上周，美国的经济数据似乎令人鼓舞：通胀显现出放缓的迹象，消费者信心今年首次反弹，劳动力市场 总体保持稳定，失业率稳定在4.2%的健康水平，尽管近期持续申请失业救济人数的小幅上升暗示了一 些降温的迹象。 尽管存在这些谨慎言论，市场对降息即将到来的信心却日益增强。根据芝加哥商品交易所（CME）截 至周一上午的美联储预测数据，目前近70%的人押注美联储将在9月开始降息，高于一周前的60%。投 资者认为最早在7月进行首次降息的可能性约为20%。 尽管如此，市场几乎已完全消化了美联储将在下周的政策会议上维持利率不变的预期。 Northwestern Mutual Wealth Management的首席投资策略师Brent Schutte表示，任何在9月之前的降息都 可能需要劳动力市场出现显著恶化。他还警告说，通胀威胁并未消失，尤其是在关税影响尚不确定的情 况下。 总而言之，这一宏观背景似乎为美联储走向宽松政策铺平了道路。但华尔街的观察家们表示，在降息 前，政策制定者们可能需要更多有说服力的证据。 前克利夫兰联储主席梅斯特上周表示："我们真的不知道下半年会如何演变。" 梅斯特补充说，尽管近期的劳动力和通胀报告等"硬经济 ...

Core Insights - Dubai is emerging as a global economic engine, characterized by its internationalization, openness, and innovation, attracting investors and dreamers alike [10][11] - The city has experienced rapid economic growth due to government policies, zero tax rates, and a strategic geographical location, making it a hub for innovation and investment [1][10] Economic Development - Dubai's economy has shown high growth, supported by visionary government policies and a robust infrastructure [1] - The financial sector is thriving, with 70% of the National Bank's assets coming from wealthy individuals, indicating a strong wealth management foundation [1] Real Estate Market - The real estate market in Dubai is highly attractive, with property prices nearly doubling post-pandemic and rental yields reaching 10% or higher [2][4] - The introduction of a ten-year golden visa for property buyers exceeding 2 million AED is stimulating the market further [2][4] Investment Opportunities - Real estate is currently the most appealing investment sector, particularly for experienced investors, due to high rental yields and incentives like the golden visa [4][11] - Investors are encouraged to understand legal regulations and market dynamics before entering the market [4] Industry Diversification - Dubai is diversifying its industrial landscape, focusing on high-end services, renewable energy, and advanced manufacturing [6] - The government is actively introducing new sectors, including the issuance of casino licenses, marking a significant cultural shift [6] Future Outlook - The ongoing diversification and innovation in Dubai's economy suggest a promising future with potential for more development miracles [11] - Continuous monitoring of policy changes and market dynamics is essential for fully grasping the opportunities in this evolving city [10]

中金财富周建：资产配置多元化催生财富管理体系新迭代 金十数据6月12日讯，"低利率时代已经来临。"在中金财富2025财富管理发展论坛上，中金财富产品与 解决方案财富规划部负责人周建阐述了低利率时代的资产配置新格局。他称，金融资产在居民资产配置 结构中的占比不断上升，而不动产的整体占比和配置则出现了一定比例的下降。资产配置的多元化催生 了财富管理服务体系升级。对此，周建认为，这亟待相关机构围绕财富管理全流程，打造专业财富管理 力量。以中金财富为例，公司率先发力财富管理转型，立足买方视角，根据客户需要制定合适的解决方 案。"目前，中金财富已建立国际化水准的多层次买方投顾服务体系。" （上证报） ...

