專業考試證券期貨

HKSI 卷十二資產管理題庫｜Paper 12 一次過合格

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1200 題專業 8/28/2026

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HKSI證券及期貨從業員資格考試卷十二 Paper 12「資產管理」雙語題庫。按HKSI LE Paper 12考綱整理，涵蓋資產管理業概覽、基金管理、投資組合管理及資產管理相關法規與操守，附大量情境…

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免費體驗 20 題

陳女士把資金投入一項互惠基金後，沒有直接登記成為基金內每隻股票的股東。以下哪項最能解釋這種安排？ After Ms Chan invests in a mutual fund, she is not registered directly as a shareholder of every stock held by the fund. Which statement best explains the arrangement?

她的資金與其他投資者的資金匯集，由基金經理投資；她按投入金額擁有基金的相應權益 Her money is pooled with other investors' money and invested by a fund manager; she owns a proportionate interest in the fund

她把每項投資的擁有權永久轉讓予基金經理，因此不再擁有任何經濟權益 She permanently transfers ownership of every investment to the fund manager and retains no economic interest

她只借款予其他投資者，基金本身不會持有股票、債券或其他資產 She only lends to other investors, while the fund itself holds no stocks, bonds or other assets

她與其他投資者每天按出資比例共同決定基金內每項證券的買賣，基金經理只負責記錄及執行集體表決結果 She and the other investors jointly decide every security trade each day in proportion to their contributions, while the manager only records and executes the collective vote

一項基金持有數十隻來自不同行業的證券。市場突然全面下跌，基金價值亦隨之下降。哪項結論最恰當？ A fund holds dozens of securities from different industries. The entire market suddenly falls and the fund also loses value. Which conclusion is most appropriate?

基金持有多項證券，所以任何市況下均保證本金不受損失 Holding many securities guarantees the fund's capital against loss in every market condition

分散持有可減少個別證券造成的集中風險，但不能消除整體市場風險或保證回報 Diversified holdings can reduce concentration in individual securities, but cannot eliminate broad market risk or guarantee returns

只要證券數目達到足夠分散的水平，個別證券風險及整體市場風險便全數轉由基金經理承擔，投資者的基金權益不會下跌 Once the number of securities reaches a diversified level, both security-specific and broad market risk pass entirely to the fund manager, so the investor's fund interest cannot fall

基金價值下跌證明基金經理沒有作出任何投資，所有資金仍然以現金持有 The fall proves that the manager made no investments and all money remains held in cash

梁先生比較兩項投資目標及策略相若的基金，其中一項收取較高的認購費、管理費及轉換費。假設其他條件相同，這些收費最直接帶來甚麼影響？ Mr Leung compares two funds with similar objectives and strategies. One charges higher subscription, management and switching fees. Other things equal, what is the most direct effect?

較高收費必然表示基金承受較低風險，因為費用本身可以穩定資產價格 Higher fees necessarily mean lower risk because fees themselves stabilise asset prices

認購及管理等收費全數由基金經理以本身收入承擔，不會從投資本金、基金資產或投資者所得回報中扣減 Subscription and management charges are borne entirely from the manager's own income and are never deducted from capital, fund assets or investor returns

較高收費會減少實際投入或留在基金內的價值，並拖低投資者的淨回報 Higher fees reduce the value actually invested or retained in the fund and drag on the investor's net return

較高收費會自動提高基金的市場回報，足以準確抵銷每一項額外成本 Higher fees automatically increase market return enough to offset every additional cost exactly

投資者只看基金名稱中的「穩健」二字便準備認購。以下哪項是作出決定前最合適的下一步？ An investor is ready to subscribe after seeing only the word “stable” in a fund's name. What is the most appropriate next step before deciding?

