September 28, 2025 The stormy week has finally passed, and we hope all our readers are safe and well 🌧️☀️. But the financial markets are still riding the waves, so we encourage everyone to stay cautious with their investment portfolios 📉📈. This week, we heard your feedback loud and clear - our social media posts can’t be in Chinese only! To be truly international , we’ll continue posting in Chinese on Facebook , but all our Instagram content will now be in English. Hopefully, this helps us reach readers from all around the world (if any 🤣 ) ! Contents of This Week's Newsletter Social Media The Sweet Spot on the U.S. Yield Curve One Year Since the 924 Shockwave HSBC's Quantum Moment Family Office Buzz HKUST x CFA Society Hong Kong - My Family Office Presentation Experience Next Week Key Events to Watch Next Week Topics from Jadewell's Social Media 🍬 The Sweet Spot on the U.S. Yield Curve After last week’s post about TSMC buying U.S. corporate bonds, I got several questions: 👉 Why is TSMC only buying bonds maturing within 5 years? 👉 If I want to buy bonds myself, which tenor should I choose? While the answer varies for different people, one thing’s clear: many bond funds are clustering around the 5-year mark - widely seen as the “sweet spot” on the yield curve. Why is that? 👉 Facebook (Chinese)  / Instagram (English) ⚡ One Year Since the 924 Shockwave Remember last year’s 924? Confidence in China and HK stocks was rock bottom - then boom! PBOC, CSRC, and others unleashed a wave of stimulus to lift A-shares. 📈 One year on, markets have surged. But beneath the surface… what major shifts have reshaped A-share market cap? 👉 Facebook (Chinese)  / Instagram (English) 🚀 HSBC's Quantum Moment! Remember a few months ago when even Jensen Huang from NVIDIA said quantum computing was still a far-off technology? (Though he later changed his tune.) Well, guess who was the first to actually apply quantum computing in real-world finance? HSBC! 😮 What exactly did HSBC do to take the lead? And how are the unique features of quantum computing being used in financial market trading ? 👉 Facebook (Chinese)  / Instagram (English) HKUST x CFA Society Hong Kong - My Family Office Presentation Experience 🎤 This Week’s Recap｜Family Office Panel Highlights We had the honor of speaking at the Family Office seminar co-hosted by HKUST and the Hong Kong CFA Society 🙌. As one of the roundtable speakers, we shared our journey - from leaving private banking to building a multi-family office from scratch 🏛️. 👩‍🎓👨‍🎓 Fun fact: nearly half the audience were HKUST students ! After the talk, many came up to ask: “How can I get into this secretively private industry?” 🔍 Is the Family Office World Really That Secretively Private? Honestly… yes. Due to its boutique nature , hiring rarely goes public - it’s mostly whispered referrals within trusted circles 🤫. Even though “family office” is a buzzword in the news, for most people (especially students), it’s still a foggy concept 🌫️. We hope to keep sharing our startup journey online , so more curious minds can get a clearer view 💡. 🍸 Off the Record｜What Do Family Office Pros "Fear" The Most? At a private gathering this week, a few family office veterans shared their biggest fear: When the boss says, “I’m going to a cocktail party!” 😱 Why? Because every time they come back, they bring a stack of “ideas” from their “friends” …And say to his/her family office staffs, “This sounds promising - can you look into it?” 🧠💼 The "look into" isn’t the hard part. The real challenge? If the idea’s terrible, how do you say so without  bruising the friend’s ego? 🤐 🤔 So Who’s Trickier - Boss’s Friends or Private Bankers? I had to ask: “Which is harder to deal with - boss’s ‘friends’ or pushy private bankers?” One senior replied instantly: “Definitely the ‘friends’! If a banker pitches nonsense, I shut it down. No mercy.” Another sighed: “ You guys are lucky. My boss’s ‘friends’ are the bankers. I’m stuck in the middle 😩.” 💬 Final Thought｜EQ > IQ In this line of work, emotional intelligence often matters more than raw intellect. Just like any service industry - reading the room, knowing when to speak, and how to say it - is everything 🎯. Key Events to Watch in the Week Ahead China/HK - Eco Data Sep 30 (Tue) - Manufacturing PMI US - Eco Data Oct 3 (Fri) - Nonfarm Payroll, Unemployment Rate Others Sep 30 (Tue) - Reserve Bank of Australia Rates Decision 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.

2025年9月28日 風雨飄搖的一周終於過去了，希望各位讀者都一切平安。 但金融市場的風雨似乎還未塵埃落定 ，希望大家繼續謹慎操盤。 本周聽取讀者意見，社群文章內容不能只有中文呀! 要有英文版才夠 International。 所以我們保留Facebook上的中文， 但把Instagram上的帖子都改成英文啦 ，希望以後可以服務全世界(?)的讀者。 本周周報目錄 社群熱帖回顧 美債收益率曲線上的甜蜜點 平地一聲雷! 924行情一周年回顧 匯豐的量子時刻! 家辦圈熱話 香港科技大學x香港CFA協會 - 家辦活動演講心得 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! 🍬 美債收益率曲線上的甜蜜點 上週分享了台積電買美債的消息後，竟然收到許多(？？)讀者詢問: 👉 為什麼台積電只買5年內到期的債券？ 👉 如果自己也想買債券，要挑哪個年期比較好？ 這個問題的答案因人而異，不過目前市場對於投資債券年期的看法，倒是滿有共識的。許多債券基金，都形容「5年」這個期限，為美債收益率曲線上的 甜蜜點 (Sweet Spot) ，您知道為什麼嗎？ 👉 Facebook (Chinese)  / Instagram (English) ⚡ 平地一聲雷! 924行情一周年回顧 今年的924風雨飄搖，但您還記得去年的924嗎？ 當時是 中港股市信心差不多低迷到極點的時候 ，結果平地一聲雷，中國人民銀行、金融監管總局及證監會聯手祭出 一籃子「組合拳 🥊 」 措施來支持A股，一瞬間鐵樹都開花了 🌸 ，迷途的羔羊都回家了 🐑 。 回顧過去一年，在股市水漲船高的背後， A股的市值版塊 ，又出現了什麼值得深思的 結構性變動 呢 ？ 👉 Facebook (Chinese)  / Instagram (English) 🚀 匯豐的量子時刻! 還記得幾個月前，連輝達的黃爸爸都說量子運算還是「遠在天邊的科技」嗎？（雖然後來他改口了），結果第一個把量子運算真的用在金融實戰的，竟然是... 匯豐！ 😮 到底匯豐做了什麼才能拔得頭籌呢 ？量子運算的特性，又是如何被他們運用在 金融市場交易 上的？ 👉 Facebook (Chinese)  / Instagram (English) 香港科技大學x香港CFA協會 - 家辦活動演講心得 🎤 本週活動回顧｜家族辦公室講座分享 本週我們榮幸參與了，由 香港科技大學 與 香港CFA協會 合辦的【家族辦公室】講座，並擔任圓桌對談環節的講者之一 🙌。 我們分享了 從私人銀行離開、創立聯合家辦的心路歷程 ，也向現場聽眾解釋了「聯合家辦」到底是什麼 🏛️。 👩‍🎓👨‍🎓 有趣的是，現場將近一半的聽眾都是科大的學生！講座結束後，陸續有學生來找我聊天，想了解這個 神秘（？）的行業 到底怎麼入行。 🔍 家辦真的很神秘嗎？ 的確，由於 規模精簡 ，家辦的招聘消息通常不會公開發佈，都是靠 圈內人互相推薦、口耳相傳 🤫。 雖然新聞天天在講「家族辦公室」，但對一般人（尤其是學生）來說，仍然像一團迷霧 🌫️。 我們希望未來能有更多機會， 把創業家辦的經驗分享出來 ，讓有興趣的人能更了解這個行業 💡。 🍸 題外話｜家辦從業者最害怕的事？ 在本週某場私人聚會中，幾位家辦從業者聊起 「最害怕的事」 。有位前輩說，最怕聽到老闆說要去參加雞尾酒會！😱 為什麼？因為每次酒會回來，老闆都會帶著一堆 「朋友」（加重語氣） 分享的投資點子，然後丟給家辦：「這好像不錯，你們研究一下」🧠💼 研究不難，難的是 - 如果點子真的很爛 ，要怎麼在不傷害「朋友」面子的前提下，委婉地說出真心話 🤐。 🤔 那誰比較難搞？「朋友」還是私銀？ 我忍不住問：「請問各位前輩，您們覺得是 老闆的『朋友』 比較難搞，還是那些亂推銷產品的 私人銀行 難搞呢？」 前輩秒答：「當然是『朋友』啊！私銀客戶經理要是亂推銷，我才不給面子，直接鏟上天 🚀」 另一位前輩 苦笑：「唉，你們身在福中不知福， 我老闆的『朋友』就是私銀客戶經理 ，我根本裡外不是人 😩」 💬 結語｜情商 > 智商 所以說，做家辦這行，大部分時候， 情商 的要求遠高於 智商 。就像所有【服務業】一樣，懂人性、懂分寸，才是關鍵 🎯。 未來一周值得留意的大事有: 中國/香港 - 經濟數據 9月30日(周二) - 製造業PMI 美國 - 經濟數據 10月3日(周五) - 美國非農就業數據、失業率 其他大事 9月30日(周二) - 澳洲央行利率決議 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.

