THE DETAILS ARE IN THE RISK

• We take a look into commodity, the most basic of global consuming
• ​Commodities prices is in downward trend across almost all segments
• This add on to the global aging trend
• We can see only low interest rate environment with lower growth
• Hence we continue to see higher demand for fixed rate high yield product 
• Listed equity will take on a negative trend on index level 

• 基本商品，這是全球消費中最基本的商品
• 幾乎所有細分市場的商品價格均呈下降趨勢
• 加上全球老齡化趨勢
• 我們只看到低利率環境，增長率較低
• 因此，我們繼續對固定利率高收益產品保持更高需求
• 上市股票指數將呈現負面趨勢