股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 諾亞控股私人財富資產管理有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06686 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.00005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.00005 | USD | | 50,000 | 本月底法 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Financials, specifically focusing on manufacturing and infrastructure investments in China [1][5][7] Core Insights and Arguments - **Manufacturing FAI Growth**: There has been a notable slowdown in manufacturing Fixed Asset Investment (FAI) growth, dropping to 2.7% year-over-year (yoy) from 4.0% yoy in the previous month, indicating steady progress on capital expenditure (capex) slowdown [7] - **Liability Growth**: Total liability growth for industrial firms moderated to 5.0% yoy, while manufacturing firms saw a slight increase to 5.9% yoy. This moderation is expected to lead to more rational capacity expansion [2][7] - **Revenue Decline**: Manufacturing revenue declined by 4.3% yoy, attributed to lower production levels due to overcapacity control efforts. The Value-Added Industrial (VAI) growth also slowed to 4.9% yoy from 6.5% yoy in September [3][10] - **Profit Growth**: Manufacturing profit growth moderated to 7.7% yoy from 9.9% yoy in September, influenced by higher financing costs and lower production [10] Future Outlook - **Infrastructure Investment**: A potential increase in infrastructure investments, supported by a new RMB 500 billion fund from the China Development Bank, is expected to bolster demand in 2026 and aid in the digestion of overcapacity risks [8][3] - **Sector Performance**: 77.1% of sectors experienced a slowdown in capex in October 2025 compared to the first half of 2025, while 39.3% of sectors showed profit improvement [9][7] Additional Important Information - **PPI Trends**: The Producer Price Index (PPI) rebounded month-over-month for the first time since December 2024, with the year-over-year decline narrowing to 2.1% [7] - **Investment Sentiment**: The overall sentiment towards the China Financials sector remains attractive, with ongoing efforts in financial tightening contributing to anti-involution measures [5][4] This summary encapsulates the critical insights from the conference call, highlighting the current state and future expectations of the manufacturing and financial sectors in China.

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages and earnings potential [1] Group 1: Investment Strategy - The research service aims to identify Asia-listed stocks that are undervalued, specifically looking for net cash stocks, low price-to-book (P/B) ratios, and sum-of-the-parts discounts [1] - The service also focuses on high-quality businesses and hidden champions that exhibit strong earnings power at discounted prices, referred to as "Magic Formula" stocks [1] Group 2: Market Focus - The primary market of interest is the Hong Kong equity market, where the analyst has over a decade of experience on both buy and sell sides [1] - Monthly updates and watch lists are provided to keep investors informed about potential investment opportunities [1]

Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The research service aims to identify deep value stocks, such as net cash stocks and low price-to-book (P/B) ratio stocks, which are available at a discount [1] - It also seeks wide moat stocks, which are high-quality businesses with sustainable competitive advantages, often referred to as "Magic Formula" stocks [1] Group 2: Market Focus - The primary focus is on the Asian equity market, with a particular emphasis on Hong Kong-listed stocks [1] - The service provides monthly updates and watch lists to keep investors informed about potential investment opportunities [1]

Core Insights - Pandora, the world's largest jewellery brand by volume, anticipates intense competition this Black Friday as retailers strive to attract consumers with discounts amid low consumer confidence [1] Company Summary - Pandora is preparing for a challenging retail environment during the upcoming Black Friday, indicating that the brand is aware of the competitive landscape and the need for strategic pricing [1] Industry Summary - The jewellery retail sector is expected to experience heightened competition as various retailers implement aggressive discounting strategies to entice shoppers, reflecting broader trends of weak consumer confidence in the market [1]

