Page 164 - Hong Kong Housing Society Annual Report 2023/24

Investment Portfolio
投資組合

HK$billion as at 31 March 2024
港幣十億元 截至二零二四年三月三十一日止

7.1(30%)
Total
總數 Long term
23.3 長期
short term
短期

16.2(70%)

INVEstMENt 投資

The global economy demonstrated resilience and strength 年內，全球經濟展現出韌性及活力，主要受
throughout the year, driven by solid household consumption, 惠於強勁的家庭消費、穩健的商業投資和企
steady business investment, and better-than-expected corporate 業盈利勝於預期。人工智能的發展一日千
earnings. The rapid development of artificial intelligence 里，不僅令世界為之讚嘆，而且各界對其熱
fascinated the world and generated growing enthusiasm. 忱亦與日俱增。然而，在市場蓬勃發展的同
However, amidst the positive developments, the interaction 時，經濟增長、通脹與政策利率之間的相互
between economic growth, inflation and policy rates were 影響亦漸趨複雜。此外，從烏克蘭的持續衝
becoming more complex. Moreover, geopolitical uncertainties 突到加沙的戰爭以及中國南海的局勢，世界
continued to surge worldwide, ranging from the persistent strife 各地的地緣政治不明朗因素不斷升溫。
in Ukraine to war in Gaza and the situation in South China Sea.

In the US, the economy exceeded expectations as the market 美國方面，市場預測經濟於年初陷入衰退，
forecasted a recession at the beginning of the year. Consumer 但實際表現卻勝於預期。儘管一般家庭的消
spending remained a cornerstone of economic stability, albeit 費態度偏向審慎樂觀，消費支出仍然是維持
with cautious optimism from households. On the inflation 經濟穩定的重要基石。過去一年，通脹顯著
front, much improvement was achieved over the year, but 回落，但勞動市場仍然極度緊張。踏入本財
labour market tightness remained remarkably persistent. The 政年度，聯邦儲備局繼續加息行動，直至二
Federal Reserve continued with interest rate hikes going into 零二三年七月下旬才暫停加息步伐，並密切
the financial year before pausing in late July 2023 and kept a 監察通脹走勢。另一方面，投資市場一直在
watchful eye on inflation development. The investment markets, 密切關注接下來的減息時機及次數。
on the other hand, had been keenly anticipating the timing and
number of rate cuts that would ensue.

162 Hong Kong Housing Society Annual Report 2023/24 香港房屋協會 2023/24 年度年報 163