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].

Group 1 - The core viewpoint of the article emphasizes the ongoing recruitment efforts by Nomura Information Technology, particularly for various levels of Java backend developers, highlighting the importance of skilled professionals in the financial services sector [2][3]. - The company is actively seeking candidates for the Risk Capital Technology Department, specifically for the Associate level position of Senior Software Engineer, requiring proficiency in Java/Python and experience in capital market risk [2]. - Nomura Information Technology aims to build a strong development team that collaborates with global IT departments and business stakeholders to maintain market-leading systems, thereby supporting the overall business objectives of the Nomura Group [3]. Group 2 - Nomura is a global financial services institution established in 1925, providing wealth management, investment management, and institutional services, with a commitment to innovation and client service [3]. - The Shanghai-based Nomura Information Technology is a subsidiary of the Nomura Group, focusing on global market technology, capital risk control systems, and enterprise architecture [3]. - The primary responsibility of Nomura Information Technology is to develop and maintain robust systems that align with the group's business goals, emphasizing collaboration with various stakeholders [3].

Group 1 - The article expresses New Year greetings from Nomura Group, wishing readers a happy new year and success in the upcoming year [1][3] - It emphasizes the beginning of a new year as a fresh start, highlighting the company's anticipation of continuing partnerships and embarking on new journeys together [3]

Core Insights - The article features an interview with George Buckley, the Chief Economist for Europe at Nomura, discussing his career journey and the unique aspects of Nomura's research [1][2]. Group 1: Career Background - George Buckley has over 25 years of experience as a market economist and has been with Nomura for more than eight years, applying academic economic theories in practical settings [3][4]. - He holds a PhD and a Master's degree from the University of Bristol, where he also taught macroeconomics and econometrics [2]. Group 2: Passion for Economics - Buckley emphasizes the importance of applying economic knowledge to real-world scenarios to assist various stakeholders, including clients and media [4]. - He believes that explaining the analytical process is as crucial as presenting the final conclusions, akin to demonstrating the steps in solving a math problem [4]. Group 3: Unique Services at Nomura - Nomura offers distinctive services in Europe, including a podcast series designed for relaxed listening, which has received positive feedback from clients [6]. - The company balances speed and depth in data interpretation, providing both quick updates and in-depth analysis that uncovers overlooked insights [6]. Group 4: Focus on Asian Markets - Nomura's research heavily emphasizes Asian markets, supported by a robust research framework covering stocks and industries across Asia [8]. - The company values localized perspectives, with economists like Buckley focusing on the UK economy, enhancing client engagement through their local expertise [8].

Core Viewpoint - The report anticipates that the investment boom driven by artificial intelligence, along with more supportive monetary and fiscal policies, will continue to propel strong global economic growth in 2026 [5] Global Economic Outlook - The global economy is expected to show resilience despite trade-related disruptions and policy uncertainties, with a stable and accelerating growth pattern anticipated for 2026 [6] - Fiscal constraints will be a significant theme in 2026, with concerns over inflation and financial repression if budget deficits are not controlled [6] Major Economies Macroeconomic Outlook United States - The U.S. economy is projected to maintain resilience, leading growth among developed markets with a real GDP growth of 2.4% [8] - Labor market conditions are expected to improve, with the unemployment rate dropping to 4.0% by year-end [8] - The Federal Reserve is anticipated to lower interest rates twice in June and September 2026 [8] Europe - The Eurozone is expected to enter a more constructive phase, with fiscal policy becoming a core issue and economic growth accelerating, particularly in the second half of 2026 [9] - The European Central Bank is likely to maintain deposit rates at 2.00% as inflation remains near target levels [9] China - China's GDP growth is forecasted to slow to 4.3%, with a drop to 4.1% in the first half of 2026, followed by a rebound to 4.5% in the second half due to policy stimulus [10] - The central economic work conference has continued a stance of "moderate easing" in monetary policy [10] Japan - Japan's economy is expected to continue its recovery, with core inflation projected to fall below 2% in the first quarter of 2026 [11] - The Bank of Japan may extend the pause on interest rate hikes for an additional year [11] Other Asian Countries - Strong AI demand and the supercycle of storage chips are expected to lead to differentiated economic growth across various countries in Asia [12] - Countries like South Korea, Singapore, Malaysia, and India may see GDP growth exceeding market expectations, while Thailand and the Philippines may underperform [12]

Core Viewpoint - Nomura Information Technology is actively recruiting for various positions, particularly in software engineering, to support its global market technology and risk management systems [4]. Group 1: Job Application Guidelines - Candidates are encouraged to submit their English resumes directly to hr-china@nomura.com, specifying the preferred position in the email body [2]. - Position level requirements include Analyst (2+ years), Associate (5+ years), and Vice President (8+ years) [2]. Group 2: Job Openings - The International Markets Technology Department (GMT) is seeking an Associate Software Engineering Lead with expertise in React/Redux/AG-grid, API design, and DevOps [3]. - Responsibilities include designing and developing intuitive, high-performance trading user interfaces and implementing comprehensive testing strategies [3]. - The Risk Capital Technology Department (RCT) is looking for a Senior Software Engineer with experience in market risk, credit risk, and BI development [3]. - This role involves designing and developing various modules and models related to market and credit risk projects, collaborating with risk management teams [3]. Group 3: Company Overview - Nomura Information Technology (Shanghai) Co., Ltd. is a subsidiary of the Nomura Group, integral to the global institutional business IT department and group infrastructure [4]. - The company aims to build an excellent development team to collaborate with global IT departments and business stakeholders, maintaining market-leading systems to support the group's business objectives [4].