2025年9月21日 📉 本周美國聯儲局終於從善如流，做出了 今年的第一個降息決定 ，把利率下調了25個基點，並預期今年還有兩次各25個基點的降息。 🔮 但展望2026，聯儲局官員「此刻」的說法還是稍嫌鷹派。根據官方點陣圖， 明年官員們只打算降息一次 。不過這真沒所謂，畢竟明年哪些官員還可以留在聯儲局投票，都是 未知之數 。😉 📈 金融市場對此反應倒是相當熱烈，每天都在創新高！ 現在滿街都是少/中/老年股神 👶🧑🧓。這場投資派對會怎麼收尾？老實說，我也不知道...🍿 📬 另外本周還發生了一件 【讀者投書 】 的趣事。因為我在信報上讀到某篇專欄，該專欄以香港前陣子鬧得沸沸揚揚的【假中東王子來香港開家辦】事件開題，然後談到目前香港家辦的發展情況。 🧐 專欄作者大讚【單一家族辦公室】的知識深度與隱私優勢，但同時也踩了我們這種【聯合家族辦公室】一腳。 🫵 他認為【聯合家辦】不僅在知識水平上比不上【單一家辦】，更因強調銷售佣金的商業模式，而只能被定位為 在灰色地帶遊走的【金融產品分銷商】 。🩶💔 🤷‍♀️ 我其實完全同意他的觀點，但也想說： 江山代有師奶出！ 我們不是什麼金融奇才，只是一群努力創業的普通人， 看到了市場痛點，就想做出改變 。儘管無權無勢，我們也希望用微小的力量，吸引信念相仿的客戶夥伴💪。 📝 所以我鼓起勇氣，投書給這位作者。 巨龍巨龍你擦亮眼 🐉 👀，給師奶一個機會，謝謝你！ 本周周報目錄 社群熱帖回顧 跟著台積電買美國公司債 Again! 中港股市熱火朝天，對沖基金卻已暗暗撤退? 家辦圈熱話 家族辦公室 - 小圈子午餐會議心得 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! 💰 跟著台積電買美國公司債 Again 整個九月份，台積電的公告幾乎都在說： 「報告股東，我今天又買了這幾支債券！」 其實台積電的配置邏輯，與 高淨值財富人士 的策略很像，都是把幾年內用不到的錢，做個低風險配置，拿點 比現金高的回報 ，順便在利率下行周期，看看有沒有 債券價格的升值空間 。 想知道台積電買了哪些公司債？ 👉 Facebook  / IG 🚨 中港股市熱火朝天，對沖基金卻已暗暗撤退？ 中國與香港股市最近利好消息不斷，大家都在期待市場可以由流動性推動的 「水牛」 🐃 ，成功轉為基本面改善的 「結構牛」 🧱 ，再發展成為長升長有的 「慢牛」 🐌    但您知道嗎？ 就在散戶與長線資金熱情湧入的同時， 靈活操作的對沖基金 卻已經開始「暗暗撤退」了… 👉 Facebook  / IG 家族辦公室 - 小圈子午餐會議心得 本週我們有幸受邀參加一場在 Hong Kong Club 舉辦的小型午餐會，與會者全是 家族辦公室 的圈內人。 本來以為我對香港本地家辦界還算是有些了解，去到現場才發現， 我就是個小白 🐣，誤闖進一個 神祕又低調的圈子 。 聽著家辦前輩們聊起著最近的基金投資，我彷彿來到了 平行世界 ：「不好意思請問一下，怎麼你們說的基金，我一支都沒有聽過？？？」😅 一位前輩豪放地笑了，「你當然沒有聽過啊，我們這些人專找 小型的基金 來投」，甚至去到極致，只要那支基金有超過25個投資者參與，我們就不要了， 因為人多、嘴雜！ 🔍 投資人 vs 基金經理：誰才是主角 這讓我想起最近與兩位基金經理的對話： 💬 第一位忿忿不平地說： 「2022 年市場最困難的時候，要不是投資人天天來煩我，逼我賣股票、逼我減風險，我們那年的損失可以減少三分之一！」 他說從那次之後，寧願不要那些「坐不住」的錢，也要保住投資決策的純粹與安靜🧘‍♂️。 💬 第二位則更直接： 「我們現在的投資門檻分兩種：一般是 500 萬美金，但如果你願意閉嘴不問不吵，我們 200 萬也收。」 😶💸 🔄 時代在變 😨 投資人越來越緊張自己的血汗錢 ，恨不得 24/7 監控基金經理在幹嘛。 🙉 而基金經理則努力捍衛自己的決策主權 ，避免被「噪音」干擾。 恍惚之間，似乎與父母和青春期孩子之間的拉鋸有點像??? 未來一周值得留意的大事有: 中國/香港 - 業績 9月26日(周五) - 新世界發展 (0017.HK) 美國 - 業績 9月23日(周二) - 美光 (MU) 美國 - 經濟數據 9月25日(周四) - 美國GDP(第二季) 9月26日(周五) - 美國PCE物價指數(8月) 其他大事 9月25日(周四) - 瑞士央行利率決議 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.

September 21, 2025 📉 The Fed finally gave in this week and delivered its first rate cut of the year - l owering interest rates by 25 basis points. They’re also signaling two more cuts of the same size before year-end. 🔮 As for 2026, however, Fed officials are still sounding a bit hawkish for now. According to the official dot plot, they’re only planning one rate cut next year. But honestly, that doesn’t mean much - who knows which officials will still be voting at the Fed by then? 😉 📈 The financial markets are loving it - hitting new highs every single day! Feels like everyone’s a stock market genius now 👶🧑🧓. How this party ends? Honestly, your guess is as good as mine... 🍿 📬 A little story from this week: I ended up writing a reader letter - couldn’t help myself! It all started when I read a column in Hong Kong Economic Journal  that opened with the now-infamous tale of the “fake Middle Eastern prince” who came to HK to (allegedly) set up a family office. The article then dove into the current state of the city's family office scene. 🧐 The columnist praised single-family offices  for their depth of expertise and privacy advantages. But he didn’t hold back when it came to multi-family offices like ours. 🫵 According to him, folks like us not only fall short in terms of knowledge , but because of the commission-driven business model, multi-family offices are basically just financial product distributors  operating in a grey zone. 🩶💔 🤷‍♀️ Honestly? I think he's got a point. But I also want to say: every era brings its own “auntie entrepreneurs” ( 江山代有師奶出) ! We’re not financial whizzes - just regular aunties trying to build something different. We saw a gap in the market and wanted to do things our way. No power, no pedigree, but we’re doing our best to attract clients and partners who share our values 💪. 📝 So yes, I gathered my courage and wrote to the columnist - Hey, have some faith in the aunties! Thank you! Contents of This Week's Newsletter Social Media Following TSMC into U.S. Corporate Bonds, Again! China & HK Stocks Are on Fire - So Why Are Hedge Funds Sneaking Out the Back Door? Family Office Buzz Behind Closed Doors: What I Learned at a Family Office Power Lunch Next Week Key Events to Watch Next Week Topics from Jadewell's Social Media 💰 Following TSMC into U.S. Corporate Bonds, Again! All through September, TSMC’s investor updates basically read like: “Dear shareholders, here’s another batch of corporate bonds we bought today!”  💌📉 Their allocation strategy actually mirrors what many high-net-worth individuals do: park the cash they won’t need for a few years into low-risk assets , earn a bit more than sitting in cash , and maybe catch some upside if bond prices rise during a rate-cut cycle. 🧠💸 Curious what bonds TSMC’s been scooping up lately? 👉 Facebook  / IG 🚨 China & HK Stocks Are on Fire - So Why Are Hedge Funds Sneaking Out the Back Door? China and Hong Kong stocks have been riding a wave of bullish sentiment, and everyone’s hoping the market can evolve from a liquidity-driven “water buffalo” 🐃 , into a fundamentally stronger “structural bull” 🧱 , and eventually settle into a steady, long-term “slow bull” 🐌 . But here’s the twist - while retail investors and long-term capital are pouring in with enthusiasm, hedge funds with more flexible strategies have already started quietly pulling back… 👉 Facebook  / IG Behind Closed Doors: What I Learned at a Family Office Power Lunch This week, I had the privilege of attending a small, private lunch at the Hong Kong Club - an intimate gathering of insiders from the family office space. I walked in thinking I had a decent grasp of Hong Kong’s family office scene. Turns out… I was a total rookie 🐣 who’d stumbled into a world that’s discreet, tightly knit, and way more mysterious than I imagined. As the veterans chatted about their latest fund picks, I felt like I’d entered a parallel universe. "Sorry, but... I've literally never heard of any of the funds you're talking about??" 😅 One senior guest laughed. " Of course you haven’t! We only invest in small, niche funds. If a fund has more than 25 investors, we’re out. Too crowded, too noisy!” 🔍 Investors vs. Fund Managers: Who’s Really in Charge? That conversation reminded me of two recent chats I had with fund managers: 💬 One vented about 2022, saying: “The market was brutal back in 2022. But what made it worse were investors constantly bugging me - demanding I sell and reduce exposure! I've done the simulation. If the investors had just stayed quiet, we could’ve cut our losses by a third!” Since then, he’s made peace with the idea: better to turn away anxious money than let it mess with his strategy. 🧘‍♂️ 💬 Another manager was even more blunt: “Our standard minimum is $5 million. But if you promise not to ask questions or make noise, we’ll accept $2 million.” 😶💸 🔄 Times Are Changing 😨 Investors are more anxious than ever - hovering over their fund managers wanting 24/7 updates. 🙉 Meanwhile, fund managers are fighting to protect their decision-making space , trying to tune out the noise and stay focused. Honestly, it’s starting to feel a lot like the tug-of-war between parents and their moody teenage kids. 😆😆😆 Key Events to Watch in the Week Ahead: China/HK - Earnings Sep 26 (Fri) - New World Development (0017.HK) US - Earnings Sep 23 (Tue) - Micron (MU) US - Eco Data Sep 25 (Thu) - US GDP (2Q) Sep 26 (Fri) - US PCE (August) Others Sep 25 (Thu) - Swiss National Bank Rates Decision 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.

