21世纪经济报道记者 叶麦穗 11月22日，为凝聚行业智慧、探寻发展新路径，由南方财经全媒体集团指导、21世纪经济报道主办 的"第二十届21世纪金融年会"在北京盛大召开。多位重磅嘉宾出席主题论坛二，共答财富管理的低利率之问。 与会嘉宾谈及，理财与财富管理行业应像古老的水利智慧那样，"照顾上游、赋能下游，协同共生"，将巨量静态之水转化为浇 灌实体经济的"资本活水"，在服务国家战略与居民财富增长中发挥枢纽作用。 以下为嘉宾发言精华集锦。 门门 归根结底,未来财富管理行业的竞争,核心是"投 研实力+服务体验+技术支撑"的综合比拼。 7/7/ 指导单位 S =C 主办单位 扫码关注 215T CENTURY ANNUAL FINANCE SUMMIT 十届21世纪金融年会 最 南方财经全媒体集团 thern Finance Omnimedia 塑金融韧性 穿越利率周期 21世纪经济报道 21st CENTURY BUSINESS HERA 2025.11 中国·北京 王增武 国家金融与发展实验室 财富管理研究中心主任 」」 当下投资的核心是"捕捉" 市场中的不确定性溢 价,而非线性数学期望理论恰是刻画经济金融变量不确 ...

中经记者 杨井鑫 北京报道 伴随着中国高净值人群数量增长的遥遥领先，财富管理需求端空间巨大，而国内一、二线城市也在纷纷 争夺财富管理中心的龙头地位。 早在2022年，北京市金融监管局会同人民银行营业管理部、北京银保监局、北京证监局发布了《关于推 进北京全球财富管理中心建设的意见》，明确将把城市副中心通州区打造为全球财富管理新高地。同 时，在三年规划中提出，到2025年基本建成财富管理法治体系健全、市场规范有序、国际影响力较大的 全球财富管理中心。 如今，北京市通州区打造全球财富管理中心的进展情况怎样？作为北京市的城市副中心，通州如何跟全 国其他一、二线城市同台竞争？《中国经营报》记者近日在"第二十届21金融年会"上专访了北京市通州 区区长助理林巍。 财富管理"兵家必争之地" 记者：近年来，北京、上海、广东、杭州、青岛等一、二线城市都在打造财富管理高地，建设国际财富 管理中心。为何这些城市都将发展重点放在了财富管理领域呢？ 林巍：财富管理正成为地方经济的新增长点，这是其受到关注的根本原因。过去三四十年间，中国居民 财富逐步积累，越来越多的人在拥有一定资产规模后，开始产生财富管理与传承的需求。从行业对比来 看，国 ...

Core Insights - The article discusses the aging population in China, highlighting that 19 provinces have entered a moderately aging society, raising concerns about the "aging before becoming rich" and "aging without preparation" issues [2][3] - It emphasizes the need for a balanced development of the three-pillar pension system, which includes basic pension insurance, enterprise annuities, and personal pensions [3][5] Pension System Overview - As of the end of 2024, the participation rate in basic pension insurance is projected to reach 95%, while only 3% of employees participate in enterprise annuities and 7% in personal pensions [3] - The pension replacement rate for urban workers is estimated to be around 45%, significantly below the international warning line of 55% [5] Policy Recommendations - The "14th Five-Year Plan" suggests a dual-driven approach to building a quality pension ecosystem, focusing on both "guarantee + industry" and addressing the imbalance between supply and demand in the pension sector [4] - The plan aims to upgrade the pension system from a safety net to a quality-oriented model, transforming the elderly from passive beneficiaries to active participants in the silver economy [4] Financial Product Innovations - The article highlights the need for a robust three-pillar pension system, with a focus on enhancing the second and third pillars, which are currently underdeveloped [5][7] - Innovative financial products such as reverse mortgages, long-term care insurance, and real estate investment trusts are suggested to meet the diverse needs of retirees [5][8] Structural Goals for Pension System - A proposed short-term structural goal for the pension system is to achieve a "631" or "622" ratio, gradually moving towards a more balanced "523" or "443" ratio in the long term [6] Challenges and Solutions - The main challenge in increasing participation in the second and third pillars is the lack of enthusiasm from enterprises and individuals [7] - Recommendations include government intervention to incentivize personal savings for pensions and ensuring equitable policy measures to encourage broader participation [7] Silver Economy Growth Potential - The silver economy is expected to grow significantly, with potential areas including elderly care services, social engagement activities, and health management technologies [10] - The article identifies the need for financial products that support the silver economy as a critical growth area [10]

