Sun Life: Rainbow MPF Scheme

Sun Life
Rainbow MPF Scheme

永明彩虹強積金計劃
季報 Quarterly Update 第三季 3rd Quarter 2020

截至 As at 30/09/2020
重要事項 Important Note
• 永明彩虹強積金計劃（「本計劃」）是一項強制性公積金計劃。
• 投資涉及風險，並非本計劃下的所有投資選擇均適合所有人。投資回報不獲保證，閣下的投資/累算權益或須蒙受重大的損失。
• 閣下在作出任何投資選擇前，應先考慮個人可承受的風險程度及財務狀況。在選擇基金時，如閣下對某基金是否適合自己存有疑問
（包括是否符合閣下的投資目標），閣下應尋求獨立財務及/或專業意見，並須考慮個人情況而作出最適合自己的基金選擇。
• 年滿65歲或年滿60歲提早退休的成員可（按照受託人在遵守《強積金條例》和《強積金規例》的前提下可能不時確定的方式和條件）
申請分期提取強積金權益及/或可扣稅自願性供款權益。詳情請見本計劃的強積金計劃說明書之第6.1.12部分「權益的提取」。
• 由2016年5月27日起，永明彩虹強積金計劃已進行若干重組，如更改投資經理、若干成分基金之投資政策及基金名稱的變動。有關
重組、若干成分基金之投資政策及基金名稱變動的詳情，請參閱本計劃最新版本之強積金計劃說明書或致電我們的退休金服務熱線
3183 1888查詢。
• 請不要只依賴此刊物提供的資料而投資，並應細閱有關的強積金計劃說明書，以獲取有關詳情包括風險因素。
• Sun Life Rainbow MPF Scheme (the “Scheme”) is a mandatory provident fund scheme.
• Investment involves risks and not all investment choices available under the Scheme would be suitable for everyone. There is no assurance on
investment returns and your investments/accrued benefits may suffer significant loss.
• You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection
of funds, you are in doubt as to whether a certain fund is suitable for you (including whether it is consistent with your investment objectives),
you should seek independent financial and/or professional advice and choose the fund(s) most suitable for you taking into account your
circumstances.
• Members reaching 65th birthday or early retiring on reaching age 60 may apply (in such form and on such conditions as the Trustee may
from time to time determine but subject to the MPFS Ordinance and Regulation) for payment of the MPF Benefits and/or TVC benefits in
instalments. Please refer to section 6.1.12 “Withdrawal of Benefits” of the MPF Scheme Brochure of the Scheme for further details.
• With effect from 27 May 2016, certain restructuring has taken place in relation to the Sun Life Rainbow MPF Scheme, such as the change
of investment manager, the certain changes of the investment policy and the names of constituent funds. For more details about the
restructuring, the certain changes of the investment policy and the names of the constituent funds, please refer to the latest MPF Scheme
Brochure of the Scheme or call our Pensions Service Hotline 3183 1888.
• You should not invest based on this material alone and you should read the MPF Scheme Brochure carefully for further details including risk
factors.
市場回顧 Market Review

香港/大中華股市 Hong Kong Equity/Greater China Equity
Hong Kong equity market ended lower in the third quarter. Hang Seng
香港股市在第三季度下跌。恒生指數跌4.0%，主要受匯控的
Index falling 4.0%, mainly detracted by the plunge of HSBC on concerns
急挫拖累，這是因為擔心中國政府可能將其列入不可靠實體 that it might be put on an Unreliable Entity List by the Chinese government.
名單。相反，中國股票連續第二個季度上揚。中國的領先指標， Conversely, China shares ended higher for the second consecutive quarter.
如採購經理指數和信貸增長，印證了季度內的經濟活動持續 Leading indicators from China, such as PMI and credit growth, confirmed
復甦。工業生產趨於穩定，而需求復甦似乎逐漸從基建支出 that economic activities continued to recover throughout the quarter.
Industrial production has stabilized, while demand recovery gradually
擴大至零售、製造業固定資產投資和出口訂單。然而，9月份
broadening out from infrastructure spending to retail sales, manufacturing
市場略見回調。美中緊張局勢升級是主因，如美國進一步將華 fixed asset investment and exports orders. However, market saw a slight
為的關連公司加入了實體名單，並加強了對在美國上市的中國 pullback in September. Escalating US-China tension was the key overhang,
企業的財務審查。此外隨著經濟復甦步入正軌，中國人民銀 as the US further added Huawei-affiliated companies to the Entity List
行對政策指導方針進行了調整，立場也沒有如上半年度般寬 and tightened financial scrutiny over China firms listed in the US. With
鬆。作為A股市場基準的上證綜合指數於全季度按本幣計上 economic recovery on track, People’s Bank of China recalibrated its policy
guidance and introduced a less dovish tone compared to the first half
漲7.8%，按美元計上漲12.1%。除了宏觀狀況改善外，A股創業 of the year. Shanghai Composite Index, the benchmark index of A-share
板在註冊基礎上加快了新股上市之改革，以及保險公司的股 market, surged 7.8% in local currency terms or 12.1% in USD terms over the
權投資門檻被放寬均推升了股市。 quarter. In addition to improved macro condition, accelerated registration-
台灣股市在第三季度攀升。台灣證券交易所指數以本幣及 based IPO reform in ChiNext board of A-share market, and relaxation of
美元計分別上漲7.7%和9.7%。升勢集中於7月份發生，該指 equity investment threshold for insurers fueled market momentum.
Taiwan equities climbed in the third quarter. TWSE Index rose 7.7% and 9.7%,
數在晶圓代工廠，無晶圓廠和顯示面板製造商等科技公司 in terms of local currency and USD, respectively. The rally was mainly seen
帶動下創出了三十年來的新高。然而，科技股在隨後兩個 in July, whereby TWSE Index hit a 30-year high, led by tech names such as
月升勢不繼。儘管出口和工業生產數據仍然不俗，但美國 foundries, IC fabless and display panel makers. However, tech sector failed
商務部頒布了新的禁令，阻止華為採購使用美國技術所生 to advance further in the next two months despite still resilient exports
產的外國製晶片。華為的供應鏈公司如無晶圓廠和封裝公 and industrial production data. The US Commerce Department issued
new restrictions to prevent Huawei from acquiring foreign-made chips
司等受創最深。 manufactured with US technology. Huawei supply chain names, mainly IC
fabless and assembly companies, were among the hardest hit.
亞洲股市
亞洲股市在第三季度飆升，儘管9月份有所回落。以美元計
Asia Equity
Asian equities surged in the third quarter despite pulling back in
算，MSCI AC亞洲（日本除外）指數上漲9.8%。受全球新冠病 September. MSCI AC Asia ex-Japan Index rose 9.8% in USD terms. Risk-on
毒疫苗開發進度理想、美元持續疲弱，以及中國經濟數據持 sentiment lingered, driven by positive COVID-19 vaccine developments
續改善的驅動，市場逐險情緒持續。印度、台灣和韓國是區 around the world, a weaker greenback and improving economic data from
內表現最佳的市場。印度方面，經濟逐漸重啟以及採購經理 China. India, Taiwan and Korea were top performers in the region. For
指數快速改善等，抵銷了新增病毒確診數字仍然急升的負面 India, gradual reopening in its economy and rapid rebound in PMI readings
offset the sharp increase in new infection cases, as investors turned
因素，而投資者也認為該國最差的時期已經過去而感到樂 optimistic that the worst was over for the country. Korea equities were
觀。韓國股市受到強勁的出口數據所支撐，儘管新一波的疫 well supported by strong exports data despite fresh outbreak of infection
情重現。科技股、電動汽車相關股和生物製藥股領漲。但另 cases. Tech, electric vehicle-related and biopharmaceutical stocks led
一方面，由於全球股市的調整，中美緊張局勢再次升級以及 gains. The pullback in September across the region, on the other hand,
美國財政談判陷入僵局，亞洲區股市於9月份出現調整。 was triggered by the correction in global equities, re-escalating US-China
tensions and stalling US fiscal negotiations.
1
環球股市 Global Equity
全球股市在第三季度的首兩個月升勢持續，及後於9月份回調。 Global equities extended gains in the first two months of the third quarter
before correction in September. MSCI AC World Index climbed 7.7% over
全季度計，MSCI AC全球指數上升7.7%。市場受到各政府和央 the quarter. Markets were fueled by massive fiscal and monetary stimulus
行大規模財政和貨幣刺激措施、全球經濟進一步復甦，以及新 from governments and central banks, further signs of recovery in global
冠病毒疫苗有望快將面世所驅動。該等積極因素抵銷了若干 economies, and hope for COVID-19 vaccines in the near future. Those
歐洲和亞洲國家死灰復燃的新冠病例病例從而須重啟遏制措 positives offset the impact from resurging coronavirus cases in some
European and Asian countries, which renewed containment measures.
施的影響。由於聯儲局貨幣政策支持以及第二季度美股企業 With monetary support from the Fed and better-than-feared corporate
盈利勝預期，標普500指數在9月初升至歷史新高。歐洲和日本 earnings for the second quarter, S&P 500 Index rose to an all-time high
等其他發達市場也因宏觀數據改善和政策支持而上漲。歐盟 in early September. Other developed markets like Europe and Japan also
rose on improved macro data and policy supports. Leaders of European
各國領袖就7,500億歐元的復甦基金達成協議，進一步提振了 Union countries forged deal on a €750bn recovery fund further buoyed
市場氣氛。新興市場在美元下跌、中國採購經理訂單和產出指 sentiment. Emerging markets gained on the back of weakened USD, and
數回升的推動下上漲。然而，由於科技股的調整，股市在9月份 rejuvenated order and output PMI readings from China. However, equities
走勢逆轉。美國財政談判陷入僵局，歐洲採購經理指數回落， reversed course in September, led by a correction in tech sector. Stalled
US fiscal negotiations, retreat in European PMIs, and concerns over the
以及對美國總統大選和英國與歐盟的脫歐談判的擔憂使市場 upcoming US presidential election and UK/EU Brexit negotiations soured
情緒惡化。 sentiment.
環球債券 Global Bond
Fed Chair Jerome Powell announced at the Jackson Hole Symposium of a
美聯儲主席鮑威爾在傑克遜霍爾研討會上，美聯儲宣布修訂 revision to Federal Reserve’s long-run goals and monetary policy strategy.
其長期目標和貨幣政策。如預期，聯邦公開市場委員會將取消 As expected, the FOMC will retire its symmetric 2% inflation target, in
其2%通貨膨脹目標，以實現平均2%的通貨膨脹率。美聯儲還 favor of aiming to achieve an inflation rate averaging 2% over time. The
調整了就業目標，主要關注就業水平不足，而不是以前的偏差。 Fed also adjusted its employment objective by focusing primarily on
shortfalls from the maximum employment level rather than deviations as
在歐洲，當局推出7,500億歐元復甦基金的消息導致歐洲債券 it had previously. In Europe, government bond yields were generally little
孳息率下跌，但政府債券孳息率整體仍幾乎維持不變。季內企 changed although European yields fell after news of the passage of €750
業債券表現利好。 billion recovery fund. Corporate bonds had a positive quarter.
In the US, while economic data has been generally improving, higher
在美國，儘管總體經濟數據有所改善，但失業率上升和小企業 frequency data such as elevated jobless claims and small business
就業情況凸顯了在缺乏額外財政刺激措施的情況下，復甦可 employment highlight risks that the recovery could stall absent additional
能陷入停頓的風險。鑑於緊張局勢和進入選舉的最後階段，風 fiscal stimulus. Given tensions and political posturing entering last stages
險程度在大選之前會更高。在總統競選活動的最後階段可能 of presidential election, short-term we believe risk premiums should be
higher on the margin. While the final stage of the election campaign is
會引起市場關注，但選舉只是推動市場波動的眾多因素之一。 likely to garner headlines and attention, it is important to keep in mind
關於未來冠狀病毒爆發及其潛在經濟影響的不確定性仍然存 that the election is only one of many factors to drive intermediate term
在。同時，美聯儲表示有意繼續採取非常寬鬆的貨幣政策，因 results, even if short-term it contributes to volatility. More broadly,
此市場上儘管有破紀錄的公司債務發行，需求仍保持強勁。這 uncertainty remains regarding risks of future outbreaks of coronavirus and
its potential economic impacts. At the same time, the Fed has stated its
些因素也推動對非政府固定收益債券產品的需求和支持。而 intent to continue extraordinarily accommodative monetary policy and
9月份價差的擴大幫助提高這些企業債券的吸引力。 demand remains robust, which can be seen in the market readily absorbing
record breaking corporate debt issuance. These factors suggest an appetite
港元債券 and support for non-governmental fixed income, and the modest spread
市場淡化了中美緊張局勢，美國總統大選成為最大的不確定 widening in September has increased yields and attractiveness of these
sectors going into the final quarter of the year.
因素。美聯儲維持利率不變，並延長了前瞻指導，至少連續三
年未有加息計劃。因為利率將長期保持較低水平，投資者繼續 Hong Kong Dollar Bond
Market downplayed the Sino-US tension and US presidential election
尋求收益回報。暑假後，企業債券供應增加也對信貸利差表現 became the biggest uncertainly in the near term. The US Fed holds rates
造成壓力，而美國國債收益率受到選舉風險和選舉前通過財 unchanged, and extended forward guidance with no rate hikes for at
政刺激措施推動。 least 3 years. Post the return from summer holidays, supply also weighed
國內金融體系內流動性充裕，沒有大量資金流出，有助於鞏 on credit spread performance while US treasury yields were driven by
election risks and possibility of fiscal stimulus getting passed before
固港元本地市場資產的前景。因為市場預計大量企業在香港 election.
證券交易所會上市，港元在聯繫匯率區間的強勢的一面交易。 Flush liquidity within the domestic financial system including the fact
第三季度是今年以來總餘額增長最大的季度，達到2,440億港 that we had not witnessed significant outflows have helped to anchor
元。3個月HIBOR在該季度有所下降，但總體而言相對於3個月 near term outlook for HKD local market assets. Third quarter saw one
of the largest increases in aggregate balance this year, reaching HKD244
LIBOR有所收緊。由於港元流動性仍然充裕，我們繼續看到港 billion due to expectation of IPO monies raised in the Hong Kong stock
元債券市場表現良好，並優於美元市場。 exchanges as the HKD traded at the strong side of the band. 3M HIBOR
was lower on the quarter but in general tightened relatively to 3M LIBOR.
港元貨幣市場 We continue to see the HKD bond market well bid and outperforming the
美元兌港元在第三季徘徊於聯繫匯率波動範圍的較低水平， USD market as HKD liquidity remained ample.
並多次觸及每美元兌7.75港元的低位，觸發香港金管局向市 Hong Kong Dollar Money Market
場注入流動資金。總體結餘由6月底的1,320億港元增至9月份 In third quarter, USD/HKD hovered at the lower band of the peg,
continuously touching HKD7.75 per USD and triggering HKMA liquidity
的2,440億港元。由於銀行體系流動性極為充裕，短期利率維 injection. The Aggregate Balance increased from HKD132 billion at the end
持於低水平。短期利率在9月份微升，主要由頻繁的首次公開 of June to HKD244 billion in September. Short-term rates remained low, as
招股上市消息帶動，包括螞蟻集團即將進行首次公開招股。 a result of the flush liquidity in the system. In September, short-term rates
香港經濟遭受新型冠狀病毒疫情的拖累。第二季本地生產總 increased slightly, given the strong IPO pipelines with news that the Ant
Financial IPO will be coming soon. HK’s economy has been dragged by the
值按年收縮9%，而6月份零售銷量則按年下滑25.4%。 COVID-19 outbreak. Second quarter GDP contracted 9% year-on-year and
retail sales volume fell by 25.4% year-on-year in June.
人民幣貨幣市場
中國8月份的數據顯示經濟繼續比預期更快的速度反彈。工業 RMB Money Market
August data in China showed the economy continued to rebound at a
生產和零售銷售均超出預期。由於信心增強和收入恢復，對 faster pace than expected. Both Industrial production and retail sales beat
非必需消費品和服務的需求持續增長。財政刺激繼續支持國 expectations. Demand for consumer discretionary and services continue
內需求和就業。中國9月份的製造業和非製造業PMI都提供了 to improve due to higher confidence and recovery of income. The fiscal
stimulus remains supportive of domestic demand and employment.
穩健復甦的進一步證據。 China’s September PMI, both manufacturing and non-manufacturing,
在貨幣政策方面，中國人民銀行維持其「靈活且有針對性」 provided further evidence of a solid recovery.
的寬鬆政策，並通過為期一年的中期貸款工具 (MLF) 提供流 On the monetary policy side, PBoC maintained its “flexible and targeted”
動性。然而，由於房地產價格上漲和槓桿率上升再次引發人 easing approach, and provided liquidity through 1-year Medium-term
Lending Facility (MLF). However, odds of having further aggressive easing is
們對金融穩定的擔憂，因此採取進一步積極寬鬆政策的可能 low as rising property prices and rising leverage have re-ignited concerns
性很小。儘管美元走強，但離岸人民幣兌美元仍升值0.94%。 about financial stability. Despite broader USD strength, CNH appreciated
由於全球情緒轉壞，離岸人民幣在本月下半月削減了部分早 0.94% versus USD. CNH pared some early gains in the second half of the
盤漲幅。隨著季度末臨近，在岸銀行同業流動性趨緊，使離 month as sentiment turned sour globally. Onshore interbank liquidity
became tighter as quarter-end approached, kept CNH funding rates
岸人民幣融資利率在短期內保持支撐。 supportive in the near term.
以上「市場回顧」資料均由永明資產管理（香港）有限公司提供。
The above “Market Review” information are provided by Sun Life Asset Management (HK) Limited.
2
永明彩虹強積金計劃季報 Sun Life Rainbow MPF Scheme Quarterly Update 截至 As at 30/09/2020
永明強積金保守基金
Sun Life MPF Conservative Fund 市場預測1
Market Forecast1
不適用^^
N/A^^
基本資料 Basic Information 投資目標 Investment Objective

▲ ▲
成立日期此基金尋求向成員提供穩定的資本增值，同時將基礎資本的風險減至最低，
01/12/2000
Launch Date 但概不保證可償還資本。
This fund seeks to provide members with a regular increase in value, with minimal risk
基金資產值（以百萬港元計算） to the underlying capital but with no guarantee of repayment of capital.
Fund Size (HK$ in Million) 12,068.8
基金價格（港元） A類 Class A 1.1288 基金表現 Fund Performance

Fund Price (HK$) B類 Class B 1.1326
115
基金類別貨幣市場基金 – 香港
Fund Descriptor Money Market Fund – Hong Kong
110
指數化 Indexed
投資經理永明資產管理（香港）有限公司
Investment Manager Sun Life Asset Management (HK) Limited
105
基金開支比率2 A類 Class A 0.95%
Fund Expense Ratio2 B類 Class B 0.95%
100
風險程度3
Risk Indicator3 0.15%
95
12/00 12/02 12/04 12/06 12/08 12/10 12/12 12/14 12/16 12/18
風險級別 8
Risk Class8 1 永明強積金保守基金 – B類

4
Sun Life MPF Conservative Fund – Class B 4
基金表現4 Fund Performance4

累積回報 Cumulative Return 年率化回報 Annualized Return
年初至今三個月一年三年五年十年成立至今一年三年五年十年成立至今
Year to Date 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 1 Year 3 Years 5 Years 10 Years Since Launch
A類 Class A 0.68% 0.04% 1.02% 2.48% 2.50% 2.52% 12.88% 1.02% 0.82% 0.49% 0.25% 0.61%
B類 Class B 0.68% 0.04% 1.02% 2.48% 2.49% 2.53% 13.26% 1.02% 0.82% 0.49% 0.25% 0.63%
平均成本法回報5 Dollar Cost Averaging Return5 (僅作舉例用途 For illustrative purposes only) 年度回報 Calendar Year Return
累積回報 Cumulative Return 2015 2016 2017 2018 2019
A類 Class A 0.18% 0.00% 0.34% 1.41% 1.84% 2.17% 4.49% 0.01% 0.00% 0.01% 0.65% 1.13%
B類 Class B 0.18% 0.00% 0.33% 1.40% 1.84% 2.17% 4.62% 0.01% 0.01% 0.00% 0.66% 1.12%
基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

在9月，風險資產自3月以來首次出現月度下降。美國推遲實施額外財政刺激
計劃的擔憂，與即將舉行的美國總統大選以及歐洲COVID-19個案復燃有關的
政治不確定性增加，繼續傷害風險投資情緒。
n 現金及存款 Cash & Deposit 61.1%
對港元的強大需求在季內持續將港元壓至7.75，為聯繫匯率間的強勢。總結餘 n 貨幣市場工具 38.9%
從1,320億港元躍升至1,830億港元，反映銀行體系流動性良好。儘管中美兩國 Money Market Instruments
在香港事務上的緊張局勢加劇，但流動性資金大量流入導致短期香港銀行同
業拆借利率崩潰。
In September, risk assets had their first monthly decline since March. Concerns
regarding delays to additional fiscal stimulus packages in US, a rise in political
uncertainty related to the upcoming US presidential election and resurgence of
COVID-19 cases in Europe, continued to hurt risk sentiment.
Demand in HKD continued to push it to the strong side of the HKD Peg throughout
十大主要證券7 Top 10 Holdings7
the quarter. HK aggregate balance, a good indicator of liquidity in the banking system,
jumped to HKD183 billion from HKD132 billion. Influx of liquidity led to collapse in Korea Development Bank Asia 0% 5-Oct-2020 3.3%
short term HIBOR despite rising tension between US and China on HK matters. Shanghai Pudong Development Bank Hong Kong 0% 9-Oct-2020 2.5%
Bank of China Hong Kong 0% 8-Dec-2020 2.5%
Korea Development Bank Asia 0% 8-Jan-2021 2.5%
ICBC/Sydney 0% 4-Feb-2021 2.5%
Agricultural Bank of China 29-Jan-2021 2.5%
ICBC/Sydney 0% 5-Feb-2021 2.5%
Shanghai Pudong Development Bank Hong Kong 0% 3-Feb-2021 2.5%
Shanghai Pudong Development Bank Hong Kong 0% 5-Feb-2021 2.5%
Bank of China Hong Kong 0% 13-Apr-2021 2.5%
由2016年5月27日起，永明資產管理（香港）有限公司已獲委任為此成分基金的投資經理。有關此成分基金的詳細資料，請參閱本計劃最新版本之強積金計劃說明書。
Since 27 May 2016 , Sun Life Asset Management (HK) Limited has been appointed as the investment manager of this Constituent Fund. For more details about this Constituent Fund, please refer to the latest
MPF Scheme Brochure of the Scheme.
永明強積金保守基金並不提供償還本金的保證。強積金保守基金的收費可（一）透過扣除資產淨值收取；或（二）透過扣除成員帳戶中的單位收取。本基金採用方式（一）收費，故所列之單位
價格/資產淨值/基金表現已反映收費之影響。
The Sun Life MPF Conservative Fund provides no guarantee of repayment of capital. The fees and charges of a MPF Conservative Fund can be deducted from either (i) the assets of the fund or (ii) member’s
account by way of unit deduction. This fund uses method (i) and, therefore, unit prices/NAV/fund performance quoted have incorporated the impact of fees and charges. 3
永明強積金港元債券基金
Sun Life MPF Hong Kong Dollar Bond Fund 市場預測1
Market Forecast1 中立預測 Neutral

▲ ▲
成立日期此基金尋求向成員提供高於從銀行存款和貨幣市場證券所獲得的回報。
01/12/2000
Launch Date This fund seeks to provide members with a return in excess of that achievable from
bank deposits and money market securities.
基金資產值（以百萬港元計算）
4,347.8
Fund Size (HK$ in Million)

160
基金類別債券基金 – 香港
Fund Descriptor Bond Fund – Hong Kong 150
指數化 Indexed
140
Investment Manager Sun Life Asset Management (HK) Limited 130
基金開支比率2 A類 Class A 1.77% 120
110
風險程度3
2.60%
Risk Indicator3 100
12/00 12/02 12/04 12/06 12/08 12/10 12/12 12/14 12/16 12/18
風險級別 8
3 永明強積金港元債券基金 – B類
4
Risk Class8
Sun Life MPF Hong Kong Dollar Bond Fund – Class B 4

A類 Class A 5.43% 1.09% 4.03% 6.82% 8.67% 12.16% 47.64% 4.03% 2.22% 1.68% 1.15% 1.98%
B類 Class B 5.59% 1.13% 4.23% 7.45% 9.76% 14.43% 53.28% 4.23% 2.42% 1.88% 1.36% 2.18%
A類 Class A 1.28% 0.11% 2.17% 5.73% 6.39% 8.76% 19.12% 1.49% -1.40% 2.40% -0.01% 2.06%
B類 Class B 1.34% 0.12% 2.27% 6.04% 6.91% 9.86% 21.62% 1.69% -1.21% 2.61% 0.20% 2.27%

永明強積金港元債券基金第三季度的回報率為 1.1%。市場淡化了中美緊張局
勢，美國總統大選成為最大的不確定因素。美聯儲維持利率不變，並延長了
前瞻指導，至少連續三年未有加息計劃。因為利率將長期保持較低水平，投
資者繼續尋求收益回報。暑假後，企業債券供應增加也對信貸利差表現造 n 港元債券 HKD Bonds 89.2%
成壓力，而美國國債收益率受到選舉風險和選舉前通過財政刺激措施推動。 n 美元債券 USD Bonds 8.3%
國內金融體系內流動性充裕，沒有大量資金流出，有助於鞏固港元本地市場 n 現金及其他^ Cash and Others^ 2.5%
資產的前景。因為市場預計大量企業在香港證券交易所會上市，港元在聯繫
匯率區間的強勢的一面交易。第三季度是今年以來總餘額增長最大的季度，
達到2,440億港元。3個月HIBOR在該季度有所下降，但總體而言相對於3個月
LIBOR有所收緊。由於港元流動性仍然充裕，我們繼續看到港元債券市場表現
良好，並優於美元市場。
Sun Life MPF Hong Kong Dollar Bond returned 1.1% in the third quarter. Market 十大主要證券7 Top 10 Holdings7
downplayed the Sino-US tension and US presidential election became the biggest Hong Kong Government Bond 1.1% 17-Jan-2023 3.1%
uncertainty in the near term. The US Fed holds rates unchanged, and extended forward
Hong Kong Government Bond 1.97% 17-Jan-2029 2.4%
guidance with no rate hikes for at least 3 years. Post the return from summer holidays,
supply also weighed on credit spread performance while US treasury yields were Hong Kong Government Bond 2.22% 7-Aug-2024 1.9%
driven by election risks and possibility of fiscal stimulus getting passed before election. Hong Kong Government Bond 2.02% 7-Mar-2034 1.5%
Flush liquidity within the domestic financial system including the fact that we had not Airport Authority HK 2.3% 24-Apr-2030 1.5%
witnessed significant outflows have helped to anchor near term outlook for HKD local State Grid Overseas Inv Ltd 2.85% 17-Apr-2029 1.4%
market assets. Third quarter saw one of the largest increases in aggregate balance this
Hong Kong Government Bond 1.68% 21-Jan-2026 1.2%
year, reaching HKD244 billion due to expectation of IPO monies raised in the Hong Kong
stock exchanges as the HKD traded at the strong side of the band. 3M HIBOR was lower BMW Finance NV 2.74% 24-May-2024 1.1%
on the quarter but in general tightened relatively to 3M LIBOR. We continue to see the US Government Bond 0.125% 15-Aug-2023 0.8%
HKD bond market well bid and outperforming the USD market as HKD liquidity remained RBC 2.555% 18-Mar-2022 0.8%
ample.
由2016年5月27日起，永明資產管理（香港）有限公司已獲委任為此成分基金的投資經理。此成分基金之若干投資政策亦作出變動，包括但不限於在基礎基金層面建立一個投資組合管理基金
架構［即成分基金資產可投資於不同的基礎基金，並由不同的投資經理管理］。有關此成分基金的詳細資料，請參閱本計劃最新版本之強積金計劃說明書。
Since 27 May 2016, Sun Life Asset Management (HK) Limited has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this
Constituent Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds
4 may be invested in multiple underlying funds managed by various investment managers). For more details about this Constituent Fund, please refer to the latest MPF Scheme Brochure of the Scheme.
永明強積金人民幣及港元基金
Sun Life MPF RMB and HKD Fund 市場預測1

成立日期此基金是透過主要投資於以人民幣及港元計價的貨幣市場及債務工具，以尋
30/06/2012
Launch Date 求達致長期總回報。
基金資產值（以百萬港元計算） This fund seeks to achieve long-term total returns through investments primarily in a
704.6 portfolio of money market and debt instruments denominated in RMB and HKD.
基金價格（港元） A類 Class A 1.0490
Fund Price (HK$) B類 Class B 1.0523 基金表現 Fund Performance
基金類別貨幣市場基金 – 中國內地及香港 110
Fund Descriptor Money Market Fund – Mainland China and Hong Kong
108
指數化 Indexed
副投資經理景順投資管理有限公司 104

Sub-investment Manager Invesco Hong Kong Limited
102
Fund Expense Ratio2 B類 Class B 1.26% 100
風險程度3 98
3.35%
Risk Indicator3 06/12 06/13 06/14 06/15 06/16 06/17 06/18 06/19 06/20
風險級別8 永明強積金人民幣及港元基金 – B類
4
3
Risk Class8 Sun Life MPF RMB and HKD Fund – Class B 4

A類 Class A 2.06% 2.77% 3.55% 1.63% 2.20% 不適用 N/A 4.90% 3.55% 0.54% 0.44% 不適用 N/A 0.58%
B類 Class B 2.10% 2.78% 3.59% 1.78% 2.45% 不適用 N/A 5.23% 3.59% 0.59% 0.49% 不適用 N/A 0.62%
A類 Class A 2.20% 0.86% 2.24% 1.27% 2.28% 不適用 N/A 2.21% -2.41% -2.55% 6.76% -1.89% -0.07%
B類 Class B 2.21% 0.86% 2.25% 1.33% 2.40% 不適用 N/A 2.42% -2.36% -2.50% 6.81% -1.83% -0.03%

永明強積金人民幣及港元基金第三季度的回報率為 2.8%。中國8月份的數據顯
示經濟繼續比預期更快的速度反彈。工業生產和零售銷售均超出預期。由於 n 債券（人民幣） 23.0%
Bonds (RMB)
信心增強和收入恢復，對非必需消費品和服務的需求持續增長。財政刺激繼
n 現金及存款（人民幣） 21.6%
續支持國內需求和就業。中國9月份的製造業和非製造業PMI都提供了穩健復 Cash & Deposit (RMB)
甦的進一步證據。在貨幣政策方面，中國人民銀行維持其「靈活且有針對性」 n 貨幣市場工具（港元） 20.1%
的寬鬆政策，並通過為期一年的中期貸款工具 (MLF) 提供流動性。然而，由於 Money Market Instruments (HKD)
房地產價格上漲和槓桿率上升再次引發人們對金融穩定的擔憂，因此採取進 n 貨幣市場工具（人民幣） 18.1%
一步積極寬鬆政策的可能性很小。儘管美元走強，但離岸人民幣兌美元仍升 Money Market Instruments (RMB)
值0.94%。由於全球情緒轉壞，離岸人民幣在本月下半月削減了部分早盤漲幅。 n 現金及存款（港元） 17.2%
Cash & Deposit (HKD)
隨著季度末臨近，在岸銀行同業流動性趨緊，使離岸人民幣融資利率在短期
內保持支撐。
Sun Life MPF RMB and HKD Fund returned 2.8% in the third quarter. August data in 十大主要證券7 Top 10 Holdings7
China showed the economy continued to rebound at a faster pace than expected. Bank of China 4.35% 29-Nov-2020 4.9%
Both Industrial production and retail sales beat expectations. Demand for consumer
Hitachi Capital UK 4.5% 9-Oct-2020 3.9%
discretionary and services continue to improve due to higher confidence and
recovery of income. The fiscal stimulus remains supportive of domestic demand and Hong Kong MTG Corp 4.05% 6-Nov-2020 3.4%
employment. China’s September PMI, both manufacturing and non-manufacturing, China Development Bank 2% 6-Apr-2021 3.3%
provided further evidence of a solid recovery. On the monetary policy side, PBoC Agricultural Bank of China 1.87% 30-Oct-2020 3.3%
maintained its “flexible and targeted” easing approach, and provided liquidity China Construction Bank Corp 1.83% 30-Oct-2020 3.3%
through 1 year Medium-term Lending Facility (MLF). However, odds of having further
ICBC 2% 10-Dec-2020 3.2%
aggressive easing is low as rising property prices and rising leverage have re-ignited
concerns about financial stability. Despite broader USD strength, CNH appreciated National Bank of Canada 4.3% 11-Oct-2020 3.0%
0.94% versus USD. CNH pared some early gains in the second half of the month Public Bank 0.8% 30-Dec-2020 2.8%
as sentiment turned sour globally. Onshore interbank liquidity became tighter as China Development Bank 0.5% 5-Feb-2021 2.8%
quarter-end approached, kept CNH funding rates supportive in the near term.
由2016年5月27日起，永明資產管理（香港）有限公司已獲委任為此成分基金的投資經理。而景順投資管理有限公司亦獲委任為此成分基金的副投資經理。由2018年3月1日起，此成分基金的投
資界限已作修定。有關此成分基金的詳細資料，請參閱本計劃最新版本之強積金計劃說明書。
Since 27 May 2016, Sun Life Asset Management (HK) Limited has been appointed as the investment manager of this Constituent Fund; and Invesco Hong Kong Limited has also been appointed as the
sub-investment manager of this Constituent Fund. Since 1 March 2018, the investment threshold of this Constituent Fund has been changed. For more details about this Constituent Fund, please refer to the
latest MPF Scheme Brochure of the Scheme. 5
永明強積金環球債券基金
Sun Life MPF Global Bond Fund 市場預測1

成立日期此基金尋求向成員提供高於從銀行存款和貨幣市場證券所能獲得的回報。
01/01/2010
Launch Date This fund seeks to provide members with total return usually in excess of that
achievable from bank deposits and money market securities.
2,085.9

110
基金類別債券基金 – 環球
Fund Descriptor Bond Fund – Global
105
指數化 Indexed
100
風險程度 3
3.68%
Risk Indicator3 90
01/10 01/11 01/12 01/13 01/14 01/15 01/16 01/17 01/18 01/19 01/20
風險級別 8
3 永明強積金環球債券基金 – B類
4
Risk Class8 4
Sun Life MPF Global Bond Fund – Class B

A類 Class A 4.71% 1.81% 3.73% 6.46% 10.11% 0.47% 2.52% 3.73% 2.11% 1.94% 0.05% 0.23%
B類 Class B 4.87% 1.86% 3.95% 7.10% 11.21% 2.50% 4.75% 3.95% 2.31% 2.15% 0.25% 0.43%
A類 Class A 1.94% -0.34% 2.52% 5.87% 6.37% 4.88% 4.77% -3.92% 1.31% 2.98% -2.45% 4.50%
B類 Class B 2.01% -0.32% 2.61% 6.18% 6.90% 5.92% 5.89% -3.73% 1.51% 3.19% -2.25% 4.72%

永明強積金環球債券基金第三季度的回報率為 1.9%。美聯儲主席鮑威爾在傑
克遜霍爾研討會上，美聯儲宣布修訂其長期目標和貨幣政策。如預期，聯邦 n 亞洲債券 Asian Bonds 48.3%
公開市場委員會將取消其2%通貨膨脹目標，以實現平均2%的通貨膨脹率。美 n 美元債券 USD Bonds 17.6%
聯儲還調整了就業目標，主要關注就業水平不足，而不是以前的偏差。在歐 14.4%
洲，當局推出7,500億歐元復甦基金的消息導致歐洲債券孳息率下跌，但政府
n 歐洲債券 European Bonds
債券孳息率整體仍幾乎維持不變。季內企業債券表現利好。儘管總體經濟數 n 港元債券 HKD Bonds 8.0%
據有所改善，但失業率上升和小企業就業情況凸顯了在缺乏額外財政刺激措 n 日本債券 Japanese Bonds 6.8%
施的情況下，復甦可能陷入停頓的風險。鑑於緊張局勢和進入選舉季節的最
後階段，風險程度在大選之前會更高。在競選活動的最後階段可能會引起市 n 其他債券 Other Bonds 0.9%
場關注，但選舉只是推動市場波動的眾多因素之一。關於未來冠狀病毒爆發 n 現金及其他^ Cash and Others^ 4.0%
及其潛在經濟影響的不確定性仍然存在。同時，美聯儲表示有意繼續採取非
常寬鬆的貨幣政策，因此市場上儘管有破紀錄的公司債務發行，需求仍保持
強勁。這些因素也推動對非政府固定收益債券產品的需求和支持。而9月份價
差的擴大幫助提高這些企業債券的吸引力。
Sun Life MPF Global Bond Fund returned 1.9% in the third quarter. In coordination with
Fed Chair Powell’s commentary at the Jackson Hole Symposium, the Federal Reserve
announced a revision to their long-run goals and monetary policy strategy. As expected,
the FOMC will retire its symmetric 2% inflation target, in favor of aiming to achieve an 十大主要證券7 Top 10 Holdings7
inflation rate averaging 2% over time. The Fed also adjusted its maximum employment US Treasury Inflation Index Linked Notes 0.125% 15-Apr-2025 1.6%
objective, by focusing primarily on shortfalls from the maximum employment level
rather than deviations as it had previously. In Europe, government bond yields were US Government Bond 1.5% 30-Nov-2024 1.5%
generally little changed although European yields fell after news of the €750 billion Italy Government Bond 2.2% 1-Jun-2027 1.4%
recovery fund. Corporate bonds had a positive quarter. While economic data has been
generally improving, higher frequency data such as elevated jobless claims and small Spain Government Bond 3.8% 30-Apr-2024 1.0%
business employment highlight the risk that the recovery could stall absent additional Japan Government Bond 1.7% 20-Jun-2032 0.9%
fiscal stimulus. Given tensions and political posturing entering the last stages of
election season, short-term we believe risk premiums should be higher on the margin US Government Bond 2.875% 15-May-2049 0.9%
until resolution of the election. While the final stage of the election campaign is likely
to garner headlines and attention, it is important to keep in mind that the election is European Investment Bank 2.15% 18-Jan-2027 0.8%
only one of the many factors to drive intermediate term results, even if short-term it Canada Government Bond 0.25% 1-Aug-2022 0.7%
contributes to volatility. More broadly, uncertainty remains regarding risks of future
outbreaks of coronavirus and its potential economic impacts. At the same time, the Japan Government Bond 0.1% 20-Mar-2025 0.7%
Fed has stated its intent to continue extraordinarily accommodative monetary policy ENN ENERGY 3.25% 24-Jul-2022 0.7%
and demand remains robust, which can be seen in the market readily absorbing record-
breaking corporate debt issuance. These factors suggest an appetite and support for
non-governmental fixed income and the modest spread widening in September has
increased the yields and attractiveness of these sectors going into the final quarter of the
year.
架構［即成分基金資產可投資於不同的基礎基金，並由不同的投資經理管理］。由2018年3月1日起，此成分基金之投資政策已作出修定。有關此成分基金的詳細資料，請參閱本計劃最新版
本之強積金計劃說明書。
may be invested in multiple underlying funds managed by various investment managers). Since 1 March 2018, the investment policy of this Constituent Fund has been changed. For more details about this
6 Constituent Fund, please refer to the latest MPF Scheme Brochure of the Scheme.
永明強積金65歲後基金
Sun Life MPF Age 65 Plus Fund 市場預測1
Market Forecast1
不適用^^
N/A^^

成立日期透過環球分散方式投資為成員提供平穩增值。
01/04/2017
Launch Date
Provide stable growth to members by investing in a globally diversified manner.
基金資產值（以百萬港元計算） 1,464.7
基金價格（港元）基金表現 Fund Performance
1.1643
Fund Price (HK$)
基金類別混合資產基金 – 環球 120
Fund Descriptor 股票投資最高25%
Mixed Assets Fund – Global
指數化 Indexed
Maximum equity investments 25% 110
100
基金開支比率2 0.80%
Fund Expense Ratio2
風險程度3 3.40% 90
Risk Indicator3 04/17 10/17 04/18 10/18 04/19 10/19 04/20
風險級別 8
3 永明強積金65歲後基金參考投資組合
Risk Class8 Sun Life MPF Age 65 Plus Fund Reference Portfolio

6.03% 2.41% 6.20% 15.14% 不適用 N/A 不適用 N/A 16.43% 6.20% 4.81% 不適用 N/A 不適用 N/A 4.45%
Sun Life MPF Age 65 Plus Fund
參考投資組合*
Reference Portfolio*
3.02% 0.13% 3.78% 9.64% 不適用 N/A 不適用 N/A 10.49% 不適用 N/A 不適用 N/A 2.44% -1.60% 8.94%
Sun Life MPF Age 65 Plus Fund

第三季度環球股市上升，但地區表現各異，其中亞洲及美國跑贏歐洲。受惠於經濟復 n 國際貨幣（除美元及港元）債券 45.1%
甦跡象及貨幣政策寬鬆，第三季度美國股市上升。聯儲局今後將使用平均通脹目標設 Global Currencies ex USD ex HKD Bond
定利率，允許通脹暫時高於目標水平。由於部份國家的新冠肺炎病例大幅增加及重新
實施地區限制以控制疫情，歐元區股市大致平收，跑輸環球市場。季內，儘管日圓走 n 美元債券 USD Bond 32.6%
強，日本股市仍上升。安倍晉三辭任首相職位並由菅義偉繼任。儘管部份國家的新增 n 美國股票 US equities 12.6%
病例進一步增加及中美摩擦升級，2020年第三季度新興市場股市仍上升。季內，受惠 n 歐洲股票 Europe equities
於政策措施、經濟逐漸重啟以及新冠疫苗在某程度上帶來希望，市場情緒以利好或「冒 4.3%
險」為主。聯儲局於8月份宣布改變通脹目標制度，今後將以平均通脹率2%為目標， n 亞洲（不包括香港及日本）股票 1.3%
允許通脹暫時高於目標水平。這受到市場的利好反應。由於新冠感染率上升及一些國 Asia ex HK ex Japan equities
家重新實施地區封鎖，9月份市場表現低迷。美國選舉方面的不明朗因素開始升溫，特 n 日本股票 Japan equities 1.1%
別是市場擔憂選舉結果將引發爭議，以及聯儲局維持政策不變令人失望。政府債券孳
息率表現參差。10年期美國國債孳息率收於0.68%，上升3點子，而10年期英國孳息率上 n 香港股票 Hong Kong equities 1.0%
升6點子至0.23%。歐洲政府債券表現良好，原因是在歐盟公布7,500億歐元的抗疫復甦 n 其他股票 Other equities 0.4%
基金後，該地區的市場情緒明顯改善。10年期德國孳息率下跌7點子，收於-0.52%。存 n 現金或現金等值 Cash and cash equivalent 1.6%
續期方面，我們維持中性觀點。鑒於孳息率處於歷史低位，估值仍顯著偏高。我們認
為債券的升幅有限，但各央行有能力將利率市場的波動維持在較低水平。鑒於我們對
其他地區的風險持倉，存續期亦仍對投資組合有作用。主權債券方面，我們看淡所有
主要市場。相比之下，我們看好以美元及本地貨幣計值的新興市場債券。企業信貸方十大主要證券7 Top 10 Holdings7
面，我們仍看好投資級別，但對高收益債券持中性。雖然近期的息差收窄使估值吸引
力降低，但各央行的流動性支持措施（特別是聯儲局購債）將繼續為市場帶來利好。 US Government Bond 2.25% 15-Nov-2025 4.9%
Global equities gained in the third quarter but regional performances diverged with Asia and the
US outperforming Europe. US shares gained in the third quarter, supported by signs of economic US Government Bond 2.75% 15-Nov-2047 3.4%
recovery and loose monetary policy. The Fed will now use average inflation targeting in setting
interest rates, allowing for temporary overshoots in inflation. Eurozone shares were virtually flat, US Government Bond 5.25% 15-Feb-2029 3.4%
lagging behind global markets as COVID-19 infections rose sharply in several countries and local
restrictions to curb the virus were reintroduced. Japanese shares gained over the quarter, despite US Government Bond 2.125% 31-Mar-2024 3.3%
the yen strengthening. Shinzo Abe resigned as prime minister and was replaced by Yoshihide US Government Bond 1.625% 15-Nov-2022 3.0%
Suga. Emerging market equities advanced in the third quarter, despite a further acceleration in
new cases of COVID-19 in certain countries, and an escalation in US-China tensions. The tone was US Government Bond 2.5% 15-Aug-2023 2.8%
predominantly positive or "risk on" in markets over the quarter, underpinned by policy measures,
the gradual reopening of economies and, to some degree, hopes of a COVID-19 vaccine. The Fed US Government Bond 2.375% 15-May-2027 2.5%
announced a change to its inflation targeting regime in August, saying it would target an average 2%
inflation rate, allowing periods of overshoot. This was well received by markets. September saw a Italy Government Bond 6% 1-May-2031 2.3%
more muted tone in markets amid rising COVID infection rates and renewed localized lockdowns
in some countries. US election uncertainty began to build, particularly concerns that the outcome US Government Bond 3.125% 15-Feb-2043 2.1%
will be contested, and the Fed disappointed by leaving policy unchanged. Government bond
yields were mixed. The US 10-year yield finished at 0.68%, three basis points (bps) higher, with US Government Bond 1.5% 31-Jan-2022 1.9%
the UK 10-year yield six points higher at 0.23%. European government bonds performed well as
sentiment toward the region improved markedly after the EU announced a €750 billion pandemic
recovery fund. The German 10-year yield fell by 7bps, finishing at -0.52%. The euro gained over
4% against the US dollar, while the dollar index lost just over 3.5% overall. On duration, we have
retained our neutral view. With yields trading at historical lows, valuations remain very expensive.
We believe that the upside to bonds is limited but central banks will be able to keep a low
volatility regime in the rates markets. Duration also remains useful in a portfolio context given
our risk positions elsewhere. Within the sovereign bond universe, we are negative on all of the
main markets. In comparison, we are positive on emerging market debt denominated in USD and
local currency. On corporate credit, we remain positive on investment grade but neutral on high
yield bonds. Despite recent spread tightening making valuations less attractive, liquidity support
measures from the central banks, particularly buying by the Fed, continue to benefit the market.
永明強積金65歲後基金的首個交易日為03/04/2017，這項成分基金的業績表現資料由03/04/2017開始計算。
The first dealing day of Sun Life MPF Age 65 Plus Fund is on 03/04/2017 and the performance information of this constituent fund is calculated from 03/04/2017. 7
永明強積金平穩基金
Sun Life MPF Stable Fund 市場預測1
Market Forecast1
不適用^^
N/A^^
基本資料 Basic Information 投資目標 ◆ Investment Objective◆

成立日期此基金尋求向成員提供穩定的資本增值。
01/12/2000
Launch Date This fund seeks to provide members with steady capital appreciation.
7,066.2

Mixed Assets Fund – Global
200
Maximum equity investments 50%
指數化 Indexed
150
100
風險程度3
6.17% 50
Risk Indicator3 12/00 12/02 12/04 12/06 12/08 12/10 12/12 12/14 12/16 12/18
風險級別8
4 永明強積金平穩基金 – B類
4
Risk Class8
Sun Life MPF Stable Fund – Class B 4

A類 Class A 4.97% 4.40% 6.36% 11.47% 25.77% 36.23% 126.12% 6.36% 3.69% 4.69% 3.14% 4.20%
B類 Class B 5.12% 4.44% 6.57% 12.14% 27.02% 38.98% 134.75% 6.57% 3.89% 4.90% 3.35% 4.40%
A類 Class A 4.59% -0.23% 4.78% 7.79% 12.31% 20.49% 50.72% -0.77% 0.93% 14.02% -5.16% 8.73%
B類 Class B 4.66% -0.21% 4.88% 8.11% 12.88% 21.74% 54.14% -0.57% 1.14% 14.24% -4.97% 8.95%

全球股市在第三季度的首兩個月升勢持續，及後於9月份回調。市場受到各政府和央行 n 環球債券 Global Bonds 28.9%
大規模財政和貨幣刺激措施、全球經濟進一步復甦，以及新冠病毒疫苗有望快將面世所
驅動。該等積極因素抵銷了若干歐洲和亞洲國家死灰復燃的新冠病例從而須重啟遏制措 n 亞洲債券 Asian Bonds 25.7%
施的影響。由於聯儲局貨幣政策支持以及第二季度美股企業盈利勝預期，標普500指數 n 亞洲股票 Asian Equities 12.0%
在9月初升至歷史新高。歐洲和日本等其他發達市場也因宏觀數據改善和政策支持而上
漲。歐盟各國領袖就7,500億歐元的復甦基金達成協議，進一步提振了市場氣氛。新興市 n 環球股票 Global Equities 11.7%
場在美元下跌、中國採購經理訂單和產出指數回升的推動下上漲。然而，由於科技股的 n 香港股票 Hong Kong Equities 8.9%
調整，股市在9月份走勢逆轉。美國財政談判陷入僵局，歐洲採購經理指數回落，以及
對美國大選和英國與歐盟的脫歐談判的擔憂使市場情緒惡化。美聯儲主席鮑威爾在傑克 n 港元債券 HKD Bonds 8.5%
遜霍爾研討會上，美聯儲宣布修訂其長期目標和貨幣政策。如預期，聯邦公開市場委員
會將取消其2%通貨膨脹目標，以實現平均2%的通貨膨脹率。美聯儲還調整了就業目標， n 其他債券 Other Bonds 0.7%
主要關注就業水平不足，而不是以前的偏差。在歐洲，當局推出7,500億歐元復甦基金 n 其他股票 Other equities 0.3%
的消息導致歐洲債券孳息率下跌，但政府債券孳息率整體仍幾乎維持不變。季內企業債
券表現利好。儘管總體經濟數據有所改善，但失業率上升和小企業就業情況凸顯了在缺 n 現金及其他^ Cash and Others^ 3.3%
乏額外財政刺激措施的情況下，復甦可能陷入停頓的風險。鑑於緊張局勢和進入選舉季
節的最後階段，風險程度在大選之前會更高。在競選活動的最後階段可能會引起市場關
注，但選舉只是推動市場波動的眾多因素之一。關於未來冠狀病毒爆發及其潛在經濟影
響的不確定性仍然存在。同時，美聯儲表示有意繼續採取非常寬鬆的貨幣政策，因此市
場上儘管有破紀錄的公司債務發行，需求仍保持強勁。這些因素也推動對非政府固定收
益債券產品的需求和支持。而9月份價差的擴大幫助提高這些企業債券的吸引力。
Global equities extended gains in the first two months of the third quarter before correction in September. 十大主要證券7 Top 10 Holdings7
Markets were fueled by massive fiscal and monetary stimulus from governments and central banks, further signs
of recovery in global economies, and hope for COVID-19 vaccines in the near future. Those positives offset the 騰訊控股 Tencent Holdings Ltd 1.8%
impact from resurging coronavirus cases in some European and Asian countries, which renewed containment
measures. With monetary support from the Fed and better-than-feared corporate earnings for the second quarter, 阿里巴巴 Alibaba Group Holding Limited 1.5%
S&P 500 Index rose to an all-time high in early September. Other developed markets like Europe and Japan US Government Bond 1.5% 30-Nov-2024 1.3%
also rose on improved macro data and policy supports. Leaders of European Union countries forged deal on a
€750 billion recovery fund further buoyed sentiment. Emerging markets gained on the back of weakened USD, and Taiwan Semiconductor Manufacturing Company Ltd 1.2%
rejuvenated order and output PMI readings from China. However, equities reversed course in September, led by a
correction in tech sector. Stalled US fiscal negotiations, retreat in European PMIs, and concerns over the upcoming US Treasury Inflation Index Linked Notes 0.125% 15-Apr-2025 1.1%
US presidential election and UK/EU Brexit negotiations soured sentiment. In coordination with Fed Chair Powell’s
commentary at the Jackson Hole Symposium, the Federal Reserve announced a revision to their long-run goals and Italy Government Bond 2.2% 1-Jun-2027 0.9%
monetary policy strategy. As expected, the FOMC will retire its symmetric 2% inflation target, in favor of aiming
to achieve an inflation rate averaging 2% over time. The Fed also adjusted its maximum employment objective, by Spain Government Bond 3.8% 30-Apr-2024 0.9%
focusing primarily on shortfalls from the maximum employment level rather than deviations as it had previously.
In Europe, government bond yields were generally little changed although European yields fell after news of the 友邦保險 AIA Group Ltd 0.8%
€750 billion recovery fund. Corporate bonds had a positive quarter. While economic data has been generally
improving, higher frequency data such as elevated jobless claims and small business employment highlight the risk US Government Bond 2.875% 15-May-2049 0.8%
that the recovery could stall absent additional fiscal stimulus. Given tensions and political posturing entering the
last stages of election season, short-term we believe risk premiums should be higher on the margin until resolution Samsung Electronics Co Ltd 0.7%
of the election. While the final stage of the election campaign is likely to garner headlines and attention, it is
important to keep in mind that the election is only one of the many factors to drive intermediate term results,
even if short-term it contributes to volatility. More broadly, uncertainty remains regarding risks of future outbreaks
of coronavirus and its potential economic impacts. At the same time, the Fed has stated its intent to continue
extraordinarily accommodative monetary policy and demand remains robust, which can be seen in the market
readily absorbing record-breaking corporate debt issuance. These factors suggest an appetite and support for
non-governmental fixed income and the modest spread widening in September has increased the yields and
attractiveness of these sectors going into the final quarter of the year.
永明強積金核心累積基金
Sun Life MPF Core Accumulation Fund 市場預測1
Market Forecast1
不適用^^
N/A^^

成立日期透過環球分散方式投資為成員提供資本增值。
01/04/2017
Launch Date
Provide capital growth to members by investment in a globally diversified manner.
3,883.1
基金價格（港元）基金表現 Fund Performance
1.2205
Fund Price (HK$)
130
基金類別混合資產基金 – 環球
Mixed Assets Fund – Global 120
指數化 Indexed
投資經理永明資產管理（香港）有限公司 110
基金開支比率2 100
0.82%
Fund Expense Ratio2
風險程度3 90
9.44% 04/17 10/17 04/18 10/18 04/19 10/19 04/20
Risk Indicator3
風險級別 8 永明強積金核心累積基金參考投資組合
Risk Class8 4 Sun Life MPF Core Accumulation Fund Reference Portfolio

Sun Life MPF Core 5.00% 5.95% 9.12% 17.11% 不適用 N/A 不適用 N/A 22.05% 9.12% 5.41% 不適用 N/A 不適用 N/A 5.86%
Accumulation Fund
參考投資組合*
Reference Portfolio*
5
平均成本法回報 Dollar Cost Averaging Return 5
(僅作舉例用途 For illustrative purposes only) 年度回報 Calendar Year Return
Sun Life MPF Core 6.67% 0.21% 6.59% 10.84% 不適用 N/A 不適用 N/A 12.03% 不適用 N/A 不適用 N/A 7.89% -5.88% 14.47%
Accumulation Fund

第三季度環球股市上升，但地區表現各異，其中亞洲及美國跑贏歐洲。受惠於經濟復 n 美國股票 US equities 36.7%
甦跡象及貨幣政策寬鬆，第三季度美國股市上升。聯儲局今後將使用平均通脹目標設
定利率，允許通脹暫時高於目標水平。由於部份國家的新冠肺炎病例大幅增加及重新 n 國際貨幣（除美元及港元）債券 21.9%
實施地區限制以控制疫情，歐元區股市大致平收，跑輸環球市場。季內，儘管日圓走 Global Currencies ex USD ex HKD Bond
強，日本股市仍上升。安倍晉三辭任首相職位並由菅義偉繼任。儘管部份國家的新增 n 美元債券 USD Bond 15.8%
病例進一步增加及中美摩擦升級，2020年第三季度新興市場股市仍上升。季內，受惠
於政策措施、經濟逐漸重啟以及新冠疫苗在某程度上帶來希望，市場情緒以利好或「冒 n 歐洲股票 Europe equities 12.6%
險」為主。聯儲局於8月份宣布改變通脹目標制度，今後將以平均通脹率2%為目標， n 亞洲（不包括香港及日本）股票 3.7%
允許通脹暫時高於目標水平。這受到市場的利好反應。由於新冠感染率上升及一些國 Asia ex HK ex Japan equities
家重新實施地區封鎖，9月份市場表現低迷。美國選舉方面的不明朗因素開始升溫，特
別是市場擔憂選舉結果將引發爭議，以及聯儲局維持政策不變令人失望。政府債券孳 n 日本股票 Japan equities 3.3%
息率表現參差。10年期美國國債孳息率收於0.68%，上升3點子，而10年期英國孳息率上 n 香港股票 Hong Kong equities 3.0%
升6點子至0.23%。歐洲政府債券表現良好，原因是在歐盟公布7,500億歐元的抗疫復甦 n 其他股票 Other equities 1.2%
基金後，該地區的市場情緒明顯改善。10年期德國孳息率下跌7點子，收於-0.52%。存 n 現金或現金等值 Cash and cash equivalent 1.8%
續期方面，我們維持中性觀點。鑒於孳息率處於歷史低位，估值仍顯著偏高。我們認
為債券的升幅有限，但各央行有能力將利率市場的波動維持在較低水平。鑒於我們對
其他地區的風險持倉，存續期亦仍對投資組合有作用。主權債券方面，我們看淡所有
主要市場。相比之下，我們看好以美元及本地貨幣計值的新興市場債券。企業信貸方
面，我們仍看好投資級別，但對高收益債券持中性。雖然近期的息差收窄使估值吸引十大主要證券7 Top 10 Holdings7
力降低，但各央行的流動性支持措施（特別是聯儲局購債）將繼續為市場帶來利好。
Global equities gained in the third quarter but regional performances diverged with Asia and the US Government Bond 2.25% 15-Nov-2025 2.4%
US outperforming Europe. US shares gained in the third quarter, supported by signs of economic Microsoft Corp 2.0%
recovery and loose monetary policy. The Fed will now use average inflation targeting in setting
interest rates, allowing for temporary overshoots in inflation. Eurozone shares were virtually flat, Amazon.com Inc 1.9%
lagging behind global markets as COVID-19 infections rose sharply in several countries and local
restrictions to curb the virus were reintroduced. Japanese shares gained over the quarter, despite US Government Bond 2.75% 15-Nov-2047 1.7%
the yen strengthening. Shinzo Abe resigned as prime minister and was replaced by Yoshihide
Suga. Emerging market equities advanced in the third quarter, despite a further acceleration in US Government Bond 5.25% 15-Feb-2029 1.6%
new cases of COVID-19 in certain countries, and an escalation in US-China tensions. The tone was
predominantly positive or "risk on" in markets over the quarter, underpinned by policy measures, US Government Bond 2.125% 31-Mar-2024 1.6%
the gradual reopening of economies and, to some degree, hopes of a COVID-19 vaccine. The Fed
announced a change to its inflation targeting regime in August, saying it would target an average 2% US Government Bond 1.625% 15-Nov-2022 1.4%
inflation rate, allowing periods of overshoot. This was well received by markets. September saw a
more muted tone in markets amid rising COVID infection rates and renewed localized lockdowns Alphabet Inc Class A 1.4%
in some countries. US election uncertainty began to build, particularly concerns that the outcome
will be contested, and the Fed disappointed by leaving policy unchanged. Government bond US Government Bond 2.5% 15-Aug-2023 1.4%
yields were mixed. The US 10-year yield finished at 0.68%, three basis points (bps) higher, with
the UK 10-year yield six points higher at 0.23%. European government bonds performed well as US Government Bond 2.375% 15-May-2027 1.2%
sentiment toward the region improved markedly after the EU announced a €750 billion pandemic
recovery fund. The German 10-year yield fell by 7bps, finishing at -0.52%. The euro gained over
4% against the US dollar, while the dollar index lost just over 3.5% overall. On duration, we have
retained our neutral view. With yields trading at historical lows, valuations remain very expensive.
We believe that the upside to bonds is limited but central banks will be able to keep a low
volatility regime in the rates markets. Duration also remains useful in a portfolio context given
our risk positions elsewhere. Within the sovereign bond universe, we are negative on all of the
main markets. In comparison, we are positive on emerging market debt denominated in USD and
local currency. On corporate credit, we remain positive on investment grade but neutral on high
yield bonds. Despite recent spread tightening making valuations less attractive, liquidity support
measures from the central banks, particularly buying by the Fed, continue to benefit the market.
永明強積金核心累積基金的首個交易日為03/04/2017，這項成分基金的業績表現資料由03/04/2017開始計算。
The first dealing day of Sun Life MPF Core Accumulation Fund is on 03/04/2017 and the performance information of this constituent fund is calculated from 03/04/2017. 9
永明強積金均衡基金
Sun Life MPF Balanced Fund 市場預測1
Market Forecast1
不適用^^
N/A^^
基本資料 Basic Information 投資目標 # Investment Objective #

成立日期此基金尋求向成員提供中至長線的穩健資本增值。
01/12/2000
Launch Date This fund seeks to provide members with moderate capital appreciation over the
medium to long term.
6,177.0
指數化 Indexed
200
150
風險程度3
8.89% 50
Risk Indicator3
12/00 12/02 12/04 12/06 12/08 12/10 12/12 12/14 12/16 12/18
風險級別 8
Risk Class8 4 永明強積金均衡基金 – B類

4
Sun Life MPF Balanced Fund – Class B 4

A類 Class A 4.29% 5.89% 7.72% 13.04% 34.52% 54.02% 165.91% 7.72% 4.17% 6.11% 4.41% 5.06%
B類 Class B 4.45% 5.95% 7.93% 13.72% 35.87% 57.13% 176.07% 7.93% 4.38% 6.32% 4.62% 5.25%
A類 Class A 6.20% -0.17% 6.00% 8.58% 15.11% 27.77% 71.41% -0.54% 1.77% 19.54% -7.14% 12.01%
B類 Class B 6.27% -0.15% 6.10% 8.90% 15.70% 29.14% 75.43% -0.34% 1.97% 19.78% -6.95% 12.23%

全球股市在第三季度的首兩個月升勢持續，及後於9月份回調。市場受到各政府和央行 n 環球股票 Global Equities 23.6%
驅動。該等積極因素抵銷了若干歐洲和亞洲國家死灰復燃的新冠病例從而須重啟遏制措 n 亞洲債券 Asian Bonds 18.5%
施的影響。由於聯儲局貨幣政策支持以及第二季度美股企業盈利勝預期，標普500指數 n 環球債券 Global Bonds 18.4%
漲。歐盟各國領袖就7,500億歐元的復甦基金達成協議，進一步提振了市場氣氛。新興市 n 亞洲股票 Asian Equities 17.2%
場在美元下跌、中國採購經理訂單和產出指數回升的推動下上漲。然而，由於科技股的 n 香港股票 Hong Kong Equities 11.4%
會將取消其2%通貨膨脹目標，以實現平均2%的通貨膨脹率。美聯儲還調整了就業目標， n 其他股票 Other equities 0.5%
主要關注就業水平不足，而不是以前的偏差。在歐洲，當局推出7,500億歐元復甦基金 n 其他債券 Other Bonds 0.5%
S&P 500 Index rose to an all-time high in early September. Other developed markets like Europe and Japan Taiwan Semiconductor Manufacturing Company Ltd 1.7%
€750 billion recovery fund further buoyed sentiment. Emerging markets gained on the back of weakened USD, and 友邦保險 AIA Group Ltd 1.1%
correction in tech sector. Stalled US fiscal negotiations, retreat in European PMIs, and concerns over the upcoming Samsung Electronics Co Ltd 0.9%
commentary at the Jackson Hole Symposium, the Federal Reserve announced a revision to their long-run goals and 美團點評 Meituan Dianping 0.8%
to achieve an inflation rate averaging 2% over time. The Fed also adjusted its maximum employment objective, by Microsoft Corp 0.8%
In Europe, government bond yields were generally little changed although European yields fell after news of the US Treasury Inflation Index Linked Notes 0.125% 15-Apr-2025 0.8%
improving, higher frequency data such as elevated jobless claims and small business employment highlight the risk TAL Education Group 0.7%
last stages of election season, short-term we believe risk premiums should be higher on the margin until resolution US Government Bond 1.5% 30-Nov-2024 0.7%
永明強積金增長基金
Sun Life MPF Growth Fund 市場預測1
Market Forecast1
不適用^^
N/A^^
基本資料 Basic Information 投資目標~ Investment Objective~

成立日期此基金務求向成員提供中至長線的顯著資本增值。
01/12/2000
Launch Date This fund seeks to provide members with significant capital appreciation over the
基金資產值（以百萬港元計算） medium term to longer term.
8,996.6

指數化 Indexed
250

100
風險程度3
11.85% 50
Risk Indicator3
12/00 12/02 12/04 12/06 12/08 12/10 12/12 12/14 12/16 12/18
風險級別 8
5 永明強積金增長基金 – B類
4
Risk Class8
Sun Life MPF Growth Fund – Class B 4

A類 Class A 4.05% 7.27% 9.41% 14.26% 43.55% 73.38% 206.89% 9.41% 4.54% 7.50% 5.66% 5.82%
B類 Class B 4.21% 7.32% 9.63% 14.95% 45.01% 76.89% 218.62% 9.63% 4.76% 7.72% 5.87% 6.02%
A類 Class A 7.86% -0.22% 7.35% 9.21% 17.77% 35.42% 94.45% -0.36% 2.92% 25.18% -9.20% 14.61%
B類 Class B 7.93% -0.21% 7.46% 9.54% 18.38% 36.90% 99.14% -0.16% 3.13% 25.43% -9.02% 14.84%

全球股市在第三季度的首兩個月升勢持續，及後於9月份回調。市場受到各政府和央行 n 環球股票 Global Equities 31.9%
驅動。該等積極因素抵銷了若干歐洲和亞洲國家死灰復燃的新冠病例從而須重啟遏制措 n 亞洲股票 Asian Equities 22.0%
施的影響。由於聯儲局貨幣政策支持以及第二季度美股企業盈利勝預期，標普500指數 n 香港股票 Hong Kong Equities 20.2%
漲。歐盟各國領袖就7,500億歐元的復甦基金達成協議，進一步提振了市場氣氛。新興市 n 亞洲債券 Asian Bonds 9.3%
場在美元下跌、中國採購經理訂單和產出指數回升的推動下上漲。然而，由於科技股的 n 環球債券 Global Bonds 8.1%
會將取消其2%通貨膨脹目標，以實現平均2%的通貨膨脹率。美聯儲還調整了就業目標， n 其他股票 Other equities 1.0%
主要關注就業水平不足，而不是以前的偏差。在歐洲，當局推出7,500億歐元復甦基金 n 其他債券 Other Bonds 0.3%
S&P 500 Index rose to an all-time high in early September. Other developed markets like Europe and Japan Taiwan Semiconductor Manufacturing Company Ltd 2.3%
€750 billion recovery fund further buoyed sentiment. Emerging markets gained on the back of weakened USD, and 友邦保險 AIA Group Ltd 1.8%
correction in tech sector. Stalled US fiscal negotiations, retreat in European PMIs, and concerns over the upcoming Samsung Electronics Co Ltd 1.1%
commentary at the Jackson Hole Symposium, the Federal Reserve announced a revision to their long-run goals and Microsoft Corp 1.1%
to achieve an inflation rate averaging 2% over time. The Fed also adjusted its maximum employment objective, by 美團點評 Meituan Dianping 1.1%
In Europe, government bond yields were generally little changed although European yields fell after news of the Amazon.com Inc 1.0%
improving, higher frequency data such as elevated jobless claims and small business employment highlight the risk Apple Inc 0.9%
last stages of election season, short-term we believe risk premiums should be higher on the margin until resolution TAL Education Group 0.9%
may be invested in multiple underlying funds managed by various investment managers). For more details about this Constituent Fund, please refer to the latest MPF Scheme Brochure of the Scheme. 11
永明強積金行業股票基金
Sun Life MPF Multi-Sector Equity Fund 市場預測1
Market Forecast1 正面預測 Positive

▲ ▲
成立日期此基金尋求透過投資於環球股票界別以達致長期的資本增值。
01/03/2008
Launch Date This fund seeks to achieve long-term capital appreciation through investments in
global equity sectors.
5,161.8

180
基金類別股票基金 – 環球股票
160
Fund Descriptor Equity Fund – Global Equities
140
指數化 Indexed
100
基金開支比率 2
A類 Class A 1.83%
風險程度 3 60
14.88%
Risk Indicator3
40
03/08 03/10 03/12 03/14 03/16 03/18 03/20
風險級別8
5 永明強積金行業股票基金 – B類
4
Risk Class8
Sun Life MPF Multi-Sector Equity Fund – Class B 4

A類 Class A 1.22% 6.53% 9.20% 12.13% 39.12% 60.86% 45.71% 9.20% 3.89% 6.83% 4.87% 3.04%
B類 Class B 1.37% 6.58% 9.42% 12.80% 40.51% 64.12% 49.43% 9.42% 4.10% 7.04% 5.08% 3.24%
A類 Class A 7.08% -0.72% 6.31% 7.94% 16.40% 30.02% 40.72% -4.79% 2.11% 23.14% -11.81% 18.90%
B類 Class B 7.16% -0.70% 6.41% 8.25% 17.01% 31.42% 42.69% -4.60% 2.32% 23.39% -11.63% 19.14%

全球股市在第三季度的首兩個月升勢持續，及後於9月份回調。市場受到各政 n 資訊科技 Information Technology 26.3%
n 通信服務 Communication Services 12.9%
府和央行大規模財政和貨幣刺激措施、全球經濟進一步復甦，以及新冠病毒
n 非必需消費品 Consumer Discretionary 12.0%
疫苗有望快將面世所驅動。該等積極因素抵銷了若干歐洲和亞洲國家死灰復健康護理 Health Care 11.6%
n
燃的新冠病例從而須重啟遏制措施的影響。然而，由於科技股的調整，股市 n 金融 Financials 9.3%
在9月份走勢逆轉。美國財政談判陷入僵局，歐洲採購經理指數回落，以及對 n 原材料 Materials 8.9%
美國大選和英國與歐盟的脫歐談判的擔憂使市場情緒惡化。各板塊中，非必 n 工業 Industrials 4.7%
需消費品、工業和科技股於季度內跑贏大市，而金融和能源類股則表現落後。 n 主要消費品 Consumer Staples 3.6%
n 能源 Energy 2.4%
Global equities extended gains in the first two months of the third quarter before n 房地產 Real Estate 1.0%
correction in September. Markets were fueled by massive fiscal and monetary n 公用事業 Utilities 1.0%
stimulus from governments and central banks, further signs of recovery in global n 其他投資 Other Investments 0.8%
economies, and hope for COVID-19 vaccines in the near future. Those positives n 現金及其他^ Cash and Others^ 5.5%
offset the impact from resurging coronavirus cases in some European and Asian
countries, which renewed containment measures. However, equities reversed course 十大主要證券7 Top 10 Holdings7
in September, led by a correction in tech sector. Stalled US fiscal negotiations, retreat
Apple Inc 4.5%
in European PMIs, and concerns over the upcoming US presidential election and UK/
EU Brexit negotiations soured sentiment. Among sectors, consumer discretionary, Microsoft Corp 4.1%
industrials and tech outperformed, while financials and energy trailed in the quarter. Alphabet Inc 2.7%
Amazon.com Inc 2.0%
Facebook Inc 2.0%
Linde PLC 1.4%
Tencent Holdings Ltd 1.1%
Visa Inc 1.0%
NVIDIA Corp 0.9%
Taiwan Semiconductor Manufacturing Company Ltd 0.8%
架構［即成分基金資產可投資於不同的基礎基金，並由不同的投資經理管理］。由2018年3月1日起，「永明強積金環球股票基金」已更改名稱為「永明強積金行業股票基金」。其投資目標及
政策亦作出修定。有關此成分基金的詳細資料，請參閱本計劃最新版本之強積金計劃說明書。
may be invested in multiple underlying funds managed by various investment managers). Since 1 March 2018, the name of "Sun Life MPF Global Equity Fund" has been changed to "Sun Life MPF Multi-Sector
12 Fund". Its investment objective and policy have been changed. For more details about this Constituent Fund, please refer to the latest MPF Scheme Brochure of the Scheme.
永明強積金亞洲股票基金
Sun Life MPF Asian Equity Fund 市場預測1

▲ ▲
成立日期此基金尋求為成員提供長期的資本增值。
01/03/2008
Launch Date This fund seeks to provide members with long term capital growth.
2,802.4

200
基金類別股票基金 – 亞洲（日本除外）
Fund Descriptor Equity Fund – Asia ex Japan
150
指數化 Indexed
風險程度 3
17.50%
Risk Indicator3 0
03/08 03/10 03/12 03/14 03/16 03/18 03/20
風險級別8
6 永明強積金亞洲股票基金 – B類
4
Risk Class8
Sun Life MPF Asian Equity Fund – Class B 4

A類 Class A 15.33% 13.58% 26.01% 17.76% 57.89% 72.68% 76.39% 26.01% 5.60% 9.56% 5.61% 4.61%
B類 Class B 15.50% 13.65% 26.27% 18.48% 59.49% 76.17% 80.89% 26.27% 5.81% 9.79% 5.83% 4.82%
A類 Class A 16.18% 0.00% 17.03% 18.02% 28.32% 41.93% 58.85% -10.45% 2.05% 38.51% -16.81% 14.05%
B類 Class B 16.26% 0.02% 17.15% 18.37% 29.00% 43.46% 61.12% -10.27% 2.25% 38.78% -16.64% 14.28%

亞洲股市在第三季度飆升，儘管9月份有所回落。受全球新冠病毒疫苗開發進 n 香港/中國 Hong Kong/China 53.9%
度理想、美元持續疲弱，以及中國經濟數據持續改善的驅動，市場逐險情緒 n 南韓 South Korea 13.4%
n 台灣 Taiwan 13.1%
持續。印度、台灣和韓國是區內表現最佳的市場。印度方面，經濟逐漸重啟
n 印度 India 9.6%
以及採購經理指數快速改善等，抵銷了新增病毒確診數字仍然急升的負面因
n 新加坡 Singapore 1.7%
素，而投資者也認為該國最差的時期已經過去而感到樂觀。韓國股市受到強
n 泰國 Thailand 1.7%
勁的出口數據所支撐，儘管新一波的疫情重現。科技股、電動汽車相關股和
n 菲律賓 Philippines 0.9%
生物製藥股領漲。但另一方面，由於全球股市的調整，中美緊張局勢再次升
n 其他股票 Other equities 0.6%
級以及美國財政談判陷入僵局，亞洲區股市於9月份出現調整。 n 現金及其他^ Cash and Others^ 5.1%
Asian equities surged in the third quarter despite pulling back in September. Risk-
on sentiment lingered, driven by positive COVID-19 vaccine developments around
the world, a weaker greenback and improving economic data from China. India,
Taiwan and Korea were top performers in the region. For India, gradual reopening 十大主要證券7 Top 10 Holdings7
in its economy and rapid rebound in PMI readings offset the sharp increase in new
騰訊控股 Tencent Holdings Ltd 9.0%
infection cases, as investors turned optimistic that the worst was over for the
country. Korea equities were well supported by strong exports data despite fresh Taiwan Semiconductor Manufacturing Company Ltd 8.7%
outbreak of infection cases. Tech, electric vehicle-related and biopharmaceutical 阿里巴巴 Alibaba Group Holding Limited 7.3%
stocks led gains. The pullback in September across the region, on the other hand, was Samsung Electronics Co Ltd 6.4%
triggered by the correction in global equities, re-escalating US-China tensions and
Reliance Industries Ltd 3.4%
stalling US fiscal negotiations.
友邦保險 AIA Group Ltd 3.2%
香港交易所 Hong Kong Exchanges and Clearing Ltd 2.7%
中國平安 Ping An Insurance Group Co Of China Ltd H 2.5%
HDFC Bank Ltd 2.1%
LG Chem Ltd 1.7%
架構［即成分基金資產可投資於不同的基礎基金，並由不同的投資經理管理］。由2018年3月1日起，此成分基金之投資政策已作出修定。有關此成分基金的詳細資料，請參閱本計劃最新版
本之強積金計劃說明書。
may be invested in multiple underlying funds managed by various investment managers). Since 1 March 2018, the investment policy of this Constituent Fund has been changed. For more details about this
Constituent Fund, please refer to the latest MPF Scheme Brochure of the Scheme. 13
永明強積金大中華股票基金
Sun Life MPF Greater China Equity Fund 市場預測1

▲ ▲
成立日期此基金尋求透過投資於香港、中國、澳門及台灣相關股票，以達致長期的資
01/03/2008
Launch Date 本增值。
This fund seeks to achieve long-term capital appreciation through investments in
基金資產值（以百萬港元計算） Hong Kong, China, Macau and Taiwan-related securities.
3,829.7

200
基金類別股票基金 – 大中華
Fund Descriptor Equity Fund – Greater China
150
指數化 Indexed
100
50
風險程度 3
18.52%
Risk Indicator3 0
03/08 03/10 03/12 03/14 03/16 03/18 03/20
風險級別 8
6 永明強積金大中華股票基金 – B類
4
Risk Class8
Sun Life MPF Greater China Equity Fund – Class B 4

A類 Class A 19.15% 12.08% 31.18% 25.37% 63.48% 54.37% 57.07% 31.18% 7.83% 10.33% 4.44% 3.65%
B類 Class B 19.32% 12.13% 31.42% 26.12% 65.12% 57.49% 60.94% 31.42% 8.04% 10.55% 4.65% 3.85%
A類 Class A 16.36% -0.12% 18.23% 22.23% 33.77% 46.49% 55.85% -6.97% -0.04% 35.70% -17.44% 17.87%
B類 Class B 16.44% -0.11% 18.33% 22.58% 34.46% 48.04% 57.97% -6.78% 0.16% 35.98% -17.28% 18.11%

中國股票於第三季度走高。中國的領先指標，如採購經理指數和信貸增長， n 金融 Financials 24.3%
印證了季度內的經濟活動持續復甦。工業生產趨於穩定，而需求復甦似乎逐 n 資訊科技 Information Technology 23.4%
n 消費 Consumer 21.5%
漸從基建支出擴大至零售、製造業固定資產投資和出口訂單。然而，9月份
市場略見回調。美中緊張局勢升級是主因，如美國進一步將華為的關連公司
n 健康護理 Health Care 8.9%
加入了實體名單，並加強了對在美國上市的中國企業的財務審查。此外隨著
n 工業 Industrials 2.0%
經濟復甦步入正軌，中國人民銀行對政策指導方針進行了調整，立場也沒有
n 原材料 Materials 2.0%
如上半年度般寬鬆。台灣股市於7月份在晶圓代工廠、無晶圓廠和顯示面板製
造商等科技公司帶動下上揚。然而，科技股在隨後兩個月升勢不繼。儘管出 n 公用事業 Utilities 0.8%
口和工業生產數據仍然不俗，但美國商務部頒布了新的禁令，阻止華為採購 n 現金及其他^ Cash and Others^ 4.2%
使用美國技術所生產的外國製晶片。華為的供應鏈公司如無晶圓廠和封裝公
司等受創最深。
Greater China equities ended higher in the third quarter. Leading indicators from 十大主要證券7 Top 10 Holdings7
China, such as PMI and credit growth, confirmed that the economic activities Taiwan Semiconductor Manufacturing Company Ltd 9.4%
continued to recover throughout the quarter. Industrial production has stabilized,
while demand recovery gradually broadening out from infrastructure spending to
retail sales, manufacturing fixed asset investment and exports orders. However, 阿里巴巴 Alibaba Group Holding Limited 7.7%
market saw a slight pullback in September. Escalating US-China tension was the key 香港交易所 Hong Kong Exchanges and Clearing Ltd 4.0%
overhang, as the US further added Huawei-affiliated companies to the Entity List and 美團點評 Meituan Dianping 3.9%
tightened financial scrutiny over China firms listed in the US. With economic recovery 中國平安 Ping An Insurance Group Co Of China Ltd H 3.8%
on track, People’s Bank of China recalibrated its policy guidance and introduced a less
dovish tone compared to the first half of the year. Taiwanese stocks rallied in July, led
by the tech names such as foundries, IC fabless and display panel makers. However, 招商銀行 China Merchants Bank Co Ltd H 2.6%
tech sector failed to advance further in the next two months despite still resilient 藥明生物 Wuxi Biologics Cayman Inc 2.2%
exports and industrial production data. The US Commerce Department issued new 碧桂園服務 Country Garden Services Holdings 1.8%
restrictions to prevent Huawei from acquiring foreign-made chips manufactured
with US technology. Huawei supply chain names, mainly IC fabless and assembly
companies, were among the hardest hit.
架構［即成分基金資產可投資於不同的基礎基金，並由不同的投資經理管理］，以及成分基金可能投資於台灣有關證券。由2018年3月1日起，此成分基金之投資目標及政策已作出修定。有
關此成分基金的詳細資料，請參閱本計劃最新版本之強積金計劃說明書。
Since 27 May 2016, Sun Life Asset Management (HK) Limited has been appointed as the investment manager of this Constituent Fund. Certain changes have also been made to the investment policy of this Constituent
Fund, including but not limited to the change to a portfolio management fund structure with a multi-manager platform at the underlying fund level (that is, the assets of the constituent funds may be invested in multiple
underlying funds managed by various investment managers), and the inclusion of Taiwan-related securities in the portfolio. Since 1 March 2018, the investment objective and policy of this Constituent Fund have been
14 changed. For more details about this Constituent Fund, please refer to the latest MPF Scheme Brochure of the Scheme.
永明富時強積金香港指數基金
Sun Life FTSE MPF Hong Kong Index Fund 市場預測1

成立日期此基金尋求向成員提供於扣除費用和開支前緊貼富時強積金香港指數表現的
10/12/2013
Launch Date 投資回報。
This fund seeks to provide members with investment results that, before fees and
基金資產值（以百萬港元計算） expenses, closely track the performance of the FTSE MPF Hong Kong Index.
1,398.6

180
基金類別股票基金 – 香港 160
Fund Descriptor Equity Fund – Hong Kong
指數化 Indexed
140
基金開支比率 2
A類 Class A 0.99% 100
80
風險程度3 60
18.08%
Risk Indicator3 12/13 12/14 12/15 12/16 12/17 12/18 12/19
4
永明富時強積金香港指數基金 – B類富時強積金香港指數*
風險級別 8
6
Risk Class8 Sun Life FTSE MPF Hong Kong Index Fund – Class B 4 FTSE MPF Hong Kong Index*
* 資料來源：富時國際有限公司。 Index Source: FTSE International Limited.

A類 Class A -4.63% 3.83% 4.60% 1.08% 41.48% 不適用 N/A 26.85% 4.60% 0.36% 7.19% 不適用 N/A 3.56%
B類 Class B -4.63% 3.83% 4.60% 1.08% 41.48% 不適用 N/A 26.85% 4.60% 0.36% 7.19% 不適用 N/A 3.56%
A類 Class A 4.04% -1.79% 2.91% -0.03% 10.97% 不適用 N/A 14.78% -7.54% 2.26% 40.62% -14.32% 14.98%
B類 Class B 4.04% -1.79% 2.91% -0.03% 10.97% 不適用 N/A 14.78% -7.54% 2.26% 40.62% -14.32% 14.98%
基金經理評論6 Manager’s Commentary6 投資組合分布6 Portfolio Allocation6

n 金融 Financials 38.8%
截至2020年9月30日止三個月，永明富時強積金香港指數基金錄得 3.8% 的回
n 消費服務 Consumer Services 15.8%
報。本基金分別於7月、8月及9月錄得 4.4%、4.5% 及 -4.8% 的回報。季內基金 n 資訊科技 Technology 13.5%
表現最大正面貢獻的個股為美團、阿里巴巴及小米集團。季內基金表現最大 n 消費品 Consumer Goods 8.7%
的拖累因素為匯豐控股、中國建設銀行及工商銀行。 n 工業 Industrials 5.8%
n 健康護理 Healthcare 4.3%
For the three months ended 30 September 2020, Sun Life FTSE MPF Hong Kong n 公用事業 Utilities 3.8%
Index Fund returned 3.8%. The fund delivered returns of 4.4%, 4.5%, and -4.8% for n 石油與天然氣企業 Oil & Gas 2.6%
the months of July, August and September respectively. Among the top positive n 通信服務 Communication Services 2.2%
contributing stocks in the fund during the quarter were Meituan Dianping, Alibaba n 原材料 Materials 1.6%
Group Holding Ltd, and Xiaomi Corp. The biggest detractors from portfolio n 現金及現金等價物 Cash & Cash Equivalent 2.9%
performance over the quarter were HSBC Holdings Plc, China Construction Bank,
Bank of Industrial and Commercial.
十大主要證券6,7 Top 10 Holdings6,7
阿里巴巴 Alibaba Group Holding Ltd 6.2%
美團點評 Meituan Dianping 5.6%
匯豐控股 HSBC Holdings PLC 3.9%
中國建設銀行 China Construction Bank H 3.0%
香港交易所 Hong Kong Exchanges and Clearing Ltd 3.0%
中國平安 Ping An Insurance Group Co Of China Ltd H 2.8%
工商銀行 Industrial & Commercial Bank of China H 2.1%
中國移動 China Mobile Ltd 1.7%
由2016年5月27日起，永明資產管理（香港）有限公司已獲委任為此成分基金的投資經理。此基金將繼續僅投資於一項由貝萊德資產管理北亞有限公司管理的核准緊貼指數集體投資計劃。有
關此成分基金的詳細資料，請參閱本計劃最新版本之強積金計劃說明書。
Since 27 May 2016, Sun Life Asset Management (HK) Limited has been appointed as the investment manager of this Constituent Fund. This Constituent Fund continues to invest solely in the approved index-
tracking collective investment schemes managed by BlackRock Asset Management North Asia Limited. For more details about this Constituent Fund, please refer to the latest MPF Scheme Brochure of the Scheme.
富時強積金香港指數（「指數」）中的所有權利均歸富時國際有限公司（「富時集團」）所有。「FTSE®」是倫敦證券交易所集團公司的商標，由富時集團根據授權使用。永明富時強積金香港指數基金
（「指數基金」）由永明信託有限公司（「受託人」）獨家開發。該指數由富時集團或其代理機構計算。富時集團及其許可方與指數基金無關，也不對指數基金進行贊助、提供建議、推薦、認同
或宣傳，也拒絕對任何人承擔因 (a) 使用、依賴指數或指數中的任何錯誤，或 (b) 投資於或經營指數基金導致的任何責任。富時集團不會對基金獲得的結果或受託人使用指數目的之適當程度
而作出任何明示或隱含聲明、預測、保證或陳述。
All rights in the FTSE MPF Hong Kong Index (the “Index”) vest in FTSE International Limited (“FTSE”). “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence.
The Sun Life FTSE MPF Hong Kong Index Fund (the “Fund”) has been developed solely by Sun Life Trustee Company Limited (the “Trustee”). The Index is calculated by FTSE or its agent. FTSE and its licensors
are not connected to and do not sponsor, advise, recommend, endorse or promote the Fund and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in
the Index or (b) investment in or operation of the Fund. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for
the purpose to which it is being put by the Trustee. 15
永明強積金香港股票基金
Sun Life MPF Hong Kong Equity Fund 市場預測1

▲ ▲
成立日期此基金務求向成員提供長線的資本增值。
01/12/2000 This fund seeks to provide members with long term capital appreciation.
Launch Date
32,588.9

800
基金類別股票基金 – 香港 700
Fund Descriptor Equity Fund – Hong Kong
600
指數化 Indexed
投資經理永明資產管理（香港）有限公司 500
100
風險程度3
17.20%
Risk Indicator3 0
12/00 12/02 12/04 12/06 12/08 12/10 12/12 12/14 12/16 12/18
風險級別 8
永明強積金香港股票基金 – B類
4
6
Risk Class8 Sun Life MPF Hong Kong Equity Fund – Class B 4

A類 Class A 0.67% 7.40% 9.08% 10.70% 53.94% 78.94% 556.31% 9.08% 3.45% 9.01% 5.99% 9.95%
B類 Class B 0.82% 7.45% 9.30% 11.37% 55.49% 82.55% 581.38% 9.30% 3.65% 9.23% 6.20% 10.16%
A類 Class A 8.10% -0.57% 7.04% 5.52% 18.84% 40.34% 206.57% 0.38% 0.49% 42.11% -12.06% 15.44%
B類 Class B 8.17% -0.56% 7.13% 5.83% 19.47% 41.90% 215.05% 0.58% 0.69% 42.39% -11.88% 15.68%