假設名稱已證明基金沒有風險，無須再查閱任何資料 Assume the name proves the fund is risk-free and review no further information

只比較基金上一個交易日的價格，忽略目標、策略和收費 Compare only the previous trading day's price and ignore the objective, strategy and fees

要求基金經理提供未來一年回報預測，並以載有宣傳名稱及目標回報的口頭簡介完全取代銷售文件和產品資料概要 Ask the manager for a one-year return forecast and use an oral briefing containing the marketing name and target return to replace the offering and key facts documents entirely

閱讀銷售文件及產品資料概要，核對投資目標、策略、風險、收費和交易程序 Read the offering document and product key facts statement to check the objective, strategy, risks, fees and procedures

四名投資者向同一基金投入不同金額。基金經理按既定目標統一管理整個投資組合。以下哪項描述正確？ Four investors contribute different amounts to one fund. The fund manager manages the portfolio as a whole under the stated objective. Which description is correct?

各投資者按投入金額擁有基金的相應權益，而基金經理為整個匯集資金作投資選擇 Each investor owns a proportionate fund interest based on the contribution, while the manager selects investments for the pooled money

投入金額不同不會影響持有權益，所有投資者必須擁有完全相同的基金份額 Different contributions do not affect ownership; every investor must hold exactly the same fund interest

基金經理須按每名投資者的投入金額開立獨立證券組合，逐日執行各人的買賣指令，不能為匯集資金作統一投資決定 The manager must create a separate securities portfolio for each investor based on the contribution and execute each person's daily instructions instead of making decisions for the pool

匯集資金後便不再屬於投資安排，基金毋須持有任何股票、債券或類似資產 Once money is pooled it ceases to be an investment arrangement and the fund need not hold any assets

甲基金投資短期優質債務工具；乙基金集中投資小型科技股。兩者同樣持有數十項證券。哪項判斷最合理？ Fund Alpha invests in short-term high-quality debt instruments, while Fund Beta concentrates on small technology stocks. Both hold dozens of securities. Which assessment is most reasonable?

兩者持倉數目相同，所以風險程度必然完全一致 Their equal number of holdings means their risk levels must be identical

基金風險仍取決於投資目標和所持資產；持有多項證券不會令兩者自動變成同一風險 Fund risk still depends on the objective and underlying assets; multiple holdings do not automatically make the two funds equally risky

兩項基金均由專業基金經理持有數十項證券，所以風險只取決於基金名稱及持倉數目，實際資產類別、波動和集中程度均不再重要 Both are professionally managed and hold dozens of securities, so risk depends only on the name and holding count; actual asset classes, volatility and concentration no longer matter

只要由基金經理管理，任何資產組合都會變成保本產品 Management by a fund manager turns every asset mix into a capital-guaranteed product

黃先生的投資組合只持有一隻公司股票。他考慮改為持有一項投資於數十隻證券的廣泛基金。若只比較集中風險，最可能出現甚麼改變？ Mr Wong's portfolio contains only one company's stock. He considers a broad fund holding dozens of securities. Looking only at concentration risk, what change is most likely?

集中風險必然上升，因為證券數目越多便越依賴單一公司 Concentration risk must rise because more securities create greater dependence on one company

集中風險維持不變，因為直接股票與基金都只會在帳戶中顯示為一項產品；產品項目數相同便代表對單一公司的經濟依賴完全相同 Concentration risk is unchanged because both appear as one product in the account; the same product count means identical economic dependence on one company

集中風險通常下降，因為單一證券表現欠佳對整個組合的影響可被其他持倉分散 Concentration risk usually falls because the effect of one poorly performing security can be spread across other holdings

所有投資風險完全消失，基金價格往後不會再因市場變化而波動 All investment risk disappears and the fund price can no longer fluctuate with the market

客戶說：「既然產品屬於基金，風險一定低於所有直接投資。」顧問應如何修正這個理解？ A client says, “Because the product is a fund, it must be less risky than every direct investment.” How should the adviser correct this understanding?

