2026年2月，香港尖沙咀港威大厦， 落地窗前维多利亚港的繁华尽收眼底，一场聚焦家庭财富管理 的深度对话正于此间展开。 当下的全球经济，正被持续的 "不确定性"笼罩，地缘政治 波动 升级、资本市场震荡加剧、利率步 入下行周期，这些变化不仅牵动着全球资本市场的神经，更直接关乎每个普通家庭的钱袋子。手里 的钱如何保值增值？养老的底气从何而来？财富又该如何稳稳传承？ 带着这些普通家庭最关心的问题，凤凰网财经《前行者》 走进一家拥有百年历史的公司 —— 宏利 保险，对话其香港及澳门首席产品总监张家俊。 左：凤凰网副总编辑张涛 右：宏利保险香港及澳门首席产品总监张家俊 作为深耕保险行业的资深专家，张家俊结合百年宏利穿越多轮经济周期的经验，从家庭资产配置、 养老规划、财富传承三大维度，为不确定时代的家庭财富管理提供了一套配置逻辑与实操路径。 01 资产配置新逻辑：从"追高收益"到"守牢底线" 过去几年，全球资本市场的剧烈波动，正在改变投资者的理财心态 ——从"进攻"到"防守"，从"追 求高收益"到"稳字当头"，成为当下家庭资产配置的主流趋势。在张家俊 看来，这一转变背后，是 家庭资产配置的核心诉求在回归本质。与单纯的投资 ...

21世纪经济报道记者 唐婧 郭聪聪 2025年是我国信托行业制度变革的关键之年。这一年里，不动产信托财产登记试点在北京、上海等多地持续落地推进，既为"以房养老"破题提 供了制度支撑，也在盘活存量资产方面发挥积极作用。 除了不动产领域，股权信托财产登记试点也迎来了多项突破。北京市朝阳区将破产企业股权装入信托，通过信托机构专业管理和资本运作,帮 助企业实现破产重整。杭州正式启动股权慈善信托登记试点，为信托登记制度的完善和慈善事业发展注入新动力。 "随着配套制度的不断完善，信托正从一项专业金融工具，转型为承载养老保障、资产盘活与财富传承等多重功能的金融载体。"全国两会前 夕，全国政协委员、中国信托业协会养老信托专业委员会主任金李在接受21世纪经济报道记者专访时表示。 金李告诉记者，随着资管新规的深入实施，传统的信托通道类业务难以为继。转向服务型的普惠信托，虽然单笔利润变薄，但服务群体广、需 求粘性高，能够倒逼信托机构提升主动管理能力和服务水平，推动行业真正走上可持续发展的良性轨道。至于主要面向高净值人士的股权信托 业务，也将随着登记制度的不断完善，为民营企业顺利"交接班"提供有力保障。 《21世纪》：去年全国两会期 ...

文章来源：用益研究 撕掉旧标签 信托何以"无可替代"？ 2026年我们或许会见证"温和的分流"：普通投资者将更审慎地选择信托产品，把注意力转向其他资管渠 道；信托公司将一头扎进专业的深水区，用硬核服务能力换取高净值客户的长期托付。 业内观点： 1、现在独立研究、依据市场口碑作出选择的客户占据主流，理财顾问的作用变得很有限。客户的产品 筛选标准已变得极致严苛，对任何负面舆情都会"一票否决"。 2、专业、合规将是2026年行业发展的关键词。本源业务发展逻辑与传统放贷模式完全不同。行业现在 缺的不是项目，而是能搞定这些复杂事务的专业人才。未来，谁能真正为高净值客户解决复杂的法律、 税务、传承等综合性问题，谁才可能建立护城河。 3、对于投资者而言，2026年需要更新认知：信托或许正在撕掉"大众理财产品"的旧标签，转而锚定综 合金融解决方案提供者的新定位。2026年，若为博取收益，可选的优秀资管产品有很多；若投资者有财 富传承等综合性金融需求，信托凭借其制度优势，依然无可替代。 481只去年收益告负基金年内业绩转正 Wind资讯数据显示，截至2月23日，今年以来已有481只去年收益告负的基金实现净值增长率转正，其 中1 ...

Group 1: Core Functions of Family Trusts - Wealth inheritance is one of the fundamental functions of family trusts, allowing the grantor to specify the beneficiaries, conditions for exercising rights, and methods of asset distribution to ensure precise transmission of family wealth across generations, avoiding potential family disputes from statutory inheritance [1] - Asset isolation is a prominent feature of family trusts, as per the revised trust law in 2025, which states that trust assets are separated from the grantor's, trustee's, and beneficiaries' inherent properties, protecting them from the grantor's debts and the trustee's bankruptcy risks, thus creating a protective barrier for family wealth [1] - Legal and compliant tax optimization is an important function of family trusts, where grantors can design trust structures to reduce tax costs during wealth transmission, such as estate and gift taxes, thereby enhancing the efficiency of wealth transfer while adhering to national tax laws [1] Group 2: Additional Functions of Family Trusts - Family trusts can also serve charitable purposes, allowing grantors to include clauses in the trust contract to allocate part or all of the trust assets for supporting education, poverty alleviation, and environmental protection, thus transforming family wealth into social value [2] - Family trusts possess professional wealth management capabilities, with trustees acting as professional financial institutions that can diversify asset allocation and manage trust assets dynamically, ensuring the preservation and appreciation of trust assets while providing stable long-term returns for beneficiaries [2]

