（原标题：瑭明家办郭兴业：另类投资成家办新宠，家族传承需解代际思维差） 南方财经 21世纪经济报道记者 张伟泽 实习生 谢巧云 香港报道 另类投资为何在家庭资产配置中占比持续攀升？创一代与二代在投资理念上存在哪些本质差异？家族财 富传承过程中最常见的误区是什么？近日，21世纪经济报道记者在2025湾区财富大会上专访了瑭明家族 办公室联合创始人、香港家族办公室协会副主席郭兴业，深入探讨另类投资趋势与家族财富传承新挑 战。 近年来，另类投资在家族办公室配置中的占比正显著提升。根据瑞银发布的《2024年全球家族办公室报 告》，家族办公室正显著加大对私募信贷的投资力度。报告数据显示，私募信贷在其投资组合中的平均 配置比例已从2023年的2%翻倍增长至2024年的4%，成为增长最快的资产类别。 此外，高达46%的受访 家族办公室计划在未来五年内继续增加对私募信贷的投资，这一比例远超其他资产类别，清晰地表明了 他们将资金从传统投资和其他另类资产转向私募债权的战略趋势。 郭兴业认为这源于投资理念的根本转变。高净值人群不再局限于传统配置方式，更注重通过多元资产类 别实现分散配置目标。在具体标的选择上，前五年私募股权备受关注， ...

Core Insights - The UBS report indicates a structural shift in wealth creation and asset allocation among billionaires, with the number of billionaires projected to increase by 8.8% to 2,919 by 2025, and total wealth reaching a record $15.8 trillion, a 13% increase [1] - The Asia-Pacific region is expected to see a significant rebound, with the number of billionaires rising from 981 to 1,036, marking the highest growth globally [1] - A notable change in asset allocation among Chinese billionaires is observed, with alternative investments doubling from around 10% to over 20% of their portfolios [1][2] Wealth Distribution and Investment Trends - The report highlights a shift from concentrated wealth in publicly traded companies, particularly in technology and consumer sectors, to a more diversified asset allocation including alternative investments [2] - Infrastructure investments are becoming a key focus, with 35% of global billionaires indicating increased exposure, particularly among Chinese clients, as these assets provide stable cash flows of 5%-6% [2] - The trend of increasing gold investments is evident, with 32% of billionaires planning to increase their holdings in gold and precious metals, significantly higher than levels seen in 2022-2023 [2][3] Behavioral Changes and Wealth Management - The behavior of billionaires is influenced by national actions, with many closely monitoring central bank gold purchases, leading to a historical high in global official gold reserves [3] - Gold is increasingly viewed as a core defensive asset rather than a short-term speculative investment, integrated into family trusts and long-term wealth pools to hedge against currency devaluation and political uncertainty [3] - The profile of new Chinese billionaires is characterized by youth, entrepreneurial spirit, and a focus on wealth inheritance, with 60% planning to regularly update wills and trust structures [4] Future Wealth Transition - An estimated $135.3 billion wealth transfer is expected in mainland China over the next 15 years, prompting new billionaires to seek professional structures for investment, education, and philanthropy [5] - The shift from high-growth pursuits to building diversified portfolios signifies a transition from "wealth creators" to "wealth managers" among Chinese billionaires [5] - This transformation is closely linked to China's macroeconomic narrative, with billionaires' wealth rooted in industrial upgrades and technological innovation, reflecting the integration of the Chinese economy into the global landscape [5][6] Capital Flow and Global Investment Landscape - The changing investment strategies may reshape capital flows, directing more funds into alternative investments that support the real economy, innovative technologies, and global infrastructure [6] - As Chinese billionaires become active participants in shaping risk-return profiles through asset allocation, they are expected to play an increasingly critical role on the global wealth stage [6]

