Please note this event is being recorded. I would now like to turn the conference over to Melo Xi, Senior Director and Head of Global Capital Markets Group. Please go ahead. Thank you, Operator. Good morning and welcome to Noah's Third Quarter 2024 Earnings Conference call. Joining me today on the call today are Ms. Wang Jingbo, our Co-Founder and Chairwoman, Mr. Zhe Yin, our Co-Founder, Director, and CEO, and Mr. Grant Pan, our CFO. Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financial and operational results. They'll all be available to take your questions in the Q&A session that follows. Before we begin, I'd like to gently remind everyone that we'll be hosting a Corporate Open Day in Hong Kong on the afternoon of December 6th. The event will host analysts and investors and feature today's executive management team, as well as others who will offer insights into the wealth management needs of our target client base, discuss global investment allocation strategies, and showcase the progress we have made with our competitive global investment product offerings and comprehensive service matrix. Advanced registration is required to attend in person. A link to register was included in the press release announcing the event we issued last week. The event can also be viewed live via webcast or replay on our IR website. Please feel free to reach out to our IR team should you have any questions about how to register or watch the event online. In addition, please note that the discussion today will contain forward-looking statements that are subject to risk and uncertainties that may cause actual results to differ materially from those in our forward-looking statements. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC and Hong Kong Stock Exchange. NOAH does not undertake any obligation to update any forward-looking statements except as required under applicable law. With that, I would like to pass the call over to Mr. Zhe Yin. Please go ahead. 谢谢 Melo。Noah 的投资者和分析师们，大家早上好。今天电话会议的议程我将延续上个季度的方式，将三季度的业绩分为国际和国内来汇报，并和大家分享我们的国际和国内业务发展策略。如上季度向大家提到的，我们继续推进做深国内，做大国际的战略。在国内，我们已经完全将持牌的客户经理分别落位到了不同的持牌主体中，其中基金销售板块通过 Noah Upright 基金销售公司。未来的核心策略是聚焦探索线上为主，辅以线下服务的业务模式，以人民币资产配置全球资产。保险经纪板块通过 Noah 荣耀保险经纪公司，未来主要是以无底薪经纪人为主要发展方向。资产管理板块通过歌斐资产管理，未来主要是专注一级市场的退出和二级市场跨境产品的管理。在集团层面，发展 BD 业务，通过投资人教育、毕业联盟来触达更多的高净值客户。我们认为在国内分业经营、分业监管的情况下，不同的业务需要采取不同的经营策略和模式，才会更合规并更有效率。在国际端，我们推出了全新的品牌来服务海外华人客户，其中 ARK 是财富管理的品牌，Olive 是资产管理的品牌，Glory 是保障、传承、信托等综合业务的品牌。同时，我们开始加速全球市场拓展的步调。在东南亚、日本、加拿大、美国、欧洲等，我们都会陆续推出我们的财富管理服务。那三类客户将是我们重点服务的对象。第一类是新出海和准备出海的高净值家庭和企业。第二类是出海五年以内的华人客户和企业，就是新移民。同时，第三类是出海二十年以上的老移民和当地的华人。我们计划通过不同类型的产品和服务来满足不同类型的客户的需求。 Thank you and good morning or evening to everyone. Similar to last quarter, we'll share our financial results by domestic and international segments, followed by an overview of our growth strategy for both. As noted on last quarter's call, we're actively pursuing the strategy of refining the domestic market while expanding internationally. Domestically, we're strategically deploying sales personnel to specific independent and licensed business units. We're leveraging Noah Upright fund distribution, whose core strategy is to focus on developing an online-first business model complemented by offline services to allocate RMB assets globally. In the insurance brokerage segment, Glory Insurance Brokerage is focusing on building a commission-only agency team. In the asset management segment, Gopher Asset Management is focused on managing exits in the primary market and cross-border products in the secondary market. At the group level, we are establishing a dedicated business development team to engage more effectively with HNW clients through investor education and cross-industry partnerships. The evolving regulatory environment requires us to adjust each business unit to adopt a distinct service model to ensure compliance and improve operational efficiency. Globally, we launched new brands to serve overseas Mandarin-speaking clients this year, including our wealth management arm, Ark Private Wealth, asset management arm, Olive Asset Management, and Global Insurance Trust and Comprehensive Services arm, Glory Family Heritage. At the same time, we are