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重要声明

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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.

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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。

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Structured Solutions · Product Education

结构性方案 · 产品知识

Lookback Booster Notes

回望增益票据

A Booster with one extra feature: your entry point can re-set lower if the stock dips early on. A better entry — when the dip comes at the right time — but it comes at a real cost, and it does not reduce the downside.

在增益票据之上多加一项功能：若股票早段下探，您的入场价可下移。在下跌恰好发生时入场更优——但需付出实在的代价，且并不减少下行风险。

Educational illustration only. This page explains the product type in general terms. It is not an offer, recommendation, or advice. Every figure is hypothetical — not a forecast or a real transaction. Actual terms are set solely by the issuer's Final Terms, which prevail. For accredited & institutional investors. Capital is at risk.

仅为教育性示例。 本页以一般性方式介绍此类产品，不构成要约、推荐或投资建议。文中每个数字均为假设——并非预测，亦非真实交易。实际条款仅以发行人的最终条款书为准。仅供合格及机构投资者参阅。本金存在风险。

In One Sentence

一句话说明

What is it?

这是什么？

It is a Booster note with a "second chance" on your entry price: if the stock falls during an early window, your starting level re-sets down to its lowest point — you pay for that chance with a much smaller cap and no boost, and if the fall never comes in that window, the feature simply isn't used while its cost remains.

它是一种带「入场价二次机会」的增益票据：若股票在早段窗口内下跌，您的起始水平会下移至最低点——您为这次机会付出的代价是大幅缩小的上限和没有增益；而若下跌未在该窗口内发生，这项功能便不会用上，但其成本仍在。

Start with a plain Booster (amplified upside on a modest rise, capped, with the stock's full downside). Now add one feature — a lookback. For a short window at the start (say the first month), the note watches the stock; if it dips, your reference level re-sets down to the lowest close it sees. A lower entry means a better chance of a positive return and a lower level before losses begin. The trade-off is that this "second chance" is expensive — the issuer pays for it by reducing your cap and removing the boost — and it only helps if the dip actually lands inside that early window. 先从普通增益票据说起（温和上涨时放大上行、设有上限、承担股票全部下行）。现在加上一项功能——回望。在起始的一小段窗口内（例如首月），票据持续观察股票；若它下探，您的参考价便下移至所见的最低收市价。更低的入场价，意味着获得正回报的机会更佳，且亏损起算的水平更低。需要权衡的是，这次「二次机会」代价不菲——发行人以降低您的上限并取消增益来买单——而且只有当下跌确实落在那段早期窗口内时才有用。

The Feature, Plainly

看清这项功能

"Lookback" actually watches forward

「回望」其实是向前看

Despite the name, a lookback does not look back at history. The window starts on day one and watches forward — over, say, the first month of a six-month note. Your entry re-sets to the lowest close the stock reaches inside that window. Two things follow, and both matter more than the name suggests.尽管名为「回望」，它并非回看历史。窗口从第一天开始、向前观察——例如六个月票据的首月。您的入场价会下移至股票在该窗口内所触及的最低收市价。由此引出两点，二者都比名字所暗示的更重要。

When it helps

何时有用

The dip lands inside the window → your entry re-sets lower下跌落在窗口之内 → 入场价下移
A lower entry → a better chance of a positive return入场更低 → 获得正回报的机会更佳
Your loss line drops too → losses begin from a lower level亏损线同样下移 → 亏损从更低的水平起算

What it costs

代价何在

A much lower cap than a plain Booster上限远低于普通增益票据
The boost is gone — participation drops toward 1×增益消失——参与率降至约1倍
If the dip never comes in the window → the feature goes unused (its cost remains)若下跌未在窗口内出现 → 功能未被用上（成本仍在）
The full downside remains below the (reset) loss line在（重置后的）亏损线之下，全部下行依旧存在

What The Lookback Costs

回望的代价

Same stock, same term — the lookback roughly halves your upside

同一股票、同一期限——回望大致把上行砍半

The clearest way to see the price of a feature is to put it beside the version without it. On the same stock and tenor, adding the lookback typically shrinks the cap by about half and removes the boost entirely. The figures below are round, invented numbers to show the direction and size of the trade — not a quote.看清一项功能代价的最清楚方式，是把它与没有该功能的版本并列。在同一股票与期限下，加入回望通常会把上限缩小约一半，并完全取消增益。下方为取整的虚构数字，仅展示这一权衡的方向与幅度——并非报价。

Hypothetical · illustrative comparison only假设 · 仅作示意比较

Same stock, 6-month note	Plain Booster	Lookback Booster
Boost (participation)	1.5×	1.0× — gone
Cap (max return)	+45%	+23%
Entry re-set if it dips early?	No	Yes (1-month window)
Downside below the loss line	Full, 1-for-1	Full, 1-for-1

同一股票，6个月票据	普通增益票据	回望增益票据
增益（参与率）	1.5倍	1.0倍——消失
上限（最高回报）	+45%	+23%
早段下探即重置入场价？	否	是（1个月窗口）
亏损线之下的下行	全额，一比一	全额，一比一

The longer the lookback window, the more it costs — and the lower the cap drops. Real levels are set per issue and prevail in the Final Terms.

