November 9, 2025 This week, we wrapped up our very first two-day booth experience at Hong Kong FinTech Week  — and what a ride it was! 🏙️ Hong Kong truly feels like the capital of mega-events lately. The venue was packed wall-to-wall with people, and every few minutes you’d hear cheers erupting from different booths or stages. The energy? Absolutely electric. 🔥 As a little shrimp 🦐 in the vast fintech ocean, our booth was tucked into a cozy but dark corner right next to the mighty Tencent. Their setup was huge, bright, and brimming with adorable giveaways. Compared to that, our booth was… let’s just say, powered by love and minimalism. 🙏 But thanks to the overflow of foot traffic from the big guys, we got a steady stream of curious visitors — and with them came a barrage of soul-searching questions: 💬 “Since you’re exhibiting at FinTech Week, what’s the tech angle of your company?” 💬 “The kind of services you’re offering, such as consolidating and analyzing positions across banks — our AI models can already do that.” 🧠 These questions got us thinking deeply over the past few days. And you know what? They’ve only made us more confident in the direction and mission of Jadewell Family Office . So how did we unpack these soul-searching questions? Check out our reflection below 👇 Contents of This Week's Newsletter Family Office Buzz All Tech Is Human at Its Core Next Week Key Events to Watch Next Week Social Media Three Market Puts & Two Michaels 【Family Office Buzz】All Tech is Human at Its Core - Same for Wealth Management 🚀 Fintech Week Reflections: AI Is Powerful, But Human Judgement Still Reigns As an exhibitor at this year’s Hong Kong FinTech Week , we also took the opportunity to explore other booths across the venue. Among the many impressive showcases, the ones that stood out most were those focused on wealth management  — a space close to our heart at Jadewell Family Office . 💡 In fact, Jadewell was founded precisely because we saw the pain points faced by high-net-worth clients in traditional private banking. One of the biggest? The challenge of consolidating multiple bank accounts to gain a truly comprehensive view  of one’s portfolio — and being able to analyze and monitor performance in real time . At FinTech Week, we saw several startups tackling this issue. And yes, AI models are getting very good at crunching numbers and automating tedious tasks. But here’s the real question: Would clients actually use and trust these tools? 🤖 Robotaxis Are Cool — But Would You Put Your Child on a Robo-Schoolbus? For example, everyone’s talking about AI-powered Robotaxis. Me? I’d hop in the moment I get the chance. But what if someone launched a driverless Robo-schoolbus ? In the foreseeable future, I doubt any parent would put their child on board. Why? Because when something is that precious, you just don’t risk it. Apply that same logic to wealth management: Would you entrust your life’s savings — the fruit of decades of hard work — to an AI model alone? We believe AI can be a powerful assistant. But when it comes to data accuracy  and decision-making , human expertise is still essential. That’s where Jadewell Family Office  comes in. ✈️ Robotaxis Are on the Road — But Robo-Airplanes? Not Yet. Let’s take it a step further. Robotaxis are already operating in some cities. But the idea of a pilotless Robo-airplane? Even if the computer’s already doing the heavy lifting, I’d rather still have some human watching the skies. Why? Because flying is far more complex than driving on the ground. It requires deeper knowledge and far more intensive training. The same applies to wealth management. A retail investor’s portfolio may be simple enough for AI to analyze. But high-net-worth portfolios are a different beast — filled with derivatives, bonds, hedge funds, private equity, and more. Much of the data isn’t publicly available, and current AI models aren’t yet equipped to handle that level of complexity with confidence. 🧠 The British Bond Analytics Company That Blew My Mind While we still believe human judgment has the edge, AI is catching up fast — and some innovations truly impressed us. One standout was a bond analytics company from the UK . Unlike stocks, bond markets are notoriously opaque. That lack of transparency drives up transaction costs and forces advisors like us to spend hours researching before making recommendations. The founder — a former bond fund manager — built an AI model that aggregates data across the bond universe. Clients can input simple instructions like: “I’m okay with extending the average maturity of my bond portfolio, but I want to improve credit quality while boosting yield.” In the past, hearing that kind of request would make my temples throb 😨 — it sounds simple, but takes hours of analysis and hard work. Now, this AI model can generate multiple solutions in minutes. It knocked the wind out of me . That said… AI can suggest solutions but still can’t execute trades (at least for most of our clients here in HK). So yes, Jadewell Family Office  still has a slight edge. 😉 Curious how else Jadewell can support your financial journey? Let’s talk today — and explore the perfect balance between human wisdom and technological power. 💬 【Next Week】Key Events to Watch in the Week Ahead HK - Earnings Nov 13 (Thu)  - Tencent (0700)、SMIC (0981)、JD (9618) Nov 14 (Fri)  - Alibaba (9988)、Meituan (3690)、Li Auto (2015) US - Earnings Nov 11 (Tue) - SE Nov 12 (Wed)  - CSCO Nov 13 (Thu)  - DIS, AMAT 【Social Media】Topics from Jadewell's Social Media 🪬 Three Market Puts & Two Michaels 👥 Bank of America strategist Michael Harnett believes the AI bubble won’t burst anytime soon because the market is currently supported by three critical “puts”. But the formation of these defenses hides a fatal weakness . What is it? Meanwhile, the legendary “Big Short” investor Michael Burry has recently made bold moves to short the AI trade. Could he once again channel his 2008 brilliance — the lone voice of clarity while the crowd remained intoxicated?