第一周：给予机会 邀请资历尚浅的同事和资深同事配对，进行非正式的聊天 / 导师指导，协助职业发展规划。 奥田健太郎 野村控股集团总裁兼 首席执行官 2026年国际妇女节的主题是'Give To Gain'。去年的主题'Accelerate Action'提醒我们，包容 性不应止于理念，更要成为日常实践。今年的主题在此基础上更进一步，鼓励我们慷慨相 助、携手协作。野村集团在2025年12月庆祝了公司百年华诞，展望下一个百年，让我们继续 将多元化视为力量之源，共同营造一个人人都能做真实自己的环境。 野村女性网络（Women in Nomura Network）从今年的三月八号开始，每周分别聚焦于不同核心承 诺和主题，汇聚亚太地区的员工举办一系列对话、健康生活体验和志愿服务活动，旨在激励女性成 长并加速推进性别平等进程。 今年国际妇女节的主题是"Give To Gain"，倡导慷慨分享和协作共赢的力量。通过与他人分享支持、传 递知识和共创机遇，凝聚集体影响力，释放每个人的潜能。 这次活动太棒了。工作虽忙，但这样 的慢时光太治愈了。我们在花朵绽 放、花香弥漫中不仅收获了美丽的作 品，更感受到了同事间的温暖互动。 愿我 ...

3月24日，野村发布研报指出，即使布伦特原油均价维持在每桶100美元的不利情境下，预计美国经济仍 将实现高于趋势水平的增长。过去几年，汽油支出占个人消费总支出的比重呈下降趋势。能源服务价格 可能保持稳定，从而减轻能源冲击对消费者支出的影响。 能源价格上涨有利于美国能源生产，但能源相关商业投资要实现显著增长，还需原油价格长期预期发生 根本性转变。持续高企的汽油价格可能推高长期通胀预期，不过各州暂停征收汽油税或有助于缓解冲 击。若冲突旷日持久且美国投入地面部队，可能加剧财政状况恶化。 ...

Nomura Holdings, Inc. (NYSE:NMR) is one of Billionaire Ken Fisher’s 15 Most Notable Moves for 2026. Nomura Holdings, Inc. (NYSE:NMR) is one of the most interesting stocks in the 13F portfolio of Fisher Asset Management. This is because Nomura is simultaneously both the oldest and one of the most frequent firms in the historical portfolio of the fund. Fisher first purchased a stake in the company back in late 2010, consisting of just 62,000 shares. The hedge fund then held onto this stake till early 2012, ...

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]

Core Viewpoint - The Iran conflict has led to significant turmoil in global equity markets, with major indexes in some regions, such as South Korea, entering correction territory [1] Group 1 - The conflict has caused major equity markets to experience volatility [1] - South Korea's major indexes have specifically fallen into correction territory due to the ongoing situation [1]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the Chinese economy, particularly the implications of RMB (Renminbi) appreciation on capital inflows and domestic demand. Core Insights and Arguments 1. **RMB Appreciation and Capital Inflows** - There is a growing belief that steady RMB appreciation could attract capital inflows to support domestic property prices, combat deflation, and stimulate domestic demand. However, the effectiveness of this strategy is questioned due to the current economic environment characterized by weak domestic demand and a significant property market crash since mid-2021 [1][4][5]. 2. **Historical Context of RMB Appreciation** - Prior to 2014, RMB appreciation led to substantial capital inflows, driven by expectations of rising home prices and higher interest rates compared to global counterparts. The RMB appreciated by 34.2% against the USD from July 2005 to January 2014 [19][20]. 3. **Current Economic Challenges** - The environment has drastically changed since 2014, with entrenched expectations of falling home prices, illiquid property markets, and geopolitical tensions. The report argues that even a guided 5% annual appreciation of RMB/USD is impractical given the current economic conditions [4][5][40]. 4. **Impact of Property Market Collapse** - The property market has seen home prices decline by over 35% since their peak in 2021, leading to a significant drop in new home sales. This decline contrasts sharply with rising home prices in developed economies during the same period [32][44]. 5. **Interest Rate Dynamics** - China's interest rates remain low (around 1.8% for 10-year CGBs), while US rates are significantly higher (around 4.1%). This negative interest rate differential discourages capital inflows into China [43][34]. 6. **Direct Investment Trends** - Foreign direct investment (FDI) in China has plummeted from a peak of USD 344 billion in 2021 to USD 76 billion in 2025, while outward direct investment (ODI) has surged, indicating a shift in investment strategies due to geopolitical tensions and limited domestic opportunities [54][55]. Additional Important Insights 1. **Fast Capital Flows (FCF) Definition** - FCF refers to large, sudden surges of foreign funds into or out of an economy, often influenced by investor sentiment and interest rate differentials. The report aims to measure FCF trends over the past two decades [7][8]. 2. **RMB Internationalization Efforts** - Despite depreciation pressures, China is promoting RMB internationalization through initiatives like the Cross-Border Interbank Payment System (CIPS) and expanding bilateral currency swap agreements [35][36]. 3. **Market Sentiment on Home Prices** - Public confidence in home prices is eroding, with only 8.5% of respondents expecting higher prices in the next quarter, the lowest since 2009. This reflects a broader sentiment of caution among investors [48][50]. 4. **Geopolitical Factors** - The ongoing US-China trade war and rising geopolitical tensions have further complicated the investment landscape, leading to reduced exposure to China by foreign investors [31][34]. 5. **Long-term Economic Outlook** - The report suggests that without addressing the underlying issues in the property market and boosting domestic consumption, expectations for RMB appreciation to attract significant capital inflows are overly optimistic [5][40].