回望窗口越长，代价越高——上限也压得越低。实际水平按每笔发行设定，并以最终条款书为准。

How It Works

运作机制

Three scenarios

三种情景

The whole product turns on one question: did the stock dip during the early window? The three cases below cover what then happens.整个产品取决于一个问题：股票是否在早段窗口内下探？ 下列三种情形涵盖了随后的结果。

The dip comes in the window — the lookback works

下跌出现在窗口内——回望奏效

Stock starts at 100, dips to 90 during the first month, then recovers to 108 at maturity. Your entry re-set to 90, so your return is measured from 90 (+20%), and your loss line is now 90 too — a lower bar before losses. The feature paid off.

股票起始价100，首月下探至90，到期回升至108。您的入场价已重置为90，因此回报从90起算（+20%），且亏损线也降至90——亏损起算的门槛更低。该功能发挥了作用。

The dip never comes — the feature goes unused

下跌未出现——功能未被用上

The stock drifts up through the first month and never trades below 100 → no re-set. You are left holding a note with the lower cap (+23%) and no boost (1.0×) — and the lookback you paid for simply isn't used here. This is the most common outcome to keep in mind.

股票在首月一路上行，从未跌破100 → 不重置。您手中的票据上限较低（+23%）、没有增益（1.0倍）——而您为之买单的回望在此并未用上。这是最常见、需留意的结果。

A real fall — the full downside remains

真正下跌——全部下行依旧

At maturity the stock is below your (reset) loss line — say it finishes at 75. You take the fall one-for-one, just like owning the stock, often by being delivered the shares. The lookback improved your entry; it never removed the fall.

到期时股票低于您（重置后的）亏损线——例如收于75。您一比一承担跌幅，与持股无异，且通常以实物股份交割。回望改善了您的入场，却从未消除下跌本身。

The window's placement matters more than it looks窗口的位置比看上去更重要

The re-set only captures a dip that falls inside the window. A 1-month window on a 6-month note is watching just one-sixth of the life. If the stock holds up for that month and only corrects later, the strikes do not re-set — and you carry the lower cap and lost boost with no offsetting benefit. A longer window catches more dips but costs even more (a lower cap again). So a Lookback Booster also rests on a view about when a dip arrives, not just whether — a point many buyers overlook.

重置只捕捉落在窗口之内的下跌。六个月票据上的1个月窗口，只观察了存续期的六分之一。若股票在这一个月里挺住、之后才回调，行权价便不会重置——您便背着更低的上限和失去的增益，却无相应好处。更长的窗口能捕捉更多下跌，但代价更高（上限再被压低）。因此回望增益票据也取决于您对下跌何时到来的判断，而不仅是是否到来——这是许多买家容易忽略的一点。

The Number That Matters Most

最关键的一个数字

The lookback softens the entry, never the fall

回望软化的是入场，而非下跌

It is tempting to read "lookback" as downside protection. It is not. Once the window closes, your loss line is fixed — and below it, you take the stock's decline one-for-one with no cushion, exactly as in a plain Booster. The lookback can give you a lower starting point; it can never stop the stock from falling through it. The number to hold onto: where did the loss line finally settle, and how far is the stock above it now?人们很容易把「回望」当作下行保护。其实不是。窗口一旦关闭，您的亏损线就此固定——在其之下，您一比一承担股票跌幅，没有任何缓冲，与普通增益票据完全相同。回望能给您一个更低的起点，却永远无法阻止股票跌穿它。需要记住的数字是：亏损线最终落在何处，而股票如今高于它多少？

Lookback = a better entry, if the dip is well-timed · not a buffer

回望＝若下跌时机得当则入场更优 · 并非缓冲

Read it as a conditional discount on your entry price — earned only if the stock dips inside the early window — not as protection against a later fall. The downside below the loss line is the same full exposure as owning the stock.

请把它理解为入场价上的有条件折扣——仅在股票于早段窗口内下探时才赚得——而非对日后下跌的保护。亏损线之下的下行，与直接持股的风险相同。

Key Risks

主要风险

What you must understand

您必须理解的风险

The lookback may go unused — its cost remains

回望可能未被用上——其成本仍在

If the stock does not dip inside the early window, the strikes do not re-set, leaving you with the reduced cap and the lost boost regardless.

若股票未在早段窗口内下探，行权价便不会重置，无论如何您都背着被降低的上限和失去的增益。

Full downside, no buffer

全部下行，无缓冲

Below the (reset) loss line you bear the stock's fall one-for-one, usually by being delivered the shares. A volatile stock can fall 50–80% in a stress period. The lookback never changes this.

在（重置后的）亏损线之下，您一比一承担股票跌幅，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%。回望从不改变这一点。

Much lower cap and no boost — the cost of the feature

上限大降、增益尽失——功能的代价

Your maximum return is well below a plain Booster's, and the amplification is gone. The longer the lookback window, the lower the cap falls.