开展另类投资业务是券商服务实体经济、满足科创企业融资需求的重要方式之一。近年来，为把握市场 机遇，券商持续优化另类投资业务发展战略，切实践行"投早、投小、投硬科技"，助力科技创新与产业 升级，同时根据实际需求对另类投资子公司的资本金进行灵活调整，以提升资源配置效率。 近年来，为强化资本实力和市场竞争力，多家券商积极加大另类投资业务投入。例如，10月30日，国海 证券表示，拟向另类投资子公司国海投资增资5亿元，进一步打造股权投资业务特色。中泰证券也在定 增项目相关文件中明确表示，本次定增拟募资不超过60亿元，其中，将投入不超过10亿元用于另类投资 业务。 不过，年内也有多家券商宣布对另类投资子公司进行减资。例如，10月份，东兴证券宣布，拟对另类投 资子公司东兴投资减少注册资本及实缴资本3亿元；8月份，中原证券将另类投资子公司中州蓝海的注册 资本由24.26亿元调减至22.26亿元；中原证券、东北证券、国都证券等多家券商决定对另类投资子公司 进行减资。 对于券商密集调整另类投资子公司资本金的现象，深圳市前海排排网基金销售有限责任公司研究总监刘 有华在接受《证券日报》记者采访时表示，这是行业在特定市场环境下战略定位 ...

Private Equity Market Review - The article provides an overview of the private equity market, highlighting recent trends and activities in the sector [2]. Hedge Fund Market Overview - The Bloomberg Hedge Fund Index showed a preliminary increase of 1.1% in October, with a year-to-date rise of 11% [4]. - Equity hedge funds performed the best, with a year-to-date increase of 17% [4]. - The total assets in the global hedge fund industry reached a record $5 trillion, driven by strong inflows of nearly $34 billion in the last three months [4]. Industry Highlights - There is a growing competition for talent in the gold trading sector, as trade companies, hedge funds, and banks are actively hiring specialized gold traders, leading to rising compensation in this niche market [4]. - Shareholders of the well-known Chinese condom and sexual wellness brand, Jissbon, are considering selling a minority stake of approximately 20% to 30% of the business, with potential buyers including private equity firms CVC Capital Partners and Advent [4]. Performance Overview - The performance of various hedge fund strategies as of October 31, 2025, includes: - Equity Hedge: 1.28% monthly return, 16.59% year-to-date [5] - Credit Hedge: 0.59% monthly return, 6.58% year-to-date [5] - Event Driven Hedge: 0.62% monthly return, 9.04% year-to-date [5] - Macro Hedge: 1.15% monthly return, 7.28% year-to-date [5] - Relative Value Hedge: 1.27% monthly return, 9.11% year-to-date [5] Notable Transactions - KKR is in negotiations to acquire a minority stake in Hong Kong's Dingrui Reinsurance Company [6].

随着投资渠道越来越丰富，王颖提到，今年汇丰对12个国家和地区的大众富裕投资者（可投资资产在10 万-200万美元）进行的调查显示，投资者在财富管理上出现更多的变化。 21世纪经济报道记者 张晓慧 深圳报道 王颖也谈到，当下另类投资呈现出一些新的趋势：首先是原有投资者将更多流动性资金重新投入到私募 股权；其次，随着私募债逐渐走向成熟，传统银行与私募信贷机构达成更多合作，成为私募信贷基金的 代销者。 11月20日，2025湾区财富大会在深圳会展中心举办，大会由21世纪经济报道、深圳金博会运营发展有限 公司联合主办。 此外，"随着AI工具技术壁垒的降低，人工智能初创企业成长很快，相对来说，这些年轻企业更愿意在 较长时间内维持私有化状态。"王颖谈到，人工智能将成为未来几年风投的核心推动力之一，AI基础设 施、全球数据中心都表现出较快发展的态势。 来自深圳、香港等地的大湾区顶尖金融机构齐聚深圳，聚焦全球资产配置、跨境财富管理等前沿议题进 行探讨，汇丰中国财富管理及金融服务方案部负责人王颖就"高净值人群的战略配置，另类投资的尝 试"进行主题演讲。 与此同时，王颖也建议，尽管另类投资能够让资源配置更加多元化，但是投资人也要 ...

