NOAH Holdings

03/11/2026

当一个家庭同时涉及投资、传承、子女教育等多项需求，诺亚如何统筹不同专业团队？

《问诺亚》最新一期，诺亚控股首席客户官顾亦军谈到，诺亚不是分别给出不同的方案，而是把这些需求放进一张全景图里。

有问题，「问诺亚」。（内容仅供投资者教育参考，不构成具体投资建议。）

想面对面探讨更多问题？欢迎莅临每月在中国香港举办的Noah Holdings CIO Office Open Day，马上私信或点击链接预约：noahmkt.com/5FFt

When a family has needs across investment, legacy planning and children's education all at once, how does Noah coordinate its different specialist teams?

In the latest episode of Ask Noah, Noah Holdings Chief Client Officer Yijun Gu explains that Noah does not offer separate plans for each need, but brings them together in one complete picture.

Got a question? Ask Noah. (For educational purposes only. Not investment advice.)

Want to discuss further, face to face? Join the monthly Noah Holdings CIO Office Open Day in Hong Kong. Message us or click the link to reserve your spot: noahmkt.com/5FFt

#问诺亚

03/11/2026

什么是「共识共生」？共识，是谈得拢；共生，是做得长。

11月5日至10日，第九届中国国际进口博览会（进博会）将在上海举办。除了此前分享的AI科技看点，Noah Holdings（诺亚控股）还想为您的长久合作，带来更多的思考与体验。

当您在进博会上看到前沿技术、遇见合作伙伴，下一步的关键，是怎么把合作谈成，再做长。这与上海诺亚财富中心（Noah Wealth Center，NWC）内N+艺术中心眼下一场展览的主题「共识共生」不谋而合。作为本届全国艺术季的开篇首展，它对「共识」有一段很好的表述：真正的共识，建立在彼此尊重、倾听差异、平等对话的基础之上。

为此，我们特别为您与友人备了N+艺术中心双展通票和一杯咖啡。NWC由建筑大师Norman Foster设计，位于上海虹桥商务区核心圈，步行十几分钟即到国家会展中心。暂别展会的熙熙攘攘，在这里，您可以与合作伙伴把合作谈得更透彻、更从容，在艺术藏品与展览间漫步，让灵感与想象慢慢展开。

好的合作，信任往往是在从容的相处里，一点点长出来的。进博会期间，NWC向预约的企业家、创业者和投资人开放，欢迎邀友人到访，让信任持续生长。

点击链接预约，为您的进博会之行打开更多新的机遇和可能：https://www.noahgroup.com/ciie/

What is "Consensus & Symbiosis"? Consensus is how a deal gets done. Symbiosis is how it lasts.

The 9th China International Import Expo (CIIE) runs November 5 to 10 in Shanghai. Beyond the tech highlights we shared earlier, Noah Holdings would like to offer more to think about, and more to experience, for the partnerships you hope will last.

When you see cutting-edge technology and meet new partners at the Expo, the next question is how to close the deal, and then keep it going. That echoes "Consensus & Symbiosis," the theme of an exhibition now running at the N+ Art Center inside Noah Wealth Center (NWC) in Shanghai. As the opening show of this year's national art season, it puts it well: true consensus is built on mutual respect, listening to differences and equal dialogue.

So we have prepared a two-exhibition pass to the N+ Art Center and a cup of coffee for you and your partners. NWC was designed by Norman Foster and sits in the core of the Hongqiao Business District, a 10 to 15 minute walk from the National Exhibition and Convention Center. Step away from the bustle of the Expo, talk your plans through at an easier pace, and let ideas unfold among the art and exhibitions.

Good partnerships often rest on trust that grows, bit by bit, in unhurried company. During the Expo, NWC is open by reservation to entrepreneurs, founders and investors. Bring a friend and let trust keep growing.

Reserve your visit and open up more opportunities for your Expo trip: https://www.noahgroup.com/ciie/

03/11/2026

美国中期选举，对黄金而言，关键在于它如何塑造财政叙事。

今日，彭博社（Bloomberg）在黄金市场报道中引用了Noah Holdings CIO Office（诺亚控股CIO办公室）的观点：黄金对美国财政部在债券市场的干预、政府对短期债务的依赖，以及美联储维持短期利率稳定的能力较为敏感。选举结果是否影响这几类情景，可能间接影响金价。报道同时梳理了美伊谈判预期、油价、通胀与加息压力，以及AI板块回撤对黄金的牵连，把多条线索放在同一张图里。

On US midterm election day, what matters for gold is how the election shapes the fiscal narrative.