👉 Facebook (Chinese)  / Instagram (English) About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. - HK SFC Licensed (Type 4&9) - Tailor-Made Investment Advisory Services - Portfolio Consolidation Across Banks - Zero Commission Model - Decades of Experience Across Leading Global Private Banks Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年11月9日 本周順利完成了在 【香港金融科技周】 ，為期兩天的擺攤初體驗。 香港最近真的是盛事之都 🏙️ ，整個會場人頭湧湧，還不時會聽到各個攤位或講場傳來的歡呼，情緒相當澎湃。🔥 作為小蝦米的我們，攤位被放在騰訊大哥旁邊的小角落。大哥的攤位又大又明亮，還有各種可愛的禮物。相比之下，我們就是「用愛發電」的陽春小站。 不過也要感謝大哥那邊滿到溢出來的人潮，讓我們的小蝦米攤位也得到不少參觀者，帶來各種 靈魂拷問: 💬 「既然在金融科技周擺攤，你們公司有什麼科技的成分呢?」 💬 「你們想做的業務，例如整合不同銀行的投資部位，我們的AI模型都已經可以做到了喔!」 🧠 這幾天我們也不斷思考這些問題，到底我們還能為客戶創造什麼獨特的價值? 但反思過後， 反而更堅定了【瑜新家族辦公室】的方向與信念！ 我們是怎麼拆解這些靈魂拷問的？請見以下分享👇 本周周報目錄 家辦圈熱話 科技始終來自於人性 - 財富管理篇 展望未來 未來一周值得留意的大事 社群熱帖回顧 市場的三道防線 + 兩位 Michael 【家辦圈熱話】科技始終來自於人性 - 財富管理篇 🚀 金融科技周觀察：AI很強，但人腦還沒退場 作為本次【香港金融科技周】的參展商，我們也趁機參觀了不少其他攤位。 最令我印象深刻的，莫過於一系列聚焦「財富管理」的展示——這正是我們的核心關注領域。 💡 還記得當初創立【瑜新家族辦公室】，就是因為看到了高淨值客戶在私人銀行服務中的幾個「痛點」。 其中之一，就是如何整合多間銀行的帳戶，真正掌握「全面」的投資組合，並能「實時分析並監察」整體表現。 在金融科技周上，我們觀摩了幾個系統的展示，的確，AI模型在處理繁瑣計算方面表現亮眼，能大幅減少人力成本。但問題來了—— 這些工具，客戶真的敢用嗎？真的想用嗎？ 🤖 Robotaxi好好玩，但 Robo-schoolbus... 您敢讓孩子坐嗎？ 舉例來說，現在已經有了利用AI自動駕駛的 Robotaxi 。如果有機會嘗試，我也會毫不猶豫地跳上去。 但如果今天有公司推出 - 無人駕駛的 Robo-schoolbus 呢? 在可預見的未來，我想應該都沒有父母敢把孩子送上沒有司機的校巴吧。因為孩子對父母的「重要性」太高了，不會拿來冒這種風險! 把這個想法應用到 財富管理 上也是一樣，用盡畢生心血所累積的財富，真的會交給AI模型來做投資決策嗎? 我們相信，AI可以是輔助的工具，但查核資料的正確性、投資決策的有效性與問責，仍需仰賴專業人力—— 而這正是 【瑜新家族辦公室】 的核心戰力。 ✈️  Robotaxi 已上路，但 Robo-airplane 還早吧? 再換一個假設，Robotaxi已經在許多地方開展，但是 無人駕駛的 Robo-airplane 呢? 應該還需要好~~幾年才會出現吧? 雖然目前電腦早已操作大部分的飛行，但是 飛機師 的重要性還是無庸置疑的。 因為 高空飛行 的複雜程度遠高於 地面駕駛 ，所需的知識、起飛及降落時的即時應變能力也更高。 同樣地， 一般散戶 的投資組合相對簡單，AI模型可以快速整合分析。但 高淨值人士 的資產結構更為複雜——衍生性商品、各類債券、基金、私募投資等，許多相關資料都不是公開的，現有的AI模型也尚未成熟，出來的分析結果自然難以令人放心，還是需要 專業人士(就是我們啦) 的協助。 🧠  來自英國的債券分析公司：讓我驚掉下巴的AI模型 雖然我們認為人腦暫時還有優勢，但AI的進步速度，的確令人驚嘆。 我最佩服的一個攤位，是一間來自英國的 債券組合分析公司 。 因為 債券的交易市場 不像股票一樣公開，所以雖然私人銀行客戶都很喜歡投資債券，但整個市場的 低透明度 ，不但 推高了交易成本 ，也讓作為投資顧問的我們，需要 花許多時間研究 ，才能給出適當的債券投資建議。 這間公司的創辦人曾是債券基金經理，他發現了這個痛點，因此建立了一個AI模型。 客戶只需給出簡單的幾個指示，例如 「我不介意把債券組合的平均年期拉長，但我要在提高債券評級的前提下，還要增加整體組合的收益率」 。 以前的我要是聽到這種要求，太陽穴就會開始跳動😨😨😨。因為這個問題聽起來不難，卻得 花上好幾個小時來研究、計算 。現在這個AI模型可以在幾分鐘之內，就給出多個方案任君挑選，真是驚掉了我的下巴。 不過! AI給得了方案，但暫時還給不了實際的交易執行能力(至少對香港大部分的客人來說還不行)， 所以【瑜新家族辦公室】還是有一點優勢的啦! 😉 想知道【瑜新家族辦公室】還有什麼可以幫到您的地方? 今天就和我們聊聊吧! 【展望未來】未來一周值得留意的大事有: 港股 - 業績 11月13日(周四)  - 騰訊(0700)、中芯國際(0981)、京東(9618) 11月14日(周五)  - 阿里巴巴(9988)、美團(3690)、理想汽車(2015) 美股 - 業績 11月11日(周二) - SE 11月12日(周三)  - CSCO 11月13日(周四)  - DIS, AMAT 【社群熱帖回顧】最有趣的投資話題一次打包! 🪬 市場的三道防線 + 兩位 Michael 👥 美銀策略師 Michael Harnett 認為AI泡沫不會那麼快爆破，因為市場被三條重要的「防線 (Put) 」支撐著，但這三條防線組成的陣式，卻有一個 「致命的弱點」 ，是什麼呢? 另一個大賣空的 Michael Burry ，近期則高調部署對於AI的空倉，他是否能重現2008年金融危機時，「眾人皆醉我獨醒」的輝煌? 👉 Facebook (Chinese)  / Instagram (English) 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年11月2日 🎉 一眨眼，十一月就來報到啦！瑜新家族辦公室的【投資周報計畫】也默默邁入第40篇，一步一腳印，感謝大家一路相伴 🙌📈 明天我們還將迎來一個全新挑戰 —— 擺攤初體驗！ 🛍️✨ 11月3日至4日，我們將在 【香港金融科技周 HK Fintech Week】 設立一個小小的攤位，希望能遇見更多對「高效管理投資組合」有興趣的朋友，一起聊聊資產配置、風險管理、還有那些你一直想問卻沒機會問的投資疑惑 💬💡 歡迎來找我們打招呼，也許您會發現，投資其實沒那麼麻煩，只要找到願意陪您一起思考的夥伴 😉 本周周報目錄 社群熱帖回顧 META - 股票投資人剛被嚇跑，債券投資人就衝進場了? 大膽刁民，竟把股神旗艦「波克夏」評級下調至賣出? 家辦圈熱話 他強由他強，清風拂山崗 - 論財富管理的「知足常樂」 展望未來 未來一周值得留意的大事 【社群熱帖回顧】最有趣的投資話題一次打包! 🧐 META - 股票投資人剛被嚇跑，債券投資人就衝進場了? META在業績公布後，股價暴跌了超11%，主要因為股票投資人對META的龐大AI支出感到恐慌。但同一時間，META新發行的債券卻收到了雪片般飛來的認購? 👉 Facebook (Chinese)  / Instagram (English) 🔥 大膽刁民，竟敢把股神旗艦波克夏，股票評級下調至賣出?? 據說在香港中環街頭隨機抓十個人，至少有五個人，會自稱是股神巴菲特的 「 價值投資 」 信徒。 不過本周稍早出現了一個有趣的新聞，一間美國精品投行KBW，竟然高調地把波克夏的投資評級，下調至「賣出」! 他們的理據是什麼呢? 👉 Facebook (Chinese)  / Instagram (English) 【家辦圈熱話】他強由他強，清風拂山崗 - 論財富管理的「知足常樂」 上周有一位客人問我，「到底每年應該達到多少的投資回報，才算是適當的呢?」🤔 嗯，又是一個沒辦法回答的問題！ 這個問題最難回答的地方，就是 人性 。 週有位客人問我：「到底每年要達到多少投資回報，才算合理？」🤔嗯，又是一個無法用公式回答的問題。因為，最難掌握的變數就是—— 人性 。 🎯 各有天命的回報目標 記得以前接觸過的客人中，有些大型的家族辦公室或機構，真的會設立明確的回報目標。 比如說，以 慈善基金會 運作為主的家辦，每年的支出金額大概是總資產的7%，那7%就是他們的回報目標，不需要太過進取，只要該給的支出都負擔的起，那就可以了。✅ 7%的年度回報，今天聽起來似乎易如反掌，不過在 十年前那個零利率 的時代，也不容易達到呢！不然當時也不會有一大堆 中國地產債 ，用5%-8%左右的票息，就可以騙到一大堆人蜂擁而入。 🏃‍♂️💨 🎲 投資管理的兩種極端 但我也有看過某些慈善團體，明明應該好好守住捐款，穩紮穩打地投資就好。卻為了爭取高一點的回報，購買 相當投機性的金融產品 。美其名是資產配置，只拿資產的一小部分來賭，但實際上卻是整個投資模式的破口。⚠️ 至於在另一個極端，有些家辦，則是 一點風險也不願碰的 。 尤其是由二代接班的大型複雜家族，對負責操盤的家人來說，幫這一大家子管理財富， 要是賺了 ，其他兄弟姊妹叔伯阿姨未必會稱讚你，反而還有可能嫌你跑輸大市。 要是輸了 ，那更是要背負整個家族的罵名。 所以以前也有些客戶，明明家大業大，但每天做的「財富管理」，就僅僅是打電話給各大銀行，比較各家的定期存款利率。 因為只有存款，理論上才不會有輸錢的可能。 🧠  投資，終究是人性的修行 我覺得一切還是得回歸到人性。 人性都是由經驗塑造的。好比我兒子完全無法想像，我是怎麼在 沒有iPad的陪伴下 度過童年的。新一代的投資人也完全無法想像，在過去 零利率 的時代，老父老母為了拿個5%的票面利率，要如何搶破頭，才搶的到(現在回頭看就是垃圾的) 中國地產債券 。 要做到不受外部環境干擾，只專注於適合自己的 回報目標 與 風險管理 ，「知足常樂」，絕對不是說說那麼簡單，更是經年累月的修煉。 那您呢? 什麼樣的投資回報目標，才最適合您的家族呢? 這其中又有什麼樣的風險要留意呢? 📞今天就和瑜新家族辦公室聊聊吧! 【展望未來】未來一周值得留意的大事有: 港股 - 業績 11月5日(周三)  - 港交所 (0388.HK) 美國 - 業績 11月3日(周一)  - PLTR 11月4日(周二)  - UBER, AMD 11月5日(周三)  - MCD, APP, QCOM, ARM, HOOD 11月7日(周五)  - CEG, KKR 美國 - 經濟數據 11月3日(周一) - 製造業PMI 11月7日(周五) - 非農就業數據、失業率 其他世界大事 11月4日 (周二) - 澳洲央行議息會議 11月6日 (周四) - 英國央行議息會議 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

November 2, 2025 🎉 Just like that, November is here! Our Weekly Newsletter has quietly reached its 40th edition — one step at a time, and we’re so grateful for your continued support 🙌📈 Tomorrow brings a brand-new challenge: our very first pop-up booth experience! 🛍️✨ From November 3–4, we’ll be setting up a cozy little booth at Hong Kong Fintech Week , hoping to meet more friends interested in efficient portfolio management . Let’s chat about asset allocation, risk control, and all those investment questions you’ve always wanted to ask but never had the chance 💬💡 Come say hi — you might just discover that investing isn’t all that complicated, as long as you’ve got the right partner to think things through with you. Contents of This Week's Newsletter Social Media META - Bond investors piling in while stock investors rushing out? Who dared to downgrade THE Berkshire to Sell? Family Office Buzz Wealth Management - Contentment brings constant happiness Next Week Key Events to Watch Next Week 【Social Media】Topics from Jadewell's Social Media 🧐 META - Bond investors piling in while stock investors rushing out? After META released its earnings, the stock plunged over 11% , mainly due to investor concerns over its massive AI-related spending and a one-off tax item. Yet, at the same time, META’s newly issued bonds were met with a flurry of enthusiastic subscriptions. What's happening there? 