Core Viewpoint - The theme for International Women's Day 2026 is "Give To Gain," promoting the power of generous sharing and collaborative win-win situations, encouraging collective influence and the release of individual potential [1] Group 1: Weekly Themes - Week 1: Giving Opportunities - Pairing junior and senior colleagues for informal chats and mentorship to assist in career development [2] - Week 2: Giving Recognition - Encouraging colleagues to publicly acknowledge the contributions and impact of female colleagues in the workplace [3] - Week 3: Giving Back - Collecting participation stories from colleagues involved in initiatives that promote gender equality [4] - Week 4: Giving Empowerment - Expanding influence and enhancing visibility [5] Group 2: Employee Engagement Activities - Employees in the Asia-Pacific region actively participated in various activities that embody the power of "giving" [6] - Shanghai office hosted a DIY flower arrangement activity, allowing colleagues to slow down, unleash creativity, and create beautiful bouquets [6] - Hong Kong office conducted a DIY bath bomb workshop, promoting relaxation and health through hands-on learning [10] - Singapore office organized a "Connect & Consult Session," where employees provided professional guidance to female leaders in non-profit organizations, leveraging their expertise for social impact [13]

Economic Growth Target - The government has set a GDP growth target of 4.5% to 5% for 2026, which is seen as reasonable and not conservative. However, achieving this target may be challenging due to weak consumption, real estate drag, and declining capital returns [7][8] - The slowdown in China's GDP growth is viewed as a structural and long-term trend, but the pace of decline is relatively mild compared to other major economies [8][9] Investment Expansion - The government plans to issue 800 billion yuan in new policy financial instruments, increasing from 500 billion yuan last year, which is expected to leverage an additional 2 trillion to 3 trillion yuan in funds [10][11] - The total investment from these instruments, combined with other financial tools, could reach 1.3 trillion yuan, significantly enhancing project capital [10][11] Consumption and Real Estate - "Boosting consumption" remains a top priority, with plans to implement a 100 billion yuan special fund to support consumer loans and financing guarantees [12] - The real estate market is expected to take time to recover, with policies likely to be implemented on a city-by-city basis [12] Capital Market Insights - The capital market is seen as having a limited but positive impact on economic growth, particularly in supporting strategic sectors like AI and semiconductors [13] - The role of the stock market should not be overestimated as a substitute for fiscal and monetary policies [13]

Core Insights - The article discusses the journey of two professionals from Nomura International (Hong Kong) who transitioned from fresh graduates to industry leaders, highlighting their experiences and growth as team managers. Group 1: Career Development - The transition from a credit analyst to a trader was influenced by a strong alumni network and mentorship, emphasizing the importance of capability over hierarchy in career advancement [2] - Engaging in sales roles allowed for the application of communication skills and continuous learning about market and product knowledge, which fueled passion and growth [3] Group 2: Personal Growth and Mindset - Early participation in mentorship and leadership programs is encouraged, along with a focus on personal growth beyond just performance metrics [5] - Maintaining a work-life balance and a social network outside of work is crucial for long-term success and enjoyment in the job [5] Group 3: Continuous Learning and Adaptation - Continuous learning is essential for addressing client needs, especially during challenging market conditions, highlighting the importance of tailored solutions and risk assessment [6] - The integration of technology, particularly AI tools, enhances internal information management and improves sales processes and client experiences [8] Group 4: Advice for New Entrants - New entrants in trading should develop a hybrid skill set that combines market knowledge and technological proficiency, as modern trading integrates sales and research functions [9] - Engaging with different departments and senior professionals can accelerate career growth and provide valuable insights into market dynamics [10]

Economic Growth Target - The government is expected to slightly lower the GDP growth target for 2026 to a range of 4.5%-5.0%, down from approximately 5.0% in 2025, with 21 out of 31 provincial-level regions adjusting their targets downward [4] CPI Inflation Target - The CPI inflation target for 2026 is anticipated to remain at around 2.0%, consistent with the previous year, despite an actual CPI inflation rate drop to 0.0% in 2025 [5] Monetary Policy - The monetary policy is expected to maintain an "appropriate easing" stance, with the central bank likely to implement a policy interest rate cut and a reserve requirement ratio cut in the second quarter of 2026 [6] Fiscal Policy - Fiscal policy is projected to play a leading role in addressing demand slowdown, with a fiscal deficit rate set at 4.0%, higher than the previous 3.0% [7] Consumption Promotion Policies - The government is likely to continue enhancing policy support for consumption, confirming the scale of fiscal subsidies and reiterating structural measures such as maternity subsidies and social security system improvements [8] Real Estate Policy - The upcoming National People's Congress is expected to reaffirm the real estate policy framework established in December 2025, with local governments primarily driving the implementation of most easing measures [9] "15th Five-Year" Plan - The final version of the "15th Five-Year" plan is expected to provide specific guidance for economic and social development from 2026 to 2030, with a focus on building a strong, independent industrial ecosystem and significantly increasing consumption [10]

