Nomura Holdings Inc (NMR) 2024 Q1 法說會逐字稿

Good day, everyone, and welcome to today's Nomura Holdings First Quarter Operating Results for Fiscal Year Ending March 2024 Conference Call. Please be reminded that today's conference call is being recorded at the request of the hosting company. If you have any objections, you may disconnect at this point in time. (Operator Instructions)

大家好，歡迎參加今天的野村控股截至 2024 年 3 月財年第一季度經營業績電話會議。請注意，今天的電話會議是應主辦公司的要求進行錄製的。如果您有任何異議，您可以在此時斷開連接。 （操作員說明）

Please note that this telephone conference contains forward-looking statements and other projected result, which involve known and unknown risks, delays, uncertainties and other factors not under the company's control; which may cause actual result, performance or achievement of the company to be materially different from the result, performance or other expectations implied by those projections. Such factors include economic and market conditions, political events and investor sentiment, liquidity of secondary markets, level and volatility of interest rates, currency exchange rates, security valuations, competitive conditions and size number and timing of transactions.

請注意，本次電話會議包含前瞻性陳述和其他預計結果，其中涉及已知和未知的風險、延遲、不確定性和其他非公司控制的因素；這可能導致公司的實際結果、業績或成就與這些預測所暗示的結果、業績或其他預期存在重大差異。這些因素包括經濟和市場狀況、政治事件和投資者情緒、二級市場的流動性、利率水平和波動性、貨幣匯率、證券估值、競爭條件以及交易規模、數量和時間。

With that, we would like to begin the conference. Mr. Takumi Kitamura, Chief Financial Officer, please go ahead.

至此，我們想開始會議。請首席財務官北村匠海先生髮言。

Good evening. This is Takumi Kitamura, CFO of Nomura Holdings. I will now give you an overview of our financial results for the first quarter of the year ending March 2024. Please turn to Page 2 of the document. Groupwide net revenue was JPY 348.9 billion, up 7% quarter-on- quarter; pretax income increased 104% to JPY 46.3 billion; net income was JPY 23.3 billion, 3.2x higher than the previous quarter; EPS was JPY 7.4; and annualized ROE was 2.9%. During the first half of the quarter, international market participants sat on the sidelines due to the bankruptcies of U.S. regional banks and the debt ceiling issue. Concerns of systemic risk dissipated in the second half of the quarter and the fast pace of rate hikes in the U.S. that started over a year-ago began to show signs of changing.

晚上好。我是野村控股首席財務官北村匠美。現在，我將向您概述截至 2024 年 3 月的第一季度的財務業績。請參閱本文件的第 2 頁。集團淨收入為 3,489 億日元，環比增長 7%；稅前收入增長104%，達到463億日元；淨利潤為 233 億日元，比上一季度增長 3.2 倍；每股收益為 7.4 日元；年化淨資產收益率為2.9%。本季度上半季度，由於美國地區銀行破產和債務上限問題，國際市場參與者持觀望態度。對系統性風險的擔憂在本季度後半段消散，美國一年多前開始的快速加息步伐開始出現變化的跡象。

In Japan, the move towards ending deflation and speculation over the changes to the BOJ monetary policy combined with expectations of structural reforms to boost profitability at Japanese corporates led to inflows of risk capital from abroad lifting the Nikkei Average to a 33-year high and bringing some bright news for the first time in a while. Amid this environment, as you can see on the lower right, 3 segment income before income taxes increased 140% quarter-on-quarter to JPY 28.7 billion. Our Japan related businesses had a strong quarter, particularly our Retail business. Now let's turn to the performance of each business. Please turn to Page 5 for an overview of Retail results. All the percentages quoted hereinafter are quarter-on-quarter comparisons. Retail net revenue increased 22% to JPY 92.1 billion and income before income taxes increased 133% to JPY 22.9 billion.

在日本，結束通貨緊縮和對日本央行貨幣政策變化的投機，加上對結構性改革以提高日本企業盈利能力的預期，導致海外風險資本流入，日經平均指數升至33 年來的高點，並帶來一段時間以來第一次出現一些好消息。在此環境下，如右下圖所示，所得稅前 3 部門收入環比增長 140%，達到 287 億日元。我們的日本相關業務季度表現強勁，尤其是零售業務。現在讓我們來看看每項業務的表現。請翻至第 5 頁了解零售業績概覽。以下引用的所有百分比均為季度比較。零售淨收入增長 22%，達到 921 億日元，所得稅前收入增長 133%，達到 229 億日元。

Since 2019, Retail has been reforming its channels by allocating sales staff in line with the characteristics of clients with a segment-based business strategy and expanded product and service offering. In March, we completed our reorganization with a major reshuffle of our people to better meet the needs of our clients. Under this optimized organizational structure, we provided detailed consulting services resulting in stronger sales across all products and services and higher revenues. As shown on the bottom left, recurring revenue increased 2% to JPY 34.2 billion. While bonus provisions increased in line with higher revenues, we stringently controlled nonpersonnel expenses and maintained a recurring revenue cost coverage ratio of 50%. Flow revenue was JPY 57.8 billion, an increase of 38% driven by significantly stronger sales of stocks and investment trusts.

2019年以來，零售業務不斷進行渠道改革，根據客戶特點配置銷售人員，實施細分化經營策略，擴大產品和服務範圍。 3月份，我們完成了重組，對人員進行了重大調整，以更好地滿足客戶的需求。在這種優化的組織結構下，我們提供了詳細的諮詢服務，從而增強了所有產品和服務的銷售並提高了收入。如左下圖所示，經常性收入增長 2%，達到 342 億日元。雖然獎金撥備隨著收入的增加而增加，但我們嚴格控制非人事費用，並將經常性收入成本覆蓋率維持在 50%。流量收入為 578 億日元，在股票和投資信託銷售顯著強勁的推動下增長了 38%。

Please turn to Page 6 for an overview of sales by product. Total sales for the quarter reached JPY 5.4 trillion, up 21%. Of this, JPY 2.8 trillion was sales of stocks. We saw the results of our efforts from last year to promote the attractiveness of investing in Japanese stocks and a tailwind from the market rally from May led to a significant increase in sales of Japanese secondary stocks. Sales of investment trusts increased 56% to JPY 600 billion with inflows into Japan and global stock funds as shown on the bottom right. Please turn to Page 7 for an update on KPIs. Net inflows of recurring revenue assets was negative JPY 71.4 billion as some corporate clients sold out. Excluding the corporate clients section which is affected by these large transactions, net inflows were JPY 10 billion. As shown on the right, recurring revenue assets reached record high of JPY 20.3 trillion supported by the market rally.