👉 Facebook (Chinese)  / Instagram (English) 🔥 Who Dared to Downgrade THE Berkshire to Sell?? Rumor has it, if you randomly stop ten people on the streets of Central Hong Kong, at least five will proudly call themselves disciples of Warren Buffett’s “Value Investing.” But earlier this week, an intriguing headline emerged: boutique U.S. investment bank KBW boldly downgraded Berkshire Hathaway to a “Sell” rating! What’s their rationale? 👉 Facebook (Chinese)  / Instagram (English) 【Family Office Buzz】Wealth Management - Contentment Brings Constant Happiness The legendary Chinese martial arts novelist Louis Cha (金庸) once wrote this line as a secret to mastering kung fu: “Let him roar - I remain, like wind on the mountain (他強由他強，清風拂山崗).” Last week, a client asked me, “What’s the right annual return I should aim for in my investments?”  🤔 Ah — yet another question with no definitive answer. The hardest part of this question? Human nature. It’s one of those things no formula can solve, because the most unpredictable variable in investing is always — us. 🎯 Return Targets: Each Has Its Destiny I remember working with some large family offices and institutions that truly set clear return targets. Take, for example, a family office structured around a charitable foundation — their annual spending typically amounts to about 7% of total assets. That 7% becomes their investment return target. No need to be overly aggressive; as long as they can cover the required outflows, that’s enough. ✅ A 7% annual return might sound easy today, but back in the zero-interest era a decade ago, it wasn’t so simple! Otherwise, we wouldn’t have seen so many Chinese property bonds luring investors with 5–8% coupons — and drawing crowds in the process. 🏃‍♂️💨 🎲 The Two Extremes of Investment Management However, I’ve also seen charitable organizations that, despite their mission to safeguard donations and invest prudently, end up chasing higher returns by buying highly speculative financial products. They call it “asset allocation,” claiming it’s just a small portion of the portfolio — but in reality, it becomes a critical vulnerability in their entire investment strategy. ⚠️ On the other extreme, some family offices refuse to take on any risk at all. This is especially common in large, complex families where the second generation has taken over. For the family member managing the wealth, it’s a tough spot: if the portfolio performs well, other relatives might still complain that it underperformed the market. But if it loses money, they risk being blamed by the entire family. In cases like these, clients with substantial wealth reduce “wealth management” to daily calls comparing fixed deposit rates — because, in theory, deposits are the only thing that can’t lose money. 🧠  Investing is Still About Human Nature Ultimately, it all comes back to human nature. And human nature is shaped by experience. Just like my son can’t imagine what childhood was like without an iPad, today’s generation of investors can’t fathom how, in the zero-interest era, our parents would scramble just to lock in a 5% coupon for a Chinese property bond — something we now recognize as junk. To stay focused on your own return goals and risk tolerance — without being swayed by the noise of the outside world — takes more than just saying “contentment is happiness.” It’s not a slogan. It’s a discipline shaped over time, through experience and reflection. What about you? What kind of investment return target best suits your family? And what risks should you be watching out for? 📞Talk to Jadewell Family Office today! 【Next Week】Key Events to Watch in the Week Ahead: HK - Earnings Nov 5 (Wed) - HKEX (0388.HK) US - Earnings Nov 3 (Mon)  - PLTR Nov 4 (Tue)  - UBER, AMD Nov 5 (Wed)  - MCD, APP, QCOM, ARM, HOOD Nov 7 (Fri)  - CEG, KKR US - Eco Data (Ongoing govt shutdown might impact the data release) Nov 3 (Mon) - Manufacturing PMI Nov 7 (Fri) - Non-Farm Payroll, Unemployment Rate Others Nov 4 (Tue) - RBA Rates Meeting Nov 6 (Thu) - BOE Rates Meeting About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. - HK SFC Licensed (Type 4&9) - Tailor-Made Investment Advisory Services - Portfolio Consolidation Across Banks - Zero Commission Model - Decades of Experience Across Leading Global Private Banks Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年10月26日 最近常常想起伍佰這句歌詞 - 🎶 「飛翔時傷悲，是一種奢侈的行為」 🎶。 市場好像仍然在飛翔，被特朗普的推文還有各種AI世紀大刁 (deal)，牽動著上衝下洗的情緒。 但是怎麼揮之不去一種傷悲的感覺? 😔 💥 傷，因為很多人爆倉。 📉 悲，因為資產組合錯配。 📞 您的投資組合該如何部署? 今天就和瑜新家族辦公室聊聊吧! 本周周報目錄 社群熱帖回顧 資本市場的新玩意 - 未來事件預測交易平台 Polymarket 浪子回頭金不換，那金(價)回頭呢? 家辦圈熱話 由「奉旨執行」進化至「洞見加值」的財富管理 展望未來 未來一周值得留意的大事 【社群熱帖回顧】最有趣的投資話題一次打包! 🔮 資本市場的新玩意 - 未來事件預測交易平台 Polymarket 雖然我們已經不年輕了，但為了能走在時代的尖端，還是常常要參與一下新世代的玩意。 這周我們花了點時間，學習了逐漸受到主流監管認可的 Polymarket – 全球最大的【未來事件預測交易平台】。這個詞裡面每個字我都認識，但是全部連在一起是什麼意思呢? 👉 Facebook (Chinese)  / Instagram (English) 🧐 浪子回頭金不換，那金(價)回頭呢? 本周金價出現劇烈調整，一天就跌掉了5-7%。 根據統計，自 1971 年「 尼克森震撼 Nixon Shock 」以來，黃金單日出現這種級別的波動只有 34 次，僅占所有交易日的 0.26%， 真的非常罕見 。這背後，到底是發生了什麼事呢? 👉 Facebook (Chinese)  / Instagram (English) 【家辦圈熱話】由「奉旨執行」進化至「洞見加值」的財富管理 🎤 上週，我們參加了由亞洲私人銀行家協會（Asian Private Banker）舉辦的年度峰會。 台上氣氛熱烈，銀行大佬們個個眉飛色舞，對今年的業績表現讚不絕口。🌟 但當我在人群中與幾位老同事寒暄時，氣氛卻截然不同。 問起近況，大家的表情都微妙得很—— 有點苦笑，有點無奈，還帶點說不出口的疲憊 。😶‍🌫️ 是的，市場熱絡，交易量回升，表面看來一切都好。但在第一線的私人銀行家們，早已察覺到一個關鍵變化： 客戶變聰明了。 🕰️ 還記得十年前，那才是真正的黃金年代。 舉例來說，當時美國還在零利率，大家都以為這輩子就要一直零下去了。 反觀中國，受惠於房地產帶動經濟起飛，那些 【高收益率的中國地產債券】 就是眾人紛搶的蛋糕。🍰 不僅如此，銀行還爭相借錢給你，鼓勵你去搶更大塊的蛋糕。 那幾年，不僅是搶蛋糕的客戶賺得盆滿波滿，連私人銀行家也可以不費吹灰之力，在一次次債券炒賣中，賺取 高額的佣金 。 需要認真做什麼功課嗎? 需要絞盡腦汁挖掘投資標的嗎? 真的不用，回去奉旨幫你的客人炒債券就可以啦。 不只炒債券，一二三四線的地產商更是銀行的大客戶。 客戶把自己公司的股票質押給銀行，銀行就借出一大筆錢，讓你再投資回銀行自家的理財產品 —— 你賺投資漲幅，我賺放貸利息還有交易佣金，大家合作無間，多開心。💼💰 🧱 但好景不常在。 但是自從 中國房地產好景不再 ，銀行家可以賺的「輕鬆錢」就越來越少了。 這幾年靠著AI熱潮，市場情緒還有交易量好像是回來了，但同一時間，客戶也變得越來越精明。 老同事們私底下吐苦水，以前客人打電話來是要下單，現在客人打電話來是要說: 📉「你推薦的基金又沒跑贏大市，我還是自己買個股或ETF好了。」 💸「你收我多少佣金？我在外面平台查價，比你便宜太多了吧？」 🤨「你最近的建議都不怎麼樣，我為什麼還要付錢給你？」 🧭 這讓我們更加慶幸，早已跳出這個吃力不討好的循環。 在【瑜新家族辦公室】，我們藉以安身立命的， 不是 頻繁交易所收的佣金， 也不是 天花亂墜講故事般的產品銷售回扣， 更不是 心口掛個勇字的高風險投資策略。 我們專注於【最基本的投資組合分析及監察】。在任何市況下，都應該是您的【剛需】！🔍📊 📞 今天就與瑜新家族辦公室聊聊吧! 【展望未來】未來一周值得留意的大事有: 特朗普亞洲行 10月26日(周日) - 抵達馬來西亞與總理會面 10月27日(周一) - 抵達日本與新任首相會面 10月29日(周三) - 抵達韓國與總統會面 10月30日(周四) - 與習近平會面 超級央行周 10月29日 (周三) - 加拿大央行議息會議 10月30日 (周四) - 美國聯儲局議息會議、日本央行議息會議、歐洲央行議息會議 美國 - 業績 10月28日(周二)  - V, UNH 10月29日(周三)  - MSFT, GOOG, META 10月30日(周四)  - AAPL, AMZN, LLY 港股 - 業績 10月28日(周二)  - 匯豐(0005.HK)、平安保險(2318.HK)、中國銀行(3988.HK) 10月29日(周三)  - 招商銀行(3968.HK) 10月30日(周四)  - 農業銀行(1288.HK)、工商銀行(1398.HK)、建設銀行(0939.HK)、中海油(0883.HK)、比亞迪(1211.HK) 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

