Nomura Holdings Inc (NMR) 2026 Q2 法說會逐字稿

Thank you very much. This is Moriuchi, CFO. I will now give you an overview of our financial results for the second quarter of the fiscal year ending March 2026. Please turn to page 2.

非常感謝。這是財務長森內先生。現在我將向大家概述一下截至 2026 年 3 月的財政年度第二季的財務表現。請翻到第2頁。

Group-wide net revenue came in at JPY515.5 billion, down 2% from last quarter. Income before income taxes fell 15% to JPY136.6 billion, while net income was JPY92.1 billion, down 12%.

集團整體淨收入為5,155億日元，較上一季下降2%。稅前利潤下降 15% 至 1,366 億日元，淨利為 921 億日元，下降 12%。

Excluding gains from the sale of real estate recorded in the previous quarter, net revenue was up 10% and net income was up 40%, reflecting steady growth.

剔除上一季房地產銷售收益，淨收入成長 10%，淨利成長 40%，反映出穩定成長。

Earnings per share for the quarter were JPY30.49 and return on equity was 10.6%, reaching the quantitative target for 2030 of 8% to 10% or more for the sixth consecutive quarter.

本季每股收益為 30.49 日圓，股本回報率為 10.6%，連續第六個季度達到 2030 年 8% 至 10% 或更高的量化目標。

In addition, income before income taxes in the three international regions rose 63% to JPY44.9 billion, marking the ninth consecutive quarter of profitability. For all four divisions in total, income before income taxes rose 25% to JPY132.6 billion.

此外，三大國際地區的所得稅前利潤成長63%至449億日元，連續第九個季度獲利。四個部門合計稅前利潤成長25%，達到1326億日圓。

In wealth management, the balance of recurring revenue assets and recurring revenue saw a net inflow for the 14th consecutive quarter, reaching an all-time high and in investment management, assets under management also reached an all-time high on a 10th consecutive quarter of net inflows, revenues and profits rose in both divisions.

在財富管理方面，經常性收入資產與經常性收入的平衡連續第 14 個季度實現淨流入，創歷史新高；在投資管理方面，管理資產也連續第 10 個季度實現淨流入，創歷史新高，兩個部門的收入和利潤均有所增長。

In wholesale, the overall trend of growth in both revenue and profits strengthened further, with net revenue and equities reaching a record high in global markets and momentum remains strong in investment banking too. The banking division established in April also performed well.

在批發業務方面，營收和利潤的整體成長趨勢進一步加強，全球市場的淨收入和權益均創歷史新高，投資銀行業務的成長動能也依然強勁。四月成立的銀行部門也表現出色。

Before we go into details for each business, let us first take a look at the performance in the first half of the fiscal year. Please turn to page 3.

在詳細介紹每個業務之前，讓我們先來看看本財年上半年的業績。請翻到第3頁。

As shown on the bottom left, income before income taxes rose 26% year on year to JPY296.9 billion. Net income rose 18% to JPY196.6 billion, and earnings per share came in at JPY64.53. Return on equity rose to 11.3% as medium to long-term initiatives steadily bore fruit.

如左下角所示，所得稅前收入年增 26%，達到 2,969 億日圓。淨利成長18%至1966億日元，每股收益為64.53日圓。由於中長期措施穩定取得成效，股本回報率上升至11.3%。

In addition, group revenue rose by 11% and profits benefited from cost controls and operating leverage with a cost leverage cost coverage ratio of 71%. Please see the bottom right for a breakdown of income before income taxes. Income before income taxes at the four main divisions rose 11% to JPY238.4 billion.

此外，集團收入成長了 11%，利潤受益於成本控制和經營槓桿，成本槓桿成本覆蓋率為 71%。請查看右下角以了解稅前收入明細。四大業務部門稅前利潤成長11%，達到2,384億日圓。

Growth in recurring business revenue in wealth management and investment management helps to stabilize overall performance, and wholesale continued its self-sustained growth based on the principle of self-funding, enabling income before income taxes to rise substantially, thereby driving overall performance. Banking got off to a good start and has made progress with preparations for the introduction of a deposit sweep service next fiscal year.

財富管理和投資管理經常性業務收入的成長有助於穩定整體業績，批發業務繼續按照自籌資金的原則實現自給自足的增長，使得所得稅前收入大幅上升，從而推動了整體業績。銀行業開局良好，在為下一財政年度推出存款自動轉帳服務所做的準備工作方面取得了進展。

In view of this performance, for the period ended September 2025, we expect to pay a dividend of JPY27 per share. This works out at a dividend pay ratio of 40.3%. Please turn to page 4.

有鑑於此業績，我們預計截至 2025 年 9 月的期間將派發每股 27 日圓的股息。這樣算下來，股利支付率為 40.3%。請翻到第4頁。

This time we have added this slide to our presentation. We calculate stable revenues as the sum of recurring revenue at wealth management, business revenue at investment management, and revenue at banking.

這次我們在簡報中新增了這張投影片。我們將穩定收入計算為財富管理的經常性收入、投資管理的業務收入和銀行業務收入的總和。

Steady growth in recurring assets in both wealth management and investment management shown on the left, has resulted in strong growth in stable revenues as shown in the graph on the right.

左側圖表顯示，財富管理和投資管理領域的經常性資產穩定成長，從而帶來了穩定的收入的強勁成長（如圖右側圖表所示）。

And banking has been steadily increasing its recurring business, including loans outstanding and trust balance, thereby expanding its foundation for growth.

銀行業經常性業務（包括未償還貸款和信託餘額）穩定成長，從而擴大了其成長基礎。

Now, we will look at the second quarter results for each division. Please turn to page 7. All percentages discussed from now on are based on a quarter-on-quarter comparison.

現在，我們將看一下各部門第二季的業績。請翻到第7頁。以下所有百分比均基於季度環比比較。

Wealth management net revenue increased 10% to JPY116.5 billion, and income before income taxes grew 17% to JPY45.5 billion. Income before income taxes was the highest in about 10 years since the quarter ended June 2015.

財富管理淨收入成長10%至1165億日圓，所得稅前利潤成長17%至455億日圓。稅前利潤是自 2015 年 6 月季度結束以來近 10 年來的最高水準。

Recurring revenue and the balance of recurring revenue assets both reached record highs as recurring revenue assets saw a net inflow for the 14th consecutive quarter. As major equity markets rose to fresh highs during the quarter, client activity increased and flow revenue registered strong growth. Meanwhile, the pre-tax profit margin reached a high level of 39%, buoyed by ongoing cost controls. The recurring revenue cost coverage ratio for the last 4 quarters came to 70%, leading additional stability to the division's performance.

