今年初美股调整时，大量MPF资金(指香港强制性公积金计划资金)从美股基金中流出，但该情况在近月有所逆转。据GUM的数据显示，强积金下半年热选美 股加仓。美股基金在11月份录得最多净转入，规模为7.3亿港元，且已是7月份起、连续5个月净转入，共计达41亿港元，成功让该类别脱离"全年净转出"前 五名的榜单。 GUM策略及投资分析董事云天辉表示，上半年因贸易战与关税政策不确定性，美股基金出现近78亿港元净转出；后随谈判进展及AI科技主题火热，自7月份 美股基金连续五个月回流。 | 资产类别 | 11月份净转出 | 资产类别 | | | --- | --- | --- | --- | | 混合资产基金(80%-100%股票) | 4.77亿港元 | 香港股票基金 | | | 混合资产基金(60%-80%股票) | 4.21亿港元 | 混合资产基金(80%-100%股票) | | | 大中华股票基金 | 3.58亿港元 | 混合资产基金(60%-80%股票) | | | 保证基金 | 2.65亿港元 | 大中华股票基金 | | | 资产类别 | 11月份净转入 | 资产类别 | | | 美国股票基金 | 7.3亿港元 ...

Group 1 - The total assets of Hong Kong's Mandatory Provident Fund (MPF) market increased by 3.8% to HKD 1.39 trillion as of May 31 [1] - After three months of significant net inflows into low-risk assets and outflows from high-risk assets, the fund conversion activity in May became calmer, with a net inflow of approximately HKD 440 million into equity funds and a net outflow of HKD 370 million from fixed income funds [1][2] - The top five asset categories with the highest net outflows in May were "Global Bond Funds," "Mixed Asset Funds (80%-100% Equities)," "Greater China Equity Funds," "Other Equity Funds," and "Mixed Asset Funds (60%-80% Equities)" [1] Group 2 - The top five asset categories with the highest net inflows in May were "Pre-set Investment Strategy - Core Accumulation Fund," "US Equity Funds," "European Equity Funds," "MPF Conservative Funds," and "Hong Kong Equity Funds (Index Tracking)" [2] - Year-to-date, the Hong Kong and European stock markets have outperformed, while the US stock market has lagged behind, with a cautious attitude towards Hong Kong stock funds [2] - As of the end of May, Manulife held the largest market share at 27.4%, followed by HSBC at 18% and Sun Life at 10.9%, with the top five providers accounting for over 73.1% of the MPF market [2]