謝文淵Joseph Hsieh
繁简EN日

每週觀察

每週整理四類新聞：全球影響力投資、全球創業投資、台灣創投、家族辦公室。摘要附原文連結。

2026 年 10 月第 2 週

全球影響力投資

ImpactAlpha2026-10-07

家族辦公室Ceniarth公開十年「影響力優先」成績單：四年淨IRR僅3.2%

8億美元家族辦公室Ceniarth揭露：十年投入逾3億美元影響力優先資金，涵蓋約90檔基金與60筆直投，近四年淨IRR 3.2%，扣除費用與通膨後實質約為零。罕見透明數據，可作家族配置基準。

Family office Ceniarth reveals break-even results from its impact-first portfolio

Ceniarth, an $800m family office, has deployed over $300m of impact-first capital across about 90 funds and 60 direct deals. Its four-year net IRR was 3.2%, roughly zero after costs and inflation; breaking even needs about 4.5% gross. Rare, candid data for families sizing impact allocations.

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MacArthur Foundation2026-10-08

MacArthur基金會影響力投資額度擴大50%至7.5億美元

MacArthur基金會將影響力投資配置提高50%至7.5億美元，2027年起執行，回收資金滾動再投資，並延長至少6%捐贈支出承諾至2028年。大型基金會加碼，顯示影響力投資已成慈善常備工具。

學習單字
  • charitable payout慈善支出率：基金會每年用於捐贈與慈善活動的資產比例
  • lines of credit信用額度：可在核定上限內隨時動用的融資安排
  • redeploy回收資金再投入：投資收回後將資金重新配置到新案件

MacArthur Foundation lifts its impact investment pool 50% to $750 million

The MacArthur Foundation is raising its impact investment allocation by 50% to $750m, starting in 2027, with repaid capital redeployed into new deals. It also extended its pledge to pay out at least 6% through 2028. A major foundation scaling up signals impact investing is now a core philanthropic tool.

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ImpactAlpha2026-10-06

Candide旗下氣候正義基金募得7,150萬美元，放款給社區型綠能開發商

Candide Group的Afterglow氣候正義基金募得7,150萬美元，以彈性債權支持銀行不願承作的小型綠能開發商；MacArthur等以次順位債承擔風險，已放款3,500萬美元，示範慈善資本為商業資金鋪路。

Afterglow Climate Justice Fund raises $71.5 million for community clean-energy lending

Candide Group's Afterglow Climate Justice Fund raised $71.5m against a $100m ceiling to lend flexibly to small, first-time clean-energy developers banks avoid. Foundations including MacArthur provide subordinated debt; $35m is already lent. A blended structure showing how catalytic money can pave the way for commercial capital.

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ESG Today2026-10-08

南韓推K-GX綠色轉型戰略，十年動員1,000兆韓元

南韓公布K-GX戰略，十年動員1,000兆韓元（約7,470億美元），其中570兆韓元為政策性氣候金融，230兆韓元預期來自民間；鎖定鋼鐵、石化、半導體減碳，再生能源目標100GW。與台灣產業結構相近，值得對照。

學習單字
  • credit guarantees信用保證：由政府或機構為借款人債務提供擔保，降低放款風險
  • regulatory incentives法規誘因：透過法規設計鼓勵民間投入特定領域
  • industrial competitiveness產業競爭力：一國產業在國際市場的競爭能力

South Korea unveils K-GX strategy to mobilise 1,000 trillion won for green transformation

Seoul's K-GX strategy aims to mobilise 1,000tn won (about $747bn) over ten years: 200tn from budgets, 570tn in state-backed climate finance and 230tn from private projects. It targets steel, petrochemicals and chips, plus 100GW of renewables. A close benchmark for Taiwan's similar industrial mix.

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ESG Today2026-10-06

香港發行200億港元數碼綠色債券，創全球數位債最大規模

香港特區政府定價約200億港元（26億美元）數碼綠色債券，分港元、人民幣、美元、歐元四檔，認購倍數1.3至11.3倍，並首度以代幣化存款完成港元檔交割。綠色金融結合代幣化，鞏固香港作為亞洲永續資本樞紐的地位。

學習單字
  • tokenised deposits代幣化存款：以區塊鏈代幣形式表彰的銀行存款，可用於鏈上即時交割
  • subscription ratios認購倍數：投資人認購金額相對於發行額的倍數
  • primary issuance初級發行：證券首次由發行人售予投資人的階段

Hong Kong prices record $2.6 billion digital green bond

Hong Kong priced about HK$20bn ($2.6bn) of digital green bonds, the largest digital bond yet, in HKD, RMB, USD and euro tranches, 1.3 to 11.3 times subscribed. Tokenised deposits were used to settle the HKD tranche, merging green finance and tokenisation in Asia's sustainable capital hub.

