澳门去年财政储备投资收益创历史新高，达429.2亿澳门元

Core Insights - The Macau Special Administrative Region's Financial Management Bureau reported a record investment return of 42.92 billion MOP for the fiscal reserve in 2025, achieving an annual return rate of 6.9%, the highest since the establishment of the fiscal reserve system in 2012 [1] - By the end of 2025, the total capital of Macau's fiscal reserve reached 666.74 billion MOP, approximately 569 billion RMB, an increase of 50.53 billion MOP from the end of 2024 [1][2] - The fiscal reserve's basic and excess reserves were 167.29 billion MOP and 499.45 billion MOP, respectively [1] Financial Trends - Over the past decade, Macau's fiscal reserve assets have shown a general upward trend, increasing from 345 billion MOP in 2015 to 666.74 billion MOP in 2025, nearly doubling in size [2] - The total reserve fell to 557.97 billion MOP in 2022 due to global financial market volatility but has steadily recovered, reaching 580.47 billion MOP in 2023 and 616.21 billion MOP in 2024 [2] Investment Strategy - The fiscal reserve has dynamically adjusted its asset allocation, optimizing the structure of bonds and stocks while introducing quality assets to maintain liquidity and security, achieving ideal investment returns [4] - The fiscal reserve system, established on January 1, 2012, aims to manage government budget surpluses effectively and ensure public financial capacity [4] - The average investment return over the past decade has been 2.6%, exceeding the target inflation rate benchmark of 1.76% [4] Future Outlook - In 2026, global economic growth will continue to be supported by various policy measures, with investment opportunities and challenges present [4] - Key considerations for future asset allocation will include central bank monetary policy trends, international trade relations, and geopolitical changes [4]