請參閱第 6 頁了解按產品劃分的銷售概況。該季度總銷售額達到 5.4 萬億日元，增長 21%。其中，2.8萬億日元是股票銷售。我們看到了去年為提高日本股票投資吸引力所做的努力的成果，以及5月以來市場上漲的順風，導致日本二級股票的拋售大幅增加。投資信託銷售額增長 56%，達到 6,000 億日元，資金流入日本和全球股票基金（如右下圖所示）。請參閱第 7 頁了解 KPI 的最新信息。由於部分企業客戶拋售，經常性收入資產淨流入為負 714 億日元。剔除受這些大額交易影響的企業客戶部分，淨流入為100億日元。如右圖所示，在市場上漲的支撐下，經常性收入資產達到20.3萬億日元的歷史新高。

The bottom left shows flow business client numbers up 10% year-on-year at 896,000 mainly due to improved market sentiment and the reorganization of our people to provide services to inactive clients. Please turn to Page 8 for an overview of Investment Management results. Net revenue declined 30% to JPY 26.5 billion. Income before income taxes dropped 78% to JPY 3.6 billion. As shown on the bottom left, investment loss was JPY 6 billion. While private equity firm Nomura Capital Partners booked unrealized gain, we posted unrealized losses related to investment in American Century Investments. However, business revenue grew 13% to JPY 32.5 billion. The asset management business continued to deliver stable revenues and performance in our aircraft leasing business grew. Please turn to Page 9. As you can see on the top left, assets under management at the end of June were a record JPY 76.1 trillion, which is higher than our March 2025 target of JPY 75.8 trillion.

左下顯示流量業務客戶數量同比增長10%至896,000，主要由於市場情緒改善以及我們的人員重組為不活躍客戶提供服務。請參閱第 8 頁了解投資管理結果概述。淨收入下降 30% 至 265 億日元。所得稅前收入下降 78% 至 36 億日元。如左下所示，投資損失為60億日元。雖然私募股權公司野村資本合夥公司登記了未實現收益，但我們公佈了與美國世紀投資公司投資相關的未實現損失。然而，業務收入增長了 13%，達到 325 億日元。資產管理業務收入持續穩定，飛機租賃業務業績增長。請翻至第 9 頁。如左上方所示，截至 6 月底，管理資產達到創紀錄的 76.1 萬億日元，高於我們 2025 年 3 月 75.8 萬億日元的目標。

Of course market factors had a big part to play in this. But net inflows were JPY 1.7 trillion marking the highest level in 31 quarters since the second quarter of the year ended March 2016. Net inflows on the bottom left show the investment trust business posting inflows of JPY 650 billion. MRF assets under management increased by JPY 730 billion on inflows of idle funds created due to profit taking while Japan stock related ETFs booked net inflows of JPY 40 billion. Main investment trusts, excluding MRFs and ETFs, reported outflows of JPY 120 billion. Sales of U.S. and Japan stock funds continued, but we saw outflows from the Reopen Japan fund with early redemptions planned due to rise in net asset value and from foreign bond funds. The investment advisory and international businesses booked inflows of JPY 1 trillion. In Japan we won mandates for yen bond and global stock funds while internationally inflows were driven by high yield bond funds.

當然，市場因素在其中發揮了很大作用。但淨流入額為 1.7 萬億日元，創下自 2016 年 3 月結束的第二季度以來 31 個季度以來的最高水平。左下角的淨流入額顯示投資信託業務的流入額為 6,500 億日元。由於獲利了結而產生的閒置資金流入，MRF 管理資產增加了 7300 億日元，而日本股票相關 ETF 則錄得 400 億日元淨流入。主要投資信託基金（不包括 MRF 和 ETF）報告資金流出 1,200 億日元。美國和日本股票基金的銷售仍在繼續，但我們看到由於資產淨值上升而計劃提前贖回的Reopen Japan基金和外國債券基金的資金流出。投資諮詢和國際業務流入1萬億日元。在日本，我們贏得了日元債券和全球股票基金的委託，而國際資金流入則受到高收益債券基金的推動。

As you can see on the bottom right, alternative assets under management exceeded JPY 1.5 trillion. Please turn to Page 10 for an update on our Wholesale business. Net revenue increased 7% to JPY 190.9 billion and income before income taxes was JPY 2.1 billion improving from a loss last quarter. The graph on the bottom right shows Japan revenues of JPY 69.2 billion representing the strongest quarter since the third quarter of the year ended March 2016. Internationally while the Americas improved from the previous tough 2 quarters, overall it was a challenging quarter as market participants remained on the sidelines in the first half of the quarter due to macro environment uncertainty. Please turn to Page 11 for an overview of performance by business line. First, Global Markets: net revenue increased 7% to JPY 160.4 billion, fixed Income revenue was JPY 97.4 billion up 11%.

正如右下角所示，管理的另類資產超過 1.5 萬億日元。請參閱第 10 頁了解我們批發業務的最新信息。淨收入增長 7%，達到 1,909 億日元，所得稅前收入為 21 億日元，較上季度的虧損有所改善。右下圖顯示日本收入為692 億日元，這是自2016 年3 月結束的第三季度以來最強勁的季度。在國際上，雖然美洲較之前艱難的兩個季度有所改善，但總體而言，這是一個充滿挑戰的季度，因為市場參與者仍然由於宏觀環境的不確定性，上半季度處於觀望狀態。請參閱第 11 頁，了解按業務線劃分的業績概覽。首先，全球市場：淨收入增長7%，達到1604億日元，固定收益收入為974億日元，增長11%。

Spread Products made a significant contribution to revenues. In credit, the interest rate differential between Japan and overseas drove a strong increase in revenues from foreign denominated bonds in Japan while international regions also reported higher revenues due to credit spread tightening and a strong client activity. Macro Products performance was roughly unchanged from last quarter. FX/EM slowed in AEJ on lower volatility and slower client activity while rates improved in the Americas and continued to perform well in Japan. Equities revenues increased 2% to JPY 63 billion. Although international client activity was slow, our Japan equity related business continued to see inflows from outside Japan and both cash equities and derivatives booked revenue growth.

