貝萊德 (BLK) 2026 Q2 法說會逐字稿

Good morning. My name is Shelley, and I will be your conference facilitator today. At this time, I'd like to welcome everyone to the BlackRock, Inc., second-quarter 2026 earnings teleconference.

早安。我叫 Shelley，今天將擔任本次會議的主持人。此刻，我謹代表主辦方歡迎各位參加 BlackRock, Inc. 2026 年第二季財報電話會議。

Our host for today's call will be Chairman and Chief Executive Officer, Laurence D. Fink; Chief Financial Officer, Martin S. Small; President, Robert S. Kapito; and General Counsel, Christopher J. Meade. (Operator Instructions)

今天電話會議的主持團隊包括：董事長兼執行長 Laurence D. Fink；財務長 Martin S. Small；總裁 Robert S. Kapito；以及總法律顧問 Christopher J. Meade。(接線員指示)

And Mr. Meade, you may begin your conference.

Meade 先生，您可以開始會議。

Good morning, everyone. I'm Chris Meade, the General Counsel of BlackRock.

各位早安。我是 Chris Meade，BlackRock 的總法律顧問。

Before we begin, I'd like to remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that BlackRock's actual results may, of course, differ from these statements. As you know, BlackRock has filed reports with the SEC which list some of the factors that may cause the results of BlackRock to differ materially from what we say today. BlackRock assumes no duty and does not undertake to update any forward-looking statements.

在開始之前，我想提醒各位，在本次電話會議過程中，我們可能會做出若干前瞻性陳述。我們提醒各位注意，BlackRock 的實際結果當然可能與這些陳述有所不同。如各位所知，BlackRock 已向美國證券交易委員會（SEC）提交報告，其中列示若干可能導致 BlackRock 結果與我們今天所述存在重大差異的因素。BlackRock 不承擔且不承諾更新任何前瞻性陳述之義務。

So with that, I'll turn it over to Martin.

那麼，接下來我把時間交給 Martin。

Thanks, Chris. Good morning, everyone. It's my pleasure to present results for the second quarter of 2026.

謝謝你，Chris。各位早安。我很高興向各位報告 2026 年第二季的業績。

Before I turn it over to Larry, I'll review our financial performance and business results. Our earnings release discloses both GAAP and as adjusted financial results. A reconciliation between GAAP and our as adjusted results has been included in the tables attached to today's press release. I'll be focusing primarily on our as adjusted results.

在我把時間交給 Larry 之前，我將先回顧我們的財務表現與業務成果。我們的財報新聞稿同時揭露 GAAP 與調整後（as adjusted）的財務結果。GAAP 與調整後結果之間的調節表已納入今日新聞稿所附表格中。我將主要聚焦於我們的調整後結果。

BlackRock's record net inflows and organic base fees in the first half of 2026 are vivid proof points of a firm at the center of megatrends shaping the investment landscape across public markets, private markets, and technology. Wealth managers and institutions all over the world are growing with BlackRock consistently through market cycles, from ETF model portfolios to personalized SMAs to systematic and income-focused strategies and in infrastructure and private credit. With $868 billion of net inflows and 10% organic base fee growth over the last 12 months, our results demonstrate that BlackRock is the total portfolio all-weather strategic partner that helps clients look past short-term uncertainties and towards long-term growth.

BlackRock 在 2026 年上半年創紀錄的淨流入與有機基本費用（organic base fees），清楚證明本公司正處於塑造投資版圖之超級趨勢核心，涵蓋公開市場、私募市場與科技。全球各地的財富管理機構與機構投資人，跨越市場循環持續與 BlackRock 一同成長，從 ETF 模型投資組合到個人化 SMA（分別管理帳戶），到系統化與收益導向策略，以及基礎建設與私募信貸。過去 12 個月淨流入達 8,680 億美元且有機基本費用成長 10%，我們的結果顯示 BlackRock 是全方位、全天候的整體投資組合策略夥伴，協助客戶超越短期不確定性、聚焦長期成長。

We create and we connect clients to the vast opportunities in artificial intelligence and digital and physical infrastructure. We help them position for success in generational changes to benchmarks and equity market structure. We're driving expanded investor access to capital markets and digital assets. We're a market leader and high share gainer in manufacturing hyper-personalized, tax-efficient portfolios that power wealth management platforms.

我們創造並連結客戶，把握人工智慧以及數位與實體基礎建設中的龐大機會。我們協助客戶在基準指標與股權市場結構的世代性變革中，做好成功布局。我們正推動投資人更廣泛地進入資本市場與數位資產。我們在打造高度個人化、具稅務效率的投資組合方面居於市場領先地位並持續提升市占，為財富管理平台提供核心動能。

We're reshaping the future of retirement portfolios with access to guaranteed income in private markets. Clients are rewarding our integrated platform of asset management and technology across public and private markets. It's what clients want because they're building one portfolio, a world that's more fragmented brings clients closer to BlackRock to make sense of the pieces, to put them together in one coherent strategy for a whole portfolio, and to drive outcomes at scale.

我們正透過在私募市場提供保證收入的管道，重塑退休投資組合的未來。客戶正以行動肯定我們橫跨公開與私募市場、結合資產管理與科技的一體化平台。這正是客戶所需要的，因為他們是在打造「一個」投資組合；在更為碎片化的世界中，客戶更需要 BlackRock 協助理解各個拼圖、把它們整合為一套一致的整體投資組合策略，並以規模化方式推動成果。

BlackRock is a leader at the center of these accelerating forces, and ecosystem disruption means more money in motion and more value to play for and win. We see strong momentum. Organic base fees are more than 50% higher compared to this time last year.

