Past CIO Reports
The true value lies not in a single prediction, but in the consistency of continuous judgment.
2026
Noah Holdings 2026 H2 CIO Report
The Year of Realization: Intelligent Capital Begins to Be Priced
In 2026, artificial intelligence begins to move from technological breakthroughs to value realization. As the three engines of productivity, capital and civilization are repriced together, long-term capital must identify the true structural forces, participate in the future, and preserve choices for families across market cycles and generations.
Noah Holdings 2026 H1 CIO Report
Reshaping Global Wealth in the Age of AI Applications
Artificial intelligence is moving from technological innovation to infrastructure development, while global capital allocation is shifting from short-term themes to foundational assets that can be held for the long term. This report explores how to find long-term certainty amid structural uncertainty through AI infrastructure, global asset allocation and enduring family wealth architecture.
2025
Noah Holdings CIO Office Report H2 2025
We are entering a new era of capital dominated by "deflation logic"
Since 2020, the world has entered an unprecedented era of uncertainty. Geopolitical conflicts continue to escalate, supply chain restructuring deepens, and monetary policy swings dramatically between easing and tightening, causing traditional investment logic to frequently fail.
Noah Holdings CIO Office Report H1 2025
Using Elimination Method to Select the Optimal Solution
As we enter 2025, the probability of severe volatility in global markets has increased, and the frequency will also rise. Driving factors include the uncertainty brought by Trump's return to the White House to global trade and geopolitics, the asynchronous monetary policies of major global economies, the white-hot AI large model arms race extending to downstream applications, and so on.
2024
Noah Holdings CIO Office Report H2 2024
Cognition Determines Allocation, Action Achieves Future
Drucker said, "The most inefficient thing in the world is to do something that is not worth doing at all with the highest efficiency." This sentence implies the importance of cognition. Just like when we strive, we must first ensure that we are in an upward-moving elevator. If the elevator is going down, we should first choose to get off and take the stairs. If we are in an upward-moving elevator, what we do inside the elevator is actually not important.
Noah Holdings CIO Office Report H1 2024
Seize Small Blessings, Invest in Big Trends
At the beginning of 2024, Noah's CIO Office advised high-net-worth clients to focus on small blessings on the investment side, paying more attention to the sense of security and family well-being in the present.
2023
Noah Holdings CIO Office Report 2023
Embrace Uncertainty, Enhance Wealth Resilience
In the first half of 2023, the ongoing Russia-Ukraine crisis, Silicon Valley Bank and CS crises, and technical recession in European economies have made concerns about economic recession and deglobalization very reasonable. The high uncertainty in the macro environment has increased the value of multi-regional and multi-asset allocation. We recommend that Noah's high-net-worth and family clients review and adjust their strategic asset allocation at this critical juncture. First, conduct basic safety reviews, then adjust position allocation, and finally achieve defensive strategic and tactical asset allocation through various strategy combinations.
2022
Noah Holdings CIO Office Report 2022
Protect First, Grow Later
In 2022, we advised Noah's clients to re-examine their personal and family asset allocation, actively rebalance their asset allocation, and from the perspective of "protect first, grow later," make family asset allocation safer and more effective.
Wisdom Beyond Wealth
Becoming the Most Trusted Long-term Partner for Global Chinese Families
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