2023-04-26-港交所-嘉实明晟Ａ股_嘉实明晟Ａ股－Ｒ_嘉实基金_香港_ETF经审核年度报告2022（只备英文版本）_124页_1mb

报告摘要

The year was challenging, marked by strict COVID-19 measures in China and aggressive US monetary policy tightening, leading to significant market downturns. The MSCI China A Index declined by 25.9% in USD due to factors like full reopening and economic policy shifts.
Despite these headwinds, there is optimism for recovery in 2023 due to China's policy pivots and global stimulus.

The fund aims to replicate the performance of the MSCI China A Index, investing in index-eligible A-shares through QFIIs/RQFII or Stock Connect mechanisms.
A recent policy change allows up to 10% of assets in money market funds, enhancing liquidity management.
Adoption of a V-shaped market view positions the fund for future gains as China's economy normalizes.

Net asset value per unit started at RMB 17.94 on 31 December 2021 and ended at RMB 14.13 on 31 December 2022, reflecting a net asset decrease.
Net assets fell from RMB 57.4 million in 2021 to RMB 33.9 million in 2022, impacted by market volatility and redemption activity.
Growth and expenses
- Total comprehensive income (loss) was negative, rising from net losses to smaller losses.
- Key expenses include management (0.49% of NAV) and trustee fees, with brokerage commissions contributing to costs.
- Dividends were distributed partially.

The fund focuses on market, interest rate, currency, credit, and liquidity risks.
Equity and portfolio concentrations are reviewed, with a notable concentration in sectors like consumer staples and healthcare.
The portfolio aims to keep volatility low, with risks managed through diversification and disciplined investing.

Managing authorities ensured proper management, recording operations, and compliance, as mandated.
Regular auditing and annual reporting are conducted to maintain transparency.

End of Summary.

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