Core Viewpoint - Equities are expected to move sideways, with a low likelihood of a significant market downturn, which may disappoint those anticipating a rout [1] Group 1 - The market is not expected to experience a full-on rout, indicating a level of stability in equities [1]

Core Insights - Many wealthy families in Asia are reconsidering their investments in Dubai due to the ongoing Iran war, which has raised concerns about the city's stability and safety [1][2][3] Group 1: Investment Trends - Asian investors are contemplating moving their funds back to Hong Kong or Singapore, reversing previous decisions to invest in the Middle East for tax advantages [2] - The UAE, particularly Dubai, has been a significant destination for overseas investments, with approximately $700 billion booked from foreign investors, and Dubai hosting family offices controlling over $1.2 trillion [4][5] - The war has prompted a reassessment of investment strategies among Asian families, with some firms expanding operations in Dubai to meet the demand from wealthy clients [6] Group 2: Market Reactions - The Dubai Financial Market General Index experienced a 4.7% drop, marking its sharpest decline since May 2022, following the escalation of conflict in the region [15] - Some investors view the current situation as a potential buying opportunity, while others are looking to reduce their exposure to the region as a precaution [14] Group 3: Future Outlook - The long-term impact on Dubai's reputation as a stable commercial hub will depend on the duration of the conflict, with some investors believing that the UAE's strong infrastructure and governance will facilitate a recovery [16][17] - If uncertainty persists, companies may pause their expansion plans in Dubai, but stability is expected to return quickly once the situation improves [17]

Core Viewpoint - The ongoing conflict in the Middle East is significantly impacting oil prices, which could lead to stagflation in emerging markets, particularly in Asia, as governments face increased fiscal pressures and inflation risks [1][13]. Economic Impact - Emerging Asia is experiencing a selloff in bonds, with currencies like the Indian rupee, Indonesian rupiah, and Philippine peso hitting record lows against the US dollar [6][14]. - Central banks in developing Asia may need to delay or abandon easing cycles due to rising inflation and economic uncertainty [5][13]. Government Responses - Vietnam plans to eliminate import tariffs on fuel and mandate that uncommitted crude oil be sold to local refineries [7]. - The Philippines is considering emergency powers to suspend fuel taxes, anticipating the highest inflation in three years [7][14]. - Malaysia and Indonesia are attempting to maintain subsidized fuel prices despite rising oil costs, with Indonesia's fiscal deficit projected to exceed legal limits if oil prices average $92 per barrel [8][9][14]. Specific Country Risks - India, which imports nearly 90% of its oil, could see a $1 increase in crude prices widen its trade deficit by $1.5 billion annually, with a 10% sustained increase in oil prices potentially raising inflation by 30 basis points and reducing growth by 15 basis points [11][14]. - Countries with limited financing buffers, such as Pakistan, are particularly vulnerable to the economic fallout from rising oil prices [11][14]. Broader Economic Context - Japan is at risk of stagflation due to higher crude costs and a weak yen, while China, with significant oil stockpiles, is better positioned to manage supply disruptions [12][14].

Core Insights - Silver Lake Partners has entered into a strategic partnership with Nomura Securities to establish a primary trading account in Japan, enhancing its local presence and execution efficiency in the Japanese market [1][3][7] Company Overview - Silver Lake is a global leader in private equity investing, focusing on technology and growth industries, with over US$116 billion in combined assets under management and committed capital [22] - Nomura Securities is a leading integrated financial institution in Japan, providing a wide range of services including securities brokerage, asset management, and corporate finance [23] Strategic Partnership Details - The partnership aims to leverage Nomura's financial infrastructure and client network to improve local equity transactions, M&A execution, and capital market activities [8][10] - A primary trading account will serve as the central channel for investment execution and capital flows in Japan, facilitating collaboration with Japanese companies on various financial solutions [10][19] Market Opportunities - Silver Lake sees long-term opportunities in Japan, particularly in technology, energy transition, and industrial modernization, and aims to strengthen connections with local financial institutions [7][18] - The partnership is expected to support large-block equity transactions and enhance capital collaboration channels with local institutions [13] Investor Implications - Japanese investors may gain indirect exposure to global growth themes through Silver Lake-led transactions, enhancing their investment participation in high-quality global assets [12][20] - The partnership will also focus on financial education for individual investors, helping them understand institutional investment logic and capital allocation trends [16] Future Outlook - As Japan's capital markets undergo internationalization and modernization, Silver Lake's commitment reflects confidence in the country's economic potential and aims to integrate capital and technology [18][20] - The partnership will explore opportunities in cross-border M&A and strategic equity investments to support the transformation of Japanese companies [19]