經常性收入和經常性收入資產餘額均創歷史新高，經常性收入資產連續第 14 季實現淨流入。本季主要股票市場屢創新高，客戶活動增加，資金流動收入也實現了強勁成長。同時，由於持續的成本控制，稅前利潤率達到了39%的高點。過去四個季度的經常性收入成本覆蓋率達到 70%，為該部門的業績帶來了額外的穩定性。

Please turn to page 8, where you can see an update on total sales by product.

請翻到第 8 頁，您可以在那裡看到按產品劃分的總銷售額更新。

Total sales declined around JPY300 billion to JPY6.4 trillion, but this was owing to a tender offer in excess of CNY1 trillion during the previous quarter.

總銷售額下降約 3,000 億日元至 6.4 兆日元，但這主要是由於上一季進行了超過 1 兆元人民幣的收購要約。

As for recurring revenue assets, sales of investment trusts and discretionary investments grew steadily, supported by continued strong demand for long-term investment diversification. Regarding insurance, sales have continued at a high level, reflecting the relatively high US interest rate environment.

至於經常性收入資產，在長期投資多元化持續強勁的需求支撐下，投資信託和全權委託投資的銷售額穩定成長。保險業方面，銷售額持續維持在高位，反映出美國利率環境相對較高。

Next, let's take a look at the KPIs on page 9.

接下來，我們來看看第 9 頁的關鍵績效指標。

On the top left, you can see that recurring revenue assets saw a net inflow of JPY289.5 billion. As major markets reached new heights, net inflows remained at a high level despite increased selling pressure from portfolio adjustments, as our efforts to expand the recurring business proved successful, taking us to the next stage.

從左上角可以看出，經常性收入資產淨流入2,895億日圓。隨著主要市場達到新高，儘管投資組合調整帶來的拋售壓力增加，淨流入仍保持在高位，因為我們擴大經常性業務的努力取得了成功，使我們進入了下一個階段。

Meanwhile, as shown on the top right, recurring revenue assets totalled JPY26.2 trillion at the end of September, and recurring revenue exceeded JPY50 billion for the first time in our quarterly results.

同時，如右上角所示，截至9月底，經常性收入資產總額達26.2兆日圓，經常性收入首度突破500億日元，創下季度業績新高。

Owing to a contribution from investment fees, which are collected on a half yearly basis in the second quarter. As shown on the bottom right, the number of workplace services rose steadily to exceed 4 million.

由於投資費用的貢獻，這些費用每半年在第二季收取一次。如右下角所示，工作場所服務數量穩定成長，超過 400 萬人。

Next, let's take a look at the investment management. Please turn to page 10.

接下來，我們來看看投資管理。請翻到第10頁。

Net revenue came to JPY60.8 billion, up 20%. Income before income taxes amounted to JPY30.7 billion, up 43%. Stable business revenue has been growing steadily. In addition to favorable market factors, 10 straight quarters of net inflows resulted in assets under management topping JPY100 trillion and asset management fees reaching a new high.

淨收入達608億日元，成長20%。稅前利潤達307億日元，成長43%。業務收入穩定成長。除了有利的市場因素外，連續 10 個季度的淨流入使得資產管理規模突破 100 兆日元，資產管理費也創下新高。

Investment gain loss came to JPY16.8 billion, rising sharply by 69%. This reflects not only a large increase in investment gain loss related to American Century investments but also profits recorded at private equity investment firm Nomura Capital Partners on the sale of shares held in Orient Breweries, which publicly listed.

投資收益損失達168億日元，大幅成長69%。這不僅反映了美國世紀投資相關的投資收益損失大幅增加，也反映了私募股權投資公司野村資本合夥公司出售其持有的上市東方啤酒公司股份所獲得的利潤。

Let's now turn to page 11 and examine our asset management business, which is the key source of business revenue for the division.

現在讓我們翻到第 11 頁，來檢視一下我們的資產管理業務，這是該部門的主要業務收入來源。

The graph on the upper left shows that assets under management reached JPY101.2 trillion at the end of September. As shown on the bottom left, net inflows amounted to JPY498 billion.

左上角的圖表顯示，截至9月底，管理資產規模達101.2兆日圓。如左下角所示，淨流入金額達4,980億日圓。

Net inflows to the investment trust business totalled around JPY525 billion, and net outflows from the investment advisory and international businesses were around JPY26 billion.

投資信託業務的淨流入總額約為 5,250 億日圓，而投資諮詢和國際業務的淨流出總額約為 260 億日圓。

Net inflows in the investment trust business were achieved despite share price increases on the major markets triggering profit-taking sales, pushing up funds kept in reserve in MRFs. But even excluding MRFs, funds flowed into Japan equity ETFs, private assets, and balanced funds.

儘管主要市場的股價上漲引發獲利回吐，推高了MRF中保留的儲備資金，但投資信託業務仍實現了淨流入。即使不考慮市場研究基金，資金仍流入日本股票ETF、私募資產和平衡型基金。

The investment advisory and international businesses saw net outflows owing to reshuffling of investments by Japanese investors and outflows from Asian equities, which outweighed inflows to US high yield bonds and use its investment funds.

由於日本投資者重新調整投資以及亞洲股票的資金流出，投資諮詢和國際業務出現淨流出，超過了流入美國高收益債券和使用其投資基金的資金。

As shown in the graph at the bottom right, alternative assets under management rose to a new high of JPY2.9 trillion, this performance is the result of solid net inflows and not solely owing to market factors.

如右下角圖表所示，另類資產管理規模升至2.9兆日圓的新高，這一業績是穩健的淨流入的結果，而不僅僅是市場因素造成的。

Next wholesale division, please go to page 12.

接下來是批發部分，請翻到第 12 頁。

Net revenue came to JPY279.2 billion, up 7%, as shown at the bottom left of the slide. Global markets net revenue was up 6% and the investment banking net revenue was up 15%. Meanwhile, stringent cost management resulted in division expenses only rising 3%. As a result, cost income ratio improved to 81% and income before income taxes rose 27% to JPY53.1 billion.

如幻燈片左下角所示，淨收入達2,792億日元，成長7%。全球市場淨收入成長 6%，投資銀行淨收入成長 15%。同時，嚴格的成本控制使得該部門的支出僅增加了 3%。因此，成本收入比提高到 81%，所得稅前利潤成長 27% 至 531 億日圓。

Please turn to page 13 for an update on each business line.

請翻到第 13 頁查看各業務線的最新情況。

Net revenue in global markets business rose 6% to JPY235.7 billion. Fixed income revenue was JPY121.9 billion in line with the previous quarter. Let's look at the product breakdown in macro products, rates revenues were down quarter on quarter in EMEA.