Group 1 - The core viewpoint is that AI technology is fundamentally transforming investment logic and reshaping the financial industry's ecosystem, presenting unprecedented opportunities and challenges in wealth management [1][3] - The restructuring of global supply chains and capital flows necessitates a more open perspective to explore diverse asset allocation paths [1] - The three dimensions to actively respond to challenges include: 1. Empowering technology to drive industry innovation while maintaining risk management [3] 2. Building collaborative ecosystems by breaking down barriers among private equity institutions, funding sources, service platforms, and local governments [3] 3. Adopting a global perspective to seize allocation opportunities amidst geopolitical and economic adjustments [3] Group 2 - CICC Wealth has been a benchmark institution in China's wealth management sector, focusing on buy-side advisory transformation, comprehensive private equity services, and technology-enabled investments [3] - The "full lifecycle asset allocation" concept aims to create long-term value for Chinese investors [3] - The Jing'an District government is recognized for its forward-looking vision and has established a comprehensive service system to support institutional landing, talent gathering, and business innovation [3]

Core Viewpoint - The U.S. and Switzerland have resolved a long-standing deadlock regarding the sharing of client investment information, allowing Swiss Registered Investment Advisors (RIAs) to resume their applications with the SEC, which had been paused since 2020 due to regulatory disputes [1][3]. Regulatory Cooperation - The SEC and the Swiss Financial Market Supervisory Authority (FINMA) have reached an agreement that allows Swiss RIAs to provide personal data directly to the SEC, facilitating on-site inspections in Switzerland under both countries' legal frameworks [1][3]. - The SEC's decision to restart the approval process for Swiss RIAs is seen as a move to expand access to U.S. capital markets [3]. Historical Context - Since 2008, U.S. regulators have targeted numerous Swiss banks for assisting American clients in tax evasion, leading to significant fines, including $788 million for UBS in 2009 and $2.6 billion for Credit Suisse in 2014 [3]. - The traditional Swiss banking secrecy model has been increasingly abandoned in favor of collaboration with U.S. regulatory systems [3]. FATCA Agreement - In 2014, Switzerland signed the Foreign Account Tax Compliance Act (FATCA), requiring foreign financial institutions to report U.S. account holders to the IRS, with new agreements expected to enhance data exchange by 2027 [4]. Increased Regulatory Scrutiny - At least eight Swiss institutions conducting business through U.S. regulatory entities are currently under SEC review, which includes both small asset management firms and larger groups like Vontobel [6]. - The SEC's scrutiny of Swiss institutions has intensified, with on-site inspections being conducted, a rare occurrence for such a large number of firms [6]. Wealth Management Trends - There is a notable increase in demand for Swiss wealth management services among U.S. high-net-worth individuals, driven by political uncertainties during the Trump administration [6]. - The trend of asset transfer to Switzerland is reminiscent of behaviors observed during the financial crisis, as investors seek to diversify away from U.S. assets [6]. - Currency diversification is becoming a trend among U.S. investors, with many recognizing the risks of holding assets solely in U.S. dollars, especially as the dollar has depreciated nearly 10% against major currencies this year [7].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1]. Core Insights - The public fund advisory pilot program is expected to be a significant exploration in the transformation of China's wealth management market, with 60 institutions already qualified for the pilot. The transition from a "sell-side advisory" model to a "buy-side advisory" model is anticipated to enhance client engagement and asset appreciation [2]. - China's wealth management market is in a rapid development phase, akin to the U.S. in the 1980s, with a notable shift in asset allocation from cash and deposits to financial assets. The proportion of cash and deposits is projected to decline from 53% in 2012 to 44% by 2024, while investments in capital market products and overseas investments are increasing [5][54]. Summary by Sections 1. Wealth Management: Client-Centric and Diverse Financial Services - Wealth management focuses on comprehensive financial planning centered around client needs, offering services such as cash management, debt management, risk management, insurance planning, investment portfolio management, retirement planning, and estate planning [11]. 2. Global Wealth Management Market: Origin in Europe, Development in the U.S., Future in Asia - Global resident wealth has grown from $117 trillion in 2000 to $454 trillion by the end of 2022, with a compound annual growth rate (CAGR) of 6% [16]. - The U.S. wealth management market has matured over the past century, benefiting from a developed financial system and a client-centric approach to expanding product lines [47]. 3. China's Wealth Management Market: Continuous Growth in Resident Wealth - China's personal investable assets reached ¥278 trillion by the end of 2022, with projections to grow to ¥327 trillion by 2024, reflecting a CAGR of 14% from 2018 to 2024 [54]. - The high-net-worth population in China reached 3.16 million by the end of 2022, with an average CAGR of 18% from 2018 to 2022 [54]. 4. Competitive Landscape of China's Wealth Management - The wealth management sector in China is characterized by a diverse range of institutions, including banks, trusts, public and private funds, and internet wealth management platforms, with a total asset management scale of ¥155 trillion as of 2024, reflecting a year-on-year growth of 9.9% [5].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1]. Core Insights - The public fund advisory pilot program is expected to be a significant exploration in the transformation of China's wealth management market, with 60 institutions already qualified for the pilot. The transition from a "sell-side advisory" model to a "buy-side advisory" model is anticipated to enhance client engagement and asset appreciation [2]. - China's wealth management market is in a rapid development phase, akin to the U.S. in the 1980s, with a notable shift in asset allocation from cash and deposits to financial assets. The proportion of cash and deposits is projected to decline from 53% in 2012 to 44% by 2024, while investments in capital market products are expected to rise [5][54]. Summary by Sections 1. Wealth Management: Client-Centric and Diverse Financial Services - Wealth management focuses on comprehensive financial planning centered around client needs, offering services such as cash management, debt management, risk management, insurance planning, investment portfolio management, retirement planning, and estate planning [11]. 2. Global Wealth Management Market: Origin in Europe, Development in the U.S., Future in Asia - Global resident wealth has grown from $117 trillion in 2000 to $454 trillion by the end of 2022, with a compound annual growth rate (CAGR) of 6%. The U.S. wealth management market has matured over the past century, benefiting from a robust financial system and a client-centric approach [5][16]. 3. China's Wealth Management Market: Continuous Growth in Resident Wealth - China's personal investable assets reached ¥278 trillion by the end of 2022, with projections to grow to ¥327 trillion by 2024, reflecting a CAGR of 14% from 2018 to 2024. The high-net-worth population in China reached 3.16 million by the end of 2022, with an 18% CAGR from 2018 to 2022 [54][55]. 4. Competitive Landscape of China's Wealth Management - The wealth management sector in China is characterized by a diverse range of institutions, including banks, trusts, public and private funds, and internet wealth management platforms. The asset management scale of these institutions reached ¥155 trillion by 2024, with a year-on-year growth of 9.9% [5][54]. 5. Public Fund Advisory Pilot as a Key Transformation - The public fund advisory pilot program is a crucial step in the transformation of China's wealth management market, with the potential to shift the focus from sales-driven models to client-centric advisory services [2][5].