Spread Products 對收入做出了重大貢獻。在信貸方面，日本與海外之間的利差推動日本外幣債券收入強勁增長，而國際地區由於信貸利差收緊和客戶活動強勁，收入也有所增加。宏觀產品業績與上季度基本持平。由於波動性降低和客戶活動放緩，AEJ 的外匯/新興市場匯率放緩，而美洲的利率有所改善，日本的利率繼續表現良好。股票收入增長 2%，達到 630 億日元。儘管國際客戶活動緩慢，但我們的日本股票相關業務繼續看到來自日本以外的資金流入，現金股票和衍生品收入均實現增長。

Please turn to Page 12 for Investment Banking. Net revenue increased 3% to JPY 30.5 billion. Despite ongoing declines in global fee pools, our Advisory business booked stronger revenues on contributions from completed M&A deals in EMEA in focus sectors such as consumer and retail and health care. As shown on the right, we supported multiple sustainability related transactions. In our Financing and Solutions business, ECM and DCM both slowed; but this was offset by our Solutions and ALF businesses resulting in flat revenues quarter-on-quarter. Please turn to Page 13 for an overview of expenses. Groupwide noninterest expenses were roughly unchanged from last quarter at JPY 302.6 billion. Excluding the impact of yen depreciation, expenses actually declined slightly from last quarter. Compensation and benefits was up 2% at JPY 158.7 billion due to yen depreciation and a rise in base pay in our international business.

有關投資銀行業務，請參閱第 12 頁。淨收入增長 3%，達到 305 億日元。儘管全球費用池持續下降，但我們的諮詢業務在歐洲、中東和非洲地區消費、零售和醫療保健等重點行業完成的併購交易中實現了強勁的收入增長。如右圖所示，我們支持了多項可持續發展相關交易。在我們的融資和解決方案業務中，ECM 和 DCM 均放緩；但這被我們的解決方案和 ALF 業務所抵消，導致收入環比持平。請參閱第 13 頁了解費用概覽。集團範圍內的非利息支出與上季度基本持平，為 3,026 億日元。排除日元貶值的影響，支出實際上較上季度略有下降。由於日元貶值和國際業務基本工資的增加，薪酬和福利增長了 2%，達到 1,587 億日元。

Other expenses declined 7% mainly due to lower professional fees. Lastly, please look at Page 14 for our financial position. The table on the bottom left shows Tier 1 capital of JPY 3.3 trillion, up about JPY 140 billion from the end of March. Risk-weighted assets increased by JPY 570 billion from the end of March to JPY 17.9 trillion. As a result, our CET1 capital ratio at the end of June was 16.5%. The waterfall chart on the bottom right shows changes to risk-weighted assets. Credit risk increased by JPY 500 billion mainly due to yen depreciation. While market risk was also impacted by yen depreciation, the increase was limited to around JPY 70 billion as we managed risk prudently amid the uncertain market environment. That concludes today's overview of our first quarter results. To sum up, we saw results from our ongoing initiatives this quarter and tailwind from the Japan market rally helped improve performance both quarter-on-quarter and year-on-year.

其他費用下降 7%，主要是由於專業費用下降。最後，請參閱第 14 頁了解我們的財務狀況。左下表顯示一級資本為3.3萬億日元，較3月底增加約1400億日元。風險加權資產較3月底增加5700億日元，達到17.9萬億日元。因此，截至 6 月底，我們的 CET1 資本比率為 16.5%。右下角的瀑布圖顯示了風險加權資產的變化。主要由於日元貶值，信用風險增加5000億日元。雖然市場風險也受到日元貶值的影響，但在市場環境不確定的情況下，我們審慎管理風險，增量限制在700億日元左右。今天對我們第一季度業績的概述到此結束。總而言之，我們看到了本季度持續舉措的成果，並且日本市場反彈的推動幫助改善了季度環比和同比業績。

Retail completed its reorganization to better understand client needs and was able to deepen its business across both in-person and non-face-to-face channels while also expanding its client base. Investment Management delivered a broad range of products across both public and private markets to global investors resulting in inflows that helped lift assets under management to a record high. Wholesale had a challenging quarter as volatility in international markets dropped and market participants were in risk-off mode. However, we saw some bright spots in our Japan related businesses. We believe the momentum in the JGB and Japan stock markets will continue on the back of adjustments to Bank of Japan monetary policy, corporate actions by Japanese companies to improve profitability and capital efficiency and the new NISA scheme due to be significantly expanded next year.

零售業完成了重組，以更好地了解客戶需求，並能夠通過面對面和非面對面渠道深化業務，同時擴大客戶群。投資管理公司向全球投資者提供了涵蓋公共和私人市場的廣泛產品，帶來了資金流入，幫助將管理資產提升至歷史新高。由於國際市場波動性下降以及市場參與者處於避險模式，批發業經歷了充滿挑戰的季度。不過，我們在日本相關業務中也看到了一些亮點。我們認為，在日本央行貨幣政策調整、日本企業提高盈利能力和資本效率的企業行動以及明年將大幅擴大的新 NISA 計劃的支持下，日本國債和日本股市的勢頭將持續。

Our Retail business has remained solid in July, performing above the monthly average of the first quarter. In Wholesale, our international business got off to a slow start, but fixed income and equities in Japan are doing well and ECM deals in Investment Banking are showing signs of improving. We are having very active dialog with clients and will continue to work to deliver the best solutions leveraging the full capabilities of the group. We are also making progress on the JPY 50 billion cost reduction program announced at our Investor Day. We have already identified about 60% of the total to be implemented by March 2024 and we expect to see the full benefits of the cost reductions to start appearing next fiscal year. Uncertainties remain in the international environment. We will continue to manage risk prudently and ensure stringent cost control while focusing on expanding our earnings. Thank you.

我們的零售業務在 7 月份保持穩健，表現高於第一季度的月度平均水平。在批發業務方面，我們的國際業務起步緩慢，但日本的固定收益和股票業務表現良好，投資銀行的 ECM 交易也顯示出改善的跡象。我們正在與客戶進行非常積極的對話，並將繼續努力利用集團的全部能力提供最佳解決方案。我們在投資者日宣布的 500 億日元成本削減計劃也取得了進展。我們已經確定到 2024 年 3 月實施總量的約 60%，我們預計成本削減的全部效益將在下一財年開始顯現。國際環境仍存在不確定性。我們將繼續審慎管理風險，嚴格控製成本，專注於擴大盈利。謝謝。

(Operator Instructions) The first question is by SMBC Morgan Stanley Securities, Tsujino-san.

