Core Insights - UBS Wealth Management emphasizes the importance of being a "super connector" between Chinese and global entrepreneurs, leveraging its extensive experience and network to facilitate wealth management and investment opportunities [2][7]. Group 1: Wealth Management Strategy - UBS has over 160 years of history, focusing on wealth management, which constitutes over 50% of its total revenue [6]. - The firm adopts a "banking integration" strategy, where it first establishes long-term relationships with entrepreneurs, then extends services to investment banking and asset management as their needs evolve [6][7]. - UBS has been active in the Chinese market for over 35 years, with a strong presence in Hong Kong and the broader Asia-Pacific region [6]. Group 2: Family Wealth Management - Many overseas families view family offices as a "school" for nurturing the next generation, with younger family members increasingly interested in entrepreneurship rather than traditional family businesses [9]. - Family offices are also seen as platforms for social impact, with younger generations preferring to invest in projects that create social value rather than merely donating [9]. - Current high-net-worth clients in China are maturing and becoming more rational, focusing on "stability" and diversifying investments into alternatives like private equity and hedge funds [9]. Group 3: Opportunities in the Greater Bay Area - UBS manages one-third of its assets in the Greater Bay Area, highlighting its significance to the firm [11]. - The number of trips between Hong Kong and cities in the Greater Bay Area has increased by 25% compared to last year, with related meetings up by over 20% [12]. - UBS plans to relocate its Hong Kong office to a more strategic location by the end of 2026, enhancing its ability to serve clients in the Greater Bay Area [12].

Core Insights - Hong Kong is positioning itself as a strong player in the global wealth management sector, with the "Hong Kong Family Office Hub" initiative marking its first anniversary and demonstrating significant traction in attracting family offices [1][2]. Group 1: Hong Kong Family Office Hub - The "Hong Kong Family Office Hub" has become a powerful engine for developing the family office ecosystem in Hong Kong, recording over 4,000 visits to its digital knowledge center, indicating strong global appeal [2]. - The Hong Kong government has successfully assisted over 200 family offices in establishing or expanding their operations in the region, achieving the target set in the Chief Executive's 2022 policy address ahead of schedule [2]. - The government plans to attract an additional 220 family offices to Hong Kong between 2026 and 2028, further solidifying its status as a preferred location for family offices [2]. Group 2: Collaboration with Bloomberg - Bloomberg's Asia-Pacific President expressed that Hong Kong is rapidly becoming the preferred destination for family offices, with the company aiming to continue expanding the family office ecosystem by providing comprehensive technological solutions [2]. - A joint publication, the "Family Office Guide," was released by the Financial Services and the Treasury Bureau, the Investment Promotion Agency, and Bloomberg, offering comprehensive guidance for family offices looking to establish or expand their operations in Hong Kong [2].

Core Insights - NeuralFin, a portfolio company of Derlin Holdings, successfully raised approximately HKD 60.1 million (around USD 7.7 million) in its Series B funding round, achieving a valuation of HKD 546 million (approximately USD 70 million) [1][2] - The funds raised will be primarily used to enhance NeuralFin's AI platform, expand its user base, and advance its product development roadmap [1] - Following this funding round, Derlin Holdings will indirectly hold about 31% of NeuralFin [1] Company Overview - NeuralFin aims to reshape the wealth management industry by building a next-generation AI-driven fintech platform that integrates advanced AI technology to support diverse investments and enhance dynamic asset portfolio optimization [1] - The company has successfully attracted over tens of thousands of active users [1] Technology and Innovation - NeuralFin's predecessor was the DLiFO platform, developed by Derlin Holdings, which focuses on AI-driven digital consulting services [2] - The company has achieved a significant transformation in its AI Agent, moving from passive responses to proactive services, utilizing deep integration of neuroscience and AI [2] - Multiple specialized service modules have been developed by NeuralFin's AI Agent [2] Leadership Perspective - Derlin Holdings' Chairman and NeuralFin's Chairman, Chen Ningdi, emphasized that the success of the Series B funding is a significant milestone in NeuralFin's development, reflecting strong market and investor recognition of its innovative model and technological capabilities [2]

