动态与洞见News & Insights

公司动态，以及我们定期整理的研究判断与期刊。

Company news, and our research, judgements and periodic publications.

01

动态News·近三个月Last three months

媒体垂询Media enquiriesconcierge@wmoa.ai

2026.10.08悉尼Sydney 示例 · 媒体发布标题占位Sample · Media release headline placeholder 导语占位：一句话说明发生了什么、涉及哪一方、何时生效。Lead placeholder: one sentence on what happened, who is involved and when it takes effect.示例 · SAMPLE 2026.09.21新加坡Singapore 示例 · 公司新闻标题占位Sample · Company news headline placeholder 导语占位：一句话说明发生了什么、涉及哪一方、何时生效。Lead placeholder: one sentence on what happened, who is involved and when it takes effect.示例 · SAMPLE 2026.08.03上海Shanghai 示例 · 另一条新闻标题占位Sample · Another news headline placeholder 导语占位：一句话说明发生了什么、涉及哪一方、何时生效。Lead placeholder: one sentence on what happened, who is involved and when it takes effect.示例 · SAMPLE

新闻稿不涉及客户事项与未公开交易。

Releases do not refer to client matters or undisclosed transactions.

02

洞见Insights

期刊Publication·2026 年 10 月刊October 2026

财富、自由与责任

Wealth, Freedom and Responsibility

变动世界中的家族办公室

Family Offices in a Changing World

财富规模能够衡量资源，却不足以衡量资源的可用性。资产能否服务于长期目标，还取决于流动性、决策权限、执行条件，以及相关安排能否在人员和制度变化后继续运行。对于同时持有经营企业、金融资产与跨境权益的家庭，这些条件之间的关联，构成了财富治理的重要研究对象。

The scale of wealth measures resources, but not how usable they are. Whether assets can serve long-term goals also depends on liquidity, decision authority, the conditions for execution, and whether the arrangements will continue to operate as people and rules change. For families that hold operating businesses, financial assets and cross-border interests at the same time, the links between these conditions are an important subject for the study of wealth governance.

40 页 · 中文40 pages · Chinese

摘要与目录Summary & contents 申请索取全文Request the full text

往期Earlier issues

2026.08 资本之外Capital and Execution 专业协作与实施能力Professional Collaboration and Execution Capability 资金、项目与关系同时存在，合作仍可能无法成立。需要辨明的是：各方拥有的资源能否转化为可行使的权利，专业能力能否落实为持续投入，收益预期是否与决策权和后果承担相匹配。本文从合作的实施条件出发，讨论资金进入速度与组织承诺期限之间的差异，以及启动、持续和退出阶段的义务。对资源持有者与专业人士而言，合作价值需要在具体任务中验证；对财富拥有者而言，判断重点还应包括组织容量、依赖程度与更换安排。公开成果获得专业认可，可以成为建立合作的一条路径，与既有关系网络并存。Capital, projects and relationships can all be present, and a collaboration may still fail to take shape. What needs to be established is whether the resources each party holds can be converted into rights that can be exercised, whether professional capability can become sustained commitment, and whether expected returns match decision rights and the bearing of consequences. Starting from the conditions for execution, this paper discusses the gap between the speed at which capital can enter and the period for which an organisation can commit, and the obligations that arise at launch, during operation and on exit. For resource holders and professionals, the value of a collaboration has to be proven in specific tasks; for wealth owners, the assessment should also cover organisational capacity, degree of dependence and replacement arrangements. Public work that earns professional recognition can be one route into collaboration, alongside established networks. 19 页 · 中文19 pages · Chinese

2026.06 智能普及之后Intelligence and Scarcity 稀缺资源与价值分配Scarce Resources and the Distribution of Value 部分AI能力的调用价格已经大幅下降，使更多任务具备采用条件，也使制约应用的因素逐渐显现：可按期接入的电力、用途明确的数据、专业判断以及组织实施能力。价值分配取决于这些条件在具体任务中是否不可替代、由谁控制，以及收益与成本如何约定。产业需求、资源权利、资本投入、经营现金流和资产估值之间存在多重转换，需求增长只能支持其中一部分。本文考察这些转换如何发生，并讨论资源持有者与财富拥有者如何识别可持续的贡献与回报。The price of using some AI capabilities has fallen sharply. More tasks now meet the conditions for adoption, and the factors that constrain application are becoming visible: electricity that can be connected on schedule, data with a clearly defined use, professional judgement and the organisational capacity to implement. How value is distributed depends on whether these conditions are irreplaceable in a given task, who controls them, and how returns and costs are agreed. Between industry demand, resource rights, capital investment, operating cash flow and asset valuation lie several conversions, and growth in demand can support only some of them. This paper examines how those conversions occur, and how resource holders and wealth owners can identify contributions and returns that last. 20 页 · 中文20 pages · Chinese

2026.04 分散的边界The Boundaries of Diversification 跨境财富安排中的共同依赖Common Dependencies in Cross-border Wealth Arrangements 同一份资产清单，可以在地理上十分分散，在经济上高度集中。不同国家的企业、证券与不动产，仍可能依赖相似的终端需求、融资条件和资金通道。跨境安排是否增加了选择，需要同时考察风险从哪里产生，以及资产在需要时能否被使用。A single list of assets can be widely dispersed by geography and still highly concentrated in economic terms. Businesses, securities and property in different countries may continue to depend on similar end demand, financing conditions and payment channels. Whether a cross-border arrangement has added choices depends both on where risk originates and on whether assets can be used when they are needed. 17 页 · 中文17 pages · Chinese

本页内容仅为一般信息，不构成投资、法律或税务建议，亦不构成任何金融产品的要约或招揽。引用的第三方数据以其原始报告为准。

General information only. Not investment, legal or tax advice, nor an offer or solicitation. Third-party data are as stated in the original reports.