同意，基金這個法律或產品標籤本身已足以保證低風險 Agree, because the fund label by itself guarantees low risk

同意，只要匯集多名投資者的資金，基金便不會錄得負回報 Agree, because pooling investors' money prevents a fund from recording negative returns

指出基金風險主要由基金經理的公司規模、知名度及管理資產總額決定；只要三者較高，投資目標、資產及集中程度便不會影響損失 State that risk is driven mainly by the manager's size, reputation and AUM; when these are high, the objective, assets and concentration cannot affect losses

指出基金可有不同風險程度，須按投資目標、策略及資產判斷；分散投資也不等於保本 Explain that funds have different risk levels depending on objectives, strategies and assets; diversification is not capital protection

哪組項目全部屬於投資基金時可能需要考慮的收費？ Which set consists entirely of charges that may need to be considered when investing in a fund?

認購費、年度管理費及轉換費 Subscription fee, annual management fee and switching fee

保證費、零風險費及增值費 Guarantee, zero-risk and growth fees

董事選舉費、公司註冊費及僱員薪俸稅 Director-election fee, company registration fee and employee salaries tax

證券票面利率、股票面值及市場指數點數 Security coupon rate, share par value and market index points

何太希望在一份簡明文件中先查看基金的主要特點和風險，包括收費。她首先應查閱哪項資料？ Mrs Ho wants a concise document showing a fund's key features and risks, including fees. Which material should she consult first?

基金經理辦公室的租約及每月水電費紀錄 The fund manager's office lease and monthly utility records

基金的產品資料概要，並配合銷售文件理解完整目標、策略、風險、收費及程序 The fund's product key facts statement, together with the offering document for the full objectives, strategy, risks, fees and procedures

任何沒有列明資料來源的社交媒體排行榜 Any social-media ranking that does not identify its information sources

只載有基金名稱、昨日價格及同類基金單日排名的一頁市場報價，並把排名當成未來策略、風險及全部收費的替代資料 A one-page quote with the name, yesterday's price and one-day peer ranking, treating that ranking as a substitute for future strategy, risks and all fees

一項基金以持有多項證券作賣點，但同時收取多種費用。對投資者而言，以下哪項分析最完整？ A fund promotes its holdings of many securities but also charges several fees. Which analysis is most complete from the investor's perspective?

多項持倉代表沒有任何風險，因此收費多少都不會影響結果 Many holdings mean there is no risk, so the amount of fees cannot affect the outcome

由於費用是最容易量化的資料，只需計算認購、管理及轉換成本便足以判斷整項投資，毋須再查基金是否集中於某類資產或其目標 Because fees are easiest to quantify, calculating subscription, management and switching costs is enough to assess the investment without examining concentration or objectives

分散持倉可降低集中風險，但基金仍有投資風險；各項費用亦會拖低投資者淨回報 Diversified holdings can reduce concentration risk, but investment risk remains and the charges also reduce the investor's net return

基金費用本身會產生與市場無關的額外回報，正好把所有投資風險抵銷 Fund charges generate extra market-independent returns that exactly offset all investment risks

投資者收到四段對基金的介紹。哪一段同時正確描述基金結構及投資前應做的資料查核？ An investor receives four descriptions of a fund. Which one correctly covers both the fund structure and the information check before investing?

基金雖然匯集多名投資者的資金，但每宗證券交易仍須由投資者逐日共同表決；基金經理只執行結果，因此投資者毋須閱讀任何銷售文件 Although a fund pools money from many investors, they must vote collectively on every security trade each day; the manager only executes the result, so no offering document need be read

基金經理擁有全部基金權益；投資者只能依賴基金名稱估計風險及收費 The fund manager owns the entire fund interest and investors may rely only on its name to estimate risks and fees

基金匯集資金後不會再投資任何資產；產品資料概要只用來披露昨日價格 After pooling money, a fund makes no investments; the key facts statement discloses only yesterday's price

基金匯集投資者資金，由基金經理按目標投資；投資者應閱讀概要及銷售文件了解策略、風險和收費 A fund pools investors' money and the manager invests under its objective; investors should read the key facts and offering documents for strategy, risks and fees

陳先生以 100,000 港元認購基金，認購費為投入本金的 2%，並在交易時從本金扣除。假設沒有其他即時收費，實際投入基金的金額是多少？ Mr Chan subscribes HKD100,000 to a fund. A subscription fee of 2% of principal is deducted upfront when the transaction is entered. With no other immediate charge, how much is actually invested?