全球市場業務淨收入成長6%至2357億日圓。固定收益收入為1219億日元，與上一季持平。讓我們來看看宏觀產品中的產品細分情況，EMEA 地區的費率收入較上季下降。

FXEM revenues in AEJ were also down. In spread products, credit revenue growth in Japan and AEJ was attained by capturing client flows and securitized products revenue growth was supported in the Americas by the prevailing direction of the interest rate environment. As a result, higher revenue from spread products of that revenues from macro products, equities revenue rose 16% to a new high of JPY113.8 billion. In equity products, revenues grew on the higher client activity in Japan and AEJ. Supporting a strong performance in the derivative business, and America's business remained favorable if execution services sustained strong revenue from the previous quarter.

FXEM在AEJ的收入也有所下降。在利差產品方面，日本和AEJ的信貸收入成長是透過吸引客戶流量來實現的，而美洲的證券化產品收入成長則得益於當前利率環境的走向。因此，來自利差產品的收入增加，其中來自宏觀產品的收入，股票收入增加了 16%，創下 1,138 億日圓的新高。在股票產品方面，由於日本和AEJ地區的客戶活躍度較高，收入有所成長。衍生性商品業務表現強勁，如果執行服務收入能延續上一季的強勁勢頭，那麼美國市場的業務前景依然樂觀。

Please turn to page 14.

請翻到第14頁。

Investment banking net revenue rose 15% to JPY43.5 billion. Corporate action in Japan remained consistently strong, and the international business also contributed to revenue growth.

投資銀行業務淨收入成長15%，達到435億日圓。日本的企業活動持續強勁，國際業務也為營收成長做出了貢獻。

By product in advisory momentum remained strong in Japan with multiple transactions involving financial sponsors and moves to take companies private and international business also made a contribution with a mandate deal related to renewable energy and digital infrastructure, primarily in EMEA. Advisory continued to rank top in the Japan-related M&A League table for January through September and ranked 15th in the global M&A League table demonstrating its global presence in the financing and solutions. Revenue rose in DCM on continued solid performance in Japan and multiple international transactions, primarily in EMEA as well as ALF deals, particularly in the Americas.

在日本，諮詢業務的成長勢頭依然強勁，涉及金融贊助商的多筆交易以及將公司私有化的舉措，國際業務也做出了貢獻，達成了一項與可再生能源和數位基礎設施相關的委託交易，主要涉及歐洲、中東和非洲地區。從 1 月到 9 月，顧問業務在日本相關併購排行榜中繼續名列榜首，在全球併購排行榜中排名第 15 位，這表明其在融資和解決方案方面的全球影響力。由於日本市場持續穩健的表現以及多筆國際交易（主要在歐洲、中東和非洲地區）和 ALF 交易（尤其是在美洲地區），DCM 的收入有所增長。

Now, let's look at the banking. Please turn to page 15.

現在，我們來看看銀行業。請翻到第15頁。

In banking, net revenue came to JPY12.9 billion, flat from the previous quarter. Income before income taxes fell 12% to JPY3.2 billion. KPIs, such as loans outstanding and investment trust balance, remained at a high level, and the revenue from lending business and the trust agent business held firm. Meanwhile, higher costs pushed down profits as an upgrade to the core banking system completed [Tara] Trust and banking in May 2025 resulted in the associated depreciation being fully booked this quarter. Preparations for the deposit sweep service scheduled for introduction in FY 2026-27 are progressing as planned.

銀行業淨收入為129億日元，與上一季持平。稅前利潤下降12%至32億日圓。關鍵績效指標（KPI）未償貸款和投資信託餘額等仍處於高位，貸款業務和信託代理業務的收入保持穩定。同時，由於核心銀行系統升級完成，成本上升導致利潤下降。 [Tara] Trust 和銀行業務於 2025 年 5 月完成升級，相關的折舊已在本季全部計入。計劃於 2026-27 財政年度推出的存款自動轉帳服務的準備工作正在按計劃進行。

Now I will explain non-interest expenses. Please turn to page 16.

現在我將解釋非利息支出。請翻到第16頁。

Groupwide expenses came to JPY378.8 billion, a 4% increase from the previous quarter. Compensation and benefits totalled JPY195.1 billion, rising 5%, reflecting an increase in performance-linked bonus provisions. Commissions and floor brokerage fees came to JPY47.2 billion, up 5%. The increase was driven by a heavier volume of transactions. Other expenses came to JPY52.8 billion, which includes JPY3.1 billion related to acquisition and integration of the US asset management business of Macquarie Group, as well as the expense of paying compensation for losses arising from fraudulent trades in clients' accounts due to phishing scams. I will comment in more detail on how the phishing scams affected our profits this past quarter at the end of today's presentation.

集團整體支出為3788億日元，較上一季成長4%。薪資福利總額為1,951億日圓，成長5%，反映出與業績掛鉤的獎金撥備增加。佣金及場內經紀費達472億日元，上漲5%。交易量增加是推動成長的主要因素。其他支出為 528 億日元，其中包括與收購和整合麥格理集團美國資產管理業務相關的 31 億日元，以及因網絡釣魚詐騙導致客戶帳戶欺詐交易而造成的損失的賠償支出。在今天演講的最後，我將更詳細地評論網路釣魚詐騙對我們上個季度利潤的影響。

Lastly, we take a look at the financial position page 17.

最後，我們來看看第 17 頁的財務狀況。

In the table on the bottom left, you can see that tier one capital at the end of September came to approximately JPY3.6 trillion, up roughly JPY170 billion since the end of June, while risk weighted assets came to JPY23.5 trillion, up roughly JPY660 billion, the common equity tier one ratio at the end of September, accordingly came to 12.9% this is within our target range of 11 to 14%.

從左下角的表格可以看出，截至 9 月底，一級資本約為 3.6 萬億日元，較 6 月底增加了約 1700 億日元；風險加權資產為 23.5 萬億日元，增加了約 6600 億日元；因此，截至 990% 至 12.9% 至 12.9% 12.9% 12 月

Our common equity T1 ratio finished the quarter down from the 13.2% marked at the end of June, but this decrease reflected the accumulation of positions commensurate with revenue opportunities as well as the increase in the value of risk weighted assets due to market factors, as we explained three months ago, the calculation method for regulatory capital ratios will change once the acquisition of Macquarie Groups, the US asset management business has been completed, and we currently expect this to decrease the CET1 ratio by about 0.7% points.

我們的普通股一級資本充足率在本季末低於 6 月底的 13.2%，但這一下降反映了與收入機會相稱的頭寸積累，以及由於市場因素導致風險加權資產價值的增加。正如我們三個月前解釋的那樣，一旦完成對美國資產管理業務麥格理集團的收購，監管資本充足率的計算方法將發生變化，我們目前預計這將使 CET1 比率下降約 0.7 個百分點。

This concludes our overview of second quarter results. We would like to provide more detail on the issue of progen trading in client assets resulting from fishing scams in response to instances of trading, we have. The security level in stages and the number and scale of damages have come down greatly from April peak. At this point we have been in direct contact with nearly all clients that have been affected by the attacks, and we are working through the process of paying compensation to them.

