来源：智通财经网 花旗集团财富管理部主管安迪·西格表示，鉴于今年这家华尔街巨头吸引了来自富裕客户的创纪录资金 流入，他认为美股牛市仍"有一定的上涨空间"。西格上周在接受采访时表示："目前市场并没有那种狂 热情绪，也没有出现牛市末期投资者'疯狂砸钱'买股的架势。" 11月，标普500指数下跌约2%，可能成为自3月以来表现最糟糕的月份，同时市场波动加剧。全球大型 科技公司的股价下跌，重新引发关于人工智能和估值的争论。上周四早盘，因科技巨头英伟达公司 (NVDA.US)发布乐观预测，股市一度反弹，但最终未能持续，不过上周五美国股市再度回升。 西格表示，由于盈利预期依然强劲，该银行认为市场尚未出现"转折点"。他表示，富裕客户仍有资金在 场外观望，他们正专注于通过结构性票据等产品，在具备下行保护的情况下进入市场。 弗雷泽一直在监督该银行的重大改革——包括裁减2万个工作岗位——试图摆脱其在华尔街的落后形 象。花旗集团仍是唯一一家股价低于账面价值的大型银行，这意味着投资者认为其整体价值低于各部分 价值之和。 其中，亚洲表现尤为强劲，第三季度资金流入创下纪录。因此，西格表示，该地区私人银行家的奖金将 会上涨，但他拒绝透露具体 ...

Andy Sieg还表示，在香港和新加坡这两个该行主要的亚洲财富中心，来自中国的客户真正推动了增 长。在最近访问北京和上海后，他称，中国经济发展展现出的活力是新冠疫情前未曾见过的。花旗对中 国业务的感觉非常好。 Andy Sieg提到，花旗百分之百致力于在亚洲的Citigold业务，该业务的目标客户是资产规模约为20万美 元的客户。他续称，花旗没有出售该业务的计划。 智通财经APP获悉，花旗集团财富管理环球主管盛安德(Andy Sieg)上周在香港接受采访时称，美股牛市 仍有一些空间。市场并没有出现过度乐观的情绪，也没有出现牛市后期投资者疯狂砸钱买入股票的那种 行为。由于盈利预期依然强劲，该行认为，市场尚未出现转折点。富裕客户仍持有闲置现金，并专注于 通过结构性票据等产品，以在进入市场时具备下行对冲能力。 ...

Andy Sieg提到，花旗百分之百致力于在亚洲的Citigold业务，该业务的目标客户是资产规模约为20万美 元的客户。他续称，花旗没有出售该业务的计划。 Andy Sieg还表示，在香港和新加坡这两个该行主要的亚洲财富中心，来自中国的客户真正推动了增 长。在最近访问北京和上海后，他称，中国经济发展展现出的活力是新冠疫情前未曾见过的。花旗对中 国业务的感觉非常好。 花旗集团财富管理环球主管盛安德(Andy Sieg)上周在香港接受采访时称，美股牛市仍有一些空间。市场 并没有出现过度乐观的情绪，也没有出现牛市后期投资者疯狂砸钱买入股票的那种行为。由于盈利预期 依然强劲，该行认为，市场尚未出现转折点。富裕客户仍持有闲置现金，并专注于通过结构性票据等产 品，以在进入市场时具备下行对冲能力。 ...

Core Viewpoint - Hong Kong is emerging as a significant financial hub amidst global market volatility, driven by capital inflows and the need for alternative financing options due to the ongoing tariff wars and the depreciation of the US dollar [2][23]. Group 1: Market Dynamics - The Hang Seng Index rose over 20% following the announcement of "reciprocal tariffs," while the Hong Kong dollar reached a strong exchange rate of 7.75 against the US dollar [1]. - In the first half of 2025, net inflows from mainland China into the Hong Kong stock market exceeded 710 billion HKD, significantly higher than previous years [2]. - The Hong Kong IPO market saw a 700% year-on-year increase in funds raised, driven by international capital [2]. Group 2: Currency and Financial Stability - The US dollar index fell over 10% in the first half of 2025, marking its worst performance since 1973, leading to significant capital outflows from the US [3][23]. - The Hong Kong Monetary Authority intervened multiple times to stabilize the Hong Kong dollar, injecting approximately 129 billion HKD into the financial system [5][10]. - The Hong Kong dollar's exchange rate fluctuated between strong and weak zones, prompting discussions on the benefits and drawbacks of the linked exchange rate system [5][39]. Group 3: Wealth Management and Investment Trends - Boston Consulting Group predicts that by 2029, Hong Kong will surpass Switzerland as the largest cross-border wealth management center globally [4]. - Wealth management revenues in Hong Kong increased significantly, with HSBC reporting a 14% rise in wholesale banking income in the first quarter [17][30]. - The average wealth of adults in mainland China is projected to continue growing, enhancing cross-border investment potential [32]. Group 4: RMB and Trade Financing - Hong Kong is the largest offshore RMB business hub, handling about 80% of global offshore RMB payments [18]. - Cross-border RMB settlements between China and ASEAN countries grew by 35% year-on-year, indicating a shift towards RMB financing [22]. - The demand for RMB in trade financing is increasing, reflecting a broader trend of "de-dollarization" in international trade [26]. Group 5: Future Outlook - The financial landscape in Hong Kong is expected to evolve with increased focus on offshore RMB markets and digital financial infrastructure [38][45]. - The capital from the Middle East is becoming a significant source of wealth for Hong Kong, with sovereign wealth funds projected to grow substantially [37]. - Hong Kong's unique position as a "super connector" between China and international markets is likely to enhance its financial stability and growth prospects [46].