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重要声明

Before You Continue

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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.


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.


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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 Enhanced Coupon Notes

回望增强票息票据

You are paid an enhanced return for promising to buy a stock if it falls — with a lookback that can improve your entry. An income idea that turns on two details: the downside, and a barrier that is often misread as a floor.

您因承诺「股票下跌时买入」而获得增强回报——并附带一项可改善入场价的回望功能。这是一个取决于两处细节的收益构想：下行风险，以及一道常被误读为「底线」的障碍。

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？

You earn an enhanced return if the stock holds up — and in exchange you promise to buy that stock if it falls below a set level; a "lookback" can re-set that level a little lower, but the promise, and the loss that can come with it, are what really drive the note.
若股票挺得住，您便赚取增强回报——作为交换，您承诺在股票跌破某一水平时买入它；「回望」可把该水平略微下移，但这份承诺，以及可能随之而来的损失，才是真正驱动这只票据的部分。

At heart this is an income idea. You act a little like an insurer: you collect an up-front-style enhanced coupon in return for taking on a risk — the promise to buy the stock at a set strike if it ends below it. If the stock finishes at or above a barrier, you receive the better of a fixed bonus coupon or the stock's rise. If it finishes below the strike, you are handed the stock (or its loss) instead. The lookback sweetens the entry by re-setting the strike to the stock's lowest close during an early window. Two details decide whether this is sensible income or a real risk — both covered below. 本质上，这是一个收益构想。您扮演着类似保险公司的角色：收取一笔类似预付的增强票息，以承担一项风险作为对价——即承诺在股票收于某行权价之下时按该价买入。若股票收于某障碍价之上，您获得固定红利票息与股票涨幅二者中的较高者；若收于行权价之下，您将被交付股票（或其损失）。回望通过把行权价重置为股票在早段窗口内的最低收市价，使入场更优。两处细节决定了它究竟是稳健的收益，还是一项实在的风险——两者详见下文。

Before The Details

在细节之前

A map of the levels

各水平的地图

This note has a few named levels, and they are easy to mix up. Here they are on one picture — first the simplest version, then the version with a knock-in buffer. Read this once and the rest of the page falls into place.这种票据有几个带名称的水平，很容易混淆。下图把它们放在一起——先是最简单的版本，再是带敲入缓冲的版本。看懂这张图，本页其余内容便自然清晰。

Illustrative — levels shown apart for clarity示意 — 为清晰起见各水平分开显示
The simplest version — one level With a knock-in buffer — adds a lower level 100% — strike & coupon barrier finish above → earn the coupon finish below → you take the stock's fall 100% — strike & barrier 70% — knock-in barrier above → coupon barrier never touched → capital back loss runs past 70% Once 70% is touched, your loss is measured from 100% — not from 70%. The knock-in switches the loss on; it does not cap it.
最简单的版本 — 一个水平 带敲入缓冲的版本 — 增加一个更低的水平 100% — 行权价与票息障碍 收于上方 → 赚取票息 收于下方 → 承担股票跌幅 100% — 行权价与障碍 70% — 敲入障碍 上方 → 票息 障碍从未触及 → 收回本金 亏损延伸越过70% 一旦触及70%，亏损从100%起算 — 而非从70%起。 敲入只是启动亏损，并不为其封顶。

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

The enhanced coupon is not a gift — it is the fee for the risk you underwrite. You are paid to stand ready to buy a falling stock. Read both sides with equal weight.增强票息并非馈赠——而是您所承保风险的费用。您因随时准备买入一只下跌的股票而获得报酬。请同等审视两面。

You get

您得到

  • An enhanced coupon, higher than a plain deposit or bond高于普通存款或债券的增强票息
  • The better of that coupon or the stock's rise, if it holds up若股票挺住，可获该票息与股票涨幅中的较高者
  • A lookback that can lower your strike for a better entry可降低行权价、改善入场的回望功能

You give up

您放弃

  • Capital safety — below the strike you take the stock's fall本金安全——跌破行权价即承担股票跌幅
  • Income along the way — nothing is paid until maturity期间收益——到期前不付分文
  • Dividends & voting on the stock股票的股息与投票权
  • 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

