Booster Notes

Important Notice

重要声明

Before You Continue

进入前请阅读

This page is issued by Touchstone Asset Management Pte. Ltd. (UEN 202540913R), licensed by the Monetary Authority of Singapore under Capital Markets Services Licence No. CMS101936.

It is educational material intended solely for accredited investors and institutional investors as defined under the Securities and Futures Act 2001. It explains a category of product in general terms. It is not an offer, solicitation, recommendation, or advice, and not a description of any specific security. All figures shown are hypothetical illustrations.

By clicking "I Agree", you confirm you are an accredited or institutional investor and have read this notice.

本页面由拓石资产管理私人有限公司（UEN 202540913R）发布，该公司持有新加坡金融管理局颁发的资本市场服务牌照，编号 CMS101936。

本页为教育性资料，仅面向《证券与期货法 2001》定义下的合格投资者及机构投资者，以一般性方式介绍某一类产品。本页不构成任何要约、招揽、推荐或投资建议，亦非对任何具体证券的描述。文中所有数字均为假设性示例。

点击"我同意"即表示您确认您是合格或机构投资者，并已阅读本声明。

In One Sentence

一句话说明

What is it?

这是什么？

If a stock rises modestly, you earn an amplified return — say 1.5× the move — but only up to a ceiling; in return you give up everything above that ceiling, and you take the stock's full fall if it ends below where it started.

若股票温和上涨，您可获得放大的回报——例如涨幅的1.5倍——但仅限于某个上限以内；作为交换，您放弃上限以上的全部涨幅，并在股票收于起始价之下时，承担其全部跌幅。

Think of it as a turbo on a gentle climb. The note has three moving parts. First, a boost: between the starting price and a ceiling, every 1% the stock rises pays you more than 1% — the multiplier is called the participation rate. Second, a cap: a ceiling on your return, beyond which you keep nothing more. Third, a loss line (the "strike"): if the stock finishes below it, you take the stock's losses one-for-one. The boost is not free — you pay for it with a promise: if the stock falls, you agree to buy it at its starting price. 可以把它想成缓坡上的涡轮增压。这种票据有三个核心部件。其一，增益：在起始价与上限之间，股票每上涨1%，您获得的回报多于1%——这个倍数称为参与率。其二，上限：回报的天花板，超过之后您不再多得分毫。其三，亏损线（即「行权价」）：若股票收于此线之下，您将一比一承担其跌幅。增益并非免费——您以一个承诺为它买单：若股票下跌，您同意按起始价买入。

The Core Trade-Off

核心权衡

What you get — and what you give up

您得到什么——又放弃什么

There is no free boost. The extra upside is the price of the risks you take on — paid for by capping your gains and by selling away your own downside protection. Seeing both sides clearly is the whole point.没有免费的增益。额外的上行是您所承担风险的标价——其代价是为收益封顶，并卖出您自己的下行保护。把两面都看清楚，正是关键所在。

You get

您得到

Amplified upside on a modest rise (e.g. 1.5× the move)温和上涨时的放大上行收益（例如涨幅的1.5倍）
A return even if the stock only rises a little — no big move needed即使股票仅小幅上涨也有回报——无需大行情
A known, defined shape agreed up front事先约定的明确回报形态

You give up

您放弃

Everything above the cap — a big rally is not yours上限以上的全部涨幅——大涨与您无关
Any downside cushion — losses begin the moment the stock dips below its start任何下行缓冲——股票一旦跌破起始价，亏损即刻开始
Dividends & voting — you do not own the shares along the way股息与投票权——持有期内您并不拥有股票
Liquidity — exiting early may be costly or impossible流动性——提前退出可能代价高昂或无法实现

How It Works

运作机制

Four steps

四个步骤

Set up

设定

At the start, today's price becomes the reference. You agree three things: the boost (participation rate), the cap (your ceiling), and the loss line (usually today's price).

起始时，今日价格成为基准。您约定三件事：增益（参与率）、上限（回报天花板），以及亏损线（通常即今日价格）。

A modest rise — the boost

温和上涨——增益启动

Between the start and the cap, you earn the participation rate × the rise. The intended sweet spot: a gentle climb pays you extra.

