"比如，一个全球投资的客户期望6%—7%的长期年化回报，那可以考虑配置50%股票、50%债券；如果 客户需求是8%—9%的回报率，那100%都会投到全球的股票。若客户不介意投到一些另类资产，不介意 用短期流动性去换取更高的长期回报，那可以投资20%—40%到另类资产，包括私募股权、私募债券、 房地产等。"胡俊礼表示。 11月20日，由21世纪经济报道、深圳金博会运营发展有限公司联合主办的2025湾区财富大会在深圳会展 中心（福田）举办，大会同期举行圆桌对话"新共识：重估时刻的多元配置新视野"。 瑞银财富管理投资总监办公室(CIO)亚洲资产配置主管胡俊礼认为，资产配置的核心并不是最大化实现 短期回报，而是用最稳的方法为客户达到长期回报的目标，所以做"投资分散"是最重要的部分。 21世纪经济报道记者 吴佳楠 深圳报道 胡俊礼认为，中国在境外的股票、中国在境内的高息股、新加坡股票、印度股票，都是亚洲存在的机 遇。 "中国境外的股票以科技为主，我们对中国在人工智能的科技发展非常看好，今年至今中国境外的股票 已涨大概30%，在未来的12个月有双位数的上涨空间，而中国在境内的高息股较稳定，需求依然存 在。" 投资者方面， ...

智通财经APP获悉，亚洲独立财富顾问及投资平台 Endowus 智安投今日的发布《私人财富洞察报告 2025》揭示，与新加坡相比，香港私人财富投资者更积极寻求另类投资配置。报告亦发现，私人财富投 资者正转向追求与人生目标及规划更契合的个性化财富策略，兼顾收益、流动性、财富传承与个人价值 观。报告指，两地47%投资者计划配置私募股权，结构性产品(42%)、实物资产(41%)及私募信贷(40%) 亦获高度关注，显示另类投资已转为现代投资组合的核心部分。 Endowus智安投香港近半数(42%)专业投资者已将另类投资纳入整体财富策略；香港私人财富投资者对 另类投资(包括对冲基金和私募市场方案)的采纳程度较新加坡更高。 五分之三的投资者寻求更多元化的入息来源，特别是处于中年阶段、正为退休做准备的群体。当中40% (即五分之二)将遗产与继承规划列为主要目标之一，私人财富投资者需求正从单纯的财富积累，转向追 求与人生目标及规划更契合的个性化财富策略，实现收益、流动性、财富传承与个人价值观的平衡。 报告指，70%私人财富投资者每季至少调整一次投资组合，尽管线上自助服务功能完善，投资者也在寻 求更专业和个性化的顾问服务。市场 ...

Core Viewpoint - The company, Derin Holdings (01709), has entered into a legally binding term sheet with Youngtimers AG (YTME) for a proposed subscription, which includes the conditional agreement to subscribe for shares at a price of 0.42 Swiss Francs (approximately 4.10 HKD) per share, totaling 10 million USD (approximately 78 million HKD) for 19.0476 million shares [1][2][3] Group 1 - The subscription will involve a combination of cash payment and issuance of shares at the subscription price [1] - YTME will grant the company subscription options to acquire up to 3.8095 million shares at the same price, totaling approximately 2 million USD (approximately 15.6 million HKD) [1] - Upon completion, YTME will hold approximately 0.885% of the company's expanded issued share capital [2] Group 2 - YTME is a Swiss-registered company listed on the Swiss Stock Exchange since May 16, 2000, focusing on private equity, private credit, and other private market strategies [2] - The acquisition of C Capital Group, which specializes in private equity and credit, positions YTME as a global asset management company targeting the Asia-Pacific region [2] - The board believes that the proposed subscription aligns with the group's long-term vision to expand its global asset management footprint and enhance its position in Europe and the Asia-Pacific region [3] Group 3 - The investment will leverage YTME's established platform and expertise to capture high-growth opportunities and diversify the investment portfolio [3] - The company aims to utilize YTME's status as a Swiss financial hub to accelerate service development for high-net-worth clients in Europe [3] - The proposed subscription is expected to strengthen the strategic partnership between the company and YTME, facilitating collaboration in joint investments, product development, and cross-border asset management initiatives [3]

