Page 174 - Hong Kong Housing Society Annual Report 2024/25

Investment Portfolio
投資組合

HK$billion as at 31 March 2025
港幣十億元 截至二零二五年三月三十一日止

17.6(63%)
Reserve Portfolio
儲備投資組合 Total 27.9
10.3(37%) 總數
Short-term Portfolio
短期投資組合

INVESTMENT 投資

The global economy exhibited resilience over the year, although 年內，全球經濟展現出韌性，但不同地區以
performance varied significantly across different regions and 及服務業和製造業之間的表現差異明顯。面
between the services and manufacturing sectors. In response 對通脹壓力緩和，加上對融資成本高企的憂
to moderating inflationary pressures and concerns over high 慮，大部分中央銀行轉而採取寬鬆貨幣政
financing costs, most central banks shifted to monetary easing, 策，令經濟活動回升。然而，受更不穩定的
which contributed to an uptick in economic activity. However, 貿易政策環境影響，全球貿易局勢不斷變化。
the landscape of global trade is evolving, influenced by a more
volatile trade policy environment.

US economic data continued to indicate a robust economy, 美國經濟數據持續顯示經濟蓬勃，穩定的消
bolstered by steady consumer spending and significant AI- 費支出及人工智能推動大量投資，為經濟注
driven investment. The “Magnificent Seven” stocks, a group of 入動力。七間在創新領域佔領導地位的美國
American tech giants known for leading the way in innovation, 科技巨頭，在推動股票市場回報方面的影響
have been pivotal in driving market returns and now represent a 力舉足輕重，目前在標準普爾500指數和納
significant portion of major indexes like the S&P 500 and Nasdaq 斯達克綜合指數等主要指數中佔有重要比
Composite. Following three rate cuts since September 2024, the 重。自二零二四年九月以來，美國聯邦儲備
Federal Reserve has lowered interest rates to a target range of 局經過三次降息後，已將利率調低至百分之
4.25 per cent to 4.50 per cent, positioning itself to achieve a soft 四點二五至百分之四點五的目標區間，以在
landing amid cooling inflation. The US election concluded with 通脹放緩的情況下為實現軟著陸奠定基礎。
Republicans winning the presidency as well as control of both the 美國大選結束，共和黨贏得總統席位以及參
Senate and House of Representatives. The Trump administration 眾兩院的控制權。特朗普政府將為全球經濟

172 Hong Kong Housing Society Annual Report 2024/25 香港房屋協會 2024/25 年度年報 173