周末，两则利好消息刷屏！ 7月26日，话题#全球资管巨头"抄底"中国房地产#冲上百度热搜，引发大量关注。据悉，全球资管巨头施罗德 资本旗下房地产投资部门，近日与浙江企业西子国际联合发起总规模约30亿元的私募房地产股权投资基金， 聚焦长三角核心城市的写字楼、消费基础设施投资机会。有业内人士指出，外资巨头宣布加仓中国不动产，信 号意义明显。 同日，据央视新闻报道，中国二季度经济数据公布后，陆续有十多家外资金融机构或者国际投行上调了对中国 经济增长的预测，其中不少在半年内进行了连续调升。政策的持续发力，是吸引外资上调预期的关键因素。 二级市场上，近期A股市场持续上涨，7月25日小幅调整。有研究机构指出，短期市场仍将以震荡上行为 主。"反内卷"政策强度不断升级，有望成为持续投资主线。 外资机构看好中国经济 近日，摩根士丹利在其年中展望报告中，将2025年中国经济增速预期上调0.3个百分点，对明后两年的经济增 速预期也分别上调0.2个百分点；高盛也上调了今年二季度和下半年的中国环比GDP增速预测，并将2025年全 年GDP增速预测上调0.6个百分点。 此外，野村将中国2025年GDP增速预测上调0.5个百分点，摩根大通 ...

Core Viewpoint - Nomura Group is launching its 2025-2026 campus recruitment and internship programs, offering diverse positions across various departments to meet students' career development needs [2] Group 1: Recruitment Activities - Nomura will conduct both online and offline recruitment activities in the coming months, including events like "Nomura Carnival" and "Meet Nomura" to engage with potential candidates [2][3] - The "Nomura Carnival" will take place in Hong Kong and Singapore, allowing current interns and employees to share their experiences with students [2] - An Open Day event will also be held in Hong Kong and Singapore to provide insights into different career paths within the company [3] Group 2: Internship and Graduate Programs - Nomura offers three main programs for undergraduate and master's students: Summer Internship Program, Graduate Internship Program, and Graduate Program, with durations ranging from 9 weeks to 2 years [4][5] - The Summer Internship Program lasts 9-10 weeks, starting with training and business awareness courses, providing practical experience in departments like Global Markets, Investment Banking, and International Wealth Management [5][6] - The Graduate Internship Program is a 9-week opportunity for recent graduates to gain experience in sales, trading, product structuring, or research, with support from peers and mentors [7][8] - The Graduate Program spans 1-2 years, offering basic training and potential cross-functional rotations, with ongoing support and feedback from the team [9][10] Group 3: Recruitment Process - The recruitment process at Nomura includes steps from online application to formal onboarding, emphasizing the importance of thorough preparation for interviews [11][12] - Candidates are advised to research the company and departments of interest, articulating their motivations for joining Nomura during interviews [12] - Resources for interview preparation include the company website, press releases, annual reports, social media, and networking with faculty, alumni, and friends [13]

Group 1: Economic Resilience - The report from Nomura Securities predicting a "cliff-like decline" in China's economy in the second half of the year is considered alarmist and underestimates the resilience of the Chinese economy and the positive effects of policies [1] - Consumer spending has shown strong growth in the first half of the year, with improvements in consumption and dining revenues, indicating robust consumer resilience [2] - The "old-for-new" policy is expected to support consumption, as previous implementations did not lead to significant declines in consumer spending [2] Group 2: Policy Support - The Chinese government has implemented a long-term mechanism to boost consumption through measures aimed at increasing employment, income, and reducing living costs [2] - The recent Central Financial Committee meeting emphasized the orderly exit of outdated production capacity, which is seen as a necessary step for long-term healthy development in sectors like new energy [3] - The impact of tariffs on exports has been overstated, as China's export performance has remained strong despite previous trade tensions, showcasing the competitiveness of Chinese products [4] Group 3: Positive Policy Stance - The current policy stance is characterized by proactive fiscal policies and moderately loose monetary policies aimed at stabilizing growth [5] - The government has a diverse toolbox for economic stabilization, including infrastructure investment, social security spending, tax reductions, and structural adjustments [6] - While there may be marginal pressures on the economy in the second half, these do not alter the long-term positive trend, and the notion of a "cliff-like decline" is unfounded [6]

