（财见2025年8月19日讯）诺亚控股有限公司发布《诺亚ARK 2025下半年CIO报告》，指出资本市场进入一个由“科技型通缩逻辑”主导的资本新时代。报告称，未来经济将呈现双轨并行的结构。一方面，地缘冲突、去全球化、人口老龄化与能源转型正构成结构性通胀压力；另一方面，科技革命正在悄然引发深层次的结构性通缩。科技型通缩通过成本下沉与生产力跃迁重塑增长范式，边际效率提升将成为价值创造的关键洼地。

报告强调，财富管理者对“科技型通缩”的深刻理解，将成为他们实现财富代际传承的核心能力。报告同时提出诺亚ARK的“三维均衡”资产配置模型。

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