DOCSLIB.ORG

2019 Annual Report 3 Financial Highlights

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2019 Annual Report 3 Financial Highlights 中 國 航空科 技 工 業股份 有限公 司 中 國 航空科 技 工 業股份 有限公 司 ( 在中華人民共和國註冊成立的股份有限公司) (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (股票代碼:2357) (Stock Code : 2357) ANNUAL REPORT 2019 ANNUAL REPORT 年報 2019年報年報 A2019nnual Report Contents 2 Company Profile 4 Financial Highlights 7 Chairman’s Statement 10 Management Discussion and Analysis 22 Directors, Supervisors and Senior Management 29 Report of the Board 50 Report of the Supervisory Committee 51 Corporate Governance Report 72 Environmental, Social & Governance Report 100 Independent Auditor’s Report 107 Consolidated Statement of Profit or Loss 108 Consol idated Statement of Profit or Loss and Other Comprehensive Income 109 Consolidated Statement of Financial Position 112 Consolidated Statement of Changes in Equity 114 Consolidated Statement of Cash Flows 117 Notes to the Consolidated Financial Statements 245 Definitions 250 Corporate Information 2017 Annual Report 1 Company Profile The Company is a joint stock limited company established in the PRC on 30 April 2003. The Company’s H Shares have been listed on the Hong Kong Stock Exchange since 30 October 2003 (stock code: 2357). As at the date of this report, the shareholders of the Company mainly include AVIC and Airbus Group (空中客車集團). The Company principally operates through its subsidiaries. The Group is mainly engaged in: • the development, manufacture, sales and upgrade of defense products and civil aviation products such as provision of helicopters, trainer aircraft, general-purpose aircraft and regional jets for domestic and overseas customers; and • the co-development and manufacture of aviation products with foreign aviation products manufacturers. 2 AviChina Industry & Technology Company Limited Company Profile PRINCIPAL PRODUCTS OF THE GROUP The Z-8, Z-9, Z-11 helicopters series (including AC series); L15, K8 and CJ6 (PT6) trainers series; Y-12 multi-purpose aeroplanes series and the N-5 agricultural aeroplanes series; EC-120 helicopters jointly produced by the Group and Airbus Helicopters; CA109 helicopters jointly produced by the Group and Agusta S.p.A; aviation parts and components, avionics products and its accessories; aviation engineering services, such as planning, design and consultation services, etc. CORPORATE STRUCTURE OF THE GROUP (As at 31 December 2019) AviChina 39.78% 43.21% 43.77% 100% 100% 100% 100% 100% JONHON Hongdu Harbin Optronic AVIC Avionics Aviation Aviation Tianjin AVIC CAPDI AviChina AviChina Capital (SZ002179) (SH600372) (SH600316) Group Aviation Hong Kong 6.56% 28.21% 31.75% AviChina Intelligent Jingdezhen AVICOPTER Surveying & Helicopter R&D (SH600038) Mapping Branch Electric Keeven Avionics Oriental Precision Electrical Instrument Instrument Xiangtong Changfeng AVIC Lanfei AVIC Kaitian AVIC Forstar Photoelectric Hafei Aviation Optoelectronic Shaanxi Huayan Taixing Aviation Helicopter Tianjin Lanzhou Aviation Changhe Aviation Qianshan Avionics Huiyang Company Shenyang Xinghua Shanghai Aviation Taiyuan Instrument AVIC Optoelectronics 2019 Annual Report 3 Financial Highlights CONSOLIDATED PROFIT AND LOSS (Prepared under International Financial Reporting Standards) (RMB million, other than basic and diluted earnings per share) For the year ended 31 December 2019 2018 Changes (restated) Revenue 42,119 35,756 17.80% Profit before income tax 3,234 2,898 11.59% Profit attributable to the equity holders of the Company 1,377 1,286 7.08% Gross profit margin 21.40% 21.80% -0.40% Earnings per share for profit attributable to the equity holders of the Company (RMB) – Basic 0.220 0.215 2.33% – Diluted 0.220 0.215 2.33% CONSOLIDATED ASSETS AND LIABILITIES (Prepared under International Financial Reporting Standards) (RMB million) As at 31 December 2019 2018 Changes (restated) Total assets 90,744 87,949 3.18% Total liabilities 52,194 51,751 0.86% Non-controlling interests 20,069 18,857 6.43% Owner’s