Today, Bloomberg cited the view of Noah Holdings CIO Office in its gold market coverage: gold is sensitive to US Treasury interventions in the bond market, the government's reliance on short-term debt and the Federal Reserve's ability to keep short-term interest rates in check. Whether the election result affects those scenarios could indirectly move gold prices. The report also brings together hopes for US-Iran talks, oil, inflation and rate-hike pressure, and the pullback in AI stocks that has weighed on bullion, all in one picture.

Gold was steady, after jumping the most in two months on Monday as hopes of a breakthrough in US-Iran peace talks sent oil prices plunging and eased anxiety over accelerating inflation.

03/11/2026

油价单日下跌7.36%，费城半导体指数下跌3.37%，近三个交易观测累计下跌11.60%。同一轮能源降温，对科技资产并没有给出同样的答案。道指与欧洲主要股指收高，说明这并非一次全球无差别的抛售。

“便宜的油，不会自动变成便宜的风险。市场正在重新分配风险，还没有发出全面放心的信号。这与《兑现之年》的思路一致：生产力带来长期机会，资本接续决定兑现节奏，制度与信任影响风险定价。”

——诺亚控股CIO办公室市场快评 · 一分钟读懂市场

以上仅为市场观点，不构成投资建议。

想深入了解更多市场判断？Noah Holdings CIO Office 香港 Open Day每月举办，让我们面对面探讨AI时代的全球财富布局与长期机会。马上私信或点击链接预约：noahmkt.com/5FFt

Oil fell 7.36% in a single session and the Philadelphia Semiconductor Index lost 3.37%, taking its three-session decline to 11.60%. Cheaper energy has not made technology risk cheaper. The Dow and major European indices closed higher, which argues against a blanket global selloff.

“Cheaper oil does not automatically become cheaper risk. The market is repricing risk rather than declaring the all-clear. This is consistent with The Year of Realization: productivity sets the long-term opportunity, capital continuity sets the pace of delivery, and institutions and trust shape how risk is priced.”

— Noah Holdings CIO Office Market Pulse · One Minute Market Read

Views only, not investment advice.

Want to go deeper on our market views? Noah Holdings CIO Office's Open Day in Hong Kong runs monthly, join us for a face-to-face discussion on global wealth positioning in the AI era. Limited seats, reserve now: noahmkt.com/5FFt

02/11/2026

利润增长50%，投资者仍可能亏损25%。

一家企业两年后利润增长一半，市值却下降四分之一，差别出在买入时的估值。据报告，2026年6月底至10月中，AI基础设施板块的盈利预期上调约25%，远期市盈率却下降约22%。

技术红利最终归谁所有？筛选AI资产，要看哪三把尺子？您的家庭又承担了多少AI风险？

Noah Holdings CIO Office（诺亚控股CIO办公室）在专题报告《谁能留住技术红利》中，沿着铁路、互联网到AI的历程，逐一拆解。点击查看本期「月度深论」Full Article：noahmkt.com/5GT3

Profits up 50%. Investors down 25%. It can happen.

It is the arithmetic of a multiple that compresses faster than earnings grow, and AI infrastructure has seen a version of it since late June: earnings expectations up about 25%, forward P/E multiples down about 22%, according to the report.

So who actually keeps the technology dividend? Which three yardsticks should screen an AI asset? And how much AI risk is your family already carrying?

In its special report, Who Can Retain the Technology Dividend, Noah Holdings CIO Office traces railways, the internet and AI to find out. Read this issue of CIO Monthly.

02/11/2026

资本越集中地追逐少数优秀公司，进入价格对长期回报的影响就越大。

02/11/2026

【前瞻速览】本周两场检验：11 月 4 日的 ISM 服务业指数、11 月 6 日的就业报告，另有美国中期选举计票与英格兰银行决议。上周纳斯达克下跌 2.00%，标普500 下跌 0.57%。

“本周要回答的，是支持企业利润的两件事能否同时改善：客户是否仍愿意消费和下单，企业的人工及投入成本是否更容易消化。不能只盯一个非农数字，更不能把就业偏弱简单理解为所有资产利好。”

——诺亚控股CIO办公室市场快评 · 一分钟读懂市场

以上仅为市场观点，不构成投资建议。

想深入了解更多市场判断？Noah Holdings CIO Office 香港 Open Day每月举办，让我们面对面探讨AI时代的全球财富布局与长期机会。马上私信或点击链接预约：noahmkt.com/5FFt

【Weekly Outlook】Two tests this week: the ISM services index on 4 November and the jobs report on 6 November, alongside US midterm vote counting and the Bank of England decision. Last week the Nasdaq fell 2.00% and the S&P 500 fell 0.57%.