Core Viewpoint - The recent surge in gold prices, surpassing $4000 per ounce, reflects a significant shift in the global financial landscape, driven by macroeconomic factors such as potential U.S. Federal Reserve easing, rising geopolitical risks, and central banks increasing their gold reserves [1][2][5] Group 1: Gold Price Movement - Gold futures reached a historic high of $4000.1 per ounce on October 7, 2025, marking a 50% increase year-to-date [1] - The acceleration in gold prices began in March 2025 when it crossed $3000 per ounce, followed by a rise past $3800 by September [2] - UBS Wealth Management anticipates further increases in gold prices due to expected declines in U.S. real interest rates amid ongoing inflation [2] Group 2: Central Bank Actions - As of September 2025, China's gold reserves reached 7.406 million ounces, with an increase of 40,000 ounces from the previous month, marking the eleventh consecutive month of accumulation [2][3] - The proportion of gold in China's official international reserves stands at 7.7%, significantly below the global average of around 15%, indicating room for structural optimization [3] - The People's Bank of China's strategy of gradually increasing gold reserves is seen as a long-term approach to enhance reserve security and support the internationalization of the renminbi [4] Group 3: Global Trends in Gold Holdings - Central banks worldwide have been increasing their gold holdings, with significant purchases reported from countries like China, Poland, Singapore, and India since 2025 [3] - The trend of rising gold reserves is a response to structural challenges such as geopolitical conflicts and high debt levels in major economies, as well as a reassessment of the dollar's credibility as a reserve currency [3][5] - The accumulation of gold reserves is viewed as a strategic move to reduce reliance on single currency assets and enhance the intrinsic value of the renminbi [4]

Core Viewpoint - The "devaluation trade" has emerged as a popular investment theme amid growing concerns over the U.S. fiscal outlook and the value of the dollar, driving both gold and Bitcoin prices to historic highs [1][2]. Group 1: Market Trends - Spot gold surpassed $3900 per ounce, marking a 0.35% daily increase and setting a new historical high, just days after breaking the $3800 threshold [1]. - Bitcoin reached a peak of $125,689, exceeding its previous record of $124,514 set on August 14 [1][2]. - The ICE Dollar Index (DXY) fell by 0.1%, with a year-to-date decline of approximately 10%, indicating a shift away from fiat currencies towards alternative assets viewed as stores of value [2]. Group 2: Underlying Factors - The "devaluation trade" is driven by long-term factors such as uncertainty regarding long-term inflation, U.S. fiscal policy, concerns over the independence of the Federal Reserve, and the persistent high deficits faced by major economies [3]. - The recent U.S. government shutdown has prompted investors to seek decentralized assets for hedging, contrasting with previous shutdowns where Bitcoin's performance was lackluster [3]. Group 3: Analyst Predictions - Analysts are bullish on the outlook for gold and Bitcoin, with Citigroup's Alex Saunders predicting Bitcoin could reach $181,000 within 12 months, viewing it as "digital gold" [5]. - Komal Sri-Kumar, a former chief global strategist, anticipates gold prices will exceed $4000 by the end of the year, citing the erosion of currency values due to global tariff policies and economic slowdown [5]. - Fund manager Jeff Muhlenkamp has raised concerns about the U.S. deficit, which is currently around 6% to 6.5% of GDP, and has increased gold holdings to 18% in response to long-term worries about the dollar [5].