September 14, 2025 What a vibrant week it’s been! 🌈 We’ve been hopping between forums and conferences — from the Belt and Road Forum , to the Financial Planners Summit , and a report launch focused on impact investing . The ideas exchanged across regions, cultures, tools, and asset classes gave us a full-spectrum intellectual jolt! 💡 Big news: The exhibitor site for Hong Kong FinTech Week is now live! And guess what? It looks like we might be the only (small) family office  on the exhibitor list - quietly showing up with our own splash of color ✨ 📅 Come say hi at our booth on November 3–4! 🎟️ Interested in attending? Don’t forget to ask us for an exclusive 15% discount code  for tickets! HK Fintech Week Website (Sponsors & Partners) Contents of This Week's Newsletter Social Media Oracle's AI Comeback, The ETF World, Clean Energy's Star Boost Market Insights Goldman Sachs 2025 Family Office Investment Insights Family Office Buzz Family Philanthropy in Asia - Insights from Five Families Next Week Key Events to Watch Next Week - Super Central Bank Week! Topics from Jadewell's Social Media 🧠 Oracle’s Comeback! Can an 81-Year-Old Veteran Ride the AI Wave? No one saw it coming - but this week, the company pushing AI momentum to new heights is none other than legacy tech giant Oracle ! How did Oracle steal the spotlight? And why was it flying under the radar until now? 👉 Facebook  / IG 🙋‍♂️ No-prize quiz: Take a guess - which of the following has a greater "number "  in the U.S. market? The answer might surprise you! A) Exchange-Traded Funds (ETFs) B) Individual single stocks 👉 Facebook  / IG ⚡ Clean Energy Gets a Star Boost - Bill Gates in the Spotlight! AI data centers are power-hungry beasts, and investors are racing to find clean, stable energy solutions . Enter Bill Gates , who not only backed the latest investment, but filmed a promo himself. Curious what’s next in the energy game? You’ll want to tune in 👉 Facebook  / IG 📲 Follow us on Facebook and IG for sharp insights, hot takes, and first-look market moves! Goldman Sachs Drops Fresh Intel: 2025 Family Office Investment Insights Source: Adapting to the Terrain | Goldman Sachs 📊 Goldman Sachs has just released its biennial “Family Office Investment Insights” repor t . Compared to 2023, the 2025 data reveals some eye-catching shifts: 1) "Public Equities" Are Still the Darling. Tech Leads the Charge! Family offices around the world continue to favor Public Equities , with allocations rising from 28% in 2023 to 31% in 2025 . Even more telling: 38% of respondents plan to further increase their equity exposure this year 📈 And it’s not just U.S. tech stocks grabbing attention, Chinese tech companies are also on the radar. Why the love? Besides strong market momentum, many family office principals have deep roots in the tech sector , either as founders or early investors. It’s a space they know and trust! 💡 2) "Private Equity": Falling Out of Favor—or Ready for a Comeback? While equity allocations surged, family offices dialed back their exposure to Private Equity , dropping from 26% in 2023 to just 21% in 2025 . Goldman Sachs attributes the decline to a shortage of high-quality PE deals  over the past two years, and the irresistible momentum of public equities. With stocks on fire, capital naturally flowed in that direction. But don’t count Private Equity out just yet. Looking ahead, 39% of surveyed family offices  say they plan to increase their private equity allocations , waiting patiently for the next winning hand 🔮 3) Tail Risk: Time to Worry, or Time to Wing It? When it comes to extreme events or black swan scenarios, family offices around the world respond very differently. U.S. Family Offices: Cool as Ever 👉 A surprising 35% of U.S. family offices  have made ZERO preparations  for tail risk. Their attitude? “You mess with the bull, you get the horns.”  In other words, risk is part of the ride. Europe & Asia: Caution First, Regret Never 👉 Family offices in other regions are far more cautious. Only 14% in Europe  and 12% in Asia  have skipped tail risk planning. The majority of them have already activated hedging strategies to stay ahead of the curve. Asia’s Favorite Hedge? Gold! Beyond geographic diversification, gold remains the go-to safe haven  for Asian family offices - steady, symbolic, and sentimentally strong. How does your family office’s asset allocation compare to the findings in this report? If there’s a gap, are we just being boldly contrarian, or is there real room for mutual learning? Let’s talk it through today with the ever-pragmatic Jadewell Family Office . Family Philanthropy in Asia - Insights from Five Families 📢 Centre for Asian Philanthropy and Society (CAPS)  has just released a new report analyzing how five prominent Asian families have harnessed their family legacy to drive philanthropic initiatives and create lasting social impact. Through real-life case studies, the report explores their motivations , the evolution of tools they’ve used, and how these strategies have shaped intergenerational wealth and values. The five featured families are: 1️⃣ The Chaudhary Family  – Nepal’s largest business conglomerate 2️⃣ The Harilela Family  – A Hong Kong dynasty rooted in hospitality and real estate 3️⃣ The Li Family  – Founders of China’s tech brand TCL 4️⃣ The Lo Family  – Founders of Hong Kong’s iconic Vitasoy 5️⃣ The Tanoto Family  – Founders of Singapore’s Royal Golden Eagle Group 📄 Interested in learning more? You can download the full report in both Chinese and English right here ! Key Events to Watch in the Week Ahead: China/HK - Eco Data Sep 15 (Mon) - Industrial Production, Fixed Asset Investments, Retail Sales Sep 17 (Wed) - HK Chief Executive's Policy Address US - Eco Data Sep 16 (Tue) - Retail Sales Sep 17 (Wed) - FOMC Rates Decision Others Sep 17 (Wed) - Bank of Canada Rates Decision Sep 18 (Thu) - Bank of England Rates Decision Sep 19 (Fri) - Bank of Japan Rates Decision 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.

