<p>野村控股公司（Nomura Holdings Inc Adr ((NMR)）已舉行其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>野村控股在財報電話會議中表現出自信而謹慎，慶祝創紀錄的全年利潤和股本回報率，同時坦誠承認第四季度表現較弱。管理層採取了 “積極但謹慎” 的語氣，指出財富和投資管理領域的強勁勢頭，但也提到了一次性成本、減值和市場逆風，投資者應密切關注這些因素。</p>
<h2>創紀錄的收益和提前實現的 ROE 目標</h2>
<p>野村報告稱，全年淨收入同比增長 15%，達到 2,167.7 億日元，税前收入增長 14%，達到 539.8 億日元。淨收入增長 6%，達到 362.1 億日元，連續第二年創下歷史新高，推動全年 ROE 達到 10.1%，超出集團 8%–10% 的目標範圍，並提前兩年實現。</p>
<h2>財富管理推動穩定增長和經常性費用</h2>
<p>財富管理仍然是一個亮點，税前收入同比增長 23%，第四季度收入環比增長 5%，達到 61.2 億日元。經常性收入創下 56.8 億日元的紀錄，得益於連續第十六個季度的淨流入達到 422.8 億日元，流入超過流出，該部門保持了超過 40% 的利潤率，成本覆蓋率為 72%。</p>
<h2>投資管理擴大 AUM 和替代資產</h2>
<p>管理資產達到約 136.9–137 萬億日元的歷史新高，突顯了野村投資平台的規模。在第四季度，投資管理的淨收入環比激增 42%，達到 86.2 億日元，業務收入穩定在創紀錄水平，替代資產管理規模增長至 3.6 萬億日元，比 12 月增加約 3000 億日元。</p>
<h2>批發業務儘管第四季度波動仍交出創紀錄的業績</h2>
<p>在全年中，批發部門對集團收益貢獻顯著，全球市場和投資銀行均創下歷史新高，推動收入同比增長 21%。在第四季度，股票收入環比增長 6%，達到 127.2 億日元，股票產品創下新高，儘管平台的其他領域面臨壓力。</p>
<h2>銀行業務構建貸款和存款平台</h2>
<p>野村的銀行部門報告稱，淨收入環比增長 6%，達到 14.5 億日元，得益於貸款餘額的穩步增加。管理層強調了存款清掃實施的進展，併為更大規模的銀行業務奠定基礎，將該部門定位為未來的收益貢獻者，而非當前的增長引擎。</p>
<h2>股息、回購和強勁的股東回報</h2>
<p>董事會提議第四季度每股普通股息為 24 日元，使全年股息達到每股 51 日元，派息比率為 41%。包括限制性股票單位（RSUs）在內，全年股東總回報達到 58%；即使不包括 RSUs，回報仍保持在 50% 以上，之前宣佈的 600 億日元的股票回購突顯了野村願意返還多餘資本。</p>
<h2>資本狀況保持穩健，CET1 接近 13%</h2>
<p>野村在 3 月底的普通股一級資本比率為 12.9%，僅比 12 月低 0.1 個百分點，突顯了穩健的資本緩衝。管理層表示，未來的業務擴展對 CET1 的影響有限，強調增長將在現有資本約束內主要自籌資金，而不是依賴資產負債表的擴張。</p>
<h2>客户增長和強勁的銷售活動支撐流入</h2>
<p>第四季度的總銷售額保持在約 11.7 萬億日元，部分受到主要收購要約的推動，提升了交易量。流動業務客户數量環比增加約 20 萬，達到 174 萬，而對日本股票和外國產品的需求穩健，投資信託和委託管理的流入保持強勁。</p>
<h2>第四季度收益從創紀錄的步伐中滑落</h2>
<p>季度表現不如人意，税前收入環比下降 20%，至 107.7 億日元，淨收入下降 19%，至 73.9 億日元。第四季度 ROE 為 8%，每股收益為 24.34 日元，突顯出盈利能力相較於強勁的全年表現顯著放緩，這可能促使投資者調整近期預期。</p>
<h2>批發和銀行利潤率在年末受到擠壓</h2>
<p>在第四季度，批發税前收入環比下降 31%，至 43.2 億日元，淨收入下降 2%，至 308.1 億日元，固定收益收入下降 8%，至 125.3 億日元。銀行税前收入也下降，環比下降 27%，至 3.0 億日元，突顯出較弱的交易環境和更嚴格的風險承擔的影響。</p>
<h2>成本上升和異常高的成本收入比</h2>
<p>第四季度，集團整體費用環比激增約 13%，達到 469.5 億日元，主要受到減值、補償和監管變更等特殊項目的推動，以及報告調整。這些因素使得報告的成本收入比在本季度達到約 86%，而全年大約為 83%，管理層將這些水平描述為高於他們認為的正常水平。</p>
<h2>減值和一次性項目對季度利潤造成壓力</h2>
<p>第四季度的結果受到投資管理中一家被投資公司的減值損失和約 120 億日元的與林業資產管理投資相關的減值的影響。這些一次性損失是推動費用上升和收入下降的主要因素之一，強化了管理層的觀點，即本季度的疲軟不僅是運營問題，還部分是由離散項目驅動的。</p>
<h2>基金流出和主動轉被動的轉變挑戰資產流入</h2>
<p>儘管資產管理規模創下新高，但本季度整體淨流出達 2790 億日元，其中約有 1 萬億日元的流出來自國際和國內顧問相關的委託，主要與收購目標業務相關。管理層還指出，美國行業普遍存在資金從主動投資產品轉向被動投資產品的趨勢，並警告稱，扭轉這一趨勢可能需要時間。</p>
<h2>私人信貸風險集中度受到關注</h2>
<p>野村披露的集團私人信貸敞口約為 24 億美元，其中大約 8 億美元用於貸款融資，12 億美元用於直接貸款，4 億美元用於投資管理頭寸。儘管強調多樣化，管理層表示他們正在密切監測信用週期和集中風險，表明對這一日益增長的資產類別採取謹慎的態度。</p>
<h2>地緣政治和風險控制影響三月交易收入</h2>
<p>地緣政治緊張局勢，特別是在中東，加上年末的風險控制，抑制了三月份的活動，尤其是在美洲宏觀產品方面。這導致第四季度收入疲軟，並在季度末採取了更為保守的交易姿態，因為野村選擇限制風險，而不是在波動市場中追逐短期收益。</p>
<h2>傳統加密貨幣損失和更為謹慎的交易策略</h2>
<p>管理層還承認早期的加密貨幣和激光相關市場做市損失，並表示敞口已減少，同時採取了更為保守的交易方式。儘管去風險化幫助限制了第四季度的額外損失，但這也反映出風險偏好的重置，優先考慮穩定性而非在高波動性領域的激進佈局。</p>
<h2>指導方針：穩定的 ROE、嚴格的資本和成本控制</h2>
<p>展望未來，野村重申了其 2030 年的目標和近期目標，旨在將 ROE 維持在 8%-10%+ 的範圍內，並保持税前收入超過 5000 億日元，同時將 CET1 維持在當前水平，因為增長主要依靠自我融資。管理層強調了穩定的財富收入、創紀錄的投資資產管理規模、四月份改善的批發業務勢頭、多樣化的私人信貸敞口，以及近期一次性支出應逐漸消退的預期，因為集團在平衡收入增長與更嚴格的成本控制和有針對性的投資。</p>
<p>野村的財報電話會議描繪了一個基本狀況良好的特許經營，依靠高質量的手續費收入和創紀錄的資產管理規模，但在經歷了疲軟的第四季度後，面臨更為坎坷的短期道路。對於投資者來説，關鍵的要點是管理層仍然專注於資本紀律、股東回報和風險控制，同時押注其財富和投資平台能夠在暫時的逆風減弱後推動下一階段的增長。</p>

8604

野村控股

<p>野村控股公司報告了其第四季度的財務業績，強調全年利潤創下紀錄，股本回報率（ROE）達到 10.1%，比預期提前兩年實現。全年淨收入增長 15%，達到 2,167.7 億日元，而淨利潤增加 6%，達到 362.1 億日元。財富管理部門表現強勁，税前收入增長 23%。然而，第四季度淨利潤下降 19%，降至 73.9 億日元，這引發了投資者的謹慎，因為市場面臨逆風和成本上升。董事會提議每股派息 24 日元，保持了穩健的資本狀況，核心一級資本充足率為 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)）已舉行其第四季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</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>野村控股在財報電話會議中表現出自信而謹慎，慶祝創紀錄的全年利潤和股本回報率，同時坦誠承認第四季度表現較弱。管理層採取了 “積極但謹慎” 的語氣，指出財富和投資管理領域的強勁勢頭，但也提到了一次性成本、減值和市場逆風，投資者應密切關注這些因素。</p>
</div><h2>Record earnings and ROE target hit ahead of schedule</h2>
<div class="lb-trans"><h2>創紀錄的收益和提前實現的 ROE 目標</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>野村報告稱，全年淨收入同比增長 15%，達到 2,167.7 億日元，税前收入增長 14%，達到 539.8 億日元。淨收入增長 6%，達到 362.1 億日元，連續第二年創下歷史新高，推動全年 ROE 達到 10.1%，超出集團 8%–10% 的目標範圍，並提前兩年實現。</p>
</div><h2>Wealth management drives steady growth and recurring fees</h2>
<div class="lb-trans"><h2>財富管理推動穩定增長和經常性費用</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>財富管理仍然是一個亮點，税前收入同比增長 23%，第四季度收入環比增長 5%，達到 61.2 億日元。經常性收入創下 56.8 億日元的紀錄，得益於連續第十六個季度的淨流入達到 422.8 億日元，流入超過流出，該部門保持了超過 40% 的利潤率，成本覆蓋率為 72%。</p>
</div><h2>Investment management scales AUM and alternative assets</h2>
<div class="lb-trans"><h2>投資管理擴大 AUM 和替代資產</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>管理資產達到約 136.9–137 萬億日元的歷史新高，突顯了野村投資平台的規模。在第四季度，投資管理的淨收入環比激增 42%，達到 86.2 億日元，業務收入穩定在創紀錄水平，替代資產管理規模增長至 3.6 萬億日元，比 12 月增加約 3000 億日元。</p>
</div><h2>Wholesale franchise delivers record year despite Q4 wobble</h2>
<div class="lb-trans"><h2>批發業務儘管第四季度波動仍交出創紀錄的業績</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，批發部門對集團收益貢獻顯著，全球市場和投資銀行均創下歷史新高，推動收入同比增長 21%。在第四季度，股票收入環比增長 6%，達到 127.2 億日元，股票產品創下新高，儘管平台的其他領域面臨壓力。</p>
</div><h2>Banking business builds loans and deposit platform</h2>
<div class="lb-trans"><h2>銀行業務構建貸款和存款平台</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>野村的銀行部門報告稱，淨收入環比增長 6%，達到 14.5 億日元，得益於貸款餘額的穩步增加。管理層強調了存款清掃實施的進展，併為更大規模的銀行業務奠定基礎，將該部門定位為未來的收益貢獻者，而非當前的增長引擎。</p>
</div><h2>Dividend, buybacks and robust shareholder returns</h2>
<div class="lb-trans"><h2>股息、回購和強勁的股東回報</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>董事會提議第四季度每股普通股息為 24 日元，使全年股息達到每股 51 日元，派息比率為 41%。包括限制性股票單位（RSUs）在內，全年股東總回報達到 58%；即使不包括 RSUs，回報仍保持在 50% 以上，之前宣佈的 600 億日元的股票回購突顯了野村願意返還多餘資本。</p>
</div><h2>Capital position remains solid with CET1 near 13%</h2>
<div class="lb-trans"><h2>資本狀況保持穩健，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 月底的普通股一級資本比率為 12.9%，僅比 12 月低 0.1 個百分點，突顯了穩健的資本緩衝。管理層表示，未來的業務擴展對 CET1 的影響有限，強調增長將在現有資本約束內主要自籌資金，而不是依賴資產負債表的擴張。</p>
</div><h2>Client growth and strong sales activity underpin flows</h2>
<div class="lb-trans"><h2>客户增長和強勁的銷售活動支撐流入</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>第四季度的總銷售額保持在約 11.7 萬億日元，部分受到主要收購要約的推動，提升了交易量。流動業務客户數量環比增加約 20 萬，達到 174 萬，而對日本股票和外國產品的需求穩健，投資信託和委託管理的流入保持強勁。</p>
</div><h2>Fourth-quarter earnings slip from record pace</h2>
<div class="lb-trans"><h2>第四季度收益從創紀錄的步伐中滑落</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>季度表現不如人意，税前收入環比下降 20%，至 107.7 億日元，淨收入下降 19%，至 73.9 億日元。第四季度 ROE 為 8%，每股收益為 24.34 日元，突顯出盈利能力相較於強勁的全年表現顯著放緩，這可能促使投資者調整近期預期。</p>
</div><h2>Wholesale and banking margins squeezed late in the year</h2>
<div class="lb-trans"><h2>批發和銀行利潤率在年末受到擠壓</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，批發税前收入環比下降 31%，至 43.2 億日元，淨收入下降 2%，至 308.1 億日元，固定收益收入下降 8%，至 125.3 億日元。銀行税前收入也下降，環比下降 27%，至 3.0 億日元，突顯出較弱的交易環境和更嚴格的風險承擔的影響。</p>
</div><h2>Higher costs and unusually high cost-income ratio</h2>
<div class="lb-trans"><h2>成本上升和異常高的成本收入比</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，集團整體費用環比激增約 13%，達到 469.5 億日元，主要受到減值、補償和監管變更等特殊項目的推動，以及報告調整。這些因素使得報告的成本收入比在本季度達到約 86%，而全年大約為 83%，管理層將這些水平描述為高於他們認為的正常水平。</p>
</div><h2>Impairments and one-offs weigh on quarterly profit</h2>
<div class="lb-trans"><h2>減值和一次性項目對季度利潤造成壓力</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>第四季度的結果受到投資管理中一家被投資公司的減值損失和約 120 億日元的與林業資產管理投資相關的減值的影響。這些一次性損失是推動費用上升和收入下降的主要因素之一，強化了管理層的觀點，即本季度的疲軟不僅是運營問題，還部分是由離散項目驅動的。</p>
</div><h2>Fund outflows and active-to-passive shift challenge asset flows</h2>
<div class="lb-trans"><h2>基金流出和主動轉被動的轉變挑戰資產流入</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>儘管資產管理規模創下新高，但本季度整體淨流出達 2790 億日元，其中約有 1 萬億日元的流出來自國際和國內顧問相關的委託，主要與收購目標業務相關。管理層還指出，美國行業普遍存在資金從主動投資產品轉向被動投資產品的趨勢，並警告稱，扭轉這一趨勢可能需要時間。</p>
</div><h2>Private credit exposures under watch for concentration risk</h2>
<div class="lb-trans"><h2>私人信貸風險集中度受到關注</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>野村披露的集團私人信貸敞口約為 24 億美元，其中大約 8 億美元用於貸款融資，12 億美元用於直接貸款，4 億美元用於投資管理頭寸。儘管強調多樣化，管理層表示他們正在密切監測信用週期和集中風險，表明對這一日益增長的資產類別採取謹慎的態度。</p>
</div><h2>Geopolitics and risk controls hit March trading revenue</h2>
<div class="lb-trans"><h2>地緣政治和風險控制影響三月交易收入</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>地緣政治緊張局勢，特別是在中東，加上年末的風險控制，抑制了三月份的活動，尤其是在美洲宏觀產品方面。這導致第四季度收入疲軟，並在季度末採取了更為保守的交易姿態，因為野村選擇限制風險，而不是在波動市場中追逐短期收益。</p>
</div><h2>Legacy crypto losses and a more cautious trading profile</h2>
<div class="lb-trans"><h2>傳統加密貨幣損失和更為謹慎的交易策略</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>管理層還承認早期的加密貨幣和激光相關市場做市損失，並表示敞口已減少，同時採取了更為保守的交易方式。儘管去風險化幫助限制了第四季度的額外損失，但這也反映出風險偏好的重置，優先考慮穩定性而非在高波動性領域的激進佈局。</p>
</div><h2>Guidance: steady ROE, disciplined capital and cost control</h2>
<div class="lb-trans"><h2>指導方針：穩定的 ROE、嚴格的資本和成本控制</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>展望未來，野村重申了其 2030 年的目標和近期目標，旨在將 ROE 維持在 8%-10%+ 的範圍內，並保持税前收入超過 5000 億日元，同時將 CET1 維持在當前水平，因為增長主要依靠自我融資。管理層強調了穩定的財富收入、創紀錄的投資資產管理規模、四月份改善的批發業務勢頭、多樣化的私人信貸敞口，以及近期一次性支出應逐漸消退的預期，因為集團在平衡收入增長與更嚴格的成本控制和有針對性的投資。</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>野村的財報電話會議描繪了一個基本狀況良好的特許經營，依靠高質量的手續費收入和創紀錄的資產管理規模，但在經歷了疲軟的第四季度後，面臨更為坎坷的短期道路。對於投資者來説，關鍵的要點是管理層仍然專注於資本紀律、股東回報和風險控制，同時押注其財富和投資平台能夠在暫時的逆風減弱後推動下一階段的增長。</p>
</div>

野村控股的財報電話會議在記錄與風險之間取得平衡