“The question this week is whether the two things that support corporate profit can improve together: whether customers still spend and order, and whether labour and input costs are easier to absorb. One payroll number is not enough, and weaker hiring should not be read as good news for every asset.”

— Noah Holdings CIO Office Market Pulse · One Minute Market Read

Views only, not investment advice.

Limited seats available. Message us or tap the link to reserve: noahmkt.com/5FFt

01/11/2026

十月收官周，市场在对账。AI账单日之后，这一周的波动为什么这么大？美联储维持利率却谈12月加息，该怎么读？国内指数偏弱而科技日新月异，为什么看起来背离？

本期「回应客户关切」共收录九个问题，Noah Holdings CIO Office（诺亚控股CIO办公室）先拆解其中三个。其余六个，包括AI的「信仰裂痕」、黄金、资金面、AI公司招股书、《对外投资管理办法》，以及加密平台被盗事件，欢迎联系我们进一步交流。点击查看全文 Full Article：noahmkt.com/5GCf

The market spent the last week of October checking the bill. After AI earnings day, why was the week so volatile? The Fed held rates, yet talk of a December hike grew: how should we read it? China's indices lag while its technology races ahead: why the gap?

This week's Client Concerns, Addressed gathers nine questions. Noah Holdings CIO Office unpacks three of them in the full article. The other six, from the AI "faith" debate, gold and market flows to an AI company's IPO filing, new outbound investment rules and a major crypto exchange theft, we would be glad to discuss directly.

01/11/2026

费城半导体指数周五下跌7.20%，全周约跌0.84%；纳斯达克全周下跌2.00%；创业板指全周下跌10.08%。同一天，10年期美债收益率约4.93%。

“技术决定世界去向哪里；合同、杠杆与价格，决定投资者能否到达那里。AI 开支的账单日与巨头指引不及预期，让‘信仰’接受价格检验；规则窗口临近，通道与架构要写进动作清单。”

——诺亚控股CIO办公室市场快评 · 一分钟读懂市场

以上仅为市场观点，不构成投资建议。

想深入了解更多市场判断？Noah Holdings CIO Office 香港 Open Day每月举办，让我们面对面探讨AI时代的全球财富布局与长期机会。马上私信或点击链接预约：noahmkt.com/5FFt (http://noahmkt.com/5FFt)

The Philadelphia Semiconductor Index fell 7.20% on Friday, about 0.84% for the week; the Nasdaq fell 2.00% for the week, and ChiNext fell 10.08%. The 10-year Treasury yield stood near 4.93%.

“Technology decides where the world is headed; contracts, leverage and price decide whether investors arrive. With AI spending billing days and guidance missing expectations, belief is being tested on price; and as the rule window nears, channels and structures belong on the action list.”

— Noah Holdings CIO Office Market Pulse · One Minute Market Read

Views only, not investment advice.

Limited seats available. Message us or tap the link to reserve: noahmkt.com/5FFt (http://noahmkt.com/5FFt)

31/10/2026

费城半导体指数下跌7.20%，纳斯达克下跌2.86%；同一天，布伦特原油上涨2.40%，10年期美债收益率回落至4.94%。

“今天最值得关注的，是科技、能源、国债给出了不同答案：投资者既担心AI建设的钱花得太快，也担心能源涨价让企业赚钱更难。真正需要检查的，是资产依赖什么收入、何时回款、融资何时到期。回调本身，并不足以否定一条长期赛道。”

——诺亚控股CIO办公室市场快评 · 一分钟读懂市场

以上仅为市场观点，不构成投资建议。

想深入了解更多市场判断？Noah Holdings CIO Office 香港 Open Day每月举办，让我们面对面探讨AI时代的全球财富布局与长期机会。马上私信或点击链接预约：noahmkt.com/5FFt

The Philadelphia Semiconductor Index fell 7.20% and the Nasdaq fell 2.86%; on the same day Brent crude rose 2.40% while the 10-year Treasury yield eased to 4.94%.

“What stands out is that tech, energy and Treasuries gave different answers: investors worry both that AI spending is outrunning returns and that costlier energy makes earning harder. What needs checking is which income an asset relies on, when cash is collected and when financing matures. A pullback alone does not invalidate a long-term theme.”

— Noah Holdings CIO Office Market Pulse · One Minute Market Read

Views only, not investment advice.

Limited seats available. Message us or tap the link to reserve: noahmkt.com/5FFt