Nomura Holdings Inc (NMR) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to today's Nomura Holdings second quarter operating results for fiscal year ending March 2025 conference call. Please be reminded that today's conference call is being recorded at the request of the hosting company. Should you have any objections, you may disconnect at this point in time.

大家好，歡迎參加今天的野村控股 (Nomura Holdings) 截至 2025 年 3 月財年第二季營運業績電話會議。請注意，今天的電話會議是應主辦公司的要求錄製的。如果您有任何異議，您可以此時斷開連接。

(Operator Instructions) Please note that this telephone conference contains certain forward-looking statements and other projected results, which involve known and unknown risks, delays, uncertainties, and other factors not under the company's control, which may cause actual results, performance or achievement of the company to be materially different from the results, performance, or other expectations implied by those projections.

（操作員說明）請注意，本次電話會議包含某些前瞻性陳述和其他預測結果，其中涉及已知和未知的風險、延遲、不確定性以及其他不受公司控制的因素，可能會導致實際結果、業績或成就公司的業績、業績或這些預測所暗示的其他預期存在重大差異。

Such factors include economic and market conditions, political events and investor sentiment, liquidity of secondary markets, level and the volatility of interest rates, currency exchange rates, security valuations, competitive conditions, and size, number and timing of transactions.

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、利率水準和波動性、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。北村匠海先生，財務長。請繼續。

Good evening. This is Takumi Kitamura, CFO of Nomura Holdings. Let me give an overview of our financial results of the second quarter of the fiscal year ending March 2025 using the document.

晚安.我是野村控股財務長北村匠美。讓我使用該文件概述我們截至 2025 年 3 月的財年第二季的財務表現。

Please turn to page 2. Group-wide net revenue increased 6% quarter-on-quarter to JPY483.3 billion. Income before income taxes grew 29% to JPY133 billion. Net income was JPY98.4 billion, representing a 43% increase over the last quarters. We had a very strong quarter.

請翻到第2頁。集團淨收入較上季成長 6%，達到 4,833 億日圓。所得稅前收入成長 29%，達到 1,330 億日圓。淨利潤為 984 億日元，較上季成長 43%。我們度過了一個非常強勁的季度。

Income before income taxes and net income were both at their highest level since the quarter ended June 2020. All three international regions were part of and some international entities made use of tax loss carried forward, lowering our effective tax rate to 27%. EPS was JPY32.26 and annualized ROE was 11.6%, which is at the upper limit of our 2030 quantitative target of ROE of 8% to 10% or more.

所得稅前收入和淨利潤均創 2020 年 6 月結束季度以來的最高水準。所有三個國際地區都是其中的一部分，一些國際實體利用了結轉的稅收損失，將我們的有效稅率降低至 27%。EPS 為 32.26 日元，年化 ROE 為 11.6%，處於我們 2030 年 ROE 8% 至 10% 或更高量化目標的上限。

Three segment income before income taxes on the bottom right was JPY122.5 billion, marking the sixth straight quarter of gains we were able to deliver operating leverage as all divisions booked higher revenues, and we maintained our control of costs. In wholesale, our cost-to-income ratio improved to 83% and income before income taxes doubled.

右下角的所得稅前三個部門的收入為1,225 億日元，標誌著我們能夠提供營運槓桿的連續第六個季度的收益，因為所有部門都獲得了更高的收入，並且我們保持了對成本的控制。在批發方面，我們的成本收入比提高到 83%，所得稅前收入翻了一番。

Before going into each business in detail, let's first take a brief look at the results of the first half of the fiscal year. Please turn to page 3. The bottom left shows net revenue of JPY937.8 billion, 31% higher than the first half of the previous year. Income before income taxes grew 129% to JPY235.9 billion, while net income increased by 186% to JPY167.3 billion. EPS was JPY54.58 and ROE was 10.1%.

在詳細介紹各項業務之前，我們先簡單回顧一下本財年上半年的業績。請翻到第3頁。左下顯示淨收入為9,378億日元，比去年上半年成長31%。所得稅前收入成長 129%，達到 2,359 億日圓，淨利成長 186%，達到 1,673 億日圓。EPS 為 54.58 日元，ROE 為 10.1%。

The bottom right gives a breakdown of income before income taxes. All divisions reported strong gains with fee segment income before income taxes totaling JPY209.1 billion. This represents more than 70% of March 2025 KGI target of JPY288 billion announced at our Investor Day in May last year.

右下角給出了所得稅前收入的細目。所有部門均報告強勁增長，所得稅前費用部門收入總計 2,091 億日元。這相當於凱基證券去年 5 月投資者日宣布的 2025 年 3 月目標 2,880 億日圓的 70% 以上。

In wealth management, asset management type business gained further grounds to record a 30% increase in recurring revenue while investment management, asset management business continues to gain traction with business revenue at a record high since the division was established.

財富管理、資產管理類業務進一步取得進展，經常性收入成長30%；投資管理、資產管理類業務持續成長，業務收入創部門成立以來的歷史新高。

Both divisions continue to build up stable revenues where we generate revenues based on the level of client assets. In wholesale, all business lines, fixed income, equities and investment banking and all regions reported stronger revenues compared to the same period last year, underscoring progress in diversifying our revenue sources. As revenues grew 30%, we controlled costs to deliver income before income taxes 6.4 times higher than the previous year.

兩個部門都繼續建立穩定的收入，我們根據客戶資產水平產生收入。在批發方面，所有業務線、固定收益、股票和投資銀行以及所有地區的收入均較去年同期有所增長，凸顯了我們在收入來源多元化方面取得的進展。隨著收入成長 30%，我們控制了成本，實現所得稅前收入比前一年高出 6.4 倍。

Based on this performance, today, we announced a JPY23 dividend per share for shareholders of record as of the end of September, giving a dividend payout ratio of 40.6%.

基於這項業績，今天我們宣布向截至 9 月底在冊股東派發每股 23 日圓的股息，股利支付率為 40.6%。

Now let's take a look at the second quarter performance by segment. Please turn to page 6. The percentages I referred to here are all quarter-on-quarter comparisons. Wealth management net revenue increased 2% to JPY116.7 billion and income before income taxes grew 7% to JPY45.3 billion. Income before income taxes was the highest in nine years since the quarter ended June 2015.

現在讓我們按細分市場來看看第二季的表現。請翻到第6頁。我這裡提到的百分比都是季度環比的比較。財富管理淨收入成長 2%，達到 1,167 億日元，所得稅前收入成長 7%，達到 453 億日圓。所得稅前收入創 2015 年 6 月終了季度以來九年來的最高水準。

During this quarter, we witnessed a sharp market adjustment in early August, followed by volatile market conditions. However, our sales partners advised and followed up closely with our clients based on their portfolios and market data, allowing clients to remain relatively calm.

本季度，我們目睹了8月初的市場大幅調整，隨後市場行情波動較大。然而，我們的銷售夥伴根據客戶的投資組合和市場數據向客戶提供建議並密切跟進，讓客戶保持相對平靜。

As we had already been advising clients with a view to medium- to long-term investing and diversification, our clients' unrealized gains have increased and we were able to achieve strong net inflows of recurring revenue assets amid this adjustment phase. As a result, recurring revenue increased 10% to a record high of JPY50.3 billion.

