GUM公布1月份强积金表现。2026年1月，"GUM强积金综合指数"上升3.4%，报296.2点；"GUM强积金 股票基金指数"上升4.8%，报431.1点；"GUM强积金混合资产基金指数"上升3.5%，报297.5点；"GUM 强积金固定收益基金指数"上升0.3%，报133.2点。强积金1月份人均赚11085港元。GUM首席投资总监 刘嘉鸿指出，新一年强积金开局强势，亚洲股票基金先拔头筹，成为1月份回报最好的强积金类别，升 幅高达8.7%。 刘嘉鸿表示，AI发展持续推升内存与半导体需求，令中国、日本、韩国等地作为AI供应链的成长动能 保持强劲，加上市场预期美港元转弱，均吸引资金流入亚洲。他认为环球股市仍处上涨趋势，但非美港 元资产会较为吸引，其中最为看好亚洲市场，其次是欧洲地区，但后者易受美欧关系变化所影响，例如 最近就格陵兰岛问题上引发的贸易争端。 就资产配置方面，GUM策略及投资分析董事云天辉指，目前S&P500市盈率约27倍，仍属偏高水平。除 非美国企业盈利增长远超预期，否则上涨空间有限。美股基金持仓较重的成员，可适量分散配置估值较 低的亚洲或欧洲基金。 ...

Group 1 - The GUM Mandatory Provident Fund (MPF) Composite Index slightly decreased by 0.02% in November, closing at 284.8 points, with an average loss of HKD 64 per member for the month, while year-to-date average gains reached HKD 44,133 [1] - The Chief Investment Officer of GUM, Liu Jia-hong, noted that the U.S. stock market faced pressure due to ongoing government shutdowns and renewed concerns over the AI bubble, leading to an average loss of HKD 4,000 per member in mid-November. However, following the end of the shutdown and strong earnings reports from tech giants, market confidence rebounded, resulting in a rise in the MPF Composite Index during the last trading week [1] - Looking ahead to December, the market is expected to perform positively due to easing panic and rising expectations of interest rate cuts by the Federal Reserve, although volatility in virtual assets may pose risks to mainstream investment markets [1] Group 2 - In terms of asset allocation, GUM's Strategy and Investment Analysis Director, Yun Tianhui, indicated that the performance of the MPF in October and November was similar, characterized by mid-month declines followed by recoveries at the end of the month. Funds with a higher allocation to technology experienced significant volatility due to their higher valuations being more susceptible to news impacts [2] - Despite concerns over the AI bubble spreading to Asia, the Hong Kong stock market demonstrated relative resilience, with the Hang Seng Index maintaining above 25,000 points throughout the month. The current price-to-earnings ratio is only 12-13 times, indicating attractive valuations [2] - Members are advised to regularly review their risk tolerance and investment objectives to avoid impulsive buying and selling based on short-term news [2]