2025年12月23日，第一财经《云程笃行·万里可期 | 2025年度财经思想者盛典》圆满落幕。智汇 集团创始人及首席经济学家夏春、中欧陆家嘴国际金融研究院副院长刘功润、京华世家家族办公室董 事长聂俊峰、新鼎资本董事长张驰和第一财经总编辑杨宇东共同呈现了一场精彩的年度思想演说秀， 围绕宏观趋势、居民消费、年轻人理财、具身智能等热点议题展开，探寻2026年值得期待的结构性 机遇。 此为《 2025年度财经思想者盛典》中 京华世家家族办公室董事长聂俊峰 的演讲完整版内容 大家好，我是京华世家家族办公室聂俊峰，感谢第一财经、感谢一财大 V号，非常荣幸参加2025年 度财经思想者盛典。我分享的年度主题是：2025中国财富传承"觉醒之年"的未了局。 我认为从 2025年开始，中国的财富传承开始进入"觉醒年代"，其中的典型案例是民营企业家和高 净值人士，但其实普通家庭也面临相似的继承焦虑。回顾2025年，宗氏家族信托争议、爱马仕继承 人被骗150亿等真实案例充分暴露了时代财富传承的典型风险。从亲情到利益、从一代到二代、从私 人到法人、从本土到离岸、从家族到社会利益相关方。围绕着宗庆后遗产和娃哈哈股权的司法纷争尚 未落槌终 ...

大家好，我是京华世家家族办公室聂俊峰，感谢第一财经、感谢一财大V号，非常荣幸参加2025年度财 经思想者盛典。我分享的年度主题是：2025中国财富传承"觉醒之年"的未了局。 我认为从2025年开始，中国的财富传承开始进入"觉醒年代"，其中的典型案例是民营企业家和高净值人 士，但其实普通家庭也面临相似的继承焦虑。回顾2025年，宗氏家族信托争议、爱马仕继承人被骗150 亿等真实案例充分暴露了时代财富传承的典型风险。从亲情到利益、从一代到二代、从私人到法人、从 本土到离岸、从家族到社会利益相关方。围绕着宗庆后遗产和娃哈哈股权的司法纷争尚未落槌终审，相 关博弈仍在进行。我们看到过太多知名企业的传承风险、普通人的遗产纠纷。集体性的焦虑和心理共鸣 其实都在昭示着中国家庭财富传承"觉醒年代"的到来。 全球地缘经贸冲击、产业与科技转型换挡、家族代际传承过渡的"三期叠加"让财富与企业传承的"未了 局"充满变数。局面既令人深感岁月不待人的紧迫，也催促中国企业家群体增强传承接班的系统科学思 维。略显遗憾的是，中国企业家们面对"传宗"接班的必答题时，很多处在无知无觉和半知半觉状态。所 谓"无知无觉"就是对"身后事"采取回避的态度。 ...

家办一线大事速览 ~ 2025 | 12月15日 星期一 PART 1. 术系 PART 2. 传 爵 PART 3. 教育 PART 4. 17年 广 · 上海信托完成全国首单遗嘱信托全流程登记 爱马仕家族Krefeld办公室设立Breithorn Holding, 扩大投资版图 · 全国首个"信托登记+遗产管理人"模式在济南落地 · 家族信托业务指引即将出台 · 美联储宣布降息25个基点 香港2025年上半年超级富豪人数飙升22.9%至1.7万人,增幅冠绝全球 . 中国经济年会:今年我国经济总量预计达140万亿元左右 . · 《2025中国高净值人群金融投资需求与趋势白皮书》发布 · 央行:前11个月社会融资规模增量累计为33.39万亿元 甲骨文创始人单日财富蒸发近250亿美元 . 沪市ETF规模突破4.1万亿元,年内增长50% . · 安联报告:过去20年中国人均金融资产购买力增长近10倍,增速领先 · 六家国有大行陆续开启2025年中期分红的派发工作,合计超2000亿元 财政部将开展2025年到期续作特别国债发行 · 英国政府将征收英格兰高校"留学生税" · 《2025年门户开放报告》:赴美国际学生再 ...

