HSAINDTOPETF：AnnualFinancialReport2024.pdf

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1、Hang Seng China A Industry Top Index ETF Hang Seng Harvest CSI 300 Index ETFHang Seng Stock Connect China A Low Carbon Index ETFHang Seng S&P 500 Index ETF1st January 2024 to 31st December 2024ANNUAL REPORT 2024ContentsAnnual Financial Report 2024 2Performance Record(Unaudited)3Trustees Report 6Inde

2、pendent Auditors Report 7Investment Portfolio(Unaudited)11Information on Exposure Arising from Financial Derivative Instruments(Unaudited)49Statement of Movements in Portfolio Holdings(Unaudited)50Statement of Assets and Liabilities 75Statement of Comprehensive Income 77Statement of Changes in Equit

3、y/Statement of Changes in Net Assets Attributable to Unitholders 78Statement of Cash Flows 81Notes to the Financial Statements 82Performance of the Indexes and the ETFs(Unaudited)116Comparison of Daily Closing Price and Net Asset Value per Unit of the ETFs(Unaudited)117Index Constituent Stocks Discl

4、osure(Unaudited)121Report on Investment Overweight in Constituent Stocks of the Index by the ETFs(Unaudited)122Portfolio Carbon Footprint(Unaudited)123ESG Periodic Assessment and Reporting for Hang Seng Stock Connect China A Low Carbon Index ETF(Unaudited)124Management and Administration 126Hang Sen

5、g Investment2Annual Financial Report 2024Hang Seng Investment Index Funds Series IVHang Seng China A Industry Top Index ETF(Stock Code:3128/83128)Hang Seng Harvest CSI 300 Index ETF(Stock Code:3130/83130)Hang Seng Stock Connect China A Low Carbon Index ETF(Stock Code:3038/83038)Hang Seng S&P 500 Ind

6、ex ETF(Stock Code:3195/9195)Reports and Financial Statements 3Performance Record(Unaudited)Remark:represents unavailable price as the corresponding Fund/Fund Class had not yet been commencedClass of UnitsPrice RecordCurrency2024*2023*202220212020*2019Highest Offer PriceLowest Bid PriceHighest Offer

7、PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHang Seng China A Industry Top Index ETFRMB55.918041.060450.097141.608656.900740.873472.146553.545663.931043.097251.032637.5988Hang Seng Ha

8、rvest CSI 300 Index ETFRMB22.776116.526121.315817.110624.590117.801428.911323.4070Hang Seng Stock Connect China A Low Carbon Index ETFListed ClassRMB26.616419.680625.992120.6658Unlisted Class Class A(RMB)Accumulation UnitsRMB10.917.9110.298.30Unlisted Class Class A(HKD hedged)Accumulation UnitsHKD11

9、.158.0210.298.40Hang Seng S&P 500 Index ETFListed ClassUSD1.22581.0087Unlisted Class Class A(USD)Accumulation UnitsUSD11.669.51Unlisted Class Class A(HKD)Accumulation UnitsHKD11.609.53Unlisted Class Class A(RMB hedged)Accumulation UnitsRMB11.439.50Unlisted Class Class D(HKD)Accumulation UnitsHKD1.19

10、751.0119Unlisted Class Class Z(USD)Accumulation UnitsUSD11.719.52*The date of commencement for Hang Seng Harvest CSI 300 Index ETF,Hang Seng Stock Connect China A Low Carbon Index ETF and Hang Seng S&P 500 Index ETF was 22 October 2020,28 March 2023 and 25 March 2024 respectively.Hang Seng Investmen

11、t4Performance Record(Unaudited)(continued)Remark:represents unavailable price as the corresponding Fund/Fund Class had not yet been commencedPrice RecordClass of UnitsCurrency2018201720162015Highest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHighest Offer PriceLowest Bid PriceHigh

12、est Offer PriceLowest Bid PriceHang Seng China A Industry Top Index ETFRMB55.470837.858251.998834.646937.142627.629250.061130.3176Hang Seng Harvest CSI 300 Index ETFRMBHang Seng Stock Connect China A Low Carbon Index ETFListed ClassRMBUnlisted Class Class A(RMB)Accumulation UnitsRMBUnlisted Class Cl

13、ass A(HKD hedged)Accumulation UnitsHKDHang Seng S&P 500 Index ETFListed ClassUSDUnlisted Class Class A(USD)Accumulation UnitsUSDUnlisted Class Class A(HKD)Accumulation UnitsHKDUnlisted Class Class A(RMB hedged)Accumulation UnitsRMBUnlisted Class Class D(HKD)Accumulation UnitsHKDUnlisted Class Class

14、Z(USD)Accumulation UnitsUSDReports and Financial Statements 5Performance Record(Unaudited)(continued)*The date of commencement for Hang Seng Stock Connect China A Low Carbon Index ETF and Hang Seng S&P 500 Index ETF was 28 March 2023 and 25 March 2024 respectively.Class of UnitsNet Asset Value Per U

15、nit(As at 31 December)Currency2024*2023*20222021Hang Seng China A Industry Top Index ETFRMB51.543343.285245.970056.8926Hang Seng Harvest CSI 300 Index ETFRMB20.681417.783119.778124.6964Hang Seng Stock Connect China A Low Carbon Index ETFListed ClassRMB24.638321.2379Unlisted Class Class A(RMB)Accumul

16、ation UnitsRMB10.098.53Unlisted Class Class A(HKD hedged)Accumulation UnitsHKD10.368.79Hang Seng S&P 500 Index ETFListed ClassUSD1.1816Unlisted Class Class A(USD)Accumulation UnitsUSD11.24Unlisted Class Class A(HKD)Accumulation UnitsHKD11.19Unlisted Class Class A(RMB hedged)Accumulation UnitsRMB11.0

17、1Unlisted Class Class D(HKD)Accumulation UnitsHKD1.1528Unlisted Class Class Z(USD)Accumulation UnitsUSD11.30Class of UnitsNet Assets Attributable to Unitholders(As at 31 December)Currency2024*2023*20222021Hang Seng China A Industry Top Index ETFRMB178,425,673144,574,917129,665,901158,632,876Hang Sen

18、g Harvest CSI 300 Index ETFRMB59,976,20448,014,25153,400,85174,089,104Hang Seng Stock Connect China A Low Carbon Index ETFRMB86,884,771102,215,116Hang Seng S&P 500 Index ETFUSD51,223,833Hang Seng Investment6Trustees ReportTo the unitholders of Hang Seng China A Industry Top Index ETF,Hang Seng Harve

19、st CSI 300 Index ETF,Hang Seng Stock Connect China A Low Carbon Index ETF and Hang Seng S&P 500 Index ETF.We hereby confirm that,in our opinion,the Manager,Hang Seng Investment Management Limited has,in all material respects,managed the Hang Seng China A Industry Top Index ETF,Hang Seng Harvest CSI

20、300 Index ETF,Hang Seng Stock Connect China A Low Carbon Index ETF and Hang Seng S&P 500 Index ETF in accordance with the provisions of the Trust Deeds dated 29 October 2013,as amended,for the year/period ended 31 December 2024.HSBC Institutional Trust Services(Asia)Limited29 April 2025Reports and F

21、inancial Statements 7Independent Auditors ReportTo the unitholders of Hang Seng China A Industry Top Index ETF,Hang Seng Harvest CSI 300 Index ETF,Hang Seng Stock Connect China A Low Carbon Index ETF and Hang Seng S&P 500 Index ETFReport on the Audit of the Financial StatementsOpinionWe have audited

22、 the financial statements of Hang Seng China A Industry Top Index ETF,Hang Seng Harvest CSI 300 Index ETF,Hang Seng Stock Connect China A Low Carbon Index ETF and Hang Seng S&P 500 Index ETF(“the Funds”)set out on pages 75 to 115,which comprise the statement of assets and liabilities as at 31 Decemb

23、er 2024,the statement of comprehensive income,the statement of changes in equity and the statement of cash flows for the year/period then ended and notes to the financial statements,including a summary of material accounting policy information and other explanatory information.In our opinion,the fin

24、ancial statements give a true and fair view of the financial position of the Funds as at 31 December 2024 and of their financial transactions and cash flows for the year/period then ended,in accordance with Hong Kong Financial Reporting Standards(“HKFRSs”)issued by the Hong Kong Institute of Certifi

25、ed Public Accountants(“HKICPA”).Basis for OpinionWe conducted our audit in accordance with Hong Kong Standards on Auditing(“HKSAs”)issued by the HKICPA.Our responsibilities under those standards are further described in the Auditor s Responsibilities for the Audit of the Financial Statements section

26、 of our report.We are independent of the Funds in accordance with the HKICPA s Code of Ethics for Professional Accountants(“the Code”)and we have fulfilled our other ethical responsibilities in accordance with the Code.We believe that the audit evidence we have obtained is sufficient and appropriate

27、 to provide a basis for our opinion.Emphasis of MatterWe draw attention to notes 1 and 2(b)to these financial statements,which state that on 28 April 2025 the Manager has exercised its power to terminate Hang Seng Harvest CSI 300 Index ETF.As a result,the financial statements of Hang Seng Harvest CS

28、I 300 Index ETF have not been prepared on a going concern basis.Our opinion is not modified in respect of this matter.Hang Seng Investment8Independent Auditors Report(continued)Key Audit MattersKey audit matters are those matters that,in our professional judgement,were of most significance in our au

29、dit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as a whole,and in forming our opinion thereon,and we do not provide a separate opinion on these matters.Existence and valuation of investmentsRefer to note 16 to

30、 the financial statements and the accounting policies in note 2(f)(iv)on page 86.The Key Audit MatterHow the matter was addressed in our auditAs at 31 December 2024 the investment portfolio represented 99.53%,99.30%,99.95%and 98.68%of the total assets of Hang Seng China A Industry Top Index ETF,Hang

31、 Seng Harvest CSI 300 Index ETF,Hang Seng Stock Connect China A Low Carbon Index ETF and Hang Seng S&P 500 Index ETF respectively and is the key driver of the Funds investment returns.We identified the existence and valuation of investments as a key audit matter because of its significance in the co

32、ntext of the Funds financial statements and because the value of the investment portfolio at the year end date is a key performance indicator of the Funds.Our audit procedures to assess the existence and valuation of investments included the following:developing an understanding of the control objec

33、tives and related controls relevant to our audit of the Funds by obtaining the service organisation internal control report provided by the trustee setting out the controls in place,and the independent service auditor s assurance report over the design and operating effectiveness of those controls;a

34、nd evaluating the tests undertaken by the service auditor,the results of tests undertaken and opinions formed by the service auditor on the design and operating effectiveness of the controls,to the extent relevant to our audit of the Funds;and obtaining independent confirmations from the custodians

35、of the investment portfolio held at 31 December 2024,and agreeing the Funds holdings of investments to those confirmations;and assessing the valuations of all assets in the investment portfolio at the year end date by comparing the prices adopted by the Funds with the prices obtained from independen

36、t pricing sources.Information Other than the Financial Statements and Auditors Report ThereonThe Manager and the Trustee of the Funds are responsible for the other information.The other information comprises all the information included in the annual report,other than the financial statements and ou

37、r auditor s report thereon.Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements,our responsibility is to read the other information and,in doing so,consider

38、 whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.If,based on the work we have performed,we conclude that there is a material misstatement of this other information,we are req

39、uired to report that fact.We have nothing to report in this regard.Reports and Financial Statements 9Independent Auditors Report(continued)Responsibilities of the Manager and the Trustee of the Funds for the Financial StatementsThe Manager and the Trustee of the Funds are responsible for the prepara

40、tion of financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and for such internal control as the Manager and the Trustee of the Funds determine is necessary to enable the preparation of financial statements that are free from material misstatement,wheth

41、er due to fraud or error.In preparing the financial statements,the Manager and the Trustee of the Funds are responsible for assessing the Funds ability to continue as a going concern,disclosing,as applicable,matters related to going concern and using the going concern basis of accounting unless the

42、Manager and the Trustee of the Funds either intend to liquidate the Funds or to cease operations,or have no realistic alternative but to do so.In addition,the Manager and the Trustee of the Funds are required to ensure that the financial statements have been properly prepared in accordance with the

43、relevant provisions of the Trust Deed,as amended on 29 October 2013,31 March 2015,13 April 2018,13 December 2019,14 September 2020,28 October 2021,16 March 2023 and 7 August 2024(“the Trust Deed”),and the relevant disclosure provisions of Appendix E of the Code on Unit Trusts and Mutual Funds(“the S

44、FC Code”)issued by the Hong Kong Securities and Futures Commission.Auditors Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,whether due to fraud or error,

45、and to issue an auditor s report that includes our opinion.This report is made solely to you,as a body,and for no other purpose.We do not assume responsibility towards or accept liability to any other person for the contents of this report.Reasonable assurance is a high level of assurance but is not

46、 a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if,individually or in the aggregate,they could reasonably be expected to influence the economic decisions of

47、 users taken on the basis of these financial statements.In addition,we are required to assess whether the financial statements of the Funds have been properly prepared,in all material respects,in accordance with the relevant provisions of the Trust Deed and the relevant disclosure provisions of Appe

48、ndix E of the SFC Code.As part of an audit in accordance with HKSAs,we exercise professional judgement and maintain professional scepticism throughout the audit.We also:Identify and assess the risks of material misstatement of the financial statements,whether due to fraud or error,design and perform

49、 audit procedures responsive to those risks,and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,as fraud may involve collusion,forgery,intent

50、ional omissions,misrepresentations or the override of internal control.Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Funds in

51、ternal control.Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Manager and the Trustee of the Funds.Conclude on the appropriateness of the Manager s and the Trustee s use of the going concern basis of account

52、ing and,based on the audit evidence obtained,whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Funds ability to continue as a going concern.If we conclude that a material uncertainty exists,we are required to draw attention in our auditor s

53、report to the related disclosures in the financial statements or,if such disclosures are inadequate,to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor s report.However,future events or conditions may cause the Funds to cease to continue as a

54、going concern.Hang Seng Investment10Independent Auditors Report(continued)Auditors Responsibilities for the Audit of the Financial Statements(continued)Evaluate the overall presentation,structure and content of the financial statements,including the disclosures,and whether the financial statements r

55、epresent the underlying transactions and events in a manner that achieves fair presentation.We communicate with the Manager and the Trustee of the Funds regarding,among other matters,the planned scope and timing of the audit and significant audit findings,including any significant deficiencies in in

56、ternal control that we identify during our audit.We also provide the Manager and the Trustee of the Funds with a statement that we have complied with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to b