Core Insights - Noah Holdings Limited reported a decline in net revenues of 7.4% year-over-year for Q3 2025, totaling RMB 632.9 million (US$88.9 million), but achieved a significant increase in non-GAAP net income of 52.2% year-over-year to RMB 229.1 million (US$32.2 million) [2][4] - The company has strengthened its global presence, with overseas net revenue accounting for 49.1% of total net revenue and overseas assets under administration (AUA) reaching US$9.3 billion, a 6.8% increase from the previous year [3][7] - The implementation of AI technology is underway, with initiatives aimed at enhancing client engagement and operational efficiency, including the launch of an AI financial advisor named "Noya" [9][10] Financial Performance - Net revenues for Q3 2025 were RMB 632.9 million (US$88.9 million), reflecting a 7.4% decline year-over-year but a slight sequential increase [2] - Non-GAAP net income grew 52.2% year-over-year to RMB 229.1 million (US$32.2 million), supported by a 6.5% reduction in total operating expenses [2][4] - The total number of active clients increased by 35.5% year-over-year, with the aggregate value of investment products distributed reaching RMB 17.0 billion (US$2.4 billion) [6] Global Expansion - Overseas net revenue accounted for nearly half of total net revenues, with a 13.1% year-over-year growth in the number of overseas registered clients [3][7] - The establishment of a fourth booking center in the US complements the existing Singapore center, enhancing the company's global operational capabilities [8] AI Integration - The company has initiated its "AI Wealth Advisor + AI Operations System" plan, with pilot programs launched to improve client outreach and operational efficiency [9] - New business units have been established to support AI integration, aiming to enhance client experience and streamline operations [10] Strategic Outlook - Management emphasized three core priorities: strengthening investment product selection, leveraging AI for growth, and activating global booking centers to enhance client experience [11][13] - The company aims to capture future opportunities while maintaining a focus on prudent operations and quality growth [11]

Core Viewpoint - The third-party wealth management industry is facing significant challenges due to regulatory crackdowns and a scarcity of quality assets, leading to a reevaluation of business models and a shift towards professionalism and technology-driven solutions [1][6]. Group 1: Regulatory Issues and Legal Actions - New Lake Wealth Management's Changsha branch is under investigation for illegal public deposit collection, highlighting the ongoing scrutiny of third-party wealth management firms [1]. - The "Zhongzhi System" wealth companies have faced numerous overdue payment reports, with legal actions taken against key personnel for illegal fundraising activities [2][3]. - Multiple third-party wealth management firms have been identified for illegal fundraising, with significant penalties imposed on their executives [2][3]. Group 2: Industry Challenges - The rapid growth of third-party wealth management firms has led to a lack of risk awareness, with many institutions prioritizing scale over due diligence, resulting in overdue products [4][5]. - The industry is characterized by a wide disparity in the professional competence of sales personnel, leading to misrepresentation of product risks and returns [5]. Group 3: Transformation and Future Outlook - Despite current challenges, there is optimism for the long-term growth of third-party wealth management firms that focus on professional capabilities and client-centric approaches [6]. - Many firms are actively transforming their business models, emphasizing technology and diversified services to better meet client needs [7]. - Some firms are expanding their global presence to cater to clients' overseas investment demands, indicating a strategic shift towards international markets [8].

Major Events - Heartbeat Company (02400) has entered into a strategic cooperation agreement with Golden Arc [1] - Fantasia Holdings (01777) plans to sell equity and transfer debt worth a total of 31 million to improve financial liquidity [1] - Chenlin Education (01593) issued a profit warning, expecting an annual loss of no less than approximately 320 million, marking a shift from profit to loss year-on-year [1] - Weitai Medical-B (02235) has received overseas approval for its continuous glucose monitoring system, which will significantly expand its overseas market coverage [1] - Entrepreneur Group Holdings (02221) plans to acquire a 12% stake in Guangxi Fusion Bioenergy Technology for 24 million [1] Operating Performance - Noah Holdings (06686) reported a third-quarter net profit attributable to shareholders of 218.5 million, a substantial increase of 62.6% year-on-year, bolstered by obtaining a US license to enhance global expansion [1] - Li Auto-W (02015) reported a third-quarter net loss of 624.4 million [1] - Alibaba Health (00241) released its interim results, with adjusted net profit of 1.356 billion, reflecting a year-on-year growth of 38.7% [1] - China Dongxiang (03818) announced its interim results, with profit attributable to owners of 204 million, a year-on-year increase of 48.9% [1] - China Education Holdings (00839) released its annual results, reporting a profit attributable to shareholders of 977 million, a year-on-year increase of 133.7% [1]

