GUM has released a market analysis report on the Trillions of MPF market in December 2024. As of December 31st, the total assets of the Trillions of MPF market decreased by 0.5% to HK$1.29 trillion. GUM's strategy and investment analyst Yun Tianhui pointed out that with Trump taking office in 2025, geopolitical and tariff issues and other uncertain factors could lead to significant fluctuations in the stock market. Therefore, when allocating assets in the Trillions of MPF, members should avoid over-concentration in a single market. In terms of market share, Manulife leads with a 27.8% market share, followed by HSBC (17.8%) and AIA (11%) in second and third place. Together with fourth and fifth ranking suppliers, AIA (9.1%) and BOC Life (7.4%), the top five suppliers collectively account for over 73.1% of the Trillions of MPF market. In 2024, the funds of Trillions of MPF members mainly flowed into equity funds. In the second and third quarters, due to the Fed's rate cuts and the yen carry trade in August, there was a market correction, attracting funds towards fixed income funds. In the fourth quarter, there was a net inflow of approximately HK$3.46 billion into equity funds, with funds mainly coming from the outflow of mixed asset funds (approximately HK$2.34 billion) and a slight outflow from fixed income funds (approximately HK$1.12 billion). This change is believed to be mainly due to the market rebounding after the third quarter adjustment, with the global stock market warming up again and mainland China stimulating the economy with a combination of measures. Additionally, Trump's reelection and a strong dollar policy slowing down the pace of interest rate cuts have reduced the attractiveness of bond funds.