金融监管总局将坚决贯彻党中央国务院的决策部署，进一步拓展金融开放的广度和深度，为高质量发展注入更多的动力和活力。 科技方面，李云泽提出，当前中国在科技前沿领域不断突破，航空航天、量子科技、人工智能等创新成果层出不穷，成为全球最活跃的创新高 地之一。近年来，一些国际投资机构投资中国科创企业获得丰厚回报，越来越多的投资者日益看好中国科技发展潜力金融监管，总局正在大力 推进金融资产投资公司股权投资，对企业并购贷款等相关试点，不断探索科技金融发展的新路径。与此同时，科技也在赋能金融变革，中国数 字金融市场快速发展，规模稳居世界首位。"我们欢迎外资机构深度参与中国科技金融数字金融的实践，促进科技产业金融良性循环，低碳转 型需求旺盛，绿色金融动能强劲，中国坚定不移推进双碳目标，建成了全球最大最完整的新能源产业链。" 绿色金融方面，李云泽介绍道，目前中国绿色信贷规模全球第一，绿色债券、绿色保险市场规模居全球前列，预计2030年实现碳排放目标，资 金需求将超25万亿，绿色金融发展空间仍然十分广阔，近几年外资机构陆续将ESG评级体系，气候风险管理等工具引入中国，为中国绿色金融 发展提供了有益借鉴。我们支持外资机构广泛参与中国绿 ...

证券时报记者 程丹 孙璐璐 贺觉渊 6月18日，2025陆家嘴论坛开幕。 6月18日，金融监管总局局长李云泽在2025陆家嘴论坛上发表主题演讲。来看具体内容： 开放合作是中国金融改革发展的强大动力 李云泽表示，开放合作是金融发展的时代主题，当今世界"你中有我，我中有你"的格局更加凸显，只有开放合 作才能带来全球经济金融共同发展，开放合作是中国金融改革发展的强大动力。 支 持外资机构在理财投资、资产配置、保险规划等领域加大布局 外资机构是中国现代金融体系建设的重要参与者和积极贡献者 李云泽表示，目前，全球前50大银行有42家在华设有机构，40家最大的保险公司近半数已进入中国，八成全 国性银行通过引入境外战略投资者，有效提升了公司治理效能和经营管理水平。中、外资机构优势互补，竞合 发展，丰富了机构类型和产品服务，更好满足了多样化的金融需求。实践证明，外资机构是引资、引智、引技 的重要桥梁和纽带，是中国现代金融体系建设的重要参与者和积极贡献者。 经济全球化势不可挡 扩大金融开放势在必行 李云泽表示，当前跨境金融蓬勃发展，金融市场互联互通，放眼未来，经济全球化势不可挡，扩大金融开放势 在必行，各国应该顺应大势，共同维 ...

Core Insights - Noah Holdings (NOAH) opened at $12.425 per share, up 2.52%, with a total market capitalization of $822 million as of June 16 [1] - As of March 31, 2025, Noah's total revenue was 615 million RMB, a year-on-year decrease of 5.38%, while net profit attributable to shareholders was 149 million RMB, an increase of 13.29% [1] - Noah Holdings is a leading wealth management service provider primarily serving high-net-worth Chinese investors with comprehensive global investment and asset allocation consulting services [1] Financial Performance - In 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 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]

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].