of the Association of Chartered Certified Accountants, he also holds Fellowships with the Hong Kong Institute of Certified Public Accountants and The Taxation Institute of Hong Kong. Mr. Fung is a practicing certified public accountant and a certified tax adviser. He also serves as a Standing Committee Member of The Returned Overseas Chinese Association, Nanshan, Shenzhen, PRC, and a Committee Member of The Chinese People’s Political Consultative Conference, Nanshan, Shenzhen Committee. He is also non-executive director and independent non-executive director of two listed companies in HK.

馮國良先生是晉華會計師事務所有限公司的創辦人。他是特許公認會計師公會、香港會計師公會及香港稅務學會的資深會員。馮先生同時是深圳市南山區海外歸國華僑聯合會的常務委員、深圳市南山區政協委員，亦為兩家香港上市公司之非執董及獨立非執董。

How is your Swiss Privilege financial consultant helping you to achieve your lifetime goals? 您的瑞士尊貴理財顧問如何助您達成人生目標？

My main investment requirement has always been for sound financial strategies capable of giving me a peaceful and good quality of life after retirement. As my goals tend to be very long-term, I am usually very cautious.

I first heard about Swiss Privilege expertise back in 2006. I was hugely impressed by what the company promised me and so started a relationship with them that endures to this day. My financial consultant, Ms. Jathy Wong regularly updates me with the latest market information and always patiently discusses any possible changes in my situation and goals. She also reminds the importance of reviewing and restructuring my portfolio in order to be in line with evolving changing markets.

我的投資首重穩健的理財策略，讓我在退休後能安享優質的生活。由於這是一個頗長期的目標，我一向十分謹慎理財。2006年，我首次認識到瑞士尊貴理財的專業服務，他們的承諾令我印象非常深刻。時至今日，我們已有了長達9年的合作關係。

我的理財顧問 Jathy Wong 小姐不時向我提供最新的市場資訊，細心分析我的財務狀況與目標。她亦不時根據市場的變化，提醒我檢視和重整投資組合的重要性。

How would you describe your relationship with Jathy?您怎樣形容與 Jathy 的關係？

My relationship with Jathy has always been first-rate! She is very friendly, professional, patient and very knowledgeable about the investment industry. Most importantly of all, she is willing to understand, think and plan from my perspective.

Jathy regularly briefs me about rapidly-changing global financial markets, reviews the performance of my investment plans and gives me constructive feedback. I am very happy to have such a resourceful and knowledgeable person as my financial consultant and so give her my full trust and confidence.

我和 Jathy 一直保持緊密關係。她友善、專業、耐心，對投資市場瞭如指掌。最重要的是，她願意從我的角度理解、考慮和計劃。

Jathy 時常向我講解瞬息萬變的環球財經市況，檢視我的投資計劃，並且給我實用的意見。我很開心有這個能幹和專業的財務顧問，對她充滿信任和信心。

What is your most memorable experience with Jathy during a Club Suisse event?與 Jathy 參加了眾多瑞士尊貴理財的活動，您最難忘的是甚麼？

I especially love the Golf Day! Despite numerous offers by Jathy, I only managed to join the event for the first time this July. I also invited a few friends of mine to go with me and encountered many excellent contacts among the excellent golfers there. I will certainly do my best to attend future events!

我特別喜愛高爾夫球日！雖然 Jathy 多次邀請，直至今年七月我才能抽空參加活動。我還邀請了幾位朋友陪同，我們都在活動上認識到很多出色的高爾夫球愛好者。未來的活動我一定會盡量參與！

21

Terms & Conditions:

1. Club Suisse members must present their membership cards to enjoy this offer.2. The above offer is valid until 28 February 2015.3. The above offer cannot be used in conjunction with other promotional offers.4. In the event of any dispute, Marcus Spurway reserves the right to make the final decision.