Core Insights - The report reveals that private wealth investors in Hong Kong are more actively seeking alternative investment allocations compared to their counterparts in Singapore [1] - There is a shift towards personalized wealth strategies that align with life goals and planning, balancing returns, liquidity, wealth transfer, and personal values [1] Group 1: Investment Trends - 47% of investors in both regions plan to allocate to private equity, with significant interest in structured products (42%), tangible assets (41%), and private credit (40%), indicating that alternative investments have become a core part of modern portfolios [1] - In Hong Kong, nearly half (42%) of professional investors have incorporated alternative investments into their overall wealth strategy, showing a higher adoption rate compared to Singapore [1] Group 2: Investor Behavior - 60% of investors are seeking more diversified income sources, particularly among middle-aged individuals preparing for retirement [1] - 40% of private wealth investors list inheritance and estate planning as a primary goal, reflecting a shift from mere wealth accumulation to personalized wealth strategies that align with life objectives [1] Group 3: Advisory Services - 70% of private wealth investors adjust their investment portfolios at least once a quarter, indicating a demand for more professional and personalized advisory services despite the availability of online self-service options [2] - There is a rising demand for a "hybrid model" that combines seamless digital experiences with personalized professional advice, especially crucial for navigating complex alternative investments and market volatility [2]

Group 1 - The core viewpoint is that brokerages are optimistic about the continuation of the A-share bull market into 2026, recommending an overweight position in Chinese stocks and gold, while suggesting a balanced approach to market styles focusing on technology growth and large-cap growth opportunities [2][5][10]. - China’s economic indicators show signs of an upward trend, with brokerages adjusting their asset allocations accordingly, increasing exposure to commodities and maintaining a focus on stocks [2][5]. - The semiconductor industry is experiencing positive developments, with HBM4 prices rising by 51.35% to approximately $560, and AMD receiving export licenses for its AI chips to China, indicating a favorable environment for the sector [14][15]. Group 2 - The storage industry is entering a new upward cycle driven by the increasing demand for memory capacity due to AI model training, with HBM and DDR5 memory shortages impacting the entire storage supply chain [16][18]. - Major storage manufacturers like Samsung and SK Hynix are adjusting prices in response to the heightened demand for storage driven by AI applications, with AI servers requiring significantly more DRAM and NAND capacity compared to standard servers [18][21]. - The domestic storage industry is expected to see significant growth in production capacity, with companies like Yangtze Memory Technologies and Changxin Memory Technologies ramping up output to meet the rising demand [15][16].

Group 1 - The Huatai Securities Investment Summit held on November 5-6 emphasized optimism towards the revaluation of Chinese assets and the "old economy" [1] - The summit gathered nearly 3,000 professional investors and institutional clients from various sectors including public funds, private equity, banks, insurance, and listed companies [1] Group 2 - The China Securities Index Co., Ltd. announced the launch of the China Securities Science and Technology Innovation Drug Index and the China Securities Science and Technology Innovation Medical Device Index on November 7, providing more investment options [2] - The first version of the commercial insurance innovative drug directory is set to be officially released in the first weekend of December, following negotiations involving 120 domestic and foreign companies [3] Group 3 - Hong Kong ranked fourth globally in the 2025 World Digital Competitiveness Ranking, showing significant improvements in technology and knowledge [4] - The Hong Kong government is committed to enhancing its innovation and technology strategy, aiming to attract businesses and talent to foster development [4] Group 4 - The China Securities Regulatory Commission announced the initiation of reforms for the Growth Enterprise Market to better serve the "14th Five-Year Plan" for technological innovation [5] - The market saw a notable increase in the number of active equity fund managers, surpassing 100 for the first time, indicating a growing interest in equity funds [8] Group 5 - Banks are accelerating the disposal of non-performing assets, with several banks announcing significant asset packages, which is seen as beneficial for both bank stability and support for the real economy [6] - The fund issuance market is heating up, with two "daylight funds" launched on the same day, reflecting a resurgence in new fund offerings [7] Group 6 - Berkshire Hathaway reported a 34% year-on-year increase in operating profit for Q3, driven by a surge in insurance underwriting profits [9] - The alternative investment management sector is increasingly recognizing the significance of the Chinese market, highlighting its vast scale and innovative potential [10] Group 7 - MSCI announced the results of its November index adjustments, which will take effect after the market closes on November 24, 2025 [11] - Chongqing's government introduced measures to support the high-quality development of innovative drugs, aiming for 1-3 new drug approvals annually by 2027 [12] Group 8 - The Financial Regulatory Bureau issued a notification to adjust the regulatory levels for certain administrative licenses and reporting matters, streamlining the regulatory process [13][14] - A well-known brokerage firm appointed a new chairman, reflecting confidence in management capabilities [15] Group 9 - The China Europe Fund announced a limit on large subscriptions for its small-cap growth fund, indicating a trend of limiting large investments in high-performing funds [16] - Nanjing Securities received approval for its private placement plan, while another firm terminated its fundraising efforts, highlighting the challenges in the brokerage sector [17] Group 10 - Private equity firms revealed their latest portfolio adjustments, with significant movements in technology and consumer sectors, indicating a strategic shift in investment focus [18] - The A-share market is experiencing a "slow bull" phase, with opportunities in sectors like AI, robotics, and high-end manufacturing being highlighted by private equity firms [19]