您的最高回报远低于普通增益票据，且放大效应消失。回望窗口越长，上限压得越低。

It also depends on timing

也取决于时机

Because only an in-window dip helps, your outcome also depends on when the stock weakens, not just whether — a point many buyers overlook.

由于只有窗口内的下跌才有用，您的结果也取决于股票何时走弱，而不仅是是否走弱——这是许多买家容易忽略的一点。

No dividends or voting · capped upside · worst-of (if a basket)

无股息、无投票权 · 上行封顶 · 最差表现（若挂钩多只）

You do not own the shares during the term. If a basket is referenced, the note settles on the worst performer — the weakest link decides your outcome.

存续期内您并不拥有股票。若挂钩一篮子，票据按表现最差者结算——最薄弱的一环决定您的结果。

Issuer credit risk · liquidity & early-exit risk

发行人信用风险 · 流动性及提前退出风险

A note is an unsecured obligation of the issuing bank; if it fails you may lose your capital even if the stock did well. Selling early relies on the issuer's best-efforts quote, with a wide spread.

票据是发行银行的无抵押债务；若其违约，即使股票表现良好，您仍可能损失本金。提前卖出依赖发行人的尽力报价，价差较大。

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 sell the lookback as a "free downside reset." We read it to you, not past you: a conditional discount on entry, bought with a real cut to your cap, that helps only if a dip lands in the early window. Below is how we frame it — how we think, not a promise of action.多数机构把回望当作「免费的下行重置」来推销。我们把它读给您听，而非念过去：它是入场价上的有条件折扣，以实实在在的上限削减换来，且只有当下跌落在早段窗口内才有用。以下是我们的框架——是我们如何思考，而非采取行动的承诺。

Before: is the lookback worth its price?

事前：回望是否值回代价

We weigh the cap you give up against the realistic chance of an in-window dip. Often a plain holding, or a plain Booster, is the cleaner expression — we will say so.

我们会权衡您放弃的上限，与窗口内出现下探的现实概率。很多时候，直接持股或普通增益票据才是更清晰的表达——我们会如实相告。

During: where did the loss line settle?

事中：亏损线落在何处

Once the window closes the loss line is fixed. We track how far the stock sits above it — the same wide-open downside as a plain Booster — and, when protection is cheap, can discuss covering it.

窗口关闭后，亏损线即固定。我们跟踪股票高于它多少——与普通增益票据一样敞开的下行——并在保护成本低时，与您商讨加以覆盖。

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……

Specifically expect an early dip then a modest recovery明确预期早段下探、随后温和回升
Value a lower entry enough to accept a much smaller cap看重更低入场价，足以接受大幅缩小的上限
Are comfortable owning the stock if it falls through the loss line能接受股票跌穿亏损线时持有它
Understand the lookback is a conditional discount, not protection理解回望是有条件折扣，而非保护
Treat it as a satellite / tactical position; are accredited or institutional investors将其视为卫星 / 战术配置；为合格或机构投资者

Is not for investors who…

不适合以下投资者……

Read "lookback" as downside protection — it is not把「回望」理解为下行保护——它不是
Want a downside barrier or buffer before losses begin希望在亏损前有下行障碍或缓冲
Are strongly bullish — the (already low) cap will rob the rally强烈看多——（本已偏低的）上限会夺走大涨
Cannot tolerate taking the stock's full fall无法承受股票的全额跌幅
Need income or liquidity, or do not fully understand structured products需要收入或流动性，或未充分理解结构性产品

Key Terms

术语速查

Plain-language glossary

通俗术语表

Lookback · 回望

A feature that re-sets your entry to the stock's lowest close during an early window. Despite the name, it watches forward, not into the past.一项把您的入场价重置为股票在早段窗口内最低收市价的功能。尽管名为回望，它是向前观察，而非回看历史。

Observation window · 观察窗口

The early period (e.g. the first month) during which a dip can re-set your entry. Outside it, nothing re-sets.可触发入场价重置的早段时期（例如首月）。在此之外，不发生任何重置。

Re-set / re-strike · 重置 / 重定行权价

Moving your reference level down to the window's lowest close — a lower entry and a lower loss line.把您的参考价下移至窗口内的最低收市价——更低的入场价与更低的亏损线。

Participation (the "boost") · 参与率（增益）

The multiplier on the rise. In a Lookback Booster it typically drops to about 1× — the boost is spent on the lookback.涨幅的倍数。在回望增益票据中通常降至约1倍——增益被用来支付回望。

Cap · 上限

The ceiling on your return. The lookback is paid for largely by lowering it.回报的天花板。回望的代价主要通过压低它来支付。

Loss line / strike · 亏损线 / 行权价

The (possibly re-set) level below which you take the stock's losses one-for-one. No buffer beneath it.（可能已重置的）水平，跌破后您一比一承担股票跌幅。其下没有缓冲。

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.在亏损结果下，您可能收到股票本身而非现金，并承担其后续跌幅。