信安尊信會通訊 principal club updatepisys.principal.com.hk/e-marketing/16559/principal...

信安尊信會通訊PRINCIPAL CLUB UPDATE

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LY2016年11月

第41期Nov 2016Issue 41

基金經理市場分析Fund Managers' Market Commentary

信安香港20周年誌慶Principal Celebrates 20th Anniversary in Hong Kong

歡迎參加信安強積金成員講座！Welcome to Join Principal MPF Seminars!

強積金/職業退休計劃熱線 | MPF/ORSO Scheme Hotline(852) 2827 1233www.principal.com.hk

信安尊信會通訊 Principal Club Update 信安尊信會通訊 Principal Club Update02 03

1996年6月信安成功申請經營牌照Successful application of operations license in June 1996

信安香港20周年誌慶Principal Celebrates

20th Anniversary in Hong Kong

信安於1996年開展香港的業務，結合環球投資管理、退休金領導地位及資產分配專業的能力服務客戶。我們榮幸為客戶提供服務已經20載。

展望未來，信安會繼續追求卓越及創新，為客戶提供無與倫比的體驗。我們與客戶成員、業務夥伴和香港市民大眾同行，跨越不同世代，攜手走向更成功美好的明天。

美國信安金融集團亞洲區主席歐陽伯權早期粉墨登場，參與信安香港廣告拍攝Rex Auyeung, Chairman of Asia, Principal Financial Group filmed in Principal Hong Kong’s TV commercial in the early years

攝於20年前的信安香港辦公室Photograph taken in the office of Principal Hong Kong 20 years ago

攝於強制性公積金計劃管理局辦事處Photograph taken in the office of Mandatory Provident Fund Schemes Authority

信安每年均參與和舉辦多項展覽、會議及研討會活動Principal participates and organizes various exhibitions, conference and seminar events every year

信安香港5周年和10周年誌慶活動Celebration events for 5th & 10th anniversary of Principal Hong Kong

2015年9月舉辦歡迎酒會－收購AXA安盛退休金業務Meet & Greet Cocktail – acquisition of AXA’s pension business in September 2015

中港互認基金招募說明書Prospectuses of the Mutual Recognition funds

信安榮獲「2016年度最佳強積金計劃」以及其他業界獎項Principal awarded “2016 MPF Scheme of the Year” and other industry accolades

1996年12月舉辦信安香港開幕典禮Grand Opening Ceremony of Principal Hong Kong in December 1996

Principal started doing business in Hong Kong back in 1996. Combining our capabilities in Global Investment Management, Retirement Leadership and Asset Allocation Expertise, we have proudly served our clients for 20 years in Hong Kong!

Looking into the future, we will continue to pursuit excellence and innovation, and provide unparalleled customer experience. We will continue to walk along with our client members, business partners and citizens in Hong Kong for a better and bright future, for many years to come!

封面故事 Cover Story 封面故事 Cover Story

里程碑 Milestones

• 在香港成立運作 Set up of the Hong Kong Operation

• 開始提供職業退休計劃 Started offering ORSO schemes

• 開始提供強積金計劃 Started offering MPF schemes

• 開始提供互惠基金產品 Started offering mutual funds

• 於2002年推出信安豐盛投資系列（從

道亨基金管理有限公司購入） Principal Prosperity Series

launched in 2002 (acquired from Dao Heng Fund Management)

• 於2003年推出信安豐裕人生基金 Principal Life Style Fund launched

in 2003

• 於2006年推出信安環球精選

基金系列 Principal Global Selection Fund

Series launched in 2006

• 收購道亨基金管理有限公司包括互惠基金

產品、強積金計劃和職業退休計劃業務 Acquired Dao Heng Fund

Management including mutual funds and MPF/ORSO businesses

• 收購AXA安盛的強積金計劃和職業退

休計劃業務 Acquired AXA's MPF/ORSO

businesses

• 推出中港互認基金 Launch of the Mutual Recognition

funds

1996 20042000 20152003 2016


市場分析 Market Commentary

基金經理觀點：Fund Managers’ Views:

美國United States

英國United Kingdom

「我們的論點一直是美國經濟即將踏入商業週期的第二階段，亦即經濟擴張。經過七年的漫長、緩慢、脆弱、顛簸而最終平淡復甦的經濟後，商業週期的序幕或第一階段終告結束。經濟擴張受惠於一個良性循環：工資上漲、職位增長強勁及家庭開支穩健，從而帶動企業利潤和資本開支。這是支持經濟持續擴張的良性循環。」

“For some months, our thesis has been that the U.S. economy was about to start the second phase of a business cycle, an economic expansion. After seven years of a long, slow, fragile, tortuous, and ultimately mediocre recovery, that beginning or the first phase of the cycle is ending. An expansion is characterized by a virtuous circle of rising wage growth, robust job gains, and good household spending, which generates corporate profits and brings capital spending. That is the virtuous circle that sustains an expansion.”

「（如果英國採取硬脫歐）未來英國將會有一段漫長的不確定期，這對英國的製造業前景帶來危機，其中汽車工業將會尤其受創⋯⋯英國服務業也面臨著極其艱難的挑戰：基於自由貿易協議，一些關鍵行業（例如服務業）將減少進入歐洲單一市場，這些關鍵行業共佔英國經濟體接近80%。」

“(In the scenario of “hard Brexit”) There would be a prolonged period of uncertainty, a dangerous prospect for UK manufacturing. The car industry, in particular, would suffer.…..UK services also face an extremely tough ride – an approach based on a Free Trade Agreement would mean UK companies had reduced access to the Europe’s single market in key sectors such as services, which account for almost 80% of the UK economy.”

信安環球投資首席環球經濟師 Bob Baur

Bob Baur, Chief Global Economist,

Principal Global Investors

信安環球投資全球投資策略師 Seema Shah

Seema Shah, Global Investment Strategist,


封面故事 Cover Story

「信安具備退休金服務DNA！我們一直致力於退休金業務，於美國、巴西、智利、墨西哥及馬來西亞等地業務發展尤為蓬勃。隨著信安香港管理資產不斷增長以及領導地位提升，我們定能為客戶創造更佳價值，提供卓越服務。」

"Principal has the pension DNA! We are dedicated to the pension business as we have been doing a lot in the US, Brazil, Chile, Mexico and Malaysia. With the ever increasing asset management size and the heightening leadership position of Principal in Hong Kong, we intend to create more value and provide superior services for our customers."

歐陽伯權 Rex Auyeung美國信安金融集團亞洲區主席Chairman of Asia, Principal Financial Group

+ 資料來源：Gadbury Group Limited。數據截至2016年6月30日。1 根據信安於2015年9月1日完成收購AXA安盛的強積金業務及職業退休計劃業務後的數據。資產總值包括強積金業務及職業退休計劃業務。

2 2016年度強積金獎項乃根據截至2015年12月31日之基金表現、收費和行政管理作評估。詳細之獎項來源及評核方法，請參考網頁 http://www.mpfratings.com.hk/chinese/ratingsandawards/ratings。

+ Source: Gadbury Group Limited. As at 30 June 2016.

1 As of 30 June 2016, after the completion of Principal’s acquisition of AXA’s pension business on 1 September 2015. The AUM includes both MPF and ORSO businesses.

2 The 2016 MPF Awards is based on performance, fees and administration assessments as of 31 December 2015. For details of the source and assessment criteria, please refer to http://www.mpfratings.com.hk/english/ratingsandawards/ratings

香港五大強積金供應商+

Top 5+ MPF Provider in Hong Kong

涵蓋587,000名僱員/成員1

Covering 587,000 Employees/Members1

管理資產503億港元1

AUM HK$ 50.3 billion1

服務香港20年 20 Years of Service

涵蓋29,000名僱主1

Covering 29,000 Employers1積金評級2016年度強積金大獎

2016年度最佳強積金計劃2

The MPF Awards 20162016 MPF Scheme of the Year2

信安香港Principal Hong Kong


市場分析 Market Commentary

中國China

香港股市Hong Kong Equity Market

歐元區Eurozone

「中國生產者物價指數的長期滑坡可能很快就要結束 ⋯⋯物價上升將有助減少債務規模、減輕企業負擔，這對於工業的意義尤其重大。雖然從長遠來看，中國經濟仍然存在相當程度的不平衡，但工業價格的復甦確實為近期通縮情況帶來緩解。」

“The long slide of producer prices may soon be ending…….Higher prices will help moderate the size of debt burdens too, which is particularly meaningful for the industrial sector, where a lot analysts believe the most recent rapid rise in debt accumulation is centered.”

