带着这些市场关注的热点问题，《每日经济新闻》记者近日在上海专访了瑞银财富管理中国区主管吕子 杰。采访中，她围绕当下股票、黄金等市场的变化及配置价值逐一阐述了自己的见解。 本次采访正值第十二届西岸艺术与设计博览会期间，吕子杰也从财富管理视角向记者分享了她对于艺术 收藏的看法。 谈股票配置价值：把握时机并注重板块选择 "当前，我们观察到中国高净值客户在财富管理方面的首要需求是追求资产价值的稳定。不少客户倾向 于将大量资金以现金形式存放，不愿承受过大的市场风险。然而，随着利率持续走低，若仅依赖现金储 蓄，实际回报往往难以抵御通胀。"吕子杰对记者说道。 资产配置的核心优势在于，能够在控制风险的同时提升整体收益潜力。"针对风险偏好较为保守的客 户，我们会将其大部分资金配置于类现金资产，而非纯粹持有现金。"吕子杰举例称，10年期左右的中 长期债券就是一类较为理想的选择，其收益通常高于存款，且由于期限适中，对利率波动的敏感度相对 可控，有助于维持投资组合价格的稳定。 此外，吕子杰仍看好股票的配置价值，但需要注意的是，美股、港股、A股等市场年内已有明显涨 幅。"由于市场波动始终存在，我们建议重点关注以下两方面：一是控制建仓节 ...

21世纪经济报道记者 边万莉 11月22日，为凝聚行业智慧、探寻发展新路径，由南方财经全媒体集团指导、21世纪经济报道主办 的"第二十届21世纪金融年会"在北京盛大召开。 在"财富管理的低利率之问"主题论坛上，21世纪数字传媒党委委员，南方财经全媒体集团编委会委员、上海中心主任王芳艳发 表致辞表示，当前，低利率环境的持续演进，正从根本上改变着财富管理行业的发展逻辑与前行方向。从宏观视角来看，我国 财富管理市场已具备相当规模，虽整体保持增长态势，但低利率带来的影响已渗透行业肌理。面对低利率的时代考题，财富管 理行业正经历一场深刻变革。 王芳艳进一步表示，转型之路从不平坦，行业在拥抱变革的同时，也正面临多重压力的考验。尽管挑战重重，但我们对行业未 来依然充满信心。归根结底，未来财富管理行业的竞争，核心是"投研实力+服务体验+技术支撑"的综合比拼。这要求我们所有 从业者，必须始终坚守"以客户为中心"的初心，用专业与诚信赢得客户的长期信任。 转型之路从不平坦，行业在拥抱变革的同时，也正面临多重压力的考验。尽管挑战重重，但我们对行业未来依然充满信心。归 根结底，未来财富管理行业的竞争，核心是"投研实力+服务体验+技术支 ...

Core Insights - The Chinese wealth management market is experiencing significant growth, with increasing importance in the global landscape, necessitating a reevaluation of asset allocation strategies in light of geopolitical and economic changes [1] - UBS Wealth Management's China head, Lu Zijie, emphasizes the need for a diversified asset portfolio that balances returns and liquidity, particularly in the context of rising gold prices and alternative investment opportunities [1] Investment Strategy - High-net-worth clients in China prioritize asset stability, often preferring cash holdings due to market risk aversion; however, low interest rates make cash savings insufficient against inflation [2] - Asset allocation should focus on risk control while enhancing overall return potential; for conservative clients, medium to long-term bonds are recommended as they typically yield higher returns than cash deposits [2] - UBS remains optimistic about stock investments but advises careful timing and sector selection due to significant market gains in the US, Hong Kong, and A-shares [2][3] Sector Preferences - In the US, UBS favors sectors with strong fundamentals such as healthcare and banking, while in Europe, high-dividend assets like REITs are preferred; in Asia, technology and AI sectors in Hong Kong and high-performing companies in mainland China are highlighted [3] - The recommended stock allocation for Chinese clients is around 25% to maintain stable growth without excessive market volatility [3] Alternative Investments - Family offices are increasing their allocation to alternative investments, rising from single-digit percentages to 14%-15%, which enhances portfolio stability despite lower liquidity [4] - Gold is viewed as a long-term investment rather than a short-term speculation, with central banks expected to maintain significant gold purchases, projected at 900-950 tons in 2025 [5] Art Investment - Art collection is evolving from a passion to a significant aspect of family legacy and value expression, with high-net-worth individuals expected to allocate 20% of their wealth to art by 2025, up from 15% in 2024 [6] - The Chinese ultra-high-net-worth demographic leads in art investment, with an average allocation of 44% of their wealth to art, reflecting a strong cultural and emotional connection to their collections [6] UBS's Wealth Management Position - UBS has a long-standing history in wealth management, with global investment assets totaling $6.9 trillion and $4.7 trillion specifically in wealth management, making it the largest in Asia [7] - The firm aims to assist clients in achieving liquidity, longevity, and legacy through differentiated services tailored to high-net-worth individuals in China [7][8] - UBS's integrated banking model enhances its ability to serve the Greater Bay Area, leveraging its extensive experience in Hong Kong and connections with Shenzhen and Guangzhou [8][9]