BlackRock 是這些加速力量核心的領導者，而生態系的顛覆意味著更多資金在流動、也有更多價值可供競逐並贏得。我們看到強勁動能。與去年同期相比，有機基本費用提高逾 50%。

Higher quality organic growth, discipline on our financial framework, and consistent capital return create a clear path to structurally higher margins and sustained double-digit earnings growth. We have high conviction in our free cash flow growth and are increasing our planned level of share repurchases.

更高品質的有機成長、對財務框架的紀律，以及一貫的資本回饋，為結構性更高的利潤率與持續的雙位數盈餘成長，提供清晰路徑。我們對自由現金流成長具高度信心，並提高我們規劃中的股票回購水準。

In the second quarter, we delivered double-digit increases in revenue, operating income and earnings per share, with all three measures reaching new quarterly records. Our operating margin of 45.9% expanded 260 basis points from a year ago and reached its highest level in nearly five years.

第二季，我們在營收、營業利益與每股盈餘三項指標均實現雙位數成長，且三者皆創下新的單季紀錄。我們的營業利益率為 45.9%，較去年同期擴張 260 個基點，並達到近五年來最高水準。

We generated $192 billion of net inflows, representing 8% organic base fee growth. Two full years of above-target organic base fee growth underscores that this level of performance is sustainable. It reflects the durability of our client relationships and the diversification of our growth.

我們實現 1,920 億美元的淨流入，代表有機基本費用成長 8%。連續兩年有機基本費用成長高於目標，凸顯此一表現水準具可持續性。這反映了我們客戶關係的韌性，以及成長動能的多元化。

Turning to financial results. Second-quarter revenue of $7.1 billion was 31% higher year over year. The increase was driven by organic growth, the impact of higher markets on average AUM, the acquisition of HPS, and higher technology services and subscription revenue.

接著看財務結果。第二季營收為 71 億美元，年增 31%。成長動能來自有機成長、較高市場水準對平均 AUM（資產管理規模）的影響、HPS 的收購，以及更高的科技服務與訂閱收入。

Operating income of $2.9 billion was up 39%, and earnings per share of $13.91 was 15% higher versus a year ago. EPS also reflected lower non-operating income, a higher effective tax rate, and a higher share count in the current quarter linked to the closing of the HPS transaction on July 1, 2025.

營業利益為 29 億美元，成長 39%；每股盈餘為 13.91 美元，較去年同期提高 15%。本季 EPS 亦反映較低的非營業收入、較高的有效稅率，以及因 2025 年 7 月 1 日完成 HPS 交易交割而導致本季流通股數增加。

Non-operating results for the quarter included $170 million of net investment gains, primarily driven by equity method earnings and non-cash valuation gains in our investment portfolio. Additionally, following Securitize's public listing earlier this July, we hold 7.3 million common shares, which will continue to be marked through investment income going forward.

本季非營業結果包含 1.70 億美元的淨投資收益，主要由權益法收益以及我們投資組合中的非現金估值收益所帶動。此外，隨著 Securitize 於今年 7 月稍早公開上市，我們持有 730 萬股普通股，未來將持續透過投資收益按市價衡量（mark）。

Our as adjusted tax rate for the second quarter was approximately 25%. We continue to estimate that 25% is a reasonable projected tax run rate for the remainder of 2026. The actual effective tax rate may differ because of non-recurring or discrete items or potential changes in tax legislation.

第二季調整後稅率約為 25%。我們仍估計 25% 是 2026 年剩餘期間合理的預估稅率水準。實際有效稅率可能因一次性或個別項目，或稅法可能變動而有所不同。

Second-quarter base fee and securities lending revenue of $5.7 billion was up 29% year over year, driven by the positive impact of market beta on average AUM, organic base fee growth, and approximately $230 million in base fees from HPS.

第二季基本費用與證券借貸收入為 57 億美元，年增 29%，主要受惠於市場 beta 對平均 AUM 的正面影響、有機基本費用成長，以及來自 HPS 約 2.30 億美元的基本費用。

On an equivalent day count basis, our annualized effective fee rate was broadly flat compared to the first quarter. Client demand for structural growers like private markets, active ETFs, and Systematic continues to lift the fee rate on net flows. Performance fees of $305 million increased from a year ago, primarily reflecting higher revenue from alternatives, including $115 million of performance fees from HPS.

以等同交易日數基礎計算，我們的年化有效費率相較第一季大致持平。客戶對私募市場、主動式 ETF 與系統化（Systematic）等結構性成長領域的需求，持續推升淨流入的費率水準。績效費用為 3.05 億美元，較去年同期增加，主要反映另類投資收入提高，其中包含來自 HPS 的 1.15 億美元績效費用。

Quarterly technology services and subscription revenue was up 13% compared to a year ago. Annual contract value, or ACV, increased 15% year over year. We remain committed to low to mid-teens ACV growth over the long term.

季度科技服務與訂閱收入較去年同期成長13%。年度合約價值（Annual Contract Value，ACV）年增15%。我們仍致力於長期維持ACV低至中十位數的成長。

Total expense increased 25% year over year with higher compensation, sales, asset and account, and G&A expense. Employee compensation and benefit expense was up 28%, reflecting higher incentive compensation linked to higher operating income and performance fees and higher headcount associated with the onboarding of HPS employees.

