在艺术市场的潮汐涨落中，总需要一种超越短期波动的眼光，去定义那些真正穿越周期的价值。这份眼 光，既需要俯瞰全球版图的高度，也需要连接东西方收藏脉络的文化纵深。佳士得亚洲区主席程寿康 （Kevin Ching），正是为数不多兼具这两种视野的行业掌舵者之一。从资深律师到历任两大国际拍卖 巨头的区域领导者，他以其独特的跨界思维与资源整合能力，深度参与了亚洲艺术市场融入全球体系的 进程。2025年末，在佳士得交出年度业绩答卷之际，程寿康接受了《21世纪经济报道》记者的独家专 访。采访中，他不仅为我们解读了佳士得2025年关键的业绩数据，更试图为我们厘清在市场韧性、藏家 代际更迭与价值哲学之间，究竟什么才是收藏永恒的魅力。 业绩复盘：韧性的三重奏 另一显著的趋势是对雅逸精品的强劲需求。2025年，亚太区买家在佳士得全球雅逸精品拍卖中贡献了 37%的成交额，遥遥领先于其他地区市场。无论是珠宝、名表、手袋还是名酒，这些兼具审美、实用与 收藏属性的品类，其背后共同指向藏家对稀有材质、精湛工艺与顶级品相的极致追求。 2025年对于佳士得和全球艺术市场而言，是韧性彰显的一年。在全球经济充满不确定性的背景下，佳士 得全球成交总额同 ...

Core Viewpoint - The market's low opening and subsequent recovery reflect investors' relatively optimistic expectations, indicating significant market resilience [1] Market Performance - On Monday, the Shanghai Composite Index opened significantly lower but reached its lowest point at the opening price, followed by a steady recovery, closing slightly below the five-day moving average [1] - The Shenzhen Component Index also opened lower and recovered, but with less strength than the Shanghai index, closing below the ten-day moving average, suggesting a short-term digestion of previous excess gains [1] Market Trends - The market's focus on the upstream resource sector indicates a shift in investment style, with small and mid-cap stocks showing slight excess returns and the Sci-Tech Innovation Board performing independently [1] - Since the end of August, the Shanghai Composite Index has entered a horizontal consolidation phase, facing resistance above and support below, with the adjustment low remaining above the 2021 market high, indicating that previous resistance levels have become significant support [1] Recent Market Activity - After the holiday, the market attempted to break upward but faced negative information, leading to two consecutive days of adjustment, with the Shanghai Composite Index still closing at the upper edge of the September horizontal consolidation, indicating a strong pullback confirmation phase [1]

Group 1: U.S. Government Shutdown - The U.S. government shutdown crisis is ongoing, with the House Republican leadership deciding not to return to Washington, indicating a prolonged shutdown that will impact key economic data releases [4] - Economic decisions are becoming more challenging due to the lack of accurate data, leading businesses and policymakers to make educated guesses about economic trends [4] - Despite short-term uncertainties, some analysts believe that markets have historically shown resilience to government shutdowns, with past experiences indicating potential reversals in market declines once attention shifts to other factors [5] Group 2: Japan's New Prime Minister - High-profile politician, Sanae Takaichi, has been elected as the new president of Japan's ruling Liberal Democratic Party, expected to become Japan's first female Prime Minister [7] - Takaichi advocates for fiscal expansion and a right-leaning political stance, calling for the maintenance of loose monetary policy and opposing interest rate hikes by the Bank of Japan [8] - Analysts predict significant impacts on the yen and Japanese government bond markets due to Takaichi's victory, with expectations of a weaker yen and a steepening yield curve [9][10] Group 3: A-Share Market Outlook - Historical analysis indicates a calendar effect in the A-share market, with the strongest performance observed in the first five trading days after the National Day holiday, showing a median return of 2.27% and an 80% win rate [12] - The current bullish trend in China's earnings fundamentals is believed to be developing, supported by external demand and improving domestic price stability [12] - Economic forecasts suggest a "N"-shaped oscillation in the fourth quarter, with technology remaining a key focus, while resource and consumer sectors may attract funding due to favorable policies [13]

Core Insights - The head of the National Taxation Administration, Hu Jinglin, reported that as of the end of June this year, the number of tax-related business entities in China has exceeded 100 million, marking an increase of 30 million since the end of 2020, indicating strong market vitality and resilience [1] Group 1 - The total number of tax-related business entities in China has surpassed 100 million [1] - There has been a net increase of 30 million business entities since the end of 2020 [1] - This growth reflects the strong vitality and resilience of the Chinese market [1]