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ESG Today2026-10-05

挪威主權基金NBIM承諾12億歐元投入CIP旗艦再生能源基金

挪威石油基金管理機構NBIM承諾12億歐元投入CIP第六代旗艦基金，該基金據報目標160億歐元，投資北美、西歐與亞太再生能源及儲能。主權資金持續押注能源轉型基礎建設。

學習單字
  • flagship fund旗艦基金：資產管理公司規模最大、最具代表性的主力基金系列
  • final close最終關帳：私募基金停止接受新投資人承諾的募資截止點
  • low-risk countries低風險國家：政治、法規與信用風險較低的投資市場

NBIM commits €1.2 billion to CIP's new flagship clean energy fund

NBIM, manager of Norway's roughly $2tn oil fund, committed €1.2bn (about $1.34bn) to Copenhagen Infrastructure Partners' CI VI, which reportedly seeks €16bn for renewables and storage across North America, Western Europe and Asia Pacific. Sovereign money keeps backing transition infrastructure.

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ESG Today2026-10-08

美SEC結束調查BlackRock、State Street，但警告參與氣候倡議恐觸法

美SEC決定不對參與Climate Action 100+的BlackRock、State Street採取執法行動，但警告被動投資人協同議合可能被視為持股逾5%的「集團」，喪失簡易申報資格，恐冷卻跨機構氣候議合。

學習單字
  • enforcement action執法行動：監管機關對違規者採取的處分或訴追
  • coordinated engagement協同議合：多家投資人聯合與被投資公司對話、施加影響
  • proxy advisory firms代理投票顧問公司：為機構投資人提供股東會投票建議的機構

SEC drops BlackRock, State Street probe but warns on climate group participation

The SEC will not pursue enforcement against BlackRock, State Street and others over Climate Action 100+, but warned that coordinated engagement could make large passive investors a 'group' holding over 5%, costing them simpler Schedule 13G filing status. A likely chill on collective climate stewardship.

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ESG Today2026-10-07

Robeco調查：82%投資人預期十年內實體氣候風險將衝擊資產價格

Robeco調查300位、合計逾35兆美元資產的投資人：82%預期十年內實體氣候風險將影響資產價格，63%認為五年內將左右策略性資產配置，42%計畫一年內加碼氣候解方。氣候已成定價問題。

學習單字
  • physical climate risks實體氣候風險：極端天氣、海平面上升等對資產造成的直接損害風險
  • strategic asset allocation策略性資產配置：依長期目標設定各類資產的基準比重
  • asset manager selection資產管理人遴選：資產擁有者挑選委外操作機構的流程

Robeco survey: 82% of investors expect physical climate risks to hit asset prices within a decade

Robeco's survey of 300 investors managing over $35tn across Europe, North America, Asia-Pacific and South Africa found 82% expect physical climate risks to affect asset prices within ten years and 63% see strategic asset allocation affected within five. 42% plan to add climate-solution exposure within a year.

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ESG Today2026-10-07

Aviva Investors與荷銀注資1億歐元，擴大循環混凝土平台SL Materials

Aviva Investors與荷銀永續影響力基金合投1億歐元於SL Materials，從拆除混凝土回收砂石與水泥再製新料並擴充產能。水泥約占全球二氧化碳排放8%，循環建材成影響力資金新標的。

學習單字
  • production capacity產能：工廠在一定期間內可生產的最大數量
  • commercial scale商業規模：技術已從試驗階段進入可獲利量產的規模
  • wholly owned subsidiary百分之百持股子公司：母公司持有全部股權的子公司

Aviva Investors, ABN AMRO invest €100 million in circular concrete platform SL Materials

Aviva Investors and ABN AMRO's Sustainable Impact Fund put €100m (about $112m) into Dutch firm SL Materials, which recovers sand, gravel and cement from demolished concrete, to add capacity and sites. With cement about 8% of global CO2, circular building materials are drawing impact capital.

