本文源自：金融界 资料显示，诺亚控股有限公司(纽交所代码:NOAH,港交所代码:6686)是一家领先的财富管理服务提供商, 主要为华语高净值投资者提供全球投资和资产配置的一站式综合咨询服务。2024年一季度,诺亚分销的 投资产品总值为人民币189亿元(26亿美元)。截至2024年3月31日,通过旗下的歌斐资产管理公司,诺亚的 总资产管理规模达人民币1,533亿元(212亿美元)。 诺亚财富管理业务主要包括分销以人民币、美元及其他币种计价的私募股权、私募证券、公募基金等产 品以及提供保障传承类综合服务。诺亚的服务网络覆盖了中国大陆的主要城市,以及中国香港、纽约、 硅谷、新加坡和洛杉矶。1,109名客户经理通过该网络为客户提供定制化的财富管理解决方案,满足客户 的投资需求。截至2024年3月31日,公司财富管理业务拥有超过45万名注册客户。通过歌斐资产管理,诺亚 管理着以人民币、美元及其他货币计价的私募股权、私募证券、房地产、多策略和其他投资产品。 6月24日，诺亚控股(NOAH)盘中上涨2.06%，截至02:53，报12.155美元/股，成交150.57万美元，总市值 8.04亿美元。 财务数据显示，截至202 ...

Group 1 - The wealth management industry is transitioning from "scale expansion" to "quality upgrade" due to improved regulatory policies and significant technological advancements [2] - Regulatory measures such as breaking the "guaranteed returns," reducing nested structures, and banning fund pools are guiding the Chinese wealth management market towards healthier development [2] - The rapid iteration of AI technology has enabled automated asset allocation services 24/7, while large model technology is reshaping investment research and analysis [2] Group 2 - The demand for skilled financial advisors is at an all-time high, as investors seek professionals who understand the market, policies, and client needs [3] - The 2025 Forbes-Fuguo China Preferred Financial Advisor Selection has been launched, continuing its mission to certify the professional capabilities and ethics of outstanding financial advisors [3][4] - The selection process includes multiple stages, culminating in a national final where top advisors compete for awards [4] Group 3 - The selection will produce a national TOP 60 list, with 14 finalists advancing to the national finals for the top awards [4] - The awards include Gold, Silver, and Bronze distinctions for the best financial advisors [9] - Winners will be recognized in Forbes magazine and will have opportunities to participate in various financial forums and strategy meetings [10] Group 4 - The wealth management market in China is projected to reach an asset management scale of 155.1 trillion yuan by 2024, indicating strong growth potential [2] - The changing demographic structure is driving a shift in retirement planning from value-added services to essential needs, alongside a rise in ESG investment concepts and cross-border asset allocation demands [2]

Core Insights - The 2025 Zhitong Finance Fourth Wealth Management Forum successfully held on June 20 in Zhuhai, Guangdong, gathering over 70 executives from securities firms and more than 200 core personnel in wealth management [1] - The forum focused on the theme of driving wealth management through digital engines, discussing industry transformation trends and key topics such as digitalization and the upgrade of the buy-side advisory ecosystem [1] - The "Huazun Award" announced 14 awards on the same day, recognizing pioneers who uphold customer value through market cycles [1] - The Zhitong Finance Private Equity Big Data Research Center was officially launched, aiming to provide data support and decision-making references for the private equity industry leveraging Zhitong Finance's resources and technological advantages [1]