equity (other than non-controlling interests) 18,481 17,340 6.58% 4 AviChina Industry & Technology Company Limited Financial Highlights Financial information on the Group’s comprehensive business in the recent five years starting from 1 January 2015 is summarized as follows: (Prepared under International Financial Reporting Standards) (RMB million, other than basic and diluted earnings per share) As at 31 December/For the year ended 31 December 2019 2018 2017 2016 2015 (restated) Total assets 90,744 87,949 78,933 71,628 67,112 Total liabilities 52,194 51,751 47,773 42,665 40,692 Non-controlling interests 20,069 18,857 16,451 15,161 13,760 Owner’equity (other than non-controlling interests) 18,481 17,340 14,709 13,802 12,660 Revenue 42,119 35,756 32,597 36,834 34,424 Profit before income tax 3,234 2,898 2,758 2,652 2,646 Profit attributable to the equity holders of the Company 1,377 1,286 1,222 1,160 1,143 Gross profit margin 21.40% 21.80% 22.84% 19.11% 19.43% Earnings per share for profit attributable to the equity holders of the Company (RMB) – Basic 0.220 0.215 0.205 0.194 0.192 – Diluted 0.220 0.215 0.205 0.194 0.192 2019 Annual Report 5 Financial Highlights TOTAL ASSEST REVENUE (RMB million) (RMB million) 100,000 48,000 90,000 40,000 80,000 70,000 32,000 60,000 50,000 24,000 40,000 16,000 30,000 20,000 8,000 10,000 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 PROFIT ATTRIBUTABLE TO EQUITY BASIC EARNINGS PER SHARE FOR PROFIT HOLDERS OF THE COMPANY ATTRIBUTABLE TO EQUITY HOLDERS (RMB million) OF THE COMPANY (RMB) 1,500 0.25 1,200 0.20 900 0.15 600 0.10 300 0.05 0 0.00 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 6 AviChina Industry & Technology Company Limited Chairman’s Statement To all shareholders: On behalf of the Board of the Company, I am pleased to present the consolidated annual results of the Group for the year of 2019. ANNUAL RUSULTS For the year ended 31 December 2019, the Group recorded a revenue of RMB42,119 million and the profit attributable to equity holders of the Company amounted to RMB1,377 million, achieving growths in both revenue and profit. BUSINESS REVIEW During 2019, the global economic growth rate dropped to the trough for the past decade, the risks and challenges both domestically and internationally increased dramatically, mounting more downward pressure on the Chinese economy. Facing the sophisticated external environment, AVIC continued to deepen its reforms and strived for high-quality development by adhering to the development strategy in the new era. At the same time, AVIC further fulfilled its social responsibilities and pushed forward steady development of its various businesses. In the grand celebration with a military parade for the 70th anniversary of the founding of the People’s Republic of China, multiple types of aircraft products researched, developed and produced by AVIC were showcased in the blue sky, which demonstrated the achievements made in the development of AVIC. AVIC has successfully convened the event of “Aviation Day (通航日)”, aiming to explore the general aviation market through innovative measures. By establishing an Aerial Silk Road Alliance, AVIC has further implemented the “Aerial Silk Road” plan and opened new markets along the “Belt and Road”. Following the spirit and belief of “Chasing dreams in the blue sky with loyalty and dedication”, AVIC has achieved hard-earned prominent results, and has been listed in the 2019 Fortune Global 500 for eleven consecutive years and ranked the 151st in the list. As a listed company in Hong Kong engaging in the aviation manufacturing business, the Company has been serving as an important platform for AVIC. The Company has set its strategic goal of becoming a flagship company to provide high-tech aviation products and services universally applied for military and civil purposes, and has been promoting the development of the aviation industry persistently. During 2019, the Company increased the speed and efficiency for access to and transfer of