2022-04-20-港交所-华夏政银国债_华夏政银国债－Ｕ_华夏政银国债－Ｒ_2021_年度报告_46页_1mb

报告摘要

Sub-fund of: ChinaAMC Global ETF Series
Issuing Party: China Asset Management (Hong Kong) Limited (Manager) & HSBC Institutional Trust Services (Asia) Limited (Trustee)
Stock codes: 82813 (RMB), 02813 (HKD), 09813 (USD) on Hong Kong Stock Exchange
Index Tracked: Bloomberg China Treasury + Policy Bank Index
Listing: RMB and HKD counters launched Jun 2018; USD counter launched Jun 2021
ETF Type: Passive, physically-managed tracking fund

Total Net Assets: RMB 15.97 million vs RMB 36.30 million
Unit Price: RMB 106.49 vs RMB 103.71
Revenue/Income Declined by 31% to RMB 1.54 million after taxes
Distribution per unit varied by currency: HKR 0.50 (approx RMB 0.42) for HKD & USD counts

Underperformed benchmark index closely in tracking experience.
RMB Counter (NAV-to-NAV): +4.42%
HKD Counter (NAV-to-NAV): +6.97%
Unfavorable market conditions in reporting period could explain slight divergence.

Major Assets: Debt securities in portfolio with average maturity extending to 2031
High concentration on China Development Bank bonds (approx. 19.5% weight)
Total assets: Primarily fixed-rate RMB treasury bonds represented 97.12% of net assets

Market Risk: Price, interest rate, and FX risks moderate but manageable.
Credit Risk: Moderate exposure concentrated in high-rated (S&P A+/Moody's A1) government policy banks.
Liquidity Risk: Moderate daily redemption demand handled by monitoring program.