香港积金局公布，根据最新官方临时数据，2025年全年的强积金整体净回报为16.5%，是连续三年取得 正回报，2024年为8.6%，而2023年为3.4%。各类强积金基金，包括股票基金、混合资产基金、债券基 金、保证基金、强积金保守基金及货币市场基金(不包括强积金保守基金)，过去一年全部录得正回报。 香港积金局指，受惠于理想投资表现，截至去年底，强积金总资产升至约15,500亿港元，再度突破历史 新高。 至于俗称"懒人基金"的"预设投资策略"(DIS)旗下的核心累积基金，自2017年推出以来的平均年率化净 回报为6.9%，同样跑赢期内的年率化通胀率1.8%;"懒人基金"旗下的65岁后基金，自2017年以来平均年 率化净回报为2.5%。 香港积金局提醒强积金计划成员，强积金是跨越超过40年的长线投资，不应以短线投资的角度看待强积 金，更不应尝试捕捉市场。 自强积金制度实施以来，占强积金总资产合共8成的股票基金和混合资产基金的平均年率化净回报分别 为5.0%和4.5%，跑赢同期1.8%的年率化通胀率;债券基金、保证基金、强积金保守基金及货币市场基 金，平均年率化净回报分别为1.9%、1.1%、1.0%和1.0%。 ...

Core Viewpoint - The overall return of Hong Kong's Mandatory Provident Fund (MPF) decreased by 0.5% in December, with an average loss of HKD 1,448 per person, despite a year-to-date increase of 15.6%, marking the highest return in nearly eight years [1] Group 1: Performance of Fund Indices - The three main indices showed varied performance: the stock fund index fell by 0.8%, the mixed asset fund index decreased by 0.2%, while the fixed income fund index slightly increased by 0.03% [1] - Year-to-date, the MPF composite index has gained 15.6%, translating to an average profit of HKD 42,685 per person [1] Group 2: Sector Performance - In December, stock funds faced pressure, with European stock funds being the best performers, rising by 2.3% and achieving an annual return of 23.8% [1] - Conversely, other stock funds experienced a decline of 2.2% in December but still recorded a 17.1% increase for the year [1] - Hong Kong and Greater China stock funds saw slight declines of 1% and 0.9% in December, respectively, yet maintained significant annual gains of 29.2% and 30.8% [1] Group 3: Investment Strategy - Despite the market adjustment in December, the MPF has recorded positive returns year-to-date, prompting members to review their asset allocation strategies based on their risk tolerance to balance short-term volatility with long-term growth potential [1]

Core Viewpoint - The Hong Kong Mandatory Provident Fund (MPF) is projected to achieve a return rate of 15.35% for the year 2025, marking it as the sixth-best annual performance in the 25-year history of the MPF system [1] Group 1: Performance and Projections - The MPF experienced a decline of approximately 0.64% in December, but if the trend continues, the annual return for 2025 is expected to reach 15.35% [1] - This projected return translates to an estimated investment income of HKD 200.9 billion for 2025, equating to a profit of HKD 41,900 per member, which would set a historical high for annual investment returns [1] - The total assets of the MPF are anticipated to rise to about HKD 1.535 trillion by the end of 2025, with an average account balance of HKD 320,200 per member, reflecting an increase of approximately HKD 50,921 since the beginning of 2025 [1] Group 2: Market Influences - The chairman of MPF Ratings, Cong Chuanpu, indicated that despite potential losses in December, the MPF is expected to celebrate its 25th anniversary with record-high performance [1] - The strong investment performance of the MPF is fundamentally supported by Hong Kong and mainland stocks, especially as global attention shifts towards AI and the "Tech Seven Giants" [1] - Approximately 30% of the projected annual return for 2025 is expected to come from this asset class, marking the first time since 2017 that it will rank at the top among all MPF asset categories [1]