以上就是我們對第二季業績的概述。我們想就因釣魚詐騙而導致客戶資產進行原型交易的問題提供更多細節，以回應我們已經發生的交易事件。各階段的安全等級以及損失的數量和規模都比四月份的高峰期大幅下降。目前，我們已與幾乎所有受攻擊影響的客戶取得直接聯繫，並正在辦理賠償手續。

There are times during the second quarter when the related damages increased again, but at present the situation has settled down owing to various steps undertaken to address the issue.

在第二季期間，相關損失有時會再次增加，但目前由於採取了各種措施來解決該問題，情況已經穩定下來。

In the second quarter, the negative impact on the profit came to JPY4.8 billion, although the number of damages fell sharply fluctuation in share prices led to high costs in some cases to restore a client's assets to the original condition. In this regard, we are working to avoid market volatility risks to the greatest extent possible.

第二季度，儘管損失數量大幅下降，但對利潤的負面影響仍達到 48 億日圓。股價波動導致在某些情況下，將客戶資產恢復到原始狀態的成本很高。在這方面，我們正努力最大限度地避免市場波動風險。

On October 18th, we introduced a passage authentication system that is recognized as an effective means of thwarting fishing attempts, and we are strengthening measures. Eliminate such damages. Looking ahead, we expect that the impact of phishing scams will be much smaller than it has been through the second quarter judging from the current state of damages.

10月18日，我們推出了一項被公認為有效阻止非法捕魚活動的通行認證系統，我們正在加強相關措施。消除此類損害。展望未來，根據目前的損失情況判斷，我們預期網路釣魚詐騙的影響將比第二季小得多。

Our swift action to implement high-quality security countermeasures does more than just limit the damages suffered by our clients. It enhances the security and convenience of the financial services we provide. Our plan is to be proactive in assembling effective accounts. Security measures in our role as an industry leader and thereby reinforce our brand as the most trusted partner for our clients.

我們迅速採取行動實施高品質的安全對策，其角色不僅限於減少客戶所遭受的損失。它提高了我們所提供金融服務的安全性和便利性。我們的計劃是積極主動地建立有效的帳戶。身為產業領導者，我們採取安全措施，從而鞏固我們作為客戶最值得信賴的合作夥伴的品牌形象。

I'd like to close with some final remarks. During the quarter I just finished, so indices in Japan and other major economies will simply amid lessened uncertainty over the trajectory of US interest rates and widespread interest in AI related stocks and other high-tech stocks. Those conditions record another quarter of strong earnings as we expanded our stable source of revenue and successfully monetized robust client flows. EPS in the second quarter came to JPY30.49 and ROE came to 10.6%. For six quarters in a row we have attained a quantitative target for 2030 announced last year of consistently achieving ROE of 8% to 10% or more in addition for the first half of the fiscal year was 11.3%.

最後，我想補充幾點。在我剛結束的這個季度裡，日本和其他主要經濟體的指數將在美國利率走勢的不確定性降低以及對人工智慧相關股票和其他高科技股票的廣泛興趣下保持穩定。這些條件促成了另一個季度強勁的獲利，因為我們擴大了穩定的收入來源，並成功地將強勁的客戶流量變現。第二季每股收益為 30.49 日元，淨資產收益率為 10.6%。連續六個季度，我們實現了去年宣布的 2030 年量化目標，即持續實現 8% 至 10% 或更高的 ROE，此外，本財年上半年的 ROE 為 11.3%。

As I mentioned at the beginning of this presentation, we have seen solid growth in our key sources of stable revenue, including revenue, recurring revenue in wealth management, business revenue in investment management, and net revenue in banking. This has added further to the stability of a company-wide performance, wholesale as well as achieving independently sustainable growth under the self-funding approach. Revenues and profits in the division have both been increasing in the continuation of larger trend. In overseas business which has long presented a challenge has gained ground in making a steady profit contribution.

正如我在本次演講開始時所提到的，我們在主要穩定收入來源方面都取得了穩健成長，包括收入、財富管理經常性收入、投資管理業務收入和銀行業務淨收入。這進一步增強了公司整體業績的穩定性，批發業務也得以在自籌資金模式下實現獨立永續成長。延續了整體成長趨勢，該部門的營收和利潤均呈現成長態勢。長期以來一直面臨挑戰的海外業務，如今已取得進展，並持續貢獻利潤。

Let me briefly touch on the situation in October in wealth management. Net revenue thus far in October is well above the levels observed in the second quarter. We have seen a continuous medium to long-term growth in investment trusts, discretionary investment, and other such products and services premised on the idea of long-term diversified investment, and this trend has continued in October.

讓我簡單談談10月份財富管理市場的狀況。10 月迄今的淨收入遠高於第二季的水平。我們看到，基於長期多元化投資理念的投資信託、全權委託投資以及其他此類產品和服務持續保持中長期成長，而這一趨勢在 10 月仍在繼續。

The flow from savings to investment has become well established we have a tangible sense that the client base for investment in marketable securities has broadened steadily. We intend to continue playing our part to transform into asset management and power a house by building relationship of trust with our clients and providing them with asset management services. To their needs in wholesale GM business equity products have continued performing well in investment banking we expect the current high frequency of corporate actions to continue in October thus far. The net revenue in wholesale continues to be solid going forward. We aim to raise our profit baseline by taking on risks appropriate to market conditions, and we ask for continued support.

儲蓄向投資的流動已經相當穩定，我們有實際的感受，投資於有價證券的客戶群一直在穩步擴大。我們打算繼續發揮自身作用，轉型成為資產管理公司，並透過與客戶建立信任關係並向他們提供資產管理服務來為公司提供動力。滿足其批發業務需求，通用汽車商業股權產品在投資銀行領域持續表現良好，我們預期目前高頻率的企業行動將在10月持續維持。批發業務的淨收入預計未來將繼續保持穩健。我們旨在透過承擔與市場狀況相適應的風險來提高利潤基準，並請求繼續支持。

Thank you. This is not 2 questions. First is Regarding the personnel expenses and as explained.

謝謝。這不是兩個問題。首先是關於人事費用，具體​​情況已在前面說明。

In Q1, you had the UK and according to the accounting rules, every year, the expenses tend to be high. So, you started at a low level and this time, Compared to Q1, the JPY has weakened slightly, so the costs are a bit higher.

第一季度，你們有英國市場，根據會計準則，每年的支出往往都很高。所以，你們是從低水平起步的，而這一次，與第一季相比，日元略有走弱，因此成本也略高一些。

But even so, if you look at it on a Q&Q basis, personnel or compensation and benefits has increased too much, I think. Considering the wholesale revenue and even compared to that, I think comp benefits has increased too much is my impression. So could you add more color on that, please, is my first point.