總費用較去年同期增加25%，主要因薪酬、銷售、資產與帳戶，以及一般與行政（G&A）費用上升。員工薪酬與福利費用增加28%，反映與較高營業收入及績效費相關的較高獎勵性薪酬，以及因HPS員工到職導入而增加的人力編制。

Sales, asset and account expense increased 26% compared to a year ago, primarily driven by higher distribution and servicing costs and direct fund expense. G&A expense increased 17%, primarily due to the impact of the HPS acquisition. After annualizing for the impact of HPS and Preqin, we continue to expect a mid-single-digit percentage increase in full-year G&A.

銷售、資產與帳戶費用較去年同期增加26%，主要由較高的通路分銷與服務成本以及直接基金費用所帶動。G&A費用增加17%，主要由HPS收購的影響所致。在將HPS與Preqin的影響年化後，我們仍預期全年G&A將呈現中個位數百分比的增幅。

We continue to deliver even greater margin expansion on recurring fee-related earnings. Excluding the impact of all performance fees and related compensation, our adjusted operating margin for the second quarter would have been 46.5%, up 260 basis points year over year.

我們持續在經常性、與費用相關的盈餘上實現更大的利潤率擴張。若排除所有績效費及相關薪酬的影響，我們第二季的調整後營業利潤率將為46.5%，較去年同期提升260個基點。

Our capital management strategy continues to be invest first and then return excess cash to shareholders through a combination of dividends and share repurchases. We repurchased $450 million worth of shares in the second quarter. At present, based on our capital spending plans for the year, and subject to market and other conditions, we anticipate repurchasing at least $550 million of shares per quarter going forward, higher than our previous guidance communicated in January.

我們的資本管理策略仍是優先投資，之後再透過股利與庫藏股回購的組合，將多餘現金回饋股東。我們在第二季回購了4.5億美元的股票。目前，基於我們今年的資本支出計畫，並視市場及其他條件而定，我們預期未來每季至少回購5.5億美元的股票，高於我們在1月所傳達的先前指引。

Turning to flows. In the second quarter, BlackRock generated total net inflows of $192 billion. Flows were diversified across client channels, product types, regions, and active and index strategies. We saw $178 billion of net inflows in the second quarter. Core equity and index bond ETFs led the way with net inflows of $85 billion and $61 billion, respectively.

接著談資金流向。第二季，貝萊德（BlackRock）錄得總淨流入1,920億美元。資金流向在客戶通路、產品類型、地區，以及主動與指數策略間均呈多元分散。我們在第二季看到1,780億美元的淨流入。核心股票與指數債券ETF分別以850億美元與610億美元的淨流入領先。

Momentum in active ETFs continued with $20 billion of net inflows as clients seek performance through a liquid, tax-efficient wrapper. Precision added $15 billion as clients used iShares international and sector equity ETFs to express tactical views. iShares ETFs delivered a fifth consecutive quarter of double-digit organic base fee growth powered by higher-value ETF categories such as active and precision.

主動式ETF的動能延續，淨流入200億美元，因客戶透過具流動性且具稅務效率的包裝來追求績效。Precision增加150億美元，客戶運用iShares國際與產業股票ETF表達戰術性觀點。iShares ETF在主動與Precision等較高價值ETF類別帶動下，連續第五季實現兩位數的有機基本費用成長。

Retail net inflows of $19 billion were led by broad-based flows into our active fixed income offerings, as well as continued inflows into Aperio and liquid alternative funds. Institutional active net inflows of $44 billion were driven by strength in private markets, fixed income, systematic strategies, as well as OCIO and target data offerings. Institutional index net outflows of $41 billion were concentrated in low-fee index equities. Overall, our institutional channel delivered 9% long-term organic base fee growth in the quarter, benefiting from client demand for active and alternatives.

零售端淨流入190億美元，主要由資金廣泛流入我們的主動式固定收益產品所帶動，並且Aperio與流動性另類基金持續吸金。機構端主動式淨流入440億美元，動能來自私募市場、固定收益、系統化策略，以及OCIO與目標日期（target date）產品。機構端指數型淨流出410億美元，主要集中於低費率的指數股票產品。整體而言，我們的機構通路本季實現9%的長期有機基本費用成長，受惠於客戶對主動與另類投資的需求。

In private markets, the BlackRock flywheel is in motion, raising capital, deploying with discipline, and returning it to clients. We saw an aggregate $15 billion of net inflows, led by deployment in private credit, fundraising and infrastructure, and partial onboarding of an outsourcing mandate in private equity solutions.

在私募市場方面，貝萊德的飛輪效應正在運轉：募資、紀律性部署，並將資本回饋給客戶。我們合計錄得150億美元的淨流入，主要由私募信貸的資金部署、募資與基礎建設，以及私募股權解決方案中一項外包委託的部分導入所帶動。

Finally, cash net outflows of $7 billion in the quarter were due to redemptions from US government funds, partially offset by the creation of bespoke liquidity solutions. Our customization capabilities and scale are driving sustained growth in cash management, with AUM up 10% from a year ago.