October 26, 2025 The market is still soaring, stirred by Trump’s posts and a flurry of epoch-making AI deals—emotions swinging wildly between surges and shakeouts. Still, a sh adow of worry clings—what is it we fear? 😔 📞 How should your portfolio be positioned amid today’s unpredictable market landscape? Let’s talk to Jadewell Family Office today! Contents of This Week's Newsletter Social Media Future Event Prediction Trading Platform - Polymarket Gold opens all doors - even the one that leads to the basement Family Office Buzz Evolving from "Execution Only" to "Insightful Advisory" Next Week Key Events to Watch Next Week 【Social Medida】Topics from Jadewell's Social Media 🔮 New in Capital Markets - Future Event Prediction Trading Platform - Polymarket We may not be young anymore 😅 but staying sharp in finance means constantly diving into next-gen tools. 💪 This week, we explored Polymarket - a platform gaining regulatory recognition, where you trade belief, not just bets 👉 Facebook (Chinese)  / Instagram (English) 🧐 Gold opens all doors - even the one that leads to the basement Gold took a hit this week—dropping 5–7% in one single day. Since the 1971 Nixon Shock , this level of daily volatility has only happened 34 times, or 0.26% of all trading days. What happened? 👉 Facebook (Chinese)  / Instagram (English) 【Family Office Buzz】Evolving from "Execution Only" to "Insightful Advisory" 🎤 Last week, we attended the industry summit hosted by the Asian Private Banker. On stage, the atmosphere was electric — big bosses from various banks beamed with pride, showering praise on this year’s performance. 🌟 But down in the crowd, as I caught up with a few former colleague s, the mood told a different story. When asked how things were going, their expressions were telling: a mix of wry smiles and a fatigue they couldn’t quite put into words. 😶‍🌫️ Yes, the market is buzzing again, and trading volumes are up. On the surface, everything looks great. But frontline private bankers have already sensed a critical shift: clients have gotten smarter. 🕰️ Remember ten years ago? That was the golden age as I knew it. For example, back then, the U.S. was still in a zero-interest-rate environment, and many believed it would last forever. Meanwhile, China’s economy was soaring on the back of a booming property market . Those high-yield Chinese property bonds were the hotcakes everyone scrambled for. 🍰 Banks were eager to lend against these bonds, encouraging clients to grab even bigger slices of the cake. During those years, not only did clients rake in profits, but private bankers also earned hefty commissions from bond trading— effortlessly. For bankers, there was little need for in-depth research or tireless idea-hunting—just head back to the desk and execute bond trades as the clients requested. 🧱 But good times don’t last forever. Ever since China’s property market lost its shine, the “easy money” for bankers has dried up too. In recent years, the AI boom has revived market sentiment and trading activity, but clients have become increasingly savvy. Old colleagues now quietly vent: clients used to call to place trades. Now they call to say: 📉 “The fund you recommended didn’t beat the market. I’ll just buy stocks or ETFs myself.” 💸 “How much commission are you charging? I checked other platforms—it’s way cheaper.” 🤨 “Your recent advice hasn’t been great. Why should I keep paying you?” 🧭 That’s why we’re grateful to have stepped out of this exhausting cycle. At Jadewell Family Office , our business model isn’t built on commission from frequent trading, nor on flashy product sales, nor on high-risk investment strategies. We focus on the basic fundamentals: portfolio analysis and monitoring —your essential need in any market condition. 🔍📊 📞 Let’s talk with Jadewell Family Office today! 【Next Week】Key Events to Watch in the Week Ahead: Trump's Asia Trip Oct 26 (Sun) - Trump arrives in Malaysia and meet with the Prime Minister Oct 27 (Mon) - Trump arrives in Japan and meet with the new Prime Minister Oct 29 (Wed) - Trump arrives in Korea and meet with the new President Oct 30 (Thu) - Trump to meet with Xi Super Central Bank Week Oct 29 (Wed) - Bank of Canada rates meeting Oct 30 (Thu) - FOMC rates meeting, BOJ rates meeting, ECB rates meeting US - Earnings Oct 28 (Tue)  - V, UNH Oct 29 (Wed)  - MSFT, GOOG, META Oct 30 (Thu)  - AAPL, AMZN, LLY HK - Earnings Oct 28 (Tue)  - HSBC (0005.HK)、Ping An (2318.HK)、Bank of China (3988.HK) Oct 29 (Wed)  - China Merchants Bank (3968.HK) Oct 30 (Thu)  - Agricultural Bank of China (1288.HK)、ICBC (1398.HK)、China Construction Bank (0939.HK)、CNOOC (0883.HK)、BYD (1211.HK) About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. - HK SFC Licensed (Type 4&9) - Tailor-Made Investment Advisory Services - Portfolio Consolidation Across Banks - Zero Commission Model - Decades of Experience Across Leading Global Private Banks Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年10月19日 本周周報目錄 社群熱帖回顧 和牛頓一起當韭菜 BDC - 是財富密碼還是混亂源頭 家辦圈熱話 擔最少的風險，拿最高的收益 展望未來 未來一周值得留意的大事 【社群熱帖回顧】最有趣的投資話題一次打包! 👨🏼‍🔬 和牛頓一起當韭菜 正所謂 「不怕跟人一起輸，最怕沒人陪我窮」 ，多少英雄好漢就在這樣的FOMO心態中衝動入市，然後光榮地輸掉了底褲。 不過科技始終來自於人性，人性始終改不掉本性，幾百年都是這樣。 分享一個300年前的小故事，讓大家見識一下 300年前的英國韭菜 – 牛頓  。沒錯，就是那個被蘋果打到頭，然後發現了地心引力的牛頓。原來聰明如他，也會成為一顆韭菜 ！ 👉 Facebook (Chinese)  / Instagram (English) 💥 BDC - 是財富密碼還是混亂源頭 熟悉我們的讀者都知道，我們一直對某種私人銀行熱賣的金融產品 - 【 私募信貸基金 Private Credit Funds)】 - 保持警覺。 主要是看著這種基金愈賣愈氾濫、愈賣愈花俏， 實在令人難以安心 。 但最近我發現，在各業者口中，私募信貸基金悄悄換了一個更有歷史的名字，變成了 - 【BDC (商業發展公司，Business Development Company)】 。 👉 Facebook (Chinese)  / Instagram (English) 【家辦圈熱話】擔最少的風險，拿最高的收益 本周在分析一位客人的債券組合時，被問到了一個讓我當機三十秒的問題：🤯 「在目前市場情況下，請問哪種投資可以讓我承擔最少的風險，但拿到最高的收益？」 這個看似簡單的問題，卻在我腦中繞樑三日。 它不只是個投資問題，更像是一道哲學題。 在此拋磚引玉，各位如果有更好的解答，也請歡迎與我分享。 📌 首先，我們得定義「收益率」是什麼？ 