57、ear on our independence and,where applicable,actions taken to eliminate threats or safeguards applied.From the matters communicated with the Manager and the Trustee of the Funds,we determine those matters that were of most significance in the audit of the financial statements of the current period a

58、nd are therefore the key audit matters.We describe these matters in our auditor s report unless law or regulation precludes public disclosure about the matter or when,in extremely rare circumstances,we determine that a matter should not be communicated in our report because the adverse consequences

59、of doing so would reasonably be expected to outweigh the public interest benefits of such communication.Report on matters under the relevant provisions of the Trust Deed and the relevant disclosure provisions of Appendix E of the SFC CodeIn our opinion,the financial statements have been properly pre

60、pared,in all material respects,in accordance with the relevant provisions of the Trust Deed and the relevant disclosure provisions of Appendix E of the SFC Code.The engagement partner on the audit resulting in this independent auditor s report is Yiu Tsz Yeung,Arion.KPMGCertified Public Accountants8

61、th Floor,Prince s Building10 Chater RoadCentral,Hong Kong29 April 2025Reports and Financial Statements 11as at 31 December 2024Investment Portfolio(Unaudited)InvestmentsHang Seng China A Industry Top Index ETFHoldingMarket Value(RMB)%of Net Assets Attributable to UnitholdersShanghai Stock Exchange L

62、isted EquitiesConsumer DiscretionaryHaier Smart Home69,8741,989,3131.12%SAIC Motor90,6221,881,3131.05%3,870,6262.17%Consumer StaplesInner Mongolia Yili Industrial Group135,0274,075,1152.29%Kweichow Moutai11,39717,369,0289.73%21,444,14312.02%EnergyChina Petroleum&Chemical326,6842,182,2491.22%China Sh

63、enhua Energy73,5653,198,6061.79%CNOOC50,1001,478,4510.83%PetroChina253,4502,265,8431.27%Shaanxi Coal Industry75,8941,765,2950.99%10,890,4446.10%FinancialsAgricultural Bank of China705,5093,767,4182.11%Bank of China471,4142,597,4911.45%China Construction Bank150,1841,320,1180.74%Industrial and Commer

64、cial Bank of China897,0476,207,5653.48%Ping An Insurance216,06911,376,0336.38%25,268,62514.16%HealthcareJiangsu Hengrui Medicine92,4994,245,7042.38%Wuxi Apptec48,0002,641,9201.48%6,887,6243.86%IndustrialsCOSCO Shipping Holdings128,3781,989,8591.12%Longi Green Energy Technology135,5482,129,4591.19%4,

65、119,3182.31%Information TechnologyFoxconn Industrial Internet88,8241,909,7161.07%Semiconductor Manufacturing44,3944,200,5602.35%Shenzhen Transsion Holding10,104959,8800.54%7,070,1563.96%Hang Seng Investment12as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng China A

66、 Industry Top Index ETFHoldingMarket Value(RMB)%of Net Assets Attributable to UnitholdersMaterialsAluminum Corporation of China Limited162,5001,194,3750.67%Baoshan Iron and Steel196,6201,376,3400.77%CMOC Group158,0001,050,7000.59%Wanhua Chemical38,6082,754,6811.54%Zijin Mining342,1705,173,6102.90%11

67、,549,7066.47%Properties&ConstructionAnhui Conch Cement49,1801,169,5010.66%China Communications Construction66,754697,5790.39%China Railway206,7241,320,9660.74%China State Construction Engineering418,8142,512,8841.41%5,700,9303.20%TelecommunicationsChina Mobile17,1822,030,2251.14%China Satellite Comm

68、unications14,258290,8630.16%China Telecom347,2842,507,3901.41%China United Network Communications320,0961,699,7100.95%6,528,1883.66%UtilitiesChina National Nuclear Power190,0181,981,8881.11%China Three Gorges319,5141,396,2760.78%China Yangtze Power271,7528,030,2714.50%Huaneng Power111,409754,2390.43

69、%12,162,6746.82%Shenzhen Stock Exchange Listed EquitiesConsumer DiscretionaryBYD20,2205,715,3853.20%Gree Electric Appliances100,5184,568,5432.56%Midea Group109,2798,219,9664.61%18,503,89410.37%Consumer StaplesLuzhou Laojiao16,4322,057,2861.15%Muyuan Foodstuff Co Ltd55,0342,115,5071.19%Wuliangye Yibi

70、n43,3326,068,2133.40%10,241,0065.74%Reports and Financial Statements 13as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng China A Industry Top Index ETFHoldingMarket Value(RMB)%of Net Assets Attributable to UnitholdersHealthcareChongqing Zhifei Biological Products26

71、,723702,8150.40%Shenzhen Mindray Bio-Medical Electronics12,1963,109,9801.74%Yunnan Baiyao Group17,9271,074,7240.60%4,887,5192.74%IndustrialsContemporary Amperex Technology58,97515,687,3508.79%Luxshare Precision Industry104,7204,268,3872.39%S.F.Holding48,4761,953,5831.10%21,909,32012.28%Information T

72、echnologyHangzhou Hikvision Digital Technology82,5412,534,0091.42%ZTE Corporation72,0222,909,6891.63%5,443,6983.05%Properties&ConstructionChina Vanke152,2491,105,3280.62%UtilitiesCGN Power177,068731,2910.41%Total Investments178,314,49099.94%(Total cost of investments RMB160,544,241)Other Net Assets1

73、11,1830.06%Net Assets Attributable to Unitholders178,425,673100.00%InvestmentsHang Seng Harvest CSI 300 Index ETFHoldingMarket Value(RMB)%of Net Assets Attributable to UnitholdersShenzhen Stock Exchange Listed EquitiesExchange Traded FundsHarvest CSI 300 ETF14,493,80059,830,40699.76%Total Investment

74、s59,830,40699.76%(Total cost of investments RMB65,966,920)Other Net Assets145,7980.24%Net Assets Attributable to Unitholders59,976,204100.00%Hang Seng Investment14as at 31 December 2024Investment Portfolio(Unaudited)(continued)The investment portfolio of the Harvest CSI 300 ETF as at 31 December 202

75、4 was as follows:InvestmentHoldingsMarket Value(RMB)%of Net Assets Attributable to UnitholdersConsumer DiscretionaryBeijing Roborock Technology Co.,Ltd.1,108,474243,077,2630.16%BYD Company Limited6,792,2091,919,885,7961.22%Changzhou Xingyu Automotive Lighting Systems Co.,Ltd.1,071,506143,024,6210.09

76、%China Tourism Group Duty Free Corporation Limited7,321,831490,635,8950.31%Chongqing Changan Automobile Company Limited37,240,958497,539,1990.32%Faw Jiefang Group Co.,Ltd.7,383,40160,543,8880.04%Fuyao Glass Industry Group Co.,Ltd.12,018,106749,929,8140.48%Great Wall Motor Company Limited9,343,723246

77、,020,2260.16%Gree Electric Appliances,Inc.of Zhuhai33,609,3731,527,546,0030.98%Guangzhou Automobile Group Co.,Ltd.16,624,865155,276,2390.10%Haier Smart Home Co.,Ltd.28,145,825801,311,6380.51%Huali Industrial Group Company Limited1,138,00089,503,7000.06%HUAYU Automotive Systems Company Limited11,822,

78、934208,201,8680.13%Huizhou Desay SV Automotive Co.,Ltd.2,081,302229,172,1630.15%Midea Group Co.,Ltd36,673,4482,758,576,7591.76%Ningbo Tuopu Group Co.,Ltd.5,058,293247,856,3570.16%Oppein Home Group Inc.1,370,85294,506,5370.06%SAIC Motor Corporation Limited34,726,857720,929,5510.46%Seres Group Co.,Ltd

79、5,661,972755,250,4450.48%Yutong Bus Co.,Ltd.9,963,200262,829,2160.17%12,201,617,1787.80%Consumer StaplesAnhui Gujing Distillery Company Limited1,225,958212,458,5210.14%Eastroc Beverage(Group)Co.,Ltd.1,560,231387,748,6080.25%Foshan Haitian Flavouring and Food Company Ltd.12,511,649574,284,6890.37%Gua

80、ngdong Haid Group Co.,Limited6,246,428306,387,2930.20%Henan Shuanghui Investment&Development Co.,Ltd.7,795,611202,374,0610.13%Inner Mongolia Yili Industrial Group Co.,Ltd.47,746,0741,440,976,5130.92%Jiangsu Kings Luck Brewery Joint-Stock Co.,Ltd.5,645,574255,349,3120.16%Jiangsu Yanghe Distillery Co.

81、,Ltd.4,519,565377,519,2640.24%Kweichow Moutai Co.,Ltd.4,709,4397,177,185,0364.59%Luzhou Laojiao Co.,Ltd5,520,231691,132,9210.44%Muyuan Foods Co.,Ltd.20,433,460785,462,2020.50%New Hope Liuhe Co.,Ltd.16,972,807152,415,8070.10%Shanxi Xinghuacun Fen Wine Factory Co.,Ltd.3,659,841674,179,3110.43%Tsingtao

82、 Brewery Company Limited2,659,144215,177,9320.14%Wens Foodstuff Group Co.,Ltd.39,922,758659,124,7350.42%Wuliangye Yibin Co.,Ltd.14,564,0682,039,552,0831.30%Yihai Kerry Arawana Holdings Co.,Ltd4,472,928145,862,1820.09%16,297,190,47010.42%Reports and Financial Statements 15as at 31 December 2024Invest

83、ment Portfolio(Unaudited)(continued)InvestmentHoldingsMarket Value(RMB)%of Net Assets Attributable to UnitholdersEnergyChina Coal Energy Company Limited13,728,534167,213,5440.11%China Oilfield Services Limited4,440,85367,723,0080.04%China Petroleum&Chemical Corporation109,389,169730,719,6490.47%Chin

84、a Shenhua Energy Company Limited24,737,0831,075,568,3690.68%CNOOC Limited15,697,800463,242,0780.30%Hengli Petrochemical Co.,Ltd.15,838,234243,116,8920.16%Petrochina Company Limited85,011,406760,001,9690.49%Shaanxi Coal Industry Company Limited29,085,663676,532,5210.43%Shanxi Coking Coal Energy Group

85、 Co.,Ltd.21,289,740175,427,4580.11%Shanxi LuAn Environmental Energydev.Co.,Ltd8,974,600128,875,2560.08%Yankuang Energy Group Company Limited13,420,325190,166,0050.12%4,678,586,7492.99%FinancialsAgricultural Bank of China Limited239,460,8971,278,721,1900.83%Bank of Beijing Co.,Ltd.111,003,291682,670,

86、2400.44%Bank of Chengdu Co.,Ltd.17,893,269306,153,8330.20%Bank of China Limited158,078,129871,010,4910.56%Bank of Communications Co.,Ltd.176,633,5461,372,442,6520.88%Bank of Hangzhou Co.,Ltd.26,996,926394,425,0880.25%Bank of Jiangsu Co.,Ltd.110,110,9101,081,289,1360.69%Bank of Nanjing Co.,Ltd.40,184

87、,197427,961,6980.27%Bank of Ningbo Co.,Ltd.24,764,025602,013,4480.38%Bank of Shanghai Co.,Ltd.74,586,859682,469,7600.44%Capital Securities Corporation Limited4,100,20090,204,4000.06%China Citic Bank Corporation Limited29,412,713205,300,7370.13%China Construction Bank Corporation50,368,079442,735,414

88、0.28%China Everbright Bank Company Limited139,224,109538,797,3020.34%China Galaxy Securities Co.,Ltd.16,298,000248,218,5400.16%China International Capital Corporation Limited8,766,700295,350,1230.19%China Life Insurance Company Limited12,494,361523,763,6130.33%China Merchants Bank Co.,Ltd.92,832,689

89、3,648,324,6782.33%China Merchants Securities Co.,Ltd27,833,085533,281,9090.34%China Minsheng Banking Corp.,Ltd.186,180,778768,926,6130.49%China Pacific Insurance(Group)Co.,Ltd.25,669,628874,820,9220.56%China Securities Co.,Ltd.9,739,766250,798,9750.16%China Zheshang Bank Co.,Ltd.113,111,200329,153,5

90、920.21%Cinda Securities Co.,Ltd.7,296,800109,306,0640.07%CITIC Securities Company Limited73,177,4712,134,586,8291.36%CNPC Capital Company Limited18,962,900130,654,3810.08%East Money Information Co.,Ltd.94,714,7062,445,533,7091.56%Everbright Securities Company Limited14,650,220265,315,4840.17%Founder

91、 Securities Co.,Ltd.37,045,319308,587,5070.20%Hang Seng Investment16as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentHoldingsMarket Value(RMB)%of Net Assets Attributable to UnitholdersGF Securities Co.,Ltd22,192,584359,741,7870.23%Guosen Securities Co.,Ltd.21,628,518242,239,

92、4020.15%Guotai Haitong Securities Co.,Ltd.33,804,492630,453,7760.40%Haitong Securities Co.,Ltd.72,411,669805,217,7590.51%Hongta Securities Co.,Ltd.10,612,81190,102,7650.06%Hua Xia Bank Co.,Limited47,746,189382,446,9740.24%Huatai Securities Co.,Ltd.38,369,473674,919,0300.43%Industrial and Commercial

93、Bank of China Limited262,878,6571,819,120,3061.17%Industrial Bank Co.,Ltd.109,067,8862,089,740,6961.35%Industrial Securities Co.,Ltd.51,668,546323,445,0980.21%New China Life Insurance Company Ltd.6,256,180310,932,1460.20%Orient Securities Company Limited39,215,869414,119,5770.26%Ping An Bank Co.,Ltd

94、.72,772,262851,435,4650.54%Ping An Insurance(Group)Company of China,Ltd.80,722,0714,250,017,0382.73%Postal Savings Bank of China Co.,Ltd.83,272,200472,986,0960.30%SDIC Capital Co.,Ltd19,276,230144,957,2500.09%Shanghai Pudong Development Bank Co.,Ltd.88,058,811906,125,1650.58%Shenwan Hongyuan Group C

95、o.,Ltd.67,611,068361,719,2140.23%The Peoples Insurance Company(Group)of China Limited23,961,400182,585,8680.12%Zheshang Securities Co.,Ltd.20,582,489251,929,6650.16%Zhongtai Securities Co.,Ltd.20,906,480137,355,5740.09%37,544,408,97924.01%Health CareAier Eye Hospital Group Co.,Ltd.34,976,304463,436,

96、0280.30%Beijing Tiantan Biological Products Corporation Limited8,898,486182,418,9630.12%Beijing Tongrentang Co.,Ltd5,143,256208,764,7610.13%Beijing Wantai Biological Pharmacy Enterprise Co.,Ltd.2,846,379200,555,8640.13%Changchun High-Tech Industry(Group)Co.,Ltd.2,413,547240,003,1140.15%China Resourc

97、es Sanjiu Medical&Pharmaceutical Co.,Ltd.3,852,920170,838,4730.11%Chongqing Zhifei Biological Products Co.,Ltd.8,972,406235,974,2780.15%Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited5,272,358149,840,4140.10%Hangzhou Tigermed Consulting Co.,Ltd3,894,492212,717,1530.14%Huadong Medicine C

98、o.,Ltd6,578,378227,611,8790.15%Hualan Biological Engineering,Inc.8,229,494138,666,9740.09%Imeik Technology Development Co.,Ltd.1,134,956207,129,4700.13%Jiangsu Hengrui Pharmaceuticals Co.,Ltd33,490,7061,537,223,4050.98%Pharmaron Beijing Co.,Ltd.7,800,666200,477,1160.13%Shanghai Fosun Pharmaceutical(

99、Group)Co.,Ltd.9,537,641237,010,3790.15%Shanghai Pharmaceuticals Holding Co.,Ltd8,356,900175,494,9000.11%Shanghai Raas Blood Products Co.,Ltd.34,657,542250,227,4530.16%Shanghai United Imaging Healthcare Co.,Ltd.3,090,318390,616,1950.25%Shenzhen Mindray Bio-Medical Electronics Co.,Ltd.4,546,8041,159,4

100、35,0200.74%Shenzhen New Industries Biomedical Engineering Co.,Ltd.2,946,229208,740,3250.13%Reports and Financial Statements 17as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentHoldingsMarket Value(RMB)%of Net Assets Attributable to UnitholdersSichuan Biokin Pharmaceutical Co.

