Core Viewpoint - The article emphasizes the importance of the "Finance for Good" concept, highlighting the role of financial institutions in contributing to social value and community well-being through various charitable initiatives [2][3]. Group 1: Company Mission and Initiatives - Nomura Group focuses on "caring for the next generation" as part of its corporate social responsibility, aiming to build long-term trust with communities and promote sustainable social development [2][3]. - The company has identified rural children's education as a key area for its social responsibility efforts, recognizing education as essential for personal growth and societal equity [3][4]. Group 2: Collaboration and Project Implementation - The company partnered with the Guixin Foundation to implement the "Nomura-Guixin Children's Safety Education Project," which aims to enhance safety awareness among rural children [3][4]. - The selection of the Guixin Foundation as a partner was based on its long-standing commitment to rural education and the alignment of its mission with the company's goals [4]. Group 3: Specific Projects and Outcomes - The "Nomura-Guixin Book House" project was established to provide quality reading materials to rural schools, addressing the lack of resources and promoting reading habits among students [6][8]. - The project at Wangping Central Primary School in Henan Province included the donation of 2,015 quality children's books and an electronic borrowing system, facilitating access to reading materials for students [9][10]. Group 4: Safety Education Program - The "Nomura-Guixin Children's Safety Education Project" introduced a comprehensive safety education curriculum, covering topics such as campus safety, social safety, and psychological health [11][12]. - The program involved ten online safety education courses, utilizing interactive multimedia to engage students and enhance their understanding of safety issues [12][15]. Group 5: Future Initiatives - The success of the "Nomura-Guixin Book House" and the safety education project has encouraged the company to continue exploring new educational initiatives, such as the establishment of a "Little Scientist Laboratory" to improve science education in rural areas [20][22]. - The company plans to support rural teachers in enhancing their scientific education capabilities through training and exchange programs [23].

Group 1 - The article expresses well wishes for the new year, emphasizing good fortune and success in various endeavors [2] - It introduces a special limited edition red envelope cover for the Spring Festival, symbolizing prosperity and happiness in the Year of the Horse [2] - The article encourages readers to share this good fortune by gifting the red envelope to friends and family [4]

Core Viewpoint - The article discusses the legal definitions and implications of money laundering and smuggling crimes, highlighting a specific case involving diamond smuggling and money laundering activities in China, as well as the methods used for laundering money through underground channels [2][3][4]. Group 1: Legal Definitions - Money laundering is defined under Article 191 of the Criminal Law as actions taken to conceal or disguise the origins and nature of proceeds from various crimes, including drug trafficking, organized crime, and smuggling [2]. - Smuggling is identified as one of the seven upstream crimes related to money laundering, encompassing various illegal activities such as smuggling weapons, cultural relics, and drugs [2]. Group 2: Case Study - A case from 2015 involved a smuggling ring led by a person named Ling, which conspired with foreign diamond suppliers and domestic owners to smuggle diamonds into China, with a total case value of 5.144 billion yuan and tax evasion exceeding 900 million yuan [3]. - Key individuals in the case, including Luo, Fang, and Lin, facilitated money laundering activities amounting to 177 million yuan through underground banking channels, while also participating in smuggling operations [4]. Group 3: Money Laundering Techniques - One method of money laundering involved cash smuggling, where domestic diamond owners exchanged 1.74 billion yuan for US dollars through underground banks, which were then transported to Hong Kong for payment to suppliers [5]. - Another technique used was "matched transactions," where funds were transferred in a way that obscured their origins, allowing for the withdrawal of cash in Hong Kong to pay suppliers [5]. Group 4: Law Enforcement Strategies - The Shenzhen Customs Anti-Smuggling Bureau has implemented a strategy of "double investigation" to uncover money laundering clues by linking financial flows to smuggling cases, thereby building a comprehensive evidence system [7]. - The People's Bank of China in Shenzhen has played a crucial role in providing financial support for investigations by analyzing account information and transaction flows related to the cases [9]. - Collaborative discussions among law enforcement agencies have focused on clarifying the legal definitions and challenges in proving the knowledge of underground banks regarding the origins of transferred funds [10].

