21世纪经济报道记者孙迟悦香港报道 近年来，港股市场对于内地公司和中概股的吸引力正不断增强。 4月29日，香港财经事务及库务局发言人表示，在海外上市的中概股一直有回流香港市场的意向，配合 相关需求，港交所近年推出一系列上市制度改革，包括针对中概股和其他海外发行人的融资需求对有关 上市机制作出了全面检讨，以进一步便利中概股在港上市。自2018年上市制度改革以来，截至2025年3 月底，已有33家中概股发行人回流香港。 此外，香港证监会方面也表示，为配合最新经济趋势和企业需求，吸引更多来自不同地区的企业来港上 市，香港证监会和港交所正推进全面的上市制度检讨，其中包括审视上市要求和上市后的持续责任；检 视上市规例和安排，改善审批流程；以及研究优化双重主要上市及第二上市门槛等。相关检讨将进一步 便利新兴产业公司和海外企业在港上市。 港交所CEO陈翊庭5月20日对21世纪经济报道记者表示，目前已有超过40家A股上市公司提交了H股上市 申请，还有众多A股上市公司已宣布计划在港交所进行二次上市。预计在未来几个月内，将有更多A股 上市公司选择在香港上市。 在今年5月格林威治香港论坛接受专访时，诺亚控股首席财务官潘青也强调了香 ...

Core Viewpoint - Hong Kong's ability to maintain its advantages in adversity is attributed to the relentless efforts of various domestic and international enterprises contributing significantly to its economic development [1] Group 1: Awards and Recognition - The "Capital Outstanding Listed Companies Awards and Capital Outstanding Enterprise Achievement Awards" ceremony was held to recognize outstanding companies across various industries for their exceptional performance and contributions [5] - The award ceremony aims to share the experiences and achievements of the winning companies over the past year, especially in a challenging economic environment [5] Group 2: Award Winners - The winners of the "Outstanding Listed Companies Award 2024" include: - Anle Engineering Group Limited (Stock Code: 1977) for Corporate Governance Award [7] - Kingdee International Software Group (Hong Kong) Limited (Stock Code: 0268) for Performance Award [7] - Other notable award winners include: - China Overseas Development Limited (Stock Code: 00688) and Yuexiu Transport Infrastructure Limited (Stock Code: 1052) for Corporate Governance Award [8] - Swiss Privilege Wealth Management for Outstanding Wealth Management [8] - Yana 360 Global Limited for Outstanding Health and Beauty Enterprise [8] - GrowthOps for Outstanding AI and Digital Transformation and Innovative Technology Enterprise [8] - 1O1O HOME for Outstanding Home Broadband Service [8] - HKT Enterprise Solutions for Outstanding 5.5G Application Innovation Award [8] - Hong Kong Telecommunications for Outstanding Event Information Technology Service Provider and Outstanding AI Application Solution Provider [8] - Hansheng Group Limited for Outstanding Precious Metals Trader [8] - Yan On Hospital for Outstanding Medical Services [8]

Core Viewpoint - UBS Global Wealth Management's Ulrike Hoffmann-Burchardi anticipates continued market volatility due to ongoing news related to trade and fiscal policies [1] Group 1: Market Outlook - The company expects U.S. stocks to rise over the next 12 months, although the near-term gains for this year may be limited [1]

Core Viewpoint - Noah Holdings reported strong financial performance for Q1 2025, with significant growth in operating income and net income, reflecting the effectiveness of its internationalization strategy and ongoing investments in overseas markets [1][3]. Financial Performance - Net revenue for Q1 2025 was RMB 615 million, with operating income reaching RMB 186 million, a year-on-year increase of 53.1% [1]. - Net income attributable to shareholders was RMB 149 million, up 13.3% year-on-year, while non-GAAP net income attributable to shareholders was RMB 169 million, a 4.7% increase [1]. - Revenue from overseas operations was RMB 304 million, relatively stable year-on-year but up 5.0% quarter-on-quarter, contributing nearly 50% to total net revenue [1]. Wealth Management Business - The total number of registered clients in wealth management reached 463,161, a 1.2% increase from March 31, 2024; however, the number of active clients decreased by 15.1% to 8,822 [1]. - The total value of distributed investment products was RMB 16.1 billion, down 14.7% from Q1 2024 [1]. Asset Management Business - Total assets under management reached RMB 149.3 billion, with RMB 106.6 billion from mainland China and RMB 42.7 billion from overseas [1]. - Domestic public market securities business net revenue was RMB 127 million, a 7.1% year-on-year increase, while domestic asset management net revenue decreased by 14.3% to RMB 167 million [2]. Strategic Focus - The company aims to enhance overseas business expansion, with overseas insurance distribution revenue increasing by 5% quarter-on-quarter [3]. - There is a focus on optimizing product structure by reducing non-standard fixed-income private placement products and concentrating on compliant asset categories [3]. - Operational efficiency is being improved through organizational adjustments and technology investments to lower operational costs and enhance profitability [3]. Future Outlook - Management plans to deepen customer service capabilities and accelerate the application of digital tools to navigate complex market environments [4]. - The company emphasizes strict asset allocation discipline, prioritizing the optimization of regional distribution and diversifying risks through various strategies [4]. - Noah Holdings aims to leverage a diversified product matrix, a strict compliance framework, and technology empowerment to unlock global business growth potential and deliver sustainable high returns to shareholders [4].

