Group 1 - UBS Wealth Management predicts gold prices may rise further, potentially reaching $3,900 per ounce by mid-2026, driven by declining real interest rates, a weaker dollar, and strong investment demand amid geopolitical risks [1] - The firm expects the Federal Reserve to lower rates by an additional 75 basis points before Q1 2026, while the U.S. economy is not anticipated to enter a recession [1] - In Asia, additional monetary and fiscal support measures are being implemented, with expectations of a stronger Asian currency due to the rebound of the renminbi and exporters converting significant dollar revenues back to local currency [1] Group 2 - UBS believes the Chinese stock market has not yet peaked, with significant household savings expected to flow into the market, leading to potential revaluation in sectors like robotics, making Chinese tech stocks a preferred choice [2]

Group 1 - The Dow Jones Industrial Average, S&P 500, and Nasdaq indices reached intraday all-time highs on September 22, continuing a bullish trend from the previous week, with the Russell 2000 index also hitting its highest closing level since 2021 [1] - The market's positive reaction followed a 25 basis point interest rate cut by the Federal Reserve, which, although expected, has contributed to investor optimism [1] - The S&P 500 index has risen over 30% since its low in early April, marking 28 new highs this year, driven by better-than-expected corporate earnings, economic resilience, and positive sentiment towards the Fed's rate cuts [1] Group 2 - The Dow Jones Transportation Average (DJTA) has not followed the broader market's upward trend, instead declining this year, raising concerns among market observers about the sustainability of the current market rally [1][2] - Charles Dow's theory suggests that the DJTA should rise alongside the Dow Jones Industrial Average to confirm a broad market rebound, leading to skepticism about the current market conditions [2] - Factors such as tariff fluctuations and a slowing global economy are seen as headwinds for transportation stocks, which could impact the overall market [2]

周二（9月23日）亚盘早盘，美元指数最新价报97.32，涨幅0.01%，开盘价为97.31。美联储当前的政策 基调——审慎而非转向鸽派——有效遏制了市场对短期内激进宽松的过度期待。 尽管官员们暗示年底前可能实施两次降息，但同时也明确传递出此后政策空间将极为有限的信号。这种 极具克制的前瞻指引，使实际收益率维持在相对高位，进而从利差层面为美元提供了结构性支撑。市场 解读与这一立场高度契合。博尔文财富管理集团首席策略师吉娜·博尔文评论称："此次降息不应被误解 为政策周期的开启，而是一次具有保险性质的审慎调整。"她进一步指出，美联储正试图在确保通胀受 控与避免劳动力市场过度疲软之间实现精细平衡，这种"边走边看"的策略本身，就为美元在波动环境中 赋予了相对的利率优势与避险吸引力。 今天美元指数短线阻力在97.50--97.55，短线重要阻力在97.65--97.70。今天美元指数短线支持在97.15- -97.20，短线重要支持在96.95--97.00。可以在97.70---97.00的区间上限卖出，有效破位30个点止损，目 标在区间的下限。 ...

Core Viewpoint - The Beijing Canal Business District is positioned as a key area for high-quality development, focusing on global wealth management, green finance, and sustainable finance, aiming to attract major enterprises and investment [1][2]. Group 1: Development and Infrastructure - The Canal Business District covers an area of 7.82 square kilometers with a total construction area of 13.79 million square meters, having completed 4.846 million square meters since its development began in 2009 [2]. - Key infrastructure projects include the completion of the main structure for the Huaxia Bank headquarters and ongoing construction of various industrial projects along the Grand Canal [2]. Group 2: Business Growth and Tax Revenue - The district has maintained a registration rate of 10 new enterprises per working day, with over 20,000 registered companies, contributing to 22.5% of the district's total tax revenue in the first seven months of 2025 [3]. - The district generated a tax revenue of 66.2 million yuan in 2024, with a tax output of 2,536 yuan per square meter [3]. Group 3: Policy Advantages and Investment Opportunities - The Canal Business District benefits from a combination of three policy advantages, including the National Service Industry Expansion Comprehensive Demonstration Zone, Free Trade Pilot Zone, and Zhongguancun National Independent Innovation Demonstration Zone, facilitating investment and trade [4]. - New policies include the removal of foreign investment restrictions in manufacturing and certain telecommunications sectors, as well as support for foreign-funded R&D centers [4].