2025年9月14日 本周是相當「繽紛」的一周! 我們穿梭在各大論壇與會議之間，包括 「一帶一路論壇」 、 「財務策劃師會議」 以及與 「影響力投資」 相關的報告發表，在地域、文化、投資工具與標的上，都受到全方位的思想衝擊。 💡 重磅消息：香港金融科技周參展者網站正式上線啦！ 目前看來，我們可能是唯一一間（小）家辦參展商，低調中帶點獨特的色彩✨ 📅 11月3、4日 ，記得來我們攤位打個招呼！ 🎟️ 想參加？記得向我們索取 85折購票優惠碼 喔 香港金融科技周網站連結(贊助商及夥伴) 本周周報目錄 社群熱帖回顧 甲骨文的AI逆襲、ETF的美麗新世界、清潔能源新浪潮 市場洞察 高盛最新發表的【全球家族辦公室投資見解】 家辦圈熱話 亞洲家族慈善 - 五大家族的實踐與啟示 展望未來 未來一周值得留意的大事 - 【超級央行周】 社群熱帖回顧: 最有趣的投資話題一次打包! 🧠 甲骨文逆襲！81歲老將接續AI熱潮？ 誰都沒想到，本周推動AI熱潮更上一層樓的，竟然是 老牌公司甲骨文 ! 到底甲骨文是怎麼 豔驚四座 的? 又為什麼之前根本沒什麼人留意他呢? 👉 臉書  / IG 🙋‍♂ 無獎徵答 ：猜猜在美國市場裡，以下哪一種股票的「數量」比較多呢？答案可能會令您意想不到喔! A)  指數基金 (ETF) B)  個別公司股票 👉 臉書  / IG ⚡ 清潔能源新浪潮！比爾蓋茲親自下場拍宣傳片？ AI數據中心電力吃緊，投資人瘋搶 穩定的清潔能源供電解方 。 比爾蓋茲 與市場的最新布局，您一定要知道！ 👉 臉書  / IG 📲 現在就追蹤我們的 臉書 還有 IG ，掌握最犀利的市場洞察，第一手送上！ 高盛最新的【全球家族辦公室投資見解】 Source: Adapting to the Terrain | Goldman Sachs 高盛 (Goldman Sachs) 剛剛發表了兩年一度的「 全球家族辦公室投資見解 」 ，與2023年相比，今年的數據不只更新，更有幾個亮點值得你我關注： 1) 「股票」熱度不減，科技股依然是王者！ 全球家辦手上「股票」部位佔整體組合的比重，由 2023年的28% ，上升至 2025年的31% 。 更有 38%的受訪家辦 表示，在未來一年內還要 繼續提高 股票的比重 📈 他們的投資焦點主要還是 科技股 ，而且不只是 美股 ， 中資科技股 也備受關注。除了大市動能、眾望所歸以外，也因為很多家辦的主人都來自科技行業，或是該行業的早期投資者，所以天生就偏好這個板塊。💡 2) 「私募基金 (Private Equity) 」被冷落了？還是蓄勢待發？ 相對於大幅增長的股票比重，全球家辦對於「私募基金」的投資占比，則比兩年前 顯著減少 ，由 2023年的26% ，降至 2025年的21% 。 對此高盛給出的解釋是，過去兩年的 優質私募基金太少啦 ，加上股票太火啦，所以家辦資產就自然往股票流動去了。 不過展望未來，還是有高達39%的受訪家辦預計增加私募基金的配置， 等待下一波好牌！ 🔮 3) 至於極端事件所帶來的尾部風險(tail risk)，該擔心嗎？還是放手一搏？ 面對極端事件或黑天鵝來襲，不同地區的家族辦公室反應差很大 美國家辦：老神在在 👉 有高達 35% 的美國家辦 對尾部風險一點準備也沒有，也不打算分散投資。他們的態度是：「常在河邊走，哪有不溼鞋。」 歐洲與亞洲家辦：小心駛得萬年船 👉 其他國家的家辦則謹慎許多，只有 14% 的歐洲家辦  和 12% 的亞洲家辦  沒有做尾部風險準備，其餘大多已啟動避險策略，防範未然。 亞洲家辦最愛的避險神器？黃金！ 除了在地理上分散投資以外， 買黃金 依然是亞洲家辦的首選，穩健又有情懷。 您的家族資產投資配置，和這個調查的結果相比又是如何呢? 若有出入，是他人笑我太瘋癲，還是真的有可以互相學習的地方呢? 今天就和【中肯的瑜新家族辦公室】聊聊吧! 亞洲家族慈善 - 五大家族的實踐與啟示 【亞洲公益事業研究中心】 剛剛發布了一份報告，藉由 五個著名亞洲家族 的 實際案例 ，剖析他們如何利用家族的力量來開展慈善事業，並創造 社會影響力 ；背後的動機以及所利用工具的演變，又是如何影響 家族的世代傳承 。 這五個家族分別是: 1) 喬杜里家族 (尼泊爾最大的企業集團家族) 2) 夏利里拉家族 (香港的酒店與房地產家族) 3) 李東生家族 (中國科技品牌TCL的創始人家族) 4) 羅氏家族 (香港維他奶創始人家族) 5) 陳江河家族 (新加坡金鷹集團創始人家族) 如果您有興趣了解更多的話，可以去 這裡 下載中英文版報告喔! 未來一周值得留意的大事有: 中國/香港 - 經濟數據 9月15日(周一) - 中國固定資產投資、工業生產指數、零售銷售 9月17日(周三) - 香港政府發表《施政報告》 美國 - 經濟數據 9月16日(周二) - 美國零售銷售 9月17日(周三) - 美國聯儲局利率決議 其他大事 9月17日(周三) - 加拿大央行利率決議 、英國CPI、歐盟CPI 9月18日(周四) - 英國央行利率決議 9月19日(周五) - 日本央行利率決議 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.

2025年9月7日 🎉暑假結束，【瑜新家族辦公室】的每周周報又開始啦! 雖然這段時間沒寫周報，但是我們的社交媒體倒是一直有持續的更新喔! 以下我們也整理了 幾個仍然與目前市場狀況密切相關的貼文，請您參考。 📢 此外，我們也很榮幸地，被邀請參與由「香港科技大學」與「香港CFA Society」合辦的家族辦公室講座，將於9月26日舉行。作為小組講者之一，我們會分享對於建立家辦投資策略的心得，以及新世代家辦人才的觀察。 Event Details @ CFA Society HK 本周周報寫什麼呢? 1️⃣ 基金經理調研心得:   過去幾周，為了幫客人打造最適合的投資組合，【瑜新家族辦公室】緊鑼密鼓地拜訪了多位不同領域的基金經理。 ➡ 只不過，基金經理的 「機構化」 投資提案，真的適合私人客戶嗎? 您在選擇基金的時候，又有什麼需要留意的地方呢? 2️⃣ 暑假社交媒體貼文整理: 我們真的沒有偷懶，過去這兩個月在社交媒體上發表了多篇貼文，提供讀者們最即時的原創投資心得分享，包括: 🥷 什麼是「債券義和團」，最近英、法、日、美的長天期國債收益率飆升， 債券投資者倉皇出逃，到底發生了什麼事? 👉 臉書  / IG 💥 特朗普逼宮聯儲局? 美國利率是怎麼決定的? 聯儲局內部政治版圖大揭密! 👉 臉書 / IG 🐃 「全球水牛」這個最新的詞您聽過嗎? 這裡指的不是耕田的牛，而是由「水」，也就是流動性帶動的全球「牛」市喔。 👉 臉書 / IG 🕵️‍♀️ 對於跑輸大市的絕對恐懼! 據統計，今年至今有接近七成的美國主動型股票基金，表現都比不上散戶自己買的大盤指數ETF。基金經理的「理性操盤」，難道真的比不上散戶的「牛性暴買」嗎? 👉 臉書 / IG 📲 現在就追蹤我們的 臉書 還有 IG ，隨時跟上最有趣、最實用的市場焦點吧! 基金經理調研心得 【瑜新家族辦公室】其中一個廣受歡迎的服務，就是幫客戶尋找、選擇、連結各個領域的基金經理人。 💡 舉個例子: 客戶想增加 亞洲股市 的風險敞口，那該找誰呢? 是靈活操作的 長短倉對沖基金 ? 還是堅持基本面的 純長倉基金 ? 是專注晶片供應鏈的 科技基金 ? 還是什麼類股都能投的 多樣化基金 ? 選擇太多，頭都大了? 別怕，這就是我們可以派上用場的地方啦! 🔍 我們怎麼做? 1️⃣ 先檢視客戶 目前的持倉 與 投資目標 2️⃣ 精準配對適合的 基金經理人 3️⃣ 安排 面對面會談 ，讓客戶親自了解該基金的 ✔️ 投資風格與文化 ✔️ 風險管理架構 ✔️ 實戰經驗與操作邏輯 最後，客戶才能根據完整資訊，做出 最安心的投資決策 ✨ 🤫 市面上其他的聯合家辦或是私人銀行，其實一般很少這樣做。因為他們要是把客戶介紹給了基金公司，日後客戶可能就會繞過這些家辦、私行等中間人，直接投資這些基金啦，那中間人就再也賺不到佣金了呢。 不過【瑜新家族辦公室】一直都秉持「無佣金」的收費模式，所以對我們來說，客戶的知情權，投資決策過程的透明度，才是最重要的! 過去這幾周，我們帶著客戶緊鑼密鼓地拜訪了多間基金公司，並得出以下兩個觀察心得: 1) 「機構化(institutional)」的服務，真的是私人客戶想要的嗎? 許多基金經理在剛見面的時候，都喜歡強調他們用的是 「Institutional Approach (機構化的投資框架)」 ，言下之意可能是「人家專業的大機構都是這樣操作，你們這些私人客戶既然有機會參與，就應該學習這樣的模式啊。」 但到底什麼是 「Institutional Approach」 ，其實好像也沒有確切的定義。🤔 我感覺吧，可能還是得回到 「投資表現」 上找答案。對某些基金經理來說，只要跑贏了他對標的 基準指數(benchmark) ，那就已經是交到功課了。 例如2022年，美股標普500指數跌了將近20%，以這個指數作為基準的美股基金經理，如果當年的基金「只」跌了15%，那麼 「機構」投資者 應該要稱讚他好棒棒才是，而不是因為虧損了15%而責怪他。 💬 不過， 「私人」投資者 真的是這樣想的嗎? 或者說，私人投資者的目標，就只是「跑贏基準指數」嗎? 很大概率不是的。 私人投資者更在意的是: 🔒 穩定的回報 📉 控制風險 📈 長期資產配置的安全感 當然啦，可能有小部份的資金，可以拿來做高風險、高回報的投資。但在整體資產配置上，真正的 核心持倉 ，仍然是以 穩定 為主。 2) 資金「鎖定期(lock up period)」，到底是為了什麼? 許多基金都喜歡用 「鎖定期」 的條款，來留住客戶的錢。 理由有很多，最常見的就是鼓勵效法巴菲特這般 「長期投資」 ，甚至會用一些煽動性的分析，例如你要是隨便進出市場，而錯失了股市上漲或反彈最多的那幾天，你的長期回報就會減少某個相當嚴重的百分比等等。 💡 但實際上，對於私人客戶來說，所持有 資產的「流動性」 絕對是重中之重。 🏄 風平浪靜的時候 ，您可能覺得「長期投資」是一種必然。 🌊 但是當風不平、浪不靜、心還不安穩的時候(例如2008年? 2015年? 2022年?) ，還能心平氣和地說，「沒關係，我要的就是這種上沖下洗的刺激感」的客人， 不能說很少，只能說我從來沒見過。 而且除非是財大勢大，幾輩子都花不完的那種錢，不然誰都難保有 緊急資金需求 的時候。🛟 更奇妙的是，有些基金所投資的底層資產，其實都是流動性很高的股票或債券，但就是這樣的組合，也要把客戶的資金鎖幾年才開心， 讓我完全摸不著頭腦 。🤷‍♀️ 我們還有許多其他的調研觀察心得，受限周報篇幅，就只好留待日後有機會再分享啦。 📞 如果您也是投資者，您有留意到這些應該要小心的基金條款嗎? 不如今天就和【瑜新家族辦公室】聯絡，讓我們幫您檢視一下投資組合的持倉吧! 🚀 未來一周值得留意的大事有: 美國 - 經濟數據 9月11日(周四) - 美國8月份消費價格指數(CPI) 其他大事 9月8日(周一) - 日本第二季GDP、 法國舉行信任投票 9月9日(周二) - 蘋果產品發布會 9月11日(周四) - 歐洲央行利率決議 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.