「收益率」是英文 Yield 的常見翻譯，最常見的就是 債券收益率 。 但是這種收益率有個特點，就是他「完全沒有」增長的空間。 比如說，現在買一支 蘋果 發行的債券，假設債券的 「到期收益率」 是3％。 這個3％指的是從現在起，一直持有到 發行商蘋果用100元在到期日贖回後 ，債券投資人回頭計算出，在 持有期間 所獲得的 每年平均回報率 。 那為什麼說債券收益率「完全沒有」增長的空間呢？因為蘋果他 最高只會用100元贖回啊 。難不成他會去跟債券投資人說，嘿嘿今年iPhone賣得不錯，我決定用120元向你贖回？不可能的事。 就像你家欠銀行的房貸，你會跑去跟銀行說，因為我今年賺了很多錢，所以雖然我本來只借了1000萬房貸，但是我現在想還銀行1200萬， 跟銀行分享我的喜悅嗎？ 不會呀！😅 另外一種例子則是私人銀行客戶很喜歡做的 股票連動票據 ，所謂的 ELN (Equity-Linked Notes) 或是 FCN (Fixed Coupon Note) 。 就算票據連動的底層股票漲了十倍，客戶拿到的票據收益率也只會是一開始協議的價格，也不可能提高。 🎭 有一種只是假象的收益率 但還有另一種收益率，提供的只是一種假象，例如股票的 股息收益率 。 股息收益率分兩種： 【歷史】股息收益率 ：用「過去12個月實際派發的股息總金額」除以「目前的股價」。 【預期】股息收益率 ：用「市場預測未來12個月可能派發的股息總金額」除以「目前的股價」。 這兩種股息收益率，可以作為買賣股票時的參考，但是 沒有人保證 股息收益率與你 實際的持股回報 有什麼相關性喔！ 因為公司派不派股息、派多少股息，都沒有人會問小股東的意見。而公司股價未來怎麼走，到你賣出的時候，是漲還是跌，更是沒有人可以控制。 🌟 收益率 ≠ 回報潛力 與 【收益率(Yield)】 在概念上有時候會混淆的，還有 【回報潛力(Return Potential)】 。 經典案例就是 黃金 。持有黃金的投資者，是拿不到任何事先約定的收益的。所有的投資回報，都是來自黃金價格的增長。 或者像是 高增長型的股票 ，例如 Nvidia，大部分人都不在乎 Nvidia 今天的股息收益率是多少，因為真正重要的是 Nvidia 股價增長所帶來的回報潛力。 🧠 所以，客人的目標到底是什麼？ 所以當客人的目標是【拿到最高的收益】的時候，我們得先瞭解他的 底層邏輯 ，確定他心中想的，到底是【收益】還是【回報潛力】，因為兩者對應的風險，也是完全不同的。 債券或股票連動票據提供的 固定收益率 ，是 有數學公式可以算出的標準答案 。只要債券發行商不違約，你的票據不被強制執行，說好的收益率就會穩定落入投資者的口袋。 投資人 放棄更高的回報潛力 ，放棄持有債券或票據期間的 流動性 還有 機會成本 ，願意承擔購買債券或票據的 其他風險 ，就是為了這份 穩定性 。 🤔 到底哪種投資能「擔最少風險，拿最高收益」呢？ 回到一開始的問題，哪個投資才能讓我擔最少的風險，獲得最高的收益呢? 我還沒想到答案(讀者請不要打我🙈) ，因為每個人對風險還有收益的認知都不同。 有些人對於 台積電 有一種近乎信仰的崇拜。對他們來說，台積電的股價下跌是不值一提的風險。 有些人對於 大型金融機構 也有一種過於理想的安心。對他們來說，大型金融機構既然發行了債券，怎麼可能不還錢。雖然瑞士信貸的CoCo債券屍骨未寒，但那只是單一事件，也是不值一提的風險。 所以作為投資顧問的我們，也得先 望聞問切 ，摸清了客人的想法和偏好之後，才有辦法 對症下藥 ，給出一個不會被人翻白眼的答案。😌💬 📞 您也想更深入聊聊投資策略嗎？今天就與【瑜新家族辦公室】聯絡吧！ 【展望未來】未來一周值得留意的大事有: 中國 - 重大經濟數據與事件 10月20日(周一) - 第三季GDP數據，三頭馬車(工業生產、零售銷售、固定資產投資)數據 10月20日至23日(周一至周四) - 四中全會登場 中國 - 業績 10月20日 (周一) - 寧德時代 (3750.HK) 美國 - 業績 10月21日(周二)  - NFLX, GE, ISRG 10月22日(周三)  - TSLA, IBM, LAM, GEV 10月23日(周四)  - BX, INTC 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

October 19, 2025 Contents of This Week's Newsletter Social Media Getting Wrecked with Newton BDC - Wealth Code or Chaos Catalyst? Family Office Buzz The Highest Yield with The Lowest Risk Next Week Key Events to Watch Next Week 【Social Media】Topics from Jadewell's Social Media 👨🏼‍🔬 Getting Wrecked with Newton As the saying goes, “I don’t mind losing with others. I just fear being poor alone ( 不怕跟人一起輸，最怕沒人陪我窮) . ”   Even geniuses fall for FOMO - for example, Isaac Newton . Yes, the gravity guy. In 1720, he invested in the South Sea Bubble and lost it all. Turns out, even brilliance can’t beat human nature. 👉 Facebook (Chinese)  / Instagram (English) 💥 BDC - Wealth Code of Chaos Catalyst? If you’ve been following us, you know we're always cautious about a hot private banking product — Private Credit Funds. These funds have grown flashy, bloated, and complicated. But lately, they've been quietly rebranded under a more historic name: BDC (Business Development Company). 👉 Facebook (Chinese)  / Instagram (English) 【Family Office Buzz】The Highest Yield with The Lowest Risk While reviewing a client's bond portfolio this week, I was hit with a question that froze me for thirty seconds 🤯: "In today’s market, what kind of investment offers the highest yield with the lowest risk?" This isn’t just a financial inquiry —it’s almost a philosophical one . Just tossing my thoughts out there to spark discussion. If you have a better answer, I’d love to hear it! 📌 First, what exactly is "yield"? In finance, “yield” usually refers to the return you get from bonds . But don't forget: bond yields have " absolutely zero"  upside potential. Take a bond issued by Apple Inc , for example. Suppose the yield to maturity is 3% . That means if you hold the bond until Apple redeems it at $100 at maturity , your average annual return during the holding period is 3%. Apple is never going to say, “Hey bondholders, our iPhone sales were so good this year. Let’s redeem your bond at $120 at maturity instead of $100 !” That’s just NOT how bonds work. Think of it as your mortgage: you wouldn’t tell the bank, “Hey bank, I made a fortune this year, so I’d like to repay the bank $12 million instead of the $10 million I borrowed . Just to share the joy.” 😅 See what I mean? Another example is popular structured products among private bank clients, such as ELN (Equity-Linked Note) or FCN (Fixed Coupon Note) . Even if t he underlying stock skyrockets tenfold , the noteholder's return is still capped at the yield agreed upon at the start. No bonus, no surprise. 🎭 Then there's this illusion of yield But there’s another type of yield that can be misleading—like the dividend yield on stocks, which often creates an illusion of returns. Dividend yield comes in two flavors: Historical yield : past 12 months’ dividends ÷ current stock price Forward yield : projected next 12 months’ dividends ÷ current stock price These are useful reference points, but they don’t guarantee actual returns. Companies don’t ask small shareholders how much dividend to pay. And no one can predict where the stock price will be when you sell. 🌟 "Yield" is not the same as "Return Potential" Another concept that’s often confused with yield  is " return potential" . Think gold —it doesn’t pay any yield. Your profits or loss depends entirely on gold price movements. Or look at high-growth stocks like Nvidia . Most investors don't care what Nvidia's dividend yield is because they’re chasing the upside of Nvidia's share price. 🧠 So what does the client really mean by "the highest yield"? When someone says t hey want the “highest yield,” we need to dig deeper . Are they referring to yield  or return potential ? Because the risks behind each are completely different. Yields for bonds and structured notes are fixed and formulaic. As long as the bond issuer doesn’t default and the note doesn't get exercised, the promised yield will certainly land in your pocket. Investors give up further return potential above the agreed-upon yield , sacrifice liquidity and opportunity cost during the holding period of bonds or notes, and accept the associated investment risks — all in exchange for that certainty 🤔 So which investment offers the highest yield with the lowest risk? Well, I still don’t have a definitive answer (please don’t throw things at me 🙈) . As we’ve discussed, everyone interprets “yield” differently—and the same goes for “risk.” Take TSMC, for example. Some investors treat it with near-religious devotion. To them, a potential dip in its stock price isn’t a risk—it’s just noise. Others place blind faith in big financial institutions. “If they issue bonds, they’ll surely repay.” Never mind that Credit Suisse’s CoCo bonds are still warm in the grave. So as advisors, we need to diagnose before we prescribe. We have to understand each client’s mindset and preferences before offering a strategy that won’t earn us an eye-roll. 