19.3万亿美元：美国投资者持有外国证券一年增加3.5万亿，股票占15.2万亿、开曼群岛居首
美国财政部10月30日公布美国投资者持有外国证券年度调查的最终数据：截至2025年12月31日，美国组合投资持有的外国证券总值约为19.3万亿美元（19,258亿美元），比2024年年底的约15.8万亿美元（15,823亿美元）增加约3.5万亿美元，增幅主要来自股票。
按证券类型看，外国股票占15,232亿美元，是全部持仓的近八成；原始期限在一年以上的外国长期债务证券为3,607亿美元，短期债务证券为418亿美元。2024年年底的对应数字分别为股票12,095亿美元、长期债3,348亿美元、短期债380亿美元——这一年股票持仓增加逾3.1万亿美元，债务类增幅相对温和。
按国别看，美国资金最集中的去向是开曼群岛，持仓30,720亿美元；其次是英国20,070亿美元、加拿大18,840亿美元、日本14,830亿美元、爱尔兰11,820亿美元、法国9,100亿美元、瑞士8,030亿美元与荷兰7,480亿美元。
与华人投资者相关的市场方面，美国对中国大陆的证券持仓为3,180亿美元，其中股票3,000亿美元、债务180亿美元，香港与澳门另行单独统计；对香港的持仓为1,190亿美元，其中股票1,140亿美元；对台湾的持仓为6,680亿美元，全部为股票。韩国为3,840亿美元，印度为3,900亿美元，新加坡为1,970亿美元。
这项年度调查由美国财政部、纽约联邦储备银行与美联储理事会联合进行，本次公布的是最终数据，初步数据已于2025年8月31日发布。财政部同时说明，配套的另一项调查统计外国投资者持有美国证券的情况，最新一期以2026年6月底为基准日，数据正在处理中，初步结果预计于2027年2月26日公布。
$19.3 Trillion: U.S. Holdings of Foreign Securities Jump $3.5 Trillion in a Year, Led by $15.2 Trillion in Foreign Stocks
WASHINGTON — The U.S. Department of the Treasury on October 30 released final data from its annual survey of U.S. portfolio holdings of foreign securities: as of December 31, 2025, U.S. holdings totaled about $19.3 trillion ($19,258 billion), up about $3.5 trillion from about $15.8 trillion ($15,823 billion) at year-end 2024, with the increase mainly in equities.
By type of security, foreign equities accounted for $15,232 billion, nearly four-fifths of all holdings; foreign long-term debt securities, with an original term to maturity of more than one year, totaled $3,607 billion, and short-term debt securities $418 billion. At year-end 2024 the comparable figures were $12,095 billion in equities, $3,348 billion in long-term debt and $380 billion in short-term debt — equity holdings rose by more than $3.1 trillion over the year, while debt holdings grew more modestly.
By country, the largest destination for U.S. portfolio investment was the Cayman Islands at $3,072 billion, followed by the United Kingdom at $2,007 billion, Canada at $1,884 billion, Japan at $1,483 billion, Ireland at $1,182 billion, France at $910 billion, Switzerland at $803 billion and the Netherlands at $748 billion.
For markets of particular interest to Chinese-American investors, U.S. holdings of mainland Chinese securities were $318 billion, comprising $300 billion in equities and $18 billion in debt, with Hong Kong and Macau reported separately; holdings in Hong Kong were $119 billion, including $114 billion in equities; and holdings in Taiwan were $668 billion, entirely in equities. South Korea stood at $384 billion, India at $390 billion and Singapore at $197 billion.
The annual survey was undertaken jointly by the Treasury Department, the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System; preliminary data were released on August 31, 2025. The Treasury added that the complementary survey measuring foreign portfolio holdings of U.S. securities, for securities held at end-June 2026, is being processed, with preliminary results expected on February 26, 2027.
来源：GSM·美国（原文链接）
图片来源：图：美国财政部大楼（资料图）。Wikimedia Commons，CC BY-SA 4.0。 / The U.S. Treasury Building (file photo). Via Wikimedia Commons, CC BY-SA 4.0.