但即便如此，如果從數量和品質兩個方面來看，我認為人員或薪資福利成長得太快了。考慮到批發收入，甚至與批發收入相比，我認為員工福利成長過快了，這是我的看法。我的第一個問題是，您能否對此進行更詳細的闡述？

My other point is, and this was the case in the past too, but the set one ratio is within target range, and after Macquarie acquisition, it'll go down a little bit and it was 12.5 or so, which, and you said you were not exactly fully comfortable with that. So, now the market is strong, and the positions tends to increase.

我的另一點是，過去也是這樣，但目前的比率在目標範圍內，在麥格理收購之後，它會略微下降，大約是 12.5，而你說過你對此並不完全放心。所以，現在市場行情強勁，持倉量往往會增加。

So for this year, regarding the buybacks this year. Is there going to be any change compared to the past? So could you, maybe you can't disclose that, but any call on that too, please.

所以，關於今年的回購計畫。與過去相比，會有什麼改變嗎？所以，您能否…也許您不能透露，但請您也就此提出任何疑問。

Thank you, Susan. This is Moriuchi. Regarding your first question about comp and benefits.

謝謝你，蘇珊。這是森內。關於您提出的第一個問題，即薪資和福利方面。

Yes, the points you raised are all correct, and yes, let me add some color to that.

是的，你提出的觀點都正確，是的，讓我補充一些細節。

Within the compensation and benefits there's the bonus increase linked to our earnings, that is a big factor. And on top of that, there was some retirement bonus increase in wholesale, for example, and that does tend to happen as part of our business. And in this quarter, the retirement payments was a little larger than usual.

在薪資福利方面，有與收入掛鉤的獎金成長，這是一個重要因素。此外，例如批發業務的退休獎金也有所增加，這在我們業務中確實經常發生。本季度，退休金支付額略高於平常。

So that's my answer to your first question, and for the second question, Regarding the set one ratio target, 12.9%, how we think about the buybacks this year.

以上就是我對你第一個問題的回答。至於第二個問題，關於設定的12.9%的目標比率，我們今年是如何考慮回購的？

Well, as for buybacks and for shareholder return in general, we have committed to the market of 40% dividend or above and total payout ratio of 50% or above and we plan to stick to that as we consider a shareholder return and we had the Macquarie closing and the set one ratio is going to decline further from here and Within wholesale at the moment we are seeing some high-quality deals and opportunities and those are increasing. So, from an investment perspective and financial discipline perspective and shareholder return, we will keep those three factors in mind and it's quite hard to balance those three, but we will make sure to stick to our commitments.

至於股票回購和股東回報方面，我們承諾向市場提供 40% 或以上的股息率和 50% 或以上的總派息率，我們計劃堅持這一目標，因為我們認為這是股東回報。麥格理的交易已經完成，而且這一比例還會進一步下降。目前，我們在批發業務方面看到了一些高品質的交易和機會，而且這些機會還在增加。因此，從投資角度、財務紀律角度和股東回報角度來看，我們將牢記這三個因素，平衡這三個因素相當困難，但我們將確保信守承諾。

Thank you. Hope that answers your question.

謝謝。希望這能解答你的疑問。

Yes, thank you very much.

是的，非常感謝。

I'm Muraki from SMBC. I have two questions. First question is about markets departments revenue.

我是SMBC的村木。我有兩個問題。第一個問題是關於市場部門的收入。

In macro revenue seems weak and securitized products and equity derivatives seems strong, but the way revenue is generated in the page 17, the credit risk. RWA increase as followed is continuing and where are you taking the risk and what kind of revenue is being generated? And recently you said there are quality deals, but what kind of risk taking is expected in the 3rd quarter? So could you explain that's my first question, market revenue and risk taking and my second question. Is as follows. The first brand's failure, so such an incident from such instances, did you have some impact or any lesson that you have taken and regarding private credit?

從宏觀角度來看，收入似乎疲軟，而證券化產品和股票衍生品似乎強勁，但第 17 頁中提到的收入產生方式，以及信用風險。RWA（風險加權資產）持續成長，你們承擔的風險在哪裡？產生了什麼樣的收入？您最近提到有一些優質交易，那麼第三季預計會有什麼樣的風險承擔呢？所以，您能否解釋一下我的第一個問題，市場收入和風險承擔，以及我的第二個問題。具體如下。第一個品牌的失敗，以及由此產生的類似事件，您是否從中吸取了什麼教訓，或者對私人信貸有何看法？

Oftentimes there are many inquiries we receive about private credit by looking at your balance sheet. Trading loan is JPY1.9 trillion, and other than that, excluding no trust and banking loan is about JPY1.2 trillion in America's securitized securitization department or private credit related business. What is the size of the business in this overall number. Could you give me some sense? Thank you.

我們經常會收到很多關於私人信貸的諮詢，這些諮詢都是透過查看您的資產負債表得出的。交易貸款為1.9兆日元，除此之外，不包括信託和銀行貸款，美國證券化證券化部門或私人信貸相關業務的貸款約為1.2兆日圓。在這個總體數字中，企業的規模是多少？你能給我解釋一下嗎？謝謝。

Thank you very much for your questions.

非常感謝您的提問。

For your first question regarding credit risk, where we are taking and how we are taking credit risks. In the 1st quarter and second quarter, as you say, SPPC and equity derivatives were very strong. Also, our credit trading business contributed to revenue solidly.

關於您提出的第一個有關信用風險的問題，我們在哪裡承擔信用風險以及如何承擔信用風險。正如你所說，第一季和第二季度，SPPC和股票衍生品表現非常強勁。此外，我們的信貸交易業務也為收入做出了穩健貢獻。

And what is the outlook for the 3rd quarter, as you said, related to SPPC?

如您所說，SPPC 第三季的前景如何？

There are interesting deals in the pipeline. On the other hand, your, it's related to your second question, but you know credit business including a first round. Whether we see abnormality in credit market, we receive such questions often.

有一些很有意思的交易正在籌備中。另一方面，這與你的第二個問題有關，但你知道信貸業務包括第一輪。我們常常會收到關於信貸市場是否有異常情況的這類問題。

Regarding SPPC internally, we have been having various discussions and high profitability deals lined up. On the other hand, in our balance sheet, a concentration risk on SPPC is something we have to be mindful of, so more than ever before, we have to be selective in deciding which deal to do.

關於SPPC內部，我們已經進行了各種討論，並安排了一些高利潤的交易。另一方面，在我們的資產負債表中，SPPC 的集中風險是我們必須注意的問題，因此，我們比以往任何時候都更需要謹慎選擇要進行的交易。

So, in our total portfolio, SPPC portion is not going to be grown rapidly from where it is now. Regarding your second question about our first brands related Impact as well as lessons we have learned and also the scale or magnitude.