Core Insights - The article emphasizes the evolving wealth management needs of business owners and high-net-worth individuals, highlighting a shift from a focus on asset appreciation to a demand for security, certainty, and orderly wealth transfer [2][4][5]. Group 1: Wealth Management Risks - Business owners are facing a "risk cube" that includes economic cycle risks, corporate debt risks, tax risks, marital risks, and inheritance risks, rather than just market volatility [4]. - Economic cycles, domestic macro and industrial policy adjustments, and the life cycle of businesses can lead to cash flow issues, potentially triggering personal wealth crises [4]. - Marital risks are increasingly significant, with cases of asset division during divorces highlighting the need for preemptive marital asset planning to protect family wealth and personal safety [4][5]. Group 2: Changing Wealth Management Demands - The core demand for wealth management has shifted from "value creation" to "safety," with high-net-worth individuals seeking systems that ensure their family's living standards and wealth transfer align with their intentions [5]. - The tightening of compliance and regulatory frameworks, such as the implementation of the "Golden Tax Phase IV" in China and the Common Reporting Standard (CRS) globally, has increased awareness of tax risks associated with overseas assets [5]. Group 3: Cross-Border Wealth Management - Effective cross-border wealth management requires establishing a top-level legal structure before selecting financial products, with trusts often serving as the core of this structure [7]. - Trusts can provide asset isolation and ensure that wealth is passed on according to the grantor's wishes, highlighting the importance of professional and compliant structure design [8]. Group 4: Comprehensive Wealth Solutions - A thorough assessment of family assets and tax risks is essential for creating tailored wealth management solutions, considering factors such as asset distribution, family member nationalities, and future immigration plans [10]. - The focus is on designing a comprehensive legal-financial framework that includes arrangements for business equity, family trusts, and investment management, rather than recommending single products [10][11]. Group 5: Value of Certainty in Wealth Management - The unique value proposition in wealth management lies in providing certainty amidst a world of variables, with a focus on reverse planning to clarify clients' ultimate goals [13]. - Establishing a clear legal framework for asset ownership is crucial, as it provides a reliable foundation for wealth management that does not depend on individual circumstances [13][14].

大咖领航：共话宏观视野与女性力量 会议伊始，浙江省国际金融学会会长金雪军先生精彩致辞。金院长回顾了浙江金融理财市场二十余年的发展历程，高度赞誉了女企 业家们稳健、细致、认真的独特优势。他强调，搭建女企业家专业委员会平台，旨在促进女性在金融与实业领域的深度跨界合作。 金雪军会长提到，女性的性别优势是稳、细、韧，女性在金融理财中更稳健、细致，这种特质在复杂市场中是巨大优势。浙江女企 业家的特色在于"本地土壤+创新意识+跨界合作"。无论是科技、金融、教育还是健康，单一领域已难突围，整合资源才能打开新 局。 主题分享：从情怀守望到专业护航 在主题分享环节，三位嘉宾从不同维度贡献了思想盛宴。 热爱与坚守：金元证券浙江分公司总经理何华以《热爱可抵岁月长》为题，深情分享了其从创富到守富的心得及深耕金融行业28年 的职业心路。何华总强调，财富管理远不止证券投资，标准化产品只是基础，真正的高净值人群应通过私募、量化等专业工具实现 超额收益，她提醒，97%的人跑不赢指数，别因短期波动焦虑。要懂得敬畏市场，认知即财富：资本市场瞬息万变，要永远保持敬 畏之心，只赚认知范围内的钱。她提出"热爱是避风港，也是动力源"，鼓励女性在职场中通 ...

2月5日，"尊享智第 笃行未来"2026年浦发银行私人银行投资策略三亚论坛在三亚举办。来自全国的高净值客户代表、行业专家及合作伙伴齐聚一堂，共同 探讨全球经济形势下的资产配置策略与财富传承新路径。 本次论坛以"全球视野下的资产配置之道"为主题，深入解析全球经济发展趋势与中国市场机遇。来自上海信托、大成律师事务所及浦发银行海外机构的专 家，就跨境资产配置、家族信托、税务规划等议题展开深度对话，为高净值家庭与企业提供"家业、家族、家财"三位一体的海外财富管理方案。 近年来，浦发银行私人银行持续深化"浦和人生"财富管理信托账户"1+3+N"服务体系，打造覆盖"财富传承、家族传承、企业传承、精神传承"的一站式综合 服务生态。依托"浦发企明星"企业家服务平台与"浦银寰球"海外财富管理品牌，浦发银行为企业及企业实控人、股东高管提供全景化服务，在"分红减持、 股份管理、全球视野、公益慈善"四大场景中持续赋能。2025年，浦发银行私人银行凭借卓越的服务能力与创新实践，在"亚洲银行家"中评选为"年度家族传 承服务"和"最佳跨境财富与业务架构私人银行"两项中国区大奖，品牌影响力与专业价值备受认可。 作为服务海南自贸港建设的重要布 ...

