Recently, Zander Yin, CEO of Noah Holdings, was invited to attend the 16th Caixin Summit 2025. During the roundtable themed "New Engines of Finance—Empowering 'Globalizing Enterprises' to Accelerate," he shared deep insights into the globalization of Chinese enterprises and future trends in wealth management, and accepted an exclusive interview with Caixin.
Caixin is a leading authoritative financial news organization renowned for in-depth investigative reporting and high-quality financial content. The Caixin Summit is an annual high-end financial conference hosted by Caixin Media and is one of the most influential platforms for intellectual exchange in the Chinese and global financial communities.
Zander Yin proposed that the world is transitioning from a traditional inflation-driven logic to an era driven by "technology-driven deflation." Facing this trend, Noah is reshaping its wealth management logic, centered on "dual-benefit assets" and technological empowerment.
During the forum, Zander Yin pointed out that the core of this structural shift lies in a "cost revolution" triggered by technologies such as AI, blockchain, and clean energy. He stated that the accelerated evolution of technology is reshaping the global cost and efficiency structure.
This judgment reveals a significant shift in the underlying logic of the global economy and has become a key basis for Noah's current and future wealth management strategies. As early as August of this year, in the 10th CIO Report released by Noah—the NOAH Holdings | ARK Wealth H2 CIO Report—Jingbo Wang, Founder and Chairwoman of Noah Holdings, declared "we are entering a new capital era dominated by 'technology-driven deflation'," which sparked widespread discussion in the wealth management field.
In Zander Yin's view, technology-driven deflation is reshaping the fundamental principles of asset allocation, compelling wealth management institutions to re-examine traditional investment frameworks. Based on this understanding, Noah innovatively constructed a "dual-benefit assets" allocation system, aiming to seek dynamic balance in a new environment where structural inflation and technology-driven deflation coexist. This system includes anti-inflation assets like gold and infrastructure as a "reality anchor," as well as technology-driven deflation beneficiaries like AI and green energy as "growth engines."
From the early emphasis on defense with "Protect First, Then Grow" to the current active layout of "dual-benefit assets," the trajectory of Noah's investment logic reflects deep thinking in the global wealth management industry amidst increasing international uncertainty and the explosion of a technological revolution. It also demonstrates Noah's acute grasp of market trends, providing important reference points for the transformation and development of the asset management industry in this new period.
The following is the full report of this interview, shared with you:
Constructing a "Dual-Benefit Assets"
Three-Layer Allocation Architecture
Zander Yin believes the current global economy is undergoing a profound transformation from traditional inflation logic to tech-driven logic. He points out that the essence of technology-driven deflation is a "cost revolution" triggered by technologies like AI, blockchain, and clean energy, where the marginal cost of traditional production factors is rapidly approaching zero. This trend is profoundly reshaping the underlying logic of asset allocation. Based on this judgment, Noah innovatively proposed the "dual-benefit assets" allocation concept, marking a significant evolution in its investment philosophy and strategy.
In fact, the formation and development of this judgment stem from Noah's timely market practice and strategic thinking. According to Zander Yin, in 2022, Noah emphasized "Protect First, Then Grow," focusing on helping clients build a wealth safety cushion. The strategic focus of that stage was helping clients shift from aggressive investment in the past to robust allocation. After 2024, with the explosive development of technological revolutions like AI, the investment focus began to shift towards actively capturing new growth points.
In practice, Noah employs a sophisticated three-tier asset allocation framework. The bottom layer serves as a safety cushion, encompassing trust structures and insurance products to ensure fundamental asset protection. The middle layer is the foundation layer providing stable cash flow, achieving relatively steady returns through traditional assets like alternative credit, gold, and infrastructure. The top layer targets growth points in technological innovation, focusing on technology-driven deflation beneficiary assets such as AI and digital assets.
