近期日本金融市场出现一个值得关注的现象：尽管本土股市表现强劲，散户投资者却持续将资金转向海 外市场。 数据显示，截至去年11月，日本散户净卖出国内股票及相关投资信托规模达到约3.8万亿日元，创十多 年来新高。与此同时，通过投资信托对海外股票的净买入规模仍接近9.4万亿日元的纪录水平。这一资 金流向与东证指数全年25%的涨幅形成鲜明对比。 长期的市场惯性也在发挥作用。日本股市曾经历数十年的窄幅震荡，部分投资者形成了逢高减持、获利 了结的操作习惯。即便市场环境已发生变化，这种思维模式仍影响着资金决策。 政策工具的影响同样存在。日本推出的免税投资账户降低了投资门槛，其便利性在客观上促进了资金流 向海外市场。 资金持续外流对日元汇率形成压力。虽然日本央行已开始加息，但与美国国债的收益率差距仍然显著， 国内实际利率也处于负值区间，这使得日元资产对追求收益的投资者吸引力有限。 当前日本散户对海外科技股配置较为集中，这类资产估值已处于历史高位。若全球科技投资热潮出现调 整，可能带来明显的市场波动。有分析认为，投资者未来可能需要考虑资产多元化配置。 这种趋势背后有几个关键因素。日元汇率走弱直接增强了海外资产的吸引力。以日元计 ...

Financial Data and Key Metrics Changes - Group-wide net revenue was ¥515.5 billion, down 2% from the previous quarter, while income before income taxes fell 15% to ¥136.6 billion and net income decreased 12% to ¥92.1 billion [3] - Excluding gains from real estate sales in the previous quarter, net revenue increased by 10% and net income rose by 40%, indicating steady growth [3] - Earnings per share for the quarter were ¥30.49, and return on equity was 10.6%, achieving the quantitative target for 2030 for the sixth consecutive quarter [3][20] - Income before income taxes in international regions rose 63% to ¥44.9 billion, marking the ninth consecutive quarter of profitability [3] Business Line Data and Key Metrics Changes - Wealth Management net revenue increased 10% to ¥116.5 billion, with income before income taxes growing 17% to ¥45.5 billion, the highest in about 10 years [7] - Investment Management net revenue reached ¥60.8 billion, up 20%, and income before income taxes amounted to ¥30.7 billion, up 43% [9] - Wholesale division net revenue came to ¥279.2 billion, up 7%, with Global Markets net revenue increasing by 6% and Investment Banking net revenue rising by 15% [12] Market Data and Key Metrics Changes - Recurring revenue assets in Wealth Management saw a net inflow of ¥289.5 billion, totaling ¥26.2 trillion at the end of September [8][9] - Investment Management achieved assets under management exceeding ¥100 trillion, with net inflows amounting to ¥498 billion [10] - The overall trend in the market showed strong client activity and revenue growth, particularly in equities and investment banking [12][20] Company Strategy and Development Direction - The company aims to transform Japan into an asset management powerhouse by building trust with clients and providing tailored asset management services [21] - The focus remains on self-sustained growth in Wholesale, with a commitment to maintaining a balance between investment opportunities and shareholder returns [27][41] - The management is proactive in enhancing security measures to protect against phishing scams, which have impacted profits [18][19] Management's Comments on Operating Environment and Future Outlook - The management noted that stock indices in Japan and other major economies rose steeply, contributing to strong earnings [20] - There is an expectation of continued strong performance in Wealth Management and Investment Banking, with a solid pipeline of opportunities [21][44] - The management is cautious about potential normalization in equity performance but remains optimistic about maintaining stable revenues [39][41] Other Important Information - The company plans to pay a dividend of ¥27 per share, resulting in a dividend payout ratio of 40.3% [6] - Group-wide expenses increased by 4% to ¥378.8 billion, with compensation and benefits rising due to performance-linked bonuses [15] - The CET1 ratio at the end of September was 12.9%, within the target range, but expected to decrease post-acquisition of Macquarie Group's U.S. asset management business [17] Q&A Session Summary Question: Concerns about personnel expenses and CET1 ratio - The CFO acknowledged that compensation and benefits increased due to bonuses linked to earnings and larger-than-usual retirement payments [26] - Regarding the CET1 ratio, the company remains committed to a 40% dividend payout and a total payout ratio of 50% or above, balancing shareholder returns with investment opportunities [27] Question: Market revenue and risk-taking - The CFO explained that while credit trading contributed solidly to revenue, the company is mindful of concentration risks and is selective in deal-making [29][30] Question: October revenue environment and tax burden - The CFO indicated that fixed income trends are strong, and overall Wholesale division revenue is expected to remain stable [35] - The increase in tax burden is attributed to various technical issues, with the CFO unable to provide detailed explanations [36] Question: Sustainability of equity product revenue - The CFO noted strong performance in equities across regions, with expectations for some normalization in the future [39][40] Question: Investment Banking pipeline and ROE - The CFO highlighted a strong advisory pipeline in Japan and international markets, with expectations for continued strength in DCM [45] - The base ROE is gradually improving, and while discussions about raising targets are ongoing, the focus remains on maintaining at least 8% ROE [47]

Group 1 - The core viewpoint of the articles highlights China Foreign Trade Trust's outstanding performance in bond trading, ESG practices, and comprehensive competitiveness, leading to three significant industry honors in 2025, establishing it as a benchmark enterprise in the trust industry [1] Group 2 - In the bond market, China Foreign Trade Trust has been recognized for three consecutive years in both Shenzhen and Shanghai Stock Exchanges' bond trading rankings, achieving a trading scale of approximately 130 billion yuan in 2024 and holding a bond inventory of 70 billion yuan as of March 2025, maintaining its position in the top tier of the trust industry [3] Group 3 - The company has innovated a dual-platform model of "charity trust + foundation," winning the "Golden Bee ESG Competitiveness - Rural Revitalization Award" as the only awarded trust institution, with a cumulative charitable trust establishment of 55 cases and a total entrusted scale exceeding 150 million yuan [4] Group 4 - China Foreign Trade Trust has won the "Golden Award" for five consecutive years, receiving accolades for "Outstanding Comprehensive Competitiveness Trust Company" and "Outstanding Trust Wealth Brand," with a focus on asset service trusts, asset management trusts, and innovative business in wealth management [5] Group 5 - Looking ahead, the company aims to continue serving national strategies, deepening the advantages of the trust system, and innovating in bond trading, ESG practices, and wealth management to inject financial vitality into the real economy and contribute to rural revitalization [6]