Core Insights - Noah Holdings (NOAH) experienced a stock price increase of 4.48% on May 29, reaching $9.905 per share, with a total market capitalization of $655 million [1] - For the fiscal year ending December 31, 2024, Noah Holdings reported total revenue of 2.601 billion RMB, a year-on-year decrease of 21.06%, and a net profit attributable to shareholders of 475 million RMB, down 52.9% year-on-year [1] - The company is set to release its Q1 2025 financial report on June 4, 2024 [1] Company Overview - Noah Holdings is a leading wealth management service provider, primarily catering to high-net-worth investors in the Chinese-speaking community, offering comprehensive global investment and asset allocation consulting services [1][2] - As of March 31, 2024, Noah's wealth management business had over 450,000 registered clients, supported by a network of 1,109 client managers across major cities in mainland China, Hong Kong, New York, Silicon Valley, Singapore, and Los Angeles [2] - The total value of investment products distributed by Noah in Q1 2024 amounted to 18.9 billion RMB (approximately $2.6 billion) [1] - Through its subsidiary, Gaofei Asset Management, Noah managed total assets of 153.3 billion RMB (approximately $21.2 billion) as of March 31, 2024 [1]

许正宇与加拿大鲍尔集团的集团副总裁兼亚洲业务总裁刘宇鸿，向他介绍香港政府为协助有意落户香港 或在港扩展业务的家族办公室而推出的各项便利和优惠措施。措施包括单一家族办公室如非在香港经营 受规管活动的业务，便无需根据《证券及期货条例》申领牌照，另外，其合资格交易可获豁免缴付利得 税等。 智通财经APP获悉，日前，香港财经事务及库务局局长许正宇访问加拿大。许正宇介绍，香港现时是亚 洲最大的跨境财富管理中心，并有望于2028年跃升至全球首位。许正宇指出，香港的金融产品多元，加 上最近通过有关稳定币的法例，为投资者提供广泛的投资选择。他鼓励把握香港在资产及财富管理业的 发展优势，来港开拓相关业务。 家族办公室业务是香港资产及财富管理业的重要一环。截至2023年年底，香港的私人银行和私人财富管 理业务中，来自家族办公室和私人信托客户的资产规模达1852亿美元（14,520亿港元），为资产和财富 管理业及其他相关专业服务（例如法律和会计服务）带来庞大商机。 许正宇又特别提到，香港政府正优化有关基金、单一家族办公室和附带权益的优惠税制，包括拓宽免税 制度下"基金"的定义、增加基金及单一家族办公室享有税务宽减的合资格交易种类、 ...

Group 1 - UBS Wealth Management's report predicts gold prices could reach $3,500 per ounce by Q1 next year, driven by geopolitical risks and expected declines in real interest rates [1] - The report suggests investors allocate about 5% of a diversified dollar portfolio to gold to hedge against potential risks [1] - The effective U.S. tariff rate is expected to stabilize around 15%, which could hinder economic growth and increase inflation without leading to a recession [1] Group 2 - The report indicates that while the dollar has stabilized recently, it is expected to weaken again due to a slowing U.S. economy and rising concerns over fiscal deficits [2] - Investors are advised to diversify excess dollar cash into other currencies and consider hedging dollar exposure back to local currencies [2] - The U.S. maintains strong credit quality, with Treasury bonds viewed as safe and low-yield dollar assets, supported by the strength of U.S. capital markets and the wealth held by American households [2]

Core Points - Qatar Investment Promotion Agency (Invest Qatar) has launched a $1 billion incentive program to enhance Qatar's position as a global business hub [2] - The program offers up to 40% financial support for eligible investors over five years, covering local investment costs [2] - The initiative aligns with Qatar's National Development Strategy (NDS3) and focuses on key growth sectors such as advanced industries, logistics, IT and digital economy, and financial services [2][3] Incentive Program Details - The program includes four initial incentive schemes aimed at supporting new investments, expanding existing facilities, and fostering high-skilled job creation [2][3] - The advanced industries scheme targets high-value sectors like pharmaceuticals, chemicals, automotive, and electronics [3] - The logistics scheme aims to transform Qatar into a leading global logistics and distribution center through infrastructure and automation investments [3] - The technology scheme focuses on attracting investments in cybersecurity, cloud computing, AI, and data-driven innovation [3] - The Lusail financial services scheme promotes asset management, insurance, and fintech innovations [3] Qualification Criteria - The program has transparent qualification standards, requiring a minimum investment of 25 million Qatari Riyals within five years and meeting job creation and industry experience targets [3] - Applications can be submitted through Qatar's first digital investment platform, "Invest Qatar Gateway" [3] Economic Impact - In 2024, Qatar attracted $2.74 billion in foreign direct investment through 241 projects, creating 9,348 jobs [3] - Qatar's international competitiveness improved, with the IMD World Competitiveness ranking rising to 11th, and the World Bank Logistics Performance Index ranking logistics capability and infrastructure at 14th and 19th globally, respectively [3]

过去几年，辜朝明是国内金融圈绕不过去的一个名字。在股市、楼市的各种鬼故事里， " 日本式的资产 负债表衰退 " 一度是最为撩拨的话题。 但天弘基金的姜晓丽并不跟从这种叙事的引力，她养成了一个新的习惯 —— 每天研读《人民日报》。 以下文章来源于远川投资评论 ，作者张婕妤 远川投资评论 . 看更好的资管内容 在探索绝对收益方法论的最开始的起点上，天弘与几乎所有公募绝对收益团队一样，瞄准债券市场，做 好固收投资。可实际上，一旦遇到债券熊市，就算满仓配置货币，还是没有办法抵抗下跌。 通过报刊史料，在微观文本和宏观结构之间建立桥梁，是不少研究中国近现代史的历史学者所常见的方 法。但在投资领域，这条理解宏观的分析路径在大部分时间里称不上主流。 作为债券出身的基金经理，姜晓丽在此前大部分从业时间里也并不是一个会把投资胜率建立在政策分析 上的人。但身处 2022 年的波动中，她明确地感受到，现实世界里一些底层的框架和规律正在发生深刻 的变化： 政策对经济和市场的影响力正在日益增强，政府对特定产业的重视往往决定了市场的方向。 在这种脉络下，权威媒体的印刷物成为了她不能忽视的参考资料，政府对经济运行、产业方向的调整意 图，显露 ...

Group 1: Market Overview - In 2024, China's wealth management market is led by China Merchants Bank with a public fund product holding scale of 2.94 trillion yuan, maintaining its top position [1][3] - The report indicates that banks hold a dominant position in the wealth management industry, with 62 out of the top 100 institutions being banks [1][2] - The competitive landscape is characterized by a stable dominance of banks, a recovery for securities firms, pressure on public funds, and resilience from third-party institutions [2] Group 2: Bank Performance - China Merchants Bank, Industrial Bank, and Industrial and Commercial Bank of China rank first, second, and third in public fund product holdings, with 2.94 trillion yuan, 2.12 trillion yuan, and 1.71 trillion yuan respectively [3] - In the non-bank wealth management sector, China Merchants Bank also leads with 1.99 trillion yuan, followed by Industrial Bank and CITIC Bank [3] - The report highlights that while major banks show strong performance, local banks exhibit volatility, with some entering and exiting the top 100 rankings [4] Group 3: Technological Transformation - The wealth management industry is undergoing a paradigm shift from "product-driven" to "technology + service-driven," influenced by rapid advancements in technologies like big data, blockchain, and artificial intelligence [2][6] - Financial institutions are leveraging fintech to create intelligent investment research and precise marketing systems, enhancing their competitive edge [6] - Institutions that embrace technology and successfully transform will gain significant competitive advantages, while those that resist change may face market elimination [6] Group 4: Third-Party Institutions - By the end of 2024, the average index value for the top 100 third-party institutions in wealth management was 245.87, reflecting a 2.62% increase from the first half of the year [7] - The top third-party institutions are categorized into three tiers, with Ant Group and Shanghai TianTian Fund in the first tier, indicating stable industry positions [7] - Non-top third-party institutions face volatility in wealth management scale and market share, necessitating differentiation in services to attract and retain clients [7]