Core Viewpoint - Toyota achieved a record global delivery of 9.94 million vehicles in 2025, launching several new models and expressing gratitude for the collective efforts of its workforce amidst challenges [2][4]. Group 1: 2025 Achievements - In 2025, Toyota delivered 9.94 million vehicles globally, marking a historical high [2][4]. - The company introduced multiple new models during the year [2][4]. Group 2: Leadership Reflections - Chairman Akio Toyoda expressed appreciation for the hard work and unity of employees, emphasizing the importance of gratitude towards both users and the workforce [2][4]. - Toyoda highlighted the challenges faced in the past year and the collective effort to overcome them [2][4]. Group 3: Vision for 2026 - For 2026, the annual keyword set by Toyoda is "field," indicating a collaborative future where everyone contributes [5]. - Toyoda outlined three main action directions: fostering talent development, rethinking the overall structure of the group, and promoting corporate culture activities [5]. - He emphasized the importance of not allowing Toyota to become an ordinary company and expressed a commitment to nurturing the next generation [5]. Group 4: Future Aspirations - Toyota's vision, "TO YOU," focuses on working for the smiles of every user, aiming to produce better vehicles and transform the future of automobiles [5].

Group 1 - The core viewpoint emphasizes the need for a multi-tiered market system in China's capital market to ensure stability and long-term growth, allowing exchanges to develop distinct advantages and complement each other [1] - The current market volatility and changing external environment necessitate resilience, with a focus on the three elements of "people, goods, and venues" applicable to exchanges [1] - The number of companies waiting to list on the Hong Kong Stock Exchange indicates strong listing resource availability, highlighting the need for innovative reforms to support the real economy [1] Group 2 - The investment side reveals that foreign capital can participate in Chinese stocks and bonds at low valuations, presenting significant upside potential, especially as international investors consider reallocating their portfolios [1] - The product system needs to be enhanced to include equities, bonds, and commodities, with a focus on developing risk management tools like the upcoming RMB government bond futures [1][2] - The infrastructure of the capital market must be solidified, with improvements in investor experience through initiatives like the RMB counter in the southbound trading market and ongoing upgrades to technical platforms [2]