Market Overview - US stock index futures are all up ahead of the market opening, with Dow futures rising by 0.15%, S&P 500 futures by 0.30%, and Nasdaq futures by 0.42% [1] - European indices show mixed performance, with Germany's DAX up 0.31%, France's CAC40 up 0.40%, and the UK FTSE 100 down 0.06% [2][3] Oil Prices - WTI crude oil is up 0.09% at $58.30 per barrel, while Brent crude oil is up 0.39% at $62.04 per barrel [3][4] Federal Reserve and Interest Rates - Market expectations for a Federal Reserve rate cut in December have surged to 80%, up from 30% just days prior, driven by mixed employment data and comments from New York Fed President John Williams [5] Stock Market Predictions - JPMorgan strategists predict the S&P 500 index will rise approximately 11% to around 7500 points by the end of 2026, with strong earnings growth expected [6] Pharmaceutical Industry - The US Medicare program is set to negotiate prices for 15 expensive drugs, potentially saving about 36% in costs, which could impact the pharmaceutical industry significantly [7] Credit Risks in Betting Markets - Bank of America warns that the rapid growth of prediction markets and sports betting may lead to increased consumer debt and loan defaults, particularly affecting low-income consumers [8] Company-Specific News - HP Inc. reported a 4.2% increase in sales to $14.6 billion but provided lower-than-expected earnings guidance for 2026, announcing layoffs of up to 6000 employees [9] - Dell Technologies reported a record high Q3 revenue of $27.005 billion, up 11% year-over-year, and raised its full-year guidance [10] - Noah Holdings reported a 52.2% year-over-year increase in Non-GAAP net profit for Q3, supported by its global Booking Center strategy [11] - Li Auto reported a net loss of 624.4 million yuan for Q3, with a 39% year-over-year decrease in vehicle deliveries [12] - Tesla faces declining sales in major markets, with a 48.5% year-over-year drop in Europe for October [13] - Google has made significant strides in AI, launching new software and partnerships, indicating a competitive stance against rivals [14] - Nvidia's stock has dropped 14% this month, raising concerns about its dominance in the AI semiconductor market [15]

Core Insights - Noah Holdings (06686) reported a Non-GAAP net profit of 229 million yuan for Q3 2025, representing a year-on-year increase of 52.2% and a quarter-on-quarter increase of 21.2% [1] - The company has integrated artificial intelligence into its business processes, marking a strategic upgrade and entering a new phase of "operation-driven" wealth management [1] - Total net income for the quarter reached 633 million yuan, with cash and short-term investments maintained at 5 billion yuan [1] International Business Performance - The overseas business showed strong performance with net income of 311 million yuan, accounting for 49.1% of total net income [1] - The dollar asset allocation scale (AUA) reached 9.3 billion USD, a year-on-year increase of 6.8%, while the dollar asset management scale (AUM) was 5.9 billion USD, up 5.3% year-on-year [1] Domestic Business Development - Domestic business remained robust, benefiting from an active A-share market, with a significant year-on-year increase of 206% in the fundraising volume of RMB private equity secondary products [2] - The company activated a large number of "sleeping clients" through secondary product strategies, leading to a substantial increase in trading volume in the secondary market [2] Global Strategy and Client Base - The company has established a "four-location Booking Center" operational system centered in Hong Kong, Singapore, Shanghai, and the United States, enhancing local operational capabilities in key markets [2] - The registered client base grew by 1.3% year-on-year, with active clients increasing significantly by 35.5%, including a 13.4% year-on-year growth in overseas active clients [2] Management Outlook - Management indicated a commitment to strengthening global collaborative operations, enhancing full lifecycle client services, and advancing AI technology to create sustainable long-term value for shareholders [2]