capital, and pushed forward the acquisition of 100% equity interests in AVIC Helicopter to optimize the helicopter industrial chain so as to enhance the overall competitiveness of its helicopter products. It has completed the asset swap of Hongdu Aviation, thereby optimizing its resources allocation and improving its quality as a listed company. By enhancing its capabilities in terms of aviation product development and system protection generally, the Group has expanded its defense product business. It has also paid constant attention to the development of core products and enhancement of core capabilities in respect of aviation parts and components, and it has strengthened its research and development capabilities. Meanwhile, it has optimized its investments in high-tech aviation industry, improved industry layout for its unmanned aerial vehicle business, and fully participated in the construction of 5G platforms. Besides, the Company has been dedicated to improving its corporate governance and investor relations by proactively performing its social responsibilities and promoting brand building. In the list of “Top 100 HK Stocks (港股100強)” for 2018 among Hong Kong listed companies issued by Top 100 Hong Kong Listed Companies Research Centre, the Company ranked 33rd in terms of overall competitiveness and ranked 11th in terms of companies with most investment value. Moreover, the Company has received a number of major awards, including the “New Fortune HK Listed Company with the Best IR in 2018”, the “China’s (Global) Top 100 Listed Companies Award” and the “Golden Bauhinia Award of China Securities – Best Listed Company”. 2019 Annual Report 7 Chairman’s Statement All the past experiences comprise a prologue to tomorrow. The Board will tackle the problems by proactively conducting review and drawing conclusion. We are well aware that the civil aviation market and international cooperation are yet to be further developed by the Group, and the operation quality and synergistic development within the Group still have much room for improvement.
Load more

Recommended publications
  • Congressional-Executive Commission on China Annual
    CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA ANNUAL REPORT 2016 ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION OCTOBER 6, 2016 Printed for the use of the Congressional-Executive Commission on China ( Available via the World Wide Web: http://www.cecc.gov U.S. GOVERNMENT PUBLISHING OFFICE 21–471 PDF WASHINGTON : 2016 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Mar 15 2010 19:58 Oct 05, 2016 Jkt 000000 PO 00000 Frm 00003 Fmt 5011 Sfmt 5011 U:\DOCS\AR16 NEW\21471.TXT DEIDRE CONGRESSIONAL-EXECUTIVE COMMISSION ON CHINA LEGISLATIVE BRANCH COMMISSIONERS House Senate CHRISTOPHER H. SMITH, New Jersey, MARCO RUBIO, Florida, Cochairman Chairman JAMES LANKFORD, Oklahoma ROBERT PITTENGER, North Carolina TOM COTTON, Arkansas TRENT FRANKS, Arizona STEVE DAINES, Montana RANDY HULTGREN, Illinois BEN SASSE, Nebraska DIANE BLACK, Tennessee DIANNE FEINSTEIN, California TIMOTHY J. WALZ, Minnesota JEFF MERKLEY, Oregon MARCY KAPTUR, Ohio GARY PETERS, Michigan MICHAEL M. HONDA, California TED LIEU, California EXECUTIVE BRANCH COMMISSIONERS CHRISTOPHER P. LU, Department of Labor SARAH SEWALL, Department of State DANIEL R. RUSSEL, Department of State TOM MALINOWSKI, Department of State PAUL B. PROTIC, Staff Director ELYSE B. ANDERSON, Deputy Staff Director (II) VerDate Mar 15 2010 19:58 Oct 05, 2016 Jkt 000000 PO 00000 Frm 00004 Fmt 0486 Sfmt 0486 U:\DOCS\AR16 NEW\21471.TXT DEIDRE C O N T E N T S Page I. Executive Summary ............................................................................................. 1 Introduction ...................................................................................................... 1 Overview ............................................................................................................ 5 Recommendations to Congress and the Administration ..............................