101、,Ltd.601,573115,339,5910.07%Sichuan Kelun Pharmaceutical Co.,Ltd.9,609,365287,608,2940.18%Wuxi Apptec Co.,Ltd.18,757,1401,032,392,9860.66%Yunnan Baiyao Group Co.,Ltd.6,690,985401,124,5510.26%Zhangzhou Pientzehuang Pharmaceutical Co.,Ltd.2,262,244485,251,3380.31%Zhejiang Nhu Company Ltd.11,591,065254

102、,655,6970.16%9,373,554,6215.99%IndustrialsAECC Aviation Power Co.,Ltd9,996,418414,351,5260.25%Air China Limited28,109,447222,345,7260.14%AVIC Airborne Systems Co.,Ltd.18,146,545223,746,9000.14%AVIC Shenyang Aircraft Company Limited8,267,295419,317,2020.27%AVIC Xian Aircraft Industry Group Company Lt

103、d.10,431,493294,585,3620.19%Beijing-Shanghai High Speed Railway Co.,Ltd.220,984,8841,361,266,8850.87%China Communications Construction Company Limited26,686,123278,869,9850.18%China CSSC Holdings Limited16,772,058603,123,2060.39%China Eastern Airlines Corporation Limited64,181,200256,724,8000.16%Chi

104、na Energy Engineering Corporation Limited97,288,800222,791,3520.14%China Merchants Energy Shipping Co.,Ltd.24,431,900156,608,4790.10%China Merchants Expressway Network&Technology Holdings Co.,Ltd.15,345,603214,071,1620.14%China National Chemical Engineering Co.,Ltd27,491,300227,902,8770.15%China Rai

105、lway Construction Corporation Limited34,510,744316,463,5220.20%China Railway Group Limited77,035,762492,258,5190.31%China Railway Signal&Communication Corporation Limited19,397,648121,429,2760.08%China Shipbuilding Industry Company Limited85,509,535411,300,8630.26%China Shipbuilding Industry Group P

106、ower Co.,Ltd8,444,191206,629,3540.13%China Southern Airlines Company Limited40,431,597262,401,0650.17%China State Construction Engineering Corporation Limited156,059,932936,359,5920.60%Contemporary Amperex Technology Co.,Ltd.19,815,5055,270,924,3303.37%COSCO SHIPPING Energy Transportation Co.,Ltd.10

107、,409,100120,745,5600.08%COSCO SHIPPING Holdings Co.,Ltd.47,851,338741,695,7390.47%CRRC Corporation Limited91,231,466764,519,6850.49%CSI Solar Co.,Ltd.11,064,797138,973,8500.09%Daqin Railway Co.,Ltd.68,470,125464,227,4480.30%Dongfang Electric Corporation Limited8,332,700132,406,6030.08%EVE Energy Co.

108、,Ltd.9,206,148430,295,3580.28%Flat Glass Group Co.,Ltd.5,702,411112,280,4730.07%Goneo Group Co.,Ltd.1,454,287102,149,1190.07%Gotion High-Tech Co.,Ltd.8,108,850172,069,7970.11%Hangzhou First Applied Material Co.,Ltd.7,826,348115,829,9500.07%Ja Solar Technology Co.,Ltd.14,893,654204,787,7430.13%Jiangs

109、u Expressway Company Limited3,720,50056,960,8550.04%Jiangsu Hengli Hydraulic Co.,Ltd4,022,527212,268,7500.14%Hang Seng Investment18as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentHoldingsMarket Value(RMB)%of Net Assets Attributable to UnitholdersJinko Solar Co.,Ltd.30,016,4

110、48213,416,9450.14%LONGi Green Energy Technology Co.,Ltd.45,469,389714,324,1010.46%Metallurgical Corporation of China Ltd.53,559,110176,745,0630.11%NARI Technology Co.,Ltd.30,124,024759,727,8850.48%Ningbo Deye Technology Co.,Ltd1,936,084164,179,9230.10%Power Construction Corporation of China,Ltd64,60

111、4,877352,742,6280.23%S.F.Holding Co.,Ltd.18,061,280727,869,5840.47%Sany Heavy Industry Co.,Ltd44,494,570733,270,5140.47%Shanghai International Airport Co.,Ltd.9,332,203318,694,7320.20%Shanghai International Port(Group)Co.,Ltd.20,982,350128,411,9820.08%Shenzhen Inovance Technology Co.,Ltd16,153,75794

112、6,287,0850.61%Sichuan Road&Bridge Group Co.,Ltd.19,602,920142,709,2580.09%Sieyuan Electric Co.,Ltd.4,645,532337,730,1760.22%Spring Airlines Co.,Ltd.3,669,544211,622,6020.14%Sungrow Power Supply Co.,Ltd.10,884,292803,587,2780.51%TBEA Co.,Ltd.37,896,952482,807,1680.31%TCL Zhonghuan Renewable Energy Te

113、chnology Co.,Ltd24,258,640215,174,1370.14%Tongwei Co.,Ltd.20,259,340447,934,0070.29%Trina Solar Co.,Ltd.8,172,813157,735,2910.10%Weichai Power Co.,Ltd.40,701,494557,610,4680.36%Wuxi Lead Intelligent Equipment Co.,Ltd.8,222,286164,610,1660.11%XCMG Construction Machinery Co.,Ltd.62,036,169491,946,8200

114、.31%Xinjiang Daqo New Energy Co.,Ltd.4,826,500116,511,7100.07%YTO Express Group Co.,Ltd.12,920,600183,343,3140.12%Zhejiang China Commodities City Group Co.,Ltd20,564,150275,765,2520.18%Zhejiang Chint Electrics Co.,Ltd.8,058,744188,655,1970.12%Zhejiang Jingsheng Mechanical&Electrical Co.,Ltd.4,910,92

115、6156,658,5390.10%Zhejiang Sanhua Intelligent Controls Co.,Ltd.16,796,111394,876,5700.25%Zhuzhou CRRC Times Electric Co.Ltd.1,955,28093,697,0180.06%Zoomlion Heavy Industry Science and Technology Co.,Ltd37,254,345269,348,9140.17%27,610,677,24017.66%Information Technology360 Security Technology Inc.26,

116、249,090271,678,0820.17%ACM Research(Shanghai),Inc.658,19165,819,1000.04%Advanced Micro-Fabrication Equipment Inc.China3,267,007617,987,0440.40%Avary Holding(Shenzhen)Co.,Limited5,217,032190,317,3270.12%Beijing Kingsoft Office Software,Inc.1,734,682496,795,5780.32%BOE Technology Group Co.,Ltd.277,145

117、,3251,216,667,9770.78%Cambricon Technologies Corporation Limited1,565,6531,030,199,6740.66%Chaozhou Three-Circle(Group)Co.,Ltd.10,061,842387,481,5350.25%China Resources Microelectronics Limited3,970,234187,355,3420.12%Dawning Information Industry Co.,Ltd10,974,090793,646,1890.51%Reports and Financia

118、l Statements 19as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentHoldingsMarket Value(RMB)%of Net Assets Attributable to UnitholdersEmpyrean Technology Co.,Ltd.1,629,091197,282,9200.13%Eoptolink Technology Inc.,Ltd.5,316,280614,455,6420.39%Foxconn Industrial Internet Co.,Ltd.

119、29,802,745640,759,0180.41%Gigadevice Semiconductor Inc.4,981,155531,987,3540.34%Goertek Inc.18,249,505471,019,7240.30%Hangzhou Hikvision Digital Technology Co.,Ltd.27,700,160850,394,9120.54%Hangzhou Silan Microelectronics Co.,Ltd8,736,691227,328,7000.15%Hithink Royalflush Information Network Co.,Ltd

120、.1,613,005463,738,9380.30%Huaqin Technology Co.,Ltd.2,285,712162,171,2660.10%Hundsun Technologies Inc.11,365,021318,106,9380.20%Hygon Information Technology Co.,Ltd.6,973,0621,044,494,9570.67%Ieit Systems Co.,Ltd.7,728,094400,933,5170.26%Iflytek Co.,Ltd13,870,935670,243,5790.43%JCET Group Co.,Ltd.10

121、,736,539438,694,9840.28%Jonhon Optronic Technology Co.,Ltd9,538,911374,879,2020.24%Lens Technology Co.,Ltd.14,948,412327,370,2230.21%Luxshare Precision Industry Co.,Ltd.37,938,6851,546,380,8010.99%Maxscend Microelectronics Company Limited2,806,055251,703,1340.16%Montage Technology Co.,Ltd8,569,30258

122、1,855,6060.37%National Silicon Industry Group Co.,Ltd.12,362,600232,664,1320.15%NAURA Technology Group Co.,Ltd.2,389,479934,286,2890.60%Ninestar Corporation7,458,300210,100,3110.13%Range Intelligent Computing Technology Group Company Limited5,163,200268,279,8720.17%Semiconductor Manufacturing Intern

123、ational Corporation14,912,9061,411,059,1660.90%Sg Micro Corp2,477,268202,590,9770.13%Shanghai Baosight Software Co.,Ltd.6,481,654189,653,1960.12%Shengyi Technology Co.,Ltd.9,110,600219,109,9300.14%Shennan Circuits Co.,Ltd.1,538,865192,358,1250.12%Shenzhen Transsion Holdings Co.,Ltd.3,420,668324,963,

124、4600.21%Suzhou TFC Optical Communication Co.,Ltd2,492,353227,701,3700.15%TCL Technology Group Corporation140,843,211708,441,3510.45%Unigroup Guoxin Microelectronics Co.,Ltd.5,097,921328,153,1750.21%Unisplendour Corporation Limited17,161,014477,591,0200.31%Will Semiconductor Co.,Ltd.Shanghai6,384,441

125、666,599,4850.43%Wingtech Technology Co.,Ltd6,524,667253,026,5860.16%WUS Printed Circuit(Kunshan)Co.,Ltd.10,046,390398,339,3640.25%Yealink(Xiamen)Network Technology Co.,Ltd3,791,328146,345,2610.09%Yonyou Network Technology Co.,Ltd.15,376,701164,992,0020.11%Zhejiang Dahua Technology Co.,Ltd.14,815,745

126、237,051,9200.15%Zhongji Innolight Co.,Ltd.6,726,761830,822,2510.53%ZTE Corporation24,166,976976,345,8300.62%24,972,224,33615.97%Hang Seng Investment20as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentHoldingsMarket Value(RMB)%of Net Assets Attributable to UnitholdersMaterials

127、Aluminum Corporation of China Limited59,428,565436,799,9530.28%Anhui Conch Cement Company Limited17,999,340428,024,3050.27%Baoshan Iron&Steel Co.,Ltd.65,957,265461,700,8550.30%Beijing New Building Materials Public Limited Company7,602,648230,436,2610.15%Beijing Oriental Yuhong Waterproof Technology

128、Co.,Ltd.14,617,956189,741,0690.12%China Jushi Co.,Ltd18,014,794205,188,5040.13%China Northern Rare Earth(Group)High-Tech Co.,Ltd18,979,389402,742,6350.26%Citic Pacific Special Steel Group Co.,Ltd7,570,64886,381,0940.06%CMOC Group Limited52,998,558352,440,4110.23%Ganfeng Lithium Group Co.,Ltd.8,471,6

129、37296,592,0110.19%Guangzhou Tinci Materials Technology Co.,Ltd10,074,282198,664,8410.13%Hoshine Silicon Industry Co.,Ltd.2,659,867147,782,2110.09%Inner Mongolia Baotou Steel Union Co.,Ltd170,272,775316,707,3620.20%Jiangsu Eastern Shenghong Co.,Ltd.19,833,975162,836,9350.10%Jiangxi Copper Company Lim

130、ited7,782,314160,626,9610.10%LB Group Co.,Ltd.12,528,047221,370,5900.14%Ningxia Baofeng Energy Group Co.,Ltd.16,500,400277,866,7360.18%Qinghai Yanhu Industry Co.,Ltd.28,523,259469,492,8430.30%Rongsheng Petrochemical Co.,Ltd.22,782,976206,185,9330.13%Satellite Chemical Co.,Ltd.12,632,800237,370,3120.

