Today marks the final day of 2025.

At this pivotal moment, rather than merely reviewing gains and losses, we wish to offer something more enduring: a set of judgments designed to remain valuable long after the celebrations have faded.

For years, we have spoken of AI as a technical breakthrough, an investment theme, an efficiency revolution. But looking back now, we realize with increasing clarity that AI is changing more than just productivity; it is reshaping the very structure of wealth itself.

It is redefining three fundamental, long-term questions:

·What constitutes a true long-term asset?

·What kind of system deserves sustained trust?

·What can continue to create stable value in an era of high uncertainty?

This is why, at Noah, we see AI not as a fleeting opportunity but as a structural transformation that will define the next 10–20 years. Much like electricity or the internet, it is evolving from "technological innovation" into "operating infrastructure," and shifting from being "imagination-driven" to "responsibility-and-results-driven."

Throughout this year, we have continuously refined our judgments and practices around these changes. Whether it is the global asset allocation and structural research consistently released by the Noah Holdings CIO Office, or the launch of our AI Relationship Manager, Noya, our purpose remains constant: to answer a single, vital question. As AI reshapes the world, how do we empower our clients to preserve their safety, their resilience, and their freedom of choice?

In a world where information is abundant and models are easily replicated, the rarest commodities are trusted systems, stable cash flows, unimpeachable compliance, and cross-cycle judgment. These have become the true underlying assets of the AI era.

Based on this understanding, we share this "Top 20 Key Trends in Technology and Wealth Management for 2026," covering infrastructure, computing power and energy, trust and compliance, geopolitics, corporate cost structures, and long-term strategies for high-net-worth families.

On this final day of 2025, here are our reflections on the certainties forming over the next decade. We invite you to join us in understanding these changes through a clear and timeless lens. 

//AI Is No Longer a Concept, but "Operating Infrastructure"

01

In 2026, AI will become a corporate "utility" rather than an optional tool, much like electricity and the internet. For investors, this represents long-term capital rather than a short-term theme.

02

True value is created not by the "smartest AI," but by the "most trusted, stable, and controllable AI." Future premiums belong to "trusted systems," not "flashy models."

03

Enterprises are beginning to demand "results and accountability" from AI, rather than mere demonstrations and imagination. AI is moving from being "story-driven" to "cash-flow-driven."

//Computing Power and Energy: The "New Land" of the AI Era

04

Computing power is not merely a matter of chips. The real bottlenecks are power, data centers, networks, and compliance. AI is essentially a "heavy-asset, long-cycle" industry.

05

Data centers and energy will determine the economic map, just as railways and highways did in the past. This is one of the most certain and long-term underlying assets of the AI era.

06

Over the next 5–10 years, the most stable AI investments will be in infrastructure, not applications—similar to the fiber optics and data centers of the early internet.

//AI Reprices "Trust"

07

In the AI era, information is no longer scarce. Trusted information is. Trust is becoming the ultimate economic moat.

08

Companies that can transparently prove the integrity of their data sources, decision-making processes, and accountability frameworks will command significantly higher valuations. Compliance is not a cost; it is a long-term premium.

09

Clients will increasingly pay a premium for systems that guarantee security, accountability, and uninterrupted service. This is the source of high-quality cash flow.

//Geopolitics and Regulation Are Reshaping the Tech Landscape

10

AI is no longer a unified global market. It is becoming regionalized, compliant, and fragmented. Investment must account for geopolitical and institutional differences.

11

Data, computing power, and AI systems are being regulated like financial assets. "Compliance capability" is becoming a core competency for tech companies.

12

Prudent enterprises are building resilience against policy uncertainty into their core strategies. Resilience is now more important than efficiency.

//AI Is Changing Corporate Cost Structures

13

The greatest value of AI is not in replacing people, but in restructuring organizational efficiency and decision-making. High-quality companies will grow stronger, while mediocre ones will be phased out faster.

14

Future gaps in corporate profit will stem from "who integrates AI into their processes earlier," not just who uses it first. This is the importance of execution.

15

AI amplifies management capability rather than distributing efficiency equally. The "leading effect" is accelerating.

//Three Long-Term Conclusions from an Investment Perspective

16

AI is a 10–20-year structural transformation, not a cyclical theme. It requires a long-term, stratified, and patient allocation.

17

Truly high-quality AI investments are often "unsexy" but exceptionally stable. Infrastructure, energy, networking, and security offer higher probabilities of success.

18

The best AI assets of the future will typically possess three traits: scale, compliance, and cash flow.

//Direct Implications for High-Net-Worth Families

19

Wealth management in the AI era is not just about "what to invest in," but "how to avoid being left behind." This includes assets, identity, healthcare, and intergenerational planning.

20

The true long-term winners are families who can maintain safety, resilience, and the power of choice amid technological upheaval. The ultimate nature of wealth is, and always has been, the ability to master uncertainty.

For Noah, wealth management has never been about what we "did right" in a single year. It is about how we consistently stand with our clients and help them preserve the three pillars of enduring prosperity: safety, resilience, and the power of choice.

As we step into 2026, AI will continue to evolve, and global uncertainty will not vanish. However, we believe that if our foundational understanding remains clear and the direction of long-term assets is correct, global Chinese families can move forward steadily, navigating the tides of our time with wisdom and composure.

On this final day of 2025, we place this insight into your hands. May it serve as a trustworthy reference in the critical moments to come.