What happens at maturity

到期时会发生什么

Nothing is paid during the life of the note — it is settled at the end. Using the levels from the map above: at or above the barrier, you earn the coupon (or the stock's rise, whichever is greater); below the strike, you take the stock instead. In the knock-in version, finishing inside the buffer — above the knock-in, with the barrier never touched — returns your capital with no coupon. The worked example below walks through it.票据存续期内不付任何款项——一切于到期时结算。沿用上方地图中的各水平：收于障碍价之上，您赚取票息（或股票涨幅，取较高者）；收于行权价之下，您改为承接股票。在敲入版本中，若收于缓冲区间内——高于敲入障碍且障碍从未触及——则收回本金、无票息。下方示例将逐步说明。

A worked illustration — and the lookback that did nothing举例说明——以及毫无作用的回望
Hypothetical example · not a real product · not a forecast假设示例 · 非真实产品 · 非预测

Set-up (invented): a 6-month note on one hypothetical stock starting at 100. Bonus coupon +12%. Strike and barrier both 100 (re-settable by a 1-month lookback). No knock-in (this version).

设定（虚构）： 一只为期6个月、挂钩某假设股票的票据，起始价100。红利票息+12%。行权价与障碍价均为100（可由1个月回望重置）。无敲入（此版本）。


📈 Holds up: stock finishes +6% → you receive the better of +12% coupon or +6% = +12%. Finishes +20% → you receive +20% (the bigger). The income case.

📈 挺住： 股票收于+6% → 您获得+12%票息与+6%中的较高者＝+12%。收于+20% → 您获得+20%（较大者）。即收益情形。


📉 The lookback works: in month 1 the stock dips to 90, then recovers. Your strike and barrier re-set to 90 — a lower bar to earn the coupon and a lower level before losses. The feature paid off.

📉 回望奏效： 第1个月股票下探至90、随后回升。您的行权价与障碍价重置为90——赚取票息的门槛更低、亏损起算的水平也更低。该功能发挥了作用。


⚠️ The lookback does nothing: the stock drifts up in month 1, never dipping → no re-set (strike stays 100). It then slides to 80 by maturity → below the strike, you are delivered the stock at 100 and bear a −20% loss, no coupon. The lookback you paid for was idle exactly when you needed it.

⚠️ 回望毫无作用： 股票在第1个月一路上行、从未下探 → 不重置（行权价仍为100）。其后到期时滑落至80 → 跌破行权价，您按100被交付股票，承受−20%损失，且无票息。您所付费的回望，恰在最需要时闲置。

Round, invented figures for mechanism only. A lookback window covers just part of the life — a dip outside it does not re-set anything.

以上为取整的虚构数字，仅用于说明机制。回望窗口仅覆盖存续期的一部分——窗口之外的下跌不会触发任何重置。

Two more things the term sheet quietly tells you条款书悄悄告诉您的另外两点

1) The re-set moves two things at once. When the lookback lowers your strike, it usually lowers the coupon barrier by the same amount — so it is easier both to earn the coupon and to avoid a loss. A genuine benefit; it is exactly what the (lower) headline coupon paid for.

1）重置同时移动两样东西。 当回望降低您的行权价时，通常也以相同幅度降低票息障碍——因此既更容易赚取票息，也更容易避免亏损。这是实实在在的好处；而这正是（被压低的）名义票息所买单的。


2) No coupon is paid along the way. Unlike a bond, you receive nothing during the term. It is one lump at maturity — and all-or-nothing at the barrier: above it you are paid, below the strike you take a loss with no coupon at all.

2）期间不付任何票息。 与债券不同，存续期内您分文不获。一切是到期时的一笔款项——并在障碍价处全有或全无：高于障碍价则获付，跌破行权价则承担损失且毫无票息。

An Important Detail

一个重要细节

Some versions add a barrier — and it is not a floor

某些版本加设障碍——而它并非底线

A common variant adds a knock-in barrier — say at 70% — that gives you a buffer: your downside only switches on if the stock breaches that level. In return, the coupon is roughly halved. That much is a fair trade. Two details inside that barrier are easy to misread, even for experienced investors.一种常见变体加设敲入障碍——例如70%——为您提供缓冲：只有当股票跌破该水平时，下行才会启动。作为交换，票息大致减半。这一层是公平的交易。但障碍之内的两处细节，连资深投资者也容易看错。

① The barrier is a trigger, not a floor

① 障碍是触发器，而非底线

"70%, so I can't lose more than 30%" — wrong. The barrier only decides whether your downside switches on. Once the stock touches it, you are delivered the stock at the full strike (100%) and bear the loss from there — not from 70%. Breach it and finish at 60%, and you lose ~40%, not 30%.

「70%，所以我最多亏30%」——错。障碍只决定您的下行是否启动。股票一旦触及它，您将按全额行权价（100%）被交付股票，并从该处起承担损失——而非从70%起。若跌破后收于60%，您损失约40%，而非30%。

② "American" vs "European" — one bad day, or one bad close

② 「美式」与「欧式」——一个坏交易日，还是一个坏收盘

An American barrier is watched every day: a single close below it, any time in the life, switches your downside on — even if the stock fully recovers by maturity. A European barrier is checked only on the final day. The very same ending price can mean a full loss under one and capital back under the other. Always know which one you hold.

美式障碍每天观察：在存续期内任何一天收于其下，您的下行即被启动——即便股票到期时已完全回升。欧式障碍仅在最后一天检查。同样的到期价格，在一种下可能意味着全额损失，在另一种下却能收回本金。请务必清楚自己持有的是哪一种。

The Number That Matters Most

最关键的一个数字

Know your strike — that is where the loss begins

看清您的行权价——损失从那里开始

The coupon is what draws the eye, but the figure that governs your risk is the strike — the level below which you stop being a lender and become the owner of a falling stock. If the version has a knock-in barrier, hold a second number too: the barrier that arms that downside. Confusing the two — treating the barrier as the most you can lose — is an easy and costly misreading of this product.吸引眼球的是票息，但主宰您风险的数字是行权价——低于此水平，您便从债权人变成一只下跌股票的持有人。若版本带敲入障碍，还需记住第二个数字：启动该下行的障碍。把二者混为一谈——把障碍当成最大可能损失——是对这一产品既常见又代价高昂的误读。

Strike = where loss begins  ·  Barrier (if any) = only the trigger
行权价 ＝ 损失起点  ·  障碍（若有）＝ 仅为触发器

Below the strike you take the stock's full decline. A knock-in barrier does not cap that loss — it only decides whether the loss switches on. Two different numbers, two different jobs.

跌破行权价，您承担股票的全额跌幅。敲入障碍并不为该损失封顶——它只决定损失是否启动。两个不同的数字，两种不同的作用。

Key Risks

主要风险

What you must understand

您必须理解的风险

Capital is at risk below the strike — wide open

跌破行权价本金即受损——敞开

You take the stock's fall one-for-one, usually by being delivered the shares. A volatile stock can fall 50–80% in a stress period; in the no-barrier version losses begin the moment it dips below the strike.

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%；在无障碍版本中，股票一旦跌破行权价，亏损即刻开始。

The barrier is a trigger, not a floor

障碍是触发器，而非底线

A knock-in barrier does not cap your loss. Once breached, you are delivered at the full strike and bear losses from there — not from the barrier level.

敲入障碍不为您的损失封顶。一旦跌破，您按全额行权价被交付，并从该处起承担损失——而非从障碍水平起。

American barriers — one bad day can decide it

美式障碍——一个坏交易日即可定局

With a daily-observed barrier, a single close below it at any point arms your downside, even if the stock recovers by maturity.

在每日观察的障碍下，任何一刻收于其下的单日收盘都会启动您的下行，即便股票到期时已回升。

The lookback can do nothing — and you still paid for it

回望可能毫无作用——而您仍为它付了费

If the stock does not dip inside the early window, no re-set happens. The lookback's cost is already baked into a lower coupon, whether or not it ever fires.

若股票未在早段窗口内下探，便不发生重置。无论它是否触发，回望的成本都已体现在更低的票息中。

No income along the way · all-or-nothing at the barrier

期间无收益 · 障碍处全有或全无

Nothing is paid during the term. At maturity you receive the coupon, or capital only, or a loss — with a hard cliff at the barrier and the strike.