September 7, 2025 🎉 Summer break is officially over, and Jadewell Family Office Weekly Newsletter  is back in action! While we’ve taken a pause from publishing the newsletter, our social media channels have remained active throughout the summer. Below, we’ve curated a few Chinese posts that remain highly relevant to current market conditions — we invite you to take a look. 📢 We’re also honored to have been invited to speak at a Family Office Seminar  jointly hosted by The Hong Kong University of Science and Technology  and CFA Society Hong Kong on Sep 26 (Friday). As one of the panel speakers, we’ll be sharing insights on building effective family office investment strategies , as well as our observations on the emerging generation of family office talent. Event Details @ CFA Society HK What's in this week's newsletter? 1️⃣ Insights from Our Fund Manager Research Over the past few weeks, we have been on a whirlwind tour, meeting with fund managers across various sectors to help our clients build the most tailored investment portfolios possible 🧳📈. But here’s the real question: Are these “institutional-style” investment proposals truly suitable for private clients? 🤔And when choosing a fund, what should you really be paying attention to? We break it down. 2️⃣ Summer Social Media Highlights We promise—we weren’t slacking off this summer! ☀️💼 Our social media channels have been buzzing with fresh, original investment insights. Here are a few standout posts worth revisiting: 🥷 What is Bond Vigilantes? Recently, long-term government bond yields in the UK, France, Japan, and the US have surged as a result of a frantic sell-off by bond investors. What exactly is going on? 👉 Facebook  / IG 💥 Trump vs. the Fed? How are U.S. interest rates actually decided? We unpack the political dynamics inside the Federal Reserve. 👉 Facebook / IG 🐃 Ever heard of the “Global Water Buffalo”? No, not the farm animal. It’s a metaphor for a global bull market driven by liquidity. 👉 Facebook  / IG 🕵️‍♀️ The Fear of Massive Underperformance Is Real! Nearly 70% of U.S. actively managed equity funds have underperformed the major index ETFs like SPY or VOO this year. Is rational portfolio management losing ground to retail investors’ fearless buying sprees? 👉 Facebook / IG 📲 Follow us on Facebook and Instagram to stay ahead of the curve with the most insightful (and occasionally cheeky) market commentary! Insights from Our Fund Manager Research At Jadewell Family Office , one of our most sought-after services is helping clients discover, evaluate, and connect with fund managers across a wide range of investment strategies. 💡 Here’s a common scenario as an example: A client wants to increase exposure to Asian equities. But who’s the right manager for the job? A nimble long/short hedge fund? A pure long-only fund focused on fundamentals? A tech fund specializing in the semiconductor supply chain ? Or a diversified fund that spans multiple sectors ? With so many options, it’s easy to feel overwhelmed. That’s exactly where we come in. 🧭 Our Process 1️⃣ We start by reviewing the client’s current holdings and investment objectives. 2️⃣ Then we carefully match them with fund managers whose strategies align with client's goals. 3️⃣ Finally, we arrange direct meetings so clients can personally assess: ✔️ Investment philosophy and culture ✔️ Risk management framework ✔️ The manager's actual trading experience and how he/she handles failures Armed with this insight, clients can make informed, confident decisions about where to invest. ✨ 🤫 Why This Sets Us Apart Most multi-family offices or private banks rarely offer this level of transparency. Why? Because once a client is introduced to a fund manager, they might bypass the intermediary and invest directly - cutting out the middlemen and the associated commission costs. But at Jadewell Family Office , we've always operated on a zero-commission model . That means our only priority is the client’s best interest. We believe in full transparency and empowering clients with the knowledge they need to make smart, strategic choices. Over the past few weeks, we’ve been on a fast-paced tour with our clients, meeting with a range of fund managers across different firms. From these conversations, two key insights stood out: 1) Is the "Institutional Approach" Really What Private Clients Want? Many fund managers love to emphasize their use of an Institutional Approach - a structured investment framework often used by large institutions. The underlying message? “If it’s good enough for the big players, private clients should follow suit.” 💼 But here’s the catch: What exactly is the Institutional Approach? There’s no universally accepted definition. 🤔 In practice, it often boils down to performance relative to a benchmark. For example, in 2022, the S&P 500 dropped nearly 20%. If a fund manager’s portfolio only fell 15%, institutional investors might applaud the result—after all, it beat the benchmark. But for private clients, a 15% loss still feels like… well, a loss. 💬 So What Do Private Investors Really Care About? Spoiler alert: It’s not just about outperforming an index. Private investors tend to prioritize: 🔒 Stable returns 📉 Risk control 📈 Confidence in long-term asset allocation Sure, a portion of their portfolio might be allocated to higher-risk, higher-reward strategies. But when it comes to core holdings, consistency and peace of mind are key. 2) Lock-Up Periods: Smart Strategy or a Fancy Handcuff? Many funds love to include a lock-up period - a clause that restricts investors from withdrawing their money for a set time. The rationale? They’ll tell you it’s all about long-term investing , à la Warren Buffett. Some even throw in dramatic charts showing how missing just a few of the market’s best-performing days could drastically reduce your long-term returns. 📉📊 💡 But let’s be real: for private clients, liquidity isn’t a luxury - it’s a necessity. 🏄 When markets are calm, long-term investing feels like common sense. 🌊 But when the waves get choppy - think 2008, 2015, 2022 - very few investors were calmly saying, "Ah yes, this rollercoaster volatility is exactly what I signed up for." In fact, I’ve never met one. In addition, unless you’re sitting on gigantic amount of wealth that you’ll never need to touch, chances are you’ll want access to your capital when life throws a curveball. 🛟 🤷‍♀️ And here’s the kicker: Some funds invest in highly liquid assets - stocks, bonds, ETFs - yet still insist on locking up your money for years. Why? We’re not entirely sure. We’ve gathered many more insights from our recent research - but with limited space in this week’s newsletter, we’ll have to save those stories for another time. If you're an investor yourself, have you spotted any of these fund terms that deserve a second look? 📞 Why not connect with Jadewell Family Office today - we’d be happy to help you review your portfolio holdings and make sure your investments are aligned, transparent, and working for you. 🚀 Key Events to Watch in the Week Ahead: US - Eco Data Sep 11 (Thu) - US CPI (August) Other Major Events Sep 8 (Mon) - Japan 2Q GDP, French Parliamentary Confidence Vote Sep 9 (Tue) - Apple Product Launch Event Sep 11 (Thu) - ECB Rates Decision 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.

