专题：第二届新浪财经金麒麟最佳投资顾问评选 新浪财经主办、银华基金独家合作的"第二届金麒麟最佳投资顾问评选"活动火热进行中！ 我国财富管理行业迈入超级大年，随着居民理财意识逐渐升华，中国财富管理行业已经迎来高增长周 期，投资顾问作为财富管理"最后一公里"的引路人，其触达客户、沟通客户、服务客户的属性直接影响 着全民资产配置的走向。在此背景下，投资顾问面临哪些机遇和挑战？他们该如何"修炼内功"？ 基于此，新浪财经与银华基金共同打造"金麒麟最佳投资顾问评选"品牌活动，寻找优秀投资顾问，赋能 投顾IP建设，共建展业平台！金麒麟最佳投资顾问评选活动旨在为投资顾问提供一个展示形象、扩围服 务、提升能力的舞台，为优秀投资顾问与大众投资人搭建沟通对话的桥梁，助推中国财富管理行业健康 发展。 中航证券财富管理部副总经理、投研团队负责人葛强受邀成为本次大赛的评审委员会成员之一。 责任编辑：张恒星 葛强表示，财富管理之业，始于专业，立于信任，成于远见。当市场风云变幻，我们更需以数据为锚、 以科技为翼，将客户人生目标置于资产曲线之上。投顾服务不再是简单配置，而是陪伴每一次人生抉 择，让财富与梦想同频共振。愿我们坚守受托之责，精进策 ...

智通财经APP获悉，Nifty 50指数周一开盘小幅下跌，为印度股市本周走势奠定了基调。随着印度股市 出现紧张迹象，投资者将目光投向黄金。 各大央行及ETF需求推动黄金价格今年上涨27% 在连续四个交易日下跌之后，印度股市投资者正谨慎行事。投资者今日的焦点将集中在印度工业银行和 巴拉特电子公司的财报上。与此同时，塔塔咨询服务公司计划裁员1.2 万人，这可能会加剧IT行业本已 黯淡的前景。 资本市场火爆给股市带来考验 印度股票资本市场依然火爆，从新股上市到二级市场配售和大宗交易等各类交易活动的总额已连续第三 个月突破60亿美元。虽然这听起来是个积极的信号，但资本市场火爆未必有利于股市。2024年末出现的 类似发行热潮导致MSCI印度指数在接下来的两个月里下跌了近10%。 印度2.7万亿美元财富热潮中的赢家 印度的财富热潮正在催生出众多赢家。Sanford C. Bernstein认为，富裕阶层的不断壮大将推动对金融咨 询的需求，其中Nuvama Wealth Management和360 One WAM是最大的受益者。印度富裕阶层目前掌控 着2.7万亿美元的流动金融资产。Bernstein分析师指出，受长期规划 ...

Core Viewpoint - Family offices are not just "investment platforms" but essential tools for global families to promote wealth inheritance, governance, next-generation education, and charitable planning [4][17]. Group 1: Family Office Landscape in Hong Kong - As of now, there are over 2,700 single-family offices in Hong Kong, with more than half established by ultra-high-net-worth individuals with assets exceeding $50 million [3]. - The Hong Kong government has assisted over 1,300 overseas and mainland enterprises in establishing or expanding their businesses in Hong Kong from January 2023 to mid-2025, with 179 family offices among them [2]. Group 2: Reasons for Family Offices Establishing in Hong Kong - Hong Kong's rich history and robust ecosystem in wealth management make it Asia's leading cross-border wealth management center [8]. - The "One Country, Two Systems" framework allows Hong Kong to serve as a natural springboard for mainland capital to go global, aligning with the "14th Five-Year Plan" which positions Hong Kong as an international financial center [8]. - Hong Kong's low and direct tax rates, stable currency exchange, and mature legal system attract global funds, especially in the context of rising trade protectionism [8]. Group 3: Regional Differences in Family Office Needs - Family offices from different regions exhibit varying needs in wealth inheritance and asset allocation. For instance, European and American family offices often have established governance structures and seek investment opportunities in Asia through Hong Kong [9]. - ASEAN family offices, often established by first or second-generation entrepreneurs, focus on private investments and global expansion, using Hong Kong as a gateway to the Chinese market [9]. - Mainland family offices prioritize global asset allocation and wealth inheritance planning, emphasizing tax compliance and risk control [9]. Group 4: Advantages and Protections Offered by Hong Kong - Hong Kong's status as a leading international financial center benefits from the "One Country, Two Systems" framework, attracting family offices globally [10]. - The region has a mature anti-money laundering regulatory framework and strong privacy protection laws, making it an attractive jurisdiction for high-net-worth individuals [11]. Group 5: Future Trends and Developments - An increasing number of families are expected to use Hong Kong for global asset allocation, investing in stocks, alternative investments, sustainable investments, and digital assets [16]. - Family offices are evolving into tools for governance, next-generation education, and charitable planning, with Hong Kong supporting long-term family development and wealth transmission [17]. Group 6: Role of Technology in Family Offices - Many family offices are leveraging technology for daily operations and reporting, while also focusing on investments in the tech sector [18]. - Hong Kong's proximity to Shenzhen, a tech hub, provides significant opportunities for family offices to engage with technological advancements [18][19].