Group 1 - China's GDP grew by 5.3% year-on-year in the first half of the year, exceeding expectations and prompting several international investment banks to raise their economic growth forecasts for China [1][2] - Key reasons for the upward revision include "export resilience" and "policy support," which have been frequently mentioned by foreign institutions [1] - Wellington Management, a major investment firm, highlighted China as a significant investment target, indicating a growing optimism towards the Chinese stock market [1][4] Group 2 - Nomura and Morgan Stanley have both adjusted their 2025 GDP growth forecasts for China upwards, reflecting stronger-than-expected second-quarter performance [2] - UBS noted that the second-quarter GDP growth was supported by consumer spending improvements and robust export performance, leading to an overall positive outlook for 2025 [2] - The anticipated government policies, including subsidies and monetary easing, are expected to further support economic growth in the second half of 2025 [3] Group 3 - Market expectations are leaning towards additional incremental policy support to boost household consumption and stabilize the real estate market [3] - The strong export activity has been a key driver of China's economic growth, with diversification efforts in the export market helping to maintain resilience amid global trade uncertainties [3] - The Chinese capital market is viewed as having significant investment potential, with optimistic sentiment driven by domestic policy support and advancements in technology sectors like AI and electric vehicles [4][5] Group 4 - Investors are increasingly optimistic about Chinese stocks, with attractive valuations compared to global markets, suggesting potential for further upward movement [4][5] - Wellington Investment provided ten key reasons for the positive outlook on Chinese assets, including improving fundamentals, resilient economic models, and reduced reliance on the US capital market [5]

Core Insights - Nanalysis Scientific Corp. has published the first regulatory certified assay for benchtop NMR in the National Formulary, specifically for Molar Substitution Determination in Hydroxypropyl Betadex USP-NF/Ph. Euro [1] - The company aims to expand the use of benchtop NMR in industrial quality control across various sectors, including pharmaceuticals and food, by developing gold standard methods accepted by regulatory authorities [2][3] - Nanalysis is committed to submitting a comprehensive library of formal methods to the USP, enhancing the credibility of benchtop NMR as a viable option for quality control [3] Company Overview - Nanalysis operates primarily in two segments: Scientific Equipment and Security Services, focusing on portable NMR instruments for industrial and research applications [4][5] - The NMReady-60™ is highlighted as the first full-feature portable NMR spectrometer that does not require liquid helium, showcasing the company's innovation in compact NMR technology [4] - The company has expanded its Security Services business through a five-year, $160 million contract for maintenance services of passenger screening equipment in Canadian airports [6] Market and Applications - Nanalysis's devices are utilized across multiple industries, including oil and gas, pharmaceuticals, and law enforcement, indicating a broad market presence [5] - The hydroxypropyl betadex market is identified as a billion-dollar opportunity, with plans for additional excipient method submissions to enhance product quality in pharmaceuticals [2]

Group 1 - Goldman Sachs expects the Federal Reserve to cut interest rates in September, reflecting early signs of milder inflation related to tariffs and emerging deflationary forces [1] - Goldman Sachs raises its S&P 500 index target for the next 12 months by 11%, citing earlier and deeper monetary easing by the Fed and strong fundamentals of large-cap stocks [1] - The S&P 500 index's expected returns for 3 months, 6 months, and 12 months have been adjusted to +3%, +6%, and +11% respectively, with new target levels set at 6,400, 6,600, and 6,900 points [1] Group 2 - Morgan Stanley indicates that U.S. trade negotiations are moving towards a tactical escalation, with potential increases in tariffs affecting Asian economies [2] - Mizuho Securities notes that OPEC+ plans to increase production by 548,000 barrels per day, reflecting Saudi confidence in market demand rather than an intention to capture market share [3] - Nomura Securities suggests that clearer trade tariffs could help the market eventually rise, as new agreements may reduce uncertainty [5] Group 3 - Bank of America reports that improved Canada-U.S. relations and reduced tariff tensions are likely to benefit the Canadian banking sector [4] - OCBC Bank highlights that despite recent cooling measures in Singapore's real estate market, there remains potential for price and transaction volume increases [7] - Goldman Sachs predicts that the Reserve Bank of Australia will cut rates by 25 basis points in July, with a terminal rate potentially dropping to 3.10% [8] Group 4 - Westpac Bank expects the Reserve Bank of New Zealand to maintain its cash rate in July, leaving the market to interpret future rate changes [9] - CICC notes that the Hong Kong stock market is entering a new era driven by active trading and structural changes in asset and funding dynamics [7] - Huatai Securities anticipates a turning point for IDC due to growing domestic and international demand for intelligent computing centers [8] Group 5 - Galaxy Securities identifies new investment opportunities in the upstream life sciences sector, driven by recovery in revenue growth and domestic substitution trends [9]

