1月28日，香港金融管理局（以下简称香港金管局）公布的香港外汇基金投资回报数据显示，2025年，香港外汇基金录得3310亿港元的投资收入，创历史 新高。其中，债券投资收益为1422亿港元；香港股票投资收益为339亿港元；其他股票投资收益为741亿港元；汇率因素使得非港元资产估值扩张384亿港 元;其他投资收益为424亿港元。 【导读】香港外汇基金2025投资回报数据公布：投资收入创新高，非美元资产比例较早年有所提升 截至2025年底，外汇基金总资产达41514亿港元。 非美元资产占比有所提升 香港外汇基金肩负四大使命。 首先，资产保值；其次，确保整体货币基础由流动性极强的美元资产提供支持；第三，确保拥有足够的流动资金维持货币及金融稳定；第四，在满足第一 到第三项的前提下争取投资回报，以保障资产的长期购买力。 外汇基金的组合中，支持组合持有流通性极高及优质的美元资产，为货币基础提供支持，并用以履行联系汇率制度下的兑换保证。支持组合资产与货币基 础的比例应维持在105%至112.5%之间。当比率触及上限或下限时，香港金管局将从支持组合转出或向其注入资产。这样一来，既能提升外汇基金的投资 回报，亦确保支持组合有足够 ...

2025年外汇基金投资收入主要组成部分包括债券投资收益1422亿元、香港股票投资收益339亿元、其他 股票投资收益741亿元、非港元资产外汇估值上调384亿元，以及其他投资收益424亿元。 香港金融管理局总裁余伟文表示，全球市场出现多项利好因素叠加的特殊情况未必能长期持续。面对复 杂多变的投资环境，香港金融管理局会继续坚守"保本先行、长期增值"原则，谨慎而灵活地管理外汇基 金，确保外汇基金能继续有效维持香港的货币及金融稳定。(完) 1月28日，香港金融管理局公布，2025年香港外汇基金录得3310亿港元投资收入，创历年新高。图为香 港国际金融中心大厦及维多利亚港资料图。 中新社记者 李志华 摄 数据显示，外汇基金总资产由2024年底的40810亿元，增至2025年底的41514亿元。至2025年12月底，外 汇基金累计盈余为9361亿元。 中新社香港1月28日电 香港金融管理局28日公布，2025年香港外汇基金录得3310亿元(港元，下同)投资 收入，创历年新高。其中，外汇基金投资收入主要组成部分均实现正回报。 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) reported a significant increase in the foreign exchange fund's total assets and investment income for the first half of 2025, despite a challenging global investment environment [1][2]. Group 1: Financial Performance - As of June 30, 2025, the total assets of the foreign exchange fund reached HKD 42,971 billion, an increase of HKD 2,161 billion compared to the end of 2024 [1]. - The cumulative surplus of the foreign exchange fund stood at HKD 8,779 billion [1]. - The investment income for the first half of 2025 was HKD 1,944 billion, with bond investment income contributing HKD 753 billion, and stock investment income from Hong Kong and other sources totaling HKD 503 billion [1]. Group 2: Investment Environment - The first half of 2025 was marked by significant volatility in global financial markets due to trade barriers, geopolitical tensions, and the unpredictable stance of the U.S. government on economic policies [2]. - Despite the challenges, there was a recovery in global stock markets as negotiations on tariffs progressed, and the U.S. Federal Reserve maintained its monetary policy targets [2]. - The HKMA emphasized the importance of a cautious and flexible management approach to the foreign exchange fund, focusing on capital preservation and long-term value enhancement [2].

Group 1 - The Hong Kong Monetary Authority reported an investment income of 194.4 billion HKD for the first half of 2025 [1] - As of June 30, 2025, the total assets of the Hong Kong foreign exchange fund reached 4,297.1 billion HKD, an increase of 137.7 billion HKD from the previous month [3] - The cumulative surplus of the foreign exchange fund stands at 877.9 billion HKD [1] Group 2 - The HKMA's CEO noted that progress in tariff negotiations between the US and major economies has stabilized investor confidence and led to a recovery in global stock markets [3] - The bond market benefited from the Federal Reserve maintaining its monetary policy targets, resulting in high yields for dollar-denominated bonds held by the foreign exchange fund [3] - The depreciation of the US dollar against major currencies in the first half of the year contributed to significant foreign exchange valuation adjustments for the fund's assets [3] Group 3 - The HKMA acknowledged a 0.9% month-on-month increase in total deposits from recognized institutions in June, with a 0.9% decrease in HKD deposits and a 2.4% increase in foreign currency deposits [3] - The investment environment for the second half of the year remains uncertain due to unpredictable US government trade policies and potential geopolitical tensions [3] - The HKMA will continue to adhere to a "capital preservation first, long-term value enhancement" principle and make appropriate defensive arrangements [3]