Core Viewpoint - The speech emphasizes the importance of financial openness and cooperation as a means to achieve mutual benefits and sustainable development in the global economy [3][4][5]. Group 1: Financial Development and Cooperation - Financial development is inherently open, and cooperation is essential for global economic growth and prosperity [4][5]. - China's financial reform and opening-up have significantly enhanced the strength of its financial sector, with 42 of the world's top 50 banks having a presence in China [4]. - The share of foreign insurance companies in China's market has increased from 4% in 2013 to 9% currently, indicating a growing role of foreign institutions in the domestic market [4]. Group 2: Future Prospects of Financial Openness - China's large-scale market presents vast opportunities for foreign financial institutions, particularly in consumer finance and inclusive finance [6]. - The demand for green finance is strong, with China's green credit scale being the largest globally, and the market for green bonds and insurance is also significant [7]. - The aging population in China is expected to create a silver economy worth 30 trillion yuan by 2035, presenting opportunities in pension finance [8]. Group 3: Building a New Financial Openness Framework - China is committed to expanding financial openness and creating a mutually beneficial financial development framework [9][10]. - The regulatory environment for foreign institutions is being improved, with efforts to create a transparent and stable policy environment [10]. - China aims to strengthen global financial security through active participation in international financial regulatory frameworks and cooperation [10].

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 ...

本文源自：金融界 作者：行情君 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16日，诺亚控股(NOAH)开盘上涨2.52%，截至21:31，报12.425美元/股，成交9.03万美元，总市值 8.22亿美元。 财务数据显示， ...

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].

通过此次合作，MoneyHero用户可以比较更多元化的理财产品，包括由OSL等受香港证监会监管的平台 提供的数字资产账户产品，以及保险、股票和银行账户等理财产品，帮助用户做出更全面和明智的金融 决策。随着香港对数字资产的兴趣与日俱增，市场对多元化金融解决方案的需求日益旺盛。根据香港证 监会辖下投资者及理财教育委员会(IFEC)的数据，在2023年有8%的香港零售投资者投资于虚拟资产及 相关产品，较2019年的1%有显著增长。另有11%的零售投资者表示有意投资相关产品。此次MoneyHero 和OSL的合作，正在积极回应这一趋势，满足市场和投资者对数字资产日益增长的需求和兴趣。 MoneyHero首席执行官Rohith Murthy表示："我们非常高兴与OSL达成策略合作，OSL是亚洲受规管数 字资产领域的领军企业。这次合作充分体现我们作为大东南（002263）亚地区大多数银行首选的数字获 客伙伴的独特优势，并将这一优势延伸至数字资产市场。我们致力于以可靠且透明的方式，为用户提供 全面的金融解决方案以及新兴资产类别的投资机会。OSL在监管合规及机构专业能力方面的优势，为我 们进军该领域提供了强而有力的支持，我们 ...

证券研究报告·行业深度报告·非银金融 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 非银金融行业深度报告 财富管理系列报告之一—群雄逐鹿，财富管 理新时代 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 公募基金投顾试点将成为中国财富管理市场转型重要探索。已有 60 家 机构取得试点资格，2025 年 2 月监管再次提出推动基金投顾由试点转 向常规，有望继续推动基金投顾试点转常规的进程。基金投顾的推出将 基金产品的销售，从以规模为中心的"卖方投顾"模式转变为以客户利 益为中心"买方投顾"模式，将基金投顾服务机构与投资者资产增值实 现更好的绑定，增加客户粘性。该模式下，拥有优秀投顾能力和品牌影 响力的机构将拥有更多的客户，更高的定价能力和稳定的 ROE，展现出 财富管理方面的差异化优势。我国买方投顾模式尚处于初步发展阶段， 未来发展空间广阔。 ◼ 风险提示：宏观经济波动加大，监管政策趋严，资管行业竞争加剧。 2025 年 06 月 06 日 heting@dwzq.com. ...