The 2025 Noah ARK Global Growth Summit Series recently concluded with resounding success! Over 500 Chinese wealth managers joined us for an exclusive exploration of smart wealth. As a premier summit of ideas guiding wealth and legacy in an era of technological deflation, the event sparked rich, multifaceted conversations and provided practical experience and strategic guidance for global Chinese wealth managers.
Global Macro Outlook: Insights from Fudan University and Goldman Sachs Economists
Zander Yin, CEO of Noah Holdings, opened the summit with a presentation on market trends, wealth management strategies, and Noah’s own journey. He noted that global Chinese wealth managers currently face three essential lessons: business operations require a “dual circulation” model to navigate supply chain diversification; family human capital needs “dual internationalization” to foster new perspectives; and wealth portfolios demand “globalization” to ensure security and intergenerational succession.
Zander Yin emphasized that Noah ARK is committed to helping clients achieve a “Noble, Wealthy, and Happy” life, a mission supported by ongoing investments in art, music, education, and philanthropy. He also offered a sneak peek of the Noah Art Gallery, set to open next month, which will provide an immersive artistic experience for global Chinese clients.
Zhang Jun, Dean of the School of Economics at Fudan University, decoded the current macroeconomic situation by addressing three key questions: Why has aggregate demand weakened in recent years? How should the central bank enhance demand-side management? And what do policy shifts mean for long-term economic development?
Zhang Jun pointed out that China’s GDP growth has passed through three distinct phases in the last decade. Since 2015, the Central Bank’s monetary policy has shifted from purely counter-cyclical adjustments to a dual focus on preventing financial risks and supporting supply-side structural reform. This reflects a greater emphasis on cross-cyclical adjustments, which preserves policy flexibility for the future and fosters a stable monetary environment to support structural reforms. This approach not only stabilizes the economy today but also creates the conditions for healthy long-term development.
Lisheng Wang, China Economist at Goldman Sachs, shared his outlook on the global macroeconomy, policy, and asset allocation. He noted that market expectations for major economies have shifted this year. He believes the US economy may see a moderate slowdown but not a recession, with the Federal Reserve likely to cut rates further, though the terminal rate may remain higher than in past cycles. In Europe, fiscal reforms in Germany and increased military spending in several countries are injecting new momentum into fixed-asset investment and growth, creating positive surprises. Overall, the main global spillovers — including tariff policies, labor market shifts, and Fed rate cuts — are expected to originate from the US.
Regarding asset allocation, Wang Lisheng is relatively optimistic about overseas equities and certain European sovereign bonds. In terms of real assets, the need to address infrastructure gaps amid fiscal expansion is a noteworthy area. For commodities, he believes gold may consolidate in the short term but remains a valuable portfolio component. He also stated that a weaker US dollar is a high-probability event which, despite a gradual pace, should improve global dollar liquidity and support the currencies of several other nations.
Noah Holdings with GLORY and Olive: Unlocking New Opportunities in Wealth Allocation
During the event, Micheal Chen, Editor-in-Chief of the Noah Holdings CIO Report and Deputy General Manager of Glory, unveiled the newly released Noah ARK 2025 H2 CIO Report. He focused on the shifting logic of wealth management, asset allocation advice, and tax structuring. In a live poll conducted during a dialogue with Shi Jianghui, founder of Shenzhen Guoyuan Xinda Capital Management Co., Ltd., nearly half of the attendees predicted the RMB/USD exchange rate would see “increased volatility but remain within the current range” over the next six months, signaling a need for more flexible and resilient investment strategies.
The Noah | ARK H2 2025 CIO Report concludes that we are at a tipping point where old systems are receding and new ones are emerging. Asset allocation must therefore be realistic, flexible, and forward-looking. In the current high-rate, high-uncertainty environment, experienced investors can use hedging tools to reduce risk, control volatility, and invest in their convictions to build an antifragile portfolio.
Andy Yin, Managing Director of Global Private Markets at Olive Asset Management, explored the wealth creation drivers of the past 25 years and the trends for the next 20 years. He suggested we may be at a pivotal moment for a two-decade-long redistribution of wealth. He urged wealth managers to ride three powerful, upward-trending wealth “elevators”: AI, digital currency, and de-globalization.
He also highlighted three medium-term trends:
1.Sticky inflation in major western economies will likely benefit corporate debt and infrastructure assets.
2.A prominent energy gap creates opportunities for renewables, especially nuclear fusion and quantum computing.
3.With US rate cuts on the horizon, the US real estate market is beginning to present more constructive investment opportunities from both a valuation and liquidity perspective.
Addressing concerns about risk and valuation in early and growth-stage tech, Eric Zhou, General Partner at Olive Partners Management, shared his observations from Silicon Valley. He noted that AI unicorns are highly concentrated: over 66% are in the US, with 90% of those in Silicon Valley, making it a singular global hub for talent and technology. In this climate, the primary market has proven its ability to endure economic cycles. Meanwhile, cash-flow pressures are forcing US university endowment funds to sell high-quality assets, creating rare opportunities for high-net-worth individuals and family offices.
Eric Zhou stressed that when investing in primary market AI companies, one should not use secondary market metrics as a direct comparison. The key indicator is revenue growth. Since the launch of ChatGPT, the revenue growth of AI companies has been 6–7 times faster than during the internet and cloud computing booms, underscoring the immense potential of investing at this stage.
Yiming Zhang, Managing Director of Olive Global Public Markets (US), explained the unique value of hedge funds. He noted their significant difference from traditional stock investments: equity-related funds make up only 30–40% of the universe, with most other funds having low correlation to stocks. Even within the equity category, market-neutral strategies are common.
Yiming Zhang emphasized that the distinct advantage of overseas hedge funds lies in their strategic diversity. They allow investors to achieve fully hedged, short, or neutral positions, creating opportunities for profit whether the market rises or falls. By investing in assets or volatility strategies uncorrelated to stock movements, hedge funds can provide a negative or non-correlated source of returns, thereby enhancing the overall stability of an investment portfolio.
Nobei: Crafting Your Exclusive Journey of Smart Wealth
The newly upgraded Noah Group global client benefits system, Nobei, delivered an exclusive experience throughout the summit. From complimentary hotel accommodations and airport transfers to redemptions for “N+ Lifestyle Perks,” every detail was designed to ensure comfort and care at each moment of the journey of smart wealth.
More importantly, Nobei is a holistic, one-stop system covering seven key areas, including healthcare, tax planning, educational resources, and cross-border services. It is not just a collection of benefits but a promise of long-term partnership, adding lasting warmth and color to your “Noble, Wealthy, and Happy” life.
We thank all our guests for their profound insights and our global clients for their trust and support in exploring new frontiers with Noah ARK. We will continue to uphold our values of being “Professional, Authentic, and Warm,” standing by global Chinese wealth managers for generations to come and forging new possibilities on the path of growth and legacy.