😌💬 📞Want to explore your investment strategy further too? Talk to 【Jadewell Family office】 today! 【Next Week】Key Events to Watch in the Week Ahead: China - Major Eco Data and Political Meeting Oct 20 (Mon) - 3Q GDP, Industrial Production, Retail Sales, Fixed Asset Investments Oct 20 to 23 (Mon-Thu) - The Fourth Plenary Session (四中全會) China - Earnings Oct 20 (Mon) - CATL (3750.HK) US - Earnings Oct 21 (Tue)  - NFLX, GE, ISRG Oct 22 (Wed)  - TSLA, IBM, LAM, GEV Oct 23 (Thu)  - BX, INTC About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. - HK SFC Licensed (Type 4&9) - Tailor-Made Investment Advisory Services - Portfolio Consolidation Across Banks - Zero Commission Model - Decades of Experience Across Leading Global Private Banks Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年10月12日 就在大家快要把【中美貿易戰】這個話題遺忘在腦後的時候，特朗普周五的幾篇推文，又把中美貿易爭端推上了風口浪尖，也讓市場找到了藉口回調。 本周收到了一份對沖基金月報，來自於我很欣賞敬重的 【風和亞洲基金】 。 月報中提到 - 「我們始終謹記，謙遜是自律的根基。市場永遠在考驗我們，而最大的風險，莫過於自滿 (We remain mindful that humility is the foundation of discipline. Markets will always test us, and the greatest risk is complacency.)」 早幾周我們就曾提醒，當市場上到處都是股神，每個人都可以不負責任地給出「明牌」股票建議的時候，還有誰記得【謙遜】和【自律】的重要呢? 除了中美的貿易爭端以外，下周還將迎來 美股的業績期 ，還有 十月底的聯儲局議息 。 除此之外也不能忘了 日本 。 保守派高市早苗 勝出成為日本最大黨【自民黨】的總裁，但是跛腳的自民黨，一直以來都要依靠 政治聯盟 來鞏固權力。本周稍早，因為對高市早苗處理 政治黑金 的態度不滿， 公明黨 已經宣布退出與 自民黨 長達26年的聯盟，使得自民黨不再擁有國會的穩定多數。 全球股市接下來的走勢，是會重演 去年八月「日圓套利拆倉潮」的全球震盪 ，還是像 今年四月特朗普「美國關稅解放日」 一樣，急速觸底反彈呢? 可惜的是，除非您是中美最高領導層肚子裡的蛔蟲，不然沒有人知道答案。 《孫子兵法·虛實篇》- 「水因地而制流，兵因敵而制勝。故兵無常勢，水無常形；能因敵變化而取勝者，謂之神」。  在這樣的市場情勢下，【謙遜】和【自律】仍舊是唯一的解答，保持投資組合的【彈性】與【應變能力】，仍舊是最好的對策 - 今天就與瑜新家族辦公室聊聊吧! 本周周報目錄 社群熱帖回顧 中秋節搞笑故事 AI奇俠傳 藉古鑑今 - 目前市場與1970年代初期的相似之處 家辦圈熱話 在【全球家辦論壇】聽見了家族的心聲 展望未來 未來一周值得留意的大事 社群熱帖回顧: 最有趣的投資話題一次打包! 🦸 中秋節搞笑故事 - AI奇俠傳 AI界近期風雲洶湧，群雄合縱連橫，打算逐鹿中原。如果用一個搞笑的故事背景來呈現，會是什麼呢? 👉 Facebook (Chinese)  / Instagram (English) 🪶 無可奈何花落去，似曾相識燕歸來 - 藉古鑑今 最近常常被客人問： 「下一步該怎麼操作？」 橋水基金的 Ray Dalio 給大家指了條明路，他說現在的市場，和【1970年代早期】簡直如出一轍! 為了防止像我一樣年紀輕輕的讀者，可能不知道1970年代發生了什麼事，本篇貼文借古鑑今，希望能帶來一些啟示 👉 Facebook (Chinese)  / Instagram (English) 在【全球家辦論壇 (World Family Office Forum)】 聽見了家族的心聲 本周我們參與了在香港舉辦的【World Family Office Forum】，與來自世界各地的家族辦公室及各類基金交流對話。 論壇中不乏精彩的投資策略與治理架構分享，但最觸動人心的，是那幾場關於「家族傳承」的深度對談。 👨‍👩‍👧‍👦 傳承，不只是資產的移轉，更是情感的延續 其中一位來自東南亞的家族，由父親帶著兩位成年子女出席。 他在台上語氣輕鬆，卻字字珠璣。他說， 自己從不「考驗」孩子，因為「如果他們失敗了，我也不知道該怎麼辦。」 這句話的 真誠 擊中了我。 不是什麼 虎爸虎媽形式的磨練 ，這位父親選擇用陪伴與信任，讓孩子自然地與家族文化產生共鳴。於是，孩子們在外有了經驗後，願意 自發地 回家接棒。 這讓我想起王菲的一句歌詞： 「沒想到答案，就不要尋找題目。」 或許，上一代的共情與理解，才是下一代願意回家的真正理由。 🧭 自由，不是爭取來的，而是證明出來的 另一位來自新加坡的二代，則講得更直接。 他說他們家有幾個男丁，所以他的父親早早就決定了繼承「家業」的繼承人，其他兄弟就是給了一筆啟動資金以後，就得「自己出去闖」。 他是屬於 自己出去闖 的其中一個，好險闖得還算不錯。 他直白地建議聽眾，「各位亞洲的年輕二代， 不要妄想說服你爸媽啦 ，那是不可能的事。」 但他接下來的那句才是重點： 「在你脖子上的牽繩永遠不會消失，但你可以試著讓它變得更長一點 (The leash will never disappear, but it can get longer.)」 在家族的內部， 自由 和 尊重 從來都而是用實打實的結果換來的。 📈 上市，是家族治理的試金石 多位講者也提到，若想提升家族治理的效率， 「讓家族企業上市」 是一個極具挑戰但意義深遠的選擇。 在籌備上市的過程中，來自銀行、交易所、投資人的 靈魂拷問 ，會迫使家族重新審視文化、制度與決策邏輯。這不只是一次財務操作，更是一場 家族共識的淬鍊與傳承 。 而 維持上市地位 所要做出的披露，也是對家族治理的長期監督。 💬 您的家族，也正在思考傳承與治理嗎？ 這些故事是否也讓您有所共鳴？或許，您的家族也正站在類似的十字路口？ 歡迎與瑜新家族辦公室聊聊，讓我們一起探索下一步。 未來一周值得留意的大事有: 美國 - 業績期開跑 10月14日(周二) - JPM, JNJ, WFC, GS, C 10月15日(周三) - BAC, MS, ASML 10月16日(周四) - TSM 美國 - 其他大事 10月13-16日 - 甲骨文AI大會 美國 - 經濟數據(不一定能公布) 😅 10月16日(周四)  - 零售銷售數據 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

October 12, 2025 Just when everyone was starting to forget about the U.S.–China trade war , a flurry of tweets from President Trump  on Friday reignited tensions — and gave the markets a fresh excuse to pull back. This week, we received the monthly report from a hedge fund I deeply admire: Fenghe Asia . In the report, they wrote: “We remain mindful that humility is the foundation of discipline. Markets will always test us, and the greatest risk is complacency.” A few weeks ago, we issued a similar reminder: When the market is flooded with self-proclaimed "stock gods", and anyone can toss out “sure-win” stock tips without accountability — do we still remember the importance of humility  and discipline ? Beyond the trade tensions, U.S. earnings season  starts next week, and there's the Federal Reserve’s rate decision  at the end of October. And don’t forget Japan. Conservative hardliner Sanae Takaichi  has won the presidency of Japan’s largest party, the Liberal Democratic Party (LDP) . But LDP has long relied on political alliances to maintain power. Earlier this week, the Komeito Party  announced its withdrawal from a 26-year coalition with the LDP, citing dissatisfaction with Takaichi’s handling of political corruption — leaving the LDP without a stable majority in parliament. So what’s next for global markets? Will we see a repeat of last August’s yen carry trade unwind , triggering global tremors? Or will it echo April’s “Tariff Liberation Day,” when markets snapped back in a blink? Unfortunately, unless you’re a tapeworm inside the minds of top U.S.–China leadership, no one knows the answer. As Sun Tzu wrote in The Art of War : “Water shapes its flow by the terrain; armies shape their victory by the enemy. Thus, there is no fixed posture in warfare, just as water has no constant form. The one who triumphs by adapting to change — that is true mastery.” 《孫子兵法·虛實篇》- 「水因地而制流，兵因敵而制勝。故兵無常勢，水無常形；能因敵變化而取勝者，謂之神」。 