Core Insights - The H1 2026 CIO Report by Noah Holdings highlights a significant shift in wealth management strategy, emphasizing the transition of AI from a speculative technology to a critical long-term infrastructure asset class [1][2] Wealth Management Strategy - The report indicates that the focus of wealth management is moving from maximizing short-term returns to preserving long-term certainty amid macroeconomic uncertainties [2] - Noah's CIO Office asserts that AI has transitioned from a "software-only" phase to a long-term infrastructure-building cycle, with investment value lying in the foundational assets required for large-scale AI deployment [2][3] AI Infrastructure and Portfolio Management - AI infrastructure is viewed as a strategic anchor for portfolios, enhancing stability and providing long-duration cash flow characteristics, while not replacing equities or venture capital [3][4] - The report introduces a three-layer allocation framework for family portfolios, which includes core long-term assets, liquidity and risk management layers, and legacy structures for intergenerational continuity [4] Historical Context and Consistency - Since 2022, Noah's CIO Office has published ten reports, establishing a consistent framework for navigating global macro shifts, with the latest report focusing on AI infrastructure as a cornerstone for future asset allocation [5]

Core Insights - Noah Holdings Limited has released its H1 2026 CIO Report, highlighting a significant shift in wealth management strategies due to the evolution of AI from a speculative technology to a critical long-term infrastructure asset class [1][2] Wealth Management Strategy - The report indicates that the focus of wealth management is transitioning from maximizing short-term returns to preserving long-term certainty amid ongoing macroeconomic uncertainties [2] - Noah's CIO Office emphasizes that AI has progressed beyond a "software-only" phase and is now entering a long-term infrastructure-building cycle, with investment value centered on the physical and operational foundations necessary for large-scale AI deployment [2][3] AI Infrastructure and Portfolio Management - AI infrastructure is viewed as a strategic anchor for portfolios, enhancing stability and providing long-duration cash flow characteristics, while not replacing equities or venture capital [3][4] - The report anticipates that rising AI-driven power demand will lead to sustained spending in energy systems and digital infrastructure over the next 10 to 20 years [4] Allocation Framework - A three-layer allocation framework for family portfolios is introduced, focusing on core long-term assets with durable cash flows, liquidity and risk management layers, and legacy structures for intergenerational continuity [9] - The report concludes that effective wealth management is about preserving direction, dignity, and autonomy for families across all market conditions [4] Historical Context - Since 2022, Noah's CIO Office has published ten CIO reports, establishing a consistent framework for navigating global macro shifts, with the latest report continuing the analysis of AI infrastructure as a cornerstone for future asset allocation [5]

Core Insights - Noah Holdings Limited hosted the Black Diamond Summit in Macau, focusing on the theme "AI Together, Co-Generating the Future," which attracted over 3,000 clients and partners [1] - The company introduced its AI Relationship Manager "Noya," enhancing client experience through a combination of human expertise and AI algorithms [2] - Norah Wang, Co-Founder and Chairwoman, highlighted the complexities faced by Chinese families in wealth management and identified transformative events reshaping wealth creation [3][4] AI Transformation - Noya, the AI Relationship Manager, is designed to create synergies between human expertise and AI, enhancing client experience across five core pillars [2][6] - The AI-driven global wealth infrastructure aims to simplify global complexities and protect family legacies [4] Wealth Management Infrastructure - Norah Wang emphasized the need for a global operating system for wealth management, addressing the pain points of Chinese families navigating a complex global lifestyle [3] - Five structural forces shaping contemporary wealth strategies were identified, including geopolitical shifts and the normalization of AI [7] Private Wealth Management Redefined - A discussion between Zander Yin and Tony Shale explored how AI is transforming private wealth management in Asia, shifting from product-centric to insight-driven engagement [8] - The concept of wealth in the AI era extends beyond financial assets, emphasizing a continuous journey towards true prosperity [9] Company Overview - Noah Holdings, founded in 2005, is the first Chinese wealth management institution dual-listed in Hong Kong and New York, managing over RMB 1 trillion in allocated assets [10][12] - The company operates a comprehensive ecosystem encompassing Wealth Management, Asset Management, and Family Services through core brands like ARK Wealth, Olive Asset, and Glory Family Heritage [11]