Olivier Ginguené 10月18日至19日，全球财富管理论坛.2025上海苏河湾大会在上海市静安区举办。瑞士百达集团股权合伙人、瑞士百达资产管理 多元资产与量化投资首席投资官金励纬(Olivier Ginguené)就人工智能如何从根本上重塑资产管理的未来进行了探讨。 在金励纬看来，金融是一项以服务为主导的活动，处理海量数据（603138）并将其转化为易于理解的语言化结果。现在，人工 智能已经达到一定成熟程度，服务类公司可以利用这项技术来扩大生产力，并缩小与制造公司的差距。 服务类公司通过采用人工智能可获得更大的生产力提升。金励纬认为，人工智能的本质在于提高生产力。在瑞士等劳动年龄人 口增长缓慢、劳动力成本高昂的经济体中，人工智能提升生产力的效果得到了充分发挥。历史上有许多例子表明，老龄化国家 通过采用新技术取得了显著成效，例如20世纪70年代的美国、80年代的日本，以及近年来的中国。人工智能是下一波浪潮。 金励纬强调，人工智能最令人兴奋且最具颠覆性的应用如今正直接出现在投资管理中。最近的专有研究和实时投资组合管理实 验表明，人工智能系统在技能方面正逐渐接近人类投资经理的水平。 展望未来，金励纬表 ...

Core Insights - UBS Wealth Management emphasizes the importance of being a "super connector" between Chinese and global entrepreneurs, leveraging its extensive experience and network to facilitate wealth management and investment opportunities [2][7]. Group 1: Wealth Management Strategy - UBS has over 160 years of history, focusing on wealth management, which constitutes over 50% of its total revenue [6]. - The firm adopts a "banking integration" strategy, where it first establishes long-term relationships with entrepreneurs, then extends services to investment banking and asset management as their needs evolve [6][7]. - UBS has been active in the Chinese market for over 35 years, with a strong presence in Hong Kong and the broader Asia-Pacific region [6]. Group 2: Family Wealth Management - Many overseas families view family offices as a "school" for nurturing the next generation, with younger family members increasingly interested in entrepreneurship rather than traditional family businesses [9]. - Family offices are also seen as platforms for social impact, with younger generations preferring to invest in projects that create social value rather than merely donating [9]. - Current high-net-worth clients in China are maturing and becoming more rational, focusing on "stability" and diversifying investments into alternatives like private equity and hedge funds [9]. Group 3: Opportunities in the Greater Bay Area - UBS manages one-third of its assets in the Greater Bay Area, highlighting its significance to the firm [11]. - The number of trips between Hong Kong and cities in the Greater Bay Area has increased by 25% compared to last year, with related meetings up by over 20% [12]. - UBS plans to relocate its Hong Kong office to a more strategic location by the end of 2026, enhancing its ability to serve clients in the Greater Bay Area [12].

Core Viewpoint - The article discusses the different strategies and mindsets that successful investors adopt during a bull market, emphasizing the importance of early belief and disciplined execution of investment strategies to achieve profitability. Group 1: Bull Market Phases - A bull market typically has five phases, starting from a prevailing bear market mindset to a stage where most people are unaware of the market's end [5][6][7][9]. - Investors who profit during a bull market often do so by believing in the market early and making strategic investments in the initial phases [10]. Group 2: Successful Investor Types - The first type of successful investor is one who believes early, invests early, and remains steadfast despite market fluctuations [10]. - The second type relies on a disciplined strategy without attempting to predict market movements, focusing on value investing, grid strategies, or trend investing [12][13][14][16]. - The third type utilizes asset allocation as a passive strategy, which is easier for most ordinary investors to understand and implement [18]. Group 3: Asset Allocation Strategy - Asset allocation does not require investors to predict market trends, as it diversifies investments across various asset classes, including global stocks and bonds [19]. - The article provides historical performance data of different asset classes over the years, indicating that asset allocation can yield returns regardless of market conditions [20]. - The dynamic rebalancing strategy in asset allocation allows investors to maintain their desired asset ratios, thus mitigating anxiety over market timing [21][22]. Group 4: Limitations and Benefits of Asset Allocation - While asset allocation may not lead to rapid wealth accumulation, it offers a stable growth trajectory, allowing investors to benefit from various market phases [23]. - The article mentions a specific asset allocation strategy with a 6:3:1 ratio of stocks to bonds to commodities, which has yielded a 10%+ return as of August 11 [23].