Core Viewpoint - The global wealth management market is undergoing significant changes, with a shift towards diversified asset allocation and increased demand for innovative financial products to meet evolving investor needs [4][6][8]. Group 1: Market Trends - Major financial institutions are increasing their focus on wealth and asset management, with some international investment banks deriving over 50% of their revenue from these sectors [4]. - Chinese household wealth has seen exponential growth over the past two decades, with investable assets exceeding 300 trillion RMB, positioning China as the second-largest high-net-worth population globally [4]. - The asset allocation structure of Chinese households is transitioning from a heavy reliance on real estate to a more diversified approach, with equities and funds now representing approximately 15% of financial assets [4]. Group 2: Investment Product Supply - The current financial product offerings do not adequately meet the diverse investment needs of residents, particularly in innovative areas such as green finance, cross-border ETFs, and derivatives [6]. - There is a growing demand for stable investment products, but existing offerings primarily rely on fixed-income assets, lacking the integration of commodities, alternative assets, and quantitative strategies [6][10]. - The cross-border investment channels, while improved, still fall short in terms of convenience and coverage, with only 41 mutual funds available for public sale in mainland China as of September 2025, totaling around 240 billion RMB [6]. Group 3: Wealth Management Service Layering - There is a notable deficiency in the supply of inclusive investment products for ordinary investors, with wealth management institutions exploring offerings for high-net-worth individuals but lacking a mature tiered service system [7][12]. - The wealth management market is becoming increasingly digital and personalized, necessitating the development of innovative products that resonate with younger investors' values and preferences [12][14]. Group 4: Recommendations for Improvement - To enhance the financial market's ability to serve wealth management needs, there is a call to accelerate the diversification of directly investable assets and product types, particularly in ETFs and green financial products [9]. - Expanding product strategies to create a comprehensive product system that covers all asset classes and strategies is essential, including the development of index futures and options markets [10]. - Strengthening cross-border product offerings and mechanisms is crucial to meet the growing demand for global asset allocation among residents [11]. Group 5: Future Directions - The company aims to collaborate with various asset management institutions to enhance product interconnectivity and service quality, focusing on areas like pension finance and inclusive finance [15]. - Emphasizing a diverse product range that caters to different risk preferences and market views will be key to improving investor experience and satisfaction [15].

Core Viewpoint - The Chinese wealth management market is at a historic crossroads, with a significant shift in asset allocation as traditional real estate investments decline, leading to a growing demand for diversified investment options among younger investors [2][3][10]. Group 1: Market Changes - The total investable assets of Chinese residents have surpassed 300 trillion RMB, with high-net-worth individuals ranking second globally, providing a solid foundation for the wealth management market [3]. - The proportion of real estate in household asset allocation has dropped significantly from nearly 70%, while the share of equity investments, such as stocks and funds, has steadily increased to around 15% [3][4]. - The demographic of investors is changing, with individuals under 30 now accounting for 30% of stock investors, indicating a shift towards younger, more digitally savvy investors [4][10]. Group 2: Supply Issues - The current financial product supply does not meet the increasingly diverse investment needs of residents, particularly in innovative products like green finance tools and cross-border ETFs [5][6]. - There is a lack of high-quality supply for complex investment strategies, with most stable income products relying heavily on fixed-income assets, failing to leverage the advantages of commodities, non-standard assets, and equity strategies [5]. - The accessibility and coverage of cross-border investment channels remain insufficient, with only 41 mutual funds recognized for cross-border sales, totaling approximately 240 billion RMB, which is low compared to demand [5]. Group 3: Pathways for Development - To enhance the financial market's ability to serve wealth management, five key pathways have been proposed: expanding the types of directly investable assets, enriching product strategies, enhancing cross-border investment mechanisms, advancing service stratification, and leveraging professional research capabilities [8][9]. - There is a need to develop a comprehensive product ecosystem that caters to high-net-worth, middle-class, and ordinary investors, while also focusing on innovative financial products that align with younger investors' preferences [9][10]. - The competition in the wealth management industry is shifting from scale expansion to supply quality, emphasizing the importance of professional, digital, and global approaches to effectively allocate resident wealth [10].