Group 1: Investment Opportunities - Huatai Securities held an investment summit discussing macroeconomic trends and market opportunities, emphasizing a positive outlook on the revaluation of Chinese assets and traditional industries [1] - The China Securities Index Company announced the launch of two new indices focused on innovative pharmaceuticals and medical devices, expanding investment options in these sectors [2] Group 2: Pharmaceutical Industry Developments - The National Healthcare Security Administration is set to release the first version of the commercial insurance innovative drug directory in December, aiming to support the development of innovative pharmaceuticals [3] - Chongqing's government introduced measures to support the high-quality development of innovative drugs, targeting the approval of 1 to 3 new drugs annually by 2027 [13] Group 3: Digital Competitiveness - Hong Kong ranked fourth globally in the 2025 World Digital Competitiveness Ranking, showing strong performance in technology and knowledge sectors [4] Group 4: Financial Market Trends - The China Securities Regulatory Commission announced reforms for the ChiNext board to better serve emerging industries and innovative enterprises [5][6] - The active equity fund manager group has seen significant growth, with over 100 managers now managing funds exceeding 10 billion yuan, indicating a robust market for active management [8] - The public fund market is experiencing a resurgence, with two funds achieving "daylight" status by reaching their maximum fundraising limits in a single day [7] Group 5: Regulatory Changes - The National Financial Regulatory Administration issued a notice to adjust the regulatory levels for certain administrative licenses and reporting matters, streamlining processes for financial institutions [14]

Core Viewpoint - The Chinese market is too large, innovative, and dynamic to be ignored, and alternative investments have become mainstream globally [2][3][20]. Group 1: Importance of the Chinese Market - AIMA's commitment to China has remained steadfast despite market fluctuations, highlighting the market's vast size and innovative nature [6][8]. - AIMA has established a close partnership with the Asset Management Association of China (AMAC) and has hosted multiple forums to introduce China's asset management industry globally [7][8]. - The Chinese asset management industry is increasingly aligning with international standards, providing opportunities for AIMA to add value [9]. Group 2: Institutionalized Operations - Establishing operational and compliance frameworks that meet institutional standards is crucial for long-term success in alternative investments [12]. - AIMA provides guidance materials and training to help members align their operational standards with global expectations [13]. - Key areas of focus include valuation, operational management, and cybersecurity, which are essential for aligning interests between fund managers and investors [14]. Group 3: Trends in Alternative Investments - There is considerable uncertainty in global public markets, prompting investors to increase allocations to alternative assets, particularly hedge funds with low correlation to public markets [16][17]. - The global alternative investment industry is projected to grow from approximately $22 trillion to $30 trillion by 2030, indicating significant potential growth [18][19]. - Alternative investments have become mainstream, with major North American pension funds allocating close to 30% of their portfolios to this asset class [25][26]. Group 4: Private Credit Growth - Private credit has emerged as a significant growth area within alternative investments, with projections suggesting the market could reach $7 trillion in the coming years [31][34]. - The growth of private credit is supported by attractive returns for investors, particularly insurance institutions, and is underpinned by strong fundamentals [36][37]. - The trend of mergers and acquisitions in the asset management industry reflects the increasing integration of traditional and alternative investment services [38].