由於我們已經為客戶提供中長期投資和多元化投資建議，客戶的未實現收益有所增加，我們能夠在這一調整階段實現經常性收入資產的強勁淨流入。結果，經常性收入成長了 10%，達到 503 億日圓的歷史新高。

While bonus provisions were up in line with top line performance, we continue to control non-personnel expenses, giving recurring revenue cost coverage ratio of 70% beating our March 2031 target, long ahead of schedule.

雖然獎金準備金與頂線業績一致，但我們繼續控制非人事費用，使經常性收入成本覆蓋率達到 70%，超過了我們 2031 年 3 月的目標，遠遠提前了計劃。

Please turn to page 7 for update on total sales by product. Total sales declined JPY900 billion to JPY5.9 trillion, but this is because last quarter included a tender offer of over JPY1 trillion. Excluding that, sales of stock increased from last quarter. We executed multiple primary transactions and took orders from clients taking advantage of the market volatility from August to buy on the dip resulting in sales of over JPY4 trillion.

請參閱第 7 頁以了解按產品劃分的總銷售額的最新情況。總銷售額下降 9,000 億日圓至 5.9 兆日元，但這是因為上個季度包括超過 1 兆日元的要約收購。排除這一點，庫存銷售額較上季增加。我們執行了多項主要交易，並利用 8 月以來的市場波動接受客戶訂單逢低買入，銷售額超過 4 兆日圓。

Sales of investment trusts and discretionary investments slowed from the strong prior quarter, but remained robust compared to the fourth quarter of the last fiscal year. Sales of insurance products increased on demand for retirement funds and estate planning while sales of products and services easy to transact based on proposals and advice from sales partners remain solid.

投資信託和全權委託投資的銷售較上一季的強勁勢頭有所放緩，但與上一財年第四季相比仍保持強勁。保險產品的銷售因退休基金和遺產規劃的需求而增加，而基於銷售合作夥伴的建議和建議而易於交易的產品和服務的銷售仍然穩定。

Page 8 shows KPIs mostly trending above the fiscal year targets. The top left shows net inflows of recurring revenue assets of JPY438.3 billion, representing a further gain from the robust prior quarter. As a result, net inflows of recurring revenue assets for the six months period were JPY826.2 billion, outstripping our annual target of JPY800 billion.

第 8 頁顯示 KPI 大多趨勢高於財政年度目標。左上方顯示經常性收入資產淨流入 4,383 億日元，較上一季的強勁成長進一步增加。結果，六個月期間的經常性收入資產淨流入為 8,262 億日元，超過了我們 8,000 億日圓的年度目標。

As of the end of September, recurring revenue assets were JPY23.4 trillion, a decline from last quarter due to market factors, but quarterly average remained roughly unchanged. Recurring revenue was at a record high due to changes to our product mix and the fact that some half yearly fees are received in the second quarter. The number of workplace services provided shown on the bottom right was 3.79 million, which is also ahead of our KPI target of 3.66 million.

截至9月底，經常性收入資產為23.4兆日圓，受市場因素影響較上季有所下降，但季度平均值大致維持不變。由於我們的產品組合變化以及第二季度收到了一些半年費，經常性收入創下歷史新高。右下角提供的工作場所服務數量為 379 萬個，也領先我們 366 萬個的 KPI 目標。

Please turn to page 9 for investment management. Net revenue was up 18% at JPY56.1 billion, while net income before income taxes grew 38% to JPY31.9 billion. As you can see in the bottom left, stable business revenue was JPY39.4 billion, marking a record high for quarterly revenue since the division was established.

投資管理請參閱第9頁。淨收入成長 18%，達到 561 億日元，所得稅前淨收入成長 38%，達到 319 億日圓。如左下角所示，穩定的業務收入為394億日元，創下該部門成立以來季度收入的新高。

The asset management business remained strong, while assets under management at the end of September dipped from last quarter, the quarterly average was roughly unchanged. We reported ongoing inflows into products where investment management expertise is required, such as active fund management and private assets giving us a better product mix and higher investment management fees.

資產管理業務依然強勁，雖然9月底管理資產規模較上季下降，但季度平均值基本持平。我們報告稱，資金持續流入需要投資管理專業知識的產品，例如主動式基金管理和私人資產，這為我們提供了更好的產品組合和更高的投資管理費用。

Investment gain loss was up 95% at JPY16.7 billion, driven by significant increase in American Century Investments related valuation gain loss.

受 American Century Investments 相關估值收益損失大幅增加的推動，投資收益損失上升 95%，達到 167 億日圓。

Please turn to page 10 for an update of the asset management business, which generates business revenue. As you see on the top left, assets under management at the end of September is JPY88.8 trillion, down from last quarter due to market factors, but the quarterly average was roughly the same.

產生業務收入的資產管理業務的最新情況請參閱第10頁。如左上圖所示，9月底管理的資產規模為88.8兆日圓，受市場因素影響，較上季度下降，但季度平均值大致持平。

The bottom left shows another quarter of net inflows of JPY1.1 trillion, JPY650 billion of which was into investment trust business and JPY470 billion into the investment advisory and the international business. In the investment trust business, MRF reported over JPY440 billion of outflows, hinting at the prominent shift of funds to new investments excluding ETFs and MRF, investment trusts booked inflows of JPY570 billion into private assets, balanced funds, and global equities across diverse distribution channels, including Nomura Securities regional financial institutions and other securities brokers.

左下角顯示另一季淨流入1.1兆日圓，其中6,500億日圓流入投資信託業務，4,700億日圓流入投資諮詢和國際業務。在投資信託業務方面，MRF報告資金流出超過4,400億日元，暗示資金顯著轉向除ETF和MRF之外的新投資，投資信託透過不同的分銷管道向私人資產、平衡基金和全球股票流入了5700億日圓，包括野村證券區域性金融機構和其他證券經紀商。

ETFs booked inflows of JPY520 billion, mostly into Japan equities. In the investment advisory and international businesses, the international business made a strong contribution, driven by inflows into US high-yield bond funds.

ETF 錄得 5,200 億日元資金流入，其中大部分流入日本股市。在投資諮詢和國際業務方面，國際業務在美國高收益債券基金流入的推動下做出了強勁貢獻。

Next please turn to page 11 for an overview of wholesale performance. Net revenue increased 8% to JPY263.4 billion. As shown on the bottom left, Global Markets revenues grew 6%, while Investment Banking revenues were up 14%. At the same time, wholesale expenses declined 3%, although bonus provisions increased in line with top line performance.

接下來請翻至第 11 頁，了解批發業績概覽。淨收入成長 8%，達到 2,634 億日圓。如左下圖所示，全球市場收入成長 6%，而投資銀行收入成長 14%。同時，批發費用下降了 3%，儘管獎金撥備隨著營收的成長而增加。

Severance-related expenses included in last quarter were no longer present and this combined with yen appreciation to lower cost. As a result, income before income taxes significantly increased by 114% to JPY45.3 billion, and our cost-to-income ratio improved to 83%.

上季包含的遣散費相關費用不再存在，加上日圓升值，成本降低。結果，所得稅前收入大幅增加 114%，達到 453 億日圓，成本收入比提高到 83%。

Please turn to page 12 for an update on each business line. Global Markets net revenue increased 6% to JPY221.1 billion. This quarter saw a spike in volatility on the back of uncertainty over the US economy a sale of tech stocks and geopolitical risks. With this environment, we were able to provide liquidity to the market and monetize robust client flows.