因此，在我們的整體投資組合中，SPPC 的份額不會比現在快速成長。關於您提出的第二個問題，即我們第一個品牌的相關影響以及我們從中學到的教訓和規模或影響程度。

Firstly, regarding this specific case where impact on the business of P&L was very small from this specific case. To a certain extent, we had some exposure but it's negligible in size also this name in question did not cause direct cost and is there a broader implication related to this, as you say regarding firmwide stress testing periodically and non-periodically we conduct a stress test to see the changing pattern of tail risk indeed, looking at our existing portfolio. Whether the risk has grown bigger a lot or not, the risk is not growing rapidly because in SPPC business, a private credit business portion in sights is very small. So, the SPPC business has mortgage structure, lending and infrastructure, business. So, those represent a big portion so private credit related business is right now in the sense of the balance sheet of our P&L, the impact from that is not big, even though I cannot give you a specific number. That's all. Thank you very much.

首先，就本案而言，該案對損益表業務的影響非常小。在某種程度上，我們確實有一些風險敞口，但規模微乎其微。此外，這家公司也沒有造成直接損失。正如您所說，關於公司範圍內的定期和非定期壓力測試，我們確實會進行壓力測試，以觀察尾部風險的變化模式，並審視我們現有的投資組合。無論風險是否大幅增加，風險的成長速度都不快，因為在SPPC業務中，私人信貸業務所佔比例非常小。所以，SPPC的業務包括抵押貸款結構、貸款和基礎設施業務。所以，這些佔了很大一部分，因此，就目前而言，私人信貸相關業務在我們損益表上的佔比並不大，儘管我無法給你一個具體的數字。就這樣。非常感謝。

If possible, I am deviating from the earnings result, but I'd like to ask you about your perspective. So, risks related to first brand which you mentioned, what kind of risks are you paying attention to, for example, Simply, but is it a simple credit risk or non-bank intermediary related risks?

如果可以的話，我想偏離盈利結果，但我想聽聽您的看法。那麼，您提到的與第一品牌相關的風險，您主要關注哪些風險？例如，是簡單的信用風險還是與非銀行中介機構相關的風險？

Or double collaterals were involved in some companies transactions, but is there a risk of fraudulent transactions that you may be involved in? So specifically what kind of risks are you being attentive to? Thank you very much.

或者，某些公司的交易可能涉及雙重抵押，但是否存在您可能參與的詐欺交易風險？那麼，您具體關注的是哪些類型的風險呢？非常感謝。

It's not that because this incident happened, but regarding individual cases are created we need to perform due diligence closely to look at the creditworthiness of each case and regarding the fraudulent case or scam by all we can do is to conduct a thorough due diligence to screen for the fraudulent trading. Regarding the non-bank intermediaries, unlike commercial banks, we are a firm that's focused on the trading. So what we take is inventory as a counterparty. So, how should I put it, non-bank credit risks themselves are not taken greatly by us. The risk which I mentioned is in the sense that regarding individual transactions, we pay close attention to credit and for example, for the specific individual cases when we receive sizable deal to conduct, we are not a major firm our balance sheet size is limited, so to what extent do we allocate balance sheet to one transaction? So what is the level of concentration risk? So those are the items or matters that we closely evaluate as we make a decision, and that's what we will have to keep doing. Fully understood thank you very much for the explanation.

並非因為發生了這起事件，而是因為對於個案的發生，我們需要進行盡職調查，仔細審查每個個案的信譽度，對於欺詐案件或騙局，我們所能做的就是進行徹底的盡職調查，以篩選欺詐性交易。至於非銀行中介機構，與商業銀行不同，我們是一家專注於交易的公司。所以，我們把庫存當作交易對手。所以，該怎麼說呢，我們本身並不承擔太多非銀行信貸風險。我提到的風險是指，就個別交易而言，我們會密切關注信用，例如，對於我們收到要執行的大額交易的具體個案，我們不是一家大型公司，我們的資產負債表規模有限，那麼我們會將資產負債表的多少資源分配給一筆交易呢？那麼，集中風險程度如何？所以，這些就是我們在做決定時會仔細評估的項目或事項，也是我們必須繼續做的事情。完全明白了，非常感謝您的解釋。

Thank you. This is Watanbae from Daiwa Securities. Two questions please. First is regarding the October revenue environment and in wholesale equity and IB is strong, which I understand, but for FY, what are the trends you see in FY? And compared to Q2, if you look at the wholesale division revenue. Is it above or higher or lower, please? Number 2 is the tax burden, page 5. If you look at it year on year, the pre-tax income is increasing, but the net profit is down, and international pre-tax income size is larger, but the tax rate is going up. Why is that, please? Two questions.

謝謝。我是來自大和證券的渡邊。請問兩個問題。首先是關於 10 月份的收入環境，批發股票和投資銀行業務表現強勁，這一點我理解。但就本財年而言，您認為本財年的趨勢是什麼？與第二季相比，如果你看一下批發部門的收入。請問是高於、更高還是低於？第二點是稅負，見第 5 頁。如果逐年來看，稅前收入在增加，但淨利卻在下降；國際稅前收入規模更大，但稅率卻在上升。請問這是為什麼？兩個問題。

Thank you, Watanbae. This is Moriuchi. Regarding your first question.

謝謝你，Watanbae。這是森內。關於你的第一個問題。

The fixed income trends first, for Japan fixed income is quite strong. In the first half for the ultra-long-term, long-term domain. It was quite difficult, including position taking, but Even in that domain, we are seeing a normalization, and the market is very active, and the revenues are catching up in accordance with that is my impression for fixed income in Japan.

首先來看固定收益市場趨勢，日本固定收益市場相當強勁。在上半部分，針對超長期、長期領域。雖然包括部位選擇在內，這相當困難，但即使在這一領域，我們也看到了正常化，市場非常活躍，收入也隨之跟上，這就是我對日本固定收益市場的印象。

As for international, I think we're seeing a similar trend, similar to the first half, and from here on, depending on the rate environment going forward, there could be upside and as part of the overall portfolio, when fixed income improves that Starts that tends to normalize the other businesses, but as we bundle the overall business, we are seeing an increase in stable revenues, and that level is gradually improving, is my impression. That's my first answer.

至於國際業務，我認為我們看到了類似的趨勢，與上半年類似。從現在開始，取決於未來的利率環境，可能會有上漲空間。作為整體投資組合的一部分，當固定收益改善時，往往會使其他業務趨於正常化。但隨著我們將整體業務整合起來，我們看到穩定的收入正在增加，而且這一水平正在逐步提高，這是我的印象。這是我的第一個答案。

Your second question regarding the tax burden or the tax costs going up slightly. Sorry, it's hard to go into the details. There's a lot of technical issues here. So, what I can say now. Well, I won't go into the technical details. Thank you.

