香港金管局：外汇基金在2025年录得3,310亿港元的投资收入

Core Insights - The Hong Kong Monetary Authority (HKMA) reported a record investment income of HKD 331 billion for the foreign exchange fund in 2025, driven by various asset classes including bonds and equities [1][2] - The total assets of the foreign exchange fund increased by HKD 70.4 billion from HKD 4,081 billion at the end of 2024 to HKD 4,151.4 billion at the end of 2025 [1] - The investment return rate for the foreign exchange fund was 8.0% in 2025, with a notable 12.4% return from the investment portfolio [1] Financial Performance - The foreign exchange fund's investment income components included: - Bond investment income: HKD 142.2 billion - Hong Kong stock investment income: HKD 33.9 billion - Other stock investment income: HKD 74.1 billion - Foreign currency valuation adjustments: HKD 38.4 billion - Other investment income: HKD 42.4 billion [1] - The fund's cumulative surplus reached HKD 936.1 billion by December 2025 [1] Market Commentary - HKMA's CEO noted that the global financial markets experienced significant volatility in the first half of 2025 due to trade tensions and geopolitical issues, but improved in the second half due to reduced trade friction and advancements in AI technology [2] - Major stock markets, including the S&P 500 and the Hang Seng Index, saw substantial gains of 16% and 28% respectively in 2025 [2] - The depreciation of the US dollar against other major currencies by approximately 9% contributed positively to the foreign exchange fund's non-HKD assets [2] Strategic Outlook - The HKMA plans to maintain a cautious and flexible management approach for the foreign exchange fund, focusing on capital preservation and long-term growth [3] - The authority will implement defensive strategies and maintain high liquidity while diversifying investments to enhance long-term returns [3]