131、15%Shandong Gold Mining Co.,Ltd.13,554,690306,742,6350.20%Shandong Hualu-Hengsheng Chemical Co.,Ltd11,147,239240,891,8350.15%Shandong Nanshan Aluminium Co.,Ltd.52,262,600204,346,7660.13%Shanghai Putailai New Energy Technology Co.,Ltd.8,014,495127,510,6150.08%Shanjin International Gold Co.,Ltd.12,495

132、,422192,054,6360.12%Tianqi Lithium Corporation7,754,900255,911,7000.16%Tongling Nonferrous Metals Group Co.,Ltd.57,566,800185,940,7640.12%Wanhua Chemical Group Co.,Ltd.14,129,3901,008,131,9770.64%Yunnan Aluminium Co,Ltd.15,605,696211,145,0670.14%Yunnan Energy New Material Co.,Ltd.4,370,807139,822,11

133、60.09%Zangge Mining Company Limited5,927,004164,355,8210.11%Zhejiang Huayou Cobalt Co.,Ltd10,183,787297,977,6080.19%Zhejiang Juhua Co.,Ltd10,124,515244,203,3020.16%Zhongjin Gold Corp.,Ltd21,813,605262,417,6680.17%Zijin Mining Group Company Limited123,537,2301,867,882,9181.19%11,198,287,2507.16%Real

134、EstateChina Merchants Shekou Industrial Zone Holdings Co.,Ltd.27,182,902278,352,9160.17%China Vanke Co.,Ltd.51,052,192370,638,9140.24%Hainan Airport Infrastructure Co.,Ltd51,415,300194,349,8340.12%Poly Developments and Holdings Group Co.,Ltd53,868,268477,272,8540.31%1,320,614,5180.84%Reports and Fin

135、ancial Statements 21as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentHoldingsMarket Value(RMB)%of Net Assets Attributable to UnitholdersTelecom Service37 Interactive Entertainment Network Technology Group Co.,Ltd.11,643,968182,111,6600.12%China Mobile Limited6,770,761800,033

136、,1200.51%China Satellite Communications Co.,Ltd.4,752,70096,955,0800.06%China Telecom Corporation Limited116,447,500840,750,9500.54%China United Network Communications Limited119,255,022633,244,1670.40%Focus Media Information Technology Co.,Ltd.75,823,558533,039,6130.34%Kunlun Tech Co.,Ltd.6,465,072

137、248,775,9710.16%Mango Excellent Media Co.,Ltd.5,612,425150,918,1080.10%3,485,828,6692.23%UtilitiesCGN Power Co.,Ltd.58,998,500243,663,8050.16%China Longyuan Power Group Corporation Limited1,134,63417,825,1000.01%China National Nuclear Power Co.,Ltd70,814,100738,591,0630.47%China Three Gorges Renewab

138、les(Group)Co.,Ltd.107,330,338469,033,5770.30%China Yangtze Power Co.,Ltd.91,758,0782,711,451,2051.73%ENN Natural Gas Co.,Ltd.6,968,400151,074,9120.10%GD Power Development Co.,Ltd66,885,375306,335,0180.20%Huadian Power International Corporation Limited25,531,700143,232,8370.09%Huaneng Lancang River H

139、ydropower Inc.13,500,466128,389,4320.08%Huaneng Power International,Inc.32,993,900223,368,7030.14%SDIC Power Holdings Co.,Ltd22,363,301371,678,0630.24%Sichuan Chuantou Energy Co.,Ltd14,623,924252,262,6890.16%Zhejiang Zheneng Electric Power Co.,Ltd30,170,600170,765,5960.11%5,927,672,0003.79%Total Inv

140、estments154,610,662,01098.86%(Total cost of Investments RMB137,945,843,767)Other Net Assets1,778,439,5541.14%Net Assets Attributable to Unitholders156,389,101,564100.00%Hang Seng Investment22as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng Stock Connect China A Lo

141、w Carbon Index ETFHoldingsMarket Value(RMB)%Net Assets Attributable to UnitholdersShanghai Stock Exchange Listed EquitiesConsumer DiscretionaryAir China16,797132,8640.15%Changzhou Xingyu Automotive Lighting Systems62883,8260.10%China Eastern Airlines35,254141,0160.16%China Southern Airlines19,415126

142、,0030.14%Chongqing Sokon3,357447,7900.52%Fuyao Group Glass Industry6,313393,9310.45%Goneo Group83058,2990.07%Great Wall Motor5,460143,7620.17%Guangzhou Automobile Group9,67790,3830.10%Haier Smart Home14,840422,4950.49%Hainan Airlines105,590179,5030.21%Huayu Automotive Systems6,564115,5920.13%Ningbo

143、Tuopu Group2,889141,5610.16%Oppein Home Group83857,7720.07%SAIC Motor17,890371,3960.43%Shanghai International Airport4,900167,3350.19%Shanghai M&G Stationery1,87656,7490.07%Spring Airlines1,822105,0750.12%Zhejiang China Commodities12,570168,5640.19%3,403,9163.92%Consumer StaplesAnhui Yingjia Distill

144、ery1,06657,5000.07%Chongqing Brewery1,00463,2720.07%Eastroc Beverage Group821204,0350.24%Foshan Haitian Flavouring&Food7,290334,6110.39%Inner Mongolia Yili Industrial Group26,280793,1300.91%Jiangsu King s Luck Brewery Joint3,272147,9930.17%Kweichow Moutai2,5993,960,8764.56%Shanxi Xinghuacun Fen Wine

145、1,992366,9460.42%Tsingtao Brewery1,372111,0220.13%6,039,3856.96%EnergyChina Oilfield Services2,40836,7220.04%CNOOC9,595283,1490.33%319,8710.37%Reports and Financial Statements 23as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng Stock Connect China A Low Carbon Inde

146、x ETFHoldingsMarket Value(RMB)%Net Assets Attributable to UnitholdersFinancialsAgricultural Bank of China163,170871,3281.00%Bank of Beijing92,214567,1160.65%Bank of Chengdu11,133190,4860.22%Bank of China109,543603,5820.69%Bank of Communications128,364997,3881.15%Bank of Hangzhou22,119323,1590.37%Ban

147、k of Jiangsu80,805793,5050.91%Bank of Nanjing30,262322,2900.37%Bank of Shanghai57,901529,7940.61%Capital Securities3,03666,7920.08%China CITIC Bank Corp20,381142,2590.16%China Construction Bank35,535312,3530.36%China Everbright Bank116,122449,3920.52%China Galaxy Securities12,224186,1710.21%China In

148、ternational Capital Corporation Limited5,582188,0580.22%China Life Insurance9,143383,2750.44%China Merchants Bank59,6442,344,0092.70%China Merchants Securities18,030345,4550.40%China Minsheng Banking140,905581,9380.67%China Pacific Insurance Group18,613634,3310.73%China Zheshang Bank89,199259,5690.3

149、0%Cinda Securities4,42066,2120.08%CITIC Securities46,2501,349,1121.55%CSC Financial9,720250,2900.29%Everbright Securities10,868196,8190.23%Founder Securities23,700197,4210.23%Guotai Junan Securities24,270452,6350.52%Haitong Securities44,979500,1660.58%Huatai Securities28,054493,4700.57%Huaxia Bank31

150、,273250,4970.29%Industrial and Commercial Bank of China207,7441,437,5881.65%Industrial Bank83,2151,594,3991.84%Industrial Securities35,827224,2770.26%New China Life Insurance5,666281,6000.32%Orient Securities27,232287,5700.33%PICC Holding24,321185,3260.21%Ping An Insurance46,1612,430,3772.80%Postal

151、Savings Bank of China70,612401,0760.46%Shanghai Pudong Development Bank89,844924,4951.06%Shanghai Rural Commercial Bank34,803296,1740.34%Zheshang Securities14,274174,7140.20%Zhongtai Securities14,33694,1880.11%23,180,65626.68%Hang Seng Investment24as at 31 December 2024Investment Portfolio(Unaudited

152、)(continued)InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldingsMarket Value(RMB)%Net Assets Attributable to UnitholdersHealthcareBeijing Tiantan Biological4,75097,3750.11%Beijing Tongrentang2,949119,7000.14%Beijing Wantai Biological1,851130,4210.15%Bloomage Biotechnology Corporat

153、ion89945,8850.05%Guangzhou Baiyunshan Pharmaceutical Holding3,46598,4750.11%Jiangsu Hengrui Medicine18,163833,6820.96%Shanghai Fosun Pharmaceutical Group5,521137,1970.16%Shanghai Pharmaceuticals4,24589,1450.10%Shanghai United Imaging1,909241,2980.28%Sichuan Biokin Pharmaceutical29055,6020.06%WuXi Ap

154、ptec9,370515,7250.59%Zhangzhou Pientzehuang Pharmaceutical1,649353,7110.41%2,718,2163.12%IndustrialsAECC Aviation Power5,845242,2750.28%AVIC Airborne Systems10,005123,3620.14%AVIC Shenyang Heibao4,308218,5020.25%Beijing-Shanghai High115,595712,0650.82%China CSSC Holdings10,613381,6430.44%China Merch

155、ants Energy11,92076,4070.09%COSCO Shipping Energy Transportation5,80567,3380.08%COSCO Shipping Holdings24,236375,6580.43%CRRC Corp48,276404,5530.47%Daqin Railway37,550254,5890.29%Dongfang Electric5,02579,8470.09%Flat Glass Group3,57970,4700.08%Hangzhou First Applied Material5,62783,2800.10%Jiangsu H

156、engli Hydraulic1,997105,3820.12%Jiangsu Zhongtian Technology12,350176,8520.20%Jinko Solar14,925106,1170.12%Longi Green Energy Technology26,052409,2770.47%NARI Technology Development18,055455,3470.52%Ningbo Deye Technology1,11294,2980.11%Ningbo Port16,04361,7660.07%Sany Heavy Industry26,978444,5970.5

157、1%Shanghai Electric Group22,571183,0510.21%Shanghai International Port15,33693,8560.11%Shanghai Putailai New Energy Technology4,52571,9930.08%Tongwei11,621256,9400.30%Trina Solar4,74391,5400.11%YTO Express Group8,406119,2810.14%Zhejiang Chint Electrics4,648108,8100.13%Zhuzhou CRRC Times Electric1,69

158、781,3200.09%5,950,4166.85%Reports and Financial Statements 25as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldingsMarket Value(RMB)%Net Assets Attributable to UnitholdersInformation Technology360 Security Technology16,

159、706172,9070.20%Advanced Micro-Fabrication1,965371,6990.43%Beijing Kingsoft Office Software1,124321,9020.37%Cambricon Technologies482317,1560.37%China Railway Signal&Communication Corporation10,72367,1260.08%China Resources Microelectronics1,88588,9530.10%Dawning Information Industry6,009434,5710.50%

160、Foxconn Industrial Internet18,328394,0520.45%Galaxycore2,80037,6320.04%Gigadevice Semiconductor3,644389,1790.45%Hangzhou Silan Microelectronics4,961129,0850.15%Hundsun Technologies7,770217,4820.25%Hygon Information Technology5,301794,0370.91%JCET Group5,857239,3170.28%Montage Technology4,967337,2590

161、.39%National Silicon Industry7,146134,4880.15%Sanan Optoelectronics13,815168,1290.19%Semiconductor Manufacturing8,491803,4180.91%Shanghai Baosight Software4,011117,3620.14%Shenzhen Transsion Holding2,776263,7200.30%Will Semiconductor4,221440,7150.51%Wingtech Technology3,792147,0540.17%Yonyou Network

162、 Technology9,02296,8060.11%6,484,0497.45%MaterialsBaoshan Iron and Steel36,203253,4210.29%China Jushi10,435118,8550.14%China National Chemical16,162133,9830.15%CMOC Group31,169207,2740.24%Hoshine Silicon Industry1,29471,8950.08%Ningxia Baofeng Energy Group8,942150,5830.17%Shandong Gold Mining6,90215

163、6,1920.18%Shandong Hualu Hengsheng Group6,256135,1920.16%Shandong Nanshan Aluminum26,317102,9000.12%Wanhua Chemical7,136509,1540.59%Xinjiang Daqo New Energy2,21753,5180.06%Zhejiang Huayou Cobalt5,799169,6790.20%Zhejiang Juhua5,495132,5390.15%Zhongjin Gold Corp11,300135,9390.16%Zijin Mining66,1821,00

164、0,6721.15%3,331,7963.84%Hang Seng Investment26as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldingsMarket Value(RMB)%Net Assets Attributable to UnitholdersProperties&ConstructionAnhui Conch Cement8,707207,0530.24%China

165、 Communications Construction12,919135,0040.15%China Railway40,247257,1780.30%China Railway Construction19,988183,2900.21%Poly Developments and Holdings Group46,217409,4830.47%Sichuan Road and Bridge Group9,56569,6330.08%1,261,6411.45%TelecommunicationsChina Mobile3,300389,9280.45%China Satellite Com

166、munications2,82057,5280.07%China Telecom66,294478,6430.55%China United Network Communications61,013323,9790.37%1,250,0781.44%UtilitiesChina National Nuclear Power41,508432,9280.50%China Three Gorges62,355272,4910.31%China Yangtze Power60,5811,790,1692.06%Huaneng Lancang River Hydropower7,81774,3400.