Core Insights - DBS Bank is expanding its wealth management services in Hong Kong, planning to hire 100 wealth advisors and establish a flagship wealth center by June 2025, despite a backdrop of layoffs in international investment banks and concerns about talent and capital flight from Hong Kong [2][3] - The bank's strategy is based on the belief that the demand for cross-border asset allocation from China's new affluent class will drive the next growth phase in Asia's wealth management market [3][4] - DBS is also applying for a cryptocurrency service license in Hong Kong, aiming to provide digital asset allocation channels to local clients, highlighting the city's clear and forward-looking regulatory framework for virtual assets [2][5] Market Trends - Hong Kong's private wealth management sector saw a net inflow of HKD 341 billion in 2023, nearly doubling year-on-year, indicating a strong recovery in the asset platform's functionality [3][4] - The "New Capital Investor Entry Scheme" (CIES) has attracted over 1,200 applications in just one year, expected to bring in HKD 37 billion in direct investment, reflecting renewed interest in Hong Kong as an asset hub [3][4] - The proportion of cross-border clients in DBS's Hong Kong wealth management business has increased from 20% five years ago to nearly 40%, with expectations to exceed 50% in the next two to three years [3][4] Wealth Management Dynamics - Over one-third of new client assets in Hong Kong are sourced from mainland China, with a significant increase in cryptocurrency trading value, which grew by 85.6% in 2023, the highest in East Asia [4][8] - The demand for alternative assets is rising, with high-net-worth clients increasingly interested in integrating digital assets into their portfolios, moving away from traditional investment strategies [8][9] - The shift in client demographics is notable, with the fastest growth among "next-high-net-worth" individuals, defined as those with assets between USD 5 million and USD 10 million, indicating a broader market opportunity for wealth management firms [6][7] Strategic Positioning - DBS's internal strategy includes expanding its wealth management network in Hong Kong and enhancing its service offerings, such as real-time foreign exchange trading capabilities [4][6] - The bank's recent approval to become a member of the China Foreign Exchange Trading System allows it to participate directly in foreign currency borrowing and repurchase transactions, enhancing its role in the internationalization of the RMB [4][6] - The bank's cautious approach to cryptocurrency services aims to meet high-net-worth clients' needs for digital asset allocation while managing risk exposure [5][9] Future Outlook - The integration of stablecoins, asset tokenization, and ETFs in Hong Kong's financial infrastructure is seen as a critical development for wealth management, providing a compliant channel for digital asset allocation [9][10] - The evolving landscape suggests a shift in asset allocation strategies, with a move towards a more diversified approach that includes alternative assets alongside traditional investments [10][11] - Hong Kong's unique position as a bridge between the RMB and global markets is expected to attract more affluent clients seeking transparent and flexible asset management solutions [12][13]

Core Viewpoint - The importance of safety and trustworthiness in digital financial innovation is emphasized, highlighting the need for regulatory clarity and market confidence [1][5][6]. Group 1: Digital Financial Innovation Principles - The "high, medium, initial, small" principle is proposed to balance innovation and risk tolerance, allowing for some flexibility in risk management [1][8]. - Financial models must prioritize safety, reliability, and explainability, with a focus on advanced security technologies to prevent malicious attacks [2][4]. Group 2: Key Considerations for Financial Models - Financial models should avoid pitfalls such as model hallucination, discrimination, algorithmic resonance, AI deception, and the coldness of machine interactions [4]. - The need for legal clarity regarding the status and responsibilities of financial AI is highlighted, ensuring that financial institutions have clear decision-making accountability [4][6]. Group 3: Economic Efficiency and Collaboration - Industry-level financial models should be developed through extensive data pre-training and customization to reduce development costs and expand application ranges [5]. - Collaboration between strong tech companies and financial institutions is encouraged to lead the development of industry-level financial models and applications [5]. Group 4: Regulatory Innovation - The necessity for a robust regulatory framework for digital finance is stressed, including the establishment of clear business norms and a comprehensive regulatory system [6][7]. - The balance between innovation and regulation is crucial, with a call for a flexible approach that does not stifle innovation while ensuring market stability [7][8].

● 本报记者 魏昭宇 此外，阎小庆还认为，人工智能的发展为资产管理行业带来了更多可能性。"AI赋能绝非简单接入大模 型，我们不能将AI视为一个单纯的'语言助理'，我们需要赋予AI更多实际研究和分析工作，让AI成为一 个有效率的数据分析师和投资专家。" 投顾迎来黄金发展期 阎小庆开宗明义地表示，投顾改革是监管部门推动财富管理生态从"失衡"走向"均衡"的战略举措。"过 去二十余年，公募基金规模持续攀升，最新规模突破33万亿元，但行业力量对比严重失衡——供给侧蓬 勃发展，需求侧却未在制度设计上获得充分保护。" 投顾正是有力的中介力量，促使财富管理生态建立更加有效的机制。在阎小庆看来，投顾业务正迎来发 展的黄金窗口。 从全球资本的配置角度看，阎小庆表示，中国资本市场在全球市场的重要意义日益增加。"路博迈集团 多资产委员会每个季度都会对全球资产类别回报预期和配置观点进行研究，在今年二季度股票市场展望 中，路博迈集团已将中国市场上调为'超配'。这也是近三年以来，集团首次上调中国市场为'超配'。"他 表示，中国市场规模提升、科技突破、优质公司不断涌现，正促使海外资本"认真思考加大配置"。 从需求端看，阎小庆表示，老龄化正在 ...

