Cryptocurrency Market - The cryptocurrency market has seen a significant downturn, with over 67,000 liquidations and a total liquidation amount of $118 million in the past 24 hours [2][3] - Bitcoin's price approached $110,209.2, with a trading volume drop of nearly 72%, while Ethereum's trading volume decreased by over 65% [2][3] Employment Data and Economic Outlook - The U.S. non-farm payroll report for August showed an increase of only 22,000 jobs, far below the expected 75,000, with the unemployment rate rising to 4.3%, the highest since the end of 2021 [5] - Analysts suggest that the weakening labor market and uncertainty in tariff policies may lead to a more accommodative monetary policy in the second half of the year [5] Gold Market - Gold prices have reached new highs, with spot gold surpassing $3,600 per ounce, reflecting a year-to-date increase of approximately 35% [7][10] - The rising gold prices are attributed to multiple risk factors, including expectations of interest rate cuts and concerns over economic downturns [10] - Analysts predict that if the proportion of gold in global central bank reserves continues to rise, gold prices could potentially exceed $4,500 per ounce, with some forecasts suggesting a possibility of surpassing $5,000 per ounce if investor confidence in U.S. Treasury bonds declines [10]

Sune Mortensen LSEG 财富解决方案主管 财富管理行业正在经历一场深刻的变革。从自主投资者的崛起，到人工智能与量子计算的融合，整个 行业格局正在迅速转变。为了探索这些变化，我们推出了"财富内幕洞察"栏目，这是一系列发人深省 的访谈，由行业领袖探讨财富管理的未来。我们与伦敦证券交易所集团（LSEG）财富解决方案全球 主管Sune Mortensen进行了对话，讨论了金融顾问角色的演变、技术的影响，以及塑造财富管理行业 的挑战与机遇。 访谈精彩问答 问：在当今数据丰富、数字化驱动的投资环境中，金融顾问的角色是如何演变的？ 顾问的角色在不断演变。随着市场数据爆炸式增长，挑战已不再是获取数据，而是对数据进行整理。 顾问现在必须专注于筛选和解读正确的数据，为客户提供相关且可操作的见解。这关乎让顾问在决策 过程中更加清晰和自信。 问：您观察到投资者（包括接受建议的投资者和自主投资者）在消费市场数据和分析方面有哪些趋 势？行业应如何应对？ 自疫情暴发以来，我们发现顾问型投资者和自主型投资者对市场数据的参与度显著提高。关键挑战在 于识别哪些数据具有意义以及何时应据此采取行动。投资者并不总是理性的，因此我们的目 ...

Summary of EQT Holdings Limited Conference Call Company Overview - **Company Name**: EQT Holdings Limited, operating under the brand Equity Trustees - **Established**: 1888, with a market capitalization of approximately $800 million [2] - **Assets Under Supervision**: Over $250 billion, making it the fifth largest in Australia, excluding government entities [3] Business Segments - **Private Client Business**: Known as Trusted Wealth Services, includes: - Philanthropy services managing over $3 billion, granting around $170 million annually [5] - Health and personal injury sector managing over $4 billion, leading the market [6] - Estate management and planning services, executing about 300 estates annually [6] - Asset management team overseeing over $6 billion [7] - **Corporate and Superannuation Trustee Services**: - Leading provider of responsible entity services in Australia, supervising approximately $140 billion [8] - Superannuation business managing close to $90 billion, growing rapidly from $1 billion in seven years [9] Market Position and Growth Drivers - **Demographic Trends**: - The over-80s population is the fastest-growing cohort in Australia, expected to double in 20 years [11] - Anticipated generational wealth transfer of $3.5 trillion [11] - **Superannuation Growth**: - The superannuation market is valued at $4.2 trillion, with a mandated growth rate of 12% [12] - Revenue is closely correlated with investment markets, providing a positive long-term outlook [13] Financial Performance - **Funds Under Management and Administration**: - Three-year CAGR of 21%, reaching $254 billion [17] - **Revenue Growth**: - Revenue has grown by 19% per annum over the last three years [18] - Group net profit after tax has increased by 11% per annum [18] - **Dividends**: - Dividends have grown around 5% per annum with a payout ratio of 70% to 90% [20] Regulatory Environment - **Regulation**: - Primarily regulated by APRA for superannuation and ASIC for corporate trustee services [35] - Increased regulatory oversight enhances the demand for independent trustee services [14] Strategic Focus - **Independent Trustee Model**: - Favored by the market and regulation, providing unconflicted professional trustee services [22] - **Long-term Revenue Profiles**: - Most trustee appointments are long-term, ensuring enduring revenue streams [23][24] - **Technology Investments**: - Significant investments in technology platforms to enhance service delivery and operational efficiency [26] Future Opportunities - **Aging Population**: - Significant opportunity to serve the aging demographic, with unmet demand for independent trusteeship services [38] - **M&A Activity**: - Plans to be more active in M&A within the trustee space, focusing on specialist opportunities [25] Conclusion - EQT Holdings Limited is well-positioned to capitalize on demographic trends and the growth of superannuation assets, supported by a strong financial performance and a diversified revenue model. The company is focused on maintaining its leadership in the trustee services market while exploring future growth opportunities through technology and strategic acquisitions.

