Hang Seng Investment Management Executive Director and CEO, Lee Pei Shan, stated that global investment grade bonds continue to be attractive, with a preference for Asian bonds and expectations for strong investor demand. The bank expects the fundamentals of Asian bonds to remain stable in 2025. Even though some industries and specific issuers may be affected by US tariffs, most Asian businesses are expected to have healthy balance sheets and sufficient credit rating buffers by 2025, leading to a significant decrease in default rates. Given the continued attractiveness of Asian bond yields, investor demand is expected to remain strong. Lee Pei Shan noted that in terms of asset management scale, Hang Seng Investments is the largest ETF manager in Hong Kong. As of December 2024, the bank manages a total of 13 ETFs with a combined AUM of HK$167.1 billion, accounting for 36% of Hong Kong's overall ETF market value. In 2024, the bank's ETFs had an average daily trading volume of HK$12.6 billion, representing around 68% of the entire Hong Kong ETF market. The bank stated that for asset allocation in 2025, they hold a neutral view on mainland China and Hong Kong stock markets, while being bullish on high dividend stocks in the Hong Kong market. They have the most positive view on the US stock market, a positive view on the Japanese stock market, but a cautious view on European and UK stock markets.