關於稅負或稅金成本略有上升的第二個問題。抱歉，很難詳細說明。這裡有很多技術問題。所以，我現在能說的就是這些。嗯，我就不贅述技術細節了。謝謝。

Thanks very much. Just to check on the first point, in October, wholesale division revenue compared to Q2, is it above? Is it higher?

非常感謝。首先確認第一點，10 月批發部門的營收與第二季相比，是否高於第二季？更高嗎？

Well, overall, it is strong, but I would say it's about the same level. It's still only been 3 or 4 weeks.

總的來說，它很強，但我認為它的水平差不多。畢竟才過了三、四個星期。

So, we'll see where things go, it's still a bit early to say, but just for the first 3 weeks, I would say it's about the same level. Thank you.

所以，我們拭目以待，現在下結論還為時過早，但就前三週而言，我認為情況大致相同。謝謝。

Thank you. I am Sato from JPMorgan Securities. I have two questions. First question, sorry for dwelling on this, about wholesale equities or especially equity product business. So the revenue has reached the record high level.

謝謝。我是摩根大通證券的佐藤。我有兩個問題。第一個問題，不好意思問這麼多，是關於批發股票或特別是股票產品業務的。因此，營收已達到歷史新高。

But firstly, In the short-term, in the first quarter, America's derivatives did well, if I recall. But this time, looking at the material, Japan AEJ had a significant increase in revenue. Anyways, the derivative seems to be the strong area, but if it is fine with you.

但首先，就短期而言，如果我沒記錯的話，第一季美國的衍生品表現良好。但這一次，從資料來看，日本AEJ的收入大幅成長。總之，衍生性商品似乎是強項，但如果你覺得沒問題的話。

Over the several quarters in each region.

在每個地區的幾個季度內。

What has been the trend of movement of each business line over the last several quarters and such trend, is it sustainable over the next several quarters in the future? Can you give me some sense? My second question is about risk assets.

過去幾季各業務線的發展趨勢如何？這種趨勢在未來幾季能否持續？你能給我解釋一下嗎？我的第二個問題是關於風險資產的。

The target range is set at 11% to 14% and in this situation now, after the closing of Macquarie acquisition, it will come to around 12%, but the CET1 ratio, CET if it's a JPY3 trillion, if co equity, then it's, if it's 11%, then it's going to be JPY27 trillion.

目標區間設定為 11% 至 14%，而目前，在完成對麥格理的收購後，該比率將達到 12% 左右，但如果是 3 兆日圓的 CET1 比率，那麼如果是 11%，那麼 CET1 比率將達到 27 兆日圓。

Then for the time being, that is that going to be the allowable ceiling of risks you can take, can I have that?

那麼就目前而言，這就是您可以承擔的風險上限，可以嗎？

Sense, so I'd like to ask you to elaborate on the capacity of risk taking.

所以，我想請您詳細闡述承擔風險的能力。

Satoan, thank you for your questions. Firstly, your first question, equities. What was the equities performance in each region and what is the extent of sustainability moving forward?

Satoan，謝謝你的提問。首先，回答你的第一個問題，關於股票。各地區的股票表現如何？未來可持續發展的程度如何？

This time for the for the US side might not have that material might not have mentioned it, but in the first quarter, the Americas has been the driver of revenue, and the strength continues in America, though that's not specifically mentioned. On the other hand, for Asia and Japan.

這次美國方面可能沒有相關資料，也可能沒有提及，但在第一季度，美洲一直是收入的驅動力，而且美洲的強勁勢頭仍在繼續，儘管這一點沒有被特別提及。另一方面，對於亞洲和日本而言。

Compared to the first quarter on a QonQ basis. Now, second quarter results came in stronger. Overall equities in AEJ, Japan, and USA the performance was very strong and to what extent, for how long can we retain this strength?

與第一季相比，季增。第二季業績表現更為強勁。AEJ、日本和美國的整體股票表現非常強勁，這種強勁勢頭能夠持續多久？

If equities continues to be this strong, then sometimes, sometime down the road there will be a point of normalization. That's what we are discussing internally. But as you are aware, not only in Japan, but in USA and Asia, we have geographical diversification and within equities we have various products and the last several years we have worked to diversify and broaden the product range within equities. So in that sense, we are more tolerant or resistant against downside risk. In any case, equities have become stronger. So, moving forward, we expect certain normalization, but in such situation, resource could be fixed income results which we had intentionally reduced could go up for macro and other fixed incomes. So I encourage you to take a look at the entirety of the portfolio. And regarding your second question, target ranged from 11% to 14% after Macquarie closing, the ratio is around 12%. So what is the future capacity of risk taking? That's what you asked about.

如果股市繼續保持這種強勢，那麼總有一天，股市會回歸正常水準。這就是我們內部正在討論的內容。但正如您所知，我們不僅在日本，而且在美國和亞洲都實現了地域多元化，在股票領域也擁有各種產品，並且在過去幾年中，我們一直致力於股票產品範圍的多元化和擴大。從這個意義上講，我們對下行風險的容忍度或抵抗力更強。總之，股市已經走強。因此，展望未來，我們預期會出現一定的正常化，但在這種情況下，資源可能是固定收益，而我們先前有意減少的固定收益結果可能會增加，宏觀經濟和其他固定收益。所以我建議您仔細查看整個作品集。至於你的第二個問題，麥格理銀行關閉後，目標收益率在 11% 到 14% 之間，而目前的收益率約為 12%。那麼，未來承擔風險的能力如何？這就是你問的。

So, it is a good point you made, but firstly, regarding wholesale. So stringently they are sticking to the self-funding concept as they grow their business. So self-sustaining growth is being driven. So, in the 3rd and 4th quarters, if wholesale continues to perform strongly then based upon the revenue and profit generated to by wholesale and based upon the capital accumulated to be accumulated, RWA headroom or capacity will be increased. On the other hand, for areas other than wholesale we have the question of whether we find the need for capital in the near-term future, but if there are opportunities for M&A or inorganic growth, then a resource may be grown gradually, but in any case, it's going to be immediately after mercury transaction. So when it comes to finance, we'd like to stay on the safe side and we would like to be a conservative to a certain extent, and we want to take a look at the balance. I hope I answered your question.