（操作員指示） 第一個問題是 SMBC 摩根士丹利證券的 Tsujino-san 提出的。

Mitsubishi UFJ Morgan Stanley Securities, Tsujino is my name. I have 2 questions. First of all, yen depreciation and base salary going up. From the third quarter and fourth quarter last year, you've been reducing headcount and with surveillance, you were talking about slight decline. But on Q-on-Q there has been a positive change rather than a negative decline and I was surprised. In U.S. banking sector, cost went up. So can you elaborate more on personnel expenses? So that's my first point. Secondly, ACI. If we do the calculation, the investment of the JPY 13 billion unrealized losses, that's probably the mark-to-market losses. Was it in Q3 or Q2 last year positive JPY 15 billion was booked? So I was thinking that this unrealized losses, that was too big and now it's down. What can we imagine from the AUM level multiple changing? And what can we observe from the share prices? The facts announced is deviating our assumptions so I'm uncomfortable about these results. Can you explain what's behind these results?

三菱日聯摩根士丹利證券，辻野是我的名字。我有 2 個問題。首先，日元貶值和基本工資上漲。從去年第三季度和第四季度開始，你們一直在減少員工人數，並且通過監控，你們正在談論略有下降。但在 Q-on-Q 上出現了積極的變化，而不是消極的下降，這讓我感到驚訝。在美國銀行業，成本上升。您能詳細說明一下人員費用嗎？這是我的第一點。其次，ACI。如果我們計算一下，130億日元的未實現投資損失，大概就是按市值計價的損失。去年第三季度或第二季度是否有 150 億日元的正數入賬？所以我想這個未實現的損失太大了，現在已經下降了。從AUM水平倍數變化我們可以想像什麼？從股價中我們可以觀察到什麼？公佈的事實偏離了我們的假設，因此我對這些結果感到不安。您能解釋一下這些結果背後的原因嗎？

Thank you for the question. First of all, on personnel expenses. There are several factors behind and Tsujino, as you have pointed out, the yen depreciation is quite a significant factor and also base salary. Inflation overseas has progressed and in Japan as well, there has been an elevated level of salaries. So that has been the factor that had pushed up personnel expenses. What else? In Retail, we have seen recovery in the performance so the bonus provisions increased. That reflected the results of the quarter that has just ended. So those were some of the factors behind. On Q-on-Q basis, it didn't decline. It rather increased as it appears. In terms of ACI, that's your concern, Tsujino-san, and you're quite right.

感謝你的提問。首先，在人員費用上。背後有幾個因素，辻野，正如你所指出的，日元貶值是一個相當重要的因素，也是基本工資。海外的通貨膨脹已經加劇，日本的工資水平也有所提高。這就是推高人員費用的因素。還有什麼？在零售業，我們看到業績復甦，因此獎金撥備增加。這反映了剛剛結束的季度的結果。這些是背後的一些因素。從環比來看，它沒有下降。正如看上去的那樣，它反而增加了。就 ACI 而言，這是你關心的問題，辻野先生，你說得很對。

Regarding ACI, we have been saying that we are hedging our investments. This is a specific name unlisted stock and there's the difficulty of hedging and we are feeling that difficulty in our results. There are a few parameters that are applied for the valuation of ACI and by using those parameters, we are engaged in hedging activities. But for this particular quarter, we saw some hedging error or mismatch. Valuation of ACI in itself wasn't that bad rather there was losses caused by the hedging error. So your points are very correct and it's difficult to see what's ongoing just by looking at the numbers by peers. I understand that well. So we will think about how more effectively we can engage in hedging activities. Sorry about the uncertainties, but these are some of the background factors.

關於 ACI，我們一直在說我們正在對沖我們的投資。這是一隻特定名稱的非上市股票，存在對沖困難，我們在業績中感受到了這種困難。有一些參數適用於 ACI 的估值，通過使用這些參數，我們從事對沖活動。但在這個特定的季度，我們看到了一些對沖錯誤或不匹配。 ACI 的估值本身並沒有那麼糟糕，只是對沖錯誤造成了損失。所以你的觀點是非常正確的，僅僅通過查看同行的數字很難看出正在發生什麼。我很明白這一點。所以我們會思考如何更有效地進行對沖活動。對於不確定性，我們深表歉意，但這些是一些背景因素。

Right. In order to make it neutral, you were hedging. When market values go up, you were in the position to book losses so there would be gains when market goes down. But all of those trends were against Nomura, but underlying valuation remained more or less unchanged. In fact share prices have remained flat more or less, right? Is that the right analysis?

正確的。為了使其保持中性，你進行了對沖。當市場價值上漲時，您可以記入損失，因此當市場下跌時您會獲得收益。但所有這些趨勢都不利於野村證券，但基本估值或多或少保持不變。事實上，股價或多或少保持平穩，對嗎？這樣的分析正確嗎？

Well, I can't make any comments on specific names, but ACI's valuation in itself didn't fluctuate so significantly. And in terms of ACI valuation; if there is gain, we offset that by taking hedging position and when ACI goes down, hedging gain should have been enjoyed. But unfortunately due to some of the specific stocks, we were not able to do that in the first quarter.

好吧，我無法對具體名稱發表任何評論，但 ACI 的估值本身並沒有波動那麼大。就 ACI 估值而言；如果有收益，我們通過採取對沖頭寸來抵消，當 ACI 下降時，我們應該享受對沖收益。但不幸的是，由於一些特定的庫存，我們在第一季度未能做到這一點。

The next person asking the question is SMBC Nikko Securities, Muraki-san.

下一個提問者是SMBC日興證券的村木先生。

I'm Muraki from SMBC Nikko. Firstly, I have a question about Wholesale. This time under this environment, 2.9% of ROE is what was achieved. But Page 21, you see the geographical split profit and loss and ACI. Even without ACI hedging, Americas is in loss and EMEA is making loss as well. So those are separating or holding down the entire profit. But regarding this, already you've made announcement or disclosure. But compared with American peers that have already made announcement, what are the difference and what's the factor behind ROE level? And at Investor Day, you talked about the assumptions, but has there been deviation from your assumptions and if you are considering some additional actions, I would like you to explain at the Investor Day?