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全球創業投資

Crunchbase News2026-10-05

Crunchbase：2026年第三季全球創投1,590億美元，十億美元級大案創紀錄

第三季全球創投金額1,590億美元，較第二季減25%、年增53%；27家公司單輪募資逾10億美元創紀錄，AI拿下1,020億美元、占64%。前三季累計6,790億美元為史上同期最高，資金高度集中於AI龍頭。

學習單字
  • quarter over quarter季增／季減：與上一季相比的變化
  • jumbo sized rounds超大型募資輪，通常指數億美元以上的單輪融資
  • exits出場：投資人透過IPO或併購回收資金

Crunchbase: Global venture hits $159B in Q3 2026 with a record count of $1B+ rounds

Global venture funding reached $159B in Q3, down 25% from Q2 but up 53% year on year. A record 27 companies raised $1B+ rounds and AI took $102B, or 64%. The $679B nine-month total is the highest on record, showing capital piling into AI leaders.

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Crunchbase News2026-10-07

北美第三季新創募資920億美元，季減35%但AI仍占三分之二

美加新創第三季募得920億美元，季減35%、年增50%，主因OpenAI與Anthropic本季未再有巨額融資；AI相關占610億美元。輝達129億美元併購Hugging Face居首，17家創投支持企業IPO僅募近40億美元。

學習單字
  • megarounds巨額融資輪，通常指單輪1億美元以上
  • sequentially與前一期（上一季）相比
  • bearish看空、偏悲觀的市場氛圍

North American startup funding falls to $92B in Q3 as AI giants eye IPOs

US and Canadian startups raised $92B in Q3, down 35% from Q2 but up 50% year on year, largely because OpenAI and Anthropic had no new mega-raises. AI took $61B. Nvidia's $12.93B Hugging Face deal led M&A, while 17 venture-backed IPOs raised under $4B.

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Crunchbase News2026-10-08

歐洲第三季創投250億美元，創四年來最佳單季

歐洲第三季創投達250億美元，年增77%；AI占75%（188億美元）創新高，國防、資料中心、能源等實體科技約占一半。英國75億美元居首，德、法緊追；Mistral募35億美元為歐洲史上最大創投輪。

學習單字
  • convertible note可轉換票據：先以債權形式投資，日後轉為股權
  • physical tech實體科技：國防、能源、機器人等硬體導向領域
  • late-stage後期階段（如C輪以後、接近IPO的融資）

Europe posts $25B Q3, its strongest venture quarter in four years

European startups raised $25B in Q3, up 77% year on year. AI took a record 75% ($18.8B), and physical tech such as defense, data centers and energy made up about half. The UK led with $7.5B, ahead of Germany and France; Mistral's $3.5B was Europe's largest venture round ever.

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TechCrunch2026-10-08

與Meta分手後首輪融資：中國AI代理新創Manus募逾5億美元

AI代理新創Manus完成逾5億美元融資，由博裕資本與IDG領投、騰訊與紅杉中國（HSG）跟投。Meta原以20億美元收購，4月遭中國當局要求撤銷；此輪顯示中國資本接手AI人才與技術，公司並考慮赴港上市。

學習單字
  • existing shareholders既有股東（先前輪次已投資者）
  • call off取消（交易、計畫）
  • going public公開上市（IPO）

China's Manus raises over $500M in first round since Meta deal collapsed

AI agent startup Manus raised over $500M led by Boyu Capital and IDG Capital, with Tencent and HSG joining. Meta's $2B acquisition was unwound after Chinese authorities intervened in April. The round shows domestic capital stepping in; Manus is reportedly weighing a Hong Kong IPO.

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DealStreetAsia2026-10-08

Endeavor Catalyst第五號基金3.2億美元關帳，加碼亞洲等新興市場

創業家組織Endeavor旗下創投Endeavor Catalyst第五號基金以3.2億美元關帳，管理資產突破8.5億美元，將擴大布局亞洲與新興創業市場。其亞洲已投44家、4,680萬美元，但自2025年以來在亞洲尚無出場案例。

學習單字
  • follow-on rounds追加投資輪：對既有投資組合公司後續輪次加碼
  • liquidity events流動性事件：IPO、併購等讓投資變現的事件
  • growth equity成長型股權投資：投資已有營收、擴張中的企業

Endeavor Catalyst closes $320M Fund V, expanding focus on Asia

Endeavor Catalyst, the VC arm of Endeavor, closed Fund V at $320M, lifting AUM above $850M and widening its focus on Asia and other emerging startup markets. It has put $46.8M into 44 Asian companies but has had no liquidity events in Asia since 2025.

