Core Viewpoint - The Mandatory Provident Fund (MPF) has experienced a decline in investment returns of 1.29% since November, resulting in an estimated investment loss of approximately HKD 19.8 billion, with an average loss of HKD 4,140 per member [1] Group 1: Investment Performance - The year-to-date return is projected to be HKD 191.3 billion, translating to an average gain of HKD 39,895 per member [1] - November marks the first month of losses after six consecutive months of positive returns since 2017, primarily influenced by valuation concerns in AI stocks and a cooling expectation for a Federal Reserve rate cut in December [1] Group 2: Asset Management - The total asset size of the MPF is expected to reach HKD 1.521 trillion by the end of November, down from HKD 1.538 trillion in October, equating to an average account balance of HKD 317,300 per member, a decrease of HKD 3,515 from October [1] - Despite the anticipated significant losses in the MPF, monetary and bond assets have emerged as the best-performing categories, while the "other equity funds" category showed remarkable performance with a 5.95% increase, led by the Manulife MPF Health Care Fund, highlighting the diversification benefits of the healthcare sector [1]

Group 1 - The stock market this year has shown a stark contrast, with AI stocks experiencing significant gains while traditional companies have not performed well [1] - Investors in traditional companies might have seen minimal losses or even small profits despite the market conditions [2] - In contrast, investors in companies facing severe issues, such as Qingyue Technology, have suffered substantial losses, with a single-day drop of 20% due to regulatory investigations [3] Group 2 - Qingyue Technology (stock code: 688496) faced a trading halt on November 3, following a notice from the China Securities Regulatory Commission (CSRC) regarding an investigation into false financial reporting [3] - The CSRC's investigation could lead to significant penalties, and if the company is found guilty of major violations, it may face mandatory delisting from the Shanghai Stock Exchange [3]