「中國經濟已經穩定下來並重拾增長動力。隨著政府採取更多寬鬆政策，並在三月和四月為市場提供更多流動性，我們相信市場已經見底。展望未來，內地南下資金將為港股在2017年帶來上升動力。」

“China’s economy has stabilized and regained growth momentum. As the government has taken more accommodative measures and provided more liquidity since March and April, we believe we have seen the market trough. Looking forward, southbound capital flows are expected to provide boost to the Hong Kong equity market in 2017.”

「穩健的家庭開支是帶動歐元區經濟增長關鍵所在。由於汽油和利息開支下降，消費者把從中節省的部份款項用作消費，這些基本因素並未受到英國公投脫歐所影響。此外，借貸標準放寬令信貸供應增加；隨著今年利率下調，企業和家庭的貸款需求均告增加，儘管步伐緩慢。自英國脫歐公投後，歐元區商業調查保持平穩，而最新的9月製造業數據更錄得可觀升幅。我們預期歐元區經濟增長約為1.5%，並具有上行潛力。」

“The key across the Eurozone is that growth has been driven by solid household spending. Consumers seem to be eager to spend some of their savings on gasoline and interest expense. The UK referendum has not changed those fundamentals. Lending standards have eased and credit is more available; loan demand is rising from both businesses and households, albeit slowly, as interest rates have fallen. Eurozone business surveys have held steady since the UK vote, but the latest manufacturing reading is up nicely in September…... We expect Eurozone growth to be around 1.5% with some upside potential.”

信安環球投資資深經濟師 Robin Anderson

Robin Anderson, Senior Economist,


信安環球投資大中華區股票投資主管王曦

Alan Wang, Head of Greater China Equities,


信安環球投資首席環球經濟師 Bob Baur

Bob Baur, Chief Global Economist,


專題探討 Feature Topic

In order to better serve our members, Principal will continue to contribute to raising the level of financial literacy and promoting investor education. You may now download the two publications online via Principal’s corporate website: www.principal.com.hk. If you are interested to collect a printed copy of the “Principal Retirement Guide” or learn more about relevant information, please feel free to contact the Member Relations Consultant at 2817-1233 or via email: [email protected].

Principal places investor education as one of the key priorities in the company’s bus iness strategies . Recent ly , we have publ ished a “Principal Retirement Guide” to e d u c a t e e m p l o y e e s a b o u t k e y investment pr inciples in s imple languages, enabling the general public to acquire basic investment knowledge relating to retirement planning, and ultimately empowering employees from all walks of life to be more confident and active in managing their MPF and other retirement savings accounts.

Apart from that, our mother company Pr inc ipal F inancial Group® has commissioned CREATE-Research earlier to release an independent s t u d y , “ F i n a n c i a l L i t e r a c y : Smoothing the path to improved retirement savings”. The paper has a comprehensive coverage, including the increased global life expectancy, t h e r a p i d a d o p t i o n o f d e f i n e d contribution pension plans (such as MPF schemes in Hong Kong), the importance for more basic investment education, etc.