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DealStreetAsia2026-10-09

美國醫療投資機構TCGX募得6億美元，首檔亞洲生技基金成立

美國醫療創投TCGX為首檔亞洲生命科學基金募得6億美元承諾資金，投資涵蓋各發展階段、聚焦開發全球市場新藥的亞洲生技公司，並在上海與香港設點，反映國際資金看好亞洲早期新藥研發動能。

學習單字
  • flagship funds旗艦基金：投資機構的主力核心基金
  • institutional investors機構投資人（退休基金、保險公司、主權基金等）
  • drug discovery新藥探索：尋找並驗證候選藥物的研發階段

TCGX secures $600M for its first Asia life sciences fund

US healthcare investor TCGX secured $600M in commitments for TCGX Asia Life Sciences Fund I, backing Asian biotechs at all stages that develop drugs for global markets. It is opening offices in Shanghai and Hong Kong, signaling global capital's bet on Asia's early-stage drug discovery.

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Crunchbase News2026-10-09

本週美國十大融資：Axiom獲20億美元戰略投資，AI與能源領跑

美國10月3至9日十大融資中，Flex分拆的雲端與電力基礎設施公司Axiom獲General Catalyst等20億美元戰略投資，企業價值375億美元；TypeSafe AI募8.7億美元，顯示AI算力與能源仍是資金焦點。

學習單字
  • strategic investment戰略投資：著眼業務綜效而非單純財務報酬的投資
  • enterprise value企業價值：股權價值加淨負債
  • run rate年化營運水準：以近期數據推估的全年數字

Week's biggest US rounds: Axiom's $2B strategic deal leads AI and energy lineup

In the Oct. 3–9 top-10 list, Flex spinout Axiom, a cloud and power infrastructure firm, drew a $2B strategic investment from General Catalyst and Koch Equity at a $37.5B initial enterprise value. TypeSafe AI raised $870M and quantum firm Oratomic $475M, as compute and energy keep attracting capital.

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The Next Web (citing Bloomberg)2026-10-10

企業支出管理新創Ramp募18.5億美元，估值上看600億美元

據彭博報導，金融科技新創Ramp以約600億美元投前估值募得約18.5億美元，由Dragoneer與Thrive Capital領投。6月估值才440億美元，四個月大增約160億美元，反映資金持續追捧高成長AI金融科技。

學習單字
  • new money新增資金：本輪新投入的資本（區分投前／投後估值的關鍵）
  • annualised revenue年化營收：以近期營收推算的全年數字
  • people familiar with the matter知情人士（新聞常用的匿名消息來源說法）

Ramp raises about $1.85B at a roughly $60B valuation

Fintech Ramp raised about $1.85B at a roughly $60B valuation before the new money, Bloomberg reported, led by Dragoneer and Thrive Capital with Founders Fund investing heavily. It was valued at $44B in June, a ~$16B jump in four months; annualised revenue topped $1.5B by June.

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台灣創投

Meet創業小聚（數位時代）2026-10-06

第三季台灣新創僅4筆重大募資，晶智達3.4億元居冠

Meet盤點2026年第三季重大募資僅4筆，遠低於首季14筆、次季10筆，總額約6.7億元。晶智達獲達盈領投、國發基金跟投3.4億元，FUNNOW獲和泰約3.18億元C輪，資金明顯集中於少數案件。

Taiwan startups log only four major rounds in Q3; iReach tops list at NT$340 million

Meet counted just four major Taiwanese startup rounds in Q3 2026, down from 14 in Q1 and 10 in Q2, totaling about NT$670 million. VCSEL maker iReach raised NT$340 million led by 達盈 with the National Development Fund, and FUNNOW took about NT$318 million from Hotai, showing capital concentrating in a few deals.

