为何选择中国?

对中国进行投资的机会正与日俱增。中国目前是世界第二大经济体(按 GDP 算),预计到 2030 年GDP 规模几乎将翻一番,达到 22 万亿美元。根据未来资产环球投资公司  (Mirae Asset Global Investments) 的资料,中国迅速增长的中产阶级以及在国内采取的金融自由化将使中国在未来几年的增速稳定在 6%-8% 的范围内,这几乎是美国、加拿大等发达经济体目标增速的 4倍 。了解关于为何中国充满机会的更多信息:

统计资料:

  • 中国平均每天会涌现 1 万余家新的创业公司,这是美国的 6 倍,英国的 18 倍(数据源:汇丰银行:翻过担忧之墙:2016 年市场主题)
  • 中国 2014 年的 GDP 达到 10.38 万亿美元。中国 GDP 总额占世界经济的16.71% (Trading Economics.com),预计到 2030 年将翻一番,达到 22 万亿美元。
  • 旅游业在过去 5 年中已经成为中国发展最迅速的消费领域,其增速是可支配收入增速的 2 倍,其中出境游与去年同期相比增幅高达 34% (数据源:汇丰银行:翻过担忧之墙:2016 年市场主题)
  • 中国有大量的电影发烧友—— 去年的电影票房收入增长 36%,达到 50 亿美元,增速是 GDP 的 5倍(数据源:汇丰银行)
  • 中国旨在于 2020 年之前将碳排放密度降低 40%(数据源:汇丰银行)
  • 中国的两个股票市场(上海证券交易所(SSE)和深圳证券交易所(SHZ))的总市值达 10.3 万亿美元,位居世界第二位,仅次于纽约证券交易所(NYSE)。
  • 今年,中国有 98 家公司进入《财富》杂志的“全球 500 强”名单,位居世界第二位,仅次于有 128 家公司上榜的美国。
  • 2012 年,中国超越美国成为世界上最大的肉类消费国,其中全世界生产的肉类有 1/4 以上是在中国消费的。
  • 中国是世界上最大的稻米生产国和进口国:中国预计在 2014 年生产 1.41 亿吨稻米。

中国的股息为何重要?

虽然外国投资者经常留意中国等新兴市场的增长机会,但投资者却经常忽略源自更高市场稳定性的股息机会,其中包括但不限于:
  • 更高的总收益 —— 在截至 2015 年 11 月 30 日的 10 年期间,股息占恒生指数总收益的 40%,同期,股息占沪深 300 指数总收益的 9%  以上。
  • 股息增长潜力 —— 随着中国股票市场走向成熟以及股票达到可持续的收入水平,预计在中国大陆和香港上市的证券可能会提高它们的股息收益率。

HORIZONS中国高股息收益率指数ETF

Horizons 中国高股息收益率指数ETF(“HCN”)是加拿大唯一寻求尽可能复制恒生高股息收益率指数(“标的指数”)表现的ETF,该基础指数包括拥有最高净股息收益率和持续股息支付记录的香港 50 只最大的股票和不动产投资信托 (REIT)。

HCN的特征

  • 多样化。从恒生综合指数和恒生REIT指数中不同部门和股票等级中的中高市值股票中筛选出 50 只成分股组成投资组合。
  • 有吸引力的收益率。截至 2015 年 1 1月 30 日提供 6% 以上的收益率。
  • 经验证的指数表现。在截至 2015 年 11 月 30 日的 5 年期间,恒生高股息收益率指数的收益率达到 4.45%,而更广泛恒生指数(总收益)的收益率为 4.06%。
  • 风险低于整体中国股票市场。由于 HCN 仅关注能支付更高股息的股票,因此,它的波动率预计会低于更广泛的中国股票市场。这意味着 HCN 可以成为一个让投资者挖掘中国市场长期增长潜力的低风险投资管道。

恒生股息收益率指数:更高的收益率、较低的波动

恒生高股息收益率指数是通过筛选整体恒生指数中所有在香港上市的中高市值股票而得到的,创建该指数时考虑了流动性、股息支付的稳定性以及排除1年波动性中最高的 25% 等三个筛选因素。  
  • 多样化。对香港和中国大陆的股票有广泛的敞口,使风险更分散化。
  • 有吸引力的估值。中国大陆和香港的市场估值在过去 10 年中一直很低,稳定的公司收入导致市场价格的上涨趋势,并且公司预期收入增加将支持价值的潜在上升。
  • 股息收益率更高。与标准的恒生指数相比,预计将有5%-6%的收益率。
  • 波动更低。2008 年 1 月 1 日至 2014 年 12 月 31 日期间,恒生高股息收益率指数的波动率是 20.23%,比恒生指数 (HIS) 低 0.2%。

通过香港投资中国

当谈到投资于中国之类的新兴市场时,投资者期望优化风险收益比率。

通过在香港上市的公司而对中国进行投资,投资者可以进入香港的不同于中国内地的独立市场和法律结构,同时又能从中国的经济增长中获益,获得如下优势:
  • 现代市场立法。香港的新《公司条例》从 2014 年 3 月开始生效,该立法力求使香港的商务和会计惯例变得现代化,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独立监管结构。
  • 法律架构。香港制订了一条稳定、成熟且易于理解的法律制度,它基于与英国普通法类似的概念,受到完全独立的司法机关的支持,所有法律程序均用英语进行。

ETF 概况

名称:
Horizons中国高股息收益率指数ETF

发行日期:
2016年1月14日

代码:
HCN

彭博资讯代码:
HSHDYI

管理费:1
0.70%

标的指数:
恒生高股息收益率指数索引

股息支付:
每季

适用于:
所有退休保障,免税,与普通的投资账户

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.