信安支持提升本港僱員金融通識水平Principal Supports Raising the Level of Financial Literacy of Hong Kong Employees

信安一直視投資者教育為重要的企業策略之一。我們最近發行了全新「信安退休規劃指南」，以簡單直接的文字概述主要的投資原理，幫助普羅大眾了解退休計劃的基本投資知識，令各行各業的僱員更具自信積極管理他們的強積金計劃及其他退休儲蓄帳戶。

此外，母公司美國信安金融集團早前亦委託CREATE-Research撰寫獨立研究報告「金融通識：為更好的退休儲蓄鋪路」，探討多項議題，包括全球預期壽命提高、界定供款模式的退休計劃 (例如本港推行的強積金計劃) 快速普及、加強基本投資知識教育的重要性等，內容豐富。

信安將繼續致力提升金融通識水平和推廣投資者教育，服務各位成員。閣下現可於信安企業網站www.principal.com.hk下載兩份刊物的網上版本。如有興趣索取「信安退休規劃指南」印刷版本或了解更多有關方面資訊，請致電2827-1233或電郵至：[email protected]，與我們的成員事務顧問聯絡。

信安退休規劃指南Principal Retirement Guide

金融通識：為更好的儲蓄退休鋪路Financial Literacy: Smoothing the path to improved retirement savings


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積金快訊 MPF Express

* 曾作出投資選擇的現有計割成員亦會獲通知有關預設投資策略的實施（管限規則的更改）* Existing Non-Default Scheme Members will be notified of the DIS implementation (amendments to Governing Rules)

實施時間Implementation Schedule

條例實施：2016年12月底Bill Commencement: By End December 2016

條例實施起計的6個月Within a period of 6 months from commencement

投資操作時間(14日)Investment transfer time (14 days)

受託人向現時沒有作出投資選擇的計劃成員發出通知Trustee to issue opt-out notification to default scheme members

受託人如沒有收到指示，將把現有計劃成員的累算懽益按預設投資策略投資Trustee to invest the existing scheme member's accrued benefits according to DIS if no opt out indication has been received.

計劃成員選擇不參與預設投資策略(42日) Existing Scheme Member to opt out from DIS (42 days)

積金快訊 MPF Express

甚麼是預設投資策略？What is Default Investment Strategy?

資料來源：強制性公積金計劃管理局網頁 (www.mpfa.org.hk)Source: Mandatory Provident Fund Schemes Authority website (www.mpfa.org.hk)

「預設投資策略」是一套根據強積金計劃條例規定預先制定的投資安排，乃一高度劃一、有收費管控、且符合退休儲蓄長遠目標的強積金投資策略，主要為沒興趣或不打算作出基金選擇的計劃成員而設計，而對於認為適合自身情況的成員亦可作為一項投資選擇。

「預設投資策略」並非一項基金，而是一項運用兩項成分基金—核心累積基金與65歲後基金 (統稱「預設投資策略基金」) 的策略；而該策略乃按照法例規定的預定配置百分比投資於預設投資策略基金，並隨著成員步向退休年齡而自動降低成員的風險。法例規定每個強積金計劃均須提供「預設投資策略」，所有強積金計劃下的「預設投資策略」設計都大致相同。

由於「預設投資策略」是強積金制度的重大改革，計劃成員應藉此機會了解其帳戶情況，並確保其帳戶資料（如郵寄地址、聯絡電話、電郵地址等）正確無誤，方便受託人與其聯絡提供重要資訊。「預設投資策略」預料將於2017年實施（參考下圖：實施時間），積金局將陸續推出更多資訊和小冊子，讓強積金計劃成員更了解當中的細節。

Default Investment Strategy (“DIS”) is a ready-made investment arrangement as stipulated in accordance with the Mandatory Provident Fund Schemes Ordinance. The DIS is a highly standardized and fee-controlled MPF investment strategy designed to be consistent with the objective of building up long-term retirement savings. It is mainly designed for those members who are not interested or do not wish to make a fund selection, and is also available as an investment choice itself for members who find it suitable for their own circumstances.

The DIS is not a fund - it is a strategy that uses two constituent funds, namely the Core Accumulation Fund and the Age 65 Plus Fund (collectively the “DIS Funds”) to automatically reduce members’ risk exposure as members approach their retirement age through investing in the DIS Funds according to the pre-set allocation percentages specified by law. The DIS is required by law to be offered in every MPF scheme and is designed to be substantially similar in all MPF schemes.