    [Show full text]
  • 1 Regulatory and Policy Framework for Religion During The
    1 FREEDOM OF RELIGION Regulatory and Policy Framework for Religion During the Commission’s 2015 reporting year, the Chinese gov- ernment and Communist Party continued to restrict freedom of re- ligion in China. China’s Constitution guarantees ‘‘freedom of reli- gious belief’’ 1 but limits protection of religious activities to ‘‘normal religious activities.’’ 2 This narrow protection contravenes inter- national human rights standards. Article 18 of the Universal Dec- laration of Human Rights (UDHR) and Article 18 of the Inter- national Covenant on Civil and Political Rights (ICCPR)—the lat- ter of which China has signed 3 and stated its intent to ratify 4— recognize not only an individual’s right to adopt a religion or belief, but also the freedom to manifest one’s religion in ‘‘worship, observ- ance, practice and teaching.’’ 5 The Chinese government continued to recognize only five reli- gions: Buddhism, Catholicism, Islam, Protestantism, and Taoism. The 2005 Regulations on Religious Affairs (RRA) require groups wishing to practice these religions to register with the government and subject such groups to government controls.6 The government and Party control religious affairs mainly through the State Ad- ministration for Religious Affairs (SARA) and lower level religious affairs bureaus under the State Council,7 the Party Central Com- mittee United Front Work Department (UFWD),8 and the five ‘‘pa- triotic’’ religious associations—the Buddhist Association of China (BAC), the Catholic Patriotic Association of China (CPA), the Is- lamic
    [Show full text]
  • U.S. Investors Are Funding Malign PRC Companies on Major Indices
    U.S. DEPARTMENT OF STATE Office of the Spokesperson For Immediate Release FACT SHEET December 8, 2020 U.S. Investors Are Funding Malign PRC Companies on Major Indices “Under Xi Jinping, the CCP has prioritized something called ‘military-civil fusion.’ … Chinese companies and researchers must… under penalty of law – share technology with the Chinese military. The goal is to ensure that the People’s Liberation Army has military dominance. And the PLA’s core mission is to sustain the Chinese Communist Party’s grip on power.” – Secretary of State Michael R. Pompeo, January 13, 2020 The Chinese Communist Party’s (CCP) threat to American national security extends into our financial markets and impacts American investors. Many major stock and bond indices developed by index providers like MSCI and FTSE include malign People’s Republic of China (PRC) companies that are listed on the Department of Commerce’s Entity List and/or the Department of Defense’s List of “Communist Chinese military companies” (CCMCs). The money flowing into these index funds – often passively, from U.S. retail investors – supports Chinese companies involved in both civilian and military production. Some of these companies produce technologies for the surveillance of civilians and repression of human rights, as is the case with Uyghurs and other Muslim minority groups in Xinjiang, China, as well as in other repressive regimes, such as Iran and Venezuela. As of December 2020, at least 24 of the 35 parent-level CCMCs had affiliates’ securities included on a major securities index. This includes at least 71 distinct affiliate-level securities issuers.
    [Show full text]
  • December 1998
    JANUARY - DECEMBER 1998 SOURCE OF REPORT DATE PLACE NAME ALLEGED DS EX 2y OTHER INFORMATION CRIME Hubei Daily (?) 16/02/98 04/01/98 Xiangfan C Si Liyong (34 yrs) E 1 Sentenced to death by the Xiangfan City Hubei P Intermediate People’s Court for the embezzlement of 1,700,00 Yuan (US$20,481,9). Yunnan Police news 06/01/98 Chongqing M Zhang Weijin M 1 1 Sentenced by Chongqing No. 1 Intermediate 31/03/98 People’s Court. It was reported that Zhang Sichuan Legal News Weijin murdered his wife’s lover and one of 08/05/98 the lover’s relatives. Shenzhen Legal Daily 07/01/98 Taizhou C Zhang Yu (25 yrs, teacher) M 1 Zhang Yu was convicted of the murder of his 01/01/99 Zhejiang P girlfriend by the Taizhou City Intermediate People’s Court. It was reported that he had planned to kill both himself and his girlfriend but that the police had intervened before he could kill himself. Law Periodical 19/03/98 07/01/98 Harbin C Jing Anyi (52 yrs, retired F 1 He was reported to have defrauded some 2600 Liaoshen Evening News or 08/01/98 Heilongjiang P teacher) people out of 39 million Yuan 16/03/98 (US$4,698,795), in that he loaned money at Police Weekend News high rates of interest (20%-60% per annum). 09/07/98 Southern Daily 09/01/98 08/01/98 Puning C Shen Guangyu D, G 1 1 Convicted of the murder of three children - Guangdong P Lin Leshan (f) M 1 1 reported to have put rat poison in sugar and 8 unnamed Us 8 8 oatmeal and fed it to the three children of a man with whom she had a property dispute.