accelerating our expansion into global markets by gradually rolling out our wealth management services, targeting key markets such as Southeast Asia, Japan, Canada, the United States, and Europe. We target three client segments: HNW families and companies that recently relocated overseas or are preparing to do so. Secondly, Mandarin-speaking individuals or businesses who have immigrated abroad for less than five years. Thirdly, Mandarin-speaking settled immigrants who have resided overseas for a prolonged period of time. Our strategy focuses squarely on addressing the diverse needs of these client segments by offering a tailored range of products and services. 财务数据方面，2024年的三季度，公司整体录得总收入6.9亿元，同比下降8.8%，环比上升11%。主要原因是国内业务收入同比下滑32.6%，海外业务收入同比提升28.9%。海外收入环比也增长了35.5%。本季度，我们将继续以各业务BU为主要的维度，向投资者更新各条线的业绩和运营情况。我们CFO潘青先生则以集团整体的财务表现为大家提供更详细的解读。首先讲讲国际业务。我们完善了新的服务客户的产品矩阵，提升在线服务客户的能力。同时，针对出海个人和企业、海外新移民和海外老移民这三类客群，推出不同类型的产品和组合。三季度期间，国际业务收入贡献3.8亿元，同比增长28.9%，环比增长35.3%。增长主要源自海外投资类产品AUA和AUM的新增，分别实现了5.7%和16%的同比增长，以及海外保险产品的募集的增长。ARK是我们的财富管理品牌。我们以香港和新加坡、美国为国际的 booking center，东南亚、日本、加拿大等地区服务存量的客户和拓展当地的新客户、华人客户。截止2024年的三季度末，含 Olive 的直销团队，我们在海外已经拥有了146位的理财师，同比增长89.6%，环比增长29.2%。包含代销产品的海外的 AUA 达到86.9亿美元，同比实现5.7%的增长。截止三季度末，ARK全球注册客户数量超过17,200人，同比提升了20.9%。其中香港开户数达到17,338人，同比增长19.8%；新加坡开户数达735人，同比增长168.2%；美国累计服务客户数量超过1,000人。客户以全权委托的方式在 ARK 进行资产管理的客户数量达到1,012人，同比增长55%。ARK是我们的在线财管的服务的一个单元，包含货币基金、证券交易等业务，在三季度实现总收入787万，同比增长190.7%。同时，我们在新加坡的 ARK APP 上架后，对于当地客户的服务的能力也有了一定的提升，预计今年可以实现新加坡的盈亏平衡。2024年三季度期间，海外活跃高净值客户数量达到3,139人，同比增长37.4%。整体募集量达到11.1亿美元，同比增长15.8%。其中美元公募基金活跃客户数量达到2,691人，同比增长53.1%。募集规模达到4.9亿美元，同比增长83.7%。B端的客户机构客户方面，三季度海外产品募集规模达到8,800万美金，同比增长57.1%。存量规模达到2.1亿美金，同比提升70.4%。 Turning to our financials for the quarter, total revenues were RMB 689 million, a decrease of 8.8% year on year and an increase of 11% sequentially, primarily due to a 32.6% year on year decrease in revenues from Mainland China, which was partially offset by a 28.9% increase in revenues from overseas. Revenues from overseas increased 35.3% sequentially as well. Similar to last quarter, I will use each business unit as the primary framework for updating investors on their performance and operations. Following my remarks, our CFO, Mr. Grant Pan, will provide an analysis of our overall financial performance. Internationally, we continue to enhance our product matrix to better serve our clients and improve our online service capabilities. During the quarter, we launched several products tailored to the three key client segments I mentioned earlier. During the third quarter, net revenues from overseas were RMB 377 million, an increase of 28.9% year on year and 35.3% sequentially, accounting for over 50% of the group revenue for the first time, primarily due to an increase in revenues from offshore investment products, while USD AUA and AUM increased by 5.7% and 16% year over year respectively, as well as increased distribution of overseas insurance products. Hong Kong, Singapore, and the United States have been designated as the primary overseas booking centers for Ark Private Wealth. These booking centers not only serve existing clients but also facilitate engagements with new clients in Southeast Asia, Japan, Canada, and other regions. As of the third quarter, we had 146 overseas relationship managers, including the direct sales team from Olive Asset Management, an increase of 89.6% year on year and 29.2% sequentially. Overseas AUA, including third-party distributed products, reached $8.7 billion, a 5.7% year on year increase. As of the third quarter, Ark Private Wealth total registered clients exceeded 17,200, an increase of 20.9% year on year. Specifically, the number of accounts opened in Hong Kong reached 17,038, an increase of 19.8% year on year. In Singapore, we had 735 accounts, a substantial increase of 168.2% year on year. In the U.S., we have served over 1,000 clients cumulatively. Additionally, the number of discretionary investment clients reached 1,012, an increase of 55% year on year. Ark is our online wealth management platform that offers money market mutual funds and securities trading. During the quarter, it generated revenue of RMB 8 million and an increase of 190.7% year on year. Following