大家好，我是京华世家家族办公室聂俊峰，感谢第一财经、感谢一财大V号，非常荣幸参加2025年度财 经思想者盛典。我分享的年度主题是：2025中国财富传承"觉醒之年"的未了局。 我认为从2025年开始，中国的财富传承开始进入"觉醒年代"，其中的典型案例是民营企业家和高净值人 士，但其实普通家庭也面临相似的继承焦虑。回顾2025年，宗氏家族信托争议、爱马仕继承人被骗150 亿等真实案例充分暴露了时代财富传承的典型风险。从亲情到利益、从一代到二代、从私人到法人、从 本土到离岸、从家族到社会利益相关方。围绕着宗庆后遗产和娃哈哈股权的司法纷争尚未落槌终审，相 关博弈仍在进行。我们看到过太多知名企业的传承风险、普通人的遗产纠纷。集体性的焦虑和心理共鸣 其实都在昭示着中国家庭财富传承"觉醒年代"的到来。 2025年12月23日，第一财经《云程笃行·万里可期 | 2025年度财经思想者盛典》圆满落幕。智汇集团创始 人及首席经济学家夏春、中欧陆家嘴国际金融研究院副院长刘功润、京华世家家族办公室董事长聂俊 峰、新鼎资本董事长张驰和第一财经总编辑杨宇东共同呈现了一场精彩的年度思想演说秀，围绕宏观趋 势、居民消费、年轻人理财、具身智能 ...

Group 1: Core Insights - The recent legal dispute involving Wahaha Group highlights the complexities of wealth inheritance in China, emphasizing that wealth transfer is not merely about asset handover but involves legal, tax, and family governance considerations [1] - China is experiencing a wealth transfer wave, with an estimated 20 trillion yuan expected to be transferred to the next generation in the next decade, reaching 45 trillion yuan in 20 years, and 79 trillion yuan in 30 years [3] Group 2: Inheritance Planning Status - A significant 74% of Chinese entrepreneurs have not initiated wealth transfer planning, which is higher than the global average of 61% [5][6] - Only 22% of respondents have begun discussions with family regarding wealth transfer, while 40% plan to start such discussions soon [5][6] Group 3: Concerns in Wealth Transfer - The primary concern for 40% of entrepreneurs is finding suitable successors, which contributes to the delay in establishing inheritance plans [7][8] - The lifecycle stage of the business is also a critical concern, as transitions can be more challenging during key growth phases [8] Group 4: Urgency for Action - For the 27% of entrepreneurs planning to retire within the next five years, wealth transfer has become a pressing issue that requires immediate action [6][10] - The potential disappearance of over 60% of private enterprises during the inheritance process underscores the urgency of addressing succession planning [9] Group 5: Solutions for Effective Inheritance - Successful wealth transfer requires a systematic approach involving legal safeguards, corporate governance, and family consensus [11][12] - Legal tools such as wills, family trusts, and large insurance policies are essential for protecting assets and ensuring orderly distribution [12] - Corporate governance should transition from personal control to institutional governance, utilizing models like the separation of ownership and management [13] Group 6: Family Governance and Consensus - Establishing a family constitution can help clarify rules regarding equity transfer and conflict resolution, ensuring smooth transitions [14] - Regular reviews of the inheritance plan are necessary to adapt to changing circumstances and maintain alignment among family members [14] Group 7: Cognitive Shifts for Entrepreneurs - Entrepreneurs need to overcome cultural taboos surrounding inheritance planning and recognize the importance of early action [15] - Misjudgments regarding successors' willingness and capability can hinder effective planning, necessitating open communication and realistic assessments [15] Group 8: Strategic Importance of Wealth Transfer - The impending transfer of 79 trillion yuan in wealth over the next 30 years elevates inheritance from a family issue to a strategic concern for business sustainability and societal wealth security [16] - True inheritance encompasses not only the transfer of assets but also the continuity of values and institutional integrity [17]