June 29, 2025 Time flies - half of 2025 has already zipped by! And guess what? This little newsletter of ours has marched on, rain or shine, for four whole months! Now as we slide into summer vacation mode ( aka: school’s out, mom’s maxed out 👩‍👧☀️), the newsletter will take a short break. But don’t worry - we’re still alive and kicking on Facebook , IG , and WeChat ! That said… rumor has it we might’ve been a little  too active on social media 😅 One reader even complained  they were seeing our posts every. single. day. (Sorry but not sorry - we just have a lot of feelings to post about.) Looking ahead to the second half of 2025, we’ve got some big plans brewing, like: 📍 Hong Kong Fintech Week x Startmeuphk Festival 2025 🗓️ November 3–4 🗺️ Location : Wan Chai Convention & Exhibition Centre Jadewell Family Office will have a cozy little booth there, so come say hi - we’d love to catch up in person! 🪄 Even while the newsletter naps, our brainwaves and banter are still going strong. Inspiration never goes on vacation! 🪄 What's for the newsletter this week? 1️⃣ J.P. Morgan Asia Hedge Fund Forum We joined this fascinating forum last week and walked away with lots of insights: 📌 How do seasoned pros time their entries into the market? 📌 And in the tidal wave of AI, which hidden gems might you be overlooking? 2️⃣ BlackRock’s Latest Family Office Report BlackRock unveiled six major trends on how family offices are rewriting the rules . Some had us nodding enthusiastically 🤓, while others had us doing a full-on eye roll 🙄. What’s your take? J.P. Morgan Asia Hedge Fund Forum 1) How do seasoned pros time their entries into the market? One hedge fund manager shared this classic trader truth : "We love market volatility - after all, that’s where the money is. But let’s be real - no one’s on the winning side forever." Then he tossed out a hypothetical that got everyone’s ears perked up 🎧: "Imagine this: Before the war broke out, Israel somehow called you. 'Hey, we’re about to bomb Iran,' he says. 'Adjust your portfolio - now!' What would you do?" If you're like most investors, you'd probably panic-sell your stocks , load up on gold and oil , and brace for impact . Seems like a no-brainer, right? Except… looking back from today, those trades would've been completely off. Well - n ot entirely  wrong , but definitely not the windfall you pictured scoring off your “superior intel.” So what went sideways? Simple: Markets change. Constantly. 🌀 The macro landscape shifts. 📊 Risk appetites evolve. 🧠 Investor mindsets transform. What worked before might now backfire . Clinging to old playbooks can blind you to new realities. And that same hedge fund manager left us with a killer line: "The world may change, but your mind must stay sharp. When your stomach is full of butterflies and you feel like you just want to puke everything out - that’s probably the moment to strike.” Basically, it’s Buffett’s “be greedy when others are fearful” ... just recast from a calm house in Omaha to the blood-soaked battlefield of a trading floor. But let’s face it - not everyone can be Buffett. And not everyone wants  to live on the edge of puking everyday. 🤮 So here’s my more grounded take: Chill out, bro. The wise trader plays the long game. Don’t overreact, don’t overtrade. Markets are a marathon, not Fast & Furious . 🏁📉 2) Hidden AI Winners You Might Have Overlooked Another hedge fund manager shared a few unexpected plays in the AI mega-trend - names I hadn’t been paying much attention to either: 1️⃣ United States  – Everyone’s been buzzing about the AI supply chain, but here’s what’s flying under the radar: old-school storage hardware  (yes, hard drives )! With AI generating massive volumes of output - text, images, video - you need somewhere to put it all. 2️⃣ China  – Unlike the U.S., China’s large language models are often open-source and cost-friendly . The real value? Whoever owns the distribution channels  that connect those models to end-users. 3️⃣ Europe  – As data centers sprout up across the continent, one big question looms: Is there enough power to support them all?   Hedge funds are leaning into Europe - with everything from defense titans to utility plays lighting up their pockets. For your reference only. Not investment/product recommendations. BlackRock's Latest Family Office Report 📝 Fresh Off the Press:  BlackRock has just released its latest Global Family Office Report (download link here) , and the results serve up six interesting takeaways: 🌍 1. Top Concern: Geopolitical Chaos A whopping 84%  of family offices cited “rapidly shifting geopolitical dynamics” as the No. 1 variable in future asset allocation. Global chessboard vibes? Absolutely. Risk is the new constant. 💸 2. The Alternative Investment Headache 72%  of respondents called out “ high and opaque fees”  as a major pain point when it comes to Alternative Investments -up from just 40% last round. The takeaway? Investors are no longer quietly tolerating the cost of complexity. 🧐 3. Private Credit: Love It or Leave It 51%  of family offices are bullish on private credit funds...But 21%  remain skeptical. To be honest, blind faith in low mark-to-market volatility or low historic default rates seems a little optimistic to us. Private credit has grown fast - maybe too fast - and not every fund is worth the risks. Make sure to do your due diligence before investing! ⛔ 🚆 4. Infrastructure Funds Are Having a Moment With built-in inflation protection and steady cash flows , infrastructure is hot . 75%  of family offices are leaning in, while just 5% are pessimistic. Airports, energy grids, railways - it’s the new family office favorite. 🤝 5. External Partnerships: The Smart Outsource As things get more complex, family offices are realizing: we can’t do it all alone . Specialized analysis? Deep sector plays? Time to phone an external expert! (Like us, Jadewell Family Office… just saying 😉) 🤖 6. AI: Love to Invest, Not Ready to Use Everyone agrees AI is “the future.” But in practice? Tech hurdles, talent gaps, and plain-old cultural resistance are slowing adoption. The irony: family offices are eager to invest in AI companies, but rarely use the tech themselves. Talk about admiring the future from a safe distance! For your reference only. Not investment/product recommendations. What to watch for the coming week? China - Eco Data Jun 30 (Mon) - China Manufacturing PMI for June US - Eco Data Jul 1 (Tue) - FOMC Chair Powell Speech Jul 1 (Tue) - US Manufacturing PMI for June Jul 3 (Thu) - US Non-Farm Payroll, Unemployment Rate Others Jun 30 (Mon) - UK 1Q GDP Jul 1 (Tue) - BoE Bailey Speech, ECB Lagarde 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.

2025年6月29日 不知不覺，2025年就已經過了一半啦，這份周報也風雨無阻地寫了四個月啦! 😱 進入暑假模式，周報也會暫停一陣子(沒辦法，學校放假，老母親很辛苦)，但這段時間我們還是會努力更新 臉書 、 IG 還有 微信 的! 不過⋯據說社交媒體更新太頻繁，有讀者開始「投訴」每天都看到我們的貼文！？ 🫨 展望2025下半年，我們有幾個宏大的計劃要開展，例如: 📍 香港金融科技週（Hong Kong Fintech Week） 🗓️時間：11月3–4日， 🗺️地點：灣仔會展 屆時 瑜新家族辦公室 也會有個小而美的攤位喔，歡迎大家到場來找我們聊聊吧! 🪄 就算周報短暫告假，我們的靈感和觀察永不打烊！🪄 本周周報寫什麼呢? 1️⃣ 摩根大通亞洲對沖基金論壇: 我們上周參加了這場有趣的論壇，吸收滿滿： 📌 怎麼抓入市時機？ 📌 AI 大趨勢中，您可能錯過了哪些潛力股？ 2️⃣ 貝萊德（BlackRock） 最新家族辦公室調研報告: 貝萊德整理出了六大資產配置的趨勢，有些我們點頭如搗蒜 🤓，有些我們則忍不住翻了個白眼 🙄！您又怎麼看呢？ 對沖基金經理怎麼說? 1) 怎麼抓入市時機? 在論壇上，有位對沖基金經理說，雖然他們愛極了 市場波動 ，因為 有波動才有獲利的機會 ，但是 沒有人可以永遠站在贏的那一邊 。 舉例來說， 如果因為某種不明的原因，上周在「戰爭開始前」，以色列情報頭子突然打電話給你，跟你說他們要轟炸伊朗了，讓你把手上的投資組合趕快調整一下，你會怎麼做呢？ 按照過去的思維，正常人得到這種 高級的內線消息 之後，就會急著 賣股票 ，然後 買黃金 、 買油 對吧？ 但是站在今天這個時間點回望， 這幾個動作都是錯的 - 或者不能說全錯，但一定沒有達到你心目中，靠著這個內線消息大賺一筆的效果。 那是為什麼呢? 因為市場永遠在變。🌀 宏觀局勢變了、風險偏好變了、投資人結構變了、情緒也變了。所以， 舊方法不再保證有用，甚至帶來盲點 。 那位基金經理最後說了句令人難忘的話： 這也沒辦法， 世界會變，但心不能亂 。只要記得一句老祖宗的話：『當你怕得要死、整個肚子都是蝴蝶在飛（butterflies in the stomach），緊張到快吐血的時候，就是出手的時機！』 這句話不就是翻版的「別人恐懼我貪婪」嗎？只是換了語氣、換了場景， 從巴菲特的平靜鄉間生活，走進了交易員的修羅場。 但話說回來，不是每個人都可以成為巴菲特，也不是每個人都願意天天站在吐血邊緣 🤮。 我的建議比較實際一點： Chill out, bro ！ 君子愛財，取之有道；君子炒股，不急不躁 。 投資是場馬拉松，可不是頭文字D啊 ！ 2) AI 大趨勢中，您可能錯過了那些潛力股? 另一位基金經理則分享了幾個AI的潛在贏家，是我自己本來也沒有留意到的。 1) 美國 - 整個AI供應鏈在市場上都已經被充分地討論了，但是AI生產出來的大量作品，仍然需要傳統的硬碟來儲存，這也會對 傳統記憶體硬碟市場 帶來爆炸性的增長。 2) 中國 - 與美國不同，中國的大型語言模型價格都 不貴而且開源 ，在這樣的環境下，誰掌握了這些模型到終端消費者之間的 銷售渠道 ，才是關鍵 ！ 3) 歐洲 - 隨著越來越多的數據中心在歐洲建起，歐洲是否有 足夠電力供應 更是受到關注。今年至今，許多對沖基金都在歐洲股票上獲利良多， 從國防工業股到電力股，都是有趣的投資標的 。 For your reference only. Not investment/product recommendations. 貝萊德家族辦公室調研報告 貝萊德 (BlackRock) 剛剛發布了對於全球家族辦公室 最新的調研報告 (此處可下載) ，有六項有趣的觀察: 🌍 1) 最擔心的事 ： 有高達84%的受訪家辦表示， 「急遽變化中的地緣政治格局」 ，是他們在未來資產配置的時候，最優先考慮的變量。 💸 2) 關於另類投資 ： 有 72% 的受訪家辦，認為 另類投資(例如私募基金與對沖基金) 的「 高昂收費」 ，是此類投資最令人頭痛的地方。這個比例比上次調研時的 40% 高出許多，顯示另類投資在蓬勃發展的同時，投資人對於他們 「不透明且過於進取的收費模式」 ，已經不再逆來順受。 🧐 3) 私募信貸基金 ： 有 51%的受訪家辦看好 「私募信貸基金」這個資產類別，但也 有21%的受訪家辦抱持保留態度 ，投資者取向相當兩極。 我們認為，部分家族辦公室的確有需要配置在此類高收益的資產，但是僅因為 報價頻率較低 ，就認為 此類資產的波動率低 🧐 ；或是因 為歷史違約率低 ，就認為 此類資產相當安全 🧐 - 那這樣的想法，也未免太過一廂情願。 ⛔⛔ 私募信貸這幾年發展過快，不排除有些魚目混珠的基金趁機來渾水摸魚，建議若您想投資的話，一定要 審慎選擇基金公司 ！ 🚆 4) 基礎建設基金 ： 「基礎建設基金」既可帶來 長期穩定現金流 ，又可作為 通脹對沖 ，因此在家辦圈子中越來越受歡迎，有 高達75%的受訪家辦看好 ，只有5%的受訪家辦持保留態度。 🤝 5) 與外部夥伴的合作 ： 隨著 家辦業務的複雜程度 越來越高，許多家族辦公室發現， 內部人才儲備 已經負荷不了某些 需要特定專業的分析工作 ，因此願意尋求與 外部專家 的合作， 例如瑜新家族辦公室(自己說)！ 🤖 6) AI在家辦中的應用 ： 大家都承認AI是未來，但是在實務上， 技術、組織、文化、心理因素 等障礙，都使得AI應用 無法迅速落實 在家辦日常運營中。 說來有趣，大部分的家辦都很願意投資AI相關的企業，但卻不願意親身體驗AI的魅力。 For your reference only. Not investment/product recommendations. 未來一周值得留意的大事有: 中國 - 經濟數據 6月30日(周一) - 中國6月份製造業PMI 美國 - 經濟數據 7月1日(周二)  - 美國聯儲局主席 Powell 發言 7月1日(周二)  - 美國6月份製造業PMI 7月3日(周四) - 美國6月份非農就業數據、失業率 其他大事 6月30日(周一) - 英國第一季GDP 7月1日(周二) - 英國央行行長 Bailey 發言、歐洲央行行長 Lagarde 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.