Group 1 - The 2025 Bay Area Wealth Conference was held in Shenzhen, focusing on global asset allocation, cross-border wealth management, and wealth management and inheritance [1] - Discussions highlighted the changing investment behaviors of high-net-worth clients, with insights from family office founders and trust business leaders [1] - The need for systematic and institutionalized approaches to family wealth succession was emphasized, particularly in the context of generational differences between the first and second generations of business leaders [1][2] Group 2 - The first generation tends to be conservative and seeks stability, while the second generation, influenced by web 3.0, is more innovative and exposed to diverse information sources [2] - Family wealth succession is described as a long-term, systematic process that requires careful planning and consideration of the next generation's capabilities and institutional frameworks [2] - The importance of providing the next generation with opportunities for error and growth, rather than a one-time training approach, was highlighted as essential for successful succession [2]

Core Insights - The core viewpoint emphasizes that asset allocation should focus on achieving long-term returns rather than maximizing short-term gains, highlighting the importance of diversification in investments [1]. Group 1: Asset Allocation Strategies - The investment strategy suggests a balanced approach where a client seeking a 6%-7% long-term annual return could allocate 50% to stocks and 50% to bonds, while those aiming for 8%-9% returns might invest entirely in global stocks [1]. - For clients open to alternative assets, a 20%-40% allocation to private equity, private debt, and real estate is recommended to enhance long-term returns [1]. Group 2: Market Opportunities - The report identifies opportunities in Chinese stocks, high-yield domestic stocks, Singaporean stocks, and Indian stocks, particularly noting a 30% increase in Chinese overseas stocks this year with potential for double-digit growth in the next 12 months [1]. - Asian local bonds are projected to yield 3%-4%, with an expected annual currency appreciation of 2%-3%, making them attractive from a total return perspective [1]. Group 3: Investment Recommendations - Investors are advised to separate their wealth into liquid and growth portions, with the liquid part allocated to safer assets like fixed deposits, money market funds, and bonds, while the growth portion can be invested in higher-risk assets like stocks and private equity [3]. - Institutions should focus on long-term return goals and diversify investments across stocks and bonds to mitigate risks during market downturns, while also incorporating themes like artificial intelligence and advanced manufacturing for potential excess returns [3].

深圳市金博会运营发展有限公司董事长杨文标表示，2025湾区财富大会是第十九届深圳国际金融博览会 的重要组成活动。作为金博会运营方，他深切体会到，金博会不仅是展示金融实践的窗口，更是金融与 实体经济的连接器、创新成果的放大器、国际合作的助推器。 大会设置主题演讲、圆桌论坛、主题讨论会等多个环节，邀请来自银行、证券、公募基金、保险等各领 域近30位资深嘉宾，从供需两端深度剖析财富管理行业趋势，为大湾区居民财富增值及行业未来转型提 供切实可行的思路，吸引了数百名金融机构代表、大湾区高净值投资者等参会者。 作为大会主办方代表，南方财经全媒体集团副总编辑、21世纪数字传媒党委书记、总编辑邓红辉致辞时 表示，当前全球宏观经济格局深刻演变，资产全球化配置已从"可选项"变为"必选项"，大湾区凭借"境 内境外、两种资源"的独特优势，成为跨境财富配置的天然桥头堡。 与此同时，科技赋能正从"工具层"深入"决策层"，推动财富管理行业迎来范式革命，行业使命也从"财 富增长"升维至"价值传承"，呼唤更具责任感的金融服务。对此，邓红辉表示，南财集团希望借大会举 办之机，继续通过搭建高端交流平台，为大湾区金融合作与财富管理行业健康发展贡献媒 ...