167、09%Sichuan Chuantou Energy7,312126,1320.14%2,696,0603.10%Shenzhen Stock Exchange Listed EquitiesConsumer DiscretionaryBYD3,9461,115,3761.28%Chongqing Changan Automobile20,453273,2520.31%Focus Media Information Technology49,553348,3580.40%Gree Electric Appliances21,919996,2191.15%Huali Industrial Gro

168、up78761,8980.07%Huizhou Desay Sv Automotive922101,5210.12%Mango Excellent Media3,67898,9010.11%Midea Group A Share22,4751,690,5701.95%TCL Technology Group Corporation75,925381,9030.44%Zhejiang Supor Cookware71638,0980.04%5,106,0965.87%Reports and Financial Statements 27as at 31 December 2024Investme

169、nt Portfolio(Unaudited)(continued)InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldingsMarket Value(RMB)%Net Assets Attributable to UnitholdersConsumer StaplesAnhui Gujing Distillery614106,4060.12%Guangdong Haid Group3,673180,1610.21%Guangdong Wens Foodstuffs23,222383,3950.44%Henan

170、 Shuanghui Investment and Development4,453115,6000.13%Jiangsu Yanghe Brewery2,639220,4360.25%Luzhou Laojiao3,391424,5530.49%Muyuan Foodstuff10,422400,6220.46%New Hope Liuhe9,84988,4440.10%Wuliangye Yibin8,5431,196,3621.38%Yihai Kerry Arawana Holdings3,482113,5480.13%3,229,5273.71%EnergyJiangsu Wujia

171、ng China East10,94889,8830.10%FinancialsBank of Ningbo22,372543,8630.63%East Money Information62,4131,611,5041.85%GF Securities16,985275,3270.32%Guosen Securities15,469173,2530.20%Hithink RoyalFlush Information Network1,067306,7620.35%Ping An Bank45,820536,0940.62%Shenwan Hongyuan Group51,955277,959

172、0.32%3,724,7624.29%HealthcareAier Eye Hospital Group19,020252,0150.29%Asymchem Laborator99475,6330.09%Changchun High&New Technology Industry Group1,343133,5480.15%China Resources Sanjiu2,257100,0750.12%Chongqing Zhifei Biological Products5,928155,9060.18%Hangzhou Tigermed Consulting2,717148,4030.17%

173、Huadong Medicine4,162144,0050.17%Hualan Biological Engineering4,41874,4430.09%Imeik Technology Development658120,0850.14%Pharmaron Beijing3,82998,4050.11%Shanghai Raas Blood Products19,572141,3100.16%Shenzhen Mindray Bio-Medical Electronics2,712691,5600.80%Shenzhen New Industries1,745123,6330.14%Sic

174、huan Kelun Pharmaceutical4,675139,9230.16%Yunnan Baiyao Group4,002239,9200.28%Zhejiang Nhu6,761148,5390.17%2,787,4033.22%Hang Seng Investment28as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldingsMarket Value(RMB)%Net

175、Assets Attributable to UnitholdersIndustrialsAvary Holding2,971108,3820.12%AVIC Jonhon Optronic Technology5,075199,4470.23%AVIC XiAn Aircraft Industry Group5,601158,1720.18%BOE Technology Group141,897622,9280.72%Chaozhou Three-Circle Group5,409208,3010.24%China Merchants Expressway Network and Techn

176、ology7,766108,3360.12%CNGR Advanced Material2,04373,7930.08%Contemporary Amperex Technology11,5843,081,3443.55%Eve Energy5,457255,0600.29%Goertek10,639274,5930.32%Gotion High-Tech4,50695,6170.11%JA Solar Technology7,849107,9240.12%Lead Intelligent5,015100,4000.12%Lens Technology10,524230,4760.27%Lin

177、gyi Itech Guangdong12,16697,3280.11%Luxshare Precision Industry20,784847,1560.98%S.F.Holding9,373377,7320.43%Shennan Circuits825103,1250.12%Shenzhen Inovance Technology8,879520,1320.60%Sungrow Power Supply7,840578,8270.67%Suzhou Maxwell Technologies66770,1350.08%TCL Zhonghuan Renewable Energy Techno

178、logy12,644112,1520.13%Weichai Power24,382334,0330.38%WUS Printed Circuit(Kunshan)5,890233,5380.27%XCMG Construction Machinery37,305295,8290.34%Zhejiang Sanhua8,821207,3820.24%Zoomlion Heavy Industry Science and Technology22,931165,7910.19%9,567,93311.01%Reports and Financial Statements 29as at 31 De

179、cember 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldingsMarket Value(RMB)%Net Assets Attributable to UnitholdersInformation Technology37 Interactive Entertainment Network Technology Group9,624150,5190.17%Empyrean Technology905109,59

180、50.13%iFLYTEK9,605464,1140.53%Inspur Electronic Information Industry5,962309,3090.36%Maxscend Microelectronics1,564140,2910.16%NAURA Technology Group1,258491,8780.57%Ninestar Corp5,001140,8780.16%Range Intelligent2,195114,0520.13%SG Micro Corp1,760143,9330.17%Tsinghua Unisplendour9,530265,2200.31%Un

181、igroup Guoxin3,034195,2990.22%Yealink Network2,04678,9760.09%Zhejiang Dahua Technology10,161162,5760.19%Zhejiang Jingsheng Mechanical&Electrical3,241103,3880.12%Zhongji Innolight A Share3,697456,6160.53%ZTE Corporation14,843599,6570.69%3,926,3014.53%MaterialsCITIC Pacific Special Steel Group4,16747,

182、5450.06%Ganfeng Lithium Group4,907171,7940.20%Guangzhou Tinci Materials5,413106,7440.12%LB Group6,566116,0210.13%Qinghai Salt Lake Industry16,210266,8170.31%Rongsheng Petro Chemical12,595113,9850.13%Satellite Chemical7,062132,6950.15%Tianqi Lithium Industry4,544149,9520.17%Yunnan Aluminium8,630116,7

183、640.13%Yunnan Energy New Material2,46378,7910.09%Zangge Mining3,933109,0620.13%1,410,1701.62%Hang Seng Investment30as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldingsMarket Value(RMB)%Net Assets Attributable to Unith

184、oldersProperties&ConstructionBeijing New Building Materials3,866117,1780.13%Beijing Oriental Yuhong8,530110,7190.13%China Merchants Shekou Industrial Zone Holdings18,705191,5390.22%China Vanke37,865274,9000.32%Xinjiang Tianshan Cement5,47931,0110.04%725,3470.84%UtilitiesCGN Power35,691147,4040.17%To

185、tal Equities87,350,910100.54%Financial assets at fair value through profit or lossForward ContractsForeign currency forward contracts3,6700.00%Total financial assets at fair value through profit or loss87,354,580100.54%Financial liabilities at fair value through profit or lossForward ContractsForeig

186、n currency forward contracts(156)(0.00%)Total financial liabilities at fair value through profit or loss(156)(0.00%)Total Investments(Total cost of investments RMB82,479,439)87,354,424100.54%Other Net Liabilities(469,653)(0.54%)Net Assets Attributable to Unitholders86,884,771100.00%Reports and Finan

187、cial Statements 31as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersChicago Board Options Exchange Listed EquityFinancialsCBOE Global Markets10420,3220.04%NASDAQ Listed American Depo

188、sitary ReceiptInformation TechnologyEnphase Energy Inc1208,2420.02%NASDAQ Stock Exchange Listed EquitiesCommunication ServicesAlphabet10,8312,055,8514.02%Charter Communications Inc9733,2490.06%Comcast Corporation3,905146,5550.29%Electronic Arts Inc24736,1360.07%Fox Corporation37617,8510.03%Match Gro

189、up Inc2397,8180.02%Meta Platforms Inc2,2271,303,9312.55%Netflix Inc437389,5070.76%News Corporation50914,3940.03%Paramount Global6326,6110.01%Take-Two Interactive Software16931,1090.06%T-Mobile US Inc499110,1440.22%Warner Bros Discovery Inc2,32824,6070.05%4,177,7638.17%Consumer DiscretionaryAirbnb In

190、c44558,4770.11%A Inc9,5582,096,9304.09%Booking Holdings Inc34168,9260.33%Caesars Entertainment Inc2287,6200.01%eBay Inc49630,7270.06%Expedia Group Inc12823,8500.05%Hasbro Inc1437,9950.02%LKQ Corporation2709,9230.02%Lululemon Athletica Inc11744,7420.09%Marriott International Inc/MD23766,1090.13%O Rei

191、lly Automotive Inc5969,9620.14%Pool Corporation3812,9560.03%Ross Stores Inc34251,7340.10%Starbucks Corporation1,150104,9380.20%Tesla Inc2,8501,150,9442.25%Tractor Supply Co55429,3950.06%Ulta Beauty Inc4820,8770.04%Wynn Resorts Ltd877,4960.01%3,963,6017.74%Hang Seng Investment32as at 31 December 2024

192、Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersConsumer StaplesCostco Wholesale Corporation453415,0700.81%Dollar Tree Inc20615,4380.03%Keurig Dr Pepper Inc1,16337,3560.07%Kraft Heinz Co91728,1610.06%Mo

193、ndelez International Inc1,37281,9500.16%Monster Beverage Corporation72438,0530.07%PepsiCo Inc1,404213,4920.42%Walgreens Boots Alliance Inc7446,9420.01%836,4621.63%EnergyAPA Corporation3447,9430.02%Baker Hughes Co1,02141,8820.08%Diamondback Energy Inc19431,7830.06%81,6080.16%FinancialsArch Capital Gr

194、oup Ltd38835,8320.07%Cincinnati Financial Corporation16323,4230.05%CME Group Inc37085,9250.17%Erie Indemnity Co2711,1300.02%Fifth Third BanCorporation69629,4270.06%Huntington Bancshares Inc/OH1,51324,6160.05%Jack Henry&Associates Inc7713,4980.03%MarketAxess Holdings Inc419,2680.02%Nasdaq Inc42833,08

195、90.06%Northern Trust Corporation20220,7050.04%PayPal Holdings Inc1,02887,7400.17%Principal Financial Group Inc21116,3330.03%T Rowe Price Group Inc23126,1240.05%Willis Towers Watson PLC10231,9500.06%449,0600.88%Reports and Financial Statements 33as at 31 December 2024Investment Portfolio(Unaudited)(c

196、ontinued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersHealth CareAlign Technology Inc7415,4300.03%Amgen Inc550143,3520.28%Biogen Inc15223,2440.05%Bio-Techne Corporation16912,1730.02%Cooper Cos Inc/The20919,2130.04%Dexcom Inc40531,4970.06%GE

197、HealthCare Technologies Inc47236,9010.07%Gilead Sciences Inc1,276117,8640.23%Henry Schein Inc1268,7190.02%Hologic Inc24417,5900.03%IDEXX Laboratories Inc8535,1420.07%Incyte Corporation16311,2580.02%Insulet Corporation7118,5360.04%Intuitive Surgical Inc364189,9930.37%Moderna Inc33613,9710.03%Regenero

198、n Pharmaceuticals Inc10876,9320.15%Vertex Pharmaceuticals Inc264106,3130.21%Viatris Inc1,25915,6750.03%893,8031.75%IndustrialsAutomatic Data Processing Inc417122,0680.24%Axon Enterprise Inc7544,5740.09%CH Robinson Worldwide Inc12512,9150.03%Cintas Corporation35264,3100.13%Copart Inc90251,7660.10%CSX

199、 Corporation1,98263,9590.13%Fastenal Co59142,4990.08%Honeywell International Inc665150,2170.29%J.B.Hunt Transport Services Inc8113,8230.03%Nordson Corporation5812,1360.02%Old Dominion Freight Line Inc19434,2220.07%PACCAR Inc53956,0670.11%Paychex Inc33046,2730.09%United Airlines Holdings Inc34133,111

200、0.06%Verisk Analytics Inc14640,2130.08%788,1531.55%Hang Seng Investment34as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersInformation TechnologyAdobe Inc450200,1060.39%Advanced Micr

201、o Devices Inc1,659200,3910.39%Akamai Technologies Inc15314,6340.03%Analog Devices Inc509108,1420.21%ANSYS Inc9130,6970.06%Apple Inc15,4373,865,7347.54%Applied Materials Inc844137,2600.27%Autodesk Inc22165,3210.13%Broadcom Inc4,7711,106,1092.16%Cadence Design Systems Inc28184,4290.16%CDW Corporation/

202、DE12822,2770.04%Cisco Systems Inc4,072241,0620.47%Cognizant Technology Solutions51239,3730.08%Crowdstrike Holdings Inc23981,7760.16%F5 Inc6115,3400.03%First Solar Inc10819,0340.04%Fortinet Inc65461,7900.12%Gen Digital Inc57115,6340.03%Intel Corporation4,35287,2580.17%Intuit Inc287180,3790.35%KLA Cor

203、poration13786,3260.17%Lam Research Corporation1,31995,2710.19%Microchip Technology Inc55631,8870.06%Micron Technology Inc1,12094,2590.18%Microsoft Corporation7,5933,200,4506.24%Monolithic Power Systems Inc4928,9930.06%NetApp Inc21324,7250.05%NVIDIA Corporation25,0443,363,1596.56%NXP Semiconductors N

204、V26254,4570.11%ON Semiconductor Corporation44227,8680.05%Palantir Technologies Inc2,083157,5370.31%Palo Alto Networks Inc670121,9130.24%PTC Inc12522,9840.04%QUALCOMM Inc1,136174,5120.34%Roper Technologies Inc11057,1830.11%Reports and Financial Statements 35as at 31 December 2024Investment Portfolio(

205、Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersSeagate Technology Holdings Plc22119,0750.04%Skyworks Solutions Inc16914,9870.03%Super Micro Computer Inc50815,4840.03%Synopsys Inc15876,6870.15%Teradyne Inc17021,4060.04%Texa

206、s Instruments Inc933174,9470.34%Trimble Inc24016,9580.03%VeriSign Inc8718,0060.03%Western Digital Corporation36121,5260.04%Workday Inc21956,5090.11%Zebra Technologies Corporation5420,8560.04%14,574,71128.45%MaterialsNew Linde Plc485203,0550.40%Steel Dynamics14216,1980.03%219,2530.43%Real EstateCoSta

207、r Group Inc42530,4260.06%UtilitiesAlliant Energy Corporation25314,9620.03%American Electric Power Co Inc54350,0810.10%Constellation Energy Corporation31570,4690.14%Evergy Inc23414,4030.03%Exelon Corporation1,02438,5430.08%Xcel Energy Inc58539,4990.08%227,9570.46%New York Stock Exchange Listed Equiti

208、esCommunication ServicesAT&T Inc7,295166,1070.32%Live Nation Entertainment Inc16421,2380.04%Omnicom Group Inc19716,9500.03%The Interpublic Group of Companies Inc37510,5070.02%Verizon Communications Inc4,289171,5170.33%Walt Disney Co1,854206,4430.40%592,7621.14%Hang Seng Investment36as at 31 December

209、 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersConsumer DiscretionaryAptiv Holdings Ltd24814,9990.03%AutoZone Inc1754,4340.11%Best Buy Co Inc19917,0740.03%BorgWarner Inc2407,6300.02%CarMax Inc1581

210、2,9180.03%Carnival Corporation1,07926,8890.05%Chipotle Mexican Grill Inc1,39784,2390.16%Darden Restaurants Inc12322,9630.04%Deckers Outdoor Corporation15431,2760.06%Domino s Pizza Inc3615,1110.03%DR Horton Inc29541,2470.08%Ford Motor Co4,03139,9070.08%Garmin Ltd15431,7640.06%General Motors Co1,13160

211、,2480.12%Genuine Parts Co14016,3460.03%Hilton Worldwide Holdings Inc25162,0370.12%Home Depot Inc1,016395,2140.77%Las Vegas Sands Corporation34617,7710.03%Lennar Corporation24733,6830.07%Lowe s Companies,Inc580143,1440.28%McDonald s Corporation732212,1990.41%MGM Resorts International2418,3510.02%Moha

212、wk Industries Inc516,0760.01%NIKE Inc1,22092,3170.18%Norwegian Cruise Line Holdings44711,5010.02%NVR Inc324,5370.05%PulteGroup Inc21423,3050.05%Ralph Lauren Corporation439,9320.02%Royal Caribbean Cruises Ltd25458,5950.11%Tapestry Inc24616,0710.03%TJX Cos Inc1,154139,4150.27%Yum!Brands Inc28838,6380.

