<p>野村控股公司（Nomura Holdings Inc Adr ((NMR)）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>野村控股在财报电话会议中表现出自信而谨慎，庆祝创纪录的全年利润和股本回报率，同时坦诚承认第四季度表现较弱。管理层采取了 “积极但谨慎” 的语气，指出财富和投资管理领域的强劲势头，但也提到了一次性成本、减值和市场逆风，投资者应密切关注这些因素。</p>
<h2>创纪录的收益和提前实现的 ROE 目标</h2>
<p>野村报告称，全年净收入同比增长 15%，达到 2,167.7 亿日元，税前收入增长 14%，达到 539.8 亿日元。净收入增长 6%，达到 362.1 亿日元，连续第二年创下历史新高，推动全年 ROE 达到 10.1%，超出集团 8%–10% 的目标范围，并提前两年实现。</p>
<h2>财富管理推动稳定增长和经常性费用</h2>
<p>财富管理仍然是一个亮点，税前收入同比增长 23%，第四季度收入环比增长 5%，达到 61.2 亿日元。经常性收入创下 56.8 亿日元的纪录，得益于连续第十六个季度的净流入达到 422.8 亿日元，流入超过流出，该部门保持了超过 40% 的利润率，成本覆盖率为 72%。</p>
<h2>投资管理扩大 AUM 和替代资产</h2>
<p>管理资产达到约 136.9–137 万亿日元的历史新高，突显了野村投资平台的规模。在第四季度，投资管理的净收入环比激增 42%，达到 86.2 亿日元，业务收入稳定在创纪录水平，替代资产管理规模增长至 3.6 万亿日元，比 12 月增加约 3000 亿日元。</p>
<h2>批发业务尽管第四季度波动仍交出创纪录的业绩</h2>
<p>在全年中，批发部门对集团收益贡献显著，全球市场和投资银行均创下历史新高，推动收入同比增长 21%。在第四季度，股票收入环比增长 6%，达到 127.2 亿日元，股票产品创下新高，尽管平台的其他领域面临压力。</p>
<h2>银行业务构建贷款和存款平台</h2>
<p>野村的银行部门报告称，净收入环比增长 6%，达到 14.5 亿日元，得益于贷款余额的稳步增加。管理层强调了存款清扫实施的进展，并为更大规模的银行业务奠定基础，将该部门定位为未来的收益贡献者，而非当前的增长引擎。</p>
<h2>股息、回购和强劲的股东回报</h2>
<p>董事会提议第四季度每股普通股息为 24 日元，使全年股息达到每股 51 日元，派息比率为 41%。包括限制性股票单位（RSUs）在内，全年股东总回报达到 58%；即使不包括 RSUs，回报仍保持在 50% 以上，之前宣布的 600 亿日元的股票回购突显了野村愿意返还多余资本。</p>
<h2>资本状况保持稳健，CET1 接近 13%</h2>
<p>野村在 3 月底的普通股一级资本比率为 12.9%，仅比 12 月低 0.1 个百分点，突显了稳健的资本缓冲。管理层表示，未来的业务扩展对 CET1 的影响有限，强调增长将在现有资本约束内主要自筹资金，而不是依赖资产负债表的扩张。</p>
<h2>客户增长和强劲的销售活动支撑流入</h2>
<p>第四季度的总销售额保持在约 11.7 万亿日元，部分受到主要收购要约的推动，提升了交易量。流动业务客户数量环比增加约 20 万，达到 174 万，而对日本股票和外国产品的需求稳健，投资信托和委托管理的流入保持强劲。</p>
<h2>第四季度收益从创纪录的步伐中滑落</h2>
<p>季度表现不如人意，税前收入环比下降 20%，至 107.7 亿日元，净收入下降 19%，至 73.9 亿日元。第四季度 ROE 为 8%，每股收益为 24.34 日元，突显出盈利能力相较于强劲的全年表现显著放缓，这可能促使投资者调整近期预期。</p>
<h2>批发和银行利润率在年末受到挤压</h2>
<p>在第四季度，批发税前收入环比下降 31%，至 43.2 亿日元，净收入下降 2%，至 308.1 亿日元，固定收益收入下降 8%，至 125.3 亿日元。银行税前收入也下降，环比下降 27%，至 3.0 亿日元，突显出较弱的交易环境和更严格的风险承担的影响。</p>
<h2>成本上升和异常高的成本收入比</h2>
<p>第四季度，集团整体费用环比激增约 13%，达到 469.5 亿日元，主要受到减值、补偿和监管变更等特殊项目的推动，以及报告调整。这些因素使得报告的成本收入比在本季度达到约 86%，而全年大约为 83%，管理层将这些水平描述为高于他们认为的正常水平。</p>
<h2>减值和一次性项目对季度利润造成压力</h2>
<p>第四季度的结果受到投资管理中一家被投资公司的减值损失和约 120 亿日元的与林业资产管理投资相关的减值的影响。这些一次性损失是推动费用上升和收入下降的主要因素之一，强化了管理层的观点，即本季度的疲软不仅是运营问题，还部分是由离散项目驱动的。</p>
<h2>基金流出和主动转被动的转变挑战资产流入</h2>
<p>尽管资产管理规模创下新高，但本季度整体净流出达 2790 亿日元，其中约有 1 万亿日元的流出来自国际和国内顾问相关的委托，主要与收购目标业务相关。管理层还指出，美国行业普遍存在资金从主动投资产品转向被动投资产品的趋势，并警告称，扭转这一趋势可能需要时间。</p>
<h2>私人信贷风险集中度受到关注</h2>
<p>野村披露的集团私人信贷敞口约为 24 亿美元，其中大约 8 亿美元用于贷款融资，12 亿美元用于直接贷款，4 亿美元用于投资管理头寸。尽管强调多样化，管理层表示他们正在密切监测信用周期和集中风险，表明对这一日益增长的资产类别采取谨慎的态度。</p>
<h2>地缘政治和风险控制影响三月交易收入</h2>
<p>地缘政治紧张局势，特别是在中东，加上年末的风险控制，抑制了三月份的活动，尤其是在美洲宏观产品方面。这导致第四季度收入疲软，并在季度末采取了更为保守的交易姿态，因为野村选择限制风险，而不是在波动市场中追逐短期收益。</p>
<h2>传统加密货币损失和更为谨慎的交易策略</h2>
<p>管理层还承认早期的加密货币和激光相关市场做市损失，并表示敞口已减少，同时采取了更为保守的交易方式。尽管去风险化帮助限制了第四季度的额外损失，但这也反映出风险偏好的重置，优先考虑稳定性而非在高波动性领域的激进布局。</p>
