Page 175 - Hong Kong Housing Society Annual Report 2024/25

Financial Management 財務管理

is set to introduce profound changes to the economic and 及監管格局帶來深遠改變，其貿易政策影響
regulatory landscape across the globe, with trade policies 貿易夥伴關係及生產基地。
impacting on trade partnerships and manufacturing bases.

In Europe, economic growth has been modest, constrained 在歐洲，受制於複雜的政治氣候以及烏克蘭
by a complex political climate and the ongoing repercussions 戰爭持續的負面影響，經濟增長溫和。儘管
of the war in Ukraine. Nonetheless, disinflation across major 如此，歐洲各大主要經濟體的通脹放緩是個
European economies is a positive sign, leading to meaningfully 好兆頭，導致貨幣政策放鬆，以通過增加支
less restrictive monetary policy aimed at encouraging economic 出與投資帶動經濟增長。
growth through increased spending and investment.
Asian economies demonstrated strength in the face of 亞洲經濟在穩定的區域基礎下，面對日益增
increasing external pressures, underpinned by stable regional 加的外部壓力仍表現強勁。國家經濟在落實
fundamentals. Our country’s economy achieved steady growth 多項刺激措施的支持下，實現了與年度目標
aligned with its annual targets, supported by the implementation 一致的穩定增長。值得注意的是，國家在科
of various stimulus measures. Notably, our country’s progress 技創新方面取得的進展，有效日益推動經濟
in technology and innovation is playing an increasingly pivotal 多元化和促進可持續的長期增長。
role in driving economic diversification and fostering sustainable
long-term growth.
With market volatility expected to persist, we adhered to a 鑑於市場預期持續波動，我們秉承均衡、多
balanced, diversified, and prudent approach by investing 元化及審慎的方針，投資於基礎穩健的投資
in fundamentally sound investment theses. In addition, the 項目。此外，管理層及財務委員會密切監督
Management and the Finance Committee maintained close 投資組合的資產配置策略。年內，長期投資
oversight of the strategic asset allocation of the investment 組合更名為儲備投資組合，將重點轉移到固
portfolios. During the year, the Long-Term Portfolio was 定收益，以更好地反映經重新調整的投資目
renamed to Reserve Portfolio, shifting focus toward fixed income 標。
to better reflect realigned investment objectives.

The returns of our investment portfolios are summarised as 我們的投資組合回報概述如下：
follows:

The Reserve Portfolio is designated to finance construction 儲備投資組合旨在為建築項目提供資金，目
projects, with the objective of maintaining liquidity and 的是通過保持流動性和將負回報風險降至最

preserving capital by minimising the risk of negative returns. 低以保存資本，透過廣泛分散資產類別以及
This is accomplished through broad diversification across asset 重點放在固定收益投資來達成。截至二零
classes, with a priority on fixed income investments. For the year 二五年三月三十一日止的年度，此組合錄得
ended 31 March 2025, it recorded a steady and positive return of 百分之八點九五的穩定正回報，較指標低百
8.95 per cent, which was below the benchmark by 2.00 per cent. 分之二。
As the objective of the Short-term Portfolio is to preserve capital 短期投資組合的目標是在保本的同時維持資
while maintaining liquidity, we continue to manage the portfolio 金流，故我們繼續依循審慎原則管理有關組
prudently by placing the surplus cash into fixed-term deposits 合，將現金盈餘投放於不超過六個月的定期
with maturity of no more than six months. For the year ended 31 存款。截至二零二五年三月三十一日止的年
March 2025, the Short-term Portfolio achieved a gain of 4.32 per 度，短期投資組合錄得百分之四點三二的溢
cent, aligning with the benchmark. 利，與指標一致。

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