Core Viewpoint - The article emphasizes the dynamic nature of the Asian economy and its significant influence on global markets, highlighting the importance of understanding macroeconomic trends and the unique characteristics of the Asian market [1]. Group 1: Attraction to the Asian Market - The Asian market is appealing due to its vibrant macroeconomic environment and interconnected economies, which are influenced by trade, capital flows, and supply chains [3]. - Structural changes, rising leverage, demographic shifts, and geopolitical reconfigurations have transformed the region, making it central to global economic cycles [3]. Group 2: Role of Economists - The primary role of economists is to reduce uncertainty in the market by interpreting complex data into structured judgments [4]. - Economists collaborate with teams focused on foreign exchange, interest rates, and stock strategies to connect macroeconomic forces with asset prices and risk sentiment [4]. Group 3: Enjoyment in Challenging Narratives - Economists find fulfillment when data challenges mainstream narratives, identifying potential turning points in economic growth, policy signals, or inflation trends [5]. - The interconnectedness of economies in Asia means that policy changes or demand shocks in one country can have ripple effects across the region [5]. Group 4: Fresh Perspectives of Young Professionals - Young professionals bring flexibility in thinking, allowing them to question existing frameworks and adapt to rapid changes in the Asian market [6]. - This adaptability enables them to combine traditional macro analysis with new signals, enhancing their analytical capabilities [6]. Group 5: Advice for Aspiring Economists - A strong foundation in macroeconomic theory and statistics is crucial for building analytical frameworks [7]. - Clear communication is essential for impactful analysis, as even the best insights can fail to make an impact if not effectively conveyed [7]. - Maintaining genuine curiosity and broadening reading beyond economics can sharpen judgment and enhance understanding of macro phenomena [7]. Group 6: Economic Thinking in Daily Life - Economic thinking emphasizes the importance of opportunity cost, particularly in time and attention allocation [8]. - Professionals should prioritize factors that significantly impact overall outlooks and recognize that not all urgent matters are important [8]. Group 7: Misconceptions about Economists - There is a common misconception that economists can predict the future accurately; however, their work focuses on managing uncertainty and recognizing the limits of their knowledge [9]. - Economists learn to adjust their judgments based on incomplete information and new data, fostering a sense of humility in their analyses [9].

Group 1 - The article highlights the recognition of Dr. Lu Ting, Chief Economist of Nomura China, as one of the "Top Ten Macroeconomists of 2025," marking his third consecutive year receiving this honor [1][4] - The selection process involved a committee evaluating candidates based on five dimensions: professionalism, influence, innovation, foresight, and activity level, with results determined through voting and consideration of output data [3]

Group 1 - The core viewpoint of the article revolves around the insights and methodologies of Sonal Varma, the Chief Economist for Nomura Asia (excluding Japan) and India, highlighting her passion for macroeconomics and market dynamics [1][2]. - Varma emphasizes the importance of identifying discrepancies between market judgments and general investor sentiment, which can indicate potential investment opportunities [5]. - The article discusses Varma's evolution in research perspective, focusing on the necessity of filtering key information from a vast array of data and the importance of articulating the reasoning behind her viewpoints to clients [6][8]. Group 2 - Varma asserts that Nomura's research team is professional and reliable, particularly in the Asian region, providing deep local market insights that are well-recognized by clients [10]. - The collaborative culture within Nomura's research team is highlighted, showcasing extensive cross-regional and cross-disciplinary cooperation between economists and strategists [10].

Core Viewpoint - The article discusses the macroeconomic outlook for China in 2026, emphasizing the need for increased government spending and policy measures to stabilize the economy and address internal demand pressures [5][10]. Economic Policy and Government Spending - In 2026, China is expected to implement larger-scale government spending plans, including the issuance of special bonds and a moderate reduction in interest rates by the central bank [5]. - The government aims to address the real estate sector's debt issues and reform the pension system to support sustainable consumption [5][11]. Domestic Demand and Economic Growth - In 2025, China's economy surpassed 140 trillion yuan, growing by 5% year-on-year, but internal demand remains weak, with retail sales and fixed asset investment declining [6][7]. - The export sector showed resilience, contributing 15%-20% to GDP, supported by China's strong industrial base and competitive pricing [7]. Stock Market Performance - The stock market was active in 2025, with the Shanghai Composite Index rising nearly 22% from 3,262 to 3,968 [8]. - Government policies have successfully supported the stock market, but there are concerns about the wealth effect being limited for retail investors due to pressures in the real estate market [8][9]. Future Economic Trends - The economic trajectory for 2026 is expected to be "front low, back high," with a focus on expanding domestic demand and stabilizing the real estate market [10]. - The central bank is anticipated to have limited room for further interest rate cuts, emphasizing the need for fiscal policy to stabilize the economy [10][12]. Debt Management and Social Security - A key focus for 2026 will be managing the debt of real estate companies and improving credit relationships to restore credit demand [11]. - Enhancing the social security system, particularly increasing pension levels, is crucial for boosting consumer spending and addressing effective demand shortages [12].