近期，中外资金融机构代表汇聚一堂，共同探讨中国资本市场的未来走向。此次讨论聚焦于全球经济趋 势、美联储货币政策变动以及中国市场的投资策略，为投资者提供了宝贵的见解。 针对美联储货币政策的走向，程实预测美联储可能会在提高就业风险的考量下调整政策，全年累计降息 50至75个基点。博时基金（国际）有限公司固定收益部副主管卢里也表示，市场预计美联储9月降息至 少25个基点的概率较高。然而，莲华资管管理合伙人、CIO洪灏则提醒，市场对美联储降息的前景过于 乐观，后续降息力度可能不如预期。 工银国际首席经济学家程实指出，A股与港股市场已经走出估值洼地，进入价值重估阶段。这一转变不 仅反映了投资者对中国经济长期向好的信心，也标志着中国资本市场"慢牛"行情的初步显现。他强调， 参与本轮价值重估的主要是国际和国内机构，其理性的投资方法和长期目标将形成持续的市场趋势。 渣打中国财富管理部首席投资策略师王昕杰则指出，在全球低利率、低增长的背景下，港股因其高分红 率和新兴行业的成长性，将继续吸引海外投资和南下资金。同时，他认为A股市场也将呈现出"慢牛"特 征，A/H溢价为A股市场提供了上涨空间。他还提到，中美关税问题的影响可能已逐渐 ...

【导读】中外资机构：中国资本市场迎来"慢牛"行情 ，加大非美元资产配置成共识 工银国际首席经济学家 程实 莲华资管管理合伙人、CIO 洪灏 渣打中国财富管理部首席投资策略师 王昕杰 中国基金报记者 郭玟君 【编者按】中国基金报每月会邀请中外资金融机构的代表，分享他们对全球经济及重大事件的分析与评判。希望他们观点的碰撞，能对大 家有所启发。 本期受邀嘉宾是： 博时基金（国际）有限公司固定收益部副主管 卢里 "9·24" 行情已近一年，投资者中长期投资预期持续改善。进入 9 月，美联储降息预期强化，市场将如何发展，哪些方向值得关注？ 中国基金报邀请工银国际首席经济学家程实，莲华资管管理合伙人、 CIO 洪灏，渣打中国财富管理部首席投资策略师王昕杰，博时基金 （国际）有限公司固定收益部副主管卢里等中外资机构人士，共同分析市场中长期走势。 市场迎来 " 慢牛 " 中国基金报：你对 A 股与港股中长期走势作何预判？国际及国内资金态度如何？哪些行业值得重点关注？ 程实： 当前， A 股、港股已先后走出估值洼地，完成了一轮价值重估，反映投资者对中国资本市场中长期投资预期的改善。 市场反弹已接近一年，可见并非短期资金的投机炒 ...