請參閱第 12 頁以了解各業務線的最新資訊。全球市場淨收入成長 6%，達到 2,211 億日圓。由於美國經濟的不確定性、科技股的拋售和地緣政治風險，本季波動性激增。在這種環境下，我們能夠為市場提供流動性，並透過強勁的客戶流動貨幣化。

Fixed income net revenue increased 2% to JPY127.8 billion. Macro products had a good quarter, while with rates looking stronger with revenues from an uptick in client activity in Japan and Americas and FXCM performance improving in AEJ. In spread products, credit slowed in Japan, from a strong prior quarter and securitized products revenues declined primarily in the Americas.

固定收益淨收入成長 2%，達到 1,278 億日圓。宏觀產品季度表現良好，而日本和美洲客戶活動增加帶來的收入以及福匯在 AEJ 業績的改善，使得利率看起來更強勁。在利差產品方面，日本的信貸較上一季的強勁成長放緩，證券化產品收入主要在美洲下降。

Equities net revenue was JPY93.2 billion, up 14% over the first quarter. Financing and derivatives had a strong quarter in Japan and AEJ while equity products revenues grew substantially.

股票淨收入為 932 億日元，比第一季成長 14%。日本和日本和日本的融資和衍生性商品季度表現強勁，而股票產品收入大幅成長。

Please turn to page 13 for investment banking. Net revenue increased 14% to JPY42.3 billion. In Japan, we supported several corporate actions aimed at boosting corporate value, resulting in record high revenue since the fiscal year ended March 2017 when comparisons are possible. By product, advisory revenues grew internationally, driven by EMEA's involvement in high-profile transactions such as acquisition of Britvic by Carlsberg's, UK subsidiary.

有關投資銀行業務，請參閱第 13 頁。淨收入成長 14%，達到 423 億日圓。在日本，我們支持了多項旨在提高企業價值的企業行動，自截至 2017 年 3 月的財年（可以進行比較）以來實現了創紀錄的高收入。按產品劃分，受歐洲、中東和非洲地區參與備受矚目的交易（例如嘉士伯英國子公司收購 Britvic）的推動，國際諮詢收入不斷增長。

Although Japan slowed from the strong performance last quarter, we supported multiple tender offers and management buyouts. Revenues in Financing & Solutions were up markedly. ECM revenues doubled on the back of offerings to sell cross-shareholdings while DCM executed many large insurances, including SoftBank Corp's bond type class shares, SEKISUI HOUSE's subordinated bonds, and INFRONEER Holding's green bond type class shares affairs in Japan.

儘管日本的表現較上季的強勁表現有所放緩，但我們支持多項要約收購和管理層收購。融資和解決方案的收入顯著增長。由於出售交叉持股，ECM 收入翻了一番，同時 DCM 執行了許多大型保險，包括軟銀公司的債券類股票、SEKISUI HOUSE 的次級債券以及 INFRONEER Holding 在日本的綠色債券類股票事務。

Please turn to page 14 for noninterest expenses. Group-wide expenses were roughly flat at JPY350.3 billion. Compensation and benefits were unchanged at JPY184.7 billion. Although bonus compensation increased in line with performance, as mentioned, severance-related expenses declined from last quarter. Commissions and floor brokerage increased due to high trading volume, but other expenses declined 6% on lower professional fees.

有關非利息費用，請參閱第 14 頁。集團整體支出大致持平，為 3,503 億日圓。薪資和福利保持不變，為 1,847 億日元。如同前面所提到的，儘管獎金薪酬隨業績成長而增加，但與遣散費相關的費用較上季有所下降。由於交易量高，佣金和場內經紀費有所增加，但由於專業費用下降，其他費用下降了 6%。

Please turn to page 15 for an update on our financial position. Table on the bottom left showed Tier 1 capital of JPY3.4 trillion, a decrease of approximately JPY150 billion from the end of June. In addition risk-weighted assets declined by JPY900 billion to JPY19.2 trillion, resulting in a Tier 1 ratio -- capital ratio of 17.6% and common equity Tier 1 ratio of 15.7%, both roughly the same as last quarter.

請參閱第 15 頁以了解我們財務狀況的最新資訊。左下表顯示一級資本為3.4兆日圓，較6月底減少約1500億日圓。此外，風險加權資產下降9,000億日圓至19.2兆日圓，導致一級資本比率為17.6%，普通股一級比率為15.7%，兩者與上季大致相同。

That concludes our overview of our second quarter results. To sum up, despite the market volatility this quarter, we achieved annualized ROE of 11.6%. The second quarter of results to consistently achieve 2030 quantitative target of ROE of 8% to 10% or more.

我們對第二季業績的概述到此結束。綜上所述，儘管本季市場波動較大，但我們實現了 11.6% 的年化 ROE。第二季業績要持續達成2030年ROE 8%至10%以上的量化目標。

ROE of 11.6% is the highest since the quarter ended December 2020, at the time wholesale accounted for 60% of three segment income before income taxes. But now earnings are well balanced across three divisions, giving us higher quality ROE.

11.6% 的 ROE 是自 2020 年 12 月結束的季度以來的最高水平，當時批發業務佔所得稅前三個部門收入的 60%。但現在三個部門的獲利非常平衡，為我們帶來了更高品質的股本回報率。

Recurring revenue in wealth management and business revenue in investment management, both of which are sources of stable revenues have increased by nearly 80% since the 2020 December end quarter, lifting our repeat business baseline ROE. We have also diversified our revenue mix in wholesale by growing our equity products and securitized products businesses into second and third pillars to complement our macro products business.

財富管理的經常性收入和投資管理的業務收入都是穩定的收入來源，自 2020 年 12 月末季度以來增長了近 80%，提升了我們的重複業務基線 ROE。我們也透過將股票產品和證券化產品業務發展為第二和第三支柱來補充我們的宏觀產品業務，從而實現批發收入結構多元化。

In October, both wealth management and wholesale slowed down from the strong second quarter as clients increasingly sat in the sidelines, given various political events. That said, wealth management revenues are still trending at a high level, contributing to baseline ROE while wholesale revenue diversification continues.

十月份，由於各種政治事件，客戶越來越多地觀望，財富管理和批發業務均較強勁的第二季放緩。儘管如此，財富管理收入仍處於高水平，有助於提高基準股本回報率，同時批發收入持續多元化。

As demonstrated in the second quarter, we will continue to control costs and take on appropriate risk in line with market conditions as we aim to boost our bottom line.

正如第二季所表明的那樣，我們將繼續控製成本並根據市場情況承擔適當的風險，以提高我們的利潤。

Thank you very much for your continued support.

非常感謝您一直以來的支持。

(Operator Instructions)

（操作員說明）

SMBC Nikko Securities, Muraki-san.

SMBC日興證券，Muraki-san。

SMBC Nikko Securities. This is Muraki speaking. I have two questions. First of all, page 11. This time, as you have explained, in Japan, large ECM deal was gained and performance was strong in Asia. And that applies not just to wholesale, but to wealth management as well. Are these performance is sustainable?