最後，本季現金產品淨流出70億美元，原因是美國政府基金出現贖回，部分被量身打造的流動性解決方案所抵銷。我們的客製化能力與規模正推動現金管理的持續成長，資產管理規模（AUM）較去年同期增加10%。

We see the road to 2030 and beyond as presenting one of the largest expansions in capital markets growth and participation in history. The forces of demographics, growing retirement needs, generational wealth transfer, structural deficits, rapid innovation cycles, these forces are increasing demand for investment solutions built by professional asset managers steeped in product breadth, scale, technology, and the global presence. These forces are expanding the investor base, increasing assets flowing through capital markets and creating a powerful long-term growth opportunity for the breadth of global whole portfolio solutions that BlackRock is best positioned to provide.

我們認為通往2030年及更遠的道路，將帶來資本市場成長與參與度在歷史上最大規模之一的擴張。人口結構、日益增加的退休需求、世代財富移轉、結構性赤字、快速的創新週期——這些力量正提升對投資解決方案的需求，而這些解決方案由具備產品廣度、規模、科技能力與全球布局的專業資產管理人所打造。這些力量正在擴大投資人基礎、增加流經資本市場的資產，並為貝萊德最具優勢提供的全球整體投資組合（whole portfolio）解決方案之廣度，創造強勁的長期成長機會。

The strong financial results we're delivering today reflect a disciplined execution against our breadth of opportunity. We generated record revenue, operating income and EPS, a nearly 46% operating margin, and 8% organic base fee growth. We're confident in the durability of our growth and in the opportunity ahead.

我們今日交出的強勁財務成果，反映我們對廣泛機會版圖的紀律性執行。我們創下營收、營業收入與每股盈餘（EPS）新高，營業利潤率接近46%，並實現8%的有機基本費用成長。我們對成長的持久性以及未來的機會充滿信心。

With that, I'll turn it over to Larry.

接下來，我把時間交給Larry。

Thank you, Martin. Good morning, everyone, and thank you for joining the call.

謝謝你，Martin。各位早安，感謝大家參與本次電話會議。

For almost four decades, BlackRock has been built around the conviction and the long-term growth of our global capital markets. The global capital markets are one of the most dynamic engines of opportunity for economies around the world and the companies and the people that power them.

近四十年來，貝萊德的建立始終圍繞著一項信念：以及我們全球資本市場的長期成長。全球資本市場是推動世界各地經濟，以及驅動這些經濟的企業與人們，最具活力的機會引擎之一。

The US equity markets continue to climb to new highs, and returns are broadening beyond the US. I'm very optimistic on the outlook for global markets. We see great market fundamentals with higher corporate margins and earnings momentum catalyzed by new technology.

美國股票市場持續攀升至新高，而報酬也正擴散至美國以外的市場。我對全球市場前景非常樂觀。我們看到強勁的市場基本面：在新科技催化下，企業利潤率更高、獲利動能更強。

BlackRock is a direct beneficiary of this growth. Our scale and position with clients in every region of the world enables us to capture upside to capital market expansion through organic growth. The scale and depth of our clients' relationships have never been better. Clients are turning to BlackRock for insight and opportunities, and it's evident in our results this quarter and in over the $1 trillion increase in BlackRock's AUM so far in 2026.

貝萊德是這波成長的直接受益者。我們在全球各地與客戶建立的規模與地位，使我們能透過有機成長掌握資本市場擴張帶來的上行機會。我們與客戶關係的規模與深度從未如此強勁。客戶正轉向貝萊德尋求洞見與機會，這在我們本季的業績表現，以及截至2026年迄今貝萊德AUM增加逾1兆美元中都清楚可見。

This time last year, we had just closed our acquisition of HPS and launched our 2030 ambitions. Only four quarters in, our combination of GIP, HPS and Preqin is already delivering above our plans and accelerating our 2030 growth trajectory.

就在去年此時，我們剛完成對HPS的收購，並啟動我們的2030年願景。僅僅四個季度後，我們結合GIP、HPS與Preqin的布局，已經超出原先計畫並加速我們邁向2030年的成長軌跡。

Clients have rewarded BlackRock $868 billion of net inflows in the last 12 months, driving 10% organic base fee growth. Our quarterly operating income is up 39% to approximately $3 billion.

過去12個月，客戶帶來8680億美元的淨流入，推動10%的有機基本費用成長。我們的季度營業收入年增39%，至約30億美元。

We set out a strategy built around our integrated public and private market platform, underpinned by the industry's most comprehensive investment technology. Now, it's enabling us to serve clients more deeply and accelerating our growth. Clients entrusted BlackRock with $192 billion of net inflows in the second quarter, contributing to our strongest first half on record.

我們制定了一項以我們整合的公開與私募市場平台為核心的策略，並以業界最全面的投資科技作為支撐。如今，這使我們能更深入地服務客戶並加速成長。客戶在第二季委託貝萊德（BlackRock）淨流入1,920億美元，推動我們創下史上最強的上半年表現。

Flows in the first six months are more than double what we saw in the first half of 2025, driving AUM to a record $15.3 trillion. Second-quarter organic base fee growth of 8% also contribute to a record first half of net new base fees. We expanded our premium operating margin by 260 basis points year over year to nearly 46%.

前六個月的資金流入超過2025年上半年的兩倍，帶動管理資產規模（AUM）創下15.3兆美元新高。第二季有機基本費用成長8%，也促成上半年淨新增基本費用創新高。我們的優質營運利潤率年增260個基點，提升至接近46%。

And as Martin noted, our conviction to the growth ahead for BlackRock led us to add to our planned share repurchase. Through our planned dividend and share repurchases, we expect to return over $5.7 billion to shareholders this year, which is a 16% increase over 2025.

