香港投资基金公会公布，今年首三季香港零售基金录得总销售额826亿美元，同比上升35%，超越2024 年全年总销售额。数据指出，年初至今净流入达157亿美元，同比增长44%，高于2024年全年的123亿美 元，属2015年以来最高的净流入。 若以基金类别计，环球债券基金及货币市场基金于今年首三季继续录得最高的净流入，分别为114亿美 元及29亿美元，反映投资者对避险及收益型资产的持续需求。此外，环球股票基金及环球混合资产基金 的需求亦显著上升。 相反，北美债券基金录得最多净赎回，其次为中国股票基金，以及行业及主题(亚太区除外)股票基金。 今年首三季香港基金净流入主要来自债劵基金，其次为货币市场基金。混合资产基金录得17亿美元的净 流入，扭转去年同期的净流出趋势。不过，货币市场基金自2025年8月起出现净流出，结束自2024年初 以来连续多月的净流入。 香港基金公会投资基金委员会联席主席邹建雄表示，随着市场普遍预期未来利率将下调，过去偏好货币 市场基金的投资者应重新检视投资策略。邹建雄提醒，虽然市场对人工智能及更广泛的科技板块情绪持 续乐观，但在股价估值偏高的环境下，投资者需保持审慎选择。 ...

Core Insights - The total assets of the Mandatory Provident Fund (MPF) market in Hong Kong increased by 1.8% to HKD 1.48 trillion as of the end of August [1] - There was a net inflow of HKD 2.02 billion into stock funds in August, while mixed asset funds and lower-risk assets experienced net outflows of HKD 150 million and HKD 1.87 billion, respectively [1] - A total of HKD 3 billion flowed into stock funds over July and August [1] Fund Inflows - The top five asset categories with the highest net inflows were "US Stock Funds," "Pre-set Investment Strategy - Core Accumulation Funds," "Hong Kong Stock Funds (Index Tracking)," "Global Stock Funds," and "Japanese Stock Funds" [1] - The US Stock Funds, DIS Core Funds, and Hong Kong Stock Funds (Index Tracking) have consistently been the top three categories for net inflows for two consecutive months, maintaining the same ranking as in July [1] Fund Outflows - The top five asset categories with the highest net outflows were "MPF Conservative Funds," "Mixed Asset Funds (80% to 100% Stocks)," "Guaranteed Funds," "Mixed Asset Funds (60% to 80% Stocks)," and "Other Stock Funds" [1] - The trend indicates a shift in investment attitudes, with members becoming more aggressive in their allocations towards stock funds [2] Market Sentiment - The investment sentiment has shifted positively, with members increasingly allocating funds to US and Hong Kong stock funds, reflecting a recovery in confidence towards the Hong Kong market influenced by the strong performance of the Hang Seng Index [2] - In August, US stock funds recorded a net inflow of HKD 920 million, indicating a gradual return to US stock funds after significant outflows earlier in the year [2] - Hong Kong stock funds (index tracking) saw a net inflow of HKD 820 million, suggesting a renewed confidence among members [2]