    [Show full text]
  • 中國航空科技工業股份有限公司 Avichina Industry & Technology Company Limited*
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 中國航空科技工業股份有限公司 AviChina Industry & Technology Company Limited* (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2357) VOLUNTARY ANNOUNCEMENT SHAREHOLDING INCREASE IN A SUBSIDIARY The board of directors (the “Board”) of AviChina Industry & Technology Company Limited (the “Company”) hereby announces that on 9 July 2015, the Company purchased 1,000,084 A shares of Jiangxi Hongdu Aviation Industry Co., Ltd. (“Hongdu Aviation”) on the A share market of the Shanghai Stock Exchange, representing approximately 0.14% of the total issued shares of Hongdu Aviation (the “Shareholding Increase”). Before the Shareholding Increase, the Company held 312,883,210 A shares in Hongdu Aviation, representing approximately 43.63% of the total issued shares of Hongdu Aviation. After the Shareholding Increase, the Company held 313,883,294 A shares of Hongdu Aviation, representing approximately 43.77% of the total issued shares of Hongdu Aviation. Within 12 months from the date of the Shareholding Increase, the Company will not increase its shareholding (inclusive of the shares represented by the Shareholding Increase) by more than 2% of the total issued share capital of Hongdu Aviation. 1 At the same time, the Company undertakes not to reduce its shareholding in related A share listed subsidiaries during the next 6 months.
    [Show full text]
  • Entities Identified As Chinese Military Companies Operating in the United States in Accordance with Section 1260H of the William M
    Entities Identified as Chinese Military Companies Operating in the United States in Accordance with Section 1260H of the William M. ("Mac") Thornberry National Defense Authorization Act for Fiscal Year 2021 (PUBLIC LAW 116-283) Aerospace CH UA V Co., Ltd Aerosun Corporation Aviation Industry Corporation of China, Ltd. (AVIC) AVIC Aviation High-Technology Company Limited A VIC Heavy Machinery Company Limited A VIC Jonhon Optronic Technology Co., Ltd. A VIC Shenyang Aircraft Company Limited A VIC Xi'an Aircraft Industry Group Company Ltd. China Aerospace Science and Industry Corporation Limited (CASIC) China Communications Construction Company Limited (CCCC) China Communications Construction Group (Limited) (CCCG) China Electronics Corporation (CEC) China Electronics Technology Group Corporation (CETC) China General Nuclear Power Corporation (CGN) China Marine Information Electronics Company Limited China Mobile Communications Group Co., Ltd. China Mobile Limited China National Nuclear Corporation (CNNC) China National Offshore Oil Corporation (CNOOC) China North Industries Group Corporation Limited (Norinco Group) China Railway Construction Corporation Limited (CRCC) China South Industries Group Corporation (CSGC) China SpaceSat Co., Ltd. China State Shipbuilding Corporation Limited (CSSC) China Telecom Corporation Limited China Telecommunications Corporation China Unicom (Hong Kong) Limited China United Network Communications Group Co., Ltd. (China Unicom) CNOOC Limited Costar Group Co., Ltd. Fujian Torch Electron Technology Co., Ltd.
    [Show full text]
  • 2018 Annual Report 2018 ANNUAL REPORT 2018 年報 Contents
    中 國 航空科 技 工 業股份 有限公 司 中 國 航空科 技 工 業股份 有限公 司 ( 在中華人民共和國註冊成立的股份有限公司) (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (股票代碼:2357) (Stock Code : 2357) 年報 2018 Annual Report 2018 ANNUAL REPORT 2018 ANNUAL REPORT 年報 Contents 2 Company Profile 4 Financial Highlights 7 Chairman’s Statement 10 Management Discussion and Analysis 23 Directors, Supervisors and Senior Management 29 Report of the Board 50 Report of the Supervisory Committee 51 Corporate Governance Report 71 Environmental, Social & Governance Report 97 Independent Auditor’s Report 104 Consolidated Statement of Profit or Loss 105 Consolidated Statement of Profit or Loss and Other Comprehensive Income 106 Consolidated Statement of Financial Position 109 Consolidated Statement of Changes in Equity 111 Consolidated Statement of Cash Flows 115 Notes to the Consolidated Financial Statements 245 Definitions 250 Corporate Information Company Profile The Company is a joint stock limited company established in the PRC on 30 April 2003. The Company’s H Shares have been listed on the Hong Kong Stock Exchange since 30 October 2003 (stock code: 2357). As at the date of this report, the shareholders of the Company mainly include AVIC, Airbus Group (空中客車集團), AVIC Airborne Systems, China Hua Rong Asset Management Corporation, China Cinda Asset Management Corporation and China Orient Asset Management Corporation. The Company principally operates through its subsidiaries. The Group is mainly engaged in: • the development, manufacture, sales and upgrade of defense products and civil aviation products such as provision of helicopters, trainer aircraft, general-purpose aircraft and regional jets for domestic and overseas customers; and • the co-development and manufacture of aviation products with foreign aviation products manufacturers.
