Trillions of MPF adviser company GUM announced that the Hong Kong Trillions of MPF market continued to rise after the rebound in April, but the overall momentum has turned more moderate. In May, the average earnings per person were temporarily 3,682 Hong Kong dollars, with a cumulative return of over 17,000 Hong Kong dollars since the beginning of the year. Stock funds continued to record positive returns, rising by 1.6% in May, and the increase since the beginning of the year has expanded to 7.1%, still the main driver of overall returns. GUM stated that the GUM Trillions of MPF Composite Index rose by 1.1% in the month, with the index reaching 301.6, further expanding the return since the beginning of the year to 5.3%. As of May 18th, the average earnings per person in May were 3,682 Hong Kong dollars, with a cumulative return of 17,424 Hong Kong dollars since the beginning of the year. Asian stock markets continued to lead, with Asian stock funds rising by 5.1% in May, significantly increasing by 22.6% since the beginning of the year, further consolidating their position as the best-performing fund category this year; Japanese funds also continued to rise, up by 4.2% in May, with a return of 11% for the year; Greater China stock funds increased by 2.2%, with a year-to-date increase of 15.1%, showing stable performance. In comparison, the increase in US stock funds was relatively moderate, rising by 1.9% in May and 6.9% since the beginning of the year, indicating a continued rotation of funds from US stocks to Asian markets. European and some other stock funds still showed weaker performance, with some recording slight declines, reflecting an increasingly differentiated market performance. In other types, mixed asset funds maintained a stable rise in May, with an overall return of 1.1% and a year-to-date return of 6.0%. Funds with a higher proportion of stocks continued to perform well, with categories such as "80% to 100% stocks" and target date funds recording a 1.6% increase, with year-to-date increases of 8.2% and 7.4% respectively. In the fixed income fund category, assets related to the renminbi remained relatively stable, with renminbi bond funds and renminbi money market funds recording approximately 0.3% increases, with returns of 2.9% and 2.3% respectively since the beginning of the year, making them more attractive in the fixed income category. On the other hand, Hong Kong dollar and global bond funds recorded more significant declines, indicating short-term pressure on the bond market due to fluctuations in the US dollar and expectations of interest rate changes. GUM's Chief Investment Officer James Liu said that Asian funds continued to lead with the support of the AI industry chain, further widening the gap in returns with other regions in May, with a return exceeding 22% since the beginning of the year. He further added that confidence in the rapid reopening of the Strait of Hormuz is beginning to falter. The bond market has issued a warning signal, with long-term yields in the US and Japan continuing to rise, reflecting rising long-term inflation and interest rate expectations. It is necessary to watch out for the spreading of bond market pressure to the stock market.