Core Insights - The Hong Kong Special Administrative Region (HKSAR) government has assisted over 1,300 overseas and mainland Chinese enterprises in establishing or expanding their businesses in Hong Kong from January 2023 to mid-2025, with family offices accounting for 179 of these entities [2] - There are currently over 2,700 single-family offices in Hong Kong, with more than half established by ultra-high-net-worth individuals with assets exceeding $50 million [2] - Family offices serve as important tools for wealth management, family governance, education, and charitable planning, providing specialized services for long-term family development and wealth transmission [2] Investment Trends - 147 family offices are preparing or have decided to establish or expand their operations in Hong Kong, with over 40% coming from regions such as Europe, Asia-Pacific, Oceania, and the Middle East [4] - Hong Kong's historical depth in wealth management and its status as Asia's leading cross-border wealth management center attract global family offices [5] - The "One Country, Two Systems" framework allows Hong Kong to serve as a natural springboard for mainland capital to access international markets, aligning with China's 14th Five-Year Plan [5] Regional Differences in Family Office Needs - Family offices from Europe typically have mature management philosophies and governance structures, focusing on long-term capital preservation, technology investments, and cultural transmission [6] - ASEAN family offices, often established by first or second-generation entrepreneurs, prioritize private investments and global expansion, using Hong Kong as a gateway to the Chinese market [6] - Mainland family offices emphasize global asset allocation, wealth transmission planning, tax compliance, and risk control, increasingly focusing on impact investing and family governance [6] Regulatory and Operational Advantages - Hong Kong's unique dual attributes as a common law jurisdiction with high autonomy and international connectivity attract family offices globally [7] - The region has a robust anti-money laundering framework and privacy protection laws, making it a preferred jurisdiction for high-net-worth individuals [7] - Family offices can leverage Hong Kong's international financial system for global asset allocation and easier access to mainland investment opportunities [8] Future Development Trends - Family offices are expected to increasingly use Hong Kong for global asset allocation, investing in stocks, alternative investments, sustainable investments, art, and digital assets [10] - The region's resilience amid international political and economic instability positions it as an ideal safe haven for family offices [10] - Family offices will evolve beyond mere investment platforms to become essential tools for family governance, education, and charitable planning [10] Technological Integration - Many family offices are adopting technology to assist with daily operations and reporting, while also focusing on investments in the tech sector [11] - Hong Kong's proximity to Shenzhen, a hub for technological advancement, provides significant opportunities for family offices to engage with tech innovations [11] - The region's strong intellectual property protection framework further attracts technology companies and family offices seeking to explore opportunities [11]

Core Insights - Noah Holdings (NOAH) experienced a stock price increase of 2.04%, reaching $12.5 per share, with a total market capitalization of $827 million as of July 23 [1] - As of March 31, 2025, Noah Holdings reported total revenue of 615 million RMB, a year-on-year decrease of 5.38%, while net profit attributable to shareholders was 149 million RMB, reflecting a year-on-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 - For Q1 2024, Noah distributed investment products valued at 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 protection 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 over 450,000 registered clients as of March 31, 2024 [2]