当前，中国财富管理行业机遇与挑战并存。国联民生证券董事长、总裁葛小波在演讲中表示，中国财富 管理行业仍处于变革初期，人口结构和经济环境的变化导致居民收入结构中的财产性收入增速快于经营 性收入增速。 放眼海外，野村中国首席经济学家陆挺表示，过去一段时间，全球债市、股市发生巨大变化。与此同 时，中国制造业在全球占比已超过30%，在多个关键领域实现快速发展。（下转A02版） ● 本报记者 张舒琳 魏昭宇 6月19日，中国证券报主办的"破局 谋变 共生——2025金牛财富管理论坛"在上海举办，来自公募基金、 证券公司、银行理财、保险资管、第三方投顾平台、信托公司的资深人士齐聚一堂。 在全球经济格局深刻重塑的背景下，中国财富管理行业机遇与挑战并存。与会嘉宾认为，中国财富管理 行业正加速向买方投顾时代转型，"以客户利益为中心"成为共识；同时，面对低利率、高波动的市场环 境，多元化、全球化、灵活化的资产配置策略被视作破局核心路径。 买方投顾推动财富管理行业转型 此次论坛的第二场圆桌对话聚焦"资产配置新策略"，面对低利率、高波动的市场环境，来自保险资管、 银行理财、公募基金的资产配置专家分享了在新形势下的策略思考。国联资管总 ...

华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 作为金融市场深刻变革的见证者和参与者，我们深知， 研究服务的价值不仅在于洞察趋势，更 在于搭建认知跃迁的阶梯。 优秀的研究应该如同一盏明灯，照亮前行的道路，帮助从业者们从 纷繁复杂的市场变化中捕捉到那些关键的信号，为行业转型提供坚实的方向指引。 未来， 我们将继续以买方视角为锚点 ，让研究成果如毛细血管般渗透到我们每个服务的触点 ——因为真正的跃迁，从来不是孤立的质变，而是生态系统的协同进化！ 图：2025中国金融产品年度报告完整目录 | 第一部分 -- 2024 年财富生态洞察 · | | --- | | 1. 存款替代产品的收益率会更低吗? … | | 2. 让客户接受净值型固定收益产品难在哪里? … | | 3. 胖东来对财富管理机构有哪些启示? | | 4. 基金与理财,投资者的选择背后隐藏着什么秘密? ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

随着居民财富持续积累，财富管理需求正在向多元化、专业化配置转型。过去五年中国信托、理财、保险资管受托管理资产规模年均增速约8% 文｜《财经》记者 陈洪杰 研究员 丁艳 编辑 | 张颖馨 杨芮 中国已成为全球第二大资产和财富管理市场、支持外资机构加大布局，支持符合条件的银行在沪设立金融资产投资公司(AIC)，支持外资机构参与 更多金融业务试点…... 6月18日上午，国家金融监督管理总局局长李云泽在"2025陆家嘴论坛"上发表主题演讲。他表示，从金融资产配置比例看，当前中国家庭的现金和 储蓄占比超过一半，远高于OECD（经济合作与发展组织）国家约三分之一的平均水平。随着居民财富持续积累，财富管理需求正在向多元化、 专业化配置转型。 在银发经济方面，李云泽表示，银发经济方兴未艾，养老金融大有可为。中国老龄化进程加快，预计2035年60岁以上人口将突破4亿，银发经济规 模有望达到30万亿元。 "过去五年中国信托、理财、保险资管受托管理资产规模年均增速约8%。我们支持外资机构在理财投资、资产配置、保险规划等领域布局。"李云 泽表示。 另外，目前中国数字金融市场快速发展，规模稳居世界首位。李云泽称，欢迎外资机构深度参与 ...

【导读】李云泽：中国金融高水平开放前景广阔 中国基金报记者 晨曦 6月18日上午，国家金融监督管理总局局长李云泽出席2025陆家嘴论坛开幕式，并以"坚定不 移推动金融高水平开放 谱写互利共赢新篇章"为主题进行演讲。 图片来源：国家金融监管总局官网 基金君总结主要看点如下： • 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，提升了公司治理效能和经营管理水平。 • 外资银行和保险机构总资产超过7万亿元，各项业务保持良好增长态势。外资保险公司保费 占国内市场份额比例已从2013年的4%提升至目前的9%。外资银行衍生品业务国内市场占比 近五分之一。中资机构也在70多个国家和地区广泛展业，有力促进了贸易和投资发展。 • 近年来，消费已成为中国经济增长的主引擎，中国消费市场规模已达到全球第二，其中，汽 车、手机、家电等实物消费量均排名世界第一。中国正在加速成为全球最大消费市场，不少 外资机构在消费金融、普惠金融领域有丰富经验和独特专长，深耕中国市场必将大有作为。 • 金融监管总局正在大力推进金融资产投资公司股权投资、科技企业并购贷款等相关试点，不 ...