三井住友銀行日興證券。我是穆拉基。我有兩個問題。首先是第11頁。這次，正如您所解釋的，在日本獲得了大型 ECM 交易，並且在亞洲表現強勁。這不僅適用於批發，也適用於財富管理。這些業績是否可持續？

ECM, when I read the press releases, volatility impacted in and after August. So therein after, it hasn't been so strong, despite the strength in July. But regarding Asia, stimulus package in China made a contribution. And in comparison to recent quarters, profits in Asia seem to be stronger. What is your forecast for the months and years ahead? That's my first question.

ECM，當我閱讀新聞稿時，波動性在 8 月及之後產生了影響。因此，儘管 7 月表現強勁，但此後的走勢就沒那麼強勁了。但就亞洲而言，中國的經濟刺激計畫做出了貢獻。與最近幾季相比，亞洲的利潤似乎更強。您對未來幾個月和幾年的預測是什麼？這是我的第一個問題。

Second question is on capital policy. Regarding share buyback, what kind of debate had taken place to reach the conclusion not to buy back shares. And as you read in your report, CET1 ratio target maximum. Regarding the study of setting the maximum, where are you in terms of your discussions?

第二個問題是關於資本政策。關於股票回購，經過什麼樣的爭論才得出不回購股票的結論。正如您在報告中所讀到的，CET1 比率目標為最大值。關於設定最大值的研究，您的討論進度如何？

Thank you very much. On your first question of ECMs in Japan and whether such performance is sustainable. There are many in the pipeline, including large deals and Euro-Yen CB with rate increase. These are some of the areas we are injecting efforts into. In this area, competition is becoming intense, but in the selection of lead managers, we're doing our pitch so that we're not impacted by competition.

非常感謝。關於您關於日本 ECM 的第一個問題以及這種績效是否可持續。還有許多交易正在醞釀中，包括大型交易和升息的歐元-日圓可兌換債券。這些是我們正在投入努力的一些領域。在這個領域，競爭變得越來越激烈，但在選擇首席經理人時，我們正在做我們的宣傳，這樣我們就不會受到競爭的影響。

And in terms of pipeline, there are several potential deals, and we wish to realize those potential deals in the pipeline. Another issue is selling policy holdings, and we think that the level of sales will remain high. Nomura will continue to support the capital policies of our clients. So that's my response regarding sustainability of ECM deals.

在管道方面，有幾項潛在的交易，我們希望實現這些潛在的交易。另一個問題是出售保單，我們認為出售水準將保持在高位。野村將繼續支持客戶的資本政策。這就是我對 ECM 交易可持續性的回應。

Now on to Asia. If we look at the past track record, FX reemerging and credit, they have been the core of our business. More recently, in addition, we have begun to see strength in equity, equity derivative business. And another area is IWM, International Wealth Management. So with the addition of these businesses, we're seeing higher diversification of revenue sources. In the quarter that had just ended, FX emerging made come back, which was an area we had been struggling and the equity team is becoming stronger.

現在轉向亞洲。如果我們回顧過去的記錄，外匯重新崛起和信貸，它們一直是我們業務的核心。此外，最近我們開始看到股票、股票衍生性商品業務的強勁勢頭。另一個領域是IWM，國際財富管理。因此，隨著這些業務的增加，我們看到收入來源更加多元。在剛結束的季度，外匯新興市場捲土重來，這是我們一直在苦苦掙扎的領域，而股票團隊正在變得更加強大。

Muraki-san, as you have rightly pointed out, Chinese equity, Hong Kong equity boosted, but was there that tailwind? I wouldn't deny, but I think more had to do with diversification of revenue sources and widening of coverage in terms of products. And those factors delivered results.

村木先生，正如您正確指出的那樣，中國股市、香港股市都上漲了，但是有那個順風嗎？我不會否認，但我認為更多的是與收入來源的多元化和產品覆蓋範圍的擴大有關。這些因素帶來了成果。

And on your second question, buyback, Basel III will kick in, in March next year, FRTB impact will have to be evaluated. And the impact has become more visible. On the other hand, there are other things on our mind. So we're not denying share buyback as an option. But as we think about many elements, this time around, we decided not to.

關於你的第二個問題，回購，巴塞爾協議 III 將於明年 3 月開始實施，必須評估 FRTB 的影響。而且影響變得更加明顯。另一方面，我們心裡還有其他事情。因此，我們不否認股票回購是一種選擇。但當我們考慮了很多因素後，這次我們決定不這麼做。

But on the other hand, 50% or higher total payout ratio. This has been the external commitment that we had made. So as we proceed into the second half, we will continue to consider such option.

但另一方面，總派息率為50%或更高。這是我們所做的對外承諾。因此，當我們進入下半年時，我們將繼續考慮這個選擇。

And CET1 ratio, maximum ceiling, Basel III impact is being objectively assessed. Frankly speaking, Basel 2.5 versus Basel III, the behavior is different. In the case of Basel III, we would like to monitor more softly. Not to say that we will be on the sidelines for a year or two. But for the time being, we would like to observe the situation to think about what range would be appropriate for our firm.

而CET1比例、最高上限、巴塞爾協議III的影響正在客觀評估中。坦白說，巴塞爾2.5與巴塞爾III的行為是不同的。就巴塞爾協議 III 而言，我們希望進行更溫和的監控。並不是說我們會袖手旁觀一兩年。但目前，我們想觀察情況來考慮什麼範圍適合我們公司。

So next fiscal year, an early timing in next fiscal year, we are hopeful that we will be able to set the ceiling. In terms of the buffer -- not the buffer, but Tier 1 or CET1 range, we will be studying that. And to what extent do we do or not do buy back, those are some of the items that we will continue to consider.

因此，下個財年，在下個財年的早期時間，我們希望能夠設定上限。就緩衝區而言——不是緩衝區，而是 Tier 1 或 CET1 範圍，我們將研究這一點。我們在多大程度上回購或不回購，這些是我們將繼續考慮的一些項目。

Thank you very much. I'm not sure whether I'm supposed to ask, but you said you're thinking about many other things as well. Is that something to do with the regulatory authorities? Or are you thinking about investments?

非常感謝。我不確定我是否應該問，但你說你也在考慮很多其他事情。這和監理機關有關係嗎？還是您正在考慮投資？

Wholesale performance is significantly improving. So in the short run, we may allocate capital to such area. And we've been talking about inorganic opportunities, and we are continuing to pursue such opportunity.

批發業績顯著改善。所以短期來看，我們可能會向這個領域配置資金。我們一直在談論無機機會，並且我們正在繼續尋求這樣的機會。

Thank you very much. Your responses were very clear.

非常感謝。您的回答非常明確。

Kazuki Watanabe-san, Daiwa Securities.

渡邊一樹，大和證券。

Hello, I am from Daiwa. I am Watanabe from Daiwa. I have two questions. First, regarding fixed income business of GM, major US players, 2% decline on a year-on-year basis, but in your case, plus 32% in your case compared to US peers, what was the factors of outperformance of FICC revenue for you?

大家好，我來自大和。我是大和的渡邊。我有兩個問題。首先，關於通用汽車的固定收益業務，美國主要廠商同比下降了2%，但是你們的情況，加上你們的情況比美國同行增長了32%，FICC收入跑贏的因素是什麼？

And the second question is related to wealth management in the July, September quarter? What was the monthly revenue trend. Could you comment on that? And also -- and what was the impact of the plunge of market in August? And how did you address that situation in August? Thank you.