Since the DIS is a major reform of the MPF system, members should take this opportunity to review their accounts and ensure that their account information (such as mailing address, contact telephone number, email address, etc.) is correct, so that the trustee may contact them to provide various important information. The DIS is anticipated to be effective in 2017 (refer to image below: Implementation Schedule). MPFA will continue to release more information and pamphlets in the upcoming to keep MPF members updated about the details.


積金焦點 MPF Focus

信安下調強積金計劃收費Principal Reduces Management Fees for MPF Schemes由2016年10月1日起，信安下調強積金計劃800系列內六隻基金的收費，減幅介乎9%至27%。強積金計劃800系列的主要推銷刊物將被修訂以反映收費下調。是次收費下調分別涵蓋強積金計劃800系列中股票、債券和貨幣市場的成分基金之管理費用，相信可令成員受惠，並繼續印證信安在協助客戶準備更佳退休計劃方面的努力。如有任何疑問，歡迎致電信安強積金計劃熱線 2827 1233 查詢。

Starting from 1st October 2016, Principal reduces the management fees by 9% to 27% on six funds in Principal MPF Scheme Series 800. The principal brochure of MPF Scheme Series 800 will be amended to reflect such fee reduction. The fee reduction is broadly implemented across equity, bond and money market categories in MPF Scheme Series 800. Principal

believes the fee reduction will benefit our clients, and continue to reflect our efforts to help customers better prepare for retirement. If you have any questions, feel free to dial the Principal MPF Scheme Hotline: 2827 1233.

為了讓成員更了解強積金和最新積金動向，信安將於2017年舉辦一系列強積金講座，誠邀閣下抽空出席。

內容：• 強積金條例要點• 信安強積金計劃概覽和基金摘要• 揀選強積金基金策略• 市場及基金表現回顧• 信安客戶服務• 強積金最新資訊• 推廣優惠• 現場強積金諮詢服務

Contents: • Main Features of MPF Regulations• O v e r v i e w o f P r i n c i p a l M P F

Schemes and MPF Fund Details• MPF Fund Selection Strategy • Market and Fund Performance

Review• Principal Member Services• Updates on MPF news• Promotional Offers• On-site MPF Consultation Services

適合參與人士：所有參與信安強積金計劃的僱員、自僱人仕及個人帳戶成員。Target Participants: All employees, self-employed persons and personal account members enrolled under Principal MPF Schemes.

To enable employees to gain a better understanding on MPF and its latest development, Principal will launch a series of MPF seminars in 2017, and you are cordially invited to attend the seminar.

活動預告 Upcoming Events

名額有限，額滿即止。講座將以粵語進行。有關英語講座或其他查詢，歡迎致電信安強積金計劃熱線 2827 1233 查詢。Seats are limited and registration will be on a first-come-first-served basis. The seminars will be conducted in Cantonese. For English Session or other enquiries, please dial our Principal MPF Schemes hotline at 2827-1233.

會場地點 Venue：信安培訓中心 Principal Training Centre

香港皇后大道東183號合和中心26樓26/F, Hopewell Centre, 183 Queen's Road East, Hong Kong

登記方法 Registration：登入信安企業網站 (www.principal.com.hk) 網上登記；或Login via Principal corporate website (www.principal.com.hk) for online registration; or

登入信安手機應用程式成員帳戶登記；或Login to your member account via Principal Mobile App; or

致電信安客戶服務熱線2827 1233登記Dial our customer service hotline at 2827 1233

日期時間

2017年1月26日 (星期四) 26 January 2017 (Thursday) 晚上7:00 至晚上8:00 7:00 p.m. – 8:00 p.m.

2017年4月27日 (星期四) 27 April 2017 (Thursday) 晚上7:00 至晚上8:00 7:00 p.m. – 8:00 p.m.

2017年7月27日 (星期四) 27 July 2017 (Thursday) 晚上7:00 至晚上8:00 7:00 p.m. – 8:00 p.m.

2017年10月26日 (星期四) 26 October 2017 (Thursday) 晚上7:00 至晚上8:00 7:00 p.m. – 8:00 p.m.


