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Noah Holdings Releases H2 2026 CIO Report on AI Value Realization and Global Asset Repricing

Marking the fifth consecutive year of Noah's semiannual CIO reports and the 12th edition in the series, this report formally introduces the "Noah World Model" into its CIO research framework for the first time. It examines how AI's transition into a phase of value realization is reshaping global asset pricing and presents a wealth management framework designed for long-term capital in a changing world.SINGAPORE, July 6, 2026 — Noah Holdings Limited ("Noah" or the "Group") (NYSE: NOAH | HKEX: 6686), a global wealth management firm dedicated to connecting the global Chinese wealth world, today released its H2 2026 CIO Report — The Year of Realization: Intelligent Capital Begins Pricing.The report identifies 2026 as a significant inflection point in AI development. As AI accelerates its integration into the real economy, capital markets have moved beyond assessing technological potential and are now actively pricing the infrastructure, resources, and economic systems that support AI's continued growth. This marks AI's transition from technological narrative to value realization — the basis for the report's theme, "The Year of Realization."Noah's CIO Office attributes this shift to three major engines — Productivity, Capital, and Civilization — simultaneously entering a phase of realization and revaluation, with implications that extend well beyond any single technology cycle. The report presents a systematic wealth management framework for long-term capital in the AI era, offering investors a structured approach to understanding global asset repricing."For more than two decades, the core question facing global Chinese families has continued to evolve — from how to accumulate wealth, to how to build resilient portfolios in a global market, and today, how to preserve judgment and freedom of choice in a world where rules are being rewritten," said Norah Wang, Co-founder and Chairwoman of Noah Holdings. "We study the world not to forecast the next quarter, but because families making multi-generational and multi-jurisdictional decisions need more than market opinions — they need a system that can endure through cycles. Helping global Chinese families own the future with confidence has been Noah's mission for the past 23 years."This edition marks the fifth consecutive year of Noah's semiannual CIO reports and the twelfth report in the series. It also marks the first formal integration of the Noah World Model into Noah's CIO research framework, representing the latest structural enhancement to the firm's long-term capital research framework."This wave of AI is fundamentally different from previous technological revolutions. It is redefining the boundaries of human cognition, and wealth management must evolve accordingly," said Zander Yin, CEO of Noah Holdings. "At Noah, we are not only observing this transformation — we are helping clients navigate it by translating this cognitive revolution into practical wealth insights and solutions."Core View: The Biggest Opportunity May Not Be in AI Companies, but in the Foundations Making AI PossibleNoah's CIO Office holds a view that diverges from the current market consensus: the greatest AI opportunity may not be in AI companies themselves, but in the foundations that make AI possible — including power generation, grid infrastructure, energy storage, and data centers.In recent years, market attention has concentrated on large language models, semiconductors, and AI application platforms. Noah's CIO Office believes that as AI commercialization continues to advance, the focus is shifting toward two critical factors: the ability of technology to sustainably generate cash flows, and the infrastructure, energy systems, and computing capacity that enable AI's development. Both are becoming the true objects of capital pricing.Noah's CIO Office views AI physical infrastructure — encompassing power generation, transmission and distribution, energy storage, data centers, and related long-duration assets — as an emerging independent investment category, with long-term cash flow characteristics that are distinct from traditional technology assets. This asset class is fundamentally positioned to serve the continuously expanding AI capital expenditure cycle; its characteristics are closer to long-term infrastructure than to short-cycle technology themes.This view is grounded not in observation of any single industry or asset class, but in Noah's systematic research into global long-term trends.Three Engines: Productivity, Capital, and CivilizationIn this report, the Noah World Model is formally introduced into the CIO report framework for the first time. Organized around three engines — Productivity, Capital, and Civilization — it provides a new framework for understanding global economic dynamics and asset pricing. Noah's CIO Office believes all three engines are currently driving a systemic repricing of global assets.The Productivity engine is entering a phase of realization. AI capital expenditure is transitioning from balance sheet commitments to real cash flows reaching power grids and data centers. AI infrastructure is a 10-to-20-year systems buildout, not a one-to-two-year story. Noah's CIO Office believes investors should participate in the realization of underlying forces, not the noise of events.The Capital engine is restructuring. An unprecedented cohort of large private technology companies has begun queuing for public markets, bringing innovation returns previously concentrated in private markets to public investors at scale for the first time. Noah's CIO Office believes this process is also driving greater market emphasis on valuation discipline and allocation timing.The Civilization engine is under stress. Central bank independence is being tested, fiscal dominance is rising, and the dollar's role as a credible reserve currency is under renewed scrutiny. Meanwhile, 61% of global family offices identify geopolitical conflict as their top risk. Against this backdrop, the strategic value of real assets such as gold is being reassessed. Noah's CIO Office believes that as monetary anchors