Noah Holdings

瑞銀報告分析顯示，全球約有 83萬億美元的財富傳承在未來二十年內蓄勢待發，而香港成年人財富全球第三，高達582,000美元。隨著人口結構變化和社會財富積累，財富傳承已成為一個全球性的重大議題。近期，香港人口復蘇至751萬，外來人才激增，特別是「高才通」計劃引入的13萬高端人才，顯著推高了租房需求，租金指數連續四個月上漲，上半年累計漲幅達1.6%。與此同時，樓市價格創八年新低，打破了樓價與租金傳統上的正相關關系，反映了市場的復雜性。對於香港而言，如何在樓市調整期與租房市場回暖的交匯點，找到財富穩健增長與傳承的平衡點，合理配置資產，以應對未來的財富傳承挑戰，顯得尤為重要。 A UBS report analysis indicates that approximately $83 trillion in global wealth is poised for transfer over the next two decades, with Hong Kong ranking third globally in adult wealth, reaching an average of $582,000 per adult. As demographic shifts and societal wealth accumulation continue, wealth transfer has become a significant global issue. Recently, Hong Kong's population rebounded to 7.51 million, with an influx of talent, particularly the 130,000 high-end professionals introduced through the "Top Talent Pass Scheme," which has significantly boosted demand for rental housing. The rental index has risen for four consecutive months, with a cumulative increase of 1.6% in the first half of the year. Meanwhile, property prices have hit an eight-year low, breaking the traditional positive correlation between housing prices and rental rates, reflecting market complexity. For Hong Kong, finding a balance between stable wealth growth and transfer during the intersection of the housing market adjustment period and the rental market recovery, and making rational asset allocations, is crucial to addressing the challenges of future wealth transfer. #noah #noahholdings #UBS #hongkong

上周收盤，美股三大指數均創2023年10月底「美股大反轉」後的最大單周漲幅。熱門美股中概股普漲，多家公司陸續披露本財季業績情況，在報告期內取得不俗業績。截至19日收盤，美股三大指數集體收漲，道指漲0.58%，納指漲1.39%，標普500指數漲0.97%。愛奇藝漲超6%，理想汽車漲超4%，納斯達克中國金龍指數(HXC)收高1.39%。同時，頭部中概互聯網企業采取了包括分紅與股票回購計劃在內的更積極措施以加大對股東回報力度，從而展示公司穩健的財務狀況及現金流。你對美股中概股走勢怎麽看？歡迎評論留言。 Last week's close, the three major U.S. stock indexes all hit the end of October 2023 “U.S. stocks reversal” after the biggest one-week gain. Popular U.S. stocks in the stock market, a number of companies have disclosed the results of this fiscal quarter, in the report period achieved good results. As of the close of business on the 19th, the three major U.S. stock indexes closed up collectively, the Dow rose 0.58%, the Nasdaq rose 1.39%, the S&P 500 index rose 0.97%. Aqiyi rose more than 6%, ideal car rose more than 4%, Nasdaq China Golden Dragon index (HXC) closed 1.39% higher. Meanwhile, headline Chinese Internet companies took more aggressive measures to increase returns to shareholders, including dividends and share buyback programs, in order to demonstrate the companies' solid financial position and cash flow. What do you think about the trend of U.S. Chinese stocks? Feel free to comment. #noah #noahholdings #Nasdaq

據彭博指數，上周五新興市場主權美元債平均收益率為7.4%；若新興市場債券漲勢持續，全年回報率或超8%。摩根大通等投資機構抓住高風險資產回落機遇，增持新興市場債券，押註美國經濟軟著陸及美聯儲寬松政策。盡管有衰退擔憂導致市場波動，但部分基金經理仍看好烏克蘭等高收益市場。摩根資產管理預計新興市場債券今年有望實現兩位數回報。你對新興市場債券怎麽看？歡迎評論留言。 According to Bloomberg Index, the average yield of emerging market sovereign dollar bonds was 7.4% on last Friday; if the rally in emerging market bonds continues, the annual return may exceed 8%. JP Morgan Chase and other investment institutions to seize the opportunity of high-risk assets fall, increased holdings of emerging market bonds, betting on the U.S. economic soft landing and the Federal Reserve easing policy. Despite market volatility caused by recession fears, some fund managers remain bullish on high-yield markets such as Ukraine. JPMorgan Asset Management expects emerging market bonds to deliver double-digit returns this year. What do you think about emerging market bonds? Feel free to leave a comment. #noah #noahholdings #economy

