格隆汇9月11日｜高盛公布最新《全球家族办公室投资见解》报告显示，对比两年前上一份报告，家办 对资本市场前景看法乐观，现时股票占总资产比重，由两年前的28%增至31%，38%受访者拟进一步增 持股票。单计亚太区，股票占比更由23%涨至30%。高盛私人财富管理北亚区主管及亚太区资本市场管 理策略主管冯灵针表示，科技板块是全球高端客焦点，58%受访者表示未来12个月会继续加码，且不限 于美股，中资科网企业也受关注，亦因不少家办管理人来自科技行业，自然偏好该板块。 ...

Core Viewpoint - The article highlights a significant shift in investment strategies among global family offices, with an increasing focus on gold and precious metals while reducing cash holdings. There is also a growing interest in investments related to the Greater China region, particularly from family offices in Asia and the Middle East [2][4][6]. Investment Trends - A record number of family offices are increasing their allocations to gold and precious metals this year, with 21% planning to do so, compared to only 10% to 16% from 2021 to 2024 [4]. - The average net worth of surveyed family offices reached $2.7 billion, with total assets amounting to $651 billion, indicating a clear upward trend in total assets since 2020 [4]. Gold Demand Insights - Global gold demand increased by 3% year-on-year to 1,249 tons, driven primarily by a 78% rise in investment demand, marking the fastest half-year growth in inflows to gold ETFs since 2010 [5]. - The demand for gold bars and coins also saw a significant increase of 11%, with China leading the way at a 44% year-on-year growth [5]. Interest in Greater China - There is a notable increase in interest from family offices in the Greater China region, with 19% of global family offices planning to increase investments there, up 3 percentage points from 2024 [6]. - In the Asia-Pacific region, 30% of family offices intend to boost their investments in Greater China, a 6 percentage point increase from 2024 [6]. Investment Strategy Preferences - Family offices are shifting away from low-return cash holdings, with plans to hold only 6% in cash by 2025. Instead, they are focusing on developed market equities, with 48% of Asia-Pacific family offices expecting to increase their holdings in this area [7]. - Approximately 78% of Asia-Pacific family offices prefer active management strategies, indicating a trend towards selective stock picking and targeted investments in specific sectors [8]. Concerns and Future Directions - Family offices express concerns about global trade tensions and geopolitical conflicts, with 61% citing significant geopolitical conflict as a major risk [8]. - There is a growing interest in virtual assets among the next generation of family office investors, with some looking to allocate around 5% of their portfolios to mainstream cryptocurrencies [8].

"全球家族办公室对中国的投资兴趣正在升温。除了家族办公室外，据我们观察，之前处于低配状态的 一些机构资金，今年也在通过QFII等渠道回到中国市场。今年市场对于中国相关的投资是特别有兴趣 的。"瑞银财富管理中国区主管吕子杰在日前的媒体分享会上表示。"新兴市场中，未来12个月全球家族 办公室的首选是中国和印度，特别是亚太地区，有39%的家族办公室在未来12个月都计划增加对中国内 地的投资。"瑞银财富管理投资总监办公室多元资产高级策略师李萌介绍。(上海证券报) ...