第二個問題與7、9月季度的財富管理有關？每月收入趨勢如何？你能否對此發表評論？還有──八月市場暴跌的影響是什麼？八月您是如何解決這種情況的？謝謝。

Thank you very much. First, regarding fixed income. On a year-on-year basis, we grew greatly, but that's from the start of a low level last year. So last year's level cannot really be something that we can compare this year against. But as mentioned, revenue diversification has progressed, and that is a major point. Securitized products and others have increased in its level.

非常感謝。首先，關於固定收益。與去年同期相比，我們有很大增長，但這是從去年的低水平開始的。所以去年的水準確實不能與今年相比。但正如前面提到的，收入多元化已經取得進展，這是一個重點。證券化產品等水準有所提升。

And in the second quarter, in the area of FX and emerging volatility went up, but we could monetize in those businesses. Also in macro, our rates product which struggled last year has gradually seen recovery of clients' activities. And especially in Americas, client flow increased and which -- and that's something that we could monetize. As a result, on a year-on-year basis, we could achieve a significant improvement and we outperformed our peers and we could gain this market share.

在第二季度，外匯和新興波動性上升，但我們可以在這些業務中獲利。同樣在宏觀方面，去年表現不佳的利率產品已逐漸看到顧客活動的復甦。尤其是在美洲，客戶流量增加了，這就是我們可以貨幣化的東西。因此，與去年同期相比，我們可以獲得顯著的進步，我們的表現優於同行，我們可以獲得這個市場份額。

Regarding your second question, monthly revenue. In July, was the highest in August and September due to market factors, monthly revenues were lower. And in July, equity primary -- we had multiple equity primary deals, so that contributed to our strong performance.

關於你的第二個問題，每月收入。7月、8月和9月是最高的，由於市場因素，月度收入較低。7 月份，股權初級交易——我們進行了多筆股權初級交易，這為我們的強勁業績做出了貢獻。

And in August, as you know, in the early part of August, there was a plunge in the market. And when stock prices were low, some investors bought, but there was a slowness in the market. So we spent sufficient time explaining situation to clients. So the situation in August is something that we could accept.

八月份，大家知道，八月初，市場出現了暴跌。當股價處於低點時，一些投資者買入，但市場表現緩慢。所以我們花了足夠的時間向客戶解釋情況。所以8月的情況是我們可以接受的。

And then in September, the market was not very clear in terms of the direction. And at the Tokyo Stock Exchange and other exchanges, the transaction volumes shrunk in market. So July was the strongest followed by weaker months. Thank you.

然後到了9月份，市場的方向還不是很明確。東京證券交易所等交易所市場交易量萎縮。因此，七月是最強的月份，其次是較弱的月份。謝謝。

Thank you very much for your answer. Regarding the October onward for Wealth Management, what is the level of October compared to the July, August, and September.

非常感謝您的回答。就10月以後的財富管理而言，10月與7月、8月、9月相比處於什麼水準？

So we have just come out from October, I said there is slowness, but it's not really slow. Overall, transaction volume has come down. So we are affected by that. But as operating environment, environment is also weak. So the decline is not so big.

所以我們剛從10月出來，我說有緩慢，但不是真的慢。整體而言，交易量有所下降。所以我們受到了影響。但作為經營環境，環境也較薄弱。所以跌幅並沒有那麼大。

Thank you very much for your answer.

非常感謝您的回答。

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

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，請在聽到靜音公告後說出您的公司名稱和您的姓名。

Now I'm muted.

現在我靜音了。

BofA, Tsujino speaking. I have two questions. First, you've been talking about equity and fixed income and high performance in Q2. But since the beginning of October, assuming there has been change, where have those changes occurred?

美國銀行，Tsujino 發言。我有兩個問題。首先，您一直在談論第二季的股權和固定收益以及高績效。但自10月初以來，假設發生了變化，那麼這些變化發生在哪裡呢？

Second question, ACI. Volatility has, this time around, delivered positive results, but your hedging and yet you are able to lock in such significant gains. How is this being achieved? Is it discount rate of interest rates? And to what extent did that contribute? But it's really difficult to understand why this large gain then in Q3, will it return to the other way around? Will there be a reversal?

第二個問題，ACI。這一次，波動帶來了積極的結果，但你的對沖仍然能夠鎖定如此顯著的收益。這是如何實現的？是利率的折現率嗎？這在多大程度上做出了貢獻？但真的很難理解為什麼第三季這麼大的漲幅，會不會又反過來呢？會出現反轉嗎？

So interest rate and the AUM increasing. So the positive factor of rate came back -- will it come back in Q3? So is this JPY17 billion, JPY18 billion, can you give us a breakdown of factors and how they contributed?

因此利率和資產管理規模不斷增加。那麼利率的正面因素又回來了——會在第三季回來嗎？那麼這是170億日元還是180億日元，您能給我們詳細介紹一下因素以及它們是如何貢獻的嗎？

Thank you, Tsujino. Let me try to respond. The slight slowness in October was caused mainly by macro factors, equity and securitized products. Equity and securitized products are doing well. But since the beginning of October, ForEx emerging and rates, there has been slight sluggishness in these areas. Rates trend is uncertain and dollar rate has become rather uncertain. So these are factors that we can't avoid.

謝謝你，辻野。讓我試試回應一下。10月成長小幅放緩主要是受宏觀因素、股票及證券化產品影響。股票和證券化產品表現良好。但自10月初以來，外匯新興市場和利率等領域出現了小幅低迷。利率走勢不確定，美元匯率也變得相當不確定。所以這些都是我們無法迴避的因素。

And on this point, next week, there will be the presidential election in the United States. And it is considered that it will take four or five days for the accounts to be announced. And that's taken into consideration by the investors, and they are on the sidelines taking wait-and-see attitude. But dry powder is piling up. So in the second half, we think that there will be a comeback of activities in the market.

而就這一點而言，下週，美國將舉行總統大選。而且估計要四、五天才能公佈帳目。投資者也考慮到了這一點，他們持觀望態度。但乾粉正在堆積。所以下半年，我們認為市場活動將會捲土重來。

And on ACI, I am not able to comment on the details, but the factor for markup, one, AUM has increased, partly driven by market factors, but their business is strong and AUM is increasing with investments increasing. Their business is strong. That has led to increased AUM. That part is difficult to hedge, so of course, that remains a gap.

至於ACI，我無法評論細節，但加價因素一是AUM增加了，部分是由市場因素推動的，但他們的業務很強勁，AUM隨著投資的增加而增加。他們的生意很強勁。這導致資產管理規模增加。這部分很難對沖，所以當然，這仍然是一個缺口。

And rate decline is one of the major contributors to the big markup. It's not that why we do 100% hedge on a fully hedged basis. So in the end, this was positive when rates go up, of course, it would go to the reverse direction. But as I said, it's partly hedged. So it depends on the degree. To what extent will that deliver results. Thank you.

利率下降是大幅加價的主要原因之一。這並不是我們在完全對沖的基礎上進行 100% 對沖的原因。所以最終，當利率上升時，這是積極的，當然，它會走向相反的方向。但正如我所說，它是部分對沖的。所以這取決於學位。這會在多大程度上帶來成果。謝謝。

This time, in these numbers, is it half-half, what's the breakdown? What's the contribution of AUM increase? Is that the majority? Or do you think that the rate impact was bigger than AUM? Or is it difficult to answer?