星巴克任命餐飲界傳奇CEO布萊恩·尼科爾後，市場反響積極，股價飆升24.5%，創下新高，反映出市場對新領導的信心。由於疫情沖擊和咖啡市場競爭激烈，星巴克面臨挑戰，星巴克中國可能調整戰略，控製高線城市擴張，加速下沈市場布局，利用低租金和高需求優勢。下沈市場星巴克提供獨特空間和文化體驗，成為縣城居民休閑首選。同時，星巴克將繼續加大會員權益投入，以強化用戶忠誠度和品牌影響力，並通過創新產品，提升客單價等手段提升業績。你對星巴克的未來發展怎麽看？歡迎評論留言。 After Starbucks appointed legendary CEO of the restaurant industry Brian Nichol, the market response was positive, with shares soaring 24.5% to a new high, reflecting the market's confidence in the new leader. As Starbucks faces challenges due to the impact of the epidemic and fierce competition in the coffee market, Starbucks China may adjust its strategy to control expansion in high-tier cities and accelerate the layout of its sinking markets to take advantage of low rents and high demand. Starbucks in the sinking market provides unique space and cultural experience, and has become the first choice of county residents for leisure. At the same time, Starbucks will continue to increase investment in membership rights to strengthen user loyalty and brand influence, and to improve performance through innovative products and increase customer unit price. What do you think about the future development of Starbucks? Feel free to leave a comment. #noah #noahholdings #Starbucks

7月美國CPI同比升至2.9%，環比微增0.2%，符合預期，顯示通脹繼續回落。住房與能源價格環比回升，但核心通脹放緩，消費與勞動力市場降溫。商品通脹繼續放緩，二手車價格加速下滑。美聯儲延長觀察期，以確認通脹回落路徑。市場關註9月降息幅度，普遍預期25BP降息加大。總體而言，美國通脹有序降溫，經濟前景偏向積極，但風險猶存。需警惕住房通脹對服務業的潛在影響，及選舉季政治因素對美聯儲決策的影響，就業市場和失業率也是重要考量。你對美聯儲降息預期怎麽看？歡迎評論留言。 U.S. CPI rose to 2.9% year-on-year (y/y) in July and edged up 0.2% month-on-month (m/m), in line with expectations, suggesting that inflation continues to retreat. Housing and energy prices picked up m/m, but core inflation slowed as consumption and labor markets cooled. Commodity inflation continued to slow, with used car prices accelerating downwards. The Fed extended its observation period to confirm the trajectory of inflation's retreat. Markets are focused on the scale of the September rate cut, with a 25BP reduction widely anticipated. Overall, U.S. inflation cooled in an orderly manner, and the economic outlook is positive, but risks remain. Need to be vigilant about the potential impact of housing inflation on the service sector, and the impact of political factors on the Fed's decision-making during the election season; the job market and unemployment rate are also key considerations. What do you think of the Fed's expected rate cut? Welcome to comment. #noah #noahholdings #CPI #Fed

美元指數近期下跌。由於全球風險資產價格整體走強且美國10年期國債收益率走低，市場對美元的需求減弱，給美元帶來一定壓力。具體而言，美元兌歐元、瑞士法郎和瑞典克朗走弱，美元兌日元、加元和英鎊走強。由於頭寸的平倉完成，日元在企穩。而美國初請失業金人數低於預期，市場預期美聯儲降息情緒加強，加之加拿大央行已經降息，導致美元兌加元走強。你對美元指數走勢怎麽看？歡迎評論留言。 The U.S. dollar index has fallen recently. Due to the overall strengthening of global risk asset prices and the lower yield of the U.S. 10-year Treasury bond, market demand for the dollar weakened, putting some pressure on the dollar. Specifically, the dollar weakened against the euro, the Swiss franc and the Swedish krona, while the dollar strengthened against the yen, the Canadian dollar and the pound sterling. The yen is stabilising as the unwinding of positions is completed. While US initial jobless claims were lower than expected, the market expects Fed rate cut sentiment to strengthen, and the Bank of Canada has cut rates, leading to a stronger USDCAD. What do you think about the trend of the dollar index? Welcome to comment message. #noah #noahholdings #USDCAD #FED