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Meet創業小聚（數位時代）2026-10-08

量子點新創來成光子啟動500萬美元種子輪，半數獲台灣半導體大廠表態

2025年成立的來成光子以AI自動化合成短波紅外線量子點墨水，可直接塗佈於CMOS晶圓，估可讓相機模組成本降10至100倍。種子輪目標500萬美元，其中250萬美元已獲台灣一線半導體廠投資意向並進入簽約，其餘向海外募集。

Quantum-dot startup AilumiQ seeks US$5 million seed round, half pledged by a Taiwanese chip major

Founded in 2025, AilumiQ uses AI-driven automated synthesis to make short-wave infrared quantum-dot ink that coats directly onto CMOS wafers, claiming 10–100x lower camera-module costs. It targets a US$5 million seed round; US$2.5 million has investment intent from a top-tier Taiwanese semiconductor firm and is nearing signing, with the rest sought overseas.

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TNGlobal (PR Newswire)2026-10-09

台北AI算力商KONST完成3,000萬美元B輪，威剛領投

總部在台北的KONST完成3,000萬美元B輪，由威剛領投，摩比和協、和鼎創投等企業投資人參與。資金將擴大亞洲AI資料中心建置並推進「Token Factory」布局，凸顯記憶體、電子製造業者以策略投資卡位AI算力供應鏈。

學習單字
  • proceeds募得款項；增資或融資實際取得的資金
  • synergies綜效；合作後產生大於個別相加的效益
  • per-second billing按秒計費；依實際使用秒數收費

Taipei AI compute operator KONST raises US$30 million Series B led by ADATA

Taipei-headquartered KONST closed a US$30 million Series B led by ADATA, joined by corporate investors including M Mobility and Pegatron Venture Capital. It will expand AI data center buildout across Asia and push its Token Factory strategy, a sign that memory and electronics makers are using strategic stakes to secure a place in the AI compute supply chain.

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經濟日報2026-10-07

生技產值8,301億元，醫療新創募資件數與金額卻雙降

勤業眾信陳重成指出，2025年台灣生技產業營收8,301億元、年增7.05%，但健康醫療新創募資126件、6.6億美元，件數與金額分別減11%、16%。獲投新創年齡中位數升至5至6年，資金被AI與半導體吸走，新創須提早規劃商業化。

Biotech revenue hits NT$830.1 billion, but health startup deals and funding both fall

Deloitte Taiwan's Chen Chung-cheng said Taiwan's biotech revenue reached NT$830.1 billion in 2025, up 7.05%, yet health startups closed 126 deals worth US$660 million, down 11% in count and 16% in value. The median age of funded firms rose to 5–6 years as AI and chips draw capital away, so startups must plan commercialization earlier.

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中央社2026-10-08

政院通過中小微企業轉型升級條例，8年千億元並增新創專章

行政院10月8日通過「中小微企業轉型升級發展條例」草案，經濟部8年投入1,000億元，並新增「新創企業培育專章」。研發投資抵減率提高至20%，轉型設備抵減門檻降至25萬元。草案送立法院審議，將影響新創取得資源的管道。

Cabinet approves SME upgrade act with NT$100 billion over eight years and a new startup chapter

On October 8 the Executive Yuan approved a draft act on transforming and upgrading small, medium and micro enterprises, with NT$100 billion from the economics ministry over eight years and a new chapter on startup incubation. The R&D tax credit rate rises to 20% and the equipment credit threshold drops to NT$250,000. The bill now goes to the legislature.

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經濟日報2026-10-05

創新板股票首度可發權證，4檔14支權證10月6日上市

證交所9月30日宣布權證新制，開放創新板股票作為權證標的，富田、聯友金屬、熙特爾、微矽電子4檔符合資格，共14支權證於10月6日上市。發行額度上限等調整給3個月緩衝，2027年1月1日生效，有助提升創新板流動性。

Innovation Board stocks become warrant underlyings, with 14 warrants on four names listing Oct. 6

TWSE announced warrant rule changes on Sept. 30 that let Taiwan Innovation Board stocks serve as underlyings. Four Innovation Board stocks qualified, and 14 warrants listed on Oct. 6. Changes to issuance caps get a three-month grace period and take effect Jan. 1, 2027, a step expected to improve liquidity on the startup-oriented board.