Core Viewpoint - The article highlights Nomura Group's successful execution of its global charity challenge for the sixth consecutive year, promoting employee engagement in sports while contributing to social responsibility and charitable causes [1] Group 1: Global Participation - Approximately 1,000 employees globally participated in various activities such as cycling, running, walking, trail running, yoga, and tai chi, raising funds to support educational initiatives through donations to multiple charitable organizations [1] - In Japan, 163 employees participated, with funds raised supporting extracurricular learning activities for economically disadvantaged children [5] - Over 300 employees from Asia (excluding Japan) contributed to donations aimed at promoting quality education through charitable organizations, aligning with UNESCO's sustainable development goals [5] Group 2: Regional Contributions - In mainland China, nearly 300 employees from various branches participated, with funds raised supporting the "Hope Project 1+1," aimed at developing rural education [2] - Employees from Nomura's Shanghai headquarters and branches in Beijing and Shenzhen engaged in activities like a five-kilometer walk and health runs [2] - In Europe, 38 employees cycled 490 kilometers from Milan to Zurich, celebrating the London office's 25th anniversary while raising funds for employment skills training projects [7] Group 3: Employee Engagement and Impact - The stair climbing activity organized by Nomura Information Technology saw over 60% of participants successfully complete the challenge, showcasing the team's vitality and commitment to charity [4] - Employees expressed a sense of achievement not only from physical accomplishments but also from contributing to charitable causes, emphasizing the importance of social responsibility [5] - The Paris office's participation in a historic 10-mile run raised funds for a local youth charity, further demonstrating the company's commitment to community support [7]

Core Viewpoint - The Chinese automotive industry in 2026 will shift from price competition to focusing on product quality, design, and performance, driven by tightening government policies and regulations [1][3]. Industry Trends - The automotive market is expected to experience adjustments in 2026, as it is the first year of the "14th Five-Year Plan," laying the groundwork for future developments [3]. - The supply-demand relationship in the Chinese automotive market remains unbalanced, leading to intense domestic competition [3]. - There is a trend towards tightening policies while encouraging exports, which may slightly impact domestic demand [3][5]. Challenges - The tightening policy environment introduces uncertainty in domestic market demand, creating pressure on automotive companies [5]. - Companies face challenges in enhancing product appeal without raising prices due to reduced subsidies and anti-price-cutting measures [5]. - Rising costs of materials, including memory and battery prices, add additional burdens on manufacturers [5]. - Expanding into overseas markets presents risks and challenges for automotive companies [5]. Development Strategies - Effective management of the supply chain ecosystem and cost control are essential for automotive companies to thrive [6]. - Companies need to focus on product innovation and market share expansion to gain consumer recognition [6]. - Consumer engagement and marketing efforts are crucial for success [6]. Market Structure - The future Chinese automotive market is expected to remain diverse, with a few leading companies dominating the overall market [7]. - Successful overseas expansion could alter the ecosystem of Chinese automotive companies, with some focusing more on international channels while others strengthen their domestic presence [7]. Opportunities in Hybrid Vehicles - There are significant opportunities for hybrid and plug-in vehicles in overseas markets, particularly in regions like the EU, where export requirements are stringent [8]. - If Chinese companies can navigate the regulatory landscape, they may capture a larger market share, especially as European goals for new energy vehicles evolve [8]. Differentiation Strategies - In a market with severe product homogeneity, companies should focus on achieving better cost-performance ratios, particularly in the economy segment [9]. - For high-end and luxury brands, establishing a clear target demographic and integrating advanced technology is essential for product promotion [9]. Joint Venture Reforms - Joint venture companies are making significant reforms to better cater to the Chinese market, utilizing local supply chains to develop models favored by Chinese consumers [10]. - While improvements are possible, the focus remains on replacing declining market shares of traditional fuel vehicles with more competitive offerings from domestic brands [10]. Autonomous Driving Perspective - China has a robust support system for the autonomous driving industry, encompassing components, software, and OEM manufacturers [11]. - The recent opening of L3 pilot programs aims to define L3 standards, which will require further legal and regulatory development to foster growth in the smart driving sector [11].