loosen, assets with tangible physical characteristics and long-term cash flow capacity are gaining strategic importance within investment portfolios.From Worldview to Action: The Noah Wealth Operating SystemBuilding on these views, Noah has translated its macro research framework into an actionable wealth management system. This edition formally introduces the "Noah Wealth Operating System," which follows the core principle of "worldview before portfolio, portfolio before product."Within this system, Noah's CIO Office is responsible for interpreting global trends — the starting point of the entire system. From there, Olive enables clients to invest in future-oriented assets; ARK helps clients build portfolios to enter and exit future opportunities; and Glory helps clients transfer wealth securely to the next generation. One worldview, three modes of delivery, one objective for the family.The system is structured around five layers: Protect, Preserve, Compound, Participate, and Pass On. It is not designed to answer "how to maximize returns," but rather to address how a family can navigate cycles, participate in the future, and achieve multigenerational wealth succession.Over the past five years, global markets have navigated liquidity expansion and tightening cycles, geopolitical restructuring, and the rapid emergence of AI.As the global environment has continued to evolve, Noah's CIO reports have advanced from resilience and global diversification toward redefining the risk framework, interpreting this era through the lens of technological deflation, and examining how long-term capital can understand and participate in opportunities created by the AI era. Each stage has corresponded to a structural shift in global markets. Across five years and 12 reports, Noah has consistently sought to identify the direction of change before it arrives.About Noah HoldingsNoah Holdings (NYSE: NOAH | HKEX: 6686) is a global wealth management firm dedicated to connecting the global Chinese wealth world. The firm serves high-net-worth families and distinguished institutions worldwide.Founded in 2005 and dual-listed on the New York Stock Exchange (2010) and the Hong Kong Stock Exchange (2022), Noah brings over 23 years of disciplined wealth stewardship. With four global booking and trading centers across Singapore, Hong Kong SAR, Shanghai, and the United States, Noah has allocated over US$153 billion in cumulative assets for clients spanning nine countries and more than 30 jurisdictions.Noah serves clients through three flagship brands — ARK Wealth Management (An AI-Native, integrated account and investment execution platform headquartered in Singapore), Olive Asset Management (Global Asset Allocation Platform), and Glory Family Heritage (Global Family Legacy & Lifestyle Platform).Forward-Looking StatementsThis press release is issued by Noah Holdings Limited for general informational purposes only. The market views and research judgments expressed herein represent the analysis and observations of Noah's CIO Office as of the date of publication, and do not constitute investment advice, an investment offer, or a solicitation of any offer to buy, sell, or hold any securities, financial products, or other assets. Investment involves risk. Investors should exercise independent judgment and make decisions based on their own circumstances.08/07/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com
EQS
Wed, Jul 8

First exploration JV in Oman

EQS Newswire / 07/07/2026 / 09:01 MSKSolidcore Resources plc (“Solidcore” or the “Company”) is pleased to announce that it has entered into a joint venture (“JV”) with Minerals Development Oman (“MDO”) to advance exploration and development of a prospective copper-gold property at the Khabiyat project area (“the Project”) located in the Sultanate of Oman. The arrangement will allow Solidcore to acquire up to 60% in the JV through an earn-in mechanism.“We are pleased to partner with MDO on this JV which marks our first exploration venture outside Kazakhstan and fits into Solidcore’s strategy of disciplined growth and portfolio diversification. The Khabiyat Project represents an important entry point for the Company’s further expansion in the region and has the potential to become a major mining and processing hub in Oman. We look forward to applying our technical expertise while working closely with MDO, whose local knowledge and in-country experience will be invaluable in advancing the project”, said Vitaly Nesis, CEO of Solidcore Resources plc.“We value our partnership with Solidcore, a leading gold producer and one of the most experienced mining operators in Kazakhstan. Solidcore brings extensive background across the full mining value chain, from exploration to development and operations. We believe our JV will help unlock the Project’s potential while supporting the development of Oman’s mining sector through the application of international best practices, technical know-how and operational excellence. We welcome the opportunity to work closely with Solidcore to advance the Project and create long-term value”, said Mattar Al Badi, CEO of Minerals Development Oman.Pursuant to the earn-in agreement, Solidcore has the right to acquire up to a 60% equity interest in the JV in three stages. Completion and implementation of the earn-in is subject to satisfaction or waiver of certain conditions precedent, including the required carve-out and assignment of the Project area to the JV.Stage 1. Solidcore initially acquires a 20% interest in the JV for a cash contribution of US$ 8.0 million to the JV, and an initial cash payment of US$ 0.5 million to MDO. The funds contributed to the JV will be used to finance pre-agreed exploration activities at the Project over a period of up to two years following satisfaction or waiver of the applicable conditions precedent. Upon completion of Stage 1, Solidcore will also make an additional cash payment of US$ 1.5 million to MDO.Stage 2. Subject to successful completion of Stage 1, Solidcore may elect to acquire an additional 25% interest in the JV for a cash contribution to the JV of US$ 20 million, which will be allocated to further exploration activities and the preparation of a JORC-compliant Mineral Resource Estimate