213、08%1,769,8313.45%Reports and Financial Statements 37as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersConsumer StaplesAltria Group Inc1,71189,4680.17%Archer-Daniels-Midland Co48824,6

214、540.05%Brown-Forman Corporation1987,5200.02%Bunge Ltd14511,2750.02%Campbell Soup Co2058,5850.02%Church&Dwight Co Inc25526,7010.05%Clorox12920,9510.04%Coca-Cola3,958246,4250.48%Colgate-Palmolive Co83876,1830.15%Conagra Brands Inc49013,5980.03%Constellation Brands Inc16135,5810.07%Dollar General Corpo

215、ration23117,5140.03%Este Lauder Companies24518,3700.04%General Mills Inc54434,6910.07%Hershey Company15426,0800.05%Hormel Foods Corporation3129,7870.02%J.M.Smucker11312,4440.02%Kellanova28022,6720.04%Kenvue Inc1,97842,2300.08%Kimberly-Clark Corporation34445,0780.09%Kroger68742,0100.08%Lamb Weston Ho

216、ldings Inc1479,8240.02%McCormick&Co Inc26420,1270.04%Molson Coors Beverage Co18110,3750.02%Philip Morris International1,583190,5140.37%Procter&Gamble2,408403,7010.79%Sysco Corporation50738,7650.08%Target Corporation47464,0750.13%Tyson Foods Inc30017,2320.03%Walmart Inc4,438400,9730.78%1,987,4033.88%

217、Hang Seng Investment38as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersEnergyChevron Corporation1,710247,6760.48%ConocoPhillips1,313130,2100.25%Coterra Energy Inc77219,7170.04%Devon

218、 Energy Corporation68622,4530.04%EOG Resources Inc57870,8510.14%EQT Corporation62028,5880.06%Exxon Mobil Corporation4,493483,3120.94%Halliburton Co91524,8790.05%Hess Corporation28638,0410.08%Kinder Morgan Inc1,99054,5260.11%Marathon Petroleum Corporation33646,8720.09%Occidental Petroleum Corporation

219、70034,5870.07%ONEOK Inc60160,3400.12%Phillips 6642047,8510.09%Schlumberger NV1,45355,7080.11%Targa Resources Corporation22540,1630.08%Texas Pacific Land Corporation1921,0130.04%Valero Energy Corporation32740,0870.08%Williams Companies1,25267,7580.13%1,534,6323.00%FinancialsAflac Inc51553,2720.10%All

220、state Corporation27352,6320.10%American Express Co569168,8730.33%American International Group63646,3010.09%Ameriprise Financial Inc10053,2430.10%Aon Plc22279,7330.16%Arthur J Gallagher&Co25672,6660.14%Assurant Inc5511,7270.02%Bank of America Corporation6,813299,4310.58%Bank of New York Mellon73956,7

221、770.11%Berkshire Hathaway Inc1,873848,9931.66%Blackrock Funding Inc149152,7410.30%Blackstone Inc739127,4180.25%Brown&Brown Inc24725,1990.05%Capital One Financial Corporation39269,9010.14%Charles Schwab Corporation1,531113,3090.22%Chubb Ltd384106,0990.21%Citigroup Inc1,935136,2050.27%Reports and Fina

222、ncial Statements 39as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersCitizens Financial Group Inc45519,9110.04%Corpay Inc7324,7050.05%Discover Financial Services25944,8660.09%Everest

223、 Re Group Ltd4315,5860.03%FactSet Research Systems Inc3918,7310.04%Fidelity National Information55544,8270.09%Fiserv Inc582119,5540.23%Franklin Resources Inc3406,8990.01%Global Payments Inc26429,5840.06%Globe Life Inc9210,2600.02%Goldman Sachs Group321183,8110.36%Hartford Financial Services Group301

224、32,9290.06%Intercontinental Exchange Inc58987,7670.17%Invesco Ltd4668,1460.02%JPMorgan Chase&Co2,877689,6461.35%KeyCorporation1,04117,8430.03%KKR&Co Inc692102,3540.20%Loews Corporation18515,6680.03%M&T Bank Corporation17232,3380.06%Marsh&McLennan Cos Inc503106,8420.21%Mastercard Inc838441,2660.86%Me

225、tLife Inc59949,0460.10%Moody s Corporation16075,7390.15%Morgan Stanley1,269159,5390.31%MSCI Inc8148,6010.09%PNC Financial Services Group40778,4900.15%Progressive Corporation599143,5260.28%Prudential Financial Inc36743,5000.08%Raymond James Financial Inc19029,5130.06%Regions Financial Corporation9202

226、1,6380.04%S&P Global Inc325161,8600.32%State Street Corporation29929,3470.06%Synchrony Financial40526,3250.05%The Travelers Companies Inc23456,3680.11%Truist Financial Corporation1,36559,2140.12%US BanCorporation1,60176,5760.15%Visa Inc1,766558,1271.09%W.R.Berkley Corporation30417,7900.03%Wells Farg

227、o&Co3,407239,3080.47%6,402,56012.50%Hang Seng Investment40as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersHealth CareAbbott Laboratories1,776200,8830.39%AbbVie Inc1,798319,5050.62%

228、Agilent Technologies Inc29739,8990.08%Baxter International Inc51815,1050.03%Becton Dickinson and Co29767,3800.13%Boston Scientific Corporation1,508134,6950.26%Bristol-Myers Squibb Co2,050115,9480.23%Cardinal Health Inc25129,6860.06%Cencora Inc18140,6670.08%Centene Corporation52331,6830.06%Charles Ri

229、ver Laboratories International519,4150.02%CVS Health Corporation1,29458,0880.11%Danaher Corporation658151,0440.30%DaVita Inc497,3280.01%Edwards Lifesciences Corporation60044,4180.09%Elevance Health Inc23887,7980.17%Eli Lilly&Co805621,4601.21%HCA Healthcare Inc18655,8280.11%Humana Inc12130,6990.06%IQ

230、VIA Holdings Inc17834,9790.07%Johnson&Johnson2,457355,3310.69%LabCorporation Holdings Inc8719,9510.04%McKesson Corporation12973,5180.14%Medtronic Plc1,314104,9620.21%Merck&Co Inc2,582256,8570.50%Mettler-Toledo International Inc2226,9210.05%Molina Healthcare Inc6017,4630.03%Pfizer Inc5,797153,7940.30

231、%Quest Diagnostics Inc11717,6510.03%ResMed Inc15234,7610.07%Revvity Inc12914,3980.03%Solventum Corporation1399,1820.02%STERIS Plc10321,1730.04%Stryker Corporation351126,3770.25%Teleflex Inc498,7210.02%The Cigna Corporation28578,7000.15%Thermo Fisher Scientific Inc391203,4100.40%UnitedHealth Group In

232、c941476,0140.93%Universal Health Services Inc6311,3030.02%Waters Corporation5721,1460.04%Reports and Financial Statements 41as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersWest Pha

233、rmaceutical Services Inc7323,9120.05%Zimmer Biomet Holdings Inc20321,4430.04%Zoetis Inc46375,4370.15%4,248,9338.29%Industrials3M Co55972,1610.14%A.O.Smith Corporation1208,1850.02%Allegion Plc9312,1530.02%AMETEK Inc23943,0820.08%Boeing Co765135,4050.26%Broadridge Financial Solutions12127,3570.05%Buil

234、ders FirstSource Inc11716,7230.03%Carrier Global Corporation85858,5670.11%Caterpillar Inc494179,2030.35%Cummins Inc14149,1530.10%Dayforce Inc16111,6950.02%Deere&Co261110,5860.22%Delta Air Lines Inc66240,0510.08%Dover Corporation14326,8270.05%Eaton Corporation Plc404134,0760.26%Emerson Electric Co585

235、72,4990.14%Equifax Inc12832,6210.06%Expeditors International of Washington14215,7290.03%FedEx Corporation23164,9870.13%Fortive Corporation35026,2500.05%GE Vernova Inc28393,0870.18%Generac Holdings Inc649,9230.02%General Dynamics Corporation26569,8250.14%General Electric Co1,106184,4700.36%Howmet Aer

236、ospace Inc41945,8260.09%Hubbell Inc5623,4580.05%Huntington Ingalls Industries387,1810.01%IDEX Corporation8016,7430.03%Illinois Tool Works Inc27669,9830.14%Ingersoll Rand Inc41637,6310.07%Jacobs Solutions Inc12516,7030.03%Johnson Controls International68754,2250.11%L3Harris Technologies Inc19641,2150

237、.08%Leidos Holdings Inc13519,4480.04%Lennox International Inc3420,7160.04%Masco Corporation22015,9650.03%Hang Seng Investment42as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersNorfo

238、lk Southern Corporation23354,6850.11%Northrop Grumman Corporation14166,1700.13%Otis Worldwide Corporation41338,2480.08%Parker-Hannifin Corporation13283,9560.16%Paycom Software Inc489,8390.02%Pentair Plc17317,4110.03%Quanta Services Inc15248,0400.09%Republic Services Inc21042,2480.08%Rockwell Automat

239、ion Inc11733,4370.07%Rollins Inc29713,7660.03%RTX Corporation1,361157,4950.31%Snap-on Inc5518,6710.04%Southwest Airlines Co61020,5080.04%Stanley Black&Decker Inc15612,5250.02%Textron Inc19614,9920.03%Trane Technologies Plc23185,3200.17%TransDigm Group Inc5873,5020.14%Uber Technologies Inc2,155129,99

240、00.25%Union Pacific Corporation620141,3850.28%United Parcel Service Inc75094,5750.18%United Rentals Inc6847,9020.09%Veralto Corporation25726,1750.05%W.W.Grainger Inc4648,4860.10%Wabtec Corporation17833,7470.07%Waste Management Inc37575,6710.15%Xylem Inc25229,2370.06%3,281,6906.40%Information Technol

241、ogyAccenture Plc638224,4420.44%Amphenol Corporation1,23685,8400.17%Arista Networks Inc1,057116,8300.23%Corning Inc79637,8260.07%Dell Technologies Inc30935,6090.07%EPAM Systems Inc5512,8600.02%Fair Isaac Corporation2549,7730.10%Gartner Inc8038,7580.08%GoDaddy Inc14628,8160.06%Hewlett Packard Enterpri

242、se Co1,31328,0330.05%HP Inc99832,5650.06%IBM946207,9590.41%Jabil Inc11917,1240.03%Reports and Financial Statements 43as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersJuniper Network

243、s Inc33512,5460.02%Keysight Technologies Inc18028,9130.06%Motorola Solutions Inc17179,0410.15%Oracle Corporation1,641273,4560.53%Salesforce Inc976326,3060.64%ServiceNow Inc211223,6850.44%TE Connectivity Plc30844,0350.09%Teledyne Technologies Inc4922,7420.04%Tyler Technologies Inc4525,9490.05%1,953,1

244、083.81%MaterialsAir Products and Chemicals Inc22866,1290.13%Albemarle Corporation12610,8460.02%Amcor Plc1,39513,1270.03%Avery Dennison Corporation8315,5320.03%Ball Corporation30716,9250.03%Celanese Corporation1006,9210.01%CF Industries Holdings Inc18315,6140.03%Corteva Inc69239,4160.08%Dow Inc72729,

245、1750.06%DuPont de Nemours Inc43333,0160.06%Eastman Chemical Co11510,5020.02%Ecolab Inc25960,6890.12%FMC Corporation1256,0760.01%Freeport-McMoRan Inc1,47856,2820.11%International Flavors&Fragrance25421,4760.04%International Paper Co36419,5900.04%LyondellBasell Industries NV26519,6820.04%Martin Mariet

246、ta Materials Inc6332,5390.06%Mosaic Co3318,1360.02%Newmont Corporation1,17443,6960.08%Nucor Corporation23727,6600.05%Packaging Corporation of America9020,2620.04%PPG Industries Inc24128,7870.06%Sherwin-Williams Co23880,9030.16%Smurfit Westrock Plc49426,6070.05%Vulcan Materials Co13735,2410.07%744,82

247、91.45%Hang Seng Investment44as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersReal EstateBXP Inc14811,0050.02%CBRE Group Inc31140,8310.08%Kimco Realty Corporation70916,6120.03%Public

248、 Storage16248,5090.09%Simon Property Group Inc31654,4180.11%UDR Inc30413,1970.03%184,5720.36%UtilitiesAES Corporation6568,4430.02%Ameren Corporation27824,7810.05%American Water Works Co Inc19924,7740.05%Atmos Energy Corporation16222,5620.04%CenterPoint Energy Inc65920,9100.04%CMS Energy Corporation2

249、9419,5950.04%Consolidated Edison Inc35932,0340.06%Dominion Energy Inc85646,1040.09%DTE Energy Co21125,4780.05%Duke Energy Corporation78884,8990.17%Edison International40132,0160.06%Entergy Corporation42432,1480.06%Eversource Energy37421,4790.04%FirstEnergy Corporation51720,5660.04%NextEra Energy Inc

250、2,081149,1870.29%NiSource Inc47617,4980.03%NRG Energy Inc21018,9460.04%PG&E Corporation2,25545,5060.09%Pinnacle West Capital Corporation1179,9180.02%PPL Corporation76824,9290.05%Public Service Enterprise Group51343,3430.08%Sempra65257,1930.11%The Southern Company1,11791,9520.18%Vistra Corporation351

251、48,3920.09%WEC Energy Group Inc32830,8450.06%953,4981.85%Total Equities49,925,17997.47%Reports and Financial Statements 45as at 31 December 2024Investment Portfolio(Unaudited)(continued)InvestmentsHang Seng S&P 500 Index ETFHoldingMarket Value(USD)%of Net Assets Attributable to UnitholdersCollective

252、 Investment SchemesNASDAQ Stock Exchange Listed EquitiesReal EstateEquinix REIT9993,3460.18%Host Hotels&Resorts REIT70012,2640.02%Regency Centers REIT17412,8640.02%SBA Communications REIT10822,0110.04%140,4850.26%New York Stock Exchange Listed American Depositary ReceiptReal EstateAlexandria REIT157

253、15,3150.03%American Tower REIT47486,9360.17%AvalonBay Communities REIT14732,3360.06%Camden Property Trust REIT11313,1130.03%Crown Castle REIT44940,7510.08%Digital Realty Trust REIT31555,8590.11%Equity Residential REIT34624,8290.05%Essex Property Trust REIT6518,5540.04%Extra Space Storage REIT22032,9