98,000 港元；認購費為 2,000 港元，從 100,000 港元本金先行扣除 HKD98,000; the HKD2,000 subscription fee is deducted upfront from HKD100,000 principal

100,000 港元；所有認購費只會在贖回基金後另行收取 HKD100,000; every subscription fee is charged separately only after redemption

102,000 港元；認購費會增加投資者實際持有的基金本金 HKD102,000; the subscription fee increases the investor's fund principal

50,000 港元；2% 認購費代表應把原有本金先減半，再完全忽略費率與本金相乘所得的 2,000 港元 HKD50,000; a 2% fee means halving principal and ignoring the HKD2,000 obtained by multiplying rate and principal

李女士持有基金單位兩年，期間沒有再認購或轉換。她發現仍有管理費影響基金價值。以下哪項解釋最準確？ Ms Lee holds fund units for two years without further subscription or switching. She finds that management fees still affect fund value. Which explanation is most accurate?

管理費只屬首次交易費，認購完成後不可能再次影響基金 Management fee is only an initial transaction fee and cannot affect the fund after subscription

管理費屬持有期間的持續收費，通常直接從基金資產扣除，因而降低投資者回報 Management fee is an ongoing holding-period charge, typically deducted from fund assets and therefore reducing investor return

管理費必須增加基金資產，因任何持續收費都會提高單位價值 Management fees must increase fund assets because every ongoing charge raises unit value

沒有新交易便代表認購費、管理費及所有持續收費都自動停止，基金資產在整個持有期均不再扣除任何費用 No new transaction means subscription, management and all ongoing charges stop automatically and nothing is deducted from fund assets throughout holding

甲、乙基金的投資目標、策略及扣費前表現完全相同，但乙的持續收費率較高。若差異長期維持，哪項判斷最合理？ Funds Alpha and Beta have identical objectives, strategies and pre-fee performance, but Beta has a higher ongoing charge rate. If the difference persists, which conclusion is most reasonable?

乙的較高收費必然增加扣費後回報，因收費與回報方向相同 Beta's higher charge must increase post-fee return because fees and returns move in the same direction

兩者扣費後結果必然相同，因持續收費不會影響基金資產 Their post-fee outcomes must be identical because ongoing charges never affect fund assets

乙的較高持續收費會降低投資者所得回報，長期費率差異可令累積結果出現重大差距 Beta's higher ongoing charges reduce investor return, and a persistent rate difference can materially separate cumulative outcomes

只可比較認購費，任何管理費、持續收費比率或長期累積扣費影響都不應用於條件相同基金的比較 Only subscription fees may be compared; management fees, ongoing-charge figures and cumulative fee effects should never inform comparison of otherwise identical funds

投資者希望用一個綜合數字初步比較兩項基金的持續收費水平，並同時閱讀主要特點及風險摘要。最合適查閱甚麼？ An investor wants an aggregate figure for an initial comparison of two funds' ongoing charge levels while also reading a summary of key features and risks. What is most appropriate?

只看基金名稱，因名稱會披露全部持續收費及產品風險 Use only the fund name because it discloses all ongoing charges and product risks

只看單一期間回報排名，因排名等同持續收費比率 Use only a single-period return ranking because ranking is the ongoing charges figure

只問經理口頭估計，並忽略產品資料概要、持續收費比率及其中所有主要特點、風險與費用的正式披露 Use only the manager's oral estimate and ignore the key facts statement, ongoing charges figure and every formal feature, risk and fee disclosure

查閱產品資料概要所披露的持續收費比率，並閱讀其中主要特點、風險及收費摘要 Read the ongoing charges figure disclosed in the product key facts statement together with its key-feature, risk and fee summary

某管理基金同時持有股票及債券，並按既定比例管理兩類資產。按投資重點分類，以下哪項最貼切？ A managed fund holds both equities and bonds and manages the two asset classes in stated proportions. By investment mandate, which classification is most appropriate?