over a further period of up to two years following Stage 1 completion. Stage 2 will be deemed complete upon completion of the relevant exploration activities and delivery of the Mineral Resource Estimate. Upon completion of Stage 2, if Solidcore elects to proceed to Stage 3, it will also make an additional cash payment of US$ 1.5 million to MDO.Stage 3. Subject to successful completion of Stage 2, Solidcore may elect to acquire an additional 15% interest in the JV, taking its total interest to 60%, for a price determined by reference to the contained copper equivalent (CuEq) in Mineral Resources and the average trading multiple of an agreed peer group. Following completion of Stage 3, the JV shall undertake further project development, funded by MDO and Solidcore on a pro rata basis in accordance with their respective shareholdings in the JV.STRATEGIC RATIONALEThe transaction is consistent with Solidcore’s strategy of pursuing disciplined investments in high-quality mining and exploration opportunities in its focus regions with potential for long-term value creation and portfolio diversification.The Project is prospective for copper-gold volcanogenic massive sulphide (“VMS”) mineralisation and provides the Company with exposure to an emerging copper-gold exploration project in the Sultanate of Oman, a mining jurisdiction with a long-established mining history and supportive regulatory framework. In addition, the transaction would broaden the Company’s copper exposure, enhancing diversification and providing potential leverage to long-term demand growth driven by global electrification and infrastructure development trends.The Company believes the Project demonstrates several attractive characteristics, including encouraging historical drilling results, significant exploration upside and potential for a development using a hub-and-spoke processing model, good access to paved infrastructure and potential optionality from an existing third-party processing plant in the area.The staged earn-in structure provides Solidcore with a capital-efficient pathway to progressively increase its ownership interest as exploration and technical milestones are achieved, while limiting upfront financial exposure and maintaining flexibility in capital allocation.INFORMATION ON THE PROPERTYThe Project is located in the Al Batinah North Governorate, northern Oman, about 29 km from Sohar, which plays a strategic role as Oman’s largest industrial port and could potentially serve as an export hub for the Project. The property is accessible via paved roads, placing it within a well-established mining corridor in the foothills of the Oman Mountains with good paved-road access and established regional infrastructure.The broader MDO’s concession area lies within the Semail Ophiolite Belt which represents the world’s largest and best-preserved fragment of ancient oceanic crust. The belt hosts a number of volcanogenic chromite and VMS polymetallic deposits, including the Khabiyat copper-gold project area.The Khabiyat mineral occurrence is a volcanogenic massive sulphide type copper-gold system associated with north-trending structural controls. Mineralisation remains open along strike and at depth.Extensive exploration work has been completed across the concession area, including drilling, airborne electromagnetic, magnetic and gravity surveys, detailed ground geophysics, geological mapping, geochemical sampling and hyperspectral satellite imagery interpretation. Historical drilling and recent exploration activities have confirmed the presence of a significant copper-gold mineralisation over a strike length of more than 800 metres, with mineralised zones reaching thicknesses of up to 70 metres.Preliminary technical work indicates the potential presence of a commercially viable deposit at Khabiyat together with additional exploration upside within the broader concession area. Planned work includes further drilling, target generation and technical studies aimed at supporting future Mineral Resource Estimation and project evaluation.About SolidcoreSolidcore Resources is a leading gold producer registered in AIFC, Kazakhstan, and listed on Astana International Exchange. Solidcore operates two producing gold mines and a major growth project (Ertis POX) in Kazakhstan.About MDOMinerals Development Oman is a state-owned mining investment and development company in the Sultanate of Oman. MDO was established to support the development of Oman’s mining sector through investment in and advancement of strategic mining projects across the country.MDO’s activities are focused on exploration, project development and partnerships aimed at supporting the commercialisation of Oman’s mineral resources.Enquiries Investor Relations Media Kirill Kuznetsov Alina Assanova +7 7172 47 66 55 (Kazakhstan) ir@solidcore-resources.com Yerkin Uderbay +7 7172 47 66 55 (Kazakhstan) media@solidcore-resources.kz FORWARD-LOOKING STATEMENTSThis release may include statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements speak only as at the date of this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “should” or similar expressions or, in each case their negative or other variations or by discussion of strategies, plans, objectives, goals, future events or intentions. These forward-looking statements all include matters that are not historical facts. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the company’s control that could cause the actual results, performance or achievements of the company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the company’s present and future business strategies and the environment in which the company will operate in the future. Forward-looking statements are not guarantees of future performance. There are many factors that could cause the company’s actual results, performance or achievements to differ materially from those expressed in such forward-looking statements. The company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.07/07/2026 Dissemination of a Financial Press Release, transmitted by EQS News.The issuer is solely responsible for the content of this announcement.Media archive at www.todayir.com
EQS
Tue, Jul 7
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