善用保險傳承功能 無間傳承財富----2026 年 2 月 2 日 文匯報 透過保單分拆功能，「類信託」的主保單能如樹木分枝般，按照保單持有人的分配意願化為數份獨立子保 單，每份子保單均擁有獨立的保額和受益人安排，某些多元貨幣保單更可搭配保單貨幣轉換選項，轉換分 拆保單的保單貨幣以滿足不同人生階段的需要。同時，分拆後的子保單亦可單獨轉讓給後代。這項功能像 是一把「分家鑰匙」，有效避免因突發狀況或家族爭議導致傳承中斷。 「類信託」儲蓄保險具多重非傳統功能 傳統儲蓄保單中，受保人身故後保單便宣告終止，「類信託」保單具無限次轉換受保人功能，保單持有人 可根據家庭成員的變動或自身的財產分配意願等申請更換受保人。此外，保單也可配合設立後備保單持有 人，若原持有人因突發事件身故，該後備持有人則自動繼承保單，避免遺產承辦等繁瑣耗時的程序。 保單暫託人選項築起過渡時期安全網。若保單持有人有意將保單傳承給未成年受保人，卻擔憂繼承保單時 受保人仍未適齡或未有足夠能力繼承財富，這時保單持有人可利用保單暫託人選項，提名一位信任摯親代 為管理保單，直至受保人達到其指定年齡或指定日期。值得注意的是，該保單暫託人並非全權擁有保單， 而是代 ...

增额终身寿险的核心价值在于"确定性增长"与"多功能适配"的双重赋能。这类产品将身故保障与保 单增值有机结合，保证部分的现金价值合同明确，不受市场利率波动和保险公司经营状况影响。在当前 低利率环境下，该类产品为长期资金提供了稳定增值渠道，安全性较强，且长期增长效应显著，时间越 久增值优势越突出。 随着居民财富积累与风险意识提升，兼具保障与规划属性的金融产品备受青睐。作为终身寿险的经 典形态，增额终身寿险凭借"保额累积增长、资金灵活规划、财富定向传承"的核心优势，在利率下行与 市场波动的双重背景下，成为越来越多家庭的资产配置"压舱石"。 灵活适配多场景资金需求是增额终身寿险的另一大亮点。保单积累一定现金价值后，投保人可通过 减保功能，按需提取资金用于子女教育、婚嫁创业、养老补充等人生关键节点，剩余资金仍继续年复一 年累积增值；若面临大额资金周转需求，还可申请最高达现金价值80%的保单贷款，手续简便且不影响 保障存续。这种"用时可取、闲时增值"的特性，使其既满足了长期规划的需求，又解决了流动性不足的 痛点，实现了资金规划的弹性平衡。 在财富传承与风险隔离方面，增额终身寿险展现出较强的优势。通过指定受益人，保险金可直 ...

Core Viewpoint - The article discusses the growing interest in Hong Kong savings insurance as a viable investment option amidst market volatility and inflation concerns, highlighting its dual benefits of capital preservation and value appreciation [1][3]. Group 1: Investment Mechanism - Hong Kong savings insurance offers a "guaranteed cash value + non-guaranteed dividends" structure, with a minimum return of 0.5%-1%, ensuring that investors can recover their principal even if non-guaranteed dividends are zero [3][5]. - The investment strategy of companies like Manulife Insurance, supported by strong asset management capabilities, focuses on a "1+N" asset allocation model, primarily consisting of fixed income with alternative investments to balance stability and returns [5][8]. Group 2: Risk Management and Stability - The asset allocation is heavily weighted towards fixed income, with 80% of underlying assets and 99% of fixed income investments managed by a reputable firm, ensuring a solid foundation for stability [5]. - The insurance products include a dividend smoothing mechanism that helps maintain stable payouts during market fluctuations, addressing investor concerns about significant dividend reductions [5][8]. Group 3: Global Diversification and Flexibility - Hong Kong savings insurance provides global investment capabilities and flexible features, such as multi-currency conversion, which helps mitigate exchange rate risks and facilitates diversified asset allocation [6][8]. - The products serve as a comprehensive wealth planning tool, allowing for unlimited changes in insured persons, designated backup policyholders, and flexible withdrawal options to meet various financial needs [6][8]. Group 4: Long-term Wealth Growth - The combination of asset preservation, global investment advantages, and family-oriented features positions Hong Kong savings insurance as a compelling choice for investors seeking stable and long-term wealth growth [8].