1.1 全球气温上升被视为世界持续面临的重大挑战之一，气候变化亦被认为是风险的来源，并对企业构成潜在财务风险。为进一步优化淘金者证券（香港）有限公司（「本公司」或「我们」）的投资及风险管理流程，本公司将气候相关风险纳入我们的投资和风险管理流程中。

1.2 本气候变化投资与风险管理政策（「政策」）旨在阐明本公司为在投资及风险管理流程中考虑到气候相关风险而实行的框架（「框架」）。框架有四个关键要素，即管治、投资管理、风险管理以及披露。

1.3 本政策整体适用于本公司行使投资酌情权管理的集体投资计划，包括获证监会认可的基金和未经证监会认可的基金（「该等基金」

2.1 本公司董事会（「董事会」）对建立和实施框架负有最终责任。董事会负责制订和检讨与气候相关事宜有关的目标并检讨框架。董事会将气候相关风险管理监督职能转授予气候相关委员会（「委员会」），委员会由董事/负责整体管理监督的核心职能主管担任主席，由基金经理、合规职能的核心职能主管、风险管理职能的核心职能主管以及营运监控与检讨职能的核心职能主管组成。成立该委员会旨在协助董事会建立和实施框架，并监督气候相关事宜，其中可能包括：

• 监察为处理气候相关事宜而订立的目标和计划；

• 制订、检讨和批准与气候相关风险管理有关的相关政策和程序；

• 对气候相关事宜的管理进行集中监察；

• 检讨并投放足够资源来管理气候相关事宜；

• 促进对气候相关事宜的内部意识及理解；

• 就气候相关事宜的监控和措施提供指导，予以监督和实施；及

• 向董事会汇报重大气候相关事宜。

2.2 委员会应监察框架实施情况和气候相关事宜。至少应每年向董事会汇报重大气候相关事宜。

2.3 委员会应定期（至少每半年）举行会议，任何委员会成员亦可在必要时召开会议。

3.1 本公司已将气候相关风险纳入投资管理流程（包括投资研究和投资决策）中。基金精力负责指导和监督投资和研究人员，并在适当情况下向委员会汇报实施情况和气候相关事宜。

3.2 气候相关风险一般分为两大类：(1)与气候变化实体影响有关的风险；及(2)与转型至低碳经济体系有关的风险。

(1) 实体风险

由气候变化造成的实体风险，推动因素可以是事件（急性）或气候模式中较长期的转变（慢性）。实体风险可能对组织产生财务影响，包括对资产的直接损害和供应链中断所导致的间接影响。组织的财务业绩亦可能受到水资源供应、采购和质素、食品安全的变化，以及影响组织场所、营运、供应链、运输需要和雇员安全的极端温度变化的影响。

(2) 转型风险

向低碳经济体系转型可能需要广泛的政策、法律、科技和市场变革，以应对与气候变化相关的缓减和适应规定。根据这些变革的性质、速度和重点，转型风险或会对组织构成不同程度的财务和声誉风险。

3.3 作为将气候相关风险纳入投资管理的一部分，本公司还应评估投资中气候相关风险的关联性及重大程度。经考虑各种不同相关因素，包括但不限于该等基金的特征或特点（如量化基金、跟踪指数基金、外汇基金、管理期货基金、采用即日交易策略等），本公司应评估并确定气候相关风险是否与其投资和风险管理流程无关。相关评估亦应妥为记录。

3.4 在评估气候相关风险对基金或投资策略影响的重大程度时，一般而言，本公司可能会考虑采用量化方法（例如使用由第三方提供商或本公司或其集团评定的分数，或使用内部或第三方数据工具来分析基金的气候相关风险）；在适当情况下，本公司可考虑不同的方法，包括质化（例如识别更有可能受到气候相关风险不利影响的行业），量化方法或两者的结合（如果认为适当且与情况相称）。相关评估亦应妥为记录。

3.5 若气候相关风险被认为不相关或并非重大时，本公司应定期重新评核关联性及重大程度的评估，备存解释气候相关风险为何不相关的适当纪录，并遵守相关披露规定。

3.6 若气候相关风险被认为与该等基金相关及重大，则本公司将会把气候相关风险纳入投资管理流程中。本公司投资团队通常将在证券选择过程中考虑气候相关风险，作为其基本面研究过程的一部分，亦会利用不同的工具来分析和评估该等基金的气候相关风险，例如：

• 由第三方提供商或由本公司或其集团实体评定的分数；

• 由第三方提供商提供的或由本公司或其集团实体收集的数据工具；及/或

• 由第三方提供商或其集团实体编制的研究报告。

3.7 作为基本面分析的一部分，在可能和适当的情况下，投资团队或会与被投资公司的高管或董事会进行讨论，以了解气候变化事宜，尤其是在我们认为实体或转型风险可能影响被投资公司的长期财务业绩的情况下，并可能会鼓励被投资公司采取措施以管理气候相关事宜。此外，我们可能会直接与同业沟通和合作，在适当情况下运用我们的表决决定以呈报问题。

3.8 对于涉及争议性行为或争议性产品的公司，在适当情况下，本公司可实施投资限制甚至剔除投资。

4.1 若气候相关风险被认为与该等基金相关及重大，则本公司将会把气候相关风险纳入投资管理流程和风险管理流程中。

4.2 虽然管理该等基金的投资团队在该等基金的整个生命周期内主要负责管理其投资活动所造成的风险，但风险管理职能（在职能方面独立于本公司的投资团队）亦会持续监察气候相关风险，并在必要情况下及时向首席投资官及/或委员会上报相关风险或问题（如有）。

4.3 可使用多种工具及/或指标来评估和量化气候相关风险，例如，本公司可使用行业指标（例如涵盖气候转型风险和实体风险的MSCI气候风险估值模型 (Climate VaR)、温室气体排放量等）评估气候相关风险。这些工具及/或指标利于投资团队评估与气候相关的风险承担，作为投资组合持续管理活动的一部分。

5.1 若本公司负责该等基金的整体运作，则披露规定基本适用于本公司。

5.2 本公司将会透过电子或其他方式（例如在本公司网站上）向该等基金的投资者适当披露与气候相关风险有关的信息，包括：

• 监察气候相关风险方面的管治安排；

• 用于识别、评估、管理及监察气候相关风险的流程，包括所采用的主要工具和指标；以及

• 若气候相关风险被评估为与某些基金不相关，则披露公司层面或基金层面的任何例外情况。

在符合证监会相关规定的前提下，若本公司成为大型基金经理，则本公司亦要就气候相关风险作出适当的披露，包括：

• 说明本公司的参与政策；及

• 在可取得或可合理估算数据的情况下，在基金层面披露与基金相关投资所涉及的范围1和范围2温室气体排放量的投资组合碳足迹。

5.3 本公司还将在认为适当的情况下至少每年检视披露情况，并在切实可行的情况下尽快更新披露内容，并将任何重大变动告知基金的投资者。

1.1 The rise in global temperatures is considered as one of the significant and ongoing challenges to the world, and climate change has also been recognized as a source of risk and poses potential financial risks for businesses. To further optimize the investment and risk management processes of TradeMaster Securities (Hong Kong) Limited (the “Company” or “we”), the Company has incorporated climate-related risks into our investment and risk management processes

1.2 This Climate Change Investment and Risk Management Policy (the “Policy”) is set out to explain the framework that the Company has put in place to take climate-related risks into consideration in its investment and risk management processes (the “Framework”). There are four key . elements, namely governance, investment management, risk management and disclosure.

1.3 This Policy generally applies to collective investment schemes (“CISs”) managed by the Company with investment discretion, including SFC authorized funds and non-SFC authorized funds (“Funds”).

2.1 The board of the Company (“Board”) has ultimate responsibility for establishing and implementing the Framework. The Board is responsible for setting and reviewing the goals in relation to climate-related issues and reviewing the Framework. The Board delegates the climate related risk management oversight to the Climate Related Committee (the “Committee”), which is chaired by the Director/manager-in-charge (“MIC”) of Overall Management Oversight, and its members include the Portfolio Manager (“PM”), the MIC of Compliance function, the MIC of Risk Management function and the MIC of Operational Control & Review function. The Committee has been established to assist the Board in establishing and implementing the Framework, and oversight of climate-related issues, which may include:

• monitoring goal(s) and plan(s) for addressing climate related issues;

• establishing, reviewing and approving the relevant policies and procedures in relation to climate-related risk management;

• providing central oversight of the management of climate-related issues;

• reviewing and devoting sufficient resources to manage climate-related issues;

• providing internal awareness and understanding of climate-related issues;

• providing guidance, supervision and implementation of the controls and measures in relation to climate-related issues; and

• updating the Board on significant climate-related issues.

2.2 The Committee should monitor the implementation of the Framework and the climate-related issues. Significant climate–related issues should be reported to the Board at least on an annual basis.

2.3 The Committee should meet regularly (at least semi-annually) and any Committee’s member may also convene meetings when necessary.

3.1 The Company has incorporated climate-related risks into investment management processes, including investment research and investment decision. The PM is responsible for guiding and supervising the investment and research personnel, and, where appropriate, reporting the implementation and climate-related issues to the Committee.

3.2 The climate-related risks are generally divided into two major categories: (1) risks related to the physical impact of climate change; and (2) risks related to the transition to a lower-carbon economy.

(1) Physical Risks

Physical risks resulting from climate change can be event driven (acute) or longer-term shifts (chronic) in climate patterns. Physical risks may have financial implications for organizations, such as direct damage to assets and indirect impacts from supply chain disruption. Organizations’ financial performance may also be affected by changes in water availability, sourcing, and quality, food security, and extreme temperature changes affecting organizations’ premises, operations, supply chain, transport needs, and employee safety.

(2) Transition Risks

Transitioning to a lower-carbon economy may entail extensive policy, legal, technology, and market changes to address mitigation and adaptation requirements related to climate change. Depending on the nature, speed, and focus of these changes, transition risks may pose varying levels of financial and reputational risk to organizations.

3.3 As part of climate-related integration of investment management, the Company shall assess the relevance and materiality of climate-related risks in the investment. The Company shall, after having considered different relevant factors, including but not limited to the characteristics or features of the Funds (e.g. quantitative fund, index tracking fund, forex fund, managed futures fund, using day-trade strategy, etc.), assess and determine whether the climate-related risks are irrelevant to its investment and risk management processes. The relevant assessment shall also be properly documented.

3.4 When assessing the materiality of the impact of climate-related risks on a Fund or an investment strategy, in general, the Company may consider adopting a quantitative approach (e.g. by using scores developed by third-party providers or developed by the Company or our Group, or by utilizing in-house or third-party data tools to analyse the climate-related risk of the Fund), where appropriate, the Company may consider different approaches including qualitative (e.g. identifying those sectors which are more likely to be adversely affected by the climate-related risks), quantitative or some combination of both if it is considered appropriate and proportionate to the circumstances. The relevant assessment shall also be properly documented.

3.5 If climate-related risks are considered to be irrelevant or not material, the Company shall re-evaluate the assessment of relevance and materiality periodically, maintain appropriate records which explain why climate-related risks are irrelevant and comply with relevant disclosure requirements.

3.6 If climate-related risks are considered to be relevant and material to the Funds, the Company will incorporate climate-related risks into investment management processes. The investment team of the Company will generally incorporate climate-related risks into its consideration in the securities selection process as part of its fundamental research process, which may also utilize different tools to analyse and assess the climate-related risk of the Funds, for examples:

• scores developed by third-party providers or developed by the Company or our Group entities;

• data tools provided by third-party providers or collected by the Company or our Group entities; and/or

• research reports prepared by third-party providers or our Group entities.

3.7 As part of fundamental analysis, where possible and appropriate, the investment team may have discussions with the executives or boards of investee companies and to understand the climate change issues, particularly where we believe that physical or transition risks could impact the investee company’s long term financial performance, and may encourage the investee companies to take measures to manage the climate-related issues. In addition, we may engage directly and collaboratively with our peers, using our voting decisions to escalate the issues, where appropriate.

3.8 For the companies involving controversial behavior or controversial products, where appropriate, the Company may apply limitation(s) or even exclusion(s).

4.1 If climate-related risks are considered to be relevant and material to the Funds, apart from the investment management processes, the Company will also incorporate climate-related risks into risk management processes.

4.2 Although the investment team managing the Funds has the primary responsibility for managing the risks generated by their investment activities throughout the lifetime of the Funds, the risk management function, which is functionally independent from the investment team of the Company, will also monitor the climate-related risks on an ongoing basis, and where necessary, will escalate the related risks or issues (if any) to the PM and/or Committee in a timely manner.

4.3 Different tools and/or metrics may be utilized to assess and quantify climate-related risks, for examples, the Company may assess climate-related risk by using industry metrics (e.g. MSCI Climate Value-at-Risk (VaR) which incorporates climate transition risks and physical risks, GHG emission and etc.). These allow the investment team to make assessments of the climate-related risk exposure, as part of the ongoing portfolio management activities.

5.1 The disclosure requirements shall in general be applicable to the Company if the Company is responsible for the overall operation of Funds only.

5.2 The Company shall make appropriate disclosures of information related to climate-related risks to the investors of the Funds via electronic or other means (e.g. on the Company’s website), which includes:

• the governance arrangement for oversight of climate-related risks;

• processes for identifying, assessing, managing and monitoring climate-related risks, including the key tools and metrics used ; and

• disclosure of any exceptions at the company level or fund level, if the climate-related risks have been assessed to be irrelevant to certain Funds.

Subject to SFC’s relevant requirements, if the Company becomes a Large Fund Manager, the Company shall also make appropriate disclosures relating to the climate-related risks, which includes:

• Description of the engagement policy of the Company; and

• Disclosure of the portfolio carbon footprints of the Scope 1 and Scope 2 GHG emissions associated with the Fund’s underlying investments at the fund level, where data is available or can be reasonably estimated.

5.3 The Company will also review the disclosures at least on an annual basis, where considered appropriate, will update the disclosures and inform the investors of the Funds of any material changes as soon as practicable.