Core Insights - The article discusses the wealth management and legacy planning of three prominent billionaires: Warren Buffett, Li Ka-shing, and Kuok Khoon Hong, highlighting their philosophies and strategies as they approach the end of their lives [1][11]. Group 1: Warren Buffett - Buffett's wealth is primarily concentrated in Berkshire Hathaway stock, which he has allocated to a charitable trust managed by his children, emphasizing that large cash inheritances can be detrimental [3]. - He believes that a good life should not be dominated by money, advocating for stability and the importance of helping others rather than pursuing wealth for its own sake [3]. Group 2: Li Ka-shing - Li Ka-shing has proactively prepared for his retirement by transferring management of his business empire to his eldest son, while he remains a consultant for major decisions [5][6]. - His wealth is structured within a family trust system, aiming for sustainable wealth across generations and avoiding the pitfalls of family disputes over inheritance [6]. - Li emphasizes the importance of creating opportunities and wealth for society, alongside his philanthropic efforts through a foundation [6]. Group 3: Kuok Khoon Hong - Kuok has a pragmatic approach to wealth transfer, planning for his children’s succession while allowing them the freedom to pursue their interests outside the family business [8][9]. - He believes in using his wealth for investment and charitable purposes, aiming to create better opportunities and contribute to humanity [9]. - Kuok's philosophy reflects a belief that excessive wealth can lead to greed, and he prefers to focus on the moral implications of wealth rather than simply passing it down [8][9].

站长之家(ChinaZ.com) 11月12日 消息:投资界传奇人物沃伦·巴菲特以95岁高龄持续书写职场神话。这位 伯克希尔·哈撒韦公司掌门人虽在2025年11月10日宣布将于年底卸任首席执行官，但仍保持每周五天到 岗的工作节奏，其办公室日常处理公司事务的身影成为金融界独特风景。 根据巴菲特公布的卸任计划，这位商界巨擘将于2025年12月31日正式辞去首席执行官职务，彻底退出公 司日常管理。接任者是63岁的格雷格·阿贝尔（Greg Abel），其将于2026年1月1日正式履职。巴菲特虽 将保留董事长头衔，但未来仅通过每年感恩节致股东信与外界沟通，不再撰写年报或参与股东大会发 言。对于此次权力交接，巴菲特特别强调阿贝尔"能力远超预期"，不仅获得董事会全票支持，其子女也 给予100%认可。为确保平稳过渡，巴菲特计划保留部分股权以稳定市场信心。 在财富传承方面，巴菲特正加速推进慈善布局。他计划将1490亿美元遗产转移至由三个子女管理的三家 基金会——Sherwood基金会、霍华德·巴菲特基金会和NoVo基金会。考虑到子女年龄分别为72岁、70岁 和67岁，巴菲特希望他们在"黄金时期"主导慈善项目。为确保决策审慎，他 ...

（原标题：巴菲特发布"终极谢幕信"：正式交棒阿贝尔，加速千亿慈善布局） 交棒格雷格·阿贝尔 现年63岁的阿贝尔将在年底接替95岁的巴菲特担任伯克希尔首席执行官，而"奥马哈先知"巴菲特仍将担 任董事长。 在信中，巴菲特对继任者格雷格·阿贝尔给予高度评价："格雷格·阿贝尔完全超出了我对他接任CEO的期 望。他理解我们许多业务和人员的情况比我现在要好得多，并且他在许多其他CEO甚至不考虑的事情上 学习速度非常快。" "我想不出有哪位CEO、管理顾问、学者、政府成员——你能想到的任何人都行——能让我选择他来代 替格雷格管理你我的储蓄。" 这一表态被视为对市场关切的明确回应——自2021年宣布阿贝尔为接班人以来，投资者始终关注巴菲特 对其实际信任度。 21世纪经济报道特约记者 庞华玮 在当地时间11月10日的美股盘中，95岁的"股神"沃伦·巴菲特发布了最后一封致股东信，宣布三大历史 性决定：不再撰写年度致股东信及主持股东大会，年底将CEO职权完全移交格雷格·阿贝尔，并加速完 成其千亿美元慈善捐赠计划。 这封充满哲思的"感恩节谢幕信"，不仅标志着伯克希尔·哈撒韦"巴菲特时代终结"，将正式步入后巴菲 特时代，更展现了巴菲特 ...

Core Insights - Wealth inheritance in China faces significant challenges, often resulting in the phenomenon of "wealth not lasting beyond three generations" [1][4][26] Historical Context - The cyclical nature of family wealth decline is illustrated through the story of the Jia family in "Dream of the Red Chamber," reflecting a broader historical trend in Chinese families [3][4] - Since the Song and Ming dynasties, many prominent families have failed to sustain wealth across generations due to inherent flaws in family systems, wealth concepts, and social structures [4][6] Cultural and Institutional Challenges - The agrarian economy's focus on fixed assets like land and property limits wealth mobility and is vulnerable to external shocks, hindering long-term wealth transmission [6] - Traditional Chinese culture emphasizes family and state unity, where family authority often overshadows individual property rights, leading to a lack of systematic wealth management [9][10] - The equal distribution of inheritance leads to wealth dilution across generations, contrasting with Western practices that favor primogeniture for capital concentration [10] Modern Structural Challenges - Despite rapid wealth accumulation post-reform, issues of wealth inheritance remain acute, with modern wealth being more complex and requiring specialized planning [12][13] - Many private enterprises lack governance structures, leading to conflicts in management and ownership during transitions, with over 60% of firms unprepared for succession [14] - Generational value differences create conflicts in wealth management, with younger generations often favoring consumption over prudent financial stewardship [15] Comparative Analysis - Western wealth inheritance mechanisms are grounded in legal frameworks that protect individual property rights, contrasting with China's reliance on familial and moral constraints [17][18] Pathways to Solutions - Establishing modern family governance structures is essential for effective wealth transmission, including family charters and professional family offices [21][22] - Strengthening legal frameworks and inheritance planning tools can provide necessary protections and flexibility for wealth distribution [23] - Promoting wealth education and shared family values across generations is crucial for ensuring that wealth is not only preserved but also aligned with family missions [24]