這次，在這些數字中，是一半一半，細分是多少？AUM成長的貢獻是什麼？這是大多數嗎？還是您認為利率影響比資產管理規模更大？還是很難回答？

Stock prices are going up, so AUM has increased, partly driven by stock price increase and the business expansion also was a contributor. So each factor had made impacts. I cannot make a clear comment regarding the breakdown, but both factors were both significant contributors.

股價上漲，因此資產管理規模增加，部分原因是股價上漲，業務擴張也是因素。所以每個因素都會產生影響。我無法對故障做出明確的評論，但這兩個因素都是重要的促成因素。

Thank you very much.

非常感謝。

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

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，請在聽到靜音公告後說出您的公司名稱和您的姓名。

Now I'm muted.

現在我靜音了。

Yeah, I'm [Ari] from JP Morgan Securities. Thank you. I have two questions. First question, regarding wholesale cost-income ratio improvement. So 83% was achieved this time. Regarding top line, the revenue diversification has advanced, as you mentioned. So regarding cost reduction, so severance-related costs came down, but operational efficiency improvement and what is the progress of the core cost reduction?

是的，我是摩根大通證券公司的 [Ari]。謝謝。我有兩個問題。第一個問題，關於批發成本收入比的改善。所以這次達到了83%。就營收而言，正如您所提到的，收入多元化已經取得進展。那麼關於成本降低，那麼遣散費相關的成本下降了，但是營運效率的提高以及核心成本降低的進展如何？

My second question is also related to cost of wealth management. So non-personnel cost was reduced according to the explanation in the slide. But what is the content and what more room for saving is there for wealth management's cost? So those are my two questions.

我的第二個問題也與財富管理成本有關。因此，根據投影片中的解釋，非人員成本減少了。但財富管理成本的內容是什麼，還有哪些節省的空間呢？這是我的兩個問題。

Thank you very much for your questions. Firstly, regarding cost income ratio of wholesale, is it sufficient? No, we are not satisfied yet, but 83% was achieved this time. So as the direction, it is the positive direction. All along, we had SRC driven cost saving initiatives and SRC initiatives -- out of SRC initiatives, JPY50 billion cost saving measures have been implemented already. So now the effects of savings are now materializing.

非常感謝您的提問。首先，批發的成本收入比是否足夠？不，我們還不滿意，但這次達到了83%。所以說方向，就是正方向。一直以來，我們都有SRC驅動的成本節約措施和SRC措施——在SRC措施中，已經實施了500億日圓的成本節約措施。所以現在儲蓄的效果正在顯現。

But the large picture, operating model change for IT architecture transformation -- such areas where we have specific measures that are waiting to be implemented. So we would like to do more from here. So overseas, there's inflationary environment. So various cost -- upward cost pressure is mounting. But by suppressing such cost, we would like to tightly control costs.

但從大局來看，IT 架構轉型的營運模式已經改變了——在這些領域，我們有具體的措施等待實施。因此，我們希望從這裡做更多事情。所以在海外，有通貨膨脹的環境。因此，各種成本上升的壓力正在加大。但透過抑制此類成本，我們希望嚴格控製成本。

Regarding wealth management cost control. Compared to wholesale, wealth management cost saving has been going ahead of wholesale. As we looked at all systems and various types of costs, we have eliminated what is not necessary. So JPY20 billion of cost saving was identified, and we have implemented measures to achieve that, and we are seeing the effect of that.

關於財富管理成本控制。與批發相比，理財成本節約一直領先批發。當我們審視所有系統和各種類型的成本時，我們已經消除了不必要的東西。因此，確定了 200 億日圓的成本節約，我們已經採取了措施來實現這一目標，我們正在看到其效果。

But the review of wealth management cost was based mostly on the removal of unnecessary costs, but we are now in the next stage where we are revisiting the entire picture. For example, operational front to back process review is conducted. For example, how much cost is being incurred in which department.

但對財富管理成本的審查主要是基於消除不必要的成本，但我們現在正處於下一階段，我們正在重新審視整個情況。例如，進行營運前後流程審查。例如，哪個部門產生了多少成本。

So from wealth partners, wealth sales partners to operating centers. We are looking at every detail in our efforts to change operational structure and such initiative has started we're expecting the result to come out from such initiatives down the road.

所以從財富合夥人、財富銷售合夥人到營運中心。我們正在研究改變營運結構的努力中的每一個細節，此類舉措已經開始，我們期待此類舉措今後能夠取得成果。

Thank you very much for your answer. Thank you very much. I clearly understood.

非常感謝您的回答。非常感謝。我清楚地明白了。

Now we move to next question. As we couldn't confirm your affiliation, please state your company name and your name after hearing I'm muted announcement.

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，請在聽到「我已靜音」公告後註明您的公司名稱和您的姓名。

Now I'm muted.

現在我靜音了。

SBI Securities. My name is Otsuka. Thank you very much. There's an overlap with the question asked before myself, that wholesale cost ratio. In your explanation, Kitamura san, you said that it's -- there could be the issue of ForEx and revenue, but again, we understand that this is sustainable. There was a sudden improvement between Q1 and Q2. So what would be the standard level?

SBI 證券。我叫大塚。非常感謝。這與我之前提出的問題有重疊，即批發成本比率。Kitamura san，在您的解釋中，您說可能存在外匯和收入問題，但我們再次理解這是可持續的。Q1和Q2之間突然有所改善。那麼標準水平是多少呢？

Thank you very much. 83% cost ratio, expense ratio in comparison to last year, it's much more comfortable. We are controlling cost and this time around revenue increased, which was a major factor. As I explained in the previous question and answer dialogue, cost control will be continued. Separate from the level of revenue, we will steadfastly continue to implement cost control initiatives. If we can maintain this level of revenue, naturally, the cost ratio is achievable. And there's further room for reduction.

非常感謝。成本比83%，費用比去年相比，舒服多了。我們正在控製成本，這次收入增加了，這是一個主要因素。正如我在先前的問答對話中所解釋的，成本控制將繼續下去。除了收入水平之外，我們將堅定不移地繼續實施成本控制措施。如果我們能維持這個收入水平，自然成本比是可以達到的。而且還有進一步削減的空間。

Thank you very much. Second question, page 26. JPY4,623 billion inflows of cash and securities, are quite strong JPY1,649 billion for Q2, what -- can you explain the background factors for the strong inflows of cash and securities? I asked a similar question in your results announcement for Q1, but I repeat the same question. Thank you.

非常感謝。第二個問題，第 26 頁。現金和證券流入 46,230 億日元，相當強勁，第二季為 16,490 億日元，您能解釋一下現金和證券強勁流入的背景因素嗎？我在第一季的業績公告中問了類似的問題，但我重複同樣的問題。謝謝。

What's the backdrop of money coming in? The business strategy turnaround has made contributions to our performance. New customers, acquisition of new clients is proceeding well. And when we look inside, the impact from existing customers seems to be bigger. As a result of segmentation, per sales partner, the number of customers has become more focused. So our partners can offer more thorough and comprehensive service to each and every customer.