此外，如Martin所提到的，我們對貝萊德未來成長的信心，促使我們增加原先規劃的股票回購規模。透過規劃中的股利發放與股票回購，我們預期今年將向股東回饋超過57億美元，較2025年增加16%。

BlackRock is simultaneously a leading public markets manager, a skilled private markets platform, and a global technology company. That's a model built to deliver sustained growth. And it's showing up at eight consecutive quarters of organic base fee growth at or above target. It also means expanding margins and a scaling capital return program. And I believe momentum is only building from here.

貝萊德同時是領先的公開市場資產管理人、具備專業能力的私募市場平台，以及全球科技公司。這是一個旨在實現持續成長的模式。而這也反映在連續八個季度的有機基本費用成長達到或高於目標。這也意味著利潤率擴張，以及可規模化的資本回饋計畫。我相信，從現在開始動能只會持續增強。

The work we've done to bring together public and private market asset managers and technology positions BlackRock as a preferred destination for our clients' capital. Clients are increasingly choosing BlackRock for large-scale customized solutions in asset management and technology. Second-quarter client activity included the funding of a $7 billion pension mandate from an international client, alongside the initial funding of a multi-billion-dollar private equity solution outsourcing mandate.

我們所做的工作，將公開與私募市場的資產管理能力與科技整合在一起，使貝萊德成為客戶資金的首選目的地。客戶愈來愈多選擇貝萊德，以取得在資產管理與科技方面的大規模客製化解決方案。第二季的客戶活動包括：一位國際客戶撥付70億美元的退休金委託案，以及一項數十億美元規模的私募股權解決方案外包委託案的初始撥款。

Retirement is where BlackRock's mission comes to life for millions of individuals around the world, and it's one of our most important growth priorities. LifePath Paycheck continues to attract new plan sponsors focused on retirement income. It has now grown to $30 billion in AUM, and we believe the retirement portfolios of the future will draw on public markets, private markets, and guaranteed income together. BlackRock is centrally positioned to provide the glide path, the investment expertise, and the technology and data needed to manage these type of accounts at scale.

退休業務讓貝萊德的使命在全球數百萬人的生活中具體落實，也是我們最重要的成長優先事項之一。LifePath Paycheck持續吸引聚焦退休收入的新計畫贊助者。其管理資產規模目前已成長至300億美元，我們相信未來的退休投資組合將同時結合公開市場、私募市場與保證收入。貝萊德具備核心優勢，可提供目標日期（glide path）設計、投資專業，以及在大規模管理此類帳戶所需的科技與數據。

Technology ACV grew 15% in the second quarter as clients leveraged Aladdin for multi-product solutions and a unified operating system. We continue to build new capabilities and AI analysis tools to give our clients a comprehensive data and workflow solution across both public and private markets.

第二季科技業務ACV成長15%，因客戶運用Aladdin取得多產品解決方案與統一的作業系統。我們持續打造新能力與AI分析工具，為客戶提供橫跨公開與私募市場的完整數據與工作流程解決方案。

iShares is the largest and broadest ETF platform in the world with over $6 trillion in AUM. We are leading and benefiting from category innovation and broader ETF adoption globally. In Europe, iShares has raised $80 billion year to date, bringing our AUM to $1.5 trillion. And in Asia-Pacific, locally domiciled iShares crossed $100 billion in assets in the quarter. iShares' global scale, our local reach, and pace of innovation is differentiating us in every client channel.

iShares是全球最大且最廣泛的ETF平台，管理資產規模超過6兆美元。我們在類別創新與全球ETF更廣泛採用的趨勢中居於領先並從中受益。在歐洲，iShares今年迄今已募集800億美元，使我們的AUM達到1.5兆美元。在亞太地區，本地註冊（locally domiciled）的iShares於本季資產規模突破1,000億美元。iShares的全球規模、我們的在地觸角與創新速度，使我們在各個客戶通路中都展現差異化優勢。

iShare's second-quarter net inflows of $178 billion contribute to a record first half. We're leading the industry with 12% of organic base fee growth this year. Index bond ETFs has had a new record quarter with $61 billion. And our active ETFs have gathered more than $70 billion of net inflows over the last year and are leading the industry in active flows in 2026. In just the last three years, we've gone from the seventh largest active ETF managers to the third largest, and we have ambitions to take our position even higher.

iShares第二季淨流入1,780億美元，促成上半年創下紀錄。今年我們以12%的有機基本費用成長領先業界。指數債券ETF本季再創新高，達610億美元。而我們的主動式ETF在過去一年累積超過700億美元的淨流入，並在2026年主動式資金流入方面領先業界。僅在過去三年，我們從第七大主動式ETF管理人躍升至第三大，並有志將排名再往上提升。

We have momentum across our broader active franchise, which saw $53 billion of net inflows diversified across asset classes. Our strategic income opportunity and high-yield bond funds led $18 billion of active fixed income net inflows.

我們更廣泛的主動式投資業務同樣動能強勁，淨流入530億美元，並分散於各資產類別。我們的策略收益機會基金與高收益債券基金，帶動主動式固定收益淨流入180億美元。

Our systematic platform is one of the clearest examples of how Blackrock can turn scale, data, and technology into outcomes for our clients. Over 90% of our systematic equity AUM is head of peer medium or benchmark over the three- and five-year periods, and the team is delivering active returns for clients. Our systematic equity investors are leveraging decades of proprietary data, over 1,000 alpha signals, and our AI-driven research engine to deliver returns.

