選擇中國?

對中國進行投資的機會正與日俱增。中國目前是世界第二大經濟體(按 GDP 算),預計到 2030 年GDP 規模幾乎將翻一番,達到 22 萬億美元。根據未來資產環球投資公司 (Mirae Asset Global Investments) 的資料,中國迅速增長的中產階級以及在國內採取的金融自由化將使中國在未來幾年的增速穩定在 6%-8% 的範圍內,這幾乎是美國、加拿大等發達經濟體目標增速的 4 倍。瞭解關於為何中國充滿機會的更多資訊:

統計資料:

  • 中國平均每天會涌現 1 萬余家新的創業公司,這是美國的 6 倍,英國的 18 倍(資料來源:滙豐銀行:翻過擔憂之牆:2016 年市場主題)
  • 中國 201 4年的 GDP 達到 10.38萬億美元。中國 GDP 總額占世界經濟的 16.71% (Trading Economics.com),預計到 2030 年將翻一番,達到 22 萬億美元。
  • 旅遊業在過去 5 年中已經成為中國發展最迅速的消費領域,其增速是可支配收入增速的 2倍,其中出境遊與去年同期相比增幅高達  34%(資料來源:滙豐銀行:翻過擔憂之牆:2016 年市場主題)
  • 中國有大量電影發燒友 —— 去年的電影票房收入增長 36%,達到 50 億美元,增速是 GDP 的 5 倍(資料來源:滙豐銀行)
  • 中國旨在于 2020 年之前將碳排放密度降低 40%(資料來源:滙豐銀行)
  • 中國的兩個股票市場(上海證券交易所(SSE)和深圳證券交易所(SHZ))的總市值達 10.3 萬億美元,位居世界第二位,僅次於紐約證券交易所(NYSE)。
  • 今年,中國有 98 家公司進入《財富》雜誌的「全球 500 強」名單,位居世界第二位,僅次於有 128 家公司上榜的美國。
  • 2012 年,中國超越美國成為世界上最大的肉類消費國,其中全世界生產的肉類有 1/4 以上是在中國消費的。
  • 中國是世界上最大的稻米生產國和進口國:中國預計在 2014 年生產 1.41 億噸稻米。

中國的股息為重要?

雖然外國投資者經常留意中國等新興市場的增長機會,但投資者卻經常忽略源自更高市場穩定性的股息機會,其中包括但不限於:
  • 更高的總收益 —— 截至 2015 年 11 月 30 日的 10 年期間,股息占恒生指數總收益的大約 40%,同期,股息占滬深 300 指數總收益的  9%  以上。
  • 股息增長潛力 —— 隨著中國股票市場走向成熟以及股票達到可持續的收入水準,預計在中國大陸和香港上市的證券可能會提高它們的股息收益率。

HORIZONS 中國高股息收益率指數ETF

Horizons 中國高股息收益率指數ETF(「HCN」)是加拿大唯一尋求盡可能複製恒生高股息收益率指數(「標的指數」)表現的ETF,該標的指數包括擁有最高淨股息收益率和持續股息支付記錄的香港50只最大的股票和不動產投資信託 (REIT)。

HCN的特徵

  • 多樣化。從恒生綜合指數和恒生 REIT 指數中不同部門和股票等級中的中高市值股票中篩選出50只成分股組成投資組合。
  • 有吸引力的收益率。截至 2015 年 11 月 30 日提供 6% 以上的收益率。
  • 經驗證的指數表現在截至 2015 年 11 月 30 日的 5 年期間,恒生高股息收益率指數的收益率達到 4.45%,而整體的恒生指數(總收益)的收益率為 4.06%。
  • 風險低於整體中國股票市場。由於 HCN 僅關注能支付更高股息的股票,因此,它的波動率預計會低於整體中國股票市場。這意味著 HCN 可以成為一個讓投資者挖掘中國市場長期增長潛力的低風險投資管道。

恒生股息收益率指數:更高的收益率、較低的波動

恒生高股息收益率指數是透過篩選整體恒生指數中所有在香港上市的中高市值股票而得到的,創建該指數時考慮了流動性、股息支付的穩定性以及排除 1 年波動性中最高的 25% 等三個篩選因素。  
  • 多樣化。對香港和中國大陸的股票有廣泛的風險敞口,使風險更分散化。
  • 有吸引力的估值。中國大陸和香港的市場估值在過去 10 年中一直很低,穩定的公司收入導致市場價格的上漲趨勢,並且公司預期收入增加將支持價值的潛在上升。
  • 股息收益率更高。與標準的恒生指數相比,預計將有 5%-6% 的收益率。
  • 波動更低。2008 年 1 月 1 日至 2014 年 12 月 31 日期間,恒生高股息收益率指數的波動率是 20.23%,比恒生指數 (HIS)低 0.2%。

