Core Viewpoint - Nomura, Japan's largest brokerage and investment bank, reported a surprising 6% decline in net profit for the second fiscal quarter ending in September, with a net profit of 92.1 billion yen (approximately 610.82 million USD), down from 98.4 billion yen in the same period last year. Despite this decline, analysts believe that the new economic stimulus policy being prepared by Japan's Prime Minister, which exceeds last year's scale of 13.9 trillion yen, could serve as a significant catalyst for the Japanese stock market, potentially leading to a new phase of performance and valuation expansion for Nomura [1]. Group 1: Financial Performance - Nomura's wholesale business showed the strongest performance, achieving a substantial year-on-year growth of 43% in the first half of the fiscal year, primarily driven by record revenues from stock trading, coinciding with a significant recovery in global stock market activities and IPO financing. The Nikkei 225 index has surpassed the 50,000 mark, with a year-to-date increase of 25%, outperforming the S&P 500 and Nasdaq 100 indices [2]. - Despite the record total assets under management reaching 101.2 trillion yen, the pre-tax profit from Nomura's investment management division declined by 4% year-on-year, contributing to the overall net profit decrease [2]. - The latest performance highlights a strong recovery in Nomura's wholesale business, which had been negatively impacted by market volatility in previous years but has shown more consistent profits in recent quarters due to a robust bull market in global stocks [2]. Group 2: Business Segments - Nomura's wholesale business consists of two main segments: Global Markets, which provides market-making, sales, and trading services related to fixed income and equity markets, and Investment Banking, which offers M&A advisory, equity financing, debt financing, and various risk/solution services to corporate, financial, and public sector clients [3]. - Following the end of the "investor wait-and-see period" triggered by U.S. President Trump's tariff announcements, the impact that previously suppressed large M&A transactions and IPO activities has significantly diminished, leading to a rise in advisory fees for Nomura's investment banking business as transaction activities rebound [3]. Group 3: Market Outlook - The economic stimulus policies led by Prime Minister Kishi are expected to be significantly beneficial for the Japanese stock market and particularly favorable for brokerage, asset management, and investment banking sectors, where Nomura is the largest player. The ongoing "super bull market" in Japanese stocks, driven by these policies, is anticipated to lead to substantial growth in brokerage and investment banking performance and transaction volumes, with continued recovery in equity financing and M&A activities [4]. - The recent "Sanae trade" phenomenon reflects market expectations for the revival of "Abenomics," characterized by strong fiscal stimulus, industrial support, and a cautious stance on tightening monetary policy, leading to significant volatility in stock, bond, and currency markets [5].

Group 1 - In the second half of 2025, CICC successfully launched two milestone projects in Kazakhstan, including the exclusive sponsorship of Jiaxin International Resources for simultaneous listings in Hong Kong and Astana, making it the first RMB-denominated stock in Central Asia, and assisting the Development Bank of Kazakhstan in issuing its first offshore RMB bond, setting multiple market records [1] - Since the Belt and Road Initiative was proposed in 2013, it has become the largest and most extensive international economic cooperation platform globally, with financial institutions, especially securities firms, playing an increasingly important bridging role [3] - CICC has completed 20 Belt and Road-related projects in 2024, with a transaction scale exceeding $33 billion, covering various sectors such as energy, consumption, technology, and infrastructure [4] Group 2 - CICC has been deeply involved in the green development practices of the Belt and Road Initiative, assisting in green-related transactions exceeding 450 billion yuan in 2024 and establishing green investment funds exceeding 37 billion yuan [4] - The company has established an international network covering major financial hubs, including Hong Kong, New York, London, Singapore, Frankfurt, Tokyo, Vietnam, and Dubai, with a new branch in Dubai opening in May 2025 [4] - CICC's internationalization strategy focuses on "professionalization, internationalization, and localization," combining local recruitment with headquarters dispatch to build a composite team and actively participating in local market development [5]

Group 1 - The event "AI-Driven M&A Reshaping New Dynamics" was held to discuss how mergers and acquisitions (M&A) can enhance quality in the technology sector, emphasizing the role of AI in financial services to support high-quality economic development [1][2] - M&A is seen as a key strategy for listed companies to upgrade traditional industries and foster new industries, while also facilitating the rapid securitization of small tech innovation firms [2][3] - Experts highlighted the importance of distinguishing between reasonable and blind cross-industry mergers, stressing the need for strict regulation to prevent market anomalies such as shell trading and misleading restructurings [2][3] Group 2 - The "Six Guidelines for M&A" emphasize the critical role of intermediary institutions in facilitating active M&A markets, suggesting that companies should design flexible plans based on the specific characteristics of the target business and industry [3][4] - Banks are encouraged to act as facilitators for tech enterprises, providing various types of loans and financial support to address the unique challenges faced by these companies [3] - As of the end of 2024, the balance of technology finance loans at Beijing Bank is projected to reach 364.2 billion yuan [3]