Group 1 - The average net return of the Mandatory Provident Fund (MPF) in Hong Kong for this year is reported to be 16% [1] - The MPF has been established for 25 years, with 17 years recording net returns, and an annualized net return rate of 4% [1] - The average net returns for stock funds, mixed asset funds, and bond funds this year are 25%, 16.3%, and 5.6% respectively [1] Group 2 - The chairman of the MPF Authority, Liu Mai Jiaxuan, announced that the fees for the MPF Easy platform will be further reduced in the fiscal year 2026/27, with administrative fees expected to drop below 30 basis points [1] - Currently, 11 trustees have joined the MPF Easy platform, with HSBC expected to join by the end of the month [1] - Since the implementation of the MPF system in December 2000, the annualized average net return over 25 years has been 4%, significantly outperforming the annualized inflation rate of 1.8% during the same period [1]

Group 1 - The Central Economic Work Conference held on December 10-11 outlined the macroeconomic policy for the upcoming year, focusing on boosting consumption, effective investment, and fostering a positive ecosystem for hard technology innovation [3] - Foreign investment institutions expressed strong confidence in the economic outlook following the conference, emphasizing the potential for domestic demand and industrial expansion [3] Group 2 - The Federal Reserve announced a 25 basis point cut in the federal funds rate to a range of 3.50% to 3.75%, marking the first dissent among committee members in six years, indicating increasing internal divisions [4] - Analysts believe that while further rate cuts are possible next year, the scope for such actions is limited due to persistent inflation and stable unemployment rates [4] Group 3 - The Central Committee's meeting on December 8 emphasized a balanced approach to economic work, focusing on stability and quality improvement, which will support the "14th Five-Year Plan" [5] - The meeting highlighted the importance of macro policies, expanding domestic demand, and innovation to lay a solid foundation for high-quality economic development [5] Group 4 - China Investment Corporation reported an annualized net return of 6.92% on foreign investments over the past decade, exceeding performance targets by 61 basis points [7] - As of the end of 2024, the total assets of China Investment Corporation reached $1.57 trillion, with net assets of $1.37 trillion [7] Group 5 - The Hong Kong Mandatory Provident Fund's total assets surpassed HKD 1.5 trillion for the first time, with a net investment return rate of approximately 15% since the beginning of 2025 [8] Group 6 - The Hong Kong stock market has seen a nearly 5% decline in the Hang Seng Index over the past two months, with the Hang Seng Tech Index dropping close to 15% [13] - Analysts suggest that the recent market adjustments are primarily influenced by liquidity expectations and short-term sentiment, with no significant changes in the fundamentals [13] Group 7 - The People's Bank of China has increased its gold reserves for 13 consecutive months, with foreign exchange reserves remaining stable above $3.3 trillion for four months [18] Group 8 - Private equity funds maintain high positions in the A-share market, with stock private equity positions reaching 82.97%, marking a new high for the year [20] - The strategy for 2026 is expected to focus on balanced layouts and "high-low cuts," with a belief in the continued foundation for a "slow bull" market [20]

Group 1 - The central economic work conference held on December 10-11 outlined the macro policy framework for the upcoming year, focusing on boosting consumption, effective investment, and fostering a positive ecosystem for hard technology innovation [3] - The People's Bank of China has maintained a stable foreign exchange reserve above $3.3 trillion for four consecutive months, while also increasing gold reserves for 13 months [16] - The Hong Kong Mandatory Provident Fund has reached a total asset value of HKD 1.5 trillion, marking a significant milestone in its 25-year history [9] Group 2 - The Federal Reserve lowered the federal funds rate by 25 basis points to a range of 3.50%-3.75%, with indications of potential further rate cuts in the future, although the scope for such cuts may be limited due to high inflation and stable unemployment [4] - The latest report from China Investment Corporation shows an annualized net return of 6.92% on foreign investments over the past decade, exceeding performance targets by 61 basis points [8] - The A-share market has seen private equity maintain high positions, with stock private equity reaching 82.97%, indicating confidence in the market's slow growth potential [18] Group 3 - The Hong Kong stock market has experienced a correction, with the Hang Seng Index down nearly 5% and the Hang Seng Tech Index down close to 15% over the past two months, yet analysts believe the fundamentals remain unchanged [13] - The recent appointment of Liu Xinqun as the new chairman of Bank of China Fund reflects ongoing changes in leadership within the asset management sector [12] - Analysts express concerns over the recent surge in silver prices, which have reached a ten-year high, but suggest that the underlying drivers of this increase differ from past trends [14]