我是來自 SMBC Nikko 的村木。首先，我有一個關於批發的問題。這次在這樣的環境下，達到了2.9%的ROE。但在第 21 頁，您會看到按地域劃分的損益和 ACI。即使沒有 ACI 對沖，美洲地區也會遭受損失，歐洲、中東和非洲地區也會遭受損失。因此，這些因素正在分割或抑制全部利潤。但關於這一點，你已經做出了公告或披露。但與已經公佈的美國同行相比，其ROE水平有何差異，背後的因素是什麼？在投資者日，您談到了這些假設，但是您的假設是否存在偏差？如果您正在考慮採取一些額外的行動，我希望您在投資者日上解釋一下？

Investor Day headcount will be increased by 5% over a 2-year period. But based upon the current financial performance, is the increase in headcount the right way to go? Is that the way to think about it? And the second question is about Retail. Due to personnel transfer in April, channel reformation I believe has been completed. But in the April through June quarter, how do we evaluate the net increase in the revenue and asset? What I want to ask about is the timing immediately after the transfer of personnel so April may not have been the timing when you could make a strong start. But what about the situation from April through July? So what was the extent to which the channel reformation has taken root.

投資者日人數將在兩年內增加 5%。但根據目前的財務表現，增加員工人數是正確的做法嗎？是這樣思考的嗎？第二個問題是關於零售業的。由於四月份的人員調動，渠道改革我相信已經完成了。但在4月至6月這個季度，我們如何評估收入和資產的淨增長？我想問的是人員調動後的時間，所以四月份可能不是你們可以強勢開始的時間。但4月到7月的情況又如何呢？那麼渠道改革落地到什麼程度了？

Thank you, Muraki-san, for your questions. Firstly, regarding Wholesale. Our Global Markets in Americas, we have rates business; but our core business is agency mortgage, which belongs to rates business and also Securitized Products and equity derivatives. Those are core businesses of ours. And as you know, the U.S.A. had fast-based rate hike and our core product agency mortgage last year and Securitized Products struggled and the struggle has continued into this year. That seems to be the biggest factor for other business lines excluding agency mortgage or rates. For other business lines, all in all the situation is solid. Also in Americas it is not that we do not have credit business, but our credit business is small in Americas. And in Americas compared to our peers, our numbers performance seem lackluster. But as you know, the rate hikes in the U.S.A. seem to be nearing the peak so the turning point, including agency and long-term bond business, may start to recover.

謝謝村木先生的提問。首先，關於批發。我們的全球市場在美洲，我們有費率業務；但我們的核心業務是代理抵押貸款，屬於利率業務，同時也是證券化產品和股權衍生品。這些是我們的核心業務。如您所知，去年美國快速加息，我們的核心產品代理抵押貸款和證券化產品陷入困境，而且這種困境一直持續到今年。這似乎是除代理抵押貸款或利率之外的其他業務線的最大因素。對於其他業務線來說，總體情況是穩健的。同樣在美洲我們不是沒有信貸業務，而是我們的信貸業務在美洲很小。在美洲，與我們的同行相比，我們的數字表現似乎乏善可陳。但大家也知道，美國的加息似乎已經接近頂峰，所以拐點，包括代理和長期債券業務，可能會開始復蘇。

If that happens then Americas business overall will be lifted significantly and that is our expectation and hope. But recently our businesses are not performing to the best of their potential and the overall revenue is not sufficient. That's what we believe. But both in EMEA and Americas, the tightening cycle seems to be coming closer to the exit. That's our view as well. So investors' risk upside is expected to improve gradually, but at what timing I cannot pinpoint precisely at what point. But this situation I do not think will continue forever, but at some point, the situation will change. So when the market comes back, we would like to be in a position to monetize the opportunities. As for agency mortgage, I believe we are at the bottom so the only direction that's remaining is the upside.

如果這種情況發生，那麼美國的整體業務將得到顯著提升，這是我們的期望和希望。但最近我們的業務並沒有發揮出最大的潛力，整體收入還不夠。這就是我們所相信的。但無論是在歐洲、中東和非洲還是美洲，緊縮週期似乎都已接近退出。這也是我們的觀點。因此，投資者的風險上升空間預計將逐漸改善，但具體在什麼時間點我無法確定。但我不認為這種情況會永遠持續下去，但在某個時候，情況會發生變化。因此，當市場回歸時，我們希望能夠利用這些機會獲利。至於機構抵押貸款，我相信我們正處於底部，所以剩下的唯一方向就是上漲。

As for the headcount expansion, needless to say including replacement, some producers are being hired. But naturally the increase or decrease of headcount is prudently controlled by paying attention to the revenue level. As I mentioned as we announced the financial results, looking at the performance of the year business side and Wholesale side, headcount restructuring has been undertaken. At the Investor Day we said we are expanding headcount, but we are not randomly increasing. We will not be randomly increasing headcount. But GM unlike Investment Banking had shorter advanced investment period so including replacement, the higher talent will start contributing to revenue early on. That is my answer to your first question.

至於人員擴充，不用說包括替換，也正在聘請一些生產商。但人員的增減自然是通過關注收入水平來審慎控制的。正如我在宣布財務業績時提到的，從今年業務部門和批發部門的業績來看，已經進行了人員重組。在投資者日我們說我們正在擴大員工人數，但我們並不是隨意增加。我們不會隨機增加員工人數。但與投資銀行業務不同的是，通用汽車的提前投資期較短，因此包括替換在內，高級人才將儘早開始為收入做出貢獻。這就是我對你第一個問題的回答。

Regarding your second question, our evaluation of revenue and the net increase in assets. At the Retail division, the revenue and bottom line when we look at that, of course there has been tailwind from markets, but there are non-P&L numbers. Looking at such numbers, the impact of personnel reshuffling or restructuring seem to have materialized, but not all impact has come to materialize yet. For example in the area of high net worth, we have allocated and deployed our partners, but the flow of revenue from clients that are being covered by our partners has grown about 50% on a Q-on-Q basis. But from customers that our partners have not contacted yet, Q-on-Q progress has been negative. So touch points with client are expanded with increase in headcount, but still we have not been able to contact all clients.