我們的系統化平台，是最能清楚展現貝萊德如何將規模、數據與科技轉化為客戶成果的例子之一。在三年與五年期間，我們超過90%的系統化股票AUM表現優於同業中位數或基準，團隊正為客戶帶來主動式報酬。我們的系統化股票投資人運用數十年的專有數據、超過1,000個Alpha訊號，以及AI驅動的研究引擎來創造報酬。

Alpha streams from systematic equities travel across wrappers like ETFs, 40 Act funds, and institutional hedge funds. That breadth is showing up at our systematic net inflows of $20 billion this quarter, and AUM has doubled in just the last two years from $200 billion to now $400 billion. Demand is accelerating as investors look for strategies that can dynamically allocate across factors and signals to generate alpha.

系統化股票的Alpha來源可透過ETF、1940年法案基金（40 Act funds）與機構避險基金等不同載體（wrappers）進行配置。這樣的廣度反映在本季系統化策略淨流入200億美元，而AUM在過去兩年內從2,000億美元倍增至目前的4,000億美元。隨著投資人尋求能在因子與訊號間動態配置以產生Alpha的策略，需求正加速成長。

BlackRock systematic ETFs delivered $6 billion of active ETF net inflows in the quarter, and our top-quartile global equity market neutral fund drove a record $7 billion of net inflows into liquid alternatives. Our combination of high-performing systematic long-short strategies alongside private markets and evergreen funds differentiate BlackRock as an outcomes-based alternative provider in the wealth channel. We enable clients to balance long-term private investments with liquid, dynamic sources of return and risk management.

貝萊德系統化ETF本季帶來60億美元的主動式ETF淨流入，而我們位居同類前四分位的全球股票市場中性基金，推動流動性另類投資創下70億美元淨流入紀錄。我們將高績效的系統化多空策略與私募市場及常青基金（evergreen funds）結合，使貝萊德在財富通路中成為以成果為導向的另類投資供應商，並展現差異化。我們協助客戶在長期私募投資與具流動性、可動態調整的報酬來源及風險管理之間取得平衡。

In wealth, demand is increasing for customized solutions. Advisors are looking to tailor portfolios for the specific needs of their end clients. BlackRock is well positioned to deliver these capabilities at scale, whether through model portfolios, option strategies, or direct indexing.

在財富管理領域，對客製化解決方案的需求正在上升。理財顧問希望依其終端客戶的特定需求量身打造投資組合。無論是透過模型投資組合、選擇權策略或直接指數化（direct indexing），貝萊德都具備在大規模提供這些能力的良好定位。

Aperio continues to see double-digit organic growth as advisors leverage its tax-aware direct indexing and long-short strategies. Aperio's AUM is now approaching $200 billion, up more than four times since we closed our acquisition of Aperio just five years ago.

Aperio持續呈現雙位數的有機成長，因理財顧問運用其具稅務考量的直接指數化與多空策略。Aperio的AUM目前已接近2,000億美元，較我們在五年前完成收購Aperio時成長超過四倍。

SpiderRock is following a similar path. This year, it's delivered two consecutive record quarters of over $1 billion of flows. Since our acquisition to SpiderRock two years ago, AUM has nearly tripled to $13 billion.

SpiderRock也正走在類似的成長軌跡上。今年以來，已連續兩個季度創下單季資金流入超過10億美元的紀錄。自我們兩年前收購SpiderRock以來，其AUM幾乎成長至三倍，達到130億美元。

These are just latest examples of BlackRock's successful M&A approach. We acquire capabilities our clients are in need of, we integrate them onto and into our global platform, and we scale them faster than they could have scaled on their own. I have all the confidence that at GIP, HPS, and Preqin will follow the same pattern for future growth.

這些只是貝萊德成功併購（M&A）策略的最新例子。我們收購客戶所需要的能力，將其整合到我們的全球平台之上並融入其中，並以比其單獨發展更快的速度擴大規模。我完全有信心，GIP、HPS 與 Preqin 將在未來成長上遵循同樣的模式。

We're executing on significant opportunities to mobilize capital in private markets, and our momentum is already exceeding our expectations. In infrastructure, the reach of BlackRock and GIP platform has resulted in a faster pace of deployment into premier investment opportunities and, in turn, then a faster pace of fundraising. The expected close of aligned data centers in the coming weeks is proof point. We brought together AIP, GIP and MGX in the largest data center infrastructure transaction ever announced.

我們正把握私募市場中動員資本的重大機會，而我們的動能已經超出預期。在基礎建設方面，貝萊德與 GIP 平台的觸及範圍，使我們能以更快速度部署至頂級投資機會，進而也加快募資步伐。未來幾週內預計完成交割的 Aligned Data Centers，就是一個佐證。我們將 AIP、GIP 與 MGX 匯聚在一起，完成了迄今宣布規模最大的資料中心基礎設施交易。

Institutional demand for private markets continues to grow, including from insurers looking to capture higher yield in their general accounts. We signed several scaled high-grade investment debt mandates -- infrastructure debt mandates this quarter, and we're deploying capital from public to private rotation awarded to us in the last year.