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Meet創業小聚（數位時代）2026-10-05

2026 Meet Neo Star 30強出爐：AI進傳產、生而全球成主軸

第15屆Meet Neo Star從2024年9月至2026年7月採訪逾200家新創中選出30強，觀察四大趨勢：AI協助傳產自動化、一出生就瞄準國際並獲a16z與YC等投資、AI走入實體硬體的深科技，以及研究成果加速商業化。

2026 Meet Neo Star 30 named: AI for traditional industry and born-global teams lead

The 15th Meet Neo Star list picked 30 startups from more than 200 interviewed between September 2024 and July 2026. It highlights four trends: AI automating traditional industries, born-global teams backed by investors such as a16z and Y Combinator, deep tech as AI moves into hardware, and faster lab-to-market commercialization.

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Focus Taiwan (CNA)2026-10-10

蔡英文舊金山會晤新創與創投，籲台灣與矽谷雙向連結

前總統蔡英文卸任後首度訪美，10月9日在舊金山台北經文處與年輕科技創業者及創投人士座談，呼籲台灣與矽谷建立雙向連結，鼓勵旅外人才分享台灣故事，並帶回技術、人才與投資的新觀點，凸顯矽谷台灣創業圈的角色。

學習單字
  • two-way ties雙向連結；彼此互惠往來的關係
  • entrepreneurial ventures創業事業；新創冒險事業
  • willing to take risks勇於承擔風險

Tsai meets start-up founders and VCs in San Francisco, urges two-way Taiwan–Silicon Valley ties

On her first US trip since leaving office, former president Tsai Ing-wen met young tech founders and venture capital figures at TECO San Francisco on Oct. 9. She called for two-way ties between Taiwan and Silicon Valley and urged Taiwanese abroad to bring home insights on technology, talent and investment, underscoring the role of the Bay Area founder community.

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家族辦公室

經濟日報（中央社）2026-10-08

金管會鬆綁：銀行家族辦公室顧問業務可走出高雄專區，首波11家銀行符合資格

金管會發布銀行辦理家族辦公室顧問業務規範，在高雄專區試辦滿一年的銀行可申請擴至全台分行，首波11家符合。專區內17家銀行至8月底已服務239位客戶、管理資產1,074億元。家辦服務從特區試點走向全台常態化。

Taiwan FSC lets banks take family office advisory beyond the Kaohsiung zone; 11 banks qualify

Taiwan's FSC issued rules allowing banks that have run family office advisory in the Kaohsiung zone for at least a year to offer it at branches island-wide; 11 banks qualify. The zone's 17 banks served 239 clients with NT$107.4bn in assets by end-August. The pilot is becoming a nationwide business line.

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經濟日報2026-10-05

物價累計漲幅破10%　明年遺產稅免稅額可望升至1,488萬元、贈與稅272萬元

8月CPI累計漲幅11.61%，超過10%門檻，遺產稅免稅額可望由1,333萬元升至至少1,488萬元，贈與稅年免稅額由244萬元升至272萬元，適用2027年起案件。財政部年底依10月CPI定案，影響家族贈與規劃。

Taiwan's estate and gift tax exemptions set to rise in 2027 as CPI trigger is crossed

Cumulative CPI growth hit 11.61% through August, past the 10% trigger, so Taiwan's estate tax exemption is expected to rise from NT$13.33m to at least NT$14.88m and the annual gift exemption from NT$2.44m to NT$2.72m for 2027 cases. The Finance Ministry will confirm figures at year-end, reshaping family gifting plans.

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The Edge Singapore (via Yahoo Finance)2026-10-05

新加坡金管局研議將保單與數位支付代幣納入單一家辦免稅「指定投資」清單

新加坡副總理兼金管局主席顏金勇在WMI全球家族辦公室峰會表示，金管局正研議業界建議，將保單與數位支付代幣納入基金稅務優惠的「指定投資」清單，實施日期另行公布。新加坡私人銀行客戶資產五年增約五成，顯示其持續擴大家辦誘因。

學習單字
  • in due course適當時候、日後（公告）
  • wealth management hub財富管理中心
  • life insurance policy壽險保單

MAS weighs adding insurance policies and digital payment tokens to SFO tax-exempt investment list

Singapore Deputy PM and MAS chairman Gan Kim Yong told a Wealth Management Institute summit that MAS is reviewing industry calls to add insurance policies and digital payment tokens to the Designated Investment list used for fund tax incentives, including those for single family offices. Timing will come later; private banking assets grew about 50% in five years.

