GUM: MPF rebounds with V-shape, recouping losses, average return per person stands at HKD 44,000.

On December 3rd, GUM released the performance of Trillions of MPF for November. In November 2025, the "GUM Trillions of MPF Composite Index" fell slightly by 0.02%, to 284.8 points. The average loss per person in Trillions of MPF in November was 64 Hong Kong dollars, while the average earnings per person since the beginning of the year were 44133 Hong Kong dollars. GUM's Chief Investment Officer, Liu Jiahong, pointed out that the US stock market declined due to the ongoing government shutdown in the US causing liquidity tightening and the re-emergence of the AI bubble theory, resulting in an average loss of 4000 Hong Kong dollars per person in Trillions of MPF in the middle of November. However, after the shutdown ended, and the third-quarter financial reports of tech giants in 2025 were generally impressive, showing that companies' capital investment in AI has translated into substantial profit engines. Cloud, chip, and advertising businesses all recorded strong growth, restoring market confidence, and the Trillions of MPF Composite Index also rose continuously in the last trading week. Looking ahead to December, with the ebbing of panic and the increasing expectations of a rate cut by the Federal Reserve, the US stock market is expected to show positive performance. However, attention must be paid to the fact that the fluctuation of virtual assets has begun to affect the risks posed by mainstream investment markets. Regarding asset allocation, GUM's Director of Strategy and Investment Analysis, Yun Tianhui, pointed out that the trends in Trillions of MPF in October and November were similar, with both showing a "fall in the middle of the month and a recovery at the end of the month". Funds with a higher proportion of technology stocks exhibited particularly significant volatility, as high valuation sectors are more susceptible to news-driven drastic fluctuations. Although concerns about the AI bubble have spread to Asia, Hong Kong stocks have shown relative resilience, with the Hang Seng Index maintaining above 25000 points for the entire month. Currently, the P/E ratio is only 12-13 times, making valuation still attractive. Members are advised to regularly review their risk tolerance and investment objectives to avoid being affected by short-term news and making impulsive decisions.