條款及細則:

1. 客戶必須出示Club Suisse會員證方可享用以上優惠。2. 以上優惠由即日起至2015年2月28日。3. 以上優惠不可與其他優惠同時使用。4. 如有任何爭議，Marcus Spurway將保留最終決定權。

Creating your very own Fragrance…Special offer to Club Suisse Members: • Visit our shop and get a free perfume sample • Enjoy 25% discount on 1st purchase in the shop

創製您專屬的香水Club Suisse會員尊享優惠：• 親臨我們的專門店可獲贈免費香水樣品• 專門店內首次購物可享七五折優惠

Unique Olfartory Tasting Experience

The Tailor Made PerfumeThe Marcus Spurway House, founded in 1825, is the oldest Perfumery House in Cannes, and one of the most ancient one in France.

Creating fragrance has always been our passion… Therefore, today, we would like to share with you this passion and precious know-how of making a perfume, not any perfume, but your very own signature scent. For a time, like a real Perfumer, you can enjoy the process of creating a fragrance which is yours. Taste all the noble scents of the Perfumery House, coming directly from Grasse, the world capital of perfume.

Spend some time with our Fragrance Specialist who will assist and advise you all along this creative and rich process: from choosing among the noble scents of Marcus Spurway, to the blending and filling the precious scents into the glass bottle.

嗅覺的獨特體驗

度身定制的香水

Marcus Spurway 於1825年成立，是康城最古老及法國其中一個最古老的

香水廠。

我們創製香水源於一股熱情 .. . 因此，今天，我們不但想與你分享這份

熱情和製作香水的專業知識，更想為您創造屬於您的香水氣味。您可

化身為一位真正的香水調配大師，享受製作自己專屬香水的過程，我們

店內的所有高貴香味均直接來自世界香水之都─格拉斯。

從 Ma rcu s Spu r way 各式貴族氣味之選擇，以至香水之混合和灌裝到

玻璃瓶之技巧，我們的香水專家都會一直從旁協助，在您的香水創作

過程中提供專業的意見，從而體驗一個獨一無二的香水製作過程。

Marcus Spurway

Address: G/F, Honest Building, 9-11 Leighton Road, Causeway Bay, Hong Kong 地址：香港銅鑼灣禮頓道9-11號合誠大廈地下

Phone電話: (852) 2799 9345

22

Seasonal Offers 今期特別推介

Club Suisse members special offer:Club Suisse會員尊享優惠：

Rooms房間

Price價格

Others其他

Deluxe Room豪華房 RMB650 Inclusive 2 buffets, above rate is subject

15% service charge包含次日雙人早餐，

所有價格需加收15%服務費Deluxe Suite豪華套房 RMB1,500

Located in China’s Shaanxi Province, Angsana Xi’an Lintong sits at the foot of evergreen Lishan Mountain.

Visit the famed archaeological site of Emperor Qin’s Terracotta Warriors and Horses located just 15 minutes from the resort. Be awed by life-sized sculptures depicting the armies of the first Emperor of China. Featuring exquisite costumes, spirited dances and traditional music, the Tang Dynasty Show is an extravaganza not to be missed. Five minutes from the renowned Huaqing Palace, Angsana Xi’an Lintong is a 40-minute drive from Xi’an Xianyang International Airport.

坐落於中國陝西省的西安臨潼悅椿溫泉酒店，地處常年綠意盎然的驪山山腳下。

從酒店驅車前往舉世聞名的歷史文化遺址─秦始皇陵兵馬俑，也只需15分鐘即可抵達；令人肅然起敬的兵馬俑，

栩栩如生重現中國史上首位皇帝軍隊的磅礴氣勢。服飾精緻絢麗、舞藝婀娜多姿的唐代宮廷歌舞表演，亦是不容

錯過的餘興盛會。酒店距離華清池僅5分鐘路程，至西安咸陽國際機場40分鐘車程。

Terms & Conditions:

1. The above offer is valid 30 April 2015.2. The above offer is not applicable during the chinese public holiday.3. The above offer cannot be used in conjunction with any other promotion.4. The above offer could enjoy 15% discount in Angsana Spa for Body massage & Spa package.5. In the event of a dispute, Angsana Xi’an Lintong reserves the right to make the final decision.