2025年6月21日 憑君莫話封侯事，一將功成萬骨枯。 記得上個月與某大型家族辦公室的投資總監閒聊，他還開玩笑說：「美國經濟衰退有什麼好怕的？打一場仗就行了！」- 他指的是所謂的 軍事工業主義（Military Industrialism） - 用國防支出來帶動經濟復甦，美國可是歷史上出名的玩家呢! 言猶在耳，就真的發生戰爭了！雖然這次似乎不是美國主動挑起的，但是美國的角色絕對舉足輕重! 本周我們整理了多家國際媒體的分析， 解讀戰局可能的發展脈絡，並探討對油價與市場的影響 📊 中東戰火又起，這次將如何收場? 1) 美國在這場戰爭中，扮演什麼角色? 2) 最終將如何收場? 3) 那股票市場會如何反應呢? Source: https://theinitium.com/opinion/20250617-iran-israel-war 1) 美國在這場戰爭中，扮演什麼角色? 以伊戰火越演越烈， 白宮宣稱 會在兩周內決定 是否參與攻打伊朗， 為什麼美國的參與如此受到矚目呢? 💥 以軍空襲不斷，只為擊破伊朗核心命脈 💥 以色列連日對伊朗展開激烈轟炸，劍指伊朗最神秘的 核武研發計畫 。目前伊朗的防空系統已經幾近癱瘓，整個領空形同敞開的大門，但更棘手的挑戰還在後頭： 伊朗最大的濃縮鈾提煉基地位於 「福爾多(Fordow)」 ，位於深山底下90米的掩體中。 全球只有美軍具備足以攻破的武器 - 傳說中的 GBU-57 巨型鑽地炸彈 （僅有約20枚），以及能夠攜帶該炸彈的 B2轟炸機 （僅有21架），可以穿透土壤、岩石和水泥，深入地底60米引爆，有機會摧毀這個基地。 有學者估計， 伊朗只需要幾週的時間，就可以在福爾多基地，將目前儲存的濃縮鈾，轉換為233公斤的「武器級鈾」， 足以製造9枚核武器。 而只要福爾多基地沒有被消滅，以色列這次的轟炸努力，最多也只能把伊朗的核武計畫延後一年半載， 伊朗還是有機會在未來幾年內生產出第一枚核彈頭 。 Source: https://www.chinesedaily.com/article/detail-646337.html Source: X 🧨 為何遲遲不炸？四大考量讓美國進退兩難 🧨 雖然伊朗的天空已經失守，特朗普理論上可以趁此良機，直接炸爆福爾多基地，幾小時搞定困擾多年的伊朗核武問題。 但是連特朗普這樣的狂人，在做出這種決定之前，也有許多考量: ☢️ 福爾多一旦爆炸，恐釋放無法控制的 核輻射 🪖 中東美軍兵力分布有限，難以後續 控制現場 🗣️ 伊拉克戰爭的記憶猶新，美國內部 反戰聲浪依舊強烈 🌋 伊朗堅持「不停火就不談判」的立場，若真把伊朗逼到牆角， 整個中東局勢恐將全面失控 題外話🛫：誰才是美國的「優先戰場」？ 為了迅速回應中東局勢，特朗普比原定行程早一天離開G7峰會，但原本那天他是要會見 烏克蘭總統 的..... 這樣的調整不免讓人聯想：對特朗普而言，那場戰線膠著的 俄烏戰爭 ，似乎已失去吸引力；反而是 中東這個風起雲湧的新戰場 ，更可能成為他眼中美國可以 「大展拳腳」 的舞台。🌍⚔️ 2) 最終將如何收場? 根據彭博社專欄作者的推測，眼下中東局勢有三種可能的走向: 🟥 劇本一：開打！美軍出手摧毀福爾多，油價暴衝 特朗普遲遲等不到伊朗坐上談判桌 ，於是拍板出兵， 轟炸福爾多基地 ，引爆 全面對抗 。伊朗隨即反擊，波及美國在中東的盟友及資產。 作者推測，美軍最終還是會取得上風，而 油價的走勢將取決於伊朗有多快放棄掙扎 ，達成最終停火協議。 📈 在最極端的情況下，伊朗將封鎖 霍爾木茲海峽（全球最重要的石油運輸通道之一） ，油價飆破 $130 美元/桶 ，全球通脹壓力爆棚，市場對聯準會降息的希望徹底幻滅。 🟨 劇本二：不用打，靠壓力把伊朗逼上談判桌 美國不動武 ，而是透過外交、經濟與情報手段讓伊朗感受到前所未有的壓力，迫使其承諾暫停核計畫，以色列見好就收， 戰火迅速降溫 。 🕊️ 這是所有人夢寐以求的完美收場 。若上帝保佑可以成真，油價將有望回落至 $65 美元/桶 ，大家只要繼續擔心產油國供應過剩就好 (現在才發現這是一個多麼幸福的擔憂)。 🤔 可惜，熟悉伊朗談判風格的專欄作者也直言：要伊朗如此順從地吞下敗仗， 難度真的很高 。 🟦 劇本三：打不下來，也不甘願退 - 拖泥帶水的戰爭 以伊雙方都不讓步，但看在美國的面子上，也努力 控制不讓戰況升級 。雖然飛彈還是飛來飛去，但會 避開對方的重要能源設施 。 🥀 對伊朗而言，這是一個 保留顏面的下台階 ；對以色列來說，美國不挺，也難以強攻到底。 油價在這種情境下將可能盤旋於 $70 美元/桶  附近，像俄烏戰爭初期一樣，大家一開始緊張兮兮， 最後卻逐漸冷感。 3) 那股票市場會如何反應呢? 本周周報開頭提到的 「軍事工業主義」 ，是真的有歷史佐證的套路。 最經典的例子，莫過 於 二戰（1939–1945）： 歐洲 烽火連天，而隔著大西洋的 美國 ，卻靠著 軍工全面動員 與 政府財政擴張 ，擺脫1930年代的大蕭條陰霾。 失業率從25%狂降至不足2% 。女性與少數族群湧入職場，GDP噴發，美國就此踢下英國， 躍升為世界霸主 。 👑 但接下來的 越戰（1955–1975） ，劇本就沒這麼美了。 開打初期，軍工發展及政府開支雖然短暫刺激了經濟，但為了同時支應 戰爭 與 國內社會福利計畫 ，美國政府開啟印鈔機，轟隆隆不停印錢，使得通脹飆升。加上 1973年石油危機 夾擊，最終讓美國經濟陷入 惡名昭彰的「滯脹」泥沼 ：物價飛天，景氣卻停滯。😓 直到1979年，聯儲局主席沃克爾使出 「沃克爾衝擊 (Volcker Shock)」 絕招， 暴力拉高利率 至20%以上，用極痛苦的方式才終於遏止通脹惡夢。💣📉 再把時間快轉到讀者都還歷歷在目的： 俄烏戰爭 。 這場戰爭 2022年2月24日 開打，市場本以為會崩，但 美股(標普五百指數)只跌了不到3% ，3月初就見底了，還來了波 報復性反彈 。要等到2022下半年， 美國通脹居高不下 、聯儲局鷹派加息，美股才開始認真修正，並於 當年10月見底 。 然後呢？ 2022年11月30日，ChatGPT橫空出世 ，開啟 AI奇幻牛市 ，美股狂飆至今。 俄烏戰爭還在打，但市場早就 「who cares」 了。🧠🚀 那這次的 中東戰爭 呢？美股會迎來系統性風險還是通脹風險？還會有下一個 ChatGPT 出現，來救贖受苦受難的股民嗎? 我們得看接下來幾點： 📌 特朗普的戰略佈局 會怎麼走？ 📌下周三 美光（Micron）財報 是否續寫AI神話？ 📌還有， 記得鎖定瑜新家辦的 臉書 與 IG ， 我們會第一時間分享最新觀察 想討論在這樣的宏觀波動性下，您的投資組合應該如何因應調整嗎? 今天就連絡我們，一起討論最適合您的方案吧! 💼📈 未來一周值得留意的大事有: 美國 - 經濟數據 6月23日(周一) - 美國製造業與服務業PMI 6月24日(周二)  - 美國聯儲局主席 Powell 發言 6月26日(周四)  - 美國第一季GDP 6月27日(周五)  - 美國核心PCE物價指數 美國 - 業績 6月25日(周三) - 美光 (MU) 6月27日(週五)  - Nike (NKE) For your reference only. Not investment/product recommendations. 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.