Group 1 - The Hong Kong Mandatory Provident Fund (MPF) system has accumulated total assets of HKD 1.5 trillion over 25 years, with a net investment return of approximately 15% since early 2025 [1] - The coverage of retirement protection for Hong Kong's workforce has approached 100% since the implementation of the MPF, compared to only one-third of the workforce having retirement protection before [1] - Stock and mixed asset funds, which account for 80% of the total MPF assets, have recorded cumulative net returns of 240% and 200% respectively, outperforming the 1.8% annualized inflation rate [1] Group 2 - The Default Investment Strategy (DIS), launched in 2017, has achieved an average annualized net return of 6.9%, surpassing the 1.8% annualized inflation rate [2] - The "MPF Easy" platform, introduced in June last year, has streamlined and automated MPF administration, allowing members to manage their funds more conveniently [2] - The introduction of "MPF Easy" has led to a significant reduction in administrative fees, benefiting over 10 million member accounts, which represents over 90% of total accounts [3] Group 3 - The cancellation of the MPF offsetting arrangement effective May 1 this year is expected to strengthen retirement savings for employees [3] - Future initiatives by the Hong Kong MPF Authority include promoting voluntary contributions, increasing minimum and maximum contribution income levels, and optimizing the DIS [3]

Core Insights - The Hong Kong Mandatory Provident Fund (MPF) has reached a total asset value of HKD 1.5 trillion, marking a significant milestone in its 25-year history, with a net investment return of approximately 15% since the beginning of 2025 [2][4] Group 1: Retirement Coverage and Investment Performance - Prior to the implementation of the MPF, only about one-third of the working population in Hong Kong had retirement protection, but now the coverage rate is nearly 100% [4] - As of October 2023, all types of funds under the MPF have recorded positive annualized investment performance, with stock funds and mixed asset funds achieving average cumulative net returns of 240.5% and 201.3%, respectively, translating to annualized net returns of 5% and 4.5%, outperforming the 1.8% annualized inflation rate [4][5] Group 2: Contribution Trends - There has been a notable increase in voluntary contributions, with 25% of total contributions in the first three quarters of this year being voluntary, nearly double the proportion from ten years ago, indicating growing trust in the MPF for retirement savings [6][4] Group 3: Default Investment Strategy - The Default Investment Strategy (DIS), introduced in 2017, has shown an average annualized net return of 6.9%, significantly outperforming the inflation rate, demonstrating its effectiveness [8][9] - The introduction of the "MPF Easy" platform has streamlined administrative processes and reduced fees, benefiting over 10 million member accounts, which represents more than 90% of the total accounts [9][10]

Core Insights - The Hong Kong Mandatory Provident Fund (MPF) assets reached a record high for the seventh consecutive time, despite a slight market decline in November [1] - The average satisfaction rating for MPF returns is only 5.2 out of 10, indicating a psychological gap among investors despite a return exceeding 15% from early 2025 to the third quarter [1] - There is a need for increased investor education to help individuals understand fund selection, risk diversification, and proactive account management [2] Group 1: Market Performance - The AQUMON MPF "Composite Fund Index + Inflation Index" recorded a slight decline of -0.25% in the second half of 2025, although the overall annual performance remains strong [1] - As of the third quarter of this year, the average return for MPF members exceeded 15%, with total assets reaching HKD 1.53 trillion [2] Group 2: Investor Sentiment - The average expected annual return for MPF over the next five years is perceived to be 6.4%, reflecting a disconnect between market performance and investor satisfaction [1] - Many investors show a lack of understanding regarding MPF investment performance, leading to a "disinterested" attitude towards their investments [1] Group 3: Recommendations - It is recommended that trustees provide more educational resources to help investors actively manage their accounts and understand the importance of long-term investment strategies [2] - Regular reviews of MPF investment portfolios are essential for long-term financial planning, and automated tools can help ensure timely adjustments [2]

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]