條款及細則:

1. 以上優惠有效期至2015年4月30日。2. 以上價格優惠不適用於中國公眾假期。3. 以上優惠不可與其他折扣同時使用。4. 持卡可在悅椿Spa尊享身體按摩及Spa套餐八五折。5. 西安臨潼悅椿溫泉酒店享有最終解釋權。

Marcus Spurway

Address: G/F, Honest Building, 9-11 Leighton Road, Causeway Bay, Hong Kong 地址：香港銅鑼灣禮頓道9-11號合誠大廈地下

Phone電話: (852) 2799 9345Address: No.8 East Yue Chun Road, Lintong District, Xi’an, Shaanxi Province, PRC地址 : 中國陝西省西安市臨潼區悅椿東路8號

Tel 電話 : +86 29 8387 8888 Fax 傳真 : +86 29 8387 6666Email 郵箱 : reservations-xianlintong@angsana.com

23

Seasonal Offers 今期特別推介

Terms & Conditions:

1. Club Suisse members must present their membership cards in order to enjoy the above offer.2. The above offer is valid from 1 January to 31 December 2015.3. Check-in time is 2 pm and check-out time is 12 pm. Early check-in on request and availability. Late check-out is subject to 50% of the night rate up to 6pm. Subject to availability.4. No cancellation fee until 48 hours before arrival. After this time, one night rate will be charged.5. Blackout dates: 27 February - 6 March, 15 June - 20 June, 27 September - 7 October 2015.6. The above offer cannot be used in conjunction with other promotional offers.7. In the event of a dispute, Cambon Arty Boutique Hotel reserves the right to make the final decision.

條款及細則:

1. 客戶須出示Club Suisse會員證方可享用以上優惠。2. 以上優惠由2015年1月1日至12月31日止。3. 入住時間為下午2時而退房時間為中午12時，可因應要求及房間供應情況安排提早入住，如延遲至下午 6 時前退房將收取房租的50%額外費用。4. 如入住前48小時以外取消預訂不另收取費用，如入住前48小時之內取消預訂則收取一晚房間費用。5. 以上優惠不適用於2015年2月27日至3月6日，6月15日至20日，9月27日至10月7日。6. 以上優惠不可與其他優惠同時使用。7. 如有任何爭議，Cambon Arty Boutique Hotel保留最終決定權。

Special Rate會員尊享優惠*

Chambre double雙人客房

390€ 250€_- Complimentary buffet breakfast- Free wifi throughout the hotel- Complimentary bottle of water

- 免費早餐- 免費wifi服務- 免費瓶裝水

Junior suite standard標準套房

620€ 380€_

* Rates are net 10% VAT included but subject to city tax of 1.50€ per person. 優惠價格已包括10%增值稅，但不包括每人1.50歐羅之city tax。

Reservation, booking modification or cancellation:如欲預訂、更改或取消房間：Fax 傳真：33-1-42603059Email 電郵： info@hotelcambon.com

Between Louvre, Opera & St Honoré, Cambon Arty Boutique Hotel, nestled in the heart of Paris fashion and culture, enjoys a privileged location. At the entrance to the Place de la Concorde and the Tuileries Garden, just few steps from the Place Vendôme and the Louvre.

40 rooms and junior suites with nice collection art objects and old master paintings that give a unique magical atmosphere and the feeling of being in a private house.

巴黎市中心的 Cambon Arty Boutique Hotel 位於

羅 浮宮、歌 劇 院、聖 奧諾 雷之間，各式各 樣 的 時 裝

名 店及 文化 藝 術 館 也 匯 聚 於 此，毗 鄰協 和 廣 場及

杜樂麗花園(Tuileries Garden)，亦可步行到凡登

廣場(Place Vendôme)及羅浮宮。

酒店提供40間客房及套房，每間客房均有藝術擺設及

油畫作佈置，營造出獨特及富藝術感的家庭式風格。

24

Seasonal Offers 今期特別推介

SWISS PRIVILEGE

15/F Luk Kwok Centre72 Gloucester RoadWanchai, Hong KongTel: 2864 5600www.swissprivilege.com

A member of the AXA Group