家族信托，曾被视为财富管理皇冠上的明珠，被无数企业家寄予了"风险隔离"与"基业长青"的厚望。它本应是穿越周期的"诺亚方舟"，守护家 族财富安然无恙。 但近年来，信托被频繁击穿。尤其是宗庆后身后娃哈哈集团复杂的股权结构与离岸信托引发的种种争议，更是将这一问题推向了风口浪尖。这 表明，信托并非一旦设立便万事大吉。当面临外部监管的穿透视线与内部利益的激烈博弈时，曾经坚不可摧的"隔离墙"极易被击穿。 宗庆后身后的"波澜"让我们不得不反思：当"终极盾牌"变为"风险敞口"，我们该如何重新审视信托的效力？在新的监管环境与传承挑战下，为 何那些旨在保护财富的顶层设计，反倒成了家族治理中脆弱的"阿喀琉斯之踵"？ 信托也有"陷阱" 近日，有媒体报道，宗馥莉已向中国香港上诉法院再次提出上诉，请求撤销香港高院在8月对汇丰银行账户离岸信托资产所做的资产保全令和披露令。许 多人疑惑：她本人已持有娃哈哈29.4%股权、身家百亿，为何仍不愿放弃这笔信托资产？ 关键原因在于，这场争夺并非为了"钱"，而是为了"继承权的完整性、权威性与合法性"。宗馥莉上诉的理由主要包括质疑宗继昌、宗继盛等人"所有权主 张不充分"；不存在"资产流失风险"——不应轻 ...

| 申万期货品种策略日报——股指 | | | | | --- | --- | --- | --- | | 2025/12/9 星期二 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | | | | | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | 一、股指期货市场 IF当月 | IF下月 | IF下季 | IF隔季 | | 前两日收盘价 4574.40 | 4557.00 | 4535.80 | 4487.80 | | 前日收盘价 4613.20 | 4597.40 | 4576.00 | 4529.00 | | 涨跌 35.00 沪深300 | 38.20 | 36.40 | 37.40 | | 涨跌幅 0.76 | 0.84 | 0.80 | 0.83 | | 成交量 76082.00 | 7171.00 | 31206.00 | 6069.00 | | 持仓量 1328 ...

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].

Core Insights - The event "浦和人生" Family Trust Festival focused on new wealth management strategies amid changing times, featuring expert speakers from the insurance and trust sectors [1][3] Group 1: Event Overview - The second customer-focused event of the "浦和人生" Family Trust Festival was successfully held by SPD Bank's Changsha branch [1] - The event aimed to explore new paths for wealth preservation, appreciation, and inheritance [1] Group 2: Expert Presentations - The general manager of the bank's private banking department introduced the core advantages of the "浦和人生" wealth management trust account service system, emphasizing customized solutions for high-net-worth clients [3] - The first speaker, Lu Chen from Sunshine Life Insurance, discussed wealth management strategies in the context of economic cycles and the three distribution systems under the common prosperity framework [3] - The second speaker, Ding Yuxiang from Shanghai International Trust, focused on the domestic family trust sector, analyzing industry development, client demand trends, and key compliance issues [3] Group 3: Future Directions - SPD Bank aims to enhance the brand awareness and market influence of the "浦和人生" wealth management trust business through ongoing events [4] - The bank plans to deepen its "digital intelligence" development strategy, focusing on new ecosystems in the financial sector, and to enrich family trust service applications and functionalities [4]

Core Insights - Shangri-La Asia announced that its current Chairman and Executive Director, Guo Huiguang, will take over as CEO starting August 1, 2025, marking a significant leadership change in the company [2] - The transition highlights the focus on succession practices within Southeast Asian Chinese business families, particularly in the context of female leadership [2][3] Group 1: Succession Practices - Southeast Asian Chinese business families often adopt modern trust designs and systematic governance for succession, rather than traditional methods that favor male heirs [3][4] - The Guo family, for instance, utilizes family trusts and holding companies to maintain control over their enterprises, ensuring that core assets are managed effectively [5][6] - The Guo family has established a points-based system in their family constitution to evaluate potential successors based on various criteria, including business acumen and charitable contributions [6][10] Group 2: Governance Structures - Governance in these families typically includes a family council, a board of directors, and a management team, with independent directors making up a significant portion of the board [8][9] - The use of professional managers for daily operations allows family members to focus on strategic oversight, ensuring the sustainability of the business [9][10] Group 3: Education and Training of Heirs - Heirs are often required to undergo comprehensive training, including international exposure and practical experience in various business roles [10][12] - The Guo family emphasizes high-quality education, with members attending prestigious institutions and gaining relevant work experience before joining the family business [10][12] Group 4: Cultural Values and Family Dynamics - The influence of traditional Chinese culture is evident in the family values and business practices of Southeast Asian Chinese families, emphasizing collective well-being and social responsibility [13][14] - Family gatherings and ancestral worship play a crucial role in maintaining cultural identity and fostering unity among family members [16][17] Group 5: Lessons for Other Families - The practices of Southeast Asian Chinese business families provide valuable insights for mainland Chinese families facing similar succession challenges, particularly in balancing traditional values with modern governance [18][19] - As the next generation takes over, there is a noticeable trend towards internationalization and diversification of values, which may impact the preservation of traditional cultural elements [20]