Core Insights - 2021 marked a significant year for the development of family offices in Hong Kong, with the establishment of the FamilyOfficeHK team by the Hong Kong government to promote the city as a global family office hub [1] - The family office sector in Hong Kong is experiencing growth due to policy support, market opportunities, and industry resources, positioning it as a key player in global wealth management [1][7] Group 1: Family Office Definition and Function - Family offices are primarily focused on the concept of inheritance, encompassing the transmission of family wealth, values, and beliefs, with 85% of family offices linked to family businesses [1] - The distinction between family offices and family enterprises lies in their focus on wealth management and cultural transmission [1] Group 2: Hong Kong's Role in Wealth Management - Hong Kong serves as a crucial offshore financial center, facilitating Chinese enterprises' international expansion and enhancing their global influence [1][2] - The city offers a unique advantage in wealth management, being both an international financial center and a leading capital hub, which is difficult for other regions to replicate quickly [1][2] Group 3: Global Family Office Demand - Family offices in Hong Kong cater to diverse needs from various regions, including mainland China, Europe, and Southeast Asia, with each group having different levels of familiarity and requirements regarding family governance and wealth management [2][3] - Hong Kong's low tax regime and transparent legal framework attract established European family offices seeking favorable conditions for wealth management [2] Group 4: Promotion and Growth of Family Offices - In 2024, the Hong Kong government organized 260 promotional events, engaging over 1,000 family office managers, highlighting the city's proactive approach to attracting family offices [4][5] - The number of family offices in Hong Kong has rapidly increased, supported by various stakeholders, including banks and professional service providers [5] Group 5: Professional Support and Ecosystem - The Hong Kong government acts as a facilitator for family offices, providing a network of service providers, including 61 international institutions, to support their establishment and operation [5] - Family offices benefit from a robust ecosystem of professionals, including accountants and lawyers, who assist in setting up compliant frameworks for wealth management [5][6] Group 6: Competitive Advantages of Hong Kong - Hong Kong has become the leading hub for ultra-high-net-worth individuals in Asia, with a high density of professionals (267,000) dedicated to wealth management [6] - The city offers a stable and secure investment environment, ensuring investment freedom and transparency, which is crucial for long-term investors [6] Group 7: Future Policy Support - The Hong Kong government plans to further optimize tax policies for family offices to solidify its position as a top global wealth management center [7] - The evolving global wealth management landscape positions family offices as a focal point, with Hong Kong emerging as a new coordinate for global family offices [7]

Core Insights - A significant outflow of wealthy individuals from Singapore has been observed, attributed to stricter regulations and compliance measures, leading to a rebalancing of wealth management in Asia rather than a mere "exodus" [1][2][14] Regulatory Environment - Singapore's regulatory framework has tightened, particularly following a major money laundering case in 2023, which has led to increased scrutiny and compliance requirements for high-net-worth individuals [2][5] - The Monetary Authority of Singapore (MAS) has implemented new guidelines that expand the definition of "beneficial owners" and require extensive disclosure, causing concerns among wealthy clients about privacy and governance risks [6][8] - The approval process for setting up family offices has lengthened significantly, from 3-6 months to potentially 12 months, prompting some clients to consider alternatives in Hong Kong and Dubai [6][10] Wealth Migration Trends - There has been a noticeable shift in family office locations, with many wealthy individuals moving their operations back to Hong Kong due to its proximity to business networks and more efficient compliance processes [9][11] - Hong Kong's vibrant capital market and recent IPO successes have made it an attractive destination for entrepreneurs looking to manage their wealth effectively [12][13] - Dubai is emerging as a new wealth hub, offering a favorable tax regime and a growing financial infrastructure, attracting high-net-worth individuals from around the world [14] Market Dynamics - The competition between Singapore, Hong Kong, and Dubai is intensifying, with each location vying for a share of the global wealth management market [1][14] - The shift in family office preferences reflects a broader trend of wealth reallocation based on regulatory environments, capital efficiency, and service offerings [14]