21世纪经济报道记者 吴霜 财富传承是国内和海外高净值人群面临的共同议题。 "此前，市场预估全球有84万亿美元的资产，仅亚太地区就有近6万亿美元资产，将在2023年至2030年期 间从'婴儿潮'一代交到更年轻的世代手中。"一位欧洲资管机构家族财富管理的负责人告诉记者。 胡润研究院在2024年预计，未来10年内，将有20万亿元的财富传承给下一代；未来20年，这一数字将增 至45万亿元；未来30年，财富传承总额有望达到79万亿元。 这一点也可以从家办的数量可以管窥一斑。"近些年，亚洲单一家族办公室的数量激增，这与区域内多 年以来的财富创造、积累有关，更重要的是，生于60年代的一代创业者们纷纷面临财富管理和传承的问 题。"一位家办从业者表示。 新一代高净值人群的涌入也给财富管理市场注入了新的特色。 7月22日，渣打银行发布《个人可持续投资调研报告2025》，其中对八个市场的1600名高净值人群的调 研显示，87%的受访者对致力于减少碳排放的企业感兴趣。并且，三分之二年龄介于25岁至39岁的下一 代高净值人群对转型投资有兴趣，高于年龄较大的受访者54%的占比。 "事实上，高净值人群的财富管理已经进入到一个新的阶段。这 ...

Core Viewpoint - The global economic environment is undergoing profound changes, presenting challenges for businesses. Under the leadership of Chairman Wang Jingbo, Noah Ark is focusing on the wealth management opportunities for the Chinese community, responding to the question of where to go next [1][3]. Group 1 - Noah Ark officially launched its new overseas headquarters, ARK Group, in Singapore in March, marking a significant step in its globalization strategy [1][3]. - The new headquarters will serve three core functions: a global asset allocation center, a wealth management hub, and a cross-regional collaboration platform [3]. - The establishment of the Singapore headquarters reflects the company's commitment to providing innovative and culturally relevant wealth management solutions for global Chinese clients [1][3]. Group 2 - ARK SG aims to leverage Singapore's advanced financial technology infrastructure to offer clients a more efficient and intelligent wealth management experience [3]. - The strategic significance of ARK Wealth lies in its ability to establish a presence in various global locations to better meet the unmet wealth management needs of the global Chinese community [3]. - The company emphasizes the importance of patience and preparation to navigate through the profound changes in the world economy, positioning itself as a "traveler" that transcends cycles [3].

Core Viewpoint - Capital flows are a vote of confidence in Hong Kong's institutional advantages and market potential, as well as a reinterpretation of the "China growth story" [1][9]. Group 1: Business Expansion in Hong Kong - Over the past two and a half years, 630 companies from mainland China have established or expanded their businesses in Hong Kong, compared to 113 from the US, 89 from the UK, 68 from Singapore, and 38 from Canada [3][15]. - The Deutsche Bank Group emphasizes Hong Kong's critical role as a business hub in North Asia, highlighting its market position [4][21]. - The Hong Kong Securities and Futures Commission reported that by the end of 2024, the total assets under management in Hong Kong's asset and wealth management sector will reach HKD 35.1 trillion, a year-on-year increase of 13% [8]. Group 2: Wealth Management Trends - The net inflow of funds into asset management and fund advisory services surged by 571% year-on-year to HKD 321 billion, indicating a strong demand for wealth management services [8]. - The private banking and wealth management sector saw a 15% growth in assets under management, reaching HKD 10.4 trillion [8]. - The Hong Kong government plans to optimize tax incentives for funds and family offices, with proposals expected to be submitted for legislative review by 2026 [9][29]. Group 3: Foreign Investment and Family Offices - The influx of foreign investment has made Hong Kong a hotbed for investment opportunities, with over 1,300 overseas and mainland companies assisted in establishing or expanding their businesses in Hong Kong from January 2023 to mid-2025 [14]. - Family offices from the Middle East are increasingly interested in setting up branches in Hong Kong, attracted by the region's investment opportunities [16]. - The number of family offices in Hong Kong is on the rise, with over 190 family offices assisted in establishing or expanding their operations since the inception of the Hong Kong Investment Promotion Agency's family office team [16]. Group 4: Competitive Advantages of Hong Kong - Hong Kong's unique geographical position, independent judicial system, open financial market, and international talent pool are highlighted as key advantages in attracting high-net-worth individuals [3][24]. - Compared to other financial centers like Singapore and Dubai, Hong Kong offers greater flexibility for family offices in asset allocation, allowing for global asset configuration without the need to relocate all assets [26]. - The city is positioned to become the largest cross-border asset and wealth management center globally within the next two to three years, supported by a stable political environment and a mature financial system [28][29].