香港股市在第三季度下跌，主要受匯控的急挫拖累，這是因為擔心中國政府 n 消費 Consumer 33.4%
可能將其列入不可靠實體名單。相反，中國股票於第三季度走高。中國的領 n 金融 Financials 28.4%
n 工業 Industrials 9.0%
先指標，如採購經理指數和信貸增長，印證了季度內的經濟活動持續復甦。
n 資訊科技 Information Technology 8.2%
工業生產趨於穩定，而需求復甦似乎逐漸從基建支出擴大至零售、製造業固
定資產投資和出口訂單。然而，9月份市場略見回調。美中緊張局勢升級是
n 健康護理 Health Care 6.2%
主因，如美國進一步將華為的關連公司加入了實體名單，並加強了對在美國
n 公用事業 Utilities 3.0%
上市的中國企業的財務審查。此外隨著經濟復甦步入正軌，中國人民銀行對
政策指導方針進行了調整，立場也沒有如上半年度般寬鬆。 n 原材料 Materials 0.7%
Hong Kong equity market ended lower in the third quarter, mainly detracted by the n 現金及其他^ Cash and Others^ 3.0%
plunge of HSBC on concerns that it might be put on an Unreliable Entity List by the
Chinese government. Conversely, China shares ended the quarter higher. Leading
indicators from China, such as PMI and credit growth, confirmed that economic 十大主要證券7 Top 10 Holdings7
activities continued to recover throughout the quarter. Industrial production has
stabilized, while demand recovery gradually broadening out from infrastructure
spending to retail sales, manufacturing fixed asset investment and exports orders. 友邦保險 AIA Group Ltd 7.3%
However, market saw a slight pullback in September. Escalating US-China tension 阿里巴巴 Alibaba Group Holding Limited 5.2%
was the key overhang, as the US further added Huawei-affiliated companies to the 招商銀行 China Merchants Bank Co Ltd H 3.1%
Entity List and tightened financial scrutiny over China firms listed in the US. With
蒙牛乳業 China Mengniu Dairy Co Ltd 3.0%
economic recovery on track, People’s Bank of China recalibrated its policy guidance
華潤置地 China Resources Land Ltd 2.5%
and introduced a less dovish tone compared to the first half of the year.
創科實業 Techtronic Industries Co 2.4%
新奧能源 ENN Energy Holdings 2.3%
美團點評 Meituan Dianping 2.2%
石藥集團 CSPC Pharmaceutical 2.1%
備註 Remarks
1. 市場預測部份，永明資產管理（香港）有限公司對相關投資市場作出未來一年 8. 風險級別是由強制性公積金計劃管理局按強積金投資基金披露守則而訂立，證
之展望，共有三個評級：券及期貨事務監察委員會並不對此風險級別進行審核或認可。每項成分基金根
For Market Forecast, the Sun Life Asset Management (HK) Limited forecasts a 1 year 據該成分基金的最新基金風險標記，劃分為以下七個風險級別的其中一個風險
outlook with respect to the relevant investment market(s). There are three ratings: 級別。
The risk class is prescribed by the Mandatory Provident Fund Schemes Authority
according to the Code on Disclosure for MPF Investment Funds; and the risk class
has not been reviewed or endorsed by the Securities and Futures Commission. A risk
正面預測 Positive 中立預測 Neutral 負面預測 Negative class is to be assigned to each constituent fund according to the seven-point risk
classification below based on the latest fund risk indicator of the constituent fund.
The Market Forecast is not the forecast of the fund performance of each 風險級別基金風險標記 Fund Risk Indicator
constituent fund and neither the indicative of future performance. Risk Class 相等或以上 Equal or above 少於 Less than
市場預測並不是對每項成分基金之表現作預測，更不代表將來的表現。 1 0.0% 0.5%
2 0.5% 2.0%
2. 基金開支比率旨在讓計劃成員據以估算成分及相關基金投資的開支總額， 3 2.0% 5.0%
計劃成員須直接支付的開支除外。基金開支比率以百分率顯示有關基金截至 4 5.0% 10.0%
每年12月31日財政年度的收費。 5 10.0% 15.0%
Fund Expense Ratio is to provide a measure of the total level of expenses incurred
6 15.0% 25.0%
in investing through the constituent and underlying funds except expenses paid
7 25.0%
directly by the scheme member. The Fund Expense Ratio outlines the fees & charges
of relevant fund in terms of percentage for the scheme financial year ended as at ^ 「現金及其他」指通知現金，及類似應付款項和應收款項的營運項目（如適用）。
31 December each year. “ Cash and Others ” denotes cash at call, and operating items such as account
payables and account receivables (where relevant).
3. 此數字是根據基金過往三年之按月回報率所計算的年度標準差，並準確至小
數後兩個位。一般來說，年度標準差數值越大，成分基金的風險/波幅也將相 ^^ 人生階段基金、永明強積金核心累積基金及永明強積金65歲後基金將不設有任何
對較高。市場預測。投資者應定期評估其風險／回報取向。
The figure shows the annualized standard deviation based on the monthly rates No Market Forecast is assigned to Lifestyle fund, Sun Life MPF Core Accumulation
of return of the fund over the past three years, and correct to 2 decimal places. Fund and Sun Life MPF Age 65 Plus Fund. Investors should review their own risk/
Generally, the greater the annualized standard deviation, the more volatile/risky the return profile regularly.
constituent fund. ▲
由2016年5月27日（「生效日」）起，若干成分基金之投資目標已作出變動。有
關若干成分基金之最新投資目標的詳細資料，請參閱本計劃最新版本之強積
4. 各項成分基金均由永明資產管理（香港）有限公司管理。基金表現之資料，累
金計劃說明書。如計劃成員欲索取有關若干成分基金在生效日前之投資目標
積回報、年率化回報、平均成本法回報之累積回報及年度回報亦由永明資產管
的資料，請致電永明退休金服務熱線3183 1888。
理（香港）有限公司提供。基金表現以資產淨值對資產淨值計算，已扣除所有
With effect from 27 May 2016 (the "Effective Date"), the investment objectives of
費用。基金表現數據將於有最少6個月的投資往績紀錄後開始提供。
certain constituent funds have been changed. For more details of the latest investment
The constituent funds are managed by Sun Life Asset Management (HK) Limited.
objectives of relevant constituent funds, please refer to the latest MPF Scheme
The fund performance information of the cumulative return, annualized return,
Brochure of the Scheme. In the event a scheme member may wish to obtain the
cumulative return of dollar cost averaging return and the calendar year return are
information of investment objectives of certain constituent funds published before the
also provided by Sun Life Asset Management (HK) Limited. The performance data are
Effective Date, please call our Sun Life Pension Service Hotline on 3183 1888.
derived on a NAV-to-NAV basis, net of all charges. The performance figure will be
available after it has an investment track record of not less than 6 months. ◆
由2016年5月27日（「生效日」）起，前稱永明RCM強積金穩定資本基金已經結束，
其剩餘資產已轉移至與其投資目標相若的成分基金；即永明首域強積金平穩
5. 平均成本法回報的計算是在指定期內將最終資產淨值比較總投資金額得出；基金進行基金整合。而該基金現稱為永明強積金平穩基金。如計劃成員欲索
方法是在每月最後一個交易日定額投資同一基金內，以當時基金價格（每單位取有關成分基金最新投資目標的詳細資料，請參閱本計劃最新版本之強積金
資產淨值）購入適量基金單位，總投資金額則等於在指定期間內每月供款的總計劃說明書。如計劃成員欲索取有關成分基金在生效日前之投資目標的資料，
額；而最終資產淨值則由在指定期內所購得的基金單位總數乘以該期間最後請致電永明退休金服務熱線3183 1888。
一個交易日的基金價格（每單位資產淨值）而得出。平均成本法之累積回報只 With effect from 27 May 2016 (the "Effective Date"), the former constituent
提供以作參考，惟數據僅作舉例用途。資料來源：永明資產管理（香港）有限 fund namely Sun Life RCM MPF Capital Stable Fund had been terminated and
公司。 the remaining assets of this constituent fund had been consolidated with the
The Dollar Cost Averaging Return is calculated by comparing the total contributed constituent fund with similar investment objective namely Sun Life First State MPF
amount over the specified period with the final NAV (net asset value). A constant Stable Income Fund; which currently has been renamed as the Sun Life MPF Stable
amount is used to purchase fund units at the prevailing fund price (NAV per unit) on Fund. For more details of the latest investment objectives of relevant constituent
the last trading day of every month over the specified period. The total contributed fund, please refer to the latest MPF Scheme Brochure of the Scheme. In the event
amount is the sum of all such monthly contributions. The final NAV is arrived by a scheme member may wish to obtain the information of investment objectives
multiplying the total units cumulated over the specified period with the fund price of relevant constituent funds published before the Effective Date, please call our
(NAV per unit) on the last trading day of such period. The cumulative returns of Sun Life Pension Service Hotline on 3183 1888.
Dollar Cost Averaging is provided for reference, and the figures are for illustrative # 由2016年5月27日（「生效日」）起，前稱永明RCM強積金穩定增長基金已經結束，
purposes only. Source: Sun Life Asset Management (HK) Limited.
其剩餘資產已轉移至與其投資目標相若的成分基金；即永明首域強積金均衡
基金進行基金整合。而該基金現稱為永明強積金均衡基金。如計劃成員欲索
6. 永明富時強積金香港指數基金之基金經理評論、投資組合分佈、十大主要證券
取有關成分基金最新投資目標的詳細資料，請參閱本計劃最新版本之強積金
資料由該基礎核准緊貼指數集體投資計劃的投資經理 - 貝萊德資產管理北亞
計劃說明書。如計劃成員欲索取有關成分基金在生效日前之投資目標的資料，
有限公司提供。
請致電永明退休金服務熱線3183 1888。
The information of Manager's Commentary, Portfolio Allocation and the Top 10
With effect from 27 May 2016, the former constituent fund namely Sun Life RCM
Holdings of the Sun Life FTSE MPF Hong Kong Index Fund are provided by BlackRock MPF Stable Growth Fund had been terminated and the remaining assets of this
Asset Management North Asia Limited, the investment manager of the underlying constituent fund had been consolidated with the constituent fund with similar
approved index-tracking collective investment scheme. investment objective, namely Sun Life First State MPF Balanced Portfolio Fund; which
currently has been renamed as Sun Life MPF Balanced Fund. For more details of the
7. 「十大主要證券」內列出基金投資組合內的十大證券（不包括現金及其他）。 latest investment objectives of relevant constituent fund, please refer to the latest
基金投資組合可能持有少於十項證券。 MPF Scheme Brochure of the Scheme. In the event a scheme member may wish
“Top 10 Holdings” lists out the largest 10 security holdings (not including cash and to obtain the information of investment objectives of relevant constituent funds
others) of the fund portfolio. The fund portfolio may have less than 10 security published before the Effective Date, please call our Sun Life Pension Service Hotline
holdings. on 3183 1888.
17
~ 由2016年5月27日（「生效日」）起，前稱永明RCM強積金均衡基金已經結束， *「核心累積基金參考組合」及「65歲後基金參考組合」乃強積金業界建立之參
其剩餘資產已轉移至與其投資目標相若的成分基金；即永明首域強積金增長考組合，並由香港投資基金公會公布，旨在就預設投資策略成分基金（即核
基金進行基金整合。而該基金現稱為永明強積金增長基金。如計劃成員欲索心累積基金與65歲後基金）各自的表現及資產分配提供一套共同的參考依據。
取有關成分基金最新投資目標的詳細資料，請參閱本計劃最新版本之強積金有關參考組合將定期進行檢討並可能有所更改。更多及最新有關參考組合的
計劃說明書。如計劃成員欲索取有關成分基金在生效日前之投資目標的資料，資料，請瀏覽香港投資基金公會網站www.hkifa.org.hk。
請致電永明退休金服務熱線3183 1888。 “ Core Accumulation Fund ( “ CAF ” ) Reference Portfolio ” and “ Age 65 Plus Fund
With effect from 27 May 2016, the former constituent fund namely Sun Life (“A65F”) Reference Portfolio” are the MPF industry developed reference portfolio
RCM MPF Balanced Fund had been terminated and the remaining assets of this and published by the Hong Kong Investment Funds Association for the purpose of
constituent fund had been consolidated with the Constituent fund with similar providing a common reference point for performance and asset allocation of the
investment objective, namely Sun Life First State MPF Progressive Growth Fund; DIS constituent funds, i.e. the CAF and A65F respectively. The reference portfolio
which currently has been renamed as the Sun Life MPF Growth Fund. For more is subject to review on regular basis and may change. For more and the latest
details of the latest investment objectives of relevant constituent fund, please refer information about the reference portfolio, please visit the website of the Hong
to the latest MPF Scheme Brochure of the Scheme. In the event a scheme member Kong Investment Funds Association at www.hkifa.org.hk.
may wish to obtain the information of investment objectives of relevant constituent
funds published before the Effective Date, please call our Sun Life Pension Service
Hotline on 3183 1888.
重要事項 Important Notes
投資附帶風險，過去業績並不代表將來表現。投資回報可升可跌，因貨幣變動 Investment involves risks and past performance is not indicative of future performance.
Investment return may rise as well as fall due to market condition and currency
及市況，均可能影響投資價值。不同貨幣的匯率，亦可改變單位價值。投資於
movement which may affect the value of investments. The value of units may vary
新興市場與已發展市場比較，可能會涉及較高風險，並通常對價格變動較為 due to changes in exchange rates between currencies. Emerging markets may involve a
敏感。 higher degree of risk than in developed markets and are usually more sensitive to price
movements.
而永明強積金人民幣及港元基金所持的部分資產投資於人民幣貨幣市場及債務
The return of Sun Life MPF RMB and HKD Fund may be adversely affected by
工具，因此此成分基金的投資回報可能會受人民幣匯率的波動而帶來負面影響， movements in RMB exchange rates as well as foreign exchange controls and
以及受中國政府訂定的外匯監控政策及匯款限制。 repatriation restrictions imposed by the Chinese government as the fund invests part
您應在作出任何投資決定前，查閱本計劃的強積金計劃說明書及有關的市場推 of its assets in RMB denominated money market and debt instruments.
廣資料，以獲取有關詳情及風險因素。 You are advised to read the MPF Scheme Brochure and the relevant marketing materials of
the Scheme for further details and risk factors prior to making any investment decision.
本計劃的季報將在每個季度完結後60日內刊發，並可透過網站www.sunlife.com.hk The Quarterly Update of the Scheme will be issued within 60 days after the end of
下載或致電永明退休金服務熱線3183 1888索取。 each quarter and may download it at www.sunlife.com.hk or call Sun Life Pension
Service Hotline at 3183 1888.
香港永明金融有限公司（於百慕達註冊成立之有限責任公司）客戶服務：卓譽金融服務有限公司

香港九龍紅磡紅鸞道18號祥祺中心A座16樓香港九龍紅磡德豐街18號海濱廣場一座10樓
Sun Life Hong Kong Limited (Incorporated in Bermuda with limited liability) Client Service: BestServe Financial Limited
16th Floor Cheung Kei Center, Tower A, No. 18 Hung Luen Road, Hunghom, Kowloon, Hong Kong 10/F, One Harbourfront, 18 Tak Fung Street
永明退休金服務熱線 Sun Life Pension Service Hotline：3183 1888 傳真 Fax：3183 1889 www.sunlife.com.hk Hung Hom, Kowloon, Hong Kong
永明金融集團成員之一　總公司設於加拿大多倫多由香港永明金融有限公司刊發
A member of the Sun Life Financial group of companies. Head Office in Toronto, Canada. Issued by Sun Life Hong Kong Limited

Sun Life: Rainbow MPF Scheme

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Sun Life: Rainbow MPF Scheme

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Sun Life

Rainbow MPF Scheme

季報 Quarterly Update 第三季 3rd Quarter 2020

市場回顧 Market Review

基本資料 Basic Information 投資目標 Investment Objective

基金價格（港元） A類 Class A 1.1288 基金表現 Fund Performance

Risk Class8 1 永明強積金保守基金 – B類

Sun Life MPF Conservative Fund – Class B 4

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 Investment Objective

基金價格（港元） A類 Class A 1.4764 基金表現 Fund Performance

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 Investment Objective

副投資經理 景順投資管理有限公司 104

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 Investment Objective

基金價格（港元） A類 Class A 1.0252 基金表現 Fund Performance

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 Investment Objective

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 ◆ Investment Objective◆

基金價格（港元） A類 Class A 2.2612

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 Investment Objective

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 # Investment Objective #

Risk Class8 4 永明強積金均衡基金 – B類

Sun Life MPF Balanced Fund – Class B 4

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標~ Investment Objective~

基金價格（港元） A類 Class A 3.0689

基金開支比率2 A類 Class A 1.78% 150

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 Investment Objective

基金價格（港元） A類 Class A 1.4571 基金表現 Fund Performance

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 Investment Objective

基金價格（港元） A類 Class A 1.7639 基金表現 Fund Performance

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 Investment Objective

基金價格（港元） A類 Class A 1.5707 基金表現 Fund Performance

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

基本資料 Basic Information 投資目標 Investment Objective

基金價格（港元） A類 Class A 1.2685 基金表現 Fund Performance

基金表現4 Fund Performance4

基金經理評論6 Manager’s Commentary6 投資組合分布6 Portfolio Allocation6

基本資料 Basic Information 投資目標 Investment Objective

基金價格（港元） A類 Class A 6.5631 基金表現 Fund Performance

基金表現4 Fund Performance4

基金經理評論 Manager’s Commentary 投資組合分布 Portfolio Allocation

重要事項 Important Notes

副投資經理景順投資管理有限公司 104

香港永明金融有限公司（於百慕達註冊成立之有限責任公司）客戶服務：卓譽金融服務有限公司