混合基金，因其投資重點同時涵蓋股票與債券，而非只集中其中一類資產 A mixed fund because its mandate covers equities and bonds rather than concentrating only on one asset class

純股票基金，因任何基金只要持有一隻股票便不可持有債券 A pure equity fund because holding one stock prevents a fund from holding bonds

純債券基金，因持有債券會自動把全部股票持倉視為不存在 A pure bond fund because bond holdings automatically make all equity holdings nonexistent

實物指數追蹤 ETF，因任何同時持有股票及債券的多資產組合都必然追蹤指數、持有全部指數資產並在交易所上市 A physical index-tracking ETF because every equity-bond portfolio must track an index, hold every index asset and trade on an exchange

一項基金在香港銷售，但註冊地在海外。客戶聲稱「在香港買到便一定是香港註冊」。哪項回應最準確？ A fund is distributed in Hong Kong but domiciled overseas. A client says anything bought in Hong Kong must be Hong Kong-domiciled. Which response is most accurate?

客戶正確，基金銷售地在任何情況均等同其註冊地、投資市場及組織結構，因此香港不能銷售任何海外註冊基金 The client is correct because distribution always fixes domicile, investment market and structure, so Hong Kong cannot offer an overseas-domiciled fund

客戶不正確；銷售地與註冊地不必相同，香港市場可有本地及海外註冊基金 The client is incorrect; distribution market and domicile need not match, and Hong Kong may offer local- and overseas-domiciled funds

只要基金持有香港股票，註冊地便會每日自動轉為香港 Holding Hong Kong equities automatically changes the fund domicile to Hong Kong each day

基金沒有註冊地概念，只有每名投資者的居住地址 Funds have no domicile concept and use only each investor's residential address

一項基金共匯集 1,000,000 港元。周女士投入其中 100,000 港元。假設權益只按投入金額比例分配，她擁有基金的比例是多少？ A fund pools HKD1,000,000 in total, of which Ms Chow contributes HKD100,000. If ownership is allocated solely in proportion to amounts invested, what share does she own?

1%，因只需把 100,000 除以 100 再與總額比較 1% because HKD100,000 should first be divided by 100 before comparison

5%，因計算 10% 比例後，基金經理會自動取得投資者一半權益，使她的基金比例固定減半 5% because after calculating 10%, the manager automatically takes half the investor's interest and fixes her share at half

10%，因其投入額佔基金總額的比例為 100,000 ÷ 1,000,000 = 0.10 10% because her contribution as a share of the fund is HKD100,000 ÷ HKD1,000,000 = 0.10

100%，因任何投資者投入資金後都獨自擁有整個基金 100% because every contributing investor individually owns the entire fund

投資者認購基金後，要求在基金每次買賣個別股票前由他親自批准。以下哪項最符合一般基金安排？ After subscribing to a fund, an investor demands personal approval before every purchase or sale of an individual stock. Which statement best reflects the general fund arrangement?

投資者必須親自逐項批准基金每次股票及債券交易，否則基金經理即使依照已披露的基金目標及策略也不得作任何投資選擇 The investor must personally approve every stock and bond trade, or the manager may make no selection even under the disclosed fund objective and strategy

投資者直接成為每項證券的唯一登記持有人，基金本身沒有組合 The investor becomes sole registered owner of every security and the fund has no portfolio

基金只能持有現金，因匯集資金後不可投資股票或債券 The fund may hold only cash because pooled money cannot be invested in stocks or bonds

基金經理按基金目標選擇投資，投資者持有按投入金額而定的基金權益，而非逐筆交易決定權 The fund manager selects investments under the fund objective; the investor holds a contribution-based fund interest, not control over each trade