機構投資人對私募市場的需求持續成長，其中也包括希望在一般帳戶中取得更高收益的保險公司。本季我們簽下數個具規模的高評級投資級債務委託案——包括基礎建設債務委託案；同時，我們也在部署去年獲配給我們、由公開市場轉向私募市場的資金。

GIP and HPS are also coming together on the originations side. The pipeline of joint opportunities is building in ways that reinforce our conviction in the combined platform, particularly in digital infrastructure.

GIP 與 HPS 也正在發起（origination）端攜手合作。共同機會的案源管線正以強化我們對合併後平台信心的方式持續累積，尤其是在數位基礎建設領域。

BlackRock is not a traditional asset manager, and we're not a pure-play private markets firm. What differentiates us is the breadth of what we deliver on one common platform: public and private markets, active and index, data and technology, and whole portfolio advice. The decades we sat at the intersection of technology and investing, and AI is now accelerating our ability to bring more people into the markets that will help them build long-term savings strategies.

貝萊德不是傳統的資產管理公司，我們也不是純粹的私募市場公司。我們的差異化在於：在同一個共同平台上提供的服務廣度——公開與私募市場、主動與指數、數據與科技，以及全投資組合建議。數十年來我們一直處於科技與投資的交會點，而 AI 現在正加速我們把更多人帶入市場的能力，協助他們建立長期儲蓄策略。

Expanding access to the capital markets remains core to our work at BlackRock. I've said before that one of the most important things we can do is help more people grow with their country. In the United States, BlackRock is proud to support the Treasury in the recent launch of the Trump Accounts programs. We expect two iShares ETFs to be available as investment options later this year.

擴大資本市場的可及性，仍是貝萊德工作的核心。我之前說過，我們能做的最重要事情之一，就是幫助更多人與其國家一同成長。在美國，貝萊德很自豪能支持財政部近期推出的 Trump Accounts 計畫。我們預期今年稍晚將有兩檔 iShares ETF 可作為投資選項。

Helping more people benefit from the long-term growth of the capital markets is our greatest source of opportunity. That is how we deliver higher, more durable organic growth. Every investor we connect to the capital markets expands the pool of capital of BlackRock is entrusted to manage, whether through retirement, through ETF, through Trump Accounts, or through private markets.

協助更多人受益於資本市場的長期成長，是我們最大的機會來源。這也是我們如何實現更高、且更具韌性的內生成長。我們每連結一位投資人進入資本市場，都會擴大貝萊德受託管理的資本池——無論是透過退休金、ETF、Trump Accounts，或是私募市場。

Organic growth accelerates as clients entrust BlackRock with more of their portfolio, more share of their wallet. And it's our breadth, not data, that powers organic growth, meaning we can deliver across market environments. Our scale lets us grow with widening margins, we see it in our results this quarter: 8% organic base fee growth and nearly 46% operating margins, 15% EPS growth, and increasingly a capital returns to our shareholders. The more clients we help participate in the markets, the more our own growth builds to higher organic growth, higher earnings growth, and more value creation for our shareholders.

當客戶把更多投資組合、更多「錢包份額」交由貝萊德管理時，內生成長就會加速。推動內生成長的是我們的廣度，而不是數據；這意味著我們能在各種市場環境中交付成果。我們的規模讓我們能在利潤率擴大的同時成長；本季結果已反映：內生基礎費用成長 8%、營業利益率接近 46%、每股盈餘（EPS）成長 15%，並且對股東的資本回饋也在增加。我們協助越多客戶參與市場，我們自身的成長就越能累積為更高的內生成長、更高的獲利成長，以及為股東創造更多價值。

As I said earlier, our momentum is accelerating. And I can say again, I've never been more optimistic about BlackRock's future growth ahead of us.

如我先前所說，我們的動能正在加速。我也可以再說一次：我從未像現在這樣，對貝萊德未來的成長前景感到樂觀。

Operator, let's open it up for questions.

接線員，讓我們開放提問。

(Operator Instructions) Craig Siegenthaler, Bank of America.

(接線員指示) 美國銀行（Bank of America）的 Craig Siegenthaler。

Good morning, Craig. How are you?

早安，Craig。你好嗎？

Good morning, Larry. I'm well. Hope you guys know well too.

早安，Larry。我很好。也希望你們都一切順利。

Yes.

是的。

Our question is on Eterio.

我們的問題是關於 Eterio。

I wanted to see if you could provide us an update on both the direct indexing, but also the long-short tax-aware side, which falls in your liquid alts bucket. It looks like the underlying demand there continues to strengthen in this category, but also would appreciate your perspective on if this scheme has legs.

我想請你們更新一下直接指數化（direct indexing），以及屬於你們流動型另類（liquid alts）範疇的多空稅務敏感策略（long-short tax-aware）這兩方面的進展。看起來該類別的底層需求仍在增強；同時也想請教你們對於這個方案是否具有持續性（has legs）的看法。

Let me have Martin answer that.

我請 Martin 來回答。

Hi, Craig, thanks for the question.

嗨，Craig，謝謝你的提問。

I want to start with one macro phrasing on that was like what attracted BlackRock to Appurio was beyond technology, it was beyond scale, it was beyond investment excellence.

