Editor : Ivan Lau Tel : +852-2277-6678 e-mail : foreignstock@phillip.com.hk 一般風險披露聲明 本報告所載的資料只屬一般簡介，並不能作為專業法律、財務或其他意見或行事依據，亦不應被理解為購入、出售或投資任何產品之建議、邀請、廣告、或引導。輝立證券集團("本公司")力求但不保證有關資料準確或完整，客戶不應根據本報告或當中資料作出任何決定。本公司對本報告內資料所引致之任何損失或虧損概不負任何責任。假如你對本風險披露聲明的內容有不明白或對投資產品未有足夠認識，請與本公司查詢並詳盡了解。如要做任何投資，亦應尋求獨立的專業意見。 海外投資產品不受香港聯合交易所/其他香港監管機構監管，而此類產品亦不受賠償基金的保障。在其他司法管轄的市場交易，或會涉及額外的風險(如政府政策的改變、稅務和政治發展等)。因此，你應瞭解買賣海外投資產品的性質及風險，並就本身的投資經驗、風險狀況及其他相關因素，小心考慮自己是否適合參與該等買賣。如有任何疑問，應咨詢專業意見。 投資涉及多種風險，包括市場、匯率、波動性、流動性、信貸/對手方、評級下降、監管及政治等。投資產品價格可升可跌，並可能非常波動，會變成毫無價值，甚至被要求存入額外的保證金，而蒙受損失。投資者作出任何投資決定前，應細閱各投資產品之銷售文件所載的條款及條件，瞭解該產品的風險、特性及限制等是否適合其個人的財務狀況、投資目標及可承受之風險。本公司或其行政人員、董事、分析員或僱員可在報告所述之公司擔任董事，並可能持有本報告所述投資產品，或可以委託人或代理人身份買賣此等產品。本公司可不時為本報告所提及之公司，提供投資銀行或其他服務、或向其招攬投資銀行或其他業務。 本報告內的資料為本公司版權所有。在沒有本公司事前書面許可下，不可以部分地或全部地複製本文件。 證券及債券交易風險 證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失。債券價格有時較為穩定，但發行人一旦違約，你可能導致損失全部本金及應收利息。 Disclaimer The informati on con tained in t he report( s) is pro vided to y ou for i nformatio n on l y and is not inten ded to or nor wi ll it create/ind uce the creatio n of a ny b ind ing lega l relati o ns. The i nformatio n or opi nio ns prov ided i n t he repor t(s) do no t co nst it ute an i nve stment advice, an offer or sol icita tio n t o s ubscri be for, purchase or sell the e inves tment pro duct(s) ment io ned herein. I t doe s n ot ha v e any regard t o y our s pecific i nves tment objecti ves, financial si tuati on an d an y of your parti cular needs. Information c ontai ned herei n is based o n data o btaine d from recogn ized sta tis ti cal services, is suer repor ts or c ommuni cations, or other s ources be lieved to be reliab le. Ho wever, Phill ip Securi ties ( HK) Ltd("PSHK") does n ot verify such informati on. PSHK does not g uarantee its accuracy or complete ness, nor do we ta ke respon sib ili ty for any los s occasione d by relia nce placed upon the content s hereof. Any statement s no nfact ual i n nat ure cons ti tute onl y curren t op i nion s, wh ich are s ubject to change. According ly, no warranty what soever i s g iven and no l iabi lit y whats oever i s accepted for an y los s ari si ng whether directly or indirect ly as a resu lt of t hi s informat ion. Investment s are subject to i nves tment ri sks i nclud in g pos si ble lo ss of the pri ncip al amount inves ted. The val ue of the pr oduct and the income from them may fal l as well a s ri se. You may wish to seek ad vice from an in dependent financial a dvi ser before maki ng a commitment to purchase or i nvest ing in the in vestment prod uct(s) mentio ned herei n. PSHK and any of i ts members wi ll n ot , in any event, be liable to y ou for any direct/i ndirect or any o ther damages o f any kin d arising from or in connect ion wi th your reliance on a ny informati on in an d/or materials avai lable on the rep orts. The i nformatio n an d/or materials pr ovi d ed "as i s" wi tho ut warranty of a ny kin d, either ex press or implied. In partic ular, n o warranty regarding accuracy or fit ness for a p urp ose i s g iven in co nnecti on wit h s uch i nf ormation and material s. There are risk s i nherent in in ternati onal i nvestment s, wh ich may make such in ves tments uns uita ble for certain cl ient s. The se incl ude, for example, economic, pol it ical, curre ncy excha nge ra te fl uctuat ion s, an d li mited a vailab ili ty of i nformatio n on in ternatio nal securities. We recommend t hat yo u ob t ain the adv ice of yo ur Financia l Adv is or regarding thi s or o ther in vestmen t i n order to conform to yo ur fina ncial res ources an d risk preference. PSHK (or one of its affi liates) or their officers, directors, analy sts, or empl oye es may have posi tio ns i n securit ies or c ommodit ies referred to herein, and may, as principal or agent, buy an d sell such secur ities or commoditie s. An employee, analy st, of ficer, or a director of PSHK, or its affil iates, may serve as a director for compan ies mentione d in t his repor t. Ne ither the i nfor mation nor opin ion expres sed i n t his report sha ll c on sti tute a so lici tatio n t o b uy or se ll an y sec uritie s. There may be in stances when fun damental, technical, an d quant itat ive op ini ons may n ot be in concert. Thi s firm (or one of i ts affiliate s) may from time t o time perform inves tment bank ing or o ther services f or, or so licit inves tment ban kin g or oth er bus ines s from, any company ment io ned o n the re