香港金管局：会继续坚守“保本先行、长期增值”的原则 谨慎而灵活地管理外汇基金

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) will continue to adhere to the principle of "capital preservation first, long-term value enhancement" while managing the foreign exchange fund cautiously and flexibly [1] Group 1: Investment Environment - The investment environment is positively influenced by central bank monetary policies, geopolitical situations, and the surge in artificial intelligence [1] - Major asset classes performed well, with major stock market indices reaching new highs during the third quarter [1] - Hong Kong stocks benefited from capital inflows, rising approximately 12% in the third quarter [1] Group 2: Bond Market - Despite the Federal Reserve's interest rate cuts in September, U.S. dollar bond yields remain high, providing decent interest income for the bond portfolio held by the foreign exchange fund [1] - The U.S. dollar strengthened against other major currencies in the third quarter, leading to some foreign exchange valuation adjustments for the foreign exchange fund's assets [1] - Overall, the foreign exchange fund recorded good investment income in the first nine months of 2025, with all major asset classes achieving positive returns [1] Group 3: Future Outlook - The investment environment for the remainder of 2025 remains highly uncertain [1] - While further interest rate cuts by the Federal Reserve may improve investment sentiment, concerns about the U.S. economic outlook will persist [1] - The impact of U.S. government trade policies, trade tensions, and fluctuating geopolitical situations on financial markets remains unpredictable [1]