在起始价与上限之间，您赚取参与率×涨幅。理想的甜蜜点：温和上涨即可获得额外回报。

A big rally — the cap

大幅上涨——封顶

Above the cap you keep nothing more. You sold that upside away to fund the boost — a plain shareholder would keep climbing; you do not.

超过上限，您不再多得。您已卖出这部分上行以换取增益——普通股东可继续受益，您不能。

A fall — full downside

下跌——全额承担

Below the loss line you take the stock's fall one-for-one, just like owning it — but with no dividends and no cushion. Losses can be large.

跌破亏损线，您一比一承担股票跌幅，与持股无异——但没有股息，也没有缓冲。损失可能很大。

A worked illustration — three scenarios举例说明——三种情景

Hypothetical example · not a real product · not a forecast假设示例 · 非真实产品 · 非预测

Set-up (invented round numbers): a 6-month note on one hypothetical large-cap stock starting at 100. Boost = 1.5×. Cap = +45% return (reached once the stock is up 30%). Loss line = 100 (the start).

设定（虚构的取整数字）： 一只为期6个月、挂钩某假设大型股的票据，起始价100。增益＝1.5倍。上限＝回报+45%（股票上涨30%时触及）。亏损线＝100（即起始价）。

📈 Scenario A — a modest rise (the design case): the stock finishes +20%. You earn 1.5 × 20% = +30%. The turbo doing its job — a 20% move paid you 30%.

📈 情景甲 — 温和上涨（设计初衷）： 股票收于+20%。您赚取 1.5 × 20% ＝ +30%。涡轮发挥作用——20%的涨幅给了您30%的回报。

📊 Scenario B — a strong rally (the cap bites): the stock finishes +50%. You are capped at +45%. A plain shareholder would have +50% plus six months of dividends — you gave up that extra upside to pay for the boost.

📊 情景乙 — 强势上涨（上限生效）： 股票收于+50%。您被封顶于+45%。普通股东可获+50%外加六个月股息——您已把这段尾部让渡出去，作为增益的对价。

📉 Scenario C — a fall (no cushion): the stock finishes −25%, below the loss line. You take a −25% loss — the same as having owned the stock, but you collected no dividends. Had it fallen 70%, you would lose about 70%.

📉 情景丙 — 下跌（无缓冲）： 股票收于−25%，跌破亏损线。您承受−25%的损失——与持股相同，但您未获任何股息。若它下跌70%，您将损失约70%。

Round, invented figures to show the mechanism only. Real participation, cap and loss line are set per issue and prevail in the Final Terms.

以上为取整的虚构数字，仅用于说明机制。实际参与率、上限及亏损线按每笔发行设定，并以最终条款书为准。

Why this is really a modest-rise position, not leverage为何这其实是「温和上涨」的判断，而非杠杆

The word "boost" sounds like leverage for a bull. It is not. If you are very bullish, the cap limits the best part of a rally. If you are bearish, the sold downside leaves you the full loss. The structure works best in a narrow middle — a gentle rise toward the cap. That is why these suit a modest-rise, range-bound view, rather than "I think this stock will fly." Reading the boost as leverage is a common misunderstanding worth avoiding.

「增益」二字听起来像是看多者的杠杆，其实不然。若您非常看多，上限会限制大涨中最精彩的部分；若您看空，卖出的下行会让您承担全部损失。这种结构在狭窄的中段表现最佳——即温和上涨、趋近上限。因此它更适合温和上涨、区间震荡的判断，而非「我认为这只股票会暴涨」。把增益理解为杠杆，是一个值得避免的常见误解。

How the boost is paid for增益的成本由谁承担

Nothing in a structured note is free; the question is always where the cost sits. In a Booster, your extra upside is funded two ways: by the cap (you sell away the top of the rally) and by the promise to buy the stock if it falls (you sell your own downside protection). Both are real costs — they just sit in the payoff rather than in an upfront fee. A useful way to read any such note is to find the price tag next to each good feature; here, both — the capped upside and the downside you take on — are set out in the sections above.