英特爾最新財報利空，第二季度營收下降1%至128.3億美元，凈虧損16.1億美元，遠低於市場預期，並宣布大規模裁員與暫停派息以縮減開支。公告發布以來股價累計已跌34.6%，市值蒸發逾320億美元。同時，有媒體消息稱，7年前，英特爾錯失10億美金收購Open AI的15%股份良機，原因是CEO認為生成式AI模型很難在短期內進入市場，其數據中心部門亦不想以成本價為其生產產品。你對英特爾公司前景怎麽看？歡迎評論留言。 Intel's latest earnings report was bearish, with second-quarter revenue falling 1% to $12.83 billion and a net loss of $1.61 billion, far below market expectations, and announcing large-scale layoffs and a suspension of dividends to reduce expenses. Since the announcement, the stock price has fallen by 34.6%, and its market value has evaporated by more than $32 billion. At the same time, some media sources said that seven years ago, Intel missed the opportunity to acquire a 15% stake in Open AI for $1 billion, because the CEO believed that generative AI models would be difficult to enter the market in the short term, and its data center division did not want to produce products for it at cost price. What do you think about Intel's future? Welcome to comment and leave a message. #noah #noahholdings #intel

近日，諾亞向股東派發創紀錄的1.018億元人民幣股息。公司出臺了新資本管理與股東回報政策，根據該政策，每年最少將公司每年最少將之前財政年度歸屬於股東的非GAAP凈利潤的35%用於分紅。諾亞董事長汪靜波女士表示，諾亞致力於持續回饋股東，增強客戶信任，共創長期價值。 Recently, Noah paid a record dividend of RMB101.8 million to its shareholders. The company has introduced a new capital management and shareholder return policy, under which a minimum of 35 percent of the company's non-GAAP net profit attributable to shareholders for the previous financial year will be used for dividend distribution each year. Ms Wang Jingbo, Chairwoman of Noah, said that Noah is committed to continuing to give back to its shareholders, enhance client trust and create long-term value. #noah #noahholdings

8月5日，日經225指數狂跌4000余點，跌幅達12.40%。次日，日經225指數大幅上漲超過3200點，一度實施熔斷機製。市場人士指出，美國公布的服務業企業信心經濟指標超出預期，緩解了市場對未來的過度謹慎情緒。同時日元兌美元下跌，結束了連續五日漲勢。你對這次日本股市震蕩怎麽看？歡迎評論留言。 On August 5th, the Nikkei 225 Index fell wildly by more than 4,000 points, or 12.40 per cent. On the following day, the Nikkei 225 index rose sharply by more than 3,200 points, and the circuit breaker was once implemented. Market participants pointed out that the U.S. published economic indicators of business confidence in the service sector exceeded expectations, easing the market's excessive caution about the future. Meanwhile the yen fell against the dollar, ending a five-day streak of gains. What do you think about this Japanese stock market shock? Feel free to leave a comment. #noah #noahholdings #Nikkei225

美國7月非農就業數據遠低於預期，新增崗位僅11.4萬個，失業率升至4.3%，引發市場對經濟放緩的擔憂，推高美聯儲降息預期。美元指數大幅下跌，美元兌主要貨幣全面走弱。市場預期美聯儲9月降息50個基點的概率大幅升至70.5%。美國經濟數據疲弱，但宏觀指標未顯示大幅放緩，市場擔憂經濟增長前景。你對近期美國經濟走向怎麽看？歡迎評論留言。 In July, the United States experienced a notable shortfall in non-farm employment data, with a mere 114,000 new jobs added. Consequently, the unemployment rate escalated to 4.3%, prompting concerns regarding a potential economic deceleration and exacerbating expectations for an interest rate reduction by the Federal Reserve. The US dollar index encountered a substantial decline, as the currency exhibited weakness against a wide array of major currencies. Furthermore, market sentiment shifted towards a 50 basis point interest rate cut by the Federal Reserve in September, with such expectations reaching 70.5%. Despite the current weakness in US economic data, macroeconomic indicators do not suggest a marked slowdown; nonetheless, the market remains apprehensive about the trajectory of economic growth. What is your assessment of the recent economic trends in the United States? Please feel free to provide your insights. #noah #noahholdings #FED