We continue to believe that humility and discipline are the cornerstones of long-term success, and that a flexible, adaptive portfolio remains the most effective strategy in uncertain markets. Talk to Jadewell Family Office today and see how we can help with that! Contents of This Week's Newsletter Social Media An Untrue (But Funny) Story - The Legend of the AI Knights Trading in the Shadow of the '70s Family Office Buzz Heard at the World Family Office Forum - Voices of Legacy Next Week Key Events to Watch Next Week Topics from Jadewell's Social Media 🦸 An Untrue (But Funny) Story for Mid-Autumn Break - The Legend of the AI Knights The AI world has been in turmoil lately — rival powers are forming alliances and plotting to seize the central battleground. If this were told through a funny, fictional story with certain Chinese elements, what would the backdrop look like 👉 Facebook (Chinese)  / Instagram (English) 🪶 Trading in the Shadow of the '70s - Same as It Ever Was Lately, clients keep asking me: “What’s the next move?” Ray Dalio of Bridgewater has offered a direction — he believes today’s market is strikingly similar to the early 1970s . And since some of the readers might not be familiar with what happened back then, this post looks to the past for insight 👉 Facebook (Chinese)  / Instagram (English) Heard at the "World Family Office Forum" - Voices of Legacy This week, we joined the World Family Office Forum  held in Hong Kong, engaging in thoughtful exchanges with family offices and funds from around the world. While the forum featured impressive discussions on investment strategies and governance structures, the most moving moments came from the deep conversations on family legacy and succession . 👨‍👩‍👧‍👦 Legacy isn't just about passing down wealth - it's about carrying forward love. One Southeast Asian family attended the forum with the father accompanied by his two adult children. He spoke on stage with a relaxed tone, but every word carried weight. “I never ‘test’ my children,” he said. “Because if they fail… I wouldn’t know what to do.” That honesty struck a chord. Rather than adopting a tiger-parent approach, this father chose companionship and trust — allowing his children to naturally resonate with the family’s values. It reminded me of a lyric from Faye Wong: “If you haven’t found the answer, don’t go looking for the question (沒想到答案，就不要尋找題目).” Perhaps it’s empathy and understanding that truly draw the next generation back home. 🧭 Freedom isn't demanded - it's earned. Another speaker, a second-generation member from Singapore, was more direct. He shared that his family had several sons, and his father had long ago chosen one to inherit the family business. The others were given seed capital — and told to make their own way. He was one of those who ventured out. Thankfully, he did well. His advice to the audience was blunt: “Young Asians — stop trying to convince your parents. It’s impossible.” But what he said next was the real gem: “The leash will never disappear — but you can try to make it longer.” In family enterprises, freedom and respect are always earned through real results. 📈 Going public: the ultimate stress test for family governance. Several speakers noted that "listing" a part of family business is one of the most challenging — yet transformative — decisions a family can make. The process of preparing for an IPO forces families to confront tough questions from banks, exchanges, and investors — prompting a deep reevaluation of culture, systems, and decision-making logic. It’s not just a financial maneuver — it’s a crucible for building consensus and passing down values. And the ongoing disclosures and compliance required to stay listed? They become a long-term accountability mechanism for governance itself. 💬 Is your family also thinking about legacy and governance? Did these stories resonate with you? Perhaps your family is standing at a similar crossroads? Talk to Jadewell Family Office today and explore what’s next together. Key Events to Watch in the Week Ahead: US - Kicking Start the Earnings Season Oct 14 (Tue) - JPM, JNJ, WFC, GS, C Oct 15 (Wed) - BAC, MS, ASML Oct 16 (Thu) - TSM Other Key Events Oct 13-16 - Oracle AI World US - Eco Data (Pending due to Govt Shutdown) 😅 Oct 16 (Thu) - Retail Sales About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. - Tailor-Made Investment Advisory Services - Portfolio Consolidation Across Banks - Zero Commission Model - Decades of Experience Across Leading Global Private Banks Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

2025年10月5日 美國政府本周終於在兩黨政爭下關門了，但是股市似乎並沒有太過擔心，據彭博社統計，有超過一半的受訪者認為，這次政府得關門超過「一個月」，對股市才會造成負面的影響。 說是這麼說，但是政府關門最大的受惠者 -【黃金】，早就不停創下歷史新高了。 顯然投資者在不願放棄【美股上漲潛力】的同時，也知道要做好【資產分散】的兩手準備。 本周周報目錄 社群熱帖回顧 美國政府又關門了 特朗普大藥房，TrumpRx 震撼登場! 家辦圈熱話 條條大路通AI的【私募借貸基金 Private Credit Funds】 展望未來 未來一周值得留意的大事 社群熱帖回顧: 最有趣的投資話題一次打包! 😞 美國政府又關門了 自1981年以來，美國已經「關門」14次，最長一次是2018年底至2019年初，整整35天。 從上周三(10月1日)開始，美國政府時隔七年又關門啦! 為什麼會陷入這種境地? 關門又會造成什麼影響呢? 👉 Facebook (Chinese)  / Instagram (English) 💊 特朗普大藥房? TrumpRx 震撼登場! 這幾天美股最近在「政府關門」的陰霾下，有一個板塊正悄悄地醞釀著一場革命，那就是醫療股? 因為 - 特朗普開藥房啦！ 特朗普宣布推出由政府主導的藥品直銷平台 TrumpRx ，預計 2026 年上線。這個平台代表什麼意義，對全球製藥業又會帶來什麼深遠的影響呢? 👉 Facebook (Chinese)  / Instagram (English) 條條大路通AI的【私募借貸基金 (Private Credit Funds)】 熟悉我們的讀者應該不陌生，我們過去已多次探討過【私募借貸基金 Private Credit Funds】這個話題，從 逐漸下滑的回報率 ，到 把「低流動性」的底層資產，打包進「高流動性」的ETF裡 來交易的「神操作」，我們都發表過看法。 但有趣的是，這類基金在市面上 依然熱銷 ！銷售人員常說它是「完美投資」： ✔️ 年回報率高達 10–12% ✔️ 與股市、債市關聯度低，能有效分散風險 ✔️ 聽起來簡直是「穩賺不賠」 但真的是這樣嗎？上周彭博社的一篇 文章 引起了我們的注意，也讓我們重新思考這個問題。 🏦 私募借貸基金的原始使命 這類基金最初的興起，其實是因為 傳統銀行 在放貸時條件越來越嚴格，許多 中小企業 無法取得資金，只好轉向私募基金尋求借貸。 私募基金則會精挑細選 基本面穩健 的企業，降低 信貸風險 ，同時為投資人創造高回報。 但隨著銀行放貸標準逐漸放寬，中小企業又開始回流銀行端。另一方面，私募基金這幾年籌集了大量資金，卻面臨「僧多粥少」的困境， 難以找到足夠優質的借款對象，導致回報率下滑。 🤖 新出路：資助AI數據中心建設 好消息是，私募借貸基金最近似乎找到了新的投資方向 - AI數據中心！ 根據摩根士丹利統計，未來三年內，大型科技公司預計將投入 2.9 萬億美元  建設數據中心。但他們自己的現金流只夠支付一半，那剩下的資金從哪來？答案就是： 私募借貸基金！ 更聰明的是，這些科技公司並非單純借錢，而是採取 「合資模式」 與私募借貸基金合作，這樣就不必在財報上列為 負債 了! 🏗️ 為何數據中心成為新寵？ 金額夠大 ：能快速消耗大量資金，對基金規模管理有利 租金穩定 ：建成後可出租給需要算力的企業，創造穩定現金流 ⚠️ 但會不會蓋太多了？ 但摩根士丹利也提醒：未來三年， 【生成式AI】 的預估收入約為 1 萬億美元 ，遠低於 2.9萬億美元 的數據中心建設成本。這樣的「入不敷出」，會持續多久？市場對AI的樂觀預期，是否需要修正？ 此外，AI技術日新月異，數據中心的 設備更新頻率 也越來越高。這些未來的高支出，是否會侵蝕私募借貸基金的回報？ 🤔 投資人該留意什麼？ 原本被視為「低波動、穩健回報」的私募借貸基金， 如今也與AI熱潮深度綁定! 對投資人而言，這不是避風港，而是另一場科技賽局的延伸。 條條大路通AI，連私募借貸基金也不例外。下一步，您準備好了嗎？今天就與【瑜新家族辦公室】聊聊吧! 未來一周值得留意的大事有: 美國 - 經濟數據 10月9日(周四) - 美國聯儲局議息紀錄、主席鮑威爾發言 瑜新家族辦公室 家族辦公室一般可分為兩種，「單一家族辦公室」是由單一家族直接設立，為該家族提供全面的財富管理服務。而「聯合家族辦公室」則同時為多個家族服務，提供較為標準化的產品，與私人銀行相似。 瑜新結合兩者的優勢，在服務層面上，根據每位客人的不同需求，提供量身打造的財富管理顧問服務；在執行層面上，為您省卻了設立單一家族辦公室所需的繁瑣行政程序，利用瑜新的聯合家族辦公室平台，可以更有效率地達成您的目標。 Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.