灣仔站A3信安培訓中心

Principal Training Centre

軒尼詩道 Hennessy Road

修頓遊樂場Southern Playground

合和中心Hopewell

Centre胡忠大夏

Wu Chung House

莊士敦道 Johnston Road

皇后大道東 Queen’s Road East

堅尼地道

菲林

明道

Fle

min

g Ro

ad

灣仔

道 W

an C

hai R

oad

Kennedy Road

歡迎參加信安強積金成員講座！Welcome to Join

Principal MPF Seminars!


資料披露：1. 本文件為信安信託（亞洲）有限公司（「PTC」）所擁有。在未取得PTC的事先書面同意，內容的任何部份均不可被任何人士或機構作任何方式及為任何目的而修改、再造、傳送、儲存或分發。

2. 此文件之內容來自認為及可靠的來源。提供的內容僅供參考用途及不應視為招攬產品買賣之建議。此文件資料會隨時更改而不另行通知。PTC不能擔保或保證由第三方提供內容之準確性及／或完整性。在沒有抵觸任何法律規定的前提下，PTC或其僱員或董事不能擔保或保證本文件內容之準確性，或承擔任何其他由本文件的錯誤或遺漏所引起之責任。

3. 本文件並未呈交香港監管機構審查。4. 投資涉及風險。基金價格可升可跌。過往表現不可作為日後表現的可靠依據，投資者不應依賴此作出任何投資決定。投資者作出投資決定之前，應先考慮投資項目是否符合自己的風險承受程度、投資目標、個別需要及財政狀況。投資者在投資前應閱讀有關之主要推銷刊物及其說明書（包括成分基金的投資政策、風險因素、費用及收費）。

Disclosure:1. This material is the property of Principal Trust Company (Asia) Limited (“PTC”). No part of the material may be

modified, reproduced, transmitted, stored or distributed to any other person or incorporation in any format for any purposes without PTC’s prior written consent.

2. The information in this material has been derived from sources believed to be accurate and reliable. The content is for informational purpose only and is neither a recommendation to buy or sell any securities nor a solicitation to deal in the products referred to therein. The information is subject to change without notice. PTC will not warrant or guarantee the accuracy and/or completeness of third-party content. Subject to any contrary provisions of applicable law, neither PTC nor any of its employees or directors warrants or guarantees the accuracy or accept any responsibility arising in any other way for errors or omissions in this material.

3. This material has not been reviewed by regulatory authorities in Hong Kong.4. Investment involves risks. The value of the funds may go up or down. Past performance is not indicative of future

performance. Investors should not invest solely in reliance on this marketing material. Investors should consider their own risk tolerance level, investment objective, individual needs and financial circumstances before making any investment choice. Investors should read the Principal Brochures of relevant Principal MPF schemes and the related offering document for further details (including investment policy, risk factors, fee and charges of the constituent funds) before making any investment choice.

如對信安「尊信會」通訊有任何查詢或意見，請致電(852) 2827 1233或電郵至[email protected]，與我們的客戶服務代表聯絡。歡迎瀏覽信安網頁www.principal.com.hk以獲得更多關於信安的資訊。

如閣下不想再收到此刊物和／或信安信託（亞洲）有限公司的市場推廣資訊，請電郵至[email protected]通知我們。

For questions or comments on Principal Club Update, please contact our Customer Service Hotline at (852) 2827 1233 or email us at [email protected]. You can also visit www.principal.com.hk to know more about Principal.

If you do not wish to receive this and/or further marketing and promotional messages from Principal Trust Company (Asia) Limited, please inform us via [email protected] to unsubscribe.

本宣傳品並未經證券及期貨事務監察委員會審核。本宣傳品之發行人：信安信託（亞洲）有限公司及信安資金管理（亞洲）有限公司© 2016 版權屬信安信託（亞洲）有限公司所有。

This marketing material has not been reviewed by the Securities and Futures Commission.Issuer of this material: Principal Trust Company (Asia) Limited and Principal Asset Management Company (Asia) LimitedCopyright © 2016 Principal Trust Company (Asia) Limited.

信安尊信會通訊 principal club updatepisys.principal.com.hk/e-marketing/16559/principal...

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