Core Viewpoint - The article discusses the legal battle surrounding President Trump's attempt to remove Federal Reserve Governor Lisa Cook, highlighting the implications for the independence of the Federal Reserve and the potential impact on financing costs, with some investors expressing optimism about lower rates despite concerns over institutional integrity [2][3]. Group 1: Market Reactions and Economic Implications - The market reacted calmly to Trump's actions, with the S&P 500 and Dow Jones remaining stable, while the Nasdaq saw a slight increase of 0.3%. Long-term Treasury yields rose, and short-term yields fell, indicating investor expectations of potential rate cuts in the short term [3]. - Jay Hatfield, CEO of Infrastructure Capital Advisors, believes that the current monetary policy is overly tight, with rates 150 basis points above neutral levels, suggesting that the Fed's policies are excessively suppressing economic growth [3][5]. - Hatfield anticipates at least two rate cuts this year, aligning with dovish signals from Fed Chair Jerome Powell, and views the potential for a Republican-dominated Fed Board as a catalyst for rate reductions [7][8]. Group 2: Concerns Over Federal Reserve Independence - Other economists express skepticism about the implications of Trump's actions, warning that his attempts to control the Fed could undermine democratic foundations and institutional integrity [9]. - Analysts from Piper Sandler caution that the market's belief in its ability to constrain Trump is misguided, highlighting past failures to predict economic crises and inflation shocks [10]. - The article notes that the structure of the Fed could be fundamentally altered with more Trump nominees, potentially reshaping the Federal Open Market Committee's power dynamics [10]. Group 3: Short-term Focus and Future Expectations - UBS Global Wealth Management strategists expect the Fed to cut rates by a total of 100 basis points over the next four meetings, while acknowledging increasing political pressure on the Fed [11][12]. - Hatfield argues that the real issue lies in the Fed's long-standing ineffectiveness rather than Trump's confrontation, suggesting that any changes to the current situation would be beneficial for the market [12].

【导语】 在一个被不确定性包裹的时代，我们比以往任何时候都更渴望看清未来。然而，当我们用旧地图去探 索新大陆时，迷航几乎是注定的。 诺亚控股在 8月最新发布的《2025下半年CIO办公室报告》的引言中写下了一句发人深省的话："真 正的财富，不在于回报的速度，而在于配置的方向。"这句话，或许正是当下所有财富管理者最需要 的一次认知校准。 我们正站在一个资本新时代的入口，它最显著的特征不是市场的涨跌，而是驱动世界运转的底层逻辑 正在发生根本性改变。一方面，地缘冲突、财政扩张依旧在制造我们熟悉的 "通胀"噪音；而另一方 面，以 AI为代表的科技革命，正以前所未有的力量，谱写一曲宏大的"通缩"交响乐。我们仿佛置身 于"双重现实"之间：一边是货币体系中膨胀的幻象，一边是技术革命下高效而冰冷的现实。 当这两股力量相互撕扯，我们过去的财富认知框架便开始出现裂痕。焦虑，不仅源于资产价格的波 动，更深层次的，是源于对现有投资体系持续性的怀疑。此时，比寻找下一个风口更重要的，是重塑 我们看待世界、衡量价值的思维模型。 【从 "跑赢通胀"，到理解"科技型通缩"】 长久以来，我们的财富地图几乎只有一个核心目标：跑赢通胀。我们习惯于用 ...

Core Insights - Noah Holdings (06686) reported a net income of RMB 629.5 million for the second quarter ending June 30, 2025, representing a year-on-year increase of 2.2% [1] - Shareholder net profit reached RMB 179 million, a significant increase of 79% year-on-year, with basic earnings per American Depositary Share at RMB 2.56 [1] - The increase in net income was primarily driven by the growth in distribution of overseas private equity and private securities fund products [1] Financial Performance - The total value of investment products distributed in Q2 2025 was RMB 17 billion (USD 2.4 billion), up 17.7% from Q2 2024, mainly due to a 44.4% increase in private securities fund product distribution [2] - The company distributed overseas investment products worth RMB 8.3 billion (USD 1.2 billion), reflecting a 5.1% increase compared to Q2 2024, driven by a 10.3% rise in private securities fund product distribution [2] - Operating income showed a robust year-on-year growth of 20.2%, while non-GAAP net profit surged by 78.2% [2] Client Base and Market Position - As of June 30, 2025, the total number of registered clients reached 464,600, marking a 1.2% increase from June 30, 2024, and a 0.3% increase from March 31, 2025 [1] - The number of overseas registered clients stood at 19,000, which is a 13.0% increase year-on-year and a 4.2% increase from March 31, 2025 [1] - The company emphasized its commitment to strategic execution and long-term sustainable growth while remaining cautious of macroeconomic uncertainties [2]