    [Show full text]
  • Mission China Legal Assistance and Law Offices
    MISSION CHINA LEGAL ASSISTANCE AND LAW OFFICES (Last edited on April 27, 2020) The following is a list of law offices in China, which includes private and quasi-private Chinese law firms as well as private American law firms with a presence in the Consular district. Most of the firms listed specialize in commercial law, but many are qualified to offer advice on a full range of legal issues. Some will provide assistance with adoptions in China. Note: China Country Code is +86, if you are calling a law firm in Beijing from The U.S., you need to dial 011-86-10- XXXXXXXX; if you are calling from China but outside Beijing, you need to dial 010-XXXXXXXX. Please note: The Department of State assumes no responsibility or liability for the professional ability or reputation of, or the quality of services provided by, the entities or individuals whose names appear on the following lists. Inclusion on this list is in no way an endorsement by the Department or the U.S. government. Names are listed alphabetically, and the order in which they appear has no other significance. The information on the list is provided directly by the local service providers; the Department is not in a position to vouch for such information. BEIJING CONSULAR DISTRICT 北京领区 ....................................................................................................................................... 3 BEIJING 北京市 ..................................................................................................................................................................................
    [Show full text]
  • China's Advancing Aerospace Industry
    CHILDREN AND FAMILIES The RAND Corporation is a nonprofit institution that EDUCATION AND THE ARTS helps improve policy and decisionmaking through ENERGY AND ENVIRONMENT research and analysis. HEALTH AND HEALTH CARE This electronic document was made available from INFRASTRUCTURE AND www.rand.org as a public service of the RAND TRANSPORTATION Corporation. INTERNATIONAL AFFAIRS LAW AND BUSINESS NATIONAL SECURITY Skip all front matter: Jump to Page 16 POPULATION AND AGING PUBLIC SAFETY SCIENCE AND TECHNOLOGY Support RAND Purchase this document TERRORISM AND HOMELAND SECURITY Browse Reports & Bookstore Make a charitable contribution For More Information Visit RAND at www.rand.org Explore the RAND National Security Research Division View document details Limited Electronic Distribution Rights This document and trademark(s) contained herein are protected by law as indicated in a notice appearing later in this work. This electronic representation of RAND intellectual property is provided for non-commercial use only. Unauthorized posting of RAND electronic documents to a non-RAND website is prohibited. RAND electronic documents are protected under copyright law. Permission is required from RAND to reproduce, or reuse in another form, any of our research documents for commercial use. For information on reprint and linking permissions, please see RAND Permissions. This product is part of the RAND Corporation monograph series. RAND monographs present major research findings that address the challenges facing the public and private sectors. All RAND
    [Show full text]
  • Semi-Annual Report DBX ETF Trust
    November 30, 2020 Semi-Annual Report DBX ETF Trust Xtrackers Harvest CSI 300 China A-Shares ETF (ASHR) Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF (ASHS) Xtrackers MSCI All China Equity ETF (CN) Xtrackers MSCI China A Inclusion Equity ETF (ASHX) DBX ETF Trust Table of Contents Page Shareholder Letter ....................................................................... 1 Portfolio Summary Xtrackers Harvest CSI 300 China A-Shares ETF ........................................... 3 Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF .................................. 4 Xtrackers MSCI All China Equity ETF .................................................... 5 Xtrackers MSCI China A Inclusion Equity ETF ............................................ 6 Fees and Expenses ....................................................................... 7 Schedule of Investments Xtrackers Harvest CSI 300 China A-Shares ETF ........................................... 8 Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF .................................. 13 Xtrackers MSCI All China Equity ETF .................................................... 21 Xtrackers MSCI China A Inclusion Equity ETF ............................................ 26 Statements of Assets and Liabilities ........................................................ 34 Statements of Operations ................................................................. 35 Statements of Changes in Net Assets ....................................................... 36 Financial Highlights