Group 1: Market Dynamics and Asset Allocation - The global asset pricing system is undergoing structural reconstruction due to uncertainties from Trump's policies, AI's disruptive impact on traditional industries, and Web3 technology's transformation of financial infrastructure [1][2] - The proportion of real estate investments among Chinese residents has significantly decreased from nearly 70%, while equity investments have steadily increased to around 15% [1][4] - Investors are facing a critical question: beyond gold, what other assets can be purchased? A diversified allocation is essential to withstand uncertainties [1][3] Group 2: Gold as an Investment - Gold's price has surged over 60% this year, reflecting a reconstruction of the global monetary trust system, but its volatility poses significant trading risks [1][2] - There is a divergence in market consensus regarding gold; some view it as a strategic allocation opportunity, while others warn of potential severe corrections due to crowded trades [2][3] - For ordinary investors, gold should not be viewed in a binary manner; its defensive value against currency credit and geopolitical risks remains significant, but tactical allocation must consider individual risk tolerance [3] Group 3: Structural Opportunities and Challenges - Chinese residents are increasingly diversifying their asset allocation beyond traditional real estate, moving towards stocks, bonds, mutual funds, private equity, insurance, and commodities [4][5] - The demand for cross-border asset allocation among residents is growing, but there is a mismatch with the supply of domestic financial products, particularly in innovative areas like green finance and cross-border ETFs [5] - The gradual improvement of China's capital market is providing more space for asset allocation, with a focus on long-term returns that match risk [6] Group 4: Economic Resilience and Investment Logic - Global economic growth resilience is under severe examination, with significant volatility in asset prices becoming a new norm [7] - The overall risk appetite of Chinese investors is undergoing a complex reshaping process, as evidenced by fluctuations in monthly deposit behaviors [7][8] - Long-term value anchoring should focus on understanding the interplay of institutional evolution, technological innovation, and social change rather than chasing single asset surges [8]

Core Insights - The report by Dubai International Financial Centre (DIFC) indicates that global alternative investment assets have tripled over the past decade, exceeding $20 trillion [1] - Alternative investments have transitioned from niche to mainstream, gaining favor among institutional investors, high-net-worth individuals, and family offices [1] - Private equity, private credit, real estate, infrastructure, hedge funds, and digital assets are becoming strategic focuses in emerging markets [1] Market Dynamics - Emerging markets are experiencing GDP growth rates that are generally 2 to 3 percentage points higher than developed economies, driven by a young population and innovative industries [1] - DIFC has attracted over 440 wealth and asset management firms, including 85 hedge funds, establishing itself as the largest alternative investment hub in the region [1] Strategic Initiatives - DIFC supports investor access to emerging markets through platforms such as Special Purpose Vehicles (SPVs), family offices, and fund centers, facilitating fund expansion and innovation [1] - The center emphasizes Dubai's advantages in regulatory transparency, global capital access, and innovation-driven growth, positioning it as a strategic gateway connecting global investment with emerging market growth [1]