Group 1: Employment and Monetary Policy - JPMorgan expects the U.S. employment population to increase by 110,000 in June, down from 139,000 in May, with the unemployment rate projected to rise from 4.2% to 4.3%, potentially reigniting concerns about economic growth [1] - Poor non-farm payroll data could pressure the Federal Reserve to accelerate its rate-cutting timeline, as inflation remains distant from targets, necessitating a cautious approach to monetary policy [1] Group 2: Fiscal Deficit and Market Sentiment - Deutsche Bank's survey indicates only 12% of respondents believe the U.S. fiscal deficit will significantly impact the market next year, suggesting that most market participants do not view the fiscal deficit as a major short-term concern [1] - Over time, more investors expect the fiscal deficit to have a significant market impact, with only 8% believing it will have no effect during this period [1] Group 3: Stablecoin and Treasury Demand - Citigroup argues that the growth of stablecoins will not significantly boost demand for U.S. Treasuries in the short term, as new stablecoins may come from existing bank deposits or money market funds, leading to no net increase in Treasury demand [2] - The stablecoin market is projected to reach $1.6 trillion by 2030, with potential incremental Treasury demand from cash reallocation and foreign deposits [2] Group 4: UK and Eurozone Economic Indicators - XTB analysts note increased volatility in UK government bond yields since 2022, attributed to high government debt levels, with a need for public spending to return to pre-pandemic levels to stabilize the bond market [3] - Eurozone's June services PMI and composite PMI data indicate the longest low-growth phase in 27 years, with new orders contracting for 13 consecutive months, reflecting weak domestic and external demand [3] Group 5: U.S. Treasury Supply and Economic Outlook - UBS Global Wealth Management reports that the supply of long-term U.S. Treasuries should remain manageable, despite concerns over increased issuance to finance federal debt [4] - Analysts express caution regarding potential rate cuts in the U.S., despite pressure from President Trump and disappointing employment data, suggesting that rate cuts may not effectively address current economic issues [4]

Core Viewpoint - Strong exports from South Korea may support the Bank of Korea's hawkish stance in the upcoming policy meeting on July 10, as increased fiscal spending could alleviate concerns about economic growth [1] Group 1: Economic Indicators - Nomura Securities economist Jeong Woo Park suggests that robust exports, particularly in semiconductors, will continue to bolster economic recovery in the second half of the year [1] - South Korea's exports rebounded in June, driven by active semiconductor shipments, despite global trade being hampered by increased tariffs from the U.S. [1] Group 2: Monetary Policy Outlook - The Bank of Korea is not expected to lower interest rates for the remainder of the year, with a forecasted rate cut of 25 basis points in February 2026 marking the end of the current easing cycle [1]

Group 1 - The core viewpoint of the articles indicates a significant shift of funds from European assets to the US market, driven by easing recession fears and a lack of short-term catalysts in Europe [1][3][2] - Goldman Sachs reports that short-selling in European stocks has reached its highest level in nearly a year, with hedge funds establishing new short positions [2][3] - European stock performance has been notably strong recently, with the DAX 30 index rising nearly 19% year-to-date, but concerns over growth and valuation have led to net selling of European defense stocks [2][3] Group 2 - Barclays analyst Emmanuel Cau notes that the cautious sentiment among investors is leading to a preference for US stocks, as European performance weakens and geopolitical uncertainties persist [3][2] - Nomura Securities predicts that over $100 billion may flow into the US market next month, marking the largest expected inflow for volatility-control funds since 2004 [3][4] - The recent decline in realized volatility is driving this predicted influx, as volatility-control funds may soon increase their risk exposure [4][5]

FORM 6-K U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 Commission File Number: 1-15270 For the month of June 2025 NOMURA HOLDINGS, INC. (Translation of registrant's name into English) Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Information furnished on this form: EXHIBITS Exhibit Number 1. Capitalization and ...