见证历史！香港外汇基金去年收入，超3310亿

Core Insights - The Hong Kong Monetary Authority (HKMA) reported a record investment income of HKD 331 billion for the foreign exchange fund for the year ending December 2025, marking the highest in its history [1][2] Investment Performance - The foreign exchange fund achieved an investment return rate of 8%, with a portfolio return rate of 12.4% and a support portfolio return rate of 5.2% [2] - The total assets of the foreign exchange fund increased by HKD 70.4 billion, rising from HKD 4,081 billion at the end of 2024 to HKD 4,151.4 billion at the end of 2025 [2] - Cumulative surplus of the foreign exchange fund reached HKD 936.1 billion by the end of 2025 [2] Income Composition - The main components of the investment income 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 exchange valuation adjustments on non-HKD assets: HKD 38.4 billion - Other investment income: HKD 42.4 billion [2] Market Conditions - The HKMA President noted significant market volatility in the first half of 2025 due to trade tensions and geopolitical issues, but conditions improved in the second half with a rebound in major stock markets and a decline in policy interest rates by major central banks [6][7] - The Hang Seng Index saw a 28% increase over the year, benefiting from capital inflows [6] Future Outlook - The HKMA President cautioned that the favorable conditions seen in 2025 may not persist into 2026, as global economic conditions, central bank policies, AI developments, and geopolitical conflicts could impact market performance [7] - The HKMA will continue to manage the foreign exchange fund with a focus on capital preservation and long-term value enhancement, maintaining high liquidity and promoting investment diversification [7]