Core Viewpoint - Shangri-La Asia is undergoing a leadership change with Guo Huiguang, daughter of Malaysian tycoon Kuok Khoon Ean, appointed as CEO starting August 1, 2025, marking a significant moment in the succession practices of Southeast Asian Chinese business families [1] Group 1: Leadership Transition - Guo Huiguang's appointment as CEO signifies a shift in leadership within Shangri-La Group, which operates over 100 hotels and resorts globally [1] - The transition highlights the focus on family succession in Southeast Asian Chinese business families, where leadership often passes to the next generation [1] Group 2: Family Business Succession Practices - Southeast Asian Chinese families typically employ modern trust designs and systematic governance for business succession, contrasting with traditional practices that favor male heirs [2] - The historical context of these families, often established over a century ago, provides valuable lessons for contemporary Chinese family businesses [2] Group 3: Governance and Trust Structures - The use of family trusts and holding companies is common among Southeast Asian Chinese families to maintain control over their businesses [3] - For instance, the Kuok family established a holding company, Kuok Group, which primarily serves as a family investment vehicle, holding stakes in various companies [3][4] Group 4: Advantages of Trust Structures - Family trusts help centralize asset management, prevent dilution of ownership, and establish long-term holding rules [4] - The Kuok family has implemented a points-based system in their family constitution to evaluate potential successors based on various criteria [4] Group 5: Systematic Successor Training - Southeast Asian Chinese families have developed structured training mechanisms for successors, ensuring they possess global perspectives and professional skills [8] - The Kuok family emphasizes high-quality education and practical experience for their children, with Guo Huiguang having a background in finance and management [8] Group 6: Cultural Values and Family Cohesion - The influence of traditional Chinese culture is evident in the family values and business practices of Southeast Asian Chinese families, emphasizing collective well-being and social responsibility [11][12] - Family gatherings and ancestral worship are common practices that reinforce family unity and cultural heritage [13] Group 7: Lessons for Mainland Chinese Families - The integration of Western governance practices with traditional values offers a unique model for succession planning in Chinese family businesses [15][16] - The ongoing challenge for both Southeast Asian and mainland Chinese families is to balance modern practices with the preservation of cultural values [17]

Core Insights - The event focused on family offices and their role in addressing intergenerational conflicts and enhancing management capabilities [1] Group 1: Intergenerational Conflict Resolution - Intergenerational conflicts in family businesses arise from differences in upbringing and risk preferences between founders and their successors [2] - Solutions include employing professionals with psychological expertise in family offices to facilitate communication between generations [2] - Emphasizing the importance of early exposure for the third generation to family business operations to foster understanding and connection [2][3] Group 2: Family Office Management Capabilities - Family offices should act as a "glue" for family cohesion, especially post-sale of family businesses, by engaging in strategic charitable activities [4] - Not all family businesses require a family office; the effectiveness depends on the core members' ability to set a positive example [4] - Family offices are encouraged to focus on impact investing, balancing financial returns with social benefits, particularly in sectors like environmental protection and healthcare [4][6] Group 3: Strategic Wealth Management - Recommendations for wealth distribution include retaining 70% of core assets under the first generation's control while allocating portions for exploration and philanthropy [3] - Family offices should evolve into "chief architects" that not only promote strategic philanthropy but also support the development of future generations through various tools [4] - The development stages of family offices should align with client needs, focusing on practical family requirements such as education and healthcare [5]