Core Viewpoint - The Shanghai second-hand housing market is experiencing stable transaction volumes but declining prices, with a notable drop in the price index for three consecutive months [1][2]. Group 1: Market Performance - In July, Shanghai's second-hand residential transactions reached 16,900 units, showing better performance compared to the same period in 2023, attributed to new policies stimulating trading growth [1]. - The price index for second-hand homes fell by 1.82% month-on-month in July, continuing a downward trend [1]. - Despite the price decline, the absolute transaction volume remained above 15,000 units, indicating market resilience [1]. Group 2: Price Trends - Only five districts in Shanghai saw an increase in second-hand home listing prices in July, with Changning District rising by 3.4% and Songjiang District by 2% [2]. - Central districts like Jing'an, Hongkou, and Xuhui experienced varying degrees of price declines, highlighting ongoing regional and product differentiation [2]. - The overall second-hand home prices are at their lowest since 2015, with some properties nearing prices from 2016 [2][3]. Group 3: Buyer Behavior - The market demand is primarily driven by first-time homebuyers and young families, particularly for properties priced below 3 million yuan, showing a preference for suburban areas with better value [1]. - Buyers are increasingly practical, opting to trade older homes for newer ones, often sacrificing location for larger living spaces within budget constraints [3]. - The price drop for older properties, such as those in the Hongkou District, has exceeded 30% compared to three years ago, with current listing prices allowing for further negotiation [3].

Core Viewpoint - The CEO of CME Group stated that the market has demonstrated significant resilience amid policy changes [1] Group 1 - The market's ability to adapt to changing policies indicates a strong underlying strength [1] - CME Group's leadership emphasizes the importance of monitoring market reactions to policy shifts [1]

Group 1 - The core viewpoint is that despite rising recession risks, the U.S. stock market remains in a bull market, entering its third year, and the upward trend may not slow down soon [1][3] - Joe Fahmy, a portfolio manager at Zor Capital, believes that the current bull market could extend for "years" due to the AI boom, which is seen as a revolutionary innovation that enhances productivity [3] - Historical patterns indicate that bull markets are often driven by groundbreaking inventions and innovations, with AI being the latest catalyst for the current market surge [3][4] Group 2 - Fahmy notes that despite recent market volatility due to factors like changing tariff policies and geopolitical conflicts, the U.S. market remains resilient, as many institutions are currently under-invested [3] - The market's ability to maintain support levels during adverse news, such as the recent Middle East crisis, exemplifies its strength [4] - Fahmy emphasizes that market trends often last longer than expected, suggesting that when it seems the market cannot rise further, it often does, and similarly for declines [4]

Group 1 - The core viewpoint emphasizes the resilience of capital markets despite significant volatility, highlighting the importance of price discovery in a fluctuating environment [1] - The UK financial system is undergoing extensive reforms to maintain its status as a leading global financial center, including significant changes to listing mechanisms to enhance competitiveness for companies from Hong Kong and the UK [1] - The development of both public and private markets is crucial for providing companies with diverse financing channels, reflecting a commitment to continuous improvement in the financial infrastructure [1] Group 2 - The UK is recognized for having one of the largest pension systems globally, with ongoing investments in financial infrastructure and technology aimed at enhancing productivity and economic growth [2] - The emphasis on internationalization is evident, with the UK being home to one of the largest offshore markets outside of Hong Kong, reinforcing its position in the global financial landscape [2]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is adopting a strategy of "one shield and three arrows" to navigate the challenges and opportunities arising from global changes, including geopolitical complexities and US-China competition [1][3]. Group 1: Market Resilience - The SFC emphasizes the importance of a resilient market in the face of capital market volatility, which has become the new norm [3]. - The recent increase in US tariffs led to significant market declines, with the Hang Seng Index experiencing its largest single-day drop in nearly 30 years, yet the Hong Kong market demonstrated resilience through effective regulatory frameworks and risk management measures [4]. - The SFC has been closely monitoring market conditions and conducting stress tests on exchanges and intermediaries to assess risk management capabilities [4]. Group 2: Seizing Opportunities - Hong Kong is positioned as the third-largest international financial center, relying on proactive strategies to capitalize on emerging opportunities [6]. - In May, international funds significantly flowed back into A-shares and Hong Kong stocks, indicating a potential restructuring of global asset allocation [7]. Group 3: Three Arrows Strategy - The first arrow focuses on enhancing Hong Kong's core competitiveness as a top financing and wealth management center, with recent H-share listings, such as CATL, raising a record $5.3 billion [8]. - The second arrow aims to deepen connections between Hong Kong and both emerging and mature markets, expanding the scope of mutual access to include funds, ETFs, and derivatives [9]. - The third arrow emphasizes innovation through technology, including digitalization, blockchain, and generative AI, to maintain long-term competitiveness [11].

Group 1 - The market experienced a sharp decline on Tuesday but managed to recover on Wednesday, indicating strong resilience despite concerns over external negative news [1] - The index showed hesitation in breaking through the 3400-point level, leading to continued consolidation and a lack of sustained trading volume, reflecting a cautious market sentiment [1] - The rare earth permanent magnet sector saw upward movement driven by positive news expectations, while previously leading sectors like bioproducts, communication services, and port shipping experienced pullbacks, indicating a "short and quick" rotation of market hotspots [1] Group 2 - The short-term outlook suggests continued mild consolidation, with attention on upcoming monthly macroeconomic data and trading volume changes [1] - According to technical analysis principles, a sustained increase in trading volume is necessary for the market to choose a direction [1]