所以，你提出的觀點很好，但首先，關於批發方面。因此，他們在發展業務的過程中，嚴格堅持自籌資金的理念。因此，自我維持的成長正在發生。因此，在第三和第四季度，如果批發業務繼續表現強勁，那麼根據批發業務產生的收入和利潤，以及累積的資本，RWA 淨值或產能將會增加。另一方面，對於批發以外的領域，我們面臨的問題是，在不久的將來是否需要資金，但如果存在併購或非內生增長的機會，那麼資源可能會逐步增長，但無論如何，這都將是在交易完成後立即發生。所以在財務方面，我們希望保持謹慎，希望在某種程度上保持保守，我們希望找到一個平衡點。希望我的回答能幫助你。

Thank you very much for the clear explanation.

非常感謝您的清晰解釋。

Thank you. This is Nagasaka. Two questions. On slide 14, investment banking.

謝謝。這裡是長坂。兩個問題。第 14 頁，投資銀行。

In the second half and next year, how do you think about the pipeline towards the future? In Q2, Japan was strong, International also recovered and according to your explanation, corporate actions will remain strong, so what about advisory, finance, solutions? Could you add some comments by product, please, is my first point.

展望下半年和明年，您如何看待未來的產品線建設？第二季度，日本市場表現強勁，國際市場也出現復甦，根據您的解釋，企業行動將保持強勁勢頭，那麼諮詢、金融和解決方案方面的情況如何？我的第一點建議是，能否請您按產品添加一些評論？

My second question is regarding the ROE In Q2 10.6% ROE on a full year basis, and there were some one-off items, but even so, 10.6%. So, what is the base ROE which you can achieve? I think, I guess the base ROE has gone up quite a bit and your target 2030 target of 8% to 10% plus.

我的第二個問題是關於第二季的 ROE，全年 ROE 為 10.6%，雖然有一些一次性項目，但即便如此，也達到了 10.6%。那麼，你能達到的基本淨資產報酬率是多少？我認為，基本 ROE 已經大幅上升，而你們 2030 年的目標應該是 8% 到 10% 以上。

What is the, and I guess your expected profit level to achieve that is going up. So, are you going to reconsider the target profit level at this stage?

我猜你預期實現這目標的利潤水準會不斷提高。那麼，您打算在這個階段重新考慮目標利潤水準嗎？

Any thoughts on the upside, downside as CFO please?

身為財務長，您對這份工作的優勢和劣勢有什麼看法？

Thank you for your question. This is Moriuchi, regarding your first question about the pipeline.

謝謝你的提問。我是森內，這是關於您第一個關於管道的問題。

Byproduct first of all, for advisory in Japan other than the deals already announced, there are many cross-border opportunities and for international it depends on the region, but We have announced many deals and also in the second half, there are some deals which we haven't announced, which is building up as well and for advisory the pipeline is building up quite nicely. Meanwhile, for ECM, the fee pool is normalizing and shrinking somewhat and there are some normalizations of the cross shareholding opportunities, but even for the reduction of crossings, that seems to be picking up slightly.

首先，就日本的顧問業務而言，除了已經宣布的交易外，還有很多跨境機會；而國際業務則取決於地區，但我們已經宣布了很多交易，而且在下半年還有一些我們尚未宣布的交易，這些交易也在不斷增加；就諮詢業務而言，項目儲備也正在穩步增長。同時，對於股票資本市場（ECM）而言，費用池正在趨於正常化並有所縮減，交叉持股機會也出現了一些正常化，但即使是交叉持股的減少，似乎也在略有加速。

And in the second half, usually it's the second half that corporate actions tend to be concentrated versus first half in this product. So, we’ll make sure to pitch and win these opportunities.

而且，與該產品的前半部相比，後半部通常是公司行為更為集中的時期。所以，我們一定會努力爭取並贏得這些機會。

And for DCM the business remains strong, and for the second half, as rates are expected to go up but we are expecting a certain level of deal flow advisory, very strong. ECM is we expect a similar level to continue for ECM compared to a typical year, it's a bit weak, but we expect some recovery would be the summary.

對於債務資本市場 (DCM) 而言，業務仍然強勁，下半年，儘管利率預計會上升，但我們預計交易諮詢業務仍將保持一定水平，非常強勁。我們預計 ECM 將維持與往年類似的水平，雖然略顯疲軟，但我們預計會出現一些復甦，這就是總結。

Your second question regarding ROE and in Q1, Q2, and based on the results.

你的第二個問題是關於 ROE 以及第一季、第二季的結果。

We are already booking more than 10% ROE, so are we not going to raise the level is your question and.

我們目前的淨資產收益率已經超過 10%，所以你的問題是，我們難道不會提高收益率嗎？

Yes, as you pointed out, if we look at the current earnings. Our base earnings power is gradually improving.

是的，正如你所指出的，如果我們看一下目前的收益。我們的基礎收入能力正在逐步提高。

This is the result of portfolio reforms as well as the operational reforms at each business division, and those are leading to results. So, in terms of ROE, we get a lot of inquiries about whether we're going to reconsider and revise it, and we are discussing a little bit internally, but the point here is that which part of the cycle we are in right now, that's something we need to be mindful of.

這是投資組合改革以及各業務部門營運改革的結果，這些改革正在發揮成效。所以，就 ROE 而言，我們收到了很多關於我們是否會重新考慮和修改它的詢問，我們內部也進行了一些討論，但關鍵是我們現在處於週期的哪個階段，這是我們需要注意的事情。

And regardless of the economic cycle, We want the products in wholesale to offset each other so that we can maintain the overall revenue level. That's the kind of portfolio we are aiming for.

無論經濟週期如何，我們都希望批發產品之間能夠相互抵消，從而維持整體收入水準。這就是我們想要建構的投資組合。

But if we are going to enter a slowdown, is something we need to consider. And even in that case, we want to maintain at least the 8%, which is the lower end of the range of 8% to 10%. And we are currently building up the earnings capability, and that's what we should be focusing on at the moment.

但如果經濟真的要放緩，這是我們需要考慮的問題。即使在這種情況下，我們也希望至少保持 8% 的水平，這是 8% 到 10% 範圍的下限。我們目前正在提升獲利能力，這才是我們此刻應該關注的重點。

Hope that answers your question.

希望這能解答你的疑問。

Yes, thank you. I understand.

是的，謝謝。我明白。

Thank you. This is [Mori] again.

謝謝。這是森喜朗。

Thank you very much for attending the call, despite your tight schedule.

非常感謝您百忙之中抽空參加電話會議。

So, we were able to show you the good result.

所以，我們能夠向您展示好的結果。

In that we still have third quarter and the fourth quarter remaining, so, we will stay focused so that we can deliver results. So that we can do so, the management members will keep making efforts. Thank you very much for your continued support.

鑑於我們還有第三季和第四季要度過，我們將繼續保持專注，以便取得成果。為了實現這一目標，管理層成員將繼續努力。非常感謝您一直以來的支持。

Thank you.

謝謝。

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.

本記錄稿中的英文陳述是由現場通話中的口譯員翻譯的。本次活動的翻譯人員由活動贊助公司提供。