Core Insights - Noah Holdings Limited has released its H2 2025 CIO Report, highlighting the impact of geopolitical shifts and technological disruption, particularly from AI, on capital markets, suggesting a transition to technology-driven deflation logic [1][2][3] Wealth Management Trends - The Report emphasizes the importance for high net worth investors to understand "technology-driven deflation" to facilitate wealth transfer across generations [2][3] - A dual-track economic structure is proposed, balancing persistent structural inflation and deep structural deflation driven by technology [7][8] Investment Strategy - The Report introduces a multi-layered asset allocation model that balances practicality, foresight, and flexibility, focusing on inflation-hedged assets, deflation-hedged assets, and bridge assets [3][7] - Wealth managers are encouraged to move away from traditional debt-driven frameworks to harness the deflationary dividends of technology [3][7] Economic Implications - Technology-driven deflation is expected to unlock productivity gains, becoming a key source of future value creation [7][8] - Virtual assets, such as Bitcoin, are projected to play a critical role in the future financial landscape amid technology-driven deflation [8] Company Overview - Noah Holdings, founded in 2005 and listed on NYSE in 2010, operates in over 30 cities across 9 countries, serving approximately 400,000 high-net-worth clients globally [4][5] - The company has developed an integrated business model covering wealth management, asset management, and financial services, with cumulative asset allocation exceeding RMB 1 trillion [5][6]