資金流入的背景是什麼？業務策略的轉變為我們的業績做出了貢獻。新客戶、新客戶的取得進展順利。當我們審視內部時，現有客戶的影響似乎更大。透過細分，每個銷售合作夥伴的客戶數量變得更加集中。這樣我們的合作夥伴才能為每位客戶提供更徹底、更全面的服務。

And in the end, the satisfaction from our customers has improved. And our sales partners have been able to foster stronger trust with their customers. And these customers are customers with large asset holdings to begin with. So with the improvement of satisfaction and trust, they may choose to offer Nomura more money.

最終，客戶的滿意度有所提升。我們的銷售夥伴也能夠與客戶建立更牢固的信任。而這些客戶本來就是擁有大量資產的客戶。因此，隨著滿意度和信任度的提高，他們可能會選擇向野村證券提供更多資金。

And workplace business with IB and with wealth management, they have a common KPI as they engage in business activities. As you know, IB has a very robust franchise, which will be leveraged to offer these solutions to our corporate clients. Human resources investment is an area where many of our customers have become keenly interested. So it's become easier to offer our proposals and solutions.

而職場業務中的IB和財富管理，他們在從事業務活動時有一個共同的KPI。如您所知，IB 擁有非常強大的特許經營權，我們將利用這些特許經營權為我們的企業客戶提供這些解決方案。人力資源投資是我們許多客戶非常感興趣的領域。因此，提供我們的建議和解決方案變得更加容易。

Of course, there are differences company by company, and we are providing customized approach depending on the requirements of our corporate clients. And also alliance is expanding. So new introduction and sales is doing -- going on well.

當然，每家公司都有差異，我們會根據企業客戶的要求提供客製化的方法。而且聯盟也在不斷擴大。因此，新產品的推出和銷售進展順利。

Thank you very much. I have a follow-up question. Next page, page 27. Accounts with balance equity holding accounts in this quarter, 360,000 accounts with balance and 280,000 equity holdings accounts had an increase. What was the reason behind?

非常感謝。我有一個後續問題。下一頁，第 27 頁。本季持股帳戶餘額增加，持股帳戶數增加36萬戶，持股帳戶數增加28萬戶。背後的原因是什麼？

LINE securities were taken over by Nomura Securities. That's why.

LINE 證券被野村證券收購。這就是原因。

Thank you very much.

非常感謝。

Ban-san, Bloomberg Intelligence.

班桑，彭博資訊。

Thank you very much. Regarding recurring revenue asset, I have three questions. First, revenue divided by assets. So when we calculate the ratio compared to the previous quarter, the ratio has come up. And even when you I calculate the average. So maybe that's due to the change in the mix. And -- but there was an explanation previously provided that the marginal return on asset does not go up, but was there a change in the mix that contributed to the improvement in the ratio?

非常感謝。關於經常性收入資產，我有三個問題。首先，收入除以資產。因此，當我們計算與上一季相比的比率時，該比率已經上升。即使當你我計算平均值。所以也許這是由於混合的變化所造成的。而且——但之前有一個解釋是資產邊際報酬率沒有上升，但是組合的變化是否導致了比率的改善？

And secondly, seasonality-driven improvement, recurring revenue, what kind of recurring revenue is seasonally driven? With such recurring revenue seasonally driven go up in the third or fourth quarter as well as the second quarter?

其次，季節性驅動的改善，經常性收入，什麼樣的經常性收入是季節性驅動的？在這樣的經常性收入季節性驅動下，第三季、第四季以及第二季會成長嗎？

And then thirdly, recurring revenue is steadily increasing. But what is going to be the pace or speed? Is there going to be a major driver that will accelerate the speed of expansion. For example, in the second half, there will be large IPOs. And when you have deal flows, we did accelerate. And when workplace business become more active, would it accelerate the recurring revenue. So what kind of changes do you expect will serve as the driver that will accelerate the recurring revenue? Thank you.

第三，經常性收入穩定成長。但步調或速度是多少呢？是否會有一個主要的驅動力來加速擴張的速度？例如下半年會有大宗IPO。當有交易流時，我們確實加速了。當職場業務變得更加活躍時，是否會加速經常性收入。那麼您預期什麼樣的變化將成為加速經常性收入成長的驅動力？謝謝。

Thank you very much for your question. Firstly, in terms of product mix, significant change is not expected as I believe I explained. But it is not that there is no impact for example, private asset type or alternative-type assets. When they flow in, then margin or return will go up. So product mix had some effect.

非常感謝您的提問。首先，就產品組合而言，正如我所解釋的那樣，預計不會發生重大變化。但並不是說沒有影響，例如私人資產類型或另類資產。當它們流入時，利潤或回報就會上升。所以產品組合有一定的影響。

And regarding seasonal factors, so semiannual fee that we received in September and in March, we received semiannual fee. So in the fourth quarter and the second quarter, so there is a tendency of boost from the semiannual fee because of the timing of receiving such fees. And from here, how do we further increase the revenue?

考慮到季節性因素，所以我們在九月和三月收到的半年費，我們收到了半年費。因此，在第四季度和第二季度，由於收取此類費用的時間，半年費有增加的趨勢。那麼從這裡開始，我們要如何進一步增加收入呢？

We have advisory services, which we would like to strengthen further. Rather than pursuing transactions we would like to closely manage clients' portfolio and provide advice. So when customer satisfaction or trust owners grow, then we expect them to shift more assets to Nomura.

我們有諮詢服務，我們希望進一步加強這項服務。我們不想追求交易，而是希望密切管理客戶的投資組合併提供建議。因此，當客戶滿意度或信任所有者成長時，我們預期他們會將更多資產轉移到野村證券。

In the past transaction with Nomura Securities centered on flow or equities transactions, but I believe there is a gradual shift. But by increasing the level of our services, we could expect customers to shift their portfolio more to Nomura, that is going to be the biggest driver.

過去與野村證券的交易主要以流量或股權交易為主，但我相信正在逐漸轉變。但透過提高我們的服務水平，我們可以期望客戶將他們的投資組合更多地轉移到野村證券，這將是最大的推動力。

Thank you very much. I understood.

非常感謝。我明白了。

Citigroup Securities, Niwa-san

花旗證券、丹羽先生

This is Niwa of Citi. Thank you very much. I have a couple of questions. First, M&A. Another question, wealth management segment. So one question each. First, M&A targets, to date, at large meetings, you talked about asset management area being the target of M&A. Is that the right understanding? And if possible, what's the missing piece for Nomura?

我是花旗銀行的丹羽。非常感謝。我有幾個問題。第一，併購。另外一個問題，財富管理板塊。所以每人一個問題。第一，併購目標，到目前為止，在大型會議上，您談到資產管理領域是併購的目標。這是正確的理解嗎？如果可能的話，野村證券缺少什麼？

The reason I asked this question, recently, in alternatives, there have been some attractive deals. And recently, large financial institutions, asset management, M&A appetite has risen quite significantly. And yet I think there are too many players do you still want to go in. So that's my first question?

我之所以問這個問題，是因為最近在替代品方面出現了一些有吸引力的交易。而近期，大型金融機構的資產管理、併購胃口上升頗為明顯。但我認為玩家太多了，你還想進去嗎？這是我的第一個問題？

Secondly, in Wealth Management, new acquisition, new customers. My question will overlap with Otsuka-san's question. But in the previous quarter, you talked about private wealth management, high net worth, and you're doing well in terms of acquisition of new customers through reference.