過香港投資中國

當談到投資於中國之類新興市場時,投資者期望優化其敞口的風險收益比率。

透過在香港上市的公司而對中國進行投資,投資者可以進入香港的不同於中國內地的獨立市場和法律結構,同時又能從中國的經濟增長中獲益,獲得如下優勢:
  • 現代市場。香港的新《公司條例》從 2014 年 3 月開始生效,該立法力求使香港商務和會計慣例變得現代化,以提高制度的透明度。
  • 更加安全。在香港上市的公司要遵守香港的獨立監管結構。
  • 法律架構。 香港製訂了一條穩定、成熟且易于理解的法律制度,它基於與英國普通法類似的概念,受到完全獨立的司法機關的支援,所有法律程序均用英語進行。

ETF 概況


名稱:
Horizons中國高股息收益率指數ETF

發行日期:
2016年1月14日

代碼:
HCN

彭博資訊代碼:
HSHDYI

管理費:1
0.70%

標的指數:
恒生高股息收益率指數索引

股息支付:
每季

適用於:
所有退休保障,免稅,與普通的投資賬戶

是否符合PACC/SWP/DRIPP:


1另加销售税

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Commissions, management fees and expenses all may be associated with an investment in exchange traded products managed by Horizons ETFs Management (Canada) Inc. (the "Horizons Exchange Traded Products"). The Horizons Exchange Traded Products are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the Horizons Exchange Traded Products. Please read the relevant prospectus before investing.

The Horizons Exchange Traded Products include our BetaPro products (the “BetaPro Products”). The BetaPro Products are alternative mutual funds within the meaning of National Instrument 81-102 Investment Funds, and are permitted to use strategies generally prohibited by conventional mutual funds: the ability to invest more than 10% of their net asset value in securities of a single issuer, to employ leverage, and engage in short selling to a greater extent than is permitted in conventional mutual funds. While these strategies will only be used in accordance with the investment objectives and strategies of the BetaPro Products, during certain market conditions they may accelerate the risk that an investment in sahres of a BetaPro Product decreases in value. The BetaPro Products consist of our 2x Daily Bull and 2x Daily Bear ETFs (“2x Daily ETFs”), Inverse ETFs (“Inverse ETFs”) and our BetaPro S&P 500 VIX Short-Term Futures™ ETF (the “VIX ETF”). Included in the 2x Daily ETFs and the Inverse ETFs are the BetaPro Marijuana Companies 2x Daily Bull ETF (“HMJU”) and BetaPro Marijuana Companies Inverse ETF (“HMJI”), which track the North American MOC Marijuana Index (NTR) and North American MOC Marijuana Index (TR), respectively. The 2x Daily ETFs and certain other BetaPro Products use leveraged investment techniques that can magnify gains and losses and may result in greater volatility of returns. These BetaPro Products are subject to leverage risk and may be subject to aggressive investment risk and price volatility risk, among other risks, which are described in their respective prospectuses. Each 2x Daily ETF seeks a return, before fees and expenses, that is either 200% or –200% of the performance of a specified underlying index, commodity futures index or benchmark (the “Target”) for a single day. Each Inverse ETF seeks a return that is –100% of the performance of its Target. Due to the compounding of daily returns a 2x Daily ETF’s or Inverse ETF’s returns over periods other than one day will likely differ in amount and, particularly in the case of the 2x Daily ETFs, possibly direction from the performance of their respective Target(s) for the same period. Hedging costs charged to BetaPro Products reduce the value of the forward price payable to that ETF. Due to the high cost of borrowing the securities of marijuana companies in particular, the hedging costs charged to HMJI are expected to be material and are expected to materially reduce the returns of HMJI to unitholders and materially impair the ability of HMJI to meet its investment objectives. Currently, the manager expects the hedging costs to be charged to HMJI and borne by unitholders will be between 15.00% and 35.00% per annum of the aggregate notional exposure of HMJI’s forward documents. The hedging costs may increase above this range. The manager will publish, on its website, the updated monthly fixed hedging cost for HMJI for the upcoming month as negotiated with the counterparty to the forward documents, based on the then current market conditions. The VIX ETF, which is a 1x ETF, as described in the prospectus, is a speculative investment tool that is not a conventional investment. The VIX ETF’s Target is highly volatile. As a result, the VIX ETF is not intended as a stand-alone long-term investment. Historically, the VIX ETF’s Target has tended to revert to a historical mean. As a result, the performance of the VIX ETF’s Target is expected to be negative over the longer term and neither the VIX ETF nor its target is expected to have positive long-term performance. Investors should monitor their holdings in BetaPro Products and their performance at least as frequently as daily to ensure such investment(s) remain consistent with their investment strategies.

*The indicated rates of return are the historical annual compounded total returns including changes in per unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. The rates of return shown in the table are not intended to reflect future values of the ETF or returns on investment in the ETF. Only the returns for periods of one year or greater are annualized returns.