强积金顾问公司GUM表示，截至2025年8月18日，强积金市场延续年内升势，整体表现稳健。根据 GUM强积金综合指数，8月录得1.6%的回报。人均回报方面，8月录得4956港元。 今年初至今，强积金综合指数升11.9%，每人平均赚32657港元。期内，股票基金指数升16.7%；混合资 产基金指数升12%；固定收益基金指数升2.6%。 股票基金继续成为强积金表现的火车头。8月回报最高的是日本股票基金，录得5.5%升幅，年初至今亦 有17.1%的增长。紧随其后的是大中华股票基金增4.3%及中国香港股票基金增2.5%，后者年初至今更累 积升幅高达26.2%。表现最弱的是美国股票基金，8月仅升1.3%，年初至今回报亦相对逊色，增8.4%， 反映美股近期波动较大。 整体而言，2025年8月强积金市场表现稳中向好，股票类资产继续主导升势，尤其亚洲及本地市场表现 突出。混合资产基金亦受惠于股票升势而录得不俗回报，而固定收益基金则维持稳健但回报有限。 GUM表示，强积金作为长期退休储备工具，建议成员根据自身风险承受能力及退休目标，定期检视资 产配置。虽然股票基金短期波动较大，但长远而言具备较高增值潜力；而固定收益资产则有助稳 ...

Core Insights - U.S. stock funds experienced the largest weekly inflow since 2025, attracting $37 billion in investments [1] - Investors also increased allocations to global stocks, bonds, gold, and cryptocurrency funds [1] Fund Inflows - As of the week ending June 18, investors allocated $45.4 billion to stock funds, marking the highest inflow in 10 weeks [1] - Bond funds saw over $18 billion in allocations [1] - Gold funds attracted $2.8 billion, the largest inflow in 8 weeks [1] - Cryptocurrency funds received $1.7 billion [1] - Conversely, money market funds experienced an outflow of $11.7 billion [1]

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]

Core Insights - Emerging market equity funds have outperformed global markets this year, driven by low valuations, years of underweight positioning, and easing economic pressures [1] - Latin America and emerging Europe equity funds have seen a year-to-date increase of 24%, while broad emerging market equity funds rose by 9.3% [1] - Single-country equity funds in Morocco, Colombia, Greece, Brazil, and Portugal have all exceeded 30% returns, contrasting with a mere 0.17% increase in U.S. equity funds and a 6.8% rise in global equity funds [1] Fund Flows and Valuation - In the first five months of this year, emerging market equity funds experienced a net inflow of $10.6 billion, a 43% year-on-year increase [1] - U.S. investors currently allocate only 3%-5% to emerging markets, significantly lower than the MSCI global index weight of 10.5% and the actual global market capitalization of approximately 25% for emerging markets [1] Fundamental Improvements - Analysts highlight improvements in fundamentals, with Latin American countries less affected by U.S. trade deficits due to tariffs, and Asian economies shifting towards domestic demand [2] - JPMorgan upgraded its rating on emerging market equities from "neutral" to "overweight," anticipating that all developing economy central banks, except Brazil, will enter a monetary easing cycle, boosting economic vitality and market attractiveness [2] Sector-Specific Insights - The rebound in tech stocks has revitalized the Chinese mainland and Hong Kong markets, with foreign investors returning to favor AI and low-cost tech companies [2] - The consumer theme in China is currently seen as highly attractive, with good prospects, while Indian markets may be overbought, though opportunities remain in power companies and non-bank financial institutions [2] Valuation Comparisons - As of the end of last month, the forward P/E ratio for the MSCI Emerging Markets Index was 11.96, slightly below the ten-year average of 12.1; in contrast, the MSCI U.S. and global indices stood at 20.5 and 18.1, respectively, significantly above their historical averages [2]

Group 1 - The core viewpoint is that investors are selling off U.S. stocks due to concerns over the economic outlook influenced by Trump's tariff policies, leading to a significant inflow into Asian equity funds [1][2] - Data from LSEG Lipper indicates that net inflows into Asian exchange-traded funds (ETFs) reached $8.45 billion over three weeks, marking the highest level in about seven months [1] - U.S. stock funds experienced outflows for the fourth consecutive week, totaling $43.5 billion as of May 7 [1] Group 2 - Asian markets have outperformed U.S. markets, with the MSCI Asia-Pacific ex-Japan index rising over 4% this year, while the S&P 500 and Nasdaq indices have declined nearly 4% and 7%, respectively [2] - The valuation advantage of Asian markets is highlighted, with Malaysia's benchmark index having a one-year expected price-to-earnings (PE) ratio of 17.56 compared to the S&P 500's 20.62 [2] - The demand for portfolio diversification and concerns over concentration in "Magnificent 7" stocks are driving funds towards non-U.S. markets, including Asia [2]

Core Insights - The Hong Kong Mandatory Provident Fund (MPF) experienced a slight decline of approximately 0.61% in April, marking the second monthly loss in 2025, despite recovering from early-month drops [1] - As of April, the total assets of the MPF are estimated at approximately HKD 1.333 trillion, a decrease of about HKD 45 billion from March, but an increase of approximately HKD 423 billion year-to-date [1][2] Summary by Category Performance Overview - In April, the MPF incurred investment losses of around HKD 8.2 billion, with an average loss of about HKD 1,700 per member, while year-to-date returns amount to approximately HKD 26.6 billion, averaging HKD 5,600 per member [1] - The largest asset category, Mainland China and Hong Kong stock funds, recorded the worst performance in April with a decline of about 3.94%, yet year-to-date, it has risen by approximately 7.54% [1] Comparative Analysis - The performance of Mainland China and Hong Kong stock funds in the first four months of 2025 is noted as the seventh-best since the MPF's inception, contrasting sharply with the US stock funds, which have seen a year-to-date decline of about 6.21%, marking it as the fourth-worst performance in the same period [2]