關於你的第二個問題，我們對收入和資產淨增加的評估。在零售部門，當我們審視收入和利潤時，當然有來自市場的推動力，但也有非損益數據。從這些數字來看，人事調整或重組的影響似乎已經顯現，但還沒有全部顯現。比如在高淨值領域，我們分配和部署了合作夥伴，但合作夥伴覆蓋的客戶收入環比增長了50%左右。但從我們的合作夥伴尚未聯繫的客戶來看，環比進展一直為負。因此，隨著員工人數的增加，與客戶的接觸點也在擴大，但我們仍然無法聯繫到所有客戶。

So if we can broaden our partner base, then we will start to see the benefit in the sense of revenue and assets. So in April we put in place the new structure so I am expecting the result to come out. For newly appointed partners, about 1,600 partners who have been deployed to the area of high net worth. So they've gone through OJT and to gain knowledge up until the end of May and they've been attending to relation building with clients and it's after the mid-May when we started seeing increase in stock price. So I believe we started seeing the benefits of reshuffling of personnel in the latter half of the second half. So we will be accelerating our initiative from here.

因此，如果我們能夠擴大我們的合作夥伴基礎，那麼我們將開始看到收入和資產方面的好處。因此，我們在四月份建立了新的結構，所以我期待結果的出現。對於新任命的合夥人來說，約有1,600名合夥人已部署到高淨值領域。因此，他們一直在進行在職培訓並獲取知識，直到五月底，他們一直致力於與客戶建立關係，五月中旬之後我們開始看到股價上漲。所以我相信我們在下半年後半段就開始看到人員調整的好處。因此，我們將從這裡開始加速我們的舉措。

So you mentioned that at the end, but if I may ask. 1,800 partners who are appointed to the [mass of land], that number came down to 200 so drastically reduced. What was the impact from that reduction? I believe you've assumed the impact, but compared with your assumption, is the impact in line with your assumption?

所以你在最後提到了這一點，但我可以問一下嗎？ 1,800 名合夥人被任命為[大片土地]，這一數字大幅減少至 200 名。此次削減有何影響？我相信你已經假設了影響，但是與你的假設相比，影響是否符合你的假設？

Thank you for the question. So more or less. So we've intentionally made the decision of not assigning that many number of headcounts. But looking at the revenue of course partially due to market factors, revenue has not declined much. So compared with our initial assumption, we have not observed too much of negative impact.

感謝你的提問。所以或多或少。因此，我們有意做出不分配那麼多員工的決定。但從收入來看，當然部分是由於市場因素，收入並沒有下降太多。因此，與我們最初的假設相比，我們沒有觀察到太多的負面影響。

The next question will be by Watanabe-san of Daiwa Securities.

下一個問題將由大和證券的渡邊先生提出。

Watanabe of Daiwa Securities. I have 2 questions. First of all Page 11 on the document, fixed income. This overlaps with your presentation. But when we look at the year-on-year, it seems that there has been a drop in Macro Products. And can you give us the monthly trend of April, May and June? Second question on capital policy. What's the progress in terms of buyback? You haven't bought back up to April, why not? And also when you think about second half dividend, ACI unrealized loss of JPY 13 billion. Is there the possibility of adjustment excluding this unrealized loss?

大和證券的渡邊。我有 2 個問題。首先是第11頁的文件，固定收益。這與您的演示重疊。但當我們看同比時，宏觀產品似乎有所下降。您能給我們提供四月、五月和六月的月度趨勢嗎？第二個問題關於資本政策。回購工作進展如何？直到四月份你還沒有買回來，為什麼不呢？再考慮下半年股息，ACI 未實現虧損為 130 億日元。是否有可能進行調整以排除該未實現損失？

First of all to respond to your first question, Macro Product drop. Rates business in itself is not performing so poorly. But FX/EM, which was at the peak last year, dropped slightly in the quarter that had just ended. Our core business Asia FX/EM, that's our core product line and clients' activity in this segment dropped significantly and also position management in comparison to the previous quarter there was a drop. So on year-on-year, this was the major factor behind the drop in Macro Products. Fixed income monthly trend in April, May and June; close to 30% in April, close to 30% in May and mid-40% in June. So month after month the situation improved. Did you mention equity, Watanabe-san?

首先回答你的第一個問題，宏觀產品下降。利率業務本身的表現並沒有那麼糟糕。但去年處於峰值的外匯/新興市場在剛剛結束的季度小幅下跌。我們的核心業務亞洲外匯/新興市場，即我們的核心產品線，該領域的客戶活動大幅下降，頭寸管理與上一季度相比也有所下降。因此，與去年同期相比，這是宏觀產品下降的主要因素。 4月、5月、6月固定收益月度走勢； 4月份接近30%，5月份接近30%，6月份接近40%。就這樣，情況逐月好轉。渡邊先生，你提到過股權嗎？

No, no, I just mentioned fixed.

不不，我剛才提到的是固定的。

Right. And buyback was your second question. From the long-term perspective, we will be buying back our shares. That's the plan. When and how will we buyback? We will refrain from making any specific comments. But as you look at the track record, you understand that although the amount was not so significant that we will be buying back up to the amount we have announced. And also the relationship between dividend policy and ACI unrealized loss, we're still at the timing of first quarter just ending. It will depend on how the situation fares in Q2. Various factors will be taken into consideration. Not only ACI, but various factors will be studied as we decide on the dividend and after the completion of the second quarter, we will study the situation.

正確的。回購是你的第二個問題。從長遠來看，我們將回購我們的股票。這就是計劃。我們何時以及如何回購？我們將不發表任何具體評論。但當你查看往績記錄時，你就會明白，雖然金額不是很大，但我們將回購至我們宣布的金額。還有股息政策和 ACI 未實現虧損之間的關係，我們仍處於第一季度剛剛結束的時間點。這將取決於第二季度的情況如何。將考慮各種因素。不僅是ACI，我們在決定股息時也會研究各種因素，並在第二季度結束後研究情況。

I have a follow-up on question 1. In the presentation Wholesale after July, you said that the start of the new quarter was low overseas. In comparison to April to June quarter, it is slow or on average is it slow? Can you give us more details?

我對問題1進行跟進。在7月之後的批發演講中，您提到海外新季度的開局較低。與 4 月至 6 月的季度相比，是慢還是平均慢？您能給我們提供更多詳細信息嗎？

It's doing better than April and May. I have this feeling that the level of July was at par with the first quarter.

比四月和五月的表現要好。我有這樣的感覺，七月份的水平與第一季度持平。

Now we move to next question. As we couldn't confirm your affiliation, please state your company name and your name.

現在我們進入下一個問題。由於我們無法確認您的隸屬關係，請註明您的公司名稱和您的姓名。

[Otsuka] from SBI Securities. Can you hear me?

[大塚]來自 SBI 證券。你能聽到我嗎？

Yes.