254、120.06%Healthpeak Property REIT73914,9800.03%Invitation Homes REIT59719,0860.04%Iron Mountain REIT29430,9020.06%Mid-America Apartment Communities REIT11818,2390.04%Prologis REIT949100,3090.20%Realty Income Corporation REIT90248,1760.09%Ventas REIT43625,6760.05%VICI Properties REIT1,09331,9270.06%Wel

255、ltower REIT60776,5000.15%Weyerhaeuser REIT73620,7180.04%707,1181.39%Total Collective Investment Schemes847,6031.65%Hang Seng Investment46as at 31 December 2024Investment Portfolio(Unaudited)(continued)Hang Seng S&P 500 Index ETFHang Seng S&P 500 Index ETFInvestmentsMarket Value(USD)%of Net Assets At

256、tributable to UnitholdersFinancial assets at fair value through profit or lossForward ContractsForeign currency forward contracts8,1900.02%Total financial assets at fair value through profit or loss50,780,97299.14%Financial liabilities at fair value through profit or lossForward ContractsForeign cur

257、rency forward contracts(23,953)(0.05%)Futures contractsS&P 500 E-Mini Futures March 202518(15,273)(0.03%)Total financial liabilities at fair value through profit or loss(39,226)(0.08%)Total Investments50,741,74699.06%(Total cost of investments USD47,846,942)Other Net Assets482,0870.94%Net Assets Att

258、ributable to Unitholders51,223,833100.00%Reports and Financial Statements 47Investment Portfolio(Unaudited)(continued)Details in respect of Financial Derivative InstrumentsAs at 31 December 2024,the Funds held the outstanding foreign exchange forward contracts as shown below:Hang Seng Stock Connect

259、China A Low Carbon Index ETFDescriptionCurrency/Amount BoughtCurrency/Amount SoldSettlement dateCounterpartyFair Value(RMB)%of Net Assets Attributable to UnitholdersFinancial Assets:HKD598,248CNH560,84203/01/2025The Hongkong and Shanghai Banking Corporation Limited3,5800.00%HKD8,285CNH7,78403/01/202

260、5The Hongkong and Shanghai Banking Corporation Limited330.00%HKD4,476CNH4,19903/01/2025The Hongkong and Shanghai Banking Corporation Limited240.00%CNH576,478HKD611,00903/01/2025The Hongkong and Shanghai Banking Corporation Limited170.00%CNH6,510HKD6,88417/01/2025The Hongkong and Shanghai Banking Cor

261、poration Limited160.00%3,6700.00%Financial Liabilities:HKD611,009CNH576,60517/01/2025The Hongkong and Shanghai Banking Corporation Limited(156)(0.00%)(156)(0.00%)Hang Seng Investment48Investment Portfolio(Unaudited)(continued)Details in respect of Financial Derivative InstrumentsHang Seng S&P 500 In

262、dex ETFDescriptionCurrency/Amount BoughtCurrency/Amount SoldSettlement dateCounterpartyFair Value(USD)%of Net AssetsAttributable toUnitholdersFinancial Assets:USD1,838,302CNH13,439,46103/01/2025The Hongkong and Shanghai Banking Corporation Limited7,7270.02%USD57,540CNH420,48003/01/2025The Hongkong a

263、nd Shanghai Banking Corporation Limited2660.00%USD21,483CNH156,92503/01/2025The Hongkong and Shanghai Banking Corporation Limited1090.00%USD20,214CNH147,75717/01/2025The Hongkong and Shanghai Banking Corporation Limited880.00%8,1900.02%Financial Liabilities:CNH13,615,837USD1,869,96803/01/2025The Hon

264、gkong and Shanghai Banking Corporation Limited(15,368)(0.03%)CNH13,439,461USD1,838,90217/01/2025The Hongkong and Shanghai Banking Corporation Limited(8,285)(0.02%)CNH130,305USD17,85703/01/2025The Hongkong and Shanghai Banking Corporation Limited(108)(0.00%)CNH147,360USD20,17703/01/2025The Hongkong a

265、nd Shanghai Banking Corporation Limited(106)(0.00%)CNH98,613USD13,50203/01/2025The Hongkong and Shanghai Banking Corporation Limited(70)(0.00%)CNH19,802USD2,70903/01/2025The Hongkong and Shanghai Banking Corporation Limited(12)(0.00%)CNH4,951USD67903/01/2025The Hongkong and Shanghai Banking Corporat

266、ion Limited(4)(0.00%)(23,953)(0.05%)As at 31 December 2024,the Funds held the future contracts as shown below:Hang Seng S&P 500 Index ETFDescriptionUnderlyingassetsContractSizeNotional MarketValuePositionCounterpartyFair Value(USD)%of Net AssetsAttributable toUnitholdersFinancial Liabilities:S&P 500

267、 E-Mini Futures March 2025S&P 500 E-Mini15445,181LongThe Hongkong and Shanghai Banking Corporation Limited(14,287)(0.03%)S&P 500 E-Mini Futures March 2025S&P 500 E-Mini389,036LongThe Hongkong and Shanghai Banking Corporation Limited(986)(0.00%)(15,273)(0.03%)Reports and Financial Statements 49Inform

268、ation on Exposure Arising from Financial Derivative Instruments(Unaudited)The lowest,highest and average gross exposure and net exposure arising from the use of financial derivative instruments for any purpose as a proportion to the Fund s total net asset value for the period ended 31 December 2024

269、are as follows:Fund/DescriptionLowest Gross ExposureHighest Gross ExposureAverage Gross ExposureLowest Net ExposureHighest Net ExposureAverage Net ExposureForeign exchange forward contracts:Hang Seng Stock Connect China A Low Carbon Index ETF0.16%1.33%0.45%0.00%0.94%0.10%Hang Seng S&P 500 Index ETF0

270、.00%1.70%0.55%0.00%0.00%0.00%Future contracts:Hang Seng S&P 500 Index ETF0.86%5.98%1.93%0.86%5.98%1.93%The date of commencement for Hang Seng Stock Connect China A Low Carbon Index ETF and Hang Seng S&P 500 Index ETF was 28 March 2023 and 25 March 2024 respectively.Hang Seng Investment50Statement of

271、 Movements in Portfolio Holdings(Unaudited)for the year ended 31 December 2024InvestmentsHang Seng China A Industry Top Index ETFHoldings as at 01 January 2024AdditionsDisposalsHoldings as at 31 December 2024Shanghai Stock Exchange Listed EquitiesConsumer DiscretionaryHaier Smart Home84,10034,70048,

272、92669,874SAIC Motor64,90058,10032,37890,622Consumer StaplesFoshan Haitian Flavouring&Food43,2009,40052,600Inner Mongolia Yili Industrial Group134,00064,70063,673135,027Kweichow Moutai8,2007,0003,80311,397EnergyChina Petroleum&Chemical421,500153,400248,216326,684China Shenhua Energy72,24534,80033,480

273、73,565CNOOC55,7005,60050,100PetroChina251,900113,100111,550253,450Shaanxi Coal Industry75,40036,00035,50675,894Yankuang Energy Group25,5509,38734,937FinancialsAgricultural Bank of China699,597351,500345,588705,509Bank of China468,300230,500227,386471,414China Construction Bank149,30068,40067,516150,

274、184Industrial and Commercial Bank of China890,308443,100436,361897,047Ping An Insurance202,700127,000113,631216,069HealthcareJiangsu Hengrui Medicine91,90545,20044,60692,499Shanghai Fosun Pharmaceutical Group28,3005,50033,800Wuxi Apptec48,35624,40024,75648,000IndustrialsCOSCO Shipping Holdings128,20

275、058,10057,922128,378LONGi Green Energy Technology142,80064,40071,652135,548Information TechnologyFoxconn Industrial Internet88,30041,60041,07688,824Semiconductor Manufacturing41,65221,65318,91144,394Shenzhen Transsion Holding10,99388910,104Will Semiconductor17,1052,50019,605MaterialsAluminum Corpora

276、tion of China Limited201,50039,000162,500Baoshan Iron and Steel173,20099,20075,780196,620CMOC Group178,00020,000158,000Hengli Petrochemical39,10011,70050,800Wanhua Chemical38,30018,60018,29238,608Zijin Mining342,100168,800168,730342,170Reports and Financial Statements 51Statement of Movements in Por

277、tfolio Holdings(Unaudited)(continued)for the year ended 31 December 2024InvestmentsHang Seng China A Industry Top Index ETFHoldings as at 01 January 2024AdditionsDisposalsHoldings as at 31 December 2024Properties&ConstructionAnhui Conch Cement48,90022,00021,72049,180China Communications Construction

278、52,70038,10024,04666,754China Railway205,50091,50090,276206,724China State Construction Engineering419,160196,400196,746418,814TelecommunicationsChina Mobile16,7007,9007,41817,182China Satellite Communications14,1005,4005,24214,258China Telecom345,000161,600159,316347,284China United Network Communi

279、cations318,000145,800143,704320,096UtilitiesChina National Nuclear Power167,900103,10080,982190,018China Three Gorges318,000170,300168,786319,514China Yangtze Power216,840167,500112,588271,752Huaneng Power97,74953,30039,640111,409Shenzhen Stock Exchange Listed EquitiesConsumer DiscretionaryBYD22,100

280、9,70011,58020,220Gree Electric Appliances99,80048,40047,682100,518Midea Group109,00052,90052,621109,279Consumer StaplesLuzhou Laojiao18,2001,76816,432Muyuan Foodstuff Co Ltd72,00025,60042,56655,034Wuliangye Yibin43,00021,00020,66843,332HealthcareChongqing Zhifei Biological Products29,1002,37726,723S

281、henzhen Mindray Bio-Medical Electronics13,5005,4006,70412,196Yunnan Baiyao Group17,9809,1009,15317,927IndustrialsContemporary Amperex Technology63,20028,60032,82558,975Luxshare Precision Industry102,90051,10049,280104,720S.F.Holding48,80022,70023,02448,476Information TechnologyHangzhou Hikvision Dig

282、ital Technology82,69740,20040,35682,541ZTE Corporation71,60033,80033,37872,022MaterialsRongsheng Petro Chemical78,80011,00089,800Properties&ConstructionChina Vanke140,44174,80062,992152,249UtilitiesCGN Power174,800105,800103,532177,068Hang Seng Investment52Statement of Movements in Portfolio Holding

283、s(Unaudited)(continued)for the year ended 31 December 2024InvestmentsHang Seng Harvest CSI 300 Index ETFHoldings as at 01 January 2024AdditionsDisposalsHoldings as at 31 December 2024Shenzhen Stock Exchange Listed EquitiesExchange Traded FundsHarvest CSI 300 ETF13,447,80013,057,80012,011,80014,493,8

284、00Reports and Financial Statements 53Statement of Movements in Portfolio Holdings(Unaudited)(continued)for the year ended 31 December 2024InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldings as at 01 January 2024AdditionsDisposalsHoldings as at 31 December 2024Shanghai Stock Excha

285、nge Listed EquitiesConsumer DiscretionaryAir China23,53213,50020,23516,797Changzhou Xingyu Automotive Lighting Systems944500816628China Eastern Airlines49,30925,40039,45535,254China Southern Airlines27,36516,20024,15019,415Chongqing Sokon4,6022,6003,8453,357Ecovacs Robotics1,5039002,403Fuyao Group G

286、lass Industry8,8335,4007,9206,313Goneo Group900905975830Great Wall Motor7,5104,9006,9505,460Guangzhou Automobile Group13,7277,90011,9509,677Haier Smart Home27,56014,90027,62014,840Hainan Airlines148,50093,500136,410105,590Huayu Automotive Systems9,0295,3007,7656,564Ningbo Tuopu Group2,7273,1773,0152

287、,889Oppein Home Group1,1289001,190838SAIC Motor18,21516,00016,32517,890Shanghai International Airport6,8653,6005,5654,900Shanghai Jinjiang International2,7271,5004,227Shanghai M&G Stationery2,7262,1002,9501,876Spring Airlines2,6001,8002,5781,822Zhejiang China Commodities19,1006,53012,570Consumer Sta

288、plesAnhui Yingjia2,6001,5341,066Chongqing Brewery1,3147001,0101,004Eastroc Beverage Group968743890821Foshan Haitian Flavouring&Food11,8308,00012,5407,290Inner Mongolia Yili Industrial Group36,72022,10032,54026,280Jiangsu King s Luck Brewery Joint4,8862,8004,4143,272Kweichow Moutai3,6322,0003,0332,59

289、9Shanxi Xinghuacun Fen Wine3,0071,7002,7151,992Tsingtao Brewery1,7771,0001,4051,372EnergyChina Oilfield Services3,5731,8002,9652,408CNOOC28,00018,4059,595Hang Seng Investment54Statement of Movements in Portfolio Holdings(Unaudited)(continued)for the year ended 31 December 2024InvestmentsHang Seng St

290、ock Connect China A Low Carbon Index ETFHoldings as at 01 January 2024AdditionsDisposalsHoldings as at 31 December 2024FinancialsAgricultural Bank of China256,355140,500233,685163,170Bank of Beijing125,25981,700114,74592,214Bank of Chengdu26,0289,80024,69511,133Bank of China152,46891,500134,425109,5

291、43Bank of Communications182,919112,100166,655128,364Bank of Hangzhou24,68422,20024,76522,119Bank of Jiangsu110,17069,10098,46580,805Bank of Nanjing67,93237,00074,67030,262Bank of Shanghai74,32649,60066,02557,901Capital Securities5,3002,2643,036China CITIC Bank Corp24,63616,40020,65520,381China Const

292、ruction Bank50,07030,00044,53535,535China Everbright Bank205,072133,700222,650116,122China Galaxy Securities13,95414,30016,03012,224China International Capital Corporation Limited6,2225,1005,7405,582China Life Insurance12,3238,70011,8809,143China Merchants Bank84,15951,20075,71559,644China Merchants

293、 Securities27,99015,30025,26018,030China Minsheng Banking209,220125,700194,015140,905China Pacific Insurance Group27,24816,40025,03518,613China Zheshang Bank139,16476,300126,26589,199Cinda Securities7,0002,5804,420CITIC Securities66,79242,80063,34246,250CSC Financial15,3808,50014,1609,720Everbright