Core Insights - The U.S. stock market has shown resilience in the face of the government shutdown, with the S&P 400 index up 8% and continuing a three-month winning streak [1] - Market experts anticipate a muted reaction from equity markets initially, while bond markets may see a slight decrease in yields [2] - Historical patterns indicate that the duration of the shutdown will significantly impact market sentiment, with longer shutdowns likely causing more damage [3] Market Reactions - The current government shutdown is the 14th since 1981, and while it can lead to market declines, the immediate impact appears limited [4] - If the shutdown persists, retail investors may become more cautious, while experienced investors might look for leverage opportunities [5] Potential Market Winners and Losers - In the event of an extended shutdown, alternative investments such as gold and cryptocurrencies may see increased interest as investors seek safer options [6] - Government bonds and fixed-income products are expected to perform well, with rising prices and falling yields due to a flight-to-safety trend [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Noah Holdings Noah Holdings Private Wealth and Asset Management Limited 諾亞控股私人財富資產管理有限公司 （於開曼群島以諾亞控股有限公司名義以有限責任註冊成立， 並以諾亞控股私人財富資產管理有限公司於香港經營業務） （股份代號：6686） 修訂有關認購私募債權數字收益基金的條款 茲提述諾亞控股私人財富資產管理有限公司（「本公司」）日期為2025年8月28日的 公告，內容有關認購私募債權數字收益基金A類權益（「該公告」）。除文義另有所 指外，本公告所用詞彙與認購公告所界定者具有相同涵義。 有關修訂的決定乃基於商業及審慎考量而作出。基金文件簽署後，美國加密貨幣 監管及管治環境近期出現變動。該等發展使得基金與其交易對手之間的相關借貸 協議的商業條款擬作修改，該等修改被視為對基金較為不利，且經董事會適當審 慎考慮後，認定該等修改將導致本公司投 ...

Group 1 - The iShares Silver Trust, the world's largest silver ETF, reported a holding of 15,521.35 tons of silver as of September 29, an increase of 159.51 tons from the previous trading day [1] - On September 29, the spot silver price closed at $46.89 per ounce, up 1.85%, with an intraday high of $47.17 and a low of $45.92 [1] Group 2 - The U.S. federal government is facing a shutdown crisis as funding is set to run out at midnight on September 30 [3] - Following a meeting with President Trump, congressional leaders expressed significant divisions and minimal progress in negotiations to prevent the government shutdown [4] - The Bureau of Labor Statistics (BLS) announced that if funding is interrupted, it will halt all data collection, affecting the release of key reports such as the non-farm payroll report and consumer price index (CPI) [4]

Core Viewpoint - Spot gold has reached a new historical high, surpassing $3840 per ounce, driven by geopolitical tensions and potential U.S. government shutdown risks [2][3][5]. Market Performance - On September 30, spot gold peaked at $3840.589 per ounce, with a previous close of $3839.120, reflecting a 0.16% increase [4]. - COMEX gold futures also rose, reaching a high of $3869 per ounce, with a previous close of $3867.8, marking a 0.33% increase [5]. Geopolitical Factors - The risk of a U.S. government shutdown has contributed to the surge in gold prices, alongside escalating geopolitical tensions involving Russia, NATO, and conflicts in the Middle East [5]. - UBS Wealth Management's Chief Investment Office suggests that gold prices may continue to rise due to potential further easing of U.S. monetary policy and persistent high inflation, predicting a price of $3900 per ounce by mid-2026 [6]. Investment Outlook - UBS continues to view gold as an effective tool for portfolio diversification and risk hedging [6].

Core Insights - Art is increasingly recognized as a "passion asset" that plays a significant role in wealth management, encompassing cultural identity and social responsibility [1][4] - UBS has over 25 years of experience in art collection consulting, integrating art into family wealth management strategies [4] - The approach to art collection is evolving, with new collectors entering the market strategically and emphasizing research before acquisitions [5] Group 1: Art Collection as Wealth Management - Art collection is not merely a hobby but a comprehensive lifecycle that requires clear strategic and governance frameworks from inception to inheritance [5] - UBS's art consulting team assists clients in establishing collection visions and strategies that align with overall family wealth goals [5] - Professional management of art collections is crucial, covering aspects such as preservation, storage, and archival management [5] Group 2: Inheritance and Family Dynamics - Families must address key questions regarding the continuation of collections, the interest of the next generation, and the transfer of decision-making authority [5] - Some artworks may be sold or donated to align with the values of the new generation or family strategy [5] Group 3: Chinese Art Market - The Chinese art market is gaining unique appeal for international collectors due to its market size and vibrant, high-quality art ecosystem [6] - Recent activities by UBS, such as the UBS Art Collectors Circle's visit to Shanghai, highlighted the depth and diversity of contemporary Chinese art [6] - Despite short-term market fluctuations, the long-term potential of the Chinese art market is viewed positively, driven by emerging local collectors and a blend of cultural tradition and contemporary innovation [6]