Core Viewpoint - Noah Holdings reported a steady performance in the wealth management sector, with significant growth in net income and shareholder earnings, reflecting the effectiveness of its strategic initiatives during a challenging economic environment [1][2]. Financial Performance - For the second quarter ending June 30, 2025, Noah Holdings achieved a net income of RMB 629.5 million, a year-on-year increase of 2.2% [1]. - Shareholder net income reached RMB 179 million, marking a substantial year-on-year increase of 79% [1]. - Basic earnings per American Depositary Share were RMB 2.56 [1]. - Compared to the first quarter of 2025, net income increased by 2.4%, primarily due to higher revenue from investment product distribution [1]. Wealth Management Business - Noah provides global investment products and value-added services to high-net-worth Chinese investors, distributing private equity products, private securities funds, public funds, and other products denominated in RMB, USD, and other currencies [1]. - As of June 30, 2025, the total number of registered clients was 464,600, reflecting a growth of 1.2% year-on-year and 0.3% quarter-on-quarter [1]. - The number of overseas registered clients reached 19,000, representing a year-on-year increase of 13.0% and a quarter-on-quarter increase of 4.2% [1]. Investment Product Distribution - The total value of investment products distributed in the second quarter of 2025 was RMB 17 billion (USD 2.4 billion), an increase of 17.7% compared to the second quarter of 2024, driven by a 44.4% increase in private securities fund distribution [2]. - Noah distributed overseas investment products worth RMB 8.3 billion (USD 1.2 billion), a 5.1% increase from the second quarter of 2024, mainly due to a 10.3% rise in private securities fund distribution [2]. Strategic Outlook - The co-founder and chairman of Noah Holdings, Wang Jingbo, emphasized the company's resilience in a challenging wealth management industry, highlighting a recovery in profitability and revenue [2]. - Operating income showed a robust year-on-year growth of 20.2%, while non-GAAP net profit surged by 78.2% [2]. - The company noted that overseas income now accounts for nearly 50% of total net income, reinforcing the effectiveness of its global expansion strategy [2]. - Noah Holdings aims to continue executing its strategy for sustainable long-term growth while cautiously observing market conditions to provide stable returns to shareholders [2].

2025年第二季度，诺亚股东应占净收益为人民币1.786亿元(2490万美元)，较2024年同期增加79.0%，主 要由于净收入增加2.2%，以及歌斐管理和共同投资的基金的公允价值增加。2025年第二季度，非公认 会计准则下的诺亚股东应占净收益为人民币1.89亿元(2640万美元)，较2024年同期增加78.2%。 诺亚控股联合创始人兼董事长汪静波女士表示："我们欣然宣布，诺亚在财富管理行业充满挑战的时期 稳步前行。本季度，我们的盈利能力和收入呈现复苏态势，反映出我们战略举措的积极成效。得益于投 资产品分销的强劲增长及管理费增加，经营收益实现同比稳健增长20.2%，而非公认会计准则下的净利 润同比大幅攀升78.2%。此外，境外收入持续增长，现占净收入总额近50%，巩固了全球扩张战略的成 效。在继续巩固市场地位的过程中，我们清晰认识到宏观经济环境的不确定性，并将谨慎应对挑战。我 们将继续坚定战略执行，推动业务实现长期可持续增长，同时审慎观察市场环境，为股东创造持续稳定 的回报。" 格隆汇8月28日丨诺亚控股(06686.HK)发布公告，2025年第二季度，净收入为人民币6.295亿元(8790万美 元)，较20 ...