At the 2025 Noah Global Black Diamond Summit held on November 16, Jingbo Wang emphasized in her keynote speech "Befriend Time, Dance with the Future" that this layered design aims to "allow clients to preserve cash flow in the reality of inflation and capture dividends in the future of deflation," achieving a dynamic balance between safety and growth.
Notably, Noah's allocation to technology-driven deflation beneficiary assets is not blindly chasing trends. According to Zander Yin, its investment map systematically covers the entire industry chain from AI infrastructure and large models to downstream applications, while focusing on key links such as computing power centers and energy support.
Industry analysis suggests that Noah's allocation framework is essentially seeking certainty within uncertainty as much as possible. By organically combining traditional anti-inflation assets with technology-driven deflation beneficiary assets, this allocation approach guards against inflation risks while seizing the dividends of technological revolution, providing HNW clients with a robust allocation solution capable of transcending cycles.
At a deeper level, behind Noah's "dual-benefit assets" framework lies a commitment to investment long-termism. Zander Yin emphasized that the core of wealth management is preservation first, pursuing "holistic optimization." Being too conservative might mean failing to keep up with inflation; being too aggressive and investing entirely in growth points could entail huge risks. This investment philosophy of pursuing holistic optimization is key to Noah continuously winning client trust across multiple economic cycles.
Dual-Wheel Drive: Tech Empowerment and Global Layout
While continuously innovating its investment philosophy, Noah Holdings is reshaping the service model of the wealth management industry through tech empowerment and global footprint. This strategic transformation demonstrates Noah's differentiated development path in fierce market competition.
In the era of tech empowerment, Noah deeply integrates AI technology into the entire wealth management process, driving service upgrades with innovation and pragmatism. In recent years, Noah has continuously explored the application of technology in asset management, optimizing solutions, improving ongoing services, and enriching strategy combinations through intelligent tools and data analysis to provide clients with a more efficient and forward-looking wealth management experience.
It is worth noting that in terms of global business positioning and strategy, Noah has always anchored itself to a differentiated, distinctive path, focusing on serving the niche segment of global Chinese HNW clients.
Zander Yin observed that the accelerating global expansion of Chinese enterprises, combined with the increasing international mobility of family members, has driven unprecedented demand for global wealth allocation among Chinese clients. Traditional international private banks, however, are not always able to bridge cultural divides and adapt their service models to Chinese client expectations. Reportedly, based on the core track of global Chinese wealth management, Noah currently uses its global headquarters in Singapore as a base point, establishing offices in Hong Kong, Singapore, Japan, the US, and other regions. It has built a service network specifically designed to serve global Chinese through a "localized globalization" strategy.
In Noah's view, in the new capital era dominated by "technology-driven deflation," asset management and wealth management need to balance allocations between inflation-beneficiary assets and deflation-beneficiary assets. They also require flexible bridge assets to jointly build a robust triangular pillar relationship. This will be the key for wealth management to transcend economic cycles now and in the future. On this basis, the "three-pillar structural allocation" advocated by the Noah CIO view and the "three-layer asset allocation architecture" are able to work in harmony. They flexibly match asset management strategies according to clients' personalized characteristics and needs, jointly forming the intellectual foundation of Noah's current wealth management practice.
At a deeper level, Noah's tech empowerment and global layout complement each other, jointly building Noah's unique business "moat" in the new era. Technological means allow it to transcend geographical limits, providing consistent service experiences for global Chinese clients; meanwhile, the global layout provides richer scenarios and data support for its technological applications.
Against the backdrop of challenges facing industrial globalization, Noah's practice offers important inspiration to the industry: Wealth management institutions need more than just professional investment capabilities. They should embrace an innovative mindset, ensuring they remain aware of how technology can be leveraged with a vision for global resource allocation. Furthermore, and more importantly, as Jingbo Wang said in her speech, "the ultimate goal of technology is the warmth of the human heart." Noah's practice shows that in today's world where algorithms and computing power are increasingly important, the unwavering pursuit of a deep understanding of client needs and warm professional service may be precisely the key for this industry flourish.