<h2>指导方针：稳定的 ROE、严格的资本和成本控制</h2>
<p>展望未来，野村重申了其 2030 年的目标和近期目标，旨在将 ROE 维持在 8%-10%+ 的范围内，并保持税前收入超过 5000 亿日元，同时将 CET1 维持在当前水平，因为增长主要依靠自我融资。管理层强调了稳定的财富收入、创纪录的投资资产管理规模、四月份改善的批发业务势头、多样化的私人信贷敞口，以及近期一次性支出应逐渐消退的预期，因为集团在平衡收入增长与更严格的成本控制和有针对性的投资。</p>
<p>野村的财报电话会议描绘了一个基本状况良好的特许经营，依靠高质量的手续费收入和创纪录的资产管理规模，但在经历了疲软的第四季度后，面临更为坎坷的短期道路。对于投资者来说，关键的要点是管理层仍然专注于资本纪律、股东回报和风险控制，同时押注其财富和投资平台能够在暂时的逆风减弱后推动下一阶段的增长。</p>

8604

野村控股

<p>野村控股公司报告了其第四季度的财务业绩，强调全年利润创下纪录，股本回报率（ROE）达到 10.1%，比预期提前两年实现。全年净收入增长 15%，达到 2,167.7 亿日元，而净利润增加 6%，达到 362.1 亿日元。财富管理部门表现强劲，税前收入增长 23%。然而，第四季度净利润下降 19%，降至 73.9 亿日元，这引发了投资者的谨慎，因为市场面临逆风和成本上升。董事会提议每股派息 24 日元，保持了稳健的资本状况，核心一级资本充足率为 12.9%</p>

<p>Nomura Holdings Inc Adr ((NMR)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>野村控股公司（Nomura Holdings Inc Adr ((NMR)）已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Nomura Holdings delivered a confident yet measured earnings call, celebrating record full-year profits and return on equity while openly acknowledging a softer fourth quarter. Management struck a “positive but cautious” tone, pointing to strong momentum in wealth and investment management but also to one-off costs, impairments, and market headwinds that investors should monitor closely.</p>
<div class="lb-trans"><p>野村控股在财报电话会议中表现出自信而谨慎，庆祝创纪录的全年利润和股本回报率，同时坦诚承认第四季度表现较弱。管理层采取了 “积极但谨慎” 的语气，指出财富和投资管理领域的强劲势头，但也提到了一次性成本、减值和市场逆风，投资者应密切关注这些因素。</p>
</div><h2>Record earnings and ROE target hit ahead of schedule</h2>
<div class="lb-trans"><h2>创纪录的收益和提前实现的 ROE 目标</h2>
</div><p>Nomura reported a 15% year-on-year jump in full-year net revenue to JPY 2,167.7 billion and a 14% rise in income before income taxes to JPY 539.8 billion. Net income climbed 6% to JPY 362.1 billion, marking a record high for the second straight year and pushing full-year ROE to 10.1%, above the group’s 8%–10% target range and achieved two years early.</p>
<div class="lb-trans"><p>野村报告称，全年净收入同比增长 15%，达到 2,167.7 亿日元，税前收入增长 14%，达到 539.8 亿日元。净收入增长 6%，达到 362.1 亿日元，连续第二年创下历史新高，推动全年 ROE 达到 10.1%，超出集团 8%–10% 的目标范围，并提前两年实现。</p>
</div><h2>Wealth management drives steady growth and recurring fees</h2>
<div class="lb-trans"><h2>财富管理推动稳定增长和经常性费用</h2>
</div><p>Wealth Management remained a bright spot, with income before income taxes up 23% year-on-year and Q4 income rising 5% quarter-on-quarter to JPY 61.2 billion. Recurring revenue hit a record JPY 56.8 billion, supported by JPY 422.8 billion in net inflows for the sixteenth consecutive quarter of inflows outpacing outflows, and the segment kept a margin above 40% with a 72% cost coverage ratio.</p>
<div class="lb-trans"><p>财富管理仍然是一个亮点，税前收入同比增长 23%，第四季度收入环比增长 5%，达到 61.2 亿日元。经常性收入创下 56.8 亿日元的纪录，得益于连续第十六个季度的净流入达到 422.8 亿日元，流入超过流出，该部门保持了超过 40% 的利润率，成本覆盖率为 72%。</p>
</div><h2>Investment management scales AUM and alternative assets</h2>
<div class="lb-trans"><h2>投资管理扩大 AUM 和替代资产</h2>
</div><p>Assets under management reached an all-time high of roughly JPY 136.9–137 trillion, underlining the scale of Nomura’s investment platform. In Q4, Investment Management net revenue surged 42% quarter-on-quarter to JPY 86.2 billion, with stable business revenue at a record level and alternative AUM growing to JPY 3.6 trillion, up about JPY 300 billion from December.</p>
<div class="lb-trans"><p>管理资产达到约 136.9–137 万亿日元的历史新高，突显了野村投资平台的规模。在第四季度，投资管理的净收入环比激增 42%，达到 86.2 亿日元，业务收入稳定在创纪录水平，替代资产管理规模增长至 3.6 万亿日元，比 12 月增加约 3000 亿日元。</p>
</div><h2>Wholesale franchise delivers record year despite Q4 wobble</h2>
<div class="lb-trans"><h2>批发业务尽管第四季度波动仍交出创纪录的业绩</h2>
</div><p>For the full year, the Wholesale division contributed strongly to group earnings, with Global Markets and Investment Banking both clocking record revenues and driving a 21% year-on-year increase in income. In Q4, equities revenue rose 6% quarter-on-quarter to JPY 127.2 billion and equity products set new highs, even as other areas of the platform faced pressure.</p>
<div class="lb-trans"><p>在全年中，批发部门对集团收益贡献显著，全球市场和投资银行均创下历史新高，推动收入同比增长 21%。在第四季度，股票收入环比增长 6%，达到 127.2 亿日元，股票产品创下新高，尽管平台的其他领域面临压力。</p>
</div><h2>Banking business builds loans and deposit platform</h2>
<div class="lb-trans"><h2>银行业务构建贷款和存款平台</h2>
</div><p>Nomura’s banking arm posted a 6% quarter-on-quarter rise in net revenue to JPY 14.5 billion, backed by a steady build-up of loans outstanding. Management highlighted progress on deposit sweep implementation and laying the groundwork for a larger banking franchise, positioning the unit as a future earnings contributor rather than a current growth engine.</p>
<div class="lb-trans"><p>野村的银行部门报告称，净收入环比增长 6%，达到 14.5 亿日元，得益于贷款余额的稳步增加。管理层强调了存款清扫实施的进展，并为更大规模的银行业务奠定基础，将该部门定位为未来的收益贡献者，而非当前的增长引擎。</p>
</div><h2>Dividend, buybacks and robust shareholder returns</h2>
<div class="lb-trans"><h2>股息、回购和强劲的股东回报</h2>
</div><p>The board proposed an ordinary dividend of JPY 24 per share for Q4, bringing the full-year dividend to JPY 51 per share and a payout ratio of 41%. Including RSUs, total shareholder payout reached 58% for the year; even excluding RSUs it stayed above 50%, and a previously announced JPY 60 billion share buyback underlines Nomura’s willingness to return excess capital.</p>
<div class="lb-trans"><p>董事会提议第四季度每股普通股息为 24 日元，使全年股息达到每股 51 日元，派息比率为 41%。包括限制性股票单位（RSUs）在内，全年股东总回报达到 58%；即使不包括 RSUs，回报仍保持在 50% 以上，之前宣布的 600 亿日元的股票回购突显了野村愿意返还多余资本。</p>
</div><h2>Capital position remains solid with CET1 near 13%</h2>
<div class="lb-trans"><h2>资本状况保持稳健，CET1 接近 13%</h2>
</div><p>Nomura closed March with a Common Equity Tier 1 ratio of 12.9%, only 0.1 percentage point lower than in December, underscoring a solid capital buffer. Management signaled that upcoming business expansion should have limited impact on CET1, stressing that growth will be largely self-funded within existing capital constraints rather than relying on balance sheet stretching.</p>
<div class="lb-trans"><p>野村在 3 月底的普通股一级资本比率为 12.9%，仅比 12 月低 0.1 个百分点，突显了稳健的资本缓冲。管理层表示，未来的业务扩展对 CET1 的影响有限，强调增长将在现有资本约束内主要自筹资金，而不是依赖资产负债表的扩张。</p>
</div><h2>Client growth and strong sales activity underpin flows</h2>
<div class="lb-trans"><h2>客户增长和强劲的销售活动支撑流入</h2>
</div><p>Total sales in Q4 stayed elevated at around JPY 11.7 trillion, partly boosted by major tender offers that lifted transaction volumes. The number of flow-business clients increased by about 200,000 quarter-on-quarter to 1.74 million, while demand for Japanese equities and foreign products was solid and flows into investment trusts and discretionary mandates remained robust.</p>
<div class="lb-trans"><p>第四季度的总销售额保持在约 11.7 万亿日元，部分受到主要收购要约的推动，提升了交易量。流动业务客户数量环比增加约 20 万，达到 174 万，而对日本股票和外国产品的需求稳健，投资信托和委托管理的流入保持强劲。</p>
</div><h2>Fourth-quarter earnings slip from record pace</h2>
<div class="lb-trans"><h2>第四季度收益从创纪录的步伐中滑落</h2>
</div><p>The quarterly picture was less flattering as income before income taxes fell 20% quarter-on-quarter to JPY 107.7 billion and net income slid 19% to JPY 73.9 billion. Q4 ROE was 8% and EPS came in at JPY 24.34, highlighting a notable slowdown in profitability relative to the strong full-year performance that may prompt investors to temper near-term expectations.</p>
<div class="lb-trans"><p>季度表现不如人意，税前收入环比下降 20%，至 107.7 亿日元，净收入下降 19%，至 73.9 亿日元。第四季度 ROE 为 8%，每股收益为 24.34 日元，突显出盈利能力相较于强劲的全年表现显著放缓，这可能促使投资者调整近期预期。</p>
</div><h2>Wholesale and banking margins squeezed late in the year</h2>
<div class="lb-trans"><h2>批发和银行利润率在年末受到挤压</h2>
</div><p>Within Q4, Wholesale income before income taxes declined 31% quarter-on-quarter to JPY 43.2 billion as net revenue dipped 2% to JPY 308.1 billion and fixed income revenue fell 8% to JPY 125.3 billion. Banking income before income taxes also dropped, sliding 27% quarter-on-quarter to JPY 3.0 billion, underscoring the impact of weaker trading conditions and tighter risk-taking.</p>
<div class="lb-trans"><p>在第四季度，批发税前收入环比下降 31%，至 43.2 亿日元，净收入下降 2%，至 308.1 亿日元，固定收益收入下降 8%，至 125.3 亿日元。银行税前收入也下降，环比下降 27%，至 3.0 亿日元，突显出较弱的交易环境和更严格的风险承担的影响。</p>
</div><h2>Higher costs and unusually high cost-income ratio</h2>
<div class="lb-trans"><h2>成本上升和异常高的成本收入比</h2>
</div><p>Groupwide expenses jumped about 13% quarter-on-quarter to JPY 469.5 billion in Q4, driven by extraordinary items including impairments, compensation and regulatory changes, and reporting adjustments. These factors pushed the reported cost-income ratio to around 86% for the quarter, compared with roughly 83% for the full year, levels management described as above what they consider normal.</p>
<div class="lb-trans"><p>第四季度，集团整体费用环比激增约 13%，达到 469.5 亿日元，主要受到减值、补偿和监管变更等特殊项目的推动，以及报告调整。这些因素使得报告的成本收入比在本季度达到约 86%，而全年大约为 83%，管理层将这些水平描述为高于他们认为的正常水平。</p>
</div><h2>Impairments and one-offs weigh on quarterly profit</h2>
<div class="lb-trans"><h2>减值和一次性项目对季度利润造成压力</h2>
</div><p>Q4 results were hit by impairment losses at an investee company within Investment Management and roughly JPY 12 billion of impairment tied to a forestry asset management investment. These one-off losses were among the main drivers of elevated expenses and lower income, reinforcing management’s message that the quarter’s weakness was not purely operational but partly driven by discrete items.</p>
<div class="lb-trans"><p>第四季度的结果受到投资管理中一家被投资公司的减值损失和约 120 亿日元的与林业资产管理投资相关的减值的影响。这些一次性损失是推动费用上升和收入下降的主要因素之一，强化了管理层的观点，即本季度的疲软不仅是运营问题，还部分是由离散项目驱动的。</p>
</div><h2>Fund outflows and active-to-passive shift challenge asset flows</h2>
<div class="lb-trans"><h2>基金流出和主动转被动的转变挑战资产流入</h2>
</div><p>Despite record AUM, the quarter saw net outflows of JPY 279 billion overall, with around JPY 1 trillion of outflows from international and domestic advisory-related mandates, mainly linked to acquisition-targeted businesses. Management also pointed to a broader U.S. industry trend of money moving from active to passive products, cautioning that reversing this pattern will likely take time.</p>
<div class="lb-trans"><p>尽管资产管理规模创下新高，但本季度整体净流出达 2790 亿日元，其中约有 1 万亿日元的流出来自国际和国内顾问相关的委托，主要与收购目标业务相关。管理层还指出，美国行业普遍存在资金从主动投资产品转向被动投资产品的趋势，并警告称，扭转这一趋势可能需要时间。</p>
</div><h2>Private credit exposures under watch for concentration risk</h2>
<div class="lb-trans"><h2>私人信贷风险集中度受到关注</h2>
</div><p>Nomura disclosed group private credit exposure of about USD 2.4 billion, split between roughly USD 800 million in lender financing, USD 1.2 billion in direct lending, and USD 400 million in investment management positions. While emphasizing diversification, executives said they are closely monitoring credit cycles and concentration risks, signaling a prudently cautious stance on this growing asset class.</p>
<div class="lb-trans"><p>野村披露的集团私人信贷敞口约为 24 亿美元，其中大约 8 亿美元用于贷款融资，12 亿美元用于直接贷款，4 亿美元用于投资管理头寸。尽管强调多样化，管理层表示他们正在密切监测信用周期和集中风险，表明对这一日益增长的资产类别采取谨慎的态度。</p>
</div><h2>Geopolitics and risk controls hit March trading revenue</h2>
<div class="lb-trans"><h2>地缘政治和风险控制影响三月交易收入</h2>
</div><p>Geopolitical tensions, particularly in the Middle East, combined with end-of-year risk controls to dampen March activity, especially in Americas macro products. This contributed to muted Q4 revenue and a more conservative trading posture late in the quarter as Nomura chose to limit risk rather than chase short-term gains in volatile markets.</p>
<div class="lb-trans"><p>地缘政治紧张局势，特别是在中东，加上年末的风险控制，抑制了三月份的活动，尤其是在美洲宏观产品方面。这导致第四季度收入疲软，并在季度末采取了更为保守的交易姿态，因为野村选择限制风险，而不是在波动市场中追逐短期收益。</p>
</div><h2>Legacy crypto losses and a more cautious trading profile</h2>
<div class="lb-trans"><h2>传统加密货币损失和更为谨慎的交易策略</h2>
</div><p>Management also acknowledged earlier crypto and laser-related market-making losses and said exposures have been reduced alongside a more conservative approach to trading. While the de-risking helped limit additional Q4 damage, it also reflects a reset of risk appetite that prioritizes stability over aggressive positioning in higher-volatility segments.</p>
<div class="lb-trans"><p>管理层还承认早期的加密货币和激光相关市场做市损失，并表示敞口已减少，同时采取了更为保守的交易方式。尽管去风险化帮助限制了第四季度的额外损失，但这也反映出风险偏好的重置，优先考虑稳定性而非在高波动性领域的激进布局。</p>
</div><h2>Guidance: steady ROE, disciplined capital and cost control</h2>
<div class="lb-trans"><h2>指导方针：稳定的 ROE、严格的资本和成本控制</h2>
</div><p>Looking ahead, Nomura reiterated its 2030 ambitions and near-term goals, aiming to sustain ROE in the 8%–10%+ range and keep income before taxes above JPY 500 billion while maintaining CET1 around current levels as growth is largely self-funded. Management highlighted steady wealth revenues, record investment AUM, improving Wholesale momentum in April, diversified private credit exposure, and an expectation that recent one-off expenses should fade as the group balances revenue growth with tighter cost discipline and targeted investment.</p>
<div class="lb-trans"><p>展望未来，野村重申了其 2030 年的目标和近期目标，旨在将 ROE 维持在 8%-10%+ 的范围内，并保持税前收入超过 5000 亿日元，同时将 CET1 维持在当前水平，因为增长主要依靠自我融资。管理层强调了稳定的财富收入、创纪录的投资资产管理规模、四月份改善的批发业务势头、多样化的私人信贷敞口，以及近期一次性支出应逐渐消退的预期，因为集团在平衡收入增长与更严格的成本控制和有针对性的投资。</p>
</div><p>Nomura’s earnings call painted a picture of a franchise in fundamentally good shape, powered by high-quality fee income and record AUM but facing a bumpier near-term path after a weak fourth quarter. For investors, the key takeaway is that management remains focused on capital discipline, shareholder returns, and risk control while betting that its wealth and investment platforms can drive the next leg of growth once temporary headwinds ease.</p>
<div class="lb-trans"><p>野村的财报电话会议描绘了一个基本状况良好的特许经营，依靠高质量的手续费收入和创纪录的资产管理规模，但在经历了疲软的第四季度后，面临更为坎坷的短期道路。对于投资者来说，关键的要点是管理层仍然专注于资本纪律、股东回报和风险控制，同时押注其财富和投资平台能够在暂时的逆风减弱后推动下一阶段的增长。</p>
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野村控股的财报电话会议在记录与风险之间取得平衡