October 5, 2025 美國政府本周終於在兩黨政爭下關門了，但是股市似乎並沒有太過擔心，據彭博社統計，有超過一半的受訪者認為，這次政府得關門超過「一個月」，對股市才會造成負面的影響。 說是這麼說，但是政府關門最大的受惠者 -【黃金】，早就不停創下歷史新高了。 顯然投資者在不願放棄【美股上漲潛力】的同時，也知道要做好【資產分散】的兩手準備。 Contents of This Week's Newsletter Social Media Yes the US Government is Shutting Down Again TrumpRx is here - Trump's pharmacy goes live! Family Office Buzz Private Credit Funds: All Roads Lead to AI Next Week Key Events to Watch Next Week Topics from Jadewell's Social Media 😞 Yes the US Government is Shutting Down Again Since 1981, the U.S. has shut down 14 times. The longest? 35 days from late 2018 to early 2019 - sparked by Trump’s demand for border wall funding. Starting last Wednesday (October 1) , the U.S. government has shut down again for the first time in seven years! How did it come to this? And what kind of impact could the shutdown have? 👉 Facebook (Chinese)  / Instagram (English) 💊 TrumpRx is here - Trump's pharmacy goes live?! While Wall Street’s been sweating over gov shutdown, one sector is quietly staging a comeback: Healthcare stocks! 🩺📈 Donald Trump has announced the launch of a government-led direct-to-consumer pharmaceutical platform called TrumpRx , expected to go live in 2026. What does this platform represent - and what far-reaching impact could it have on the global pharmaceutical industry? 👉 Facebook (Chinese)  / Instagram (English) Private Credit Funds: All Roads Lead to AI If you’ve been following us for a while, you’ll know we’ve covered Private Credit Funds  extensively—from their declining returns to the “magic trick” of bundling illiquid assets into highly liquid ETFs for trading. Yet despite these concerns, private credit funds remain hot sellers in the market. Sales reps often pitch them as the “perfect investment”: ✔️ Annual returns of 10–12% ✔️ Low correlation with traditional equities and bonds ✔️ Sounds almost too good to fail But is it really that simple? A Bloomberg article last week caught our attention—and prompted us to take a fresh look. 🏦 The Original Mission of Private Credit Private credit funds first gained traction when traditional banks tightened their lending standards. Many small and mid-sized businesses (SMEs), unable to secure loans, turned to private lenders. These funds would then carefully select companies with strong fundamentals, reducing credit risk while delivering attractive returns to investors. However, as banks have gradually loosened their lending criteria, SMEs are returning to traditional financing. Meanwhile, private credit funds - flush with capital - are facing a shortage of high-quality borrowers. This supply-demand imbalance is one of the key reasons behind falling returns. 🤖 A New Frontier: Financing AI Data Centers The good news? Private credit funds may have found a new destination for their money - AI Data Centers . According to Morgan Stanley, tech giants are expected to spend $2.9 trillion  over the next three years building data centers. But their internal cash flow may only cover half of that. So where will the rest come from? You guessed it - private credit funds. Even smarter, these tech companies aren’t just borrowing - they’re entering joint ventures  with private credit funds. This way, the additional capital doesn’t show up as debt on their balance sheets. 🏗️ Why Data Centers Are the New Darling? Large capital requirements : Ideal for deploying massive amounts of capital efficiently Stable rental income : Once built, data centers can be leased to compute-hungry tech firms, generating predictable cash flow ⚠️ But Are We Overbuilding? Morgan Stanley also warns: the projected revenue from generative AI  over the next three years is around $1 trillion - far below the $2.9 trillion in infrastructure spending. How long can this mismatch last before market expectations need a reset? Plus, with AI evolving rapidly, data center operators must frequently upgrade hardware to stay competitive. These ongoing costs could eat into the returns that private credit funds promise. 🤔 What Should Investors Watch For? Private credit funds, once seen as low-correlation and stable-return vehicles , are now d eeply intertwined with the AI boom. For investors, this means that private credit funds may not be another "safe haven" to hide - it’s actually another chapter in the tech race. All roads lead to AI - even for private credit. Are you ready for what’s next? Let’s talk to Jadewell Family Office  today. Key Events to Watch in the Week Ahead US - Eco Data Oct 9 (Thu) - FOMC Meeting Minutes, Powell Speech About Jadewell Family Office Jadewell is committed to offering proactive, customized services akin to a “single-family office,” yet within the ease of a “multi-family office” environment. Ann Yu Co-Founder and CEO Jadewell Family Office FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY – NOT INTENDED FOR RETAIL CUSTOMER USETHESE ARE NOT STOCK OR PRODUCT RECOMMENDATIONS This document is intended for informational purposes only. It should not be considered as advice or a recommendation for any specific investment product, strategy, plan feature, or any other purpose in any jurisdiction. It is educational and does not represent a commitment from Jadewell Family Office to participate in any mentioned transactions. Any examples used are generic, hypothetical, and for illustration purposes only. This material is insufficient to support an investment decision and should not be relied upon to evaluate the merits of investing in securities or products. Users should independently assess the legal, regulatory, tax, credit, and accounting implications, and work with their own financial professional to determine if any mentioned investment is appropriate for their personal goals. Investors should ensure they have all relevant information before making any decisions. Any forecasts, figures, opinions, or investment techniques and strategies provided are for informational purposes only. They are based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.