是的。

Page 11 -- maybe could you give an answer to my question one by one. So I'm looking at the global market number on Page 11. In equities in the first quarter, I'd like you to walk me through the equities. I do understand the situation for fixed income. But on a Q-on-Q basis, 2% increase in revenue is achieved. But for Japan, the highest level after the economic bubble. Other security firms are enjoying this situation. Then based upon that situation, your number does not seem so strong though your focus products are different and accounting treatments would be different. But 34% increase Q-on-Q in the case of [Daiwa] and EMEA and Americas must have been weak in your case. So could you give me some concrete information? That's my first question.

第11頁——也許你能一一回答我的問題。因此，我正在查看第 11 頁上的全球市場數據。在第一季度的股票方面，我希望您能帶我了解一下股票。我確實了解固定收益的情況。但環比來看，收入實現了 2% 的增長。但對於日本來說，是經濟泡沫之後的最高水平。其他安全公司也正在享受這種情況。那麼根據這種情況，雖然你們的重點產品不同，會計處理也會不同，但你們的數字看起來並不那麼強勁。但就 [Daiwa] 而言，環比增長了 34%，而就您而言，歐洲、中東和非洲 (EMEA) 和美洲市場肯定較弱。那你能給我一些具體信息嗎？這是我的第一個問題。

Regarding equities, as you pointed out, the interest or attention to Japanese equities is very strong so is execution and derivatives equity products regarding Japan. Those business lines were strong. On the other hand, Americas derivatives relatively speaking I believe the performance was solid, but U.S. securities volume itself has come down so the execution business struggled. In execution of U.S. securities especially without the business, how should I put it? Not just revenue, but there is cost involved. So just because revenue grew, it does not mean that significant bottom line profit remains. That's not the nature of that business. Looking at the revenue, it's not so strong. But when we look at the bottom line, not much difference there.

關於股票，正如您所指出的，人們對日本股票的興趣或關注非常強烈，有關日本的執行和衍生股票產品也是如此。這些業務線很強大。另一方面，美洲衍生品相對而言我認為表現穩健，但美國證券交易量本身已經下降，因此執行業務陷入困境。在執行美國證券尤其是沒有業務的情況下，我該怎麼說？不僅僅是收入，還涉及成本。因此，僅僅因為收入增長，並不意味著仍然存在可觀的底線利潤。這不是該業務的本質。從收入來看，並不是那麼強勁。但當我們看底線時，並沒有太大區別。

Okay. Then that means other than Japan, other regions kind of dragged down the average.

好的。那麼這意味著除了日本之外，其他地區的平均水平也有所下降。

When we look at the adjusted revenue, yes, numbers looked weak; but the profit line other regions did not drag down the average.

當我們查看調整後的收入時，是的，數字看起來很疲弱；但其他地區的利潤線平均水平並未受到拖累。

My second question is a simple question just to confirm my understanding. Last week BOJ's policy meeting resulted in a change in their policy for Japan's fixed income. Is it tailwind? That's my second question.

我的第二個問題是一個簡單的問題，只是為了確認我的理解。上週日本央行的政策會議導致日本固定收益政策發生變化。是順風嗎？這是我的第二個問題。

Thank you for the question. Whether the impact is positive or negative, my straight answer is it is a positive. The Bank of Japan has been quite prudent in their communication. That's my impression. For the time being based upon the real economy, interest rates will change. So the new point of balance seems to be pursued by BOJ. But from the viewpoint of investors, the last few years the large-sized loosening policy has been continued. But finally, it seems to come to the end. That seems to be the view of investors. As a result, certain volatility is produced and client activities will recover. That's our view. In our JGB market, our share is quite high so we will be careful about risk management. But business opportunities I believe will be a tailwind for us.

感謝你的提問。無論影響是積極的還是消極的，我的直接答案是積極的。日本央行的溝通相當謹慎。這是我的印象。暫時根據實體經濟情況，利率會發生變化。因此，新的平衡點似乎是日本央行所追求的。但從投資者的角度來看，近幾年的大規模寬鬆政策一直在延續。但最終，似乎也到了結局。這似乎是投資者的看法。因此，會產生一定的波動，客戶活動將會恢復。這是我們的觀點。在我們的日本國債市場上，我們的份額相當高，所以我們會小心風險管理。但我相信商業機會將成為我們的順風車。

Next question is by Citigroup Securities, Niwa-san.

下一個問題是由花旗集團證券公司丹羽先生提出的。

This is Niwa of Citi. Can you hear my voice?

我是花旗銀行的丹羽。你能聽到我的聲音？

Yes, we are receiving your voice.

是的，我們正在收到您的聲音。

I have 2 questions, Retail and capital policy. I'm looking at Page 5, I have 2 questions. How do you evaluate the recurring revenue? In comparison to midterm plan, frankly speaking, I don't think you've been able to get a good start. How do you foresee the rest of the year? And then secondly on flow revenue. Have there been any changes to the investment appetite of clients, the product range or method of investment? There were many contrarian clients in the past. Have they disappeared? So in the flow revenue, has there been any change to your client attributes? Secondly, capital policy. There could be some update of U.S. capital policy, but is there going to be any impact to your group capital policy?

我有兩個問題，零售和資本政策。我正在看第 5 頁，我有 2 個問題。您如何評估經常性收入？與中期計劃相比，坦白說，我認為你們沒有取得一個好的開始。您如何預測今年剩餘時間？其次是流量收入。客戶的投資偏好、產品範圍或投資方式是否有變化？過去有很多逆向客戶。他們消失了嗎？那麼在流量收入上，你們的客戶屬性有沒有發生變化呢？其次，資本政策。美國的資本政策可能會有一些更新，但這會對你們集團的資本政策產生影響嗎？

On Retail recurring revenue, how do we perceive the level? Against the target of 70%, you said that our performance was slightly lower, but we are not so deeply worried to be frank. If you look at the most recent market rally, it was quite sudden so investors sold for profit taking. So in terms of net increase, yes, there was certain slowness. However, as we take the approach of getting all of the assets from the clients, there would be transaction basis and also investment trust sales to our clients. And as a result, recurring revenue is expected to grow through our continued and sustained efforts. On the other hand, we will be reducing cost so recurring revenue expense coverage ratio will be increasing through our efforts. On the flow side, have there been any changes in our client portfolio? Day in, day out we are checking the changes to clientele. But clients who buy at the dip, there are many such clients and then they would sell to take profit when the prices go up.