"我们相信美金可能会维持一段时间，但会提醒家办、企业家或者超高净值客户是否持有太多的美金。"她还提 到，今年中国内地及香港的家办开始关注去美元化的话题，虽然完全退出美国资产是不可能的，退出的动作也 不会很大，但地域分散的趋势已经出现。其中，亚太区尤其是中国的不少家办认为中国二级市场存在很多机 会，他们在香港恒生指数中得到收益，下一步正计划投资A股市场。 "去美元化"的一个重要途径是买入黄金，正如主权基金在做的那样。瑞银同样看好欧洲资产（中配），尤其可 以关注食品、医疗、老龄化等优质板块，"我们很多家办开始留意一些值得投资的欧洲股票，或者一些欧洲直 投的机会。"吕子杰补充道，澳大利亚、新加坡等亚太区的货币预计也都有不错的投资价值。 站在了解客户需求最前线 "财富管理业务是瑞银的核心业务，我们站在了解客户需求的最前线。"在吕子杰眼中，瑞银的财富管理团队一 直担当"超级联络人"的角色，既帮客户联络全世界，也把客户连接到瑞银集团的全业务条线，进而通过投行、 资管的协同效应，继续发挥"一体化服务"的优势。 日前，超过400个家族办公室（简称"家办"）代表参加了瑞银举办的全球家族办公室的峰会。 面对诡谲多变的时局，这些巨 ...

Core Insights - Noah Holdings (NOAH) experienced a stock price increase of 2.18% on June 2, reaching $10.535 per share, with a total market capitalization of $697 million [1] - For the fiscal year ending March 31, 2025, Noah Holdings reported total revenue of 615 million RMB, a year-over-year decrease of 5.38%, while net profit attributable to shareholders was 149 million RMB, reflecting a year-over-year increase of 13.29% [1] - The company is a leading wealth management service provider, primarily catering to high-net-worth Chinese investors with comprehensive global investment and asset allocation consulting services [1] Financial Performance - In Q1 2025, Noah Holdings reported a profit attributable to shareholders of 149 million RMB, which is a 13.29% increase compared to the previous year [1] - The total value of investment products distributed by Noah in Q1 2024 was 18.9 billion RMB (approximately $2.6 billion) [1] - As of March 31, 2024, Noah's total assets under management through its subsidiary, Gaofei Asset Management, reached 153.3 billion RMB (approximately $21.2 billion) [1] Business Operations - Noah's wealth management services include the distribution of private equity, private securities, public funds, and comprehensive inheritance services, denominated in RMB, USD, and other currencies [2] - The company's service network spans major cities in mainland China, as well as Hong Kong, New York, Silicon Valley, Singapore, and Los Angeles [2] - A total of 1,109 client managers provide customized wealth management solutions to meet the investment needs of over 450,000 registered clients [2]

Core Viewpoint - The article discusses the uncertainty surrounding the Trump administration's tariff policies, particularly in light of recent court rulings and the potential implementation of a "Tariff B Plan" to impose tariffs globally under new legal frameworks [1][3][4]. Group 1: Tariff B Plan - The Trump team is preparing a "Tariff B Plan" which may involve utilizing Section 122 of the Trade Act of 1974 to impose tariffs of up to 15% within 150 days [1][3]. - The plan also considers using Section 301 of the Trade Act, although this would involve a longer notification and discussion process [3][4]. - White House officials have indicated that they will pursue other legal avenues to implement tariff policies, regardless of court rulings [1][3]. Group 2: Court Rulings and Responses - The U.S. International Trade Court ruled that the Trump administration's use of the International Emergency Economic Powers Act to impose tariffs was illegal, but this ruling was temporarily stayed by the U.S. Court of Appeals [2][3]. - White House Press Secretary and economic advisors have criticized the trade court's decision as judicial overreach and are seeking to overturn it [3][4]. Group 3: Market Reactions - The uncertainty surrounding tariffs has negatively impacted market risk appetite, leading to significant sell-offs in cryptocurrencies, with Bitcoin dropping over 2% and other cryptocurrencies experiencing declines of 4% to nearly 10% [1]. - A total of $676 million in cryptocurrency contracts were liquidated within 24 hours, with over 200,000 traders affected, primarily from long positions [1]. Group 4: Economic Implications - Trump claims that tariffs have brought trillions of dollars into the U.S. economy and argues that the recent court ruling could lead to significant financial losses for the country [6]. - Analysts from Evercore ISI suggest that the Trump administration has the tools to restore tariffs even if they are ultimately canceled [6]. Group 5: Market Outlook - UBS's Chief Investment Officer anticipates that the trade court's decision complicates tariff imposition and may weaken U.S. negotiating power in trade talks, but believes that significant tariffs can still be imposed in the long term [7]. - The S&P 500 index is projected to reach 6000 points by the end of the year, indicating potential market volatility due to trade and fiscal policy developments [7].