Core Insights - The report reveals the investment sentiment and strategies of family offices in the context of trade policy uncertainty, geopolitical tensions, and technological changes [1][2]. Group 1: Key Findings - Asset allocation among family offices remains stable, with half of the respondents maintaining fixed income holdings and two-thirds keeping real estate allocations unchanged. Private equity shows the most optimistic trend, with a net increase of 26% in allocations [5][6]. - Despite uncertainties surrounding tariffs, family offices express a positive outlook for portfolio returns over the next twelve months, with 30% expecting returns between 10%-15% and 8% anticipating returns exceeding 15% [8][9]. - Nearly two-thirds of family offices took action to enhance portfolio resilience following the U.S. tariff announcement, with 39% opting for active management [10][11]. Group 2: Investment Strategies and Sentiment - 70% of respondents are engaged in direct investments, with 40% increasing their activities in the past year, reflecting confidence in selecting profitable transactions [13][14]. - Trade tensions have become the primary concern for family offices this year, with 60% citing it as their top worry, while interest rates have dropped to fourth place [15][16]. - Family offices report effective management of investment risks, with 83% believing their investment risks are well managed, although confidence in managing cybersecurity and geopolitical risks is lacking [18][19]. Group 3: Asset Allocation and Market Outlook - Family offices' asset allocation for 2025 remains consistent with 2024, with public equities averaging 27%, fixed income at 15%, and alternative assets at 40% [30][31]. - The sentiment towards asset classes is predominantly neutral, with developed market equities showing the highest net positive sentiment at +17% [44][45]. - Regional sentiment varies, with the Americas showing net bullish sentiment for private equity direct investments at +21%, while the Asia-Pacific region shows a much lower sentiment at +1% [48][49].

Core Viewpoint - The "Yale Model" of investing, which focused on alternative assets like private equity, has become increasingly difficult to replicate due to changing market conditions and declining returns from private equity investments [2][3][4]. Group 1: Performance of Yale's Investment Strategy - Yale University's endowment currently allocates nearly 40% of its assets to private equity, while cash, bonds, and hedge funds combined account for less than 30% [3][2]. - Over the past three years, private equity returns have consistently underperformed compared to the S&P 500 index, with dividends from private equity dropping significantly from $3.2 billion two years ago to $1.6 billion in the 2024 fiscal year [3][2]. - The average private equity fund used to outperform the S&P 500 by 5-6 percentage points, but now new funds only exceed it by 1-2 percentage points [3][2]. Group 2: Challenges Facing Private Equity - The current interest rate environment has shifted, making financing more difficult and asset valuations less favorable, leading to challenges in exiting investments [4][5]. - Liquidity risks have increased, as the long lock-up periods of private equity investments (5-10 years) are now coupled with slow distributions and difficult exits, straining cash flows for endowments [5][2]. - The increase in investment income tax has forced some universities to sell private equity stakes prematurely, often at a loss [5][2]. Group 3: Investment Strategy Recommendations - Investors should recognize the liquidity traps associated with private equity, as attractive-looking returns may not translate into accessible cash when needed [6]. - Adjusting expectations regarding returns is crucial, as the previous era of consistently outperforming the S&P 500 is no longer realistic [6]. - Understanding the asymmetry of risk and return is essential, as fund managers benefit from fixed fees regardless of fund performance, leaving investors to bear the risks [6]. Group 4: Lessons from the Yale Model - The Yale Model serves as a reminder that there is no universal "holy grail" in investing; strategies must adapt to changing conditions [7]. - The favorable conditions that allowed Yale to excel in private equity, such as low interest rates and a lack of competition, have dissipated, making it imperative for investors to evolve their strategies [7].

Core Viewpoint - Sibo Holding, a boutique investment bank based in Hong Kong, announced the terms of its initial public offering (IPO) on the US stock market, aiming to raise approximately $6 million by issuing 1.5 million shares at a price of $4 per share, resulting in an estimated market capitalization of about $54.2 million [1] Company Overview - Sibo Holding has raised over $900 million for clients through various transaction types, including loans and equity sales, over the past three years [1] - The company operates through its subsidiary StormHarbour HK, which generates revenue primarily from service fees and commissions [1] Business Segments - StormHarbour HK divides its operations into two core segments: Capital Markets, focusing on private equity, private debt financing, and financial advisory services, and Asset Management, which includes fund management, investment solutions, wealth management, and private banking advisory [1] Financial Performance - Sibo Holding reported an overall revenue of approximately $7 million for the 12 months ending December 31, 2024 [1] - The company plans to list on the NASDAQ with the proposed stock ticker "SIBO" [1] Underwriting - R.F. Lafferty & Co. is designated as the sole book-running manager for the IPO [1]