Core Insights - The report titled "Embracing Financial Health: Wealth Management Supporting the High-Quality Development Path and Practice of Inclusive Finance" reveals that nearly 70% of respondents meet financial health standards, but shortcomings in financial control and risk management remain prominent [1][5][12] - The report introduces the concept of "financial health" into the wealth management sector, emphasizing a three-day theory: managing today's expenses, preparing for tomorrow's emergencies, and planning for future retirement and education [1][5] - A surprising finding indicates that individuals who invest in stocks tend to save more, with over 80% of stock investors having emergency funds covering more than six months, significantly higher than non-investors [1][5][6] Wealth Management Trends - Wealth management is evolving from being exclusive to the wealthy, with services like smart investment advisory starting from as low as a thousand yuan, making professional wealth management accessible to ordinary workers [2][10] - The shift towards high-quality development in inclusive finance focuses not only on accessibility but also on enhancing residents' sense of gain, happiness, and security [5][12] Financial Health Framework - The financial health framework is built on a unique three-day theory and establishes a quantifiable assessment system through four dimensions, highlighting structural characteristics in current residents' financial health [5][12] - Despite a generally good financial health level, there are notable gaps in insurance coverage, financial planning capabilities, and future financial management [5][12] Investment Behavior Insights - The report analyzes the positive correlation between passive investment strategies, long-term holding, and asset diversification with financial health, suggesting that passive strategies improve investor performance and reduce irrational trading behaviors [6][8] - Investors with higher financial literacy tend to engage in less speculative trading and exhibit improved asset allocation, indicating a direct relationship between financial literacy and financial health scores [8][12] Digital Transformation in Wealth Management - The wealth management industry is undergoing a profound transformation, moving from transaction-based models to those focused on client asset scale and service effectiveness [6][10] - Digital technologies, including AI and big data, are enhancing service efficiency and reducing costs, allowing more ordinary investors to access professional wealth management services [10][12] Recommendations for Financial Health - The report suggests a collaborative approach between macro policies and industry practices to create a supportive ecosystem for financial health, including deepening capital market reforms and improving financing environments for small and medium enterprises [12][14] - Financial institutions are encouraged to expand their service boundaries beyond traditional lending to encompass a broader range of financial services, integrating investor education into the customer service process [12][14]

Group 1 - The report "Embracing Financial Health: Wealth Management Supporting the High-Quality Development Path and Practice of Inclusive Finance" indicates that nearly 70% of respondents meet financial health standards, but there are still significant shortcomings in financial control and risk management abilities [1][5] - The report introduces the concept of "financial health" into the wealth management sector, proposing a "three-day" theory that emphasizes managing current expenses, preparing emergency funds, and planning for future needs [1][5] - A surprising finding is that individuals who invest in stocks tend to save more, with over 80% of stock investors having more than six months of emergency funds, indicating a positive correlation between stock market participation and financial health [1][5][6] Group 2 - The development of inclusive finance is transitioning from merely addressing availability to focusing on quality, emphasizing the importance of financial services in enhancing residents' sense of gain, happiness, and security [5][14] - The report highlights a significant structural characteristic in residents' financial health, showing that while overall levels are good, there are notable deficiencies in insurance coverage, financial planning, and future financial management [5][9] - The study reveals that passive investment strategies improve investor performance and reduce irrational trading behaviors, suggesting a need for investor education [6][9] Group 3 - The wealth management industry is undergoing a profound transformation, shifting from a transaction-based model to one focused on client asset scale and service effectiveness [6][7] - The report emphasizes the need for financial institutions to expand their service boundaries beyond traditional lending to a broader range of financial services, including comprehensive financial health assessment systems [14][15] - Digital transformation in wealth management is accelerating, with technologies like AI and big data enabling more personalized services and reducing costs, thus making professional wealth management accessible to more ordinary investors [12][16] Group 4 - The report suggests that individuals should actively enhance their financial literacy and optimize asset allocation within their risk tolerance, recognizing that maintaining financial health is a long-term process [15][16] - For small and medium-sized enterprises (SMEs), there is a dual challenge of personal and business financial health, necessitating a focus on financial management and the use of comprehensive financial services [10][11] - The report calls for a coordinated policy environment to support the high-quality development of inclusive finance, particularly in areas like pension finance and asset securitization [14][16]

Core Insights - The report reveals that private wealth investors in Hong Kong are more actively seeking alternative investment allocations compared to their counterparts in Singapore [1] - There is a shift towards personalized wealth strategies that align with life goals and planning, balancing returns, liquidity, wealth transfer, and personal values [1] Group 1: Investment Trends - 47% of investors in both regions plan to allocate to private equity, with significant interest in structured products (42%), tangible assets (41%), and private credit (40%), indicating that alternative investments have become a core part of modern portfolios [1] - In Hong Kong, nearly half (42%) of professional investors have incorporated alternative investments into their overall wealth strategy, showing a higher adoption rate compared to Singapore [1] Group 2: Investor Behavior - 60% of investors are seeking more diversified income sources, particularly among middle-aged individuals preparing for retirement [1] - 40% of private wealth investors list inheritance and estate planning as a primary goal, reflecting a shift from mere wealth accumulation to personalized wealth strategies that align with life objectives [1] Group 3: Advisory Services - 70% of private wealth investors adjust their investment portfolios at least once a quarter, indicating a demand for more professional and personalized advisory services despite the availability of online self-service options [2] - There is a rising demand for a "hybrid model" that combines seamless digital experiences with personalized professional advice, especially crucial for navigating complex alternative investments and market volatility [2]

Core Viewpoint - The 19th Shenzhen Financial Expo officially opened on November 19, 2023, with a focus on establishing Shenzhen as a global wealth management center, leveraging its large high-net-worth client base to attract influential wealth management institutions and family offices [1] Group 1 - The Shenzhen municipal government aims to enrich financial products such as REITs and retirement financial products to support the development of long-term investments from pension and insurance funds [1] - The initiative is designed to allow more citizens to share in the economic benefits through effective wealth management strategies [1]