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Seoul Economic Daily (citing Nikkei Asia)2026-10-08

日經：中國收緊離岸信託稅制　中資家辦由新加坡回流香港

據日經亞洲分析，中國7月改革離岸信託稅制，每個環節課20%稅，加上新加坡洗錢案後審查趨嚴、家辦核准逾一年，中資轉向香港。新加坡單一家辦逾2,000家，香港達3,384家，港府目標2028年前再引進220家。

學習單字
  • offshore trusts離岸信託
  • source of funds資金來源（審查）
  • tax breaks租稅優惠

Chinese family office wealth shifts from Singapore back to Hong Kong, Nikkei reports

Citing Nikkei Asia, the report says China's July overhaul taxing offshore trusts at 20% per stage, plus Singapore's tighter source-of-funds checks and year-long approvals after a S$3bn laundering case, is pushing Chinese wealth back to Hong Kong. Singapore has over 2,000 SFOs versus 3,384 in Hong Kong, which targets 220 more by 2028.

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WealthBriefingAsia2026-10-08

摩根大通調查：74%國際家辦視AI為首要投資主題　地緣風險最令人擔憂

摩根大通私人銀行調查125家國際家辦，74%將AI列為首要投資主題，66%最擔心地緣政治風險。過去半年25%加碼公開股票，43%新增另類資產配置，銀行稱屬策略性轉向而非例行再平衡，基礎建設以36%居次。

學習單字
  • routine rebalancing例行性的投資組合再平衡
  • strategic shift策略性轉向
  • persistent inflation頑固（持續）的通膨

JP Morgan pulse survey: 74% of international family offices make AI a top priority

JP Morgan Private Bank's pulse survey of 125 international family offices found 74% rank AI a top priority and 66% see geopolitics as the biggest portfolio risk. Over six months, 25% added to public equities and 43% made new allocations to alternatives, which the bank called a strategic shift; infrastructure (36%) ranked next.

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Caproasia2026-10-09

德銀新加坡家辦論壇現場調查：73%認為亞洲最穩定，AI風險意識大增

德意志銀行在新加坡舉辦第三屆亞洲新興市場家辦論壇，約200名家辦與富裕人士出席。現場調查顯示，37%視利率與殖利率為全球成長最大風險，選AI者由去年5%升至17%；73%認為未來一年亞洲地緣最穩定，美國僅14%。

學習單字
  • capital allocation資本配置
  • risk mitigation strategies風險緩解（降低）策略
  • ultra-high net worth超高資產（淨值）

Deutsche Bank Singapore family office forum poll: 73% see Asia as most stable region

At Deutsche Bank's third Asia Emerging Markets Family Office Forum in Singapore, attended by about 200 families and wealthy individuals, 37% named rates and yields the top growth risk and AI's share jumped to 17% from 5% last year. 73% picked Asia as the most geopolitically stable region versus 14% for the US.

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ThinkAdvisor2026-10-09

RBC與Campden報告：北美家辦半數無完整接班計畫，86%投資私募市場

RBC與Campden Wealth調查155家美洲家辦，平均淨資產約22.5億美元。23%過去五年經歷世代交接，但半數接班計畫不完整或付之闕如；86%投資私募市場，直接投資占私募配置45%。顯示傳承治理仍落後於投資布局。

North American family offices upbeat, but half lack a full succession plan: RBC/Campden

The RBC and Campden Wealth survey of 155 family offices in the Americas (average net worth about US$2.25bn) found 23% had a generational transfer in the past five years, yet half have an incomplete or no succession plan. 86% invest in private markets, with direct deals 45% of that allocation.

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Caproasia2026-10-09

Raffles家族辦公室基金會捐25萬星元　資助新加坡管理大學生海外創業實習

港新雙總部的聯合家辦Raffles Family Office旗下慈善基金會，在新加坡管理大學設立創新獎，五年共25萬星元（約19.5萬美元），每學年資助10名大學部學生海外實習，培養創業思維與國際視野。家辦以慈善投入人才培育。

學習單字
  • philanthropic arm慈善部門（旗下公益機構）
  • entrepreneurial mindset創業思維
  • international exposure國際歷練

Raffles Family Office Foundation funds S$250,000 overseas internship award at SMU

The philanthropic arm of Raffles Family Office, a multi-family office headquartered in Hong Kong and Singapore, set up an S$250,000 (about US$195,000) five-year award at Singapore Management University, funding 10 undergraduates a year for overseas internships to build entrepreneurial skills. It shows family office giving aimed at talent.

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