结构性票据中没有免费的东西；问题永远是成本藏在何处。在增益票据中，您额外的上行由两处买单：上限（您卖出了大涨的顶部）以及股票下跌时买入的承诺（您卖出了自己的下行保护）。二者都是实实在在的成本——只是体现在收益结构里，而非前端费用中。审视此类票据的实用方法，是在每个好处旁找到它的代价；在此，两处代价——封顶的上行与您所承担的下行——已列于上文各节。

The Number That Matters Most

最关键的一个数字

There is no buffer — your loss line is the start price

没有缓冲——亏损线就是起始价

Many structured notes give you a downside barrier — the stock can fall some way before your capital is at risk. A plain Booster usually does not. Its loss line sits right at the starting price, so the moment the stock dips below where it began, you are already losing — one-for-one. This is the point most worth understanding up front. The number to watch is simply: how far is the stock above its starting price? Once that gap turns negative, there is no cushion beneath you.许多结构性票据会给您一道下行障碍——股票可先下跌一段，本金才面临风险。而普通的增益票据通常没有。它的亏损线就设在起始价，因此股票一旦跌破起点，您便已开始亏损——一比一。这是最值得事先弄清的一点。需要紧盯的数字很简单：股票高于起始价多少？ 这段差距一旦转负，您脚下便没有任何垫子。

Loss line = the starting price · Buffer = none

亏损线＝起始价 · 缓冲＝无

Unlike a barrier note, a Booster does not let the stock fall a little "for free." Above the start, you are in the boost; below it, you take losses immediately. Know which side of that line you are on at all times.

与障碍型票据不同，增益票据不让股票「免费」下跌一段。高于起始价，您处于增益区；低于起始价，您立即承担损失。请始终清楚自己处在这条线的哪一侧。

Key Risks

主要风险

What you must understand

您必须理解的风险

Given equal weight to the boost above — because that is how risk should be read.与上文的增益同等着墨——因为风险本就应当如此审视。

No downside buffer

没有下行缓冲

Unlike a barrier note, losses usually begin the instant the stock falls below its starting price. There is no protected zone beneath you.

与障碍型票据不同，股票一旦跌破起始价，亏损通常即刻开始。您脚下没有任何受保护的区间。

Full downside via the sold put — you can lose most of your capital

通过卖出的认沽权承担全额下行——可能损失大部分本金

Below the loss line you bear the stock's decline one-for-one, often by being delivered the shares themselves. A volatile stock can fall 50–80% in a stress period.

跌破亏损线，您一比一承担股票跌幅，且通常以实物股份交割。高波动股票在压力期历史上曾下跌50%–80%。

Capped upside — you sold the rally away

上行封顶——大涨已被卖出

However far the stock climbs, your return stops at the cap. The strongly bullish case is where this note suits you least.

无论股票涨多高，您的回报到上限即止。最看多的情形，正是这种票据最不适合之处。

No dividends or voting rights

无股息、无投票权

You do not own the shares during the term, so you receive none of the income or rights a direct shareholder would.

存续期内您并不拥有股票，因此无法获得直接股东应得的任何收益或权利。

Worst-of basket risk (if more than one stock)

最差表现机制风险（若挂钩多只股票）

If the note references a basket, it settles on the worst performer. Three names rising cannot offset one that falls — the weakest link decides your outcome.

若票据挂钩一篮子股票，则按表现最差者结算。三只上涨也无法抵消一只下跌——最薄弱的一环决定您的结果。

Issuer credit risk

发行人信用风险

A note is an unsecured obligation of the issuing bank. If the issuer fails, you may lose your capital even if the stock performed well. It is not a deposit and carries no compensation-scheme cover.

票据是发行银行的无抵押债务。若发行人违约，即使股票表现良好，您仍可能损失本金。它不是存款，不受任何赔偿计划保护。

Liquidity & early-exit risk

流动性及提前退出风险

Notes are typically not exchange-listed. Selling early relies on the issuer's best-efforts quote, with a wide spread that depends on rates, volatility and the stock's level.

票据通常不在交易所上市。提前卖出依赖发行人的尽力报价，价差较大，且取决于利率、波动率及股价水平。

The Touchstone Difference

拓石的不同之处

How we read this with you

我们如何与您一同解读

Most providers hand you a term sheet and move on. We read it to you, not past you — and we treat a note you hold as a live position, tracked against its loss line and its cap. Below is the plain-language way we frame a Booster before and during its life. It describes how we think about it, not a promise of action.多数机构把条款书交给您后便不再过问。我们把条款书读给您听，而非念过去——并将您持有的票据视为需主动跟踪的在持仓位，对照其亏损线与上限持续监控。以下是我们在增益票据存续前后所用的通俗框架，描述的是我们如何看待它，而非采取行动的承诺。

Before: is the view actually "modest rise"?