Core Viewpoint - The article discusses the strategic shift of food and beverage companies in China towards international markets as a response to domestic saturation and increasing competition, highlighting the potential for growth and brand enhancement through overseas expansion [2]. Group 1: Industry Logic - The Chinese food and beverage industry has developed mature capabilities in product research and development, supply chain management, and digital operations, making it ready for international expansion [4]. - National policies such as "dual circulation" and the "Belt and Road Initiative" provide support for companies looking to expand overseas by facilitating customs, tax, and investment processes [4]. - China's global leadership in e-commerce infrastructure, mobile payments, and agile supply chains empowers brands to penetrate emerging markets like Southeast Asia effectively [4]. Group 2: Data Insights - There is a growing overseas demand, particularly in online consumption, and Chinese consumer brands are increasingly gaining influence beyond the Chinese diaspora, reaching local populations [4]. - The export value of Chinese food products has shown significant growth over the past five years, indicating a positive trend in international demand [6]. - The cultural elements of Chinese products, such as tea culture, are gaining popularity on global social media platforms, contributing to the rise of "Chinese cultural fever" abroad [4]. Group 3: Sector-Specific Insights - Different segments within the food and beverage industry show varying levels of overseas revenue contribution, with health products at 40.74%, meat products at 10.91%, while soft drinks and baked goods lag significantly behind at 0.08% and 0.61% respectively [8]. - Higher overseas revenue contributions are typically seen in categories with strong standardization and cultural adaptability, while lower contributions in segments like soft drinks and baked goods face challenges related to cold chain logistics and local taste preferences [8]. Group 4: Focus on Supply Chain - The analysis emphasizes a focus on companies transitioning from market penetration to full-scale expansion, particularly through supply chain strategies, which leverage China's manufacturing efficiency and supply chain management advantages [9].

Group 1 - The article expresses well wishes for the new year, emphasizing good fortune and success in various endeavors [2] - It introduces a limited edition red envelope cover for the Spring Festival, symbolizing prosperity and happiness in the Year of the Horse [2] - The article encourages sharing this good fortune with friends and family through the red envelope [2]

Core Insights - The article highlights the significant correlation between the performance of global markets in 2025 and advancements in AI computing power, with the US stock market leading the gains due to its AI development [3] - The liquidity landscape has changed, with participation from insurance funds, passive funds, and high-net-worth individuals driving market strength, contrasting with previous bull markets that relied on leveraged funds and thematic/active funds [3][6] - For 2026, the A-share market is expected to experience structural differentiation, characterized by industry, profit and loss, and domestic versus external demand disparities [5][6] Group 1: Market Performance and Trends - The US stock market performed best in 2025, followed by South Korea and Japan, due to active AI-related industries [3] - The Hang Seng Tech Index, with a high proportion of AI cloud business, attracted significant capital allocation [3] - A-share micro-cap stocks and the banking sector showed strong performance supported by improved liquidity [3] Group 2: Structural Differentiation in A-shares - The A-share market is anticipated to enter a second phase of structural differentiation in 2026, with the tech sector's profit contributions continuing to encroach on financial and real estate sectors [5] - Despite overall profit growth in A-shares, more than half of the companies may experience declining profit growth [5] - Companies with high overseas revenue contributions (over 20%) are expected to account for more than 25% of net profit, indicating a shift in market dynamics [5][6] Group 3: Profit and Revenue Forecasts - The net profit growth forecast for the CSI 300 Index has been raised to 7.2% and 8.4% for 2026 and 2027, respectively, with profits expected to be the main contributor to returns [7] - Revenue growth forecasts for the CSI 300 Index have been adjusted to 5.3% and 10.6% for 2026 and 2027, respectively [7] - The financial sector's high profit base may pose a drag on overall profit growth for the CSI 300 [7] Group 4: Investment Focus Areas - Investors are advised to focus on three main lines: 1. "Intelligent manufacturing going global," emphasizing high-value manufacturing sectors such as AI hardware, innovative pharmaceuticals, new energy, automotive, engineering machinery, and military industries [9] 2. "Aesthetic consumption going global," highlighting opportunities in Chinese consumer goods, including inbound tourism, short dramas, cultural and creative toys, mobile games, console games, and new-style tea beverages [9] 3. "Incremental capital becoming passive," focusing on the marginal liquidity increase from balanced funds and individual investors increasing their holdings in ETFs [9]

Core Viewpoint - The article emphasizes the importance of investor education and awareness in the context of the Shanghai Stock Exchange, particularly during the National Campaign for Preventing Illegal Securities and Futures Fund Activities [3]. Group 1 - The Shanghai Stock Exchange is actively promoting investor education to enhance public understanding of securities and futures markets [2]. - The article highlights the significance of preventing illegal activities in the financial markets to protect investors [3]. - It mentions the ongoing efforts by regulatory bodies to raise awareness and provide resources for investors to make informed decisions [3].