Core Viewpoint - UBS Group's wealth management platform, UBS Fund Sales (Shenzhen) Co., Ltd., aims to bridge the gap for investors in the Greater Bay Area to access global assets, with nearly half of its fund products targeting overseas markets by mid-2025 [1][2]. Group 1: Market Outlook and Investment Strategy - UBS's Chief Investment Office (CIO) anticipates that major global central banks may continue to lower interest rates, making it an opportune time to invest in high-quality bonds and high-dividend assets [1]. - The U.S. policy landscape is becoming clearer, allowing for gradual investments in global equities while also diversifying into alternative assets like gold and REITs to mitigate risks from geopolitical tensions [1]. - The Asia-Pacific region presents rich opportunities for diversification, with a positive outlook on markets such as India, Singapore, Indonesia, and China's technology sector [1]. Group 2: Global Asset Allocation Trends - UBS Fund Sales launched a digital wealth management platform, "Rui Fu Zhong," to provide international and professional wealth management services to a broader client base in China [2][4]. - A report indicated that 22% of surveyed investors have engaged in overseas market-linked funds, with 77% seeking global investment insights and 61% desiring diversified global investment products and strategies [4]. Group 3: Client Engagement and Product Strategy - UBS Fund Sales adopts a "buy-side thinking" approach to better understand client needs and match them with suitable products and valuable global insights [7]. - The firm has launched only 68 products in three years, adhering to a "best of the best" principle to create a "fund boutique" rather than a mere trading platform [6][7]. - The investment process involves extensive research and collaboration with fund companies to select the most appropriate products for clients [6]. Group 4: Digital Tools and Client Acquisition - UBS Fund Sales recognizes a gap in clients' investment capabilities and understanding of global investment products, prompting the need for enhanced education and support [8]. - The firm employs two unique client acquisition strategies: B2B2E for employee programs and B2B2C to connect with end customers through partners, leveraging a digital platform for efficiency [8]. - The platform allows for rapid account opening and utilizes AI models to provide tailored insights based on client holdings, reflecting a shift towards digital-driven wealth management services [8].

Core Viewpoint - The Federal Reserve announced its first interest rate cut in 2025 and hinted at further cuts in the future, leading to a surge in risk appetite on Wall Street and a significant rise in the U.S. stock market [1] Group 1: Market Reaction - The rise in the U.S. stock market on Thursday marked a reversal of traders' initial reaction to the Fed's decision, which had previously led to profit-taking in high-flying tech stocks [1] - Wealth management firm Blanke Schein's Chief Investment Officer Robert Schein noted that the Fed's decision to cut rates amid a historically high stock market and ongoing economic growth is a unique situation, as rate cuts are typically associated with economic issues [1] Group 2: Economic Context - The current dynamic of the Federal Reserve cutting rates while the stock market reaches record highs and the economy continues to grow is seen as favorable for the stock market [1]

Group 1 - The core viewpoint of the article highlights a significant increase in the financial investment activity of China's new affluent population, with a record high in fund ownership participation among respondents by 2025 [1] - The "Wealth Health Index" defines the new affluent group as individuals with an annual income between 125,000 and 1,000,000 RMB and investable assets below 7,000,000 RMB [1] - The latest index report indicates that nearly 70% of respondents trust AI-generated investment advice more than their overseas counterparts, with trust levels increasing among more aggressive investors [1] Group 2 - Thomas Pixley emphasizes the potential of AI to enhance business scale, operational efficiency, and inclusivity, allowing investment advisors to focus on understanding clients' financial needs and building trust [2] - The article notes that the younger generation in China is increasingly embracing financial planning, and there is a need for financial institutions to educate them through digital channels [2] - The future focus of the wealth management industry should include nurturing the new generation and accompanying them through various stages of wealth accumulation [2]

昇世香港副主席冯嘉诺在发布会现场致辞时表示，启用长沙办公室是集团持续深耕市场的重要一步。长 沙作为我国中部地区的经济与文化中心之一，拥有丰富的人才资源和优越的政策环境，为集团进一步服 务企业家、独立财富顾问及家族办公室从业者提供了广阔平台。 今年以来，昇世研修已在珠三角和华中地区设立办公室，接下来还将进一步覆盖华南地区、华西地区 等。 据介绍，昇世集团在包括新加坡、上海、深圳和东京等全球主要金融中心拥有业务布局，在全球拥有超 过400名员工，与众多金融巨头及一体化金融机构构筑了成熟的生态圈。 上证报中国证券网讯（记者 夏子航）记者从昇世集团获悉，9月17日，昇世集团宣布昇世研修湖南长沙 办公室启用，将积极与当地商会、企业协会及金融行业组织建立战略合作，推动联合研究与协同创新， 共同促进财富管理行业的标准化与专业化进程，着眼于为华中地区培养一批具备国际视野和亚洲实践经 验的财富管理人才。 昇世研修为昇世集团旗下专注财富管理人才培养的品牌。据介绍，集团致力于将昇世研修打造成为亚洲 家族办公室行业标杆人才的培养平台，并积极参与行业标准制定，提升财富管理服务的整体水平与国际 竞争力。 来源：上海证券报·中国证券网 ...