超4万亿，大消息！投资收入创新高，创2007年以来最佳表现

Core Insights - The Hong Kong Monetary Authority (HKMA) reported a record investment income of HKD 331 billion for the Hong Kong Exchange Fund in 2025, marking the highest return in history [1][6] - The fund's total assets reached HKD 41,514 billion by the end of 2025 [1] Investment Performance - The investment return rate for the Exchange Fund in 2025 was 8%, the best performance since 2007 [7][9] - The "investment portfolio" achieved a return rate of 12.4%, while the "support portfolio" had a return rate of 5.2% [6] - All major components of the fund recorded positive returns, a rare occurrence in the past 15 years [6][4] Asset Composition - As of the end of 2024, the proportion of non-USD assets in the Exchange Fund increased, with USD assets accounting for 79%, down from 85% in previous years [2] - The fund held HKD 4,204 billion in private equity and HKD 1,592 billion in physical assets as of September 2025 [3] Long-term Strategy - The HKMA emphasized a cautious and flexible management approach, focusing on capital preservation and long-term value growth [6] - The long-term growth portfolio has an annualized internal return rate of 11.2% since its inception in 2009 [6]