我想先用一個宏觀的說法來談：吸引貝萊德投資 Appurio 的原因，不僅僅是科技，不僅僅是規模，也不僅僅是投資卓越。

It was beyond culture fit. It was a real mission at the Appirio firm and ethos to build optimized after-tax portfolios. Our clients don't pay for education, home security and well-being with asset class level returns, they pay for it with after-tax dollars. I think our industry could generally do a better job at optimizing portfolios with what clients keep after taxes. That's a structural growth theme, building after-tax portfolios that are optimized, it's good for clients. It's applicable not just to the direct indexing and longshore business, it's applicable to all the portfolio construction we do here at BlackRock across our whole managed accounts, SMAs and models business that's closing in on $800 billion. I think Imperio is a great example of an acquisition where we anticipated and delivered on those needs. We scaled strong existing technologies and built new revenue streams for shareholders. SMAs are a real structural grower in the industry across wealth, private.

也不僅僅是文化契合。Appirio 這家公司有一個真正的使命與精神：打造稅後最佳化的投資組合。客戶支付教育、居家安全與生活福祉的費用，靠的不是資產類別層級的報酬，而是稅後的美元。我認為我們這個產業整體而言，可以在最佳化「客戶繳稅後能留下多少」方面做得更好。這是一個結構性成長主題：打造經過最佳化的稅後投資組合，對客戶有利。這不僅適用於直接指數化與 longshore 業務，也適用於我們在貝萊德所做的所有投資組合建構——涵蓋我們整體的受管理帳戶、SMA 與模型投資組合業務，規模正逼近 8,000 億美元。我認為 Imperio 是一個很好的收購案例：我們預判並滿足了這些需求。我們擴大既有的強大技術，並為股東打造新的營收來源。SMA 在整個產業、跨財富管理與私募領域，都是一個真正的結構性成長動能。

Mass affluent, ultra-high net worth. Imperial had $7 billion of net inflows in the second quarter, split about half and half between long-only and long-short strategies. Our 2026 flows in Imperial are about $20 billion. They've already surpassed 2025's record flows of $15 billion, representing a fifth straight record year. And as Larry said in his comments, AUM is up four times since the acquisition near $200 billion.

涵蓋大眾富裕族群（mass affluent）與超高淨值族群（ultra-high net worth）。Imperial 在第二季的淨流入為 70 億美元，約一半一半分別來自純多頭（long-only）與多空（long-short）策略。我們在 Imperial 的 2026 年資金流入約為 200 億美元。他們已經超越 2025 年創紀錄的 150 億美元流入，這代表連續第五年創下新高。而如 Larry 在評論中所說，管理資產規模（AUM）自收購以來已成長四倍，接近 2,000 億美元。

I do think that long-short strategies, whether they're 130/30 or other variants of taking alpha streams and optimizing for tax, I do think that's the next category of growth in tax-aware investing. And I do think that BlackRock has a really strong toolkit to solve some of the investors' biggest challenges. We can do that across ETFs, SMAs, direct indexing, private markets, and long-short strategies will be complementary to offset some of the gains happening in private. So this is a whole portfolio phenomenon and being able to integrate long-short strategies in an after-tax optimized portfolio, we see as one of the key structural growth engines in our 2030 plan.

我確實認為，多空策略——無論是 130/30 或其他變體——把 alpha 來源納入並針對稅務進行最佳化，將會是稅務敏感投資的下一個成長類別。我也認為貝萊德擁有非常強大的工具組合，能解決投資人一些最大的挑戰。我們可以在 ETF、SMA、直接指數化、私募市場等領域做到這點；而多空策略也將具互補性，用以抵銷私募部位所產生的一些收益。因此，這是一個全投資組合層面的現象；我們將把多空策略整合進稅後最佳化投資組合的能力，視為我們 2030 計畫中的關鍵結構性成長引擎之一。

Michael Cyprys, Morgan Stanley.

Michael Cyprys，摩根士丹利。

I want to ask a question on tokenization.

我想就代幣化提一個問題。

You've articulated a vision to tokenize iShares ETFs, among other assets, and have already demonstrated progress with Bittal. So I was hoping you could talk about the steps you're planning to take over the next 12 months to drive further progress toward your vision, and what are some of the key?

你們已闡述將 iShares ETF 等資產進行代幣化的願景，並且已透過 Bittal 展示了進展。因此我想請你談談，未來 12 個月你們計畫採取哪些步驟，以推動朝你們願景的進一步進展，以及一些關鍵的

Milestones that you're tracking.

里程碑是什麼，你們正在追蹤哪些。

Thanks, Michael. It's Martin. I'll take that one.

謝謝你，Michael。我是 Martin。這題我來回答。

So we see the operating environment in digital assets becoming more and more constructive, and our strategy remains client-led, we're focused on scaled, regulated access. We already have about $110 billion in AUM connected to digital assets. And as part of our 2030 plan, we're aiming to make this a $500 million revenue business at BlackRock. Over the longer-term, we want BlackRock's products to be accessible natively where many investors already hold digital.

我們看到數位資產的營運環境正變得越來越有利，而我們的策略仍然是以客戶為導向；我們聚焦於可規模化、受監管的接入。我們目前已有約 1,100 億美元的資產管理規模（AUM）與數位資產相關。作為我們 2030 計畫的一部分，我們的目標是把這打造為 BlackRock 5 億美元營收的業務。從更長期來看，我們希望 BlackRock 的產品能以原生方式在許多投資人已持有數位資產的地方被取得。

We're exploring ways to tokenize long-term investment products, as you mentioned, like iShares, so investors never need to leave digital wallets to allocate efficiently across crypto, stablecoins, and exposure to long-term stocks and bonds. We're working with a really wide group of traditional and new players on building access to high-quality long-term investment products that can grow and thrive in digital wallets. We have three things we're doing and tracking milestