I remember being taught never to use "Click here" (which has the same issues) about 15 years ago. It staggers me that in this day and age of responsive design and tableless layouts, we've still got the same old problems...
I always go with something like _Download the annual report (380KB PDF)_ rather than the client-suggested _Click here_ to download the annual report. But I think a combination was proven to be effective.
(I realize that it's probably less so when you start talking about accessibility, but I don't know much about that. :/)