Page 165 - Hong Kong Housing Society Annual Report 2023/24

Financial Management 財務管理

In Europe, geopolitical tensions and energy supply disruptions 歐洲方面，地緣政治緊張局勢及能源供應不
continued to exert influence on the region’s complex economic 穩繼續影響該地區的複雜經濟形勢。儘管服
landscape. While spending on services was robust, industrial 務性消費支出強勁，但工業生產仍然低迷。
production was still subdued. The European Central Bank 歐洲央行的決策將繼續取決於數據以釐定政
remained data-dependent to determine the appropriate level and 策緊縮的合適水平和持續時間。
duration of restriction.

The Asian economy sustained a relatively high growth rate, 亞洲經濟保持較高增速，這得益於強勁消費
supported by strong consumption and proactive fiscal policies. 及積極財政政策。至於中國的經濟增長走
As regards the growth trajectory in China, the resilience of the 勢，高科技行業及服務業均展現韌力並帶動
high-tech and services sectors drove growth, while challenges 增長，而挑戰則來自於未及預期的房地產投
came from less than expected property investment and 資和消費增長，以及債務違約風險等因素。
consumption growth, and debt default risk.

With market volatility likely to continue, we adhered to a 鑑於市場很可能持續波動，我們秉承均衡、
balanced, diversified and prudent approach by investing into 多元化及審慎的方針，投資於基礎穩健的投
fundamentally sound investment theses. In addition, the 資項目。此外，管理層及財務委員會密切監
management and the Finance Committee maintained close 督投資組合的資產配置策略，使其符合投資
oversight of the strategic asset allocation of the investment 目標並於風險與回報之間取得理想平衡。
portfolios, aligning with the investment objectives and the
desired balance of risk and return.

The returns of our investment portfolios are summarised as 我們的投資組合回報概述如下：
follows:
The Long-term Portfolio is to fund the redevelopment of 長期投資組合為重建轄下出租屋邨提供資
our rental estates. As the objective is to catch up with the 金，其目標是趕上香港建築成本上升，因此
construction cost inflation in Hong Kong, the portfolio is widely 投資組合相當分散，並偏向以股票為主。截
diversified, and equity biased. For the year ended 31 March 2024, 至二零二四年三月三十一日止的年度，此組
it recorded a positive return of 3.63 per cent, and was below the 合錄得百分之三點六三的正回報，較指標低
benchmark by 2.69 per cent. 百分之二點六九。

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。截至二零二四年三月三十一日止的年
March 2024, the Short-term Portfolio achieved a gain of 4.73 per 度，短期投資組合錄得百分之四點七三的溢
cent, slightly underperformed the benchmark by 0.12 per cent. 利，較指標略低百分之零點一二。

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