294、Securities14,6739,60013,40510,868Founder Securities28,20023,70028,20023,700Guotai Junan Securities32,10516,50024,33524,270Haitong Securities70,94437,10063,06544,979Huatai Securities43,69925,40041,04528,054Huaxia Bank44,36330,50043,59031,273Industrial and Commercial Bank of China295,359185,400273,015

295、207,744Industrial Bank111,04075,400103,22583,215Industrial Securities52,94730,60047,72035,827New China Life Insurance7,0764,5005,9105,666Orient Securities39,37724,70036,84527,232PICC Holding35,05623,30034,03524,321Ping An Insurance61,88146,00061,72046,161Postal Savings Bank of China101,61260,80091,8

296、0070,612Shanghai Pudong Development Bank131,00980,000121,16589,844Shanghai Rural Commercial Bank38,90327,40031,50034,803Zheshang Securities14,57413,00013,30014,274Zhongtai Securities22,24613,10021,01014,336Reports and Financial Statements 55Statement of Movements in Portfolio Holdings(Unaudited)(con

297、tinued)for the year ended 31 December 2024InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldings as at 01 January 2024AdditionsDisposalsHoldings as at 31 December 2024HealthcareBeijing Tiantan Biological7,1002,3504,750Beijing Tongrentang4,4142,3003,7652,949Beijing Wantai Biological2

298、,5211,5002,1701,851Bloomage Biotechnology Corporation1,3148771,292899Guangzhou Baiyunshan Pharmaceutical Holding5,0153,3004,8503,465Jiangsu Hengrui Medicine25,47815,80023,11518,163Shanghai Fosun Pharmaceutical Group7,5065,2007,1855,521Shanghai Junshi Biosciences3,2593,259Shanghai Pharmaceuticals10,8

299、006,5554,245Shanghai United Imaging3,8361,9271,909Sichuan Biokin Pharmaceutical485195290Topchoice Medical Corporation1,4091,409Wuxi Apptec13,2457,90011,7759,370Zhangzhou Pientzehuang Pharmaceutical2,0721,5001,9231,649IndustrialsAECC Aviation Power8,0705,5007,7255,845AVIC Airborne Systems24,00013,995

300、10,005AVIC Shenyang Heibao5,9663,5005,1584,308Beijing-Shanghai High166,70096,900148,005115,595China CSSC Holdings15,14310,80015,33010,613China Merchants Energy27,50015,58011,920COSCO Shipping Energy Transportation8,8002,9955,805COSCO Shipping Holdings34,43621,00031,20024,236CRRC Corp67,24142,60061,5

301、6548,276Daqin Railway35,32732,80030,57737,550Dongfang Electric6,9004,3006,1755,025Flat Glass Group4,1693,4003,9903,579Hangzhou First Applied Material5,6506,3326,3555,627Hoyuan Green Energy1,7711,771Jiangsu Hengli Hydraulic2,9121,6002,5151,997Jiangsu Zhongtian Technology19,37510,30017,32512,350Jinko

302、Solar12,53919,61517,22914,925Longi Green Energy Technology38,53223,40035,88026,052Ming Yang Smart Energy Group12,6007,90020,500NARI Technology Development25,39515,50022,84018,055Ningbo Deye Technology9391,0839101,112Ningbo Port29,47815,90029,33516,043Ningbo Shanshan8,4668,466Sany Heavy Industry38,23

303、322,20033,45526,978Shanghai Electric Group29,84121,00028,27022,571Shanghai International Port22,00612,30018,97015,336Shanghai Putailai New Energy Technology5,5753,4004,4504,525TBEA26,91114,50041,411Tongwei15,9919,80014,17011,621Trina Solar9,3994,8299,4854,743YTO Express Group15,1419,60016,3358,406Zh

304、ejiang Chint Electrics7,3384,3006,9904,648Zhuzhou CRRC Times Electric2,0521,4071,7621,697Hang Seng Investment56Statement of Movements in Portfolio Holdings(Unaudited)(continued)for the year ended 31 December 2024InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldings as at 01 January

305、 2024AdditionsDisposalsHoldings as at 31 December 2024Information Technology360 Security Technology20,44615,30019,04016,706Advanced Micro-Fabrication2,6691,7132,4171,965Beijing Kingsoft Office Software1,3461,4931,7151,124Cambricon Technologies1,6831,201482China Railway Signal&Communication Corporati

306、on14,3498,78412,41010,723China Resources Microelectronics2,8621,4532,4301,885Dawning Information Industry8,9345,6008,5256,009Foxconn Industrial Internet28,49814,70024,87018,328Galaxycore4,6921,8922,800Gigadevice Semiconductor3,9494,3004,6053,644Hangzhou Silan Microelectronics5,6414,4005,0804,961Hund

307、sun Technologies9,7707,2009,2007,770Hygon Information Technology11,1955,8945,301JCET Group9,8776,00010,0205,857Montage Technology7,0964,4676,5964,967National Silicon Industry9,0257,2509,1297,146Sanan Optoelectronics20,80011,00017,98513,815Semiconductor Manufacturing11,0896,7189,3168,491Shanghai Baos

308、ight Software4,5163,9604,4654,011Shenzhen Transsion Holding2,3584,2793,8612,776StarPower Semiconductor4705461,016Will Semiconductor6,6943,6006,0734,221Wingtech Technology6,2263,9006,3343,792Yonyou Network Technology14,2027,80012,9809,022MaterialsBaoshan Iron and Steel44,85327,60036,25036,203China Ju

309、shi14,7658,50012,83010,435China National Chemical22,66212,30018,80016,162CMOC Group44,13432,10045,06531,169Hoshine Silicon Industry1,7841,0001,4901,294Ningxia Baofeng Energy Group12,8877,10011,0458,942Shandong Gold Mining9,5725,7008,3706,902Shandong Hualu Hengsheng Group9,0315,2007,9756,256Shandong

310、Nanshan Aluminum36,58220,90031,16526,317SKSHU Paint1,0865001,586Wanhua Chemical9,9616,2009,0257,136Xinjiang Daqo New Energy3,0122,3773,1722,217Zhejiang Huayou Cobalt8,0194,8007,0205,799Zhejiang Juhua8,7003,2055,495Zhongjin Gold Corp16,7005,40011,300Zijin Mining92,75756,90083,47566,182Reports and Fin

311、ancial Statements 57Statement of Movements in Portfolio Holdings(Unaudited)(continued)for the year ended 31 December 2024InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldings as at 01 January 2024AdditionsDisposalsHoldings as at 31 December 2024Properties&ConstructionAnhui Conch Ce

312、ment12,2277,40010,9208,707China Communications Construction15,05411,20013,33512,919China Railway56,26734,30050,32040,247China Railway Construction28,96816,00024,98019,988Gemdale Corp30,90130,901Poly Developments and Holdings Group64,17740,00057,96046,217Seazen Holdings5,4535,453Sichuan Road and Brid

313、ge Group10,5609,60010,5959,565TelecommunicationsChina Mobile4,6062,9004,2063,300China Satellite Communications4,0002,3003,4802,820China Telecom92,83954,90081,44566,294China United Network Communications85,40350,60074,99061,013UtilitiesChina National Nuclear Power51,99840,50050,99041,508China Three G

314、orges85,42048,50071,56562,355China Yangtze Power57,72165,90063,04060,581Huaneng Lancang River Hydropower10,6026,5009,2857,817Sichuan Chuantou Energy7,5079,7009,8957,312Shenzhen Stock Exchange Listed EquitiesConsumer DiscretionaryBYD5,9493,3005,3033,946Chongqing Changan Automobile28,54819,80027,89520

315、,453Focus Media Information Technology79,00843,30072,75549,553Gree Electric Appliances31,40918,50027,99021,919Huali Industrial Group1,032700945787Huizhou Desay Sv Automotive1,2227001,000922Mango Excellent Media5,5485,0006,8703,678Midea Group A Share49,80027,32522,475TCL Technology Group Corporation1

316、05,88570,00099,96075,925Zhejiang Supor Cookware1,2216001,105716Hang Seng Investment58Statement of Movements in Portfolio Holdings(Unaudited)(continued)for the year ended 31 December 2024InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldings as at 01 January 2024AdditionsDisposalsHol

317、dings as at 31 December 2024Consumer StaplesAnhui Gujing Distillery844500730614Guangdong Haid Group5,1733,0004,5003,673Guangdong Wens Foodstuffs34,31220,80031,89023,222Henan Shuanghui Investment and Development6,1933,7005,4404,453Jiangsu Yanghe Brewery3,6642,3003,3252,639Jiugui Liquor1,5991,599Luzho

318、u Laojiao4,6962,9004,2053,391Muyuan Foodstuff19,9229,00018,50010,422New Hope Liuhe14,1048,20012,4559,849Wuliangye Yibin11,9287,50010,8858,543Yihai Kerry Arawana Holdings4,9822,8004,3003,482Yunnan Botanee Bio-Technology Group1,0459001,945EnergyJiangsu Wujiang China East15,6038,00012,65510,948Shanxi M

319、eijin Energy16,14116,141FinancialsBank of Ningbo36,41719,80033,84522,372East Money Information97,92360,20095,71062,413GF Securities24,54514,70022,26016,985Guosen Securities28,12412,80025,45515,469Hithink RoyalFlush Information Network1,6951,0001,6281,067Ping An Bank72,75038,60065,53045,820Shenwan Ho

320、ngyuan Group77,58045,90071,52551,955HealthcareAier Eye Hospital Group33,78018,80033,56019,020Asymchem Laborator1,4148001,220994Changchun High&New Technology Industry Group1,9731,2001,8301,343China Resources Sanjiu4,6422,3852,257Chongqing Zhifei Biological Products8,7034,5007,2755,928Hangzhou Tigerme

321、d Consulting4,6022,6004,4852,717Huadong Medicine5,5483,8005,1864,162Hualan Biological Engineering6,0984,2005,8804,418Imeik Technology Development656813811658Lepu Medical Technology7,5084,50012,008Pharmaron Beijing5,3983,9005,4693,829Shanghai Raas Blood Products30,87217,50028,80019,572Shenzhen Mindra

322、y Bio-Medical Electronics4,2322,4003,9202,712Shenzhen New Industries2,9001,1551,745Sichuan Kelun Pharmaceutical6,9002,2254,675Walvax Biotechnology9756550015256Yunnan Baiyao Group5,3922,9004,2904,002Zhejiang Nhu9,3865,6008,2256,761Reports and Financial Statements 59Statement of Movements in Portfolio

323、 Holdings(Unaudited)(continued)for the year ended 31 December 2024InvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldings as at 01 January 2024AdditionsDisposalsHoldings as at 31 December 2024IndustrialsAvary Holding4,3262,6003,9552,971AVIC Jonhon Optronic Technology6,4304,6005,9555,

324、075AVIC XiAn Aircraft Industry Group8,4614,8007,6605,601BOE Technology Group193,337117,400168,840141,897Chaozhou Three-Circle Group7,7144,8007,1055,409China Merchants Expressway Network and Technology12,2267,90012,3607,766China Zhenhua Group Science2,2531,3003,553CNGR Advanced Material1,9991,9791,93

325、52,043Contemporary Amperex Technology17,38310,00015,79911,584Eve Energy8,2675,1007,9105,457Ginlong Technologies1,3227002,022Goertek14,67910,50014,54010,639Gotion High-Tech7,0764,6007,1704,506JA Solar Technology11,1396,3009,5907,849Lead Intelligent6,5854,2005,7705,015Lens Technology15,9198,60013,9951

326、0,524Lingyi Itech Guangdong16,9819,70014,51512,166Luxshare Precision Industry28,64417,70025,56020,784S.F.Holding13,4288,10012,1559,373Shennan Circuits1,220600995825Shenzhen Dynanonic1,3141,314Shenzhen Inovance Technology11,6498,00010,7708,879Sungrow Power Supply7,5258,9188,6037,840Sunwoda Electronic

327、8,3528,352Suzhou Maxwell Technologies1,032400765667SYGF2,2601,9004,160TCL Zhonghuan Renewable Energy Technology18,57410,20016,13012,644Weichai Power32,59221,40029,61024,382Wuhan Guide Infrared10,46910,469WUS Printed Circuit(Kunshan)8,8002,9105,890XCMG Construction Machinery60,22036,20059,11537,305Xi

328、njiang Goldwind Science&Technology16,22916,229Yunda Holding8,2778,277Zhejiang Sanhua12,4267,40011,0058,821Zoomlion Heavy Industry Science and Technology38,41623,20038,68522,931Hang Seng Investment60Statement of Movements in Portfolio Holdings(Unaudited)(continued)for the year ended 31 December 2024I

329、nvestmentsHang Seng Stock Connect China A Low Carbon Index ETFHoldings as at 01 January 2024AdditionsDisposalsHoldings as at 31 December 2024Information Technology37 Interactive Entertainment Network Technology Group13,5848,40012,3609,624Empyrean Technology1,2009001,195905Glodon17,10017,100iFLYTEK14

330、,0158,70013,1109,605Ingenic Semiconductor1,8861,2003,086Inspur Electronic Information Industry8,2325,0007,2705,962Maxscend Microelectronics2,4541,3002,1901,564NAURA Technology Group1,9741,1001,8161,258Ninestar Corp5,7615,8006,5605,001Range Intelligent3,2001,0052,195Sangfor Technologies1,9781,1003,07

331、8SG Micro Corp1,8602,7002,8001,760Thunder Software Technologies2,2641,8004,064Tsinghua Unisplendour10,32510,70011,4959,530Unigroup Guoxin3,9452,9003,8113,034Yealink Network4,7962,8005,5502,046Zhejiang Dahua Technology13,0719,40012,31010,161Zhejiang Jingsheng Mechanical&Electrical4,6112,9004,2703,241

332、Zhongji Innolight A Share7,9444,2473,697ZTE Corporation19,92312,50017,58014,843MaterialsCITIC Pacific Special Steel Group5,6324,8006,2654,167Ganfeng Lithium Group6,5724,1005,7654,907Guangzhou Tinci Materials7,4134,5006,5005,413LB Group8,4015,9007,7356,566Levima Advanced Materials1,9751,975Qinghai Sa

333、lt Lake Industry22,74015,50022,03016,210Rongsheng Petro Chemical20,03511,70019,14012,595Satellite Chemical10,0625,6008,6007,062Tianqi Lithium Industry6,6744,0006,1304,544Yunnan Aluminium13,0004,3708,630Yunnan Energy New Material3,4833,2004,2202,463Zangge Mining6,3934,6007,0603,933Properties&ConstructionBeijing New Building Materials5,9113,4005,4453,866Beijing Oriental Yuhong19,40010,8708,530China