其次，在財富管理方面，新收購、新客戶。我的問題將與大塚先生的問題重疊。但上個季度你講了私人財富管理、高淨值，透過參考獲新客戶方面你做得很好。

And when we just take a look at the acquisition of new customers, the number seems to have gone down. Is this a onetime off trend? Or do you think that you've gained enough new customers so that there will be a slowdown? Or do you still have more room for increasing number of customers?

當我們只看一下新客戶的獲取時，數量似乎有所下降。這是一次性的流行趨勢嗎？或者您認為您已經獲得了足夠的新客戶，因此增速會放緩嗎？或者你還有更多的空間增加客戶數量嗎？

Thank you very much. First of all, on the target of M&A, asset management, is that a target area? Yes. It continues to be our target area. What's our missing piece? NAM is the biggest asset management company in Japan. In terms of foreign equity management, we are proud to have a certain track record, but the focus is limited. That taken into consideration.

非常感謝。首先，關於併購的目標，資產管理，這是目標領域嗎？是的。它仍然是我們的目標區域。我們缺什麼？NAM是日本最大的資產管理公司。在外資股權管理方面，我們自豪地擁有一定的業績記錄，但重點有限。考慮到這一點。

I think it's right to say that the rest is a missing piece. And of course, we're interested in alternatives. But valuation-wise, we are watching at the expensive price. So where is the market? What's the opportunity? And how much room do we have in terms of our capital? We will continue to monitor the situation.

我認為說其餘部分是缺少的部分是正確的。當然，我們對替代方案感興趣。但就估值而言，我們正在關注昂貴的價格。那麼市場在哪裡呢？有什麼機會？我們的資本還有多少空間？我們將繼續關注事態發展。

On the acquisition of new customers, it's not that we're trying to build up the number of customers. Our priority is rather than seeking maximization of the number of customers, we want quality customers. We want to attract quality customers. We want to offer services to quality customers.

在獲取新客戶方面，我們並不是想要努力增加客戶數量。我們的首要任務不是尋求客戶數量的最大化，我們需要優質的客戶。我們希望吸引優質客戶。我們希望為優質客戶提供服務。

As I already mentioned, per partner, the number of customers, one partner covers has been reduced. So that means that the time each partner spend per customer is longer, so more services being provided to customers. And there's higher satisfaction so much so that we want our customers to refer us to friends and families. And the partners have more time.

正如我已經提到的，每個合作夥伴的一個合作夥伴覆蓋的客戶數量已經減少。因此，這意味著每個合作夥伴為每個客戶花費的時間更長，因此可以為客戶提供更多服務。而且滿意度更高，因此我們希望客戶將我們推薦給朋友和家人。而且合作夥伴有更多的時間。

So when I talk with partners, I think there is a more of a mood to try to cultivate new customers. So in the first half, the opening of new accounts has risen quite significantly. You said that there's lack of visibility, and that's something that we need to think about. But we will continue to expand the coverage of our customers.

所以我和夥伴交談的時候，我覺得更多的是一種嘗試培養新客戶的心情。所以上半年新開戶成長還是比較明顯的。你說缺乏可見性，這是我們需要思考的問題。但我們會繼續擴大客戶的覆蓋範圍。

Thank you very much. Sorry, I haven't done enough homework, but on M&A opportunity, you are the biggest company in the sector, but in terms of customers, I don't understand where the customers are in terms of new customers who still don't have a transaction with Nomura, do you think that the customer number can grow double, triple of where it lies today?

非常感謝。抱歉，我做的功課還不夠，但是在併購機會上，你們是這個行業最大的公司，但是就客戶而言，我不明白客戶在哪裡，就新客戶而言，他們還沒有如果與野村證券進行交易，您認為客戶數量會比現在增加一倍、三倍嗎？

Thank you very much. It's also partly due to the segmentation of our customers. To a certain extent, yes, we have customer coverage, but -- what about the potential? I think there still is huge potential. Maybe a customer has opened an account but not deposited much money. And there are inactive customers.

非常感謝。部分原因是我們客戶的細分。在某種程度上，是的，我們有客戶覆蓋範圍，但是——潛力如何？我認為仍然有巨大的潛力。也許客戶已經開設了帳戶，但沒有存入太多資金。還有不活躍的客戶。

So this customer has an open account, and we want to attract the customers to do more transactions with Nomura and new emerging customers who are about to become the next-generation high net worth. We want to reach out more to such customers too.

所以這個客戶有一個開放帳戶，我們希望吸引客戶與野村以及即將成為下一代高淨值的新興客戶進行更多交易。我們也希望能更多地接觸這類客戶。

For example, one area we are focusing on is workplace. I think this could become a gigantic market. And Niwa-san, you've observed overseas markets. So you know well the characteristics of such segment. And there is enormous potential in such a market. So we will continue our approach to the workplace business and reach out to those customers. We've been able to reach out to customers, but there still remains areas where we haven't yet been able to reach out.

例如，我們關注的一個領域是工作場所。我認為這可能會成為一個巨大的市場。還有丹羽先生，您觀察過海外市場。所以你很了解這個細分市場的特色。這樣的市場潛力大。因此，我們將繼續我們的工作場所業務方針並接觸這些客戶。我們已經能夠接觸到客戶，但仍有一些領域我們尚未能夠接觸到。

Thank you very much. That was a clear answer. Thank you.

非常感謝。這是一個明確的答案。謝謝。

It's time to finish and we would like to conclude question-answer session. If you have some more questions, please ask our Nomura Holdings IR Department. In the end, we would like to make closing address by Nomura Holdings.

是時候結束了，我們想結束問答環節。如果您還有其他疑問，請諮詢我們的野村控股 IR 部門。最後，我們請野村控股致閉幕詞。

Thank you very much. So Q2 result was pretty strong. As we analyze our performance from various perspectives. And for example, in Wealth Management, PTI margin over the last year, we have seen great progress. Looking back on the past year, there has been a tailwind of market, and we do understand that. But more than that, our own measures took effect and resulted in numbers.

非常感謝。所以第二季的結果相當強勁。當我們從不同的角度分析我們的表現。比如說在財富管理方面，去年PTI的利潤率我們看到了很大的進步。回顧過去的一年，市場順風順水，我們確實理解這一點。但更重要的是，我們自己的措施發揮了作用並產生了數字。

For wholesale has been struggling for a while, but we are starting to see bright sign in wholesale, even though we are not satisfied with where we are. 11.6% of ROE, you would wonder whether it is sustainable or not. So we would like to deliver such a level of number in a stable manner. So for that, we would like to diversify revenue and generate high-quality revenue, while at the same time, controlling cost and risk. So we would like to do our best to deliver the good performance. And thank you for your continued support. Thank you.

批發業已經掙扎了一段時間，但我們開始看到批發業的光明跡象，儘管我們對現狀並不滿意。 11.6%的ROE，你會懷疑它是否可持續。所以我們希望以穩定的方式提供這樣的數量。為此，我們希望實現收入多元化，創造高品質的收入，同時控製成本和風險。因此，我們希望盡最大努力提供良好的表現。感謝您一直以來的支持。謝謝。

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

感謝您抽出寶貴時間。今天的電話會議到此結束。現在您可以斷開線路。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本筆錄中的英語陳述是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。