the launch of Ark App in Singapore, our service capabilities for Singapore local clients improved significantly. We expect our Singapore to reach break-even point by the end of the year. During the third quarter, the number of overseas active clients reached 3,139, an increase of 37.4% year on year. Total transaction value during the same period was $1.1 billion, an increase of 15.8% year on year. The number of active clients in US dollar mutual fund products reached 2,691, an increase of 53.1% year on year, with the transaction value of mutual funds reaching $494 million, an increase of 83.7% year on year. Overseas transaction value for corporate and institutional clients reached $88 million in the third quarter, an increase of 57.1% year on year, while the AUA reached $213 million, an increase of 70.4% year on year. 在资产管理端，我们推出的新品牌 Olive Asset Management 为客户提供海外主动管理及筛选的另类投资产品和公募基金产品。三季度期间，美元私募一级产品募集1.5亿美元，同比大幅提升46.7%。含对冲基金和结构化定期定存等二级产品的美元私募二级投资产品整体募集4亿美金。若剔除定存产品，对冲基金和结构化产品的募集金额来自到2023年以来的新高，达到0.9亿美元，也得益于我们对海外二级产品线的加强，同比增长21.5%，环比增长17.1%。截止三季度末，Olive主动管理产品的海外 AUM 达到56.3亿美元，同比实现16%的增长。占总 AUM 的比例也从占总 AUA 的比例也从22.8%提升到26.3%。海外私募股权等一级市场基金的 AUM 达到42.7亿美元，同比增长19%。在对高净值客户家庭的综合服务方面，我们推出了 Glory 品牌，为客户提供身份规划、全球保险、信托等综合解决方案。该板块在三季度实现总收入1.4亿，同比增长42.4%，环比增长44.1%。Glory 也在积极探索新的商业模式，一是加大持牌无底薪经纪人的队伍的建设，二是和外部机构渠道建立新的客户转介模式。目前已经取得了一定的进展。在无底薪经纪人方面，已经招募了超过30位无底薪的自雇经纪人。截至目前，有超过1/3的经纪人都产生了一级的贡献。在外部机构渠道方面，也取得了从0到1的突破。针对异业机构、专业服务机构和持牌金融机构三类渠道类型，通过 Glory 的品牌和专业服务的能力，为他们的客户提供丰富的增值服务。目前已经签约了19家的外部机构，开始贡献业绩。这个模式我们找到了一些感觉，接下来的话会着力去发展。 On the international asset management front, we launched our new asset management arm, Olive Asset Management, to provide clients with actively and externally managed overseas alternative investment products, as well as mutual fund products. During the third quarter, transaction value of US dollar private equity products reached $152 million, a significant increase of 46.7% year on year. Transaction value of US dollar private secondary products, including hedge funds, structured products, and term deposits, reached $395 million. Excluding term deposits, the transaction value of hedge funds and structured products reached $93 million, the highest since 2023, up 21.5% year on year and 17.1% sequentially, as we continue to enhance our public product matrix, public market product matrix. As of the end of the quarter, AUM for overseas products reached $5.6 billion, a 16% year on year increase, and accounting for 26.3% of the total AUM, compared to 22.8% during the same period last year. AUM for overseas private equity and other primary market funds reached $4.3 billion, a 19% year on year increase. To provide comprehensive services for high-net-worth families overseas, we launched the Glory Family Heritage brand, which offers identity planning, global insurance, trust services, and other integrated solutions. This segment generated total revenue of RMB 145 million in the third quarter, an increase of 42.4% year on year and 44.1% sequentially. Glory is actively exploring new business models as well. We are expanding our team of licensed commission-only agents and establishing new client referral models for external agency channels, where we have already made significant progress. We recruited over 30 commission-only agents during the quarter, with more than one third already contributing revenue. Regarding external agency channels, we have achieved a breakthrough from zero to one. We are targeting three types of institutions with a range of value-add services and professional capabilities for their clients, including cross-industry institutions, professional service agencies, and licensed financial institutions. To date, we have signed contracts with 19 external institutions which have already begun to contribute to revenue. We have also gained valuable insights from this model and will focus on its further developments moving forward. 国内市场方面，我们继续围绕着做新的一个战略方向。首先是全面的合规，有效的降低成本。其次是可以选择可以长期保护客户利益的产品，坚持投资者教育和客户保持深度的沟通。三季度期间，国内业务收入贡献3.1亿元，同比下降32.6%，环比下降8.8%。主要是新增业务少，存量人民币投资产品的管理费收入以及国内保险收入，国内保险产品收入的下降所导致的。诺亚振兴基金销售公司产品是公募基金和私募证券等公开市场的产品，三季度总实现收入1.1亿元，同比下降21.7%。三季度期间，人民币公募基金募集规模达51.9亿，同比下降60%，环比提升4%。人民币私募证券基金的募集规模达7.9亿元，同比下降55.1%，环比下降35.7%。