Core Insights - The influx of foreign capital is significantly enhancing Hong Kong's status as a premier investment hub, attracting numerous financial institutions and high-net-worth individuals [2][3][4] - Hong Kong's asset and wealth management sector is experiencing robust growth, with total managed assets projected to reach HKD 35.1 trillion by the end of 2024, marking a 13% year-on-year increase [4][18] - The Hong Kong government is actively working to optimize tax incentives for family offices and funds, aiming to solidify its position as a leading global wealth management center [5][18] Foreign Investment Trends - The establishment of foreign financial institutions in Hong Kong is on the rise, with over 1,300 overseas and mainland Chinese companies assisted in setting up or expanding their operations from January 2023 to mid-2025 [9] - The demand for wealth management services is diversifying, with institutions like Ascend Wealth Group expanding their offerings to include both ultra-high-net-worth and affluent clients [6][7] Market Dynamics - The net inflow of funds into Hong Kong's asset management sector surged by 81% year-on-year, driven by a significant increase in private banking and wealth management services [4][10] - The interest from Middle Eastern family offices in establishing branches in Hong Kong is growing, reflecting a broader trend of diversification into Asian markets [10][11] Competitive Landscape - Hong Kong is positioned to surpass Switzerland as the largest cross-border asset and wealth management center within the next few years, supported by its unique geographical advantages and regulatory framework [4][17][18] - The competitive environment is intensifying, with firms like Kohl Capital and Deutsche Bank expanding their services to cater to high-net-worth individuals and family offices in Hong Kong [11][13] Regulatory Environment - The Hong Kong government is set to propose legislative changes to enhance tax benefits for family offices and funds, with specific plans to be submitted for review by 2026 [5][18] - The regulatory framework in Hong Kong is perceived as favorable for wealth management, with low taxes and a robust legal system attracting global investors [15][16]

Core Viewpoint - The sudden bankruptcy of Zhongzhi Group, once the largest private financial group in China, has raised significant concerns in the financial industry, with implications that may surpass the previous Evergrande crisis [3][8]. Group 1: Company Overview - Zhongzhi Group was established in 1995 and initially profited from the timber business before diversifying into various sectors including mining, clothing, catering, and cement [4]. - The group entered the real estate market in 1997 and later shifted focus to the more lucrative financial sector, engaging in equity acquisitions of small and medium enterprises and wealth management [4]. Group 2: Financial Structure and Impact - Zhongzhi Group controlled or held stakes in six licensed financial institutions and had nine publicly listed companies under its control, making it a significant player in the financial industry [6]. - The group managed assets that peaked at 3.6 trillion, surpassing Evergrande's scale, but is now facing liabilities exceeding 400 billion, leading to a severe insolvency situation [3][6]. Group 3: Reasons for Bankruptcy - The group's financial troubles were exacerbated by poor investment decisions, including significant losses from investments in problematic stocks like LeEco and Kangde Xin, and the death of its founder in 2021, which destabilized the organization [11]. - Zhongzhi Group's aggressive investments in the real estate sector during a downturn, particularly from 2021 onwards, resulted in substantial financial losses [12]. - High-yield financial products offered by its wealth management companies attracted investors with promised returns of 10%-12%, but the inability to meet these obligations has led to significant losses for investors [14]. Group 4: Investor Impact - The bankruptcy has affected approximately 150,000 high-net-worth individuals, with total claims reaching 230 billion, and many investors facing losses of over 3 million each [8][14]. - The likelihood of recovering investments post-bankruptcy is extremely low, as remaining assets will first cover employee wages and debts to banks and creditors before any potential returns to investors [14].