    [Show full text]
  • A Primer on China's Seven Strategic Industries
    China Equity Strategy Investment Strategy | China | Multiple 17 January 2011 A primer on China’s seven strategic industries David Cui >> +852 2536 6477 Strategist Merrill Lynch (Hong Kong) China’s moon shot [email protected] China is in danger of slipping into overly relying on government spending and Andy Zhao >> +852 2161 7907 property speculation to deliver growth, in our view. With the demographic dividend Strategist Merrill Lynch (Hong Kong) ending as well, the government has been trying to jump start private investment in [email protected] more productive areas to bring back economic vitality. One key initiative is the Tracy Tian, CFA >> +852 2161 7632 seven strategic industries announced by the State Council in Oct 2010: 1) energy Strategist saving & environmental protection; 2) new generation IT; 3) bio-tech; 4) high-end Merrill Lynch (Hong Kong) [email protected] equipment; 5) new energy; 6) new materials; and 7) new energy car. In our year- Angello Chan >> +852 2161 7187 ahead report, we have identified this as a major theme for the market this year Research Analyst (“Seven market driven themes in 2011”, Jan 3). We hope our primer, including a Merrill Lynch (Hong Kong) sector-by-sector value chain analysis and names of companies in each major sub- [email protected] sector, can serve as a roadmap for investors to navigate the daunting landscape. Edmond Huang, CFA >> +852 2161 7807 Research Analyst Merrill Lynch (Hong Kong) What to expect & when [email protected] The government plans to roll out detailed policies post the 2011 National People’s Shaojing Tong >> +852 2536 3974 Congress (starting on Mar 5).
    [Show full text]
  • Stoxx® China a Total Market Index
    TOTAL MARKET INDICES 1 STOXX® CHINA A TOTAL MARKET INDEX Stated objective Key facts The STOXX Total Market (TMI) Indices cover 95% of the free-float » With 95% coverage of the free-float market cap of the relevant market cap of the relevant investable stock universe by region or investable stock universe per region, the index forms a unique country. The STOXX Global TMI serves as the basis for all regional benchmark for a truly global investment approach and country TMI indices. All TMI indices offer exposure to global equity markets with the broadest diversification within the STOXX equity universe in terms of regions, currencies and sectors. Descriptive statistics Index Market cap (EUR bn.) Components (EUR bn.) Component weight (%) Turnover (%) Full Free-float Mean Median Largest Smallest Largest Smallest Last 12 months STOXX China A Total Market Index 2,663.6 1,074.1 0.8 0.4 22.6 0.1 2.1 0.0 3.5 STOXX China Total Market Index 1,228.5 625.9 2.8 0.9 63.8 0.0 10.2 0.0 5.4 Supersector weighting (top 10) Country weighting Risk and return figures1 Index returns Return (%) Annualized return (%) Last month YTD 1Y 3Y 5Y Last month YTD 1Y 3Y 5Y STOXX China A Total Market Index 3.7 12.4 11.1 0.6 14.5 53.8 18.8 10.9 0.2 2.7 STOXX China Total Market Index 1.6 12.4 18.0 18.7 41.2 21.0 18.8 17.6 5.7 7.0 Index volatility and risk Annualized volatility (%) Annualized Sharpe ratio2 STOXX China A Total Market Index 15.0 16.7 16.8 19.3 21.4 3.5 1.1 0.6 -0.0 0.1 STOXX China Total Market Index 12.0 15.8 15.7 19.1 21.6 1.6 1.1 1.0 0.3 0.3 Index to benchmark Correlation Tracking error (%) STOXX China A Total Market Index 0.8 0.6 0.6 0.7 0.8 9.3 15.1 15.0 15.8 12.6 Index to benchmark Beta Annualized information ratio STOXX China A Total Market Index 1.0 0.6 0.6 0.7 0.8 3.6 -0.0 -0.5 -0.4 -0.4 1 For information on data calculation, please refer to STOXX calculation reference guide.
    [Show full text]