存续期内不付分文。到期时您获得票息、或仅本金、或承担损失——并在障碍价与行权价处存在硬性断崖。

Worst-of · issuer credit · liquidity

最差表现 · 发行人信用 · 流动性

If a basket is referenced, the note settles on the worst performer. A note is an unsecured obligation of the issuing bank; if it fails you may lose capital even if the stock did well. Selling early relies on a wide best-efforts quote.

若挂钩一篮子，票据按表现最差者结算。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。提前卖出依赖价差较大的尽力报价。

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

An enhanced coupon is easy to sell and easy to misread. We read it to you, not past you — we name the strike (where loss begins), separate it from any barrier (the trigger), and check which barrier flavour you hold before anything is decided. Below is how we think, not a promise of action.增强票息易于推销，也易被误读。我们把它读给您听，而非念过去——我们点明行权价（损失起点）、将其与任何障碍（触发器）区分开，并在作出任何决定前核实您持有的是哪一种障碍。以下是我们的思考方式，而非采取行动的承诺。

Before: is the coupon worth the strike?

事前：票息是否值这个行权价

We weigh the enhanced coupon against the real chance, and depth, of a fall through the strike — and against whether you would actually want to own this stock at that level. If not, we say so.

我们会权衡增强票息，与跌穿行权价的真实概率及深度——以及您是否真的愿意在该水平持有这只股票。若否，我们会如实相告。

During: distance to the strike (and barrier)

事中：距行权价（及障碍）的距离

We track how far the stock sits above the strike and any knock-in barrier, flag a thinning buffer early, and — when protection is cheap — can discuss covering the downside while you keep the coupon.

我们跟踪股票高于行权价及任何敲入障碍多少，在缓冲变薄时尽早提示，并在保护成本低时，与您商讨在保留票息的同时覆盖下行。

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……

  • Want enhanced income and hold a constructive-but-cautious view想要增强收益，且持审慎乐观看法
  • Would genuinely be happy to own the stock at the strike真心乐于在行权价持有这只股票
  • Understand a barrier is a trigger, not a floor, and know which flavour they hold理解障碍是触发器而非底线，并清楚自己持有的种类
  • Do not need income or liquidity during the term在存续期内不需要收入或流动性
  • 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 the coupon as "safe yield" or the barrier as a loss floor把票息当作「安全收益」，或把障碍当作亏损底线
  • Cannot tolerate being delivered a fallen stock无法承受被交付一只已下跌的股票
  • 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

Enhanced coupon · 增强票息
A higher-than-normal return, paid at maturity, in exchange for taking on the stock's downside risk.高于常规的回报，于到期支付，以承担股票下行风险作为对价。
Strike · 行权价
The level below which you are delivered the stock and take its losses. The number that governs your risk.低于此水平您将被交付股票并承担其损失。这是主宰您风险的数字。
Barrier (coupon) · 障碍（票息）
The level the stock must finish at or above for you to earn the coupon.股票须收于其上、您方可赚取票息的水平。
Knock-in barrier · 敲入障碍
A level that arms your downside if breached. It is a trigger, not a loss floor — once touched, you bear losses from the full strike.跌破时启动您下行的水平。它是触发器，而非亏损底线——一旦触及，您从全额行权价起承担损失。
American vs European barrier · 美式与欧式障碍
American: watched every day — one close below it counts. European: checked only on the final day.美式：每天观察——任何一天收于其下即计入。欧式：仅在最后一天检查。
Lookback · 回望
Re-sets your strike (and coupon barrier) down to the stock's lowest close during an early window. Watches forward, not into the past.把您的行权价（及票息障碍）下移至股票在早段窗口内的最低收市价。向前观察，而非回看历史。
Digital · 数字（二元）
An all-or-nothing payout: you receive the fixed coupon if a level is met, and nothing extra if it is not.全有或全无的支付：达到某水平即获固定票息，否则不获额外回报。
Worst-of · 最差表现
If a basket is used, the note settles on its worst-performing member.若挂钩一篮子，票据按表现最差的成员结算。

Considering a structured note?

正在考虑结构性票据？

Before any decision, we will walk through the specific term sheet with you, in plain language — and tell you honestly when a structure does not fit.

在做出任何决定之前，我们会以通俗语言与您逐条解读具体条款书——若某一结构并不适合，我们会坦诚相告。

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