Core Viewpoint - The Hong Kong Mandatory Provident Fund (MPF) system recorded a slight decline of -0.02% in November, failing to achieve positive investment returns for the seventh consecutive month, resulting in a total impact of approximately HKD 300 million on member accounts [1] Group 1: Investment Performance - The total assets of the MPF system reached a historical high of HKD 1.54 trillion, with an average account balance of HKD 321,337 per member, driven by continuous monthly contributions [1] - Despite the negative return in November, the projected investment income for 2025 remains high at HKD 210.8 billion, translating to an average return of approximately HKD 43,972 per member [1] - The other stock fund categories within the MPF saw an increase of 9.46% in November, largely attributed to the Manulife MPF Health Care Fund, which achieved a return of 10.02%, significantly outperforming other funds [1] Group 2: Future Outlook - The year 2025 is anticipated to be a strong year for the MPF system, with an average monthly return of 1.46%. If this trend continues into December, the annual return could reach approximately 17.6%, marking it as the fourth-best annual performance in MPF history, exceeding the average annual return by 12% but lower than the historical best of about 24.61% recorded in 2009 [1]

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]