事前：判断是否真为「温和上涨」

A Booster only fits a gentle-rise, range-bound view. If you are very bullish, the cap is working against you and a simpler holding may serve better. We test the view against the structure before anything else.

增益票据只契合温和上涨、区间震荡的判断。若您非常看多，上限便在与您作对，简单持股或更合适。我们会先用结构检验您的判断。

During: which side of the loss line?

事中：处在亏损线的哪一侧

With no buffer, the start price is the line that matters. We track how far the stock sits above it, and — when protection is relatively cheap — we can discuss ways to cover the downside while you keep the boost.

由于没有缓冲，起始价就是关键之线。我们跟踪股票高于此线多少，并在保护成本相对较低时，与您商讨在保留增益的同时覆盖下行的方式。

Please note: the above describes how we monitor and think, not a mechanical rulebook or a promise of action. Any decision is considered case-by-case with you, in light of your circumstances, and is subject to a suitability assessment. Hedging and early exit carry their own costs and risks. Nothing here is advice or a recommendation.请注意：上述内容描述的是我们如何监控与思考，并非机械化的规则手册，亦非采取行动的承诺。任何决定均结合您的具体情况逐案商议，并须经适合性评估。对冲与提前退出本身亦有成本与风险。本页所载内容均不构成投资建议或推荐。

Suitability

适合性

Who is it — and isn't it — for?

本产品适合谁、不适合谁？

May suit investors who…

可能适合以下投资者……

Expect a modest rise, not a big rally预期温和上涨，而非大涨
Are comfortable owning the stock at today's price if it falls能接受股票下跌时按今日价格持有它
Fully understand the capped upside and the absence of a buffer完全理解上行封顶以及没有缓冲
Do not need dividends or liquidity during the term在存续期内不需要股息或流动性
Treat it as a satellite / tactical position, not a core holding将其视为卫星 / 战术配置，而非核心持仓
Are accredited or institutional investors为合格或机构投资者

Is not for investors who…

不适合以下投资者……

Are strongly bullish — the cap will rob the rally强烈看多——上限会夺走大涨
Want a downside barrier or buffer before losses begin希望在亏损前有下行障碍或缓冲
Cannot tolerate taking the stock's full fall无法承受股票的全额跌幅
Need regular income from the portfolio需要投资组合提供定期收入
May need to liquidate early for any reason可能因任何原因需提前变现
Do not fully understand derivatives or structured products未充分理解衍生工具或结构性产品

Key Terms

术语速查

Plain-language glossary

通俗术语表

Participation rate (the "boost") · 参与率（增益）

The multiplier on the stock's rise — e.g. 1.5× means a 10% rise pays you 15%, up to the cap.股票涨幅的倍数——例如1.5倍，意味着上涨10%可获15%回报，以上限为顶。

Cap · 上限

The ceiling on your return. Above it you keep nothing more — it is sold away to fund the boost.回报的天花板。超过之后您不再多得——这部分被卖出以换取增益。

Loss line / strike · 亏损线 / 行权价

Usually the starting price. Below it you take the stock's losses one-for-one. In a plain Booster there is no buffer beneath it.通常即起始价。跌破此线，您一比一承担股票跌幅。普通增益票据在其下没有任何缓冲。

Call option · 认购期权

The right to gain if a stock rises. A Booster buys these to create the upside, then sells a higher one to form the cap.在股票上涨时获利的权利。增益票据买入它来创造上行，再卖出一份更高行权价的，从而形成上限。

Put option · 认沽期权

A promise to buy a stock at a set price. A Booster sells one — this is what funds the boost and what gives you the full downside.按设定价格买入股票的承诺。增益票据卖出一份——这既为增益买单，也使您承担全部下行。

Worst-of · 最差表现

If a basket is used, the note settles on its worst-performing member — risk concentrates in the weakest link.若挂钩一篮子，票据按表现最差的成员结算——风险集中在最薄弱一环。

Physical settlement · 实物交割

In a loss outcome you may receive the shares themselves instead of cash, and bear any further fall as a shareholder.在亏损结果下，您可能收到股票本身而非现金，并作为股东承担其后续跌幅。

增益型票据