Core Insights - The global art market is experiencing a significant shift due to the impending wealth transfer, estimated at $83 trillion over the next 20 to 25 years, which will impact art and collectibles [3][4] - The increase in female wealth and influence in the art market is notable, with women collectors showing a preference for works by female artists and a focus on social value in their collections [4][5] - The inheritance of art collections is becoming more common in China, with 47% of high-net-worth collectors having never inherited art, indicating a future shift in ownership and collection dynamics [6][7] Group 1: Wealth Transfer and Art Market - UBS's report predicts a historic wealth transfer of $83 trillion, with $9 trillion moving between spouses and $74 trillion across generations [3] - The art collection is a significant part of high-net-worth individuals' wealth, and the upcoming transfer will influence the art market [3][4] Group 2: Female Influence in Art Collecting - The UBS report highlights a major change in wealth structure, with an increase in female wealth due to income growth and inheritance [4] - Female collectors are increasingly focusing on works by women artists and are sensitive to themes like motherhood, often integrating social causes into their collections [5] Group 3: Inheritance and Collection Dynamics - In China, 97% of billionaires are self-made, and many high-net-worth collectors have not inherited art, suggesting a future of significant art inheritance [6] - The ideal scenario for art collection inheritance involves gradual decision-making power transfer to the next generation, fostering a deeper understanding of the collection's significance [6][7] - Some collectors may choose to sell their collections instead of passing them down, reflecting a growing trend in the mature art market [7][8]

Group 1 - The Hu Run Research Institute released the "2025 Hu Run Rich List," where the Cai Mingzhong family ranks 126th with a wealth of 44.5 billion RMB, showing a growth of 500 million RMB or 1% over the past year, but a drop of 38 places in ranking [1][2] - The Cai Mingzhong family is recognized as one of Taiwan's most representative business families, with wealth spanning three generations, often referred to as a model of "wealth across three generations" [2][3] - The family business, Fubon Group, was co-founded by Cai Mingzhong's father, Cai Wanchun, and has become a significant player in Taiwan's financial sector [2][3] Group 2 - Cai Mingzhong, as the eldest son of Cai Wanchun, co-manages Fubon Group with his brother, Cai Mingxing, and has a background in law from National Taiwan University [3] - In 2009, during a downturn in the global life insurance market, Cai Mingzhong demonstrated remarkable decisiveness by executing a deal to acquire ING AnTai Life Insurance for approximately 600 million USD, which significantly expanded Fubon's financial services footprint [3]

Core Insights - Hong Kong has successfully attracted over 200 family offices, surpassing the target set in the 2022 Policy Address, with a new goal to increase this number by at least 220 by 2026-2028 [1][2] - The capital market in Hong Kong has shown significant growth, with IPO fundraising reaching HKD 182.9 billion this year, a 229% increase from last year [1][2] Group 1: Advantages of Hong Kong for Family Offices - Hong Kong's unique approach allows family offices to manage global assets from a local base without relocating physical assets, appealing to internationally diversified families [3] - The legal environment in Hong Kong, based on common law, provides a reliable framework for international investors, enhancing asset protection [3] - The currency peg to the US dollar offers monetary stability, supported by foreign exchange reserves equivalent to 1.7 times the money supply, ensuring liquidity even during financial crises [3] Group 2: Ecosystem and Policies - Hong Kong's flexible ecosystem allows family offices to collaborate with various professional institutions without a centralized licensing system, fostering diverse family office models [4] - The strategy of "bringing in and going out" is supported by a network of over 60 top international and Chinese financial and professional institutions, facilitating investment opportunities both into and out of China [4][5] Group 3: Non-Financial Core Competencies - Family offices are increasingly focusing on non-financial aspects such as family governance, education for the next generation, and philanthropy, with Hong Kong providing a robust legal framework for charitable activities [6] - The establishment of charitable foundations in Hong Kong not only optimizes tax structures but also serves as a platform for training future generations in responsible wealth management [6] Group 4: Development Stages and Future Vision - The development of family offices in Hong Kong is categorized into three stages: 1.0 focuses on empowerment and narrative, 2.0 emphasizes the synergy between family businesses and family offices, and 3.0 aims to create a complete capital lifecycle ecosystem [7][8] - The long-term vision includes establishing Hong Kong as a hub for the entire capital journey, from early-stage financing to post-IPO asset management [7][8] Group 5: Unique Value for Chinese Families - Hong Kong offers unique resources and expertise for Chinese families, particularly those transitioning from the first to the second generation, integrating Eastern and Western practices [9] - Financial and legal tools, such as international trusts, are available to help families manage ownership and control, ensuring smooth transitions and effective distribution of interests [9]