June 21, 2025 Where have all the young men gone? They're all in uniform Where have all the soldiers gone? Gone to graveyards every one Just last month, a family office exec joked, “What’s so scary about a U.S. recession? Just start a war and it’ll fix everything!”  💣 He was referring to Military Industrialism , where defense spending fuels the economy - and the U.S. knows that playbook well . Now, war’s actually broken out. While the U.S. didn’t strike first, its role is undeniably pivotal. This week, we sifted through major reports to break down the battlefield shifts, oil price risks , and what it all means for the markets. 📊🔥 War Returns to the Middle East - What's the Endgame? 1) What role does US play in this conflict? 2) How might this war eventually conclude? 3) And how will the stock market respond? Source: https://theinitium.com/opinion/20250617-iran-israel-war 1) What role does US play in this conflict? The conflict between Israel and Iran is escalating rapidly, and the White House has announced it will decide within two weeks whether to join in a potential strike against Iran . Why is America’s involvement drawing so much global attention? 💥 Relentless Israeli Airstrikes Target Iran's Nuclear Heart 💥 Israel has been conducting intensive bombing campaigns for days, aiming squarely at Iran’s elusive nuclear weapons program. Iran’s air defense system is reportedly on the verge of collapse, leaving its skies virtually unprotected - but the hardest obstacle lies ahead: Iran’s largest uranium enrichment facility, Fordow , is buried 90 meters deep inside a mountain. Only the U.S. military possesses the firepower that might destroy it - namely, the legendary GBU-57 "Massive Ordnance Penetrator"  (with only about 20 in existence), and the B-2 stealth bombers  (just 21 in total) capable of delivering them. These weapons are designed to drill through rock and reinforced concrete, detonating at 60 meters underground. Some experts estimate that within a matter of weeks, Iran could convert its current uranium stockpile at Fordow into 233 kilograms of weapons-grade uranium - enough to build up to 9 nuclear warheads . Unless Fordow is destroyed, analysts believe Israel’s current airstrikes may, at best, only delay Iran’s nuclear program by a year or two - leaving Tehran with a clear path to potentially building its first nuclear weapon in the near future. Source: https://news.sky.com/story/fordow-what-we-know-about-irans-secretive-nuclear-mountain-and-how-israel-might-try-to-destroy-it-13385834 Source: X 🧨 Why Not Bomb Fordow? Four Big Reasons the U.S. Is Stuck in a Tight Spot 🧨 Even with Iran’s skies laid bare and its air defenses in ruins, Trump - at least in theory - could seize this golden opportunity to bomb the Fordow facility and wipe out Iran’s nuclear program in a matter of hours. But even someone as famously bold as Trump has serious reasons to hesitate: ☢️ A direct strike on Fordow risks unleashing uncontrollable nuclear fallout  from deep underground. 🪖 U.S. military presence across the Middle East is thin , making it hard to secure and control the aftermath of an airstrike. 🗣️ The ghosts of the Iraq War still haunt Washington , and anti-war sentiment in the U.S. remains strong. 🌋 Iran refuses to talk without a ceasefire - back them into a corner, and the entire region could spiral into chaos ✈️ Where Is America's “Real” Battlefield? ✈️ In a surprise move, Trump left the G7 summit a day early  to address the unfolding Middle East crisis, skipping a scheduled meeting with the Ukrainian president. That reshuffle didn’t go unnoticed. It raises the question: Has the grinding, slow-burn war in Ukraine lost its strategic sparkle in Trump’s eyes? Could the turbulent, fast-moving front in the Middle East now be the stage where he sees America flexing its power and reclaiming its swagger on the global stage? 🌍⚔️ 2) How might this war eventually conclude? According to a Bloomberg opinion columnist , the current turmoil in the Middle East could play out in three potential scenarios: 🟥 Scenario 1: War Ignites - The U.S. Strikes Fordow, Oil Prices Go Vertical Trump runs out of patience waiting for Iran to come to the table - so he gives the green light. The U.S. launches an airstrike on the fortified Fordow nuclear facility, triggering full-blown confrontation. Iran retaliates swiftly , lashing out at American allies and assets across the region. The columnist speculates that while the U.S. would likely come out on top militarily, the real wildcard is how quickly Iran throws in the towel  and agrees to a ceasefire. 📈 In the worst-case scenario? Iran moves to block the Strait of Hormuz - a chokepoint for nearly a fifth of the world’s oil supply. Oil prices could rocket past $130 a barrel , inflation would spike globally, and hopes for any Federal Reserve rate cuts would vanish overnight. 🟩 Scenario 2: No Bombs, Just Pressure - Pushing Iran to the Table Instead of launching missiles, the U.S. plays the long game - wielding diplomacy, economic sanctions, and intelligence ops to pile on unprecedented pressure. Iran, cornered but not bombed, agrees to freeze its nuclear program . Israel claims “mission accomplished,” and tensions cool rapidly. 🕊️ Sounds like the dream ending, right? If divine intervention kicks in, oil could tumble back to $65 a barrel , and the world’s biggest worry might once again be an oversupply of oil - a problem we now realize is actually a luxury. 🤔 But don’t hold your breath. Experts familiar with Iran’s negotiating playbook say this level of surrender isn’t exactly Tehran’s style. Peaceful? Maybe. Easy? Definitely not. 🟦 Scenario 3: Stalemate - Neither Side Wins, No One Walks Away Neither Israel nor Iran backs down, but out of respect for U.S. pressure, both sides keep the conflict from spiraling. Missiles still fly - but carefully avoid each other’s critical energy infrastructure. 🥀 For Iran, it’s a face-saving way to de-escalate. For Israel, without full U.S. backing, a decisive strike becomes unrealistic. In this drawn-out, muddy middle ground , oil prices could hover around $70 a barrel - much like the early days of the Russia-Ukraine war: initial panic, followed by a slow fade into global indifference. 3) And how will the stock market respond? We mentioned "Military Industrialism" at the beginning of the newsletter. It isn't just a theory. It is a time-tested playbook. The classic example? World War II (1939–1945). While Europe was engulfed in flames, the U.S. - safely across the Atlantic - revved up its war machine and unleashed massive government spending . The result? A miraculous escape from the Great Depression! Unemployment plummeted from 25% to under 2%, women and minorities surged into the workforce, GDP exploded, and America dethroned Britain to become the new global superpower. 👑 But the sequel - Vietnam War (1955–1975) - wasn’t nearly as glamorous. Sure, the early days of the war gave the economy a temporary jolt. But trying to fund both a war abroad and sweeping social programs at home? That meant printing money . Lots of it. Inflation soared. Then came the 1973 oil crisis , and suddenly the U.S. was stuck in the dreaded trap of stagflation : sky-high prices, stagnant growth. 😓 It wasn’t until 1979 that Fed Chair Paul Volcker dropped the hammer - the infamous “Volcker Shock.”   Interest rates shot past 20%, and only after a painful economic purge did inflation finally retreat. 💣📉 Fast-forward to a moment still fresh in our memory: the Russia–Ukraine war. The war started on February 24, 2022 , and markets braced for impact. But surprise - the S&P 500 dipped less than 3% , bottomed out by early March, and then staged a fierce rebound. The real correction didn’t come until the second half of 2022, when U.S. inflation refused to cool  and the Fed turned full hawk mode. By October, the market finally hit its true low. And then? November 30, 2022 - enter ChatGPT . The AI boom was born, and U.S. equities haven’t looked back since. 🧠🚀 The war still rages on, but as far as Wall Street’s concerned? It’s already moved on. What about this new war in the Middle East? Will it trigger systemic risk  for U.S. markets, or just another round of inflation jitters ? And hey, could there be another “ChatGPT moment” waiting in the wings to rescue weary investors? Here’s what we’ll be watching closely: 📌 How will Trump play his strategic cards? 📌 Can Micron’s earnings next Wednesday keep the AI dream alive? 📌 And don’t forget to follow Jadewell Family Office on Facebook and IG - we’ll be sharing our latest insights in real time. Wondering how to navigate your portfolio through all this macro volatility? Let’s talk. Reach out today and let’s find the strategy that fits you best. 💼📈 To watch for the coming week: US - Economic Date Jun 23 (Mon) - US Manufacturing and Servicing PMI Jun 24 (Tue)  - Fed Chair Powell Speech Jun 26 (Thu)  - US 1Q GDP Jun 27 (Fri)  - US Core PCE Index US - Earnings Jun 25 (Wed) - Micron (MU) Jun 27 (Fri)  - Nike (NKE) For your reference only. Not investment/product recommendations. 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.