Company Vision & Business Structure - The company aims to leverage Nomura Group's global platform resources to establish itself as a full-service securities company in the Chinese capital market, providing high-end comprehensive financial services to Chinese clients and setting a benchmark for joint venture securities firms in China [2]. Wealth Management Department - The Wealth Management Department integrates the company's licensing, business, and human resources to serve high-net-worth individuals and the general public, offering specialized and personalized wealth management solutions [5]. - The department focuses on providing international-standard consulting and trading services to high-end individual and corporate investors in mainland China, utilizing Nomura's extensive global experience [5]. - The development direction emphasizes building a top-tier international wealth management platform based in China, adhering to a "client-first" principle and a "buy-side" wealth management philosophy [5]. Institutional Business Department - The Institutional Business Department utilizes Nomura Group's global platform to provide comprehensive financial solutions to qualified foreign institutional investors and domestic professional institutional investors [7]. - The department aims to become a leading service provider for institutional clients in research and cross-border business, establishing long-term trust-based relationships through professional sales trading services and research support [7]. - The client network includes domestic public funds, securities firms, insurance companies, banks, and overseas institutions investing in China through various programs [7]. Research Department - The Research Department publishes securities research reports covering macroeconomic, strategic, industry, and individual stock analyses, enhancing the company's client acquisition capabilities and brand recognition [9][10]. - The department aims to build a boutique research team that provides high-quality research products and services, focusing on deep coverage of key industries and unique research perspectives [10]. - The development direction includes comprehensive macro strategies and industry research, catering to the needs of institutional investors and high-net-worth clients [10]. Asset Management Department - The Asset Management Department aims to provide high-quality investment strategies, products, and services to local individual and institutional investors, leveraging Nomura Group's global investment research advantages [12]. - The department focuses on core investment management tools and services for high-net-worth clients and institutions, emphasizing customer-centric approaches to achieve sustainable investment returns [13]. - The development direction includes expanding the product lineup to meet diverse investor needs and enhancing service levels [13]. Proprietary Trading Department - The Proprietary Trading Department aims to maintain liquidity and control risks while investing the company's own funds to achieve absolute returns [14]. - The department's investment goals include ensuring the safety and liquidity of the company's capital and establishing a healthy investment trading model for steady capital appreciation [15]. - The business positioning focuses on enhancing the technological level of investment trading and improving the management mechanism for asset allocation [16].

Core Viewpoint - Nomura Group successfully held its global charity challenge for the sixth consecutive year, promoting employee participation in sports while contributing to social responsibility and charitable causes [3]. Group 1: Company Overview - Nomura, established in 1925, is a global financial services institution that connects markets and provides wealth management, investment management, institutional business, and banking services to individuals, institutions, corporations, and government clients [2]. Group 2: Charity Challenge Participation - Approximately 1,000 employees globally participated in this year's charity challenge, engaging in activities such as cycling, running, walking, trail running, yoga, and tai chi, while raising funds to support educational initiatives [3]. - In mainland China, nearly 300 employees from various branches participated, with funds raised directed towards the "Hope Project 1+1" to support rural education [4]. - In Japan, 163 employees participated, with funds raised supporting extracurricular learning activities for economically disadvantaged children [8]. - Over 300 employees in Asia (excluding Japan) contributed funds to support organizations promoting quality education, aligning with UNESCO's sustainable development goals [10]. - In Europe, 38 employees cycled 490 kilometers from Milan to Zurich, raising funds for employment capability training projects, while 19 employees in Paris ran a historic 10-mile route to support a local youth charity [12]. Group 3: Employee Engagement and Impact - Employees not only improved their physical health but also spread love and positive energy through their actions, with one employee expressing pride in contributing to charity through their efforts [5]. - The chairman of Nomura Oriental International Securities emphasized the importance of providing equitable and quality education opportunities for economically disadvantaged youth in rural China [4].

Core Viewpoint - The article highlights the achievements of Nomura Orient International Securities at the "Voice Together · Value Discovery" Capital Market High-Quality Innovation Development Exchange Conference and the Tonghuashun 2025 Annual Awards Ceremony, where the company won three prestigious awards, including the "Foreign Research Excellence Award" for its research department and "Outstanding Equity Team Award" and "Outstanding Fixed Income Team Award" for its asset management department [1]. Research Department Summary - The research department leverages Nomura Group's resources, adhering to the principle of "global perspective with a Japan-China comparative feature," to create specialized research that is rooted in the local market while backed by Japanese and global research resources [6]. - Key research features include: - "Japan-China Comparative Research": Providing in-depth reports that offer meaningful references for investors to predict the medium to long-term trends of the capital market through unique comparative analysis [6]. - "Global Industry Chain Reports": Offering differentiated in-depth reports on A-share industries and individual stocks from a global industry chain perspective [6]. - "Overseas Overview Series": Utilizing Nomura's global analytical resources to create a series of products that introduce Nomura's overseas viewpoints to domestic investors [7]. Asset Management Department Summary - The asset management department relies on the company's overall platform strategy and unique advantages, upholding a management philosophy that respects the market and prioritizes customer needs, actively enhancing its core competitiveness in asset management [9]. - Department positioning includes: - Establishing cross-market allocation capabilities and comprehensive investment capabilities in asset management [9]. - Focusing on professional service awareness and a dynamically optimized asset management service system [9]. - Building a bridge between clients' current assets and future wealth, as well as between client needs and Nomura's global resources [9].