On September 17, 2025, Chief Executive John Lee Ka-chiu delivered the latest administration’s Policy Address at the Legislative Council. The report not only emphasized a balance between the economy and people’s livelihoods but also outlined a strategic blueprint for Hong Kong’s future in finance, innovation, industry, and globalization.

Amidst the market volatility and policy shifts of the first half of 2025, the eight core trends outlined in Noah ARK’s early-year CIO Report have been largely validated. This is evident across a range of developments, from the continued rise of AI to the counter-cyclical strength of gold and crypto assets, and the evolving global allocation paths for RMB-denominated assets.

Over the past decade, the primary market experienced an era of high-speed expansion, with capital chasing scale. Today, however, the primary market is shifting from "capital-driven growth" to "industrial value-driven growth," with funds increasingly flowing to top-tier managers with deep industry expertise and a global perspective. In the secondary market, a turning point in interest rates and liquidity has triggered a rapid repricing, where volatility is creating structural

Perspective shapes allocation. In the second half of 2025, understanding "technology-driven deflation" and balancing asset safety with growth potential have become pivotal capabilities for securing future success. In the latest NOAH | ARK H2 2025 CIO Report, Noah ARK introduced a next-generation asset allocation framework: a dual-track strategy that simultaneously targets inflation-hedged and deflation-hedged assets, while incorporating bridge assets to enhance portfolio flex

In 2025, the global macroeconomic landscape is being profoundly shaped by two contradictory yet intertwined forces. On one hand, high debt levels, fiscal expansion, and geopolitical frictions in major economies are driving inflationary pressures. On the other hand, "technology-driven deflation," led by AI, is emerging as a critical long-term variable reshaping the economic order.

China, Shanghai, 27 August 2025 -- Noah Holdings Limited ("Noah" or "the Company") (NYSE: NOAH, HKEX: 6686), a leading and pioneer wealth management service provider, has released its Noah Holdings | ARK Wealth H2 2025 CIO Report ("the Report"), which argues that geopolitical shifts and technological disruption, especially from AI, are setting the stage for a new era of capital markets dominated by technology-driven deflation logic.

At the recent NOAH's ARK Global Chinese Wealth Management and Inheritance Summit, a panel discussion themed "Alternative Assets...