主要是我们产品策略的调整所导致的。歌斐资产三季度实现总收入1.8亿元，同比下降17.3%。一级市场歌斐的投资团队持续聚焦存量资产的退出。2024年截止目前已经实现了超过60亿元的一级市场的资产的退出。策略方面，一是加强子基金和项目的日常监督和管理，谋求多元化的退出的路径，加强底层资产的一个分红，以实现DPI的提升。另一方面，投资团队主动拓展买方市场，通过并购资产并购或者是S基金的交易等方式寻求退出的一个机会。二级市场歌斐资产管理的私募基金产品主要是聚焦用人民币资产，通过境内跨境的ETF获取全球市场的Beta收益。该产品系列三季度期间完成了近1亿元的基金的一个募集的规模。国内荣耀保险经纪的业务三季度实现总收入862万，同比下降89.9%。主要原因是今年。同时在调整销售队伍和产品方向上面，销售队伍的方面聚焦无底薪经纪，产品方面聚焦医疗和养老的业务的方向。目前看来，新的销售队伍需要一段时间才会有起色。综上所述，做强国内做大国际，我们已经在路上。在建立全球华人客户服务体系的过程当中，我们看到了新的海外华人客户对我们有着很大的需求，成为全球华语客户首选的财富管理品牌是我们的新的愿景。接下来我也请潘青为大家详细介绍集团整体的财务表现，谢谢大家. Domestically, we remain committed to our refining operations approach. We are ensuring compliance to effectively reduce costs and are focused on selecting products that can safeguard clients' interests in the long term, emphasizing investor education and fostering deep engagement with our clients. In the third quarter, net revenues from Mainland China contributed RMB 312 million, a decrease of 32.6% year on year and 8.8% sequentially. This was primarily due to limited new business activities and decreases in recurring service fees from RMB investment products and revenues from domestic insurance products. Noah Upright, which offers mutual funds and private securities, generated total revenues of RMB 108 million in the third quarter, a decrease of 21.7% year on year. During the third quarter, the transaction value for RMB mutual funds reached RMB 5.2 billion, a decrease of 60% year on year, but an increase of 4% sequentially. Transaction value of RMB private securities amounted to RMB 786 million, a decrease of 55% year on year and 35.7% sequentially. These changes were primarily due to adjustments in our product strategy. Gopher Asset Management achieved total revenue of RMB 181 million in the third quarter, a decline of 17.3% year on year. In the primary market, Gopher's investment team continues to focus on exit for existing investments, having successfully achieved over RMB 6 billion in the primary market exit so far in 2024. Strategically, we are enhancing daily supervision and management of our portfolio funds and projects, exploring diverse exit strategies, and improving dividend payouts from the underlying assets to improve DPI. Additionally, the investment team is proactively expanding the buyer's market by pursuing exit opportunities through asset acquisitions or secondary fund transactions. In the secondary market, private secondary products managed by Gopher primarily focus on deploying RMB to invest in onshore cross-border ETFs, with the goal of capturing beta returns from the global market. This product series generated transaction value of nearly RMB 100 million during the quarter. Total revenue from Glory Insurance Brokerage onshore during the quarter was RMB 9 million, a decline of 89.9% year on year. The decrease was primarily due to adjustments made to the sales team and product selection strategy. We're also establishing a commission-only agents model. In terms of product selection, the focus is on medical and retirement-related services. With the new sales team structure and new product mix, we expect this business to take a bit longer to ramp up. In summary, through our strategy of refining the domestic market while expanding internationally, we're making significant progress. As we establish a global client service model, we're seeing significant demand for our overseas services among overseas Mandarin-speaking clients. Our new vision is to become the preferred wealth management platform for global Mandarin-speaking investors. I would now like to turn the call over to Grant to go over financial results in more detail. Thank you. Thank you, Melo, and thank you, Vener. Greetings to everyone joining us today. Globally, the three major U.S. stock indices reached historical highs in 2024, with the NASDAQ composite up 25% this year and 80% since the end of 2022. Our clients have benefited from a forward-looking global CIO House View, which began recommending clients allocate funds to QD products, especially linked to U.S. equities in 2022. We believe the overseas wealth management needs of clients remain inadequately addressed. Therefore, we'll continue to actively expand our international businesses by increasing