對於零售經常性收入，我們如何看待這個水平？相對於70%的目標，您說我們的表現略低，但坦白說，我們並沒有那麼擔心。如果你看看最近的市場反彈，就會發現它非常突然，因此投資者為了獲利而拋售。因此，就淨增長而言，是的，存在一定的放緩。然而，當我們採取從客戶那裡獲取所有資產的方式時，就會有交易基礎，也會有對客戶的投資信託銷售。因此，通過我們持續不斷的努力，經常性收入預計將增長。另一方面，我們將降低成本，從而通過我們的努力提高經常性收入費用覆蓋率。在流量方面，我們的客戶組合有什麼變化嗎？我們日復一日地檢查客戶的變化。但是逢低買入的客戶，這樣的客戶有很多，然後當價格上漲時，他們就會賣出獲利。

So yes, that's the main trend. But as the market rallies, similar actions will be taken. But in the long term, there could be clients buying when prices go up. Do you call them contrarians is quite difficult. When share prices go down -- stock prices go down, yes, they purchase. But when the stock prices continue to go up, we saw some clients purchase at higher prices. So in comparison to historical client sentiment, I think they have become more active. I think we are close to a major turning point in Japanese economy. Wage increase was achieved for the first time in several years, which was bright news, and end of deflation is much talked about. So if we compare where we are in comparison to a decade or 2 ago in terms of Japanese economy, there has been much change. So we are seeing many clients that are interested in investing more. So that is my response to the first question.

是的，這是主要趨勢。但隨著市場反彈，類似的行動也會採取。但從長遠來看，當價格上漲時，可能會有客戶購買。你稱他們為逆向投資者是相當困難的。當股價下跌時——股票價格下跌，是的，他們購買。但當股價繼續上漲時，我們看到一些客戶以更高的價格購買。因此，與歷史客戶情緒相比，我認為他們變得更加活躍。我認為我們已經接近日本經濟的一個重大轉折點。幾年來首次實現工資增長，這是一個好消息，通貨緊縮的結束也成為人們談論的話題。因此，如果我們將日本經濟與十年或兩年前相比，就會發現發生了很大變化。因此，我們看到許多客戶有興趣進行更多投資。這就是我對第一個問題的回答。

Secondly, the capital restrictions in U.S. end of July. Yes, there was information that that will kick in. FRB, FDIC and OCC supervised banks and also capital or assets of $100 billion or higher bank and banking groups will be subjected to such restrictions. At the moment Nomura's America bases, there are several bases we operate in the United States. The FRB, FDIC; our entities are not subject to these regulatory bodies so there will be no direct impact coming in from such regulatory activities, but we will need to analyze more details in the coming weeks. Credit risk calculation methodology may be under review so there could be or there could not be indirect impact. We will be vigilant and analyze to see whether or not there would be indirect impact. Sorry. I do understand that I'm not straightforwardly answering your question, but we have not been able to estimate any indirect impact.

其次，美國7月底的資本限制。是的，有消息稱這將會生效。FRB、FDIC 和 OCC 監管的銀行以及資本或資產超過 1000 億美元的銀行和銀行集團將受到此類限制。目前野村的美國基地，我們在美國運營著多個基地。美國聯邦儲備銀行 (FRB)、聯邦存款保險公司 (FDIC)；我們的實體不受這些監管機構的約束，因此此類監管活動不會產生直接影響，但我們需要在未來幾週內分析更多細節。信用風險計算方法可能正在接受審查，因此可能會產生或不會產生間接影響。我們會保持警惕並分析是否會產生間接影響。對不起。我確實知道我沒有直接回答你的問題，但我們無法估計任何間接影響。

I'm looking forward because retail investors are quite risk appetite now.

我很期待，因為散戶投資者現在風險偏好很高。

(Operator Instructions) As there is no more questions, we would like to finish question-and-answer session. Now we would like to make the closing address by Nomura Holdings.

（操作員說明） 由於沒有更多問題，我們想結束問答環節。現在我們請野村控股公司致閉幕詞。

Thank you very much. Thank you very much for attending. At the Retail division for the first time in a while and since the December quarter of 2020, we've achieved good numbers. But there are still things that we have not been able to accomplish, but our initiatives I believe are starting to bear fruit.

非常感謝。非常感謝您的出席。自 2020 年 12 月季度以來，零售部門一段時間以來首次取得了良好的業績。但仍有一些事情我們未能完成，但我相信我們的舉措正在開始取得成果。

On the other hand for Wholesale, the bottom line profit is not remaining much so that's a huge issue and challenge. But looking at top line towards June, agency mortgage and FX/EM in those areas, we are seeing the sign of recovery. In July due to seasonal factors, the pace has slowed down once again. But as I answered earlier, this situation will not persist because what we see now is seasonal factors. So activities will come back at some point and at that time, we would like to drive our top line.

另一方面，對於批發來說，底線利潤所剩無幾，因此這是一個巨大的問題和挑戰。但從這些領域的 6 月營收、機構抵押貸款和外匯/新興市場來看，我們看到了復甦的跡象。進入7月份，由於季節性因素，節奏再次放緩。但正如我之前回答的，這種情況不會持續下去，因為我們現在看到的是季節性因素。因此，活動會在某個時候恢復，到那時，我們希望推動我們的營收增長。

On the other hand, we faced various issues related to cost structure. It's not unique to Wholesale. In Retail, we are working on various activities. But Retail division revenue grew by 22% while suppressing costs increased by 6%. So that's the tangible result of our initiatives. These initiatives could be implemented at Wholesale as well to reduce cost/income ratio. That is our immediate challenge to address so we will continue our efforts. So thank you for your continued support. Thank you once again for your attendance today.

另一方面，我們面臨與成本結構相關的各種問題。這並不是批發所獨有的。在零售領域，我們正在開展各種活動。但零售部門收入增長了 22%，同時抑製成本增長了 6%。這就是我們舉措的實際成果。這些舉措也可以在批發領域實施，以降低成本/收入比。這是我們當前要解決的挑戰，因此我們將繼續努力。感謝您一直以來的支持。再次感謝您今天的出席。

Thank you for taking your time and that concludes today's conference call. You may now disconnect your lines.

感謝您抽出寶貴的時間，今天的電話會議到此結束。您現在可以斷開線路。

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

[本筆錄中的英語陳述是由現場通話中的口譯員說出的。]