the number of local branches, strengthening our local relationship manager teams, and enhancing our online services capabilities to improve the quality of our offerings. Now, let's get into the details of our financials. I'm very pleased to report that our third quarter results have regained positive trend, with net revenue reaching RMB 684 million. While this is still weaker, 8.8% compared to the same period last year, it does reflect an 11% increase sequentially compared to last quarter, despite significant market pressures. This increase is mainly driven by the growth of our overseas businesses. Overseas net revenue in the third quarter reached RMB 377 million, a year-over-year increase of 28.9%, accounting for 55.1% of total revenue. Specifically, revenue from US dollar denominated investment products reached RMB 191 million, up 42.5% year over year, and 40% growth sequentially. Revenue from overseas insurance products was RMB 145 million, up 42.4% year over year, and 44% growth sequentially. Revenue from US dollar liquidity products increased significantly by 190% year over year, an impressive growth from online wealth management growth on Ark platform. These figures underscore the strong performance of overseas business this quarter. By revenue type, one-time commissions increased significantly by 28.5% quarter over quarter, primarily due to the recovery in overseas insurance. Recurring service fees declined 13.8% year over year and were relatively flat sequentially, mainly due to the aging of RMB denominated AUA and AUM. In contrast, revenue from overseas investment products continues to grow as we expand our international presence. Performance-based income was notably stronger this quarter, reaching RMB 61 million, primarily driven by the successful exits of certain US dollar PE products. Our total transaction values in the third quarter were RMB 14.3 billion. As of the end of this quarter, US dollar denominated transaction values increased 15.8% year over year to $1.1 billion. As a proportion of total transactions, US dollar denominated products are growing and now account for 54.6% of total transaction value compared to 31% during the same period last year. As expectations of the Federal Reserve rate cuts strengthen, we have observed a continuous trend of clients shifting from liquidity products to investment opportunities. In the third quarter, the transaction value for U.S. dollar alternative investment products, which includes private equity, private securities, and private credit products, increased significantly by 36% year over year and a 6.1% sequential growth to $245 million. As a proportion of total transaction value and total U.S. dollar transaction values, alternative investment products increased to 12% and 22% respectively. We're pleased to see these products increasingly contribute to our ongoing management fee revenue. At the end of the third quarter, our U.S. dollar AUM grew significantly by 16% year over year and 4.6% sequentially to $5.6 billion, with the U.S. dollar-denominated AUA growing by 5.7% year over year and 1.9% sequentially to $8.7 billion. This reflects our ability to capture a larger share of clients' US dollar wallets for investment products. Moving on to the income statement, our ongoing cost control initiatives continue to yield positive results. Total operating costs and expenses for the quarter were RMB 443 million, a decrease of 11.6% year over year and an 8.1% decrease sequentially. Compensation benefits decreased by 22.7% year over year as we further improved human capital efficiency by reducing overhead costs, with a proportion of middle back office staff now below 50% of total headcount. Selling expenses and general administrative expenses declined significantly by 26.1% year over year. Government subsidies, notably, are expected to decrease this year, with only RMB 37 million received year to date. Despite the reduction in government subsidies, operating profit for the quarter remained consistent when compared to the same period last year and saw a notable sequential recovery of 80% to RMB 241 million. Our operating margin has come back to 35%. We also know that net income this quarter was impacted by certain factors, including the decrease in interest income on the RMB 1 billion dividend payout from substantial payout earlier this year, the decline in domestic interest rates, and the reallocation of some cash to short-term investments. Additionally, the US dollar's depreciation against RMB during the quarter led to a foreign exchange loss of RMB 44 million. But obviously, the future appreciation of the US dollars, if any, is expected to mitigate this impact. Tax expenses were notably higher during the quarter, primarily attributable to the withholding taxes on dividends payout. That being said, our non-GAAP net income still increased significantly on a sequential basis to RMB 150 million. As of the end of the third quarter, our year-to-date net income has reached RMB 418 million. In terms of clients, as Vener mentioned, we maintained a stable total of 9,420 Diamond and Black Card clients at the end of this quarter. Meanwhile, our overseas client base continues to show robust growth, with more than 17,000 overseas registered clients, up 20.9% year over year and 3% sequentially. The total number of overseas Diamond and Black Card clients rose to 1,556. Overseas active clients also reached 3,139, a 37.4% increase year over year. Turning to our balance sheet, when our cash and cash equivalents by the strict classification decreased to RMB 3.4 billion this quarter due to the RMB 1 billion dividend payout earlier this year, we maintain a robust liquidity position. Taking into consideration of short-term investments and long-term investments with some reclassification, our total cash reserves totaled around RMB 4.8 billion, essentially unchanged from the previous quarter if we exclude the impact from the RMB 1 billion dividend payout. Our current ratio has improved to 4.4 times, and the debt-to-asset ratio has dropped to 14.9%, with no interest-bearing debt. At the end of August, we also announced a $50 million share repurchase program and are pleased to see the subsequent rebound in our stock price. However, despite this rebound, we still believe our stock remains undervalued and doesn't truly reflect the growth prospects, robust balance sheet positions, and cash reserves. It also fails to capture our special bond with Mandarin-speaking high-net-worth investors around the world. We plan to carry out the repurchase program at appropriate times once the trade window opens, reaffirming our commitment to delivering value to our shareholders. In conclusion, 2024 is a year of significant transformation for NOAH in every aspect, as we actively deploy a more customer-centric sales model and deepen our international expansion efforts. Transformation is embedded in our corporate DNA and has been a key driver of our growth. We recognize this journey will be very challenging, and we're confident that these strategic initiatives are not just about weathering the storm. They're about unlocking new horizons for long-term development and growth. Once again, thank you all for your trust and your support. We'll now open the floor for questions. We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Chiyao with Morgan Stanley. Please go ahead. Hi, good morning. Thanks for taking my question, gentlemen. This is Chiyao from Morgan Stanley. I got a question. Obviously, we are observing quite some excitement on the equity market since September. So a lot of the momentum, we think, is very much retail-driven. So we're just wondering to what extent, as a wealth management provider, NOAH can participate in this rising sentiment of equity market and how does that impact our revenue and the profitability. So relating to that, how's NOAH advising the clients on the asset allocation side in this environment? Thank you. 好，谢谢 Chiyao 。对，主要就是关于我们对于近期中国 A 股股市的政策以及整个市场环境的变化，对于我们客户的一个情绪的变化，以及我们对于客户资产配置建议的一个变化。同时对于我们收入和利润的财务报表的影响。 对，这个对财务报表影响暂时还没有影响，因为在三季度末来了一个财政刺激的政策，A 股有些表现，但基本上都是在三季度。有关就是跟客户在这方面的互动，我们可以请金总或者汪总给一些反馈。 对，就是三季度末的中国政府的一系列的政策，确实给客户的在情绪上面的话有一个很大的波动，或者是在市场上的话也可以看到活跃度的话有所提升。过去的话，客户可能对二级市场在国内的就是信心不是很足。那么三季度末的政策的话，给客户的至少从他的关注度和活跃度上面的话是得到提升。但我们的话还是可以看到我们讲就是用人民币资产配置全球资产，进行全球化的配置，还是我们一个非常重要的一个基调。因为虽然说国内的政策出台，但是它政策出台以后是不是能够真正的有效的改变基本面这一块的话，我们还是需要用时间来去验证的。因为从财富管理角度来说，它其实并不是像短期的去抓机会的，而是更重要的是长期的稳健的配置。所以说在这个方面的话，我们的 CIO House View 在观点上面的话其实还是比较一致性的，就是用人民币进行全球化的配置，包括我们的公司的战略也是一样的，就是匹配了我们的一个行为。那么在市场在产品上面的话，我们确实也做了一些在阵型上面的话做了一些优化和调整。那么这个主要的话其实还是在于继续的话坚持 QDII、QDLP 的一个产品的一个投放。但同时的话，也在国内的一些产品上策略上面的话坚持还是多元化的产品的策略，并不是说市场政策出来以后的话我们就去追逐热点。我们还是比较 fundamental driven 的一个策略。 那么汪总如果没有补充的话，我先翻译。 So thank you, Chiyao, for the question. So with regard to the financial performances, obviously the major policy was rolled out at the end of September. So our third quarter financial results were largely not impacted by the recent policy changes and the rebound in the stock market. In terms of client sentiment, we're seeing more activity and interest among our onshore Mainland China clients, definitely. In the past, we have seen that the investment sentiment and confidence among our clients towards Asia markets was very low or very weak. But at least right now we're seeing a rebound in the trading activities and interest. But from a CIO House view perspective, we still strongly believe that to advise clients to use their RMB assets to invest in global beta returns, which is still one of the most important asset allocation advice that we give to clients, because we think that the policy still needs time to be implemented and the fundamentals or the economic fundamentals still need time to show whether we'll be improved. And since we're a wealth management company, we are not a trading-driven strategy. Rather, we are more taking a long-term asset allocation view. Therefore, we haven't really changed our CIO House view. But that being said, we still have enhanced our product shelf on the RMB side. Although we're still advocating to advise clients using QDII and QDLP products to invest globally, but we have definitely introduced some of the RMB exposure products as well within it. Thank you. As a reminder, if you would like to ask a question, please press star then one to enter the question queue. Your next question comes from Peter Zhan with J.P. Morgan. Please go ahead. 谢谢管理层给我提问的机会。我是摩根大通的 Peter Zhan。我的第一个问题我是想问，就是我们在贯彻这个做金国内做大国际的战略。那过去一段时间我们国内的收入一直是承压，但国际的收入有提升。然后管理层也提到三季度我们的总的这个收入已经环比有所提升。那我想问展望未来，我们这个收入是不是已经进入了一个拐点，就是未来是不是可以保持稳定一个提升的状态？您觉得就是国内国外这个对我们收入端有什么驱动的因素？这是第一个问题。然后第二个问题我还是想追问一下前面的，就是前面的一个投资者的问题，就是我们四季度我想问一下我们就是这个看到有没有看到一些投资者就是在我们这边就是理财，就是销售上面购买了更多产品，比如说他们投资者主要是购买哪些产品，是不是一些国内的基金，就是有没有一点这种 color 能够给到我们。然后对于我们四季度，比如说收入端环比三季度是不是也可以有个提升的预期？那我做一下翻译。 Thanks, Management, for giving me this opportunity to ask the question. This is Peter Zhan from J.P. Morgan. I have two questions. So my first question is, we have been doing this refining domestic operation and expanding an internationally strategy. And I think during the past few reporting quarters, our domestic revenue has been under pressure while overseas revenue has been improving, and the total revenue has improved sequentially in third quarter. I'm just wondering, can we say that we have passed this period where NOAH's value has been under pressure, and going forward, our revenue trend can be stably improving on domestic and internationally? What do you think will be the largest or most important driver for our revenue outlook in the next, say, one year or so? And my second question is a follow-up question due to the earlier question. I'm just wondering, have we observed any trend in customer behavior or activity? What products are clients mostly purchasing in fourth quarter after this big stimulus in Mainland China? And with this improving client sentiment, can we say that the revenue trend in fourth quarter can be improved sequentially from third quarter? I will stop here. Thank you. Thank you, Peter. And I think it's probably a little bit yes and no to your question. Maybe it's a little bit too early to say that revenue growth trend has come into a turning point, as we know the market has been changing drastically, especially after the election. But I guess it's safe to say the structure of our growth probably has come into shape that more resources and more expansion efforts are going into the international expansion. So in terms of accumulation of US dollar-denominated investment opportunities, probably it's going to be more dominant in the future periods. But especially with the recurring management fees and carry, the structure of both sides probably will not stay the same or identical to the last quarter. But obviously, we're hoping that we'll be able to accelerate the transformation, but at the same time also remain very patient so that it wouldn't deviate from the overall strategy. Okay. So I'll let Zhe take the question about the Asia market. 稍微再补充一点，就是关于收入的一个拐点。所谓国际收入在增长，其实我们在去年、前年的话，从财务报表的数字上面的话，其实已经反映了这一点，就是这几年的话，其实国际业务的收入都在持续的增长，而国内业务的收入的话在持续的下降。那么这个当中的，在去年年初的时候就应该是一个很重要的一个拐点期了，就是我们的国际收入已经超越了我们国内业务收入的一个增长性在结构上面。但这一块的话，其实你说业务的拐点，我想你可能问的更多的是，比如说我们在是不是未来的话是未来是海外业务是可持续的一个再发展或者是更大的比例增长。我觉得应该我们是的，因为我们在国际业务上面投入了更多的一个资源，而且的话确实公司的战略方向其实也是在国际上面。所以说我们预计未来国际业务的收入应该会保持一个持续的增长。那么如果假如从拐点来说的话，或者是说从发展趋势来说的话，因为我们在国际业务上面的基础设施的建设和销售人力的建设的话，其实销售队伍的建设也在持续的在投放。所以说我想在未来的话可能比现在的话在增长上面的话会更 strong，更能够有基础面的一个支撑。那关于投资者的一个情绪，其实国内的话，其实我们确实很难判断到底是国内是这个政策的效果怎么样，或者是它的政策的持续性这些。但确实是投资者给我们的一个很重要的一个窗口机的机会，就是投资者更多的愿意让我们跟他们去互动和沟通，尤其是在一级市场上面。因为客户过去的话也持有很多的，尤其在二级市场上面，客户也持有很多的私募基金、证券基金、公募基金这些。那么在这个关键的窗口期的话，其实我们也在让我们客户，我们跟客户的话有更多的一对多、一对一的做程序和资产配置调仓的这样一个窗口的一个机会。我们确实在最近段时间非常加大了密度跟客户之间的一个沟通。那么这个沟通过程当中的话，更重要的其实还是坚持我们自己的一个给客户长期配置的理念，我们叫建安全垫、稳基本盘和投增长点。那么这个当中的话，其实我们给客户是整体来看的，就是建安全垫的话就是通过保险来帮客户的话进行保障。稳基本盘的话就是各种低风险的高流动性的一些产品和一些 Beta 的一个长期的策略的一个趋势。投资那里的话其实还是更多的看到海外的全球的 AI 的机会的一个崛起。所以说就从我们的战略来说的话，还是坚持给客户做长期的资产配置，而且在过程当中的话逐步引导客户能够从长期的角度来做好资产的一个保障。那么在这个策略的背后的话，其实就体现了我们各个 BU 都可以围绕着客户为中心提供不同的每个 BU 的能够提供的一个服务和特色。那么这个当中的话，其实如果从业务的起来的话，确实这个牵涉到我们本身销售队伍的一个服务方式的一个调整，销售模式的调整，其实更多的其实聚焦于客户的不同需求，通过不同的 BU 来满足他的一个服务。那我想这个的话其实对我们来说的话也是一个也叫一个叫转型期或者是个调整期，就是我们的销售模式的话其实也在发生变化。那么我想从这个角度来说的话，也走了几个季度了，也在不断的去探索我们新的一个服务的一个客户的一个模式。那么从未来来说的话，随着这个模式的落地和更清晰以后的话，我想它的未来的持续的业绩的话可以得到体现。谢谢。 Thank you. Thank you, Peter, for the question. So I think Grant pretty much answered the first part of the question. And regarding your second point of question, as a follow-on to the first question, so I think our overall view is that it's still quite difficult to see the effectiveness of the recent policies and also the continuation of these policies and to really make a decision on whether this is short-term or mid-term or long-term driven. But we are seeing a trend among our clients or investors that they have been increasingly willing to communicate with us more. So I think at this critical point, this time window, we have the privilege of the more opportunities to engage with clients on one-on-one meetings, on providing more asset allocation advice and insights, and also, I guess, to drive more client transaction and also help them to reshape their portfolio allocation. We still continue to provide long-term asset allocation advice and basically in three different perspectives. First is to provide a safety net which includes the different protection and inheritance tools for our clients globally. And secondly is the, we call it cash management or cash flow portfolio that provides different liquidity and long-term inflation protection investment tools. And thirdly is to pursue growth strategy through private equity, venture capital, and also AI-related investment opportunities. Also in this process, we need our different business units to provide each of their featured product and services through a client-centric mindset. But as we mentioned before, this is pretty much a new sales model, and we're still undergoing our transition period. It has been a few quarters, but we're still trying to work out the best way to improve efficiency under this new model. We believe that as we gradually figure out the new sales model, it will be reflected in our future financial performance. Peter? Oh, thank you. Thank you, Management, for the explanation. Really helpful. Thank you for the question too. This concludes our question-and-answer session. I would like to turn the conference back over for any closing remarks. Thank you all again for participating in our third quarter earnings call. And just another gentle reminder that we will be hosting our annual corporate open day in Hong Kong on December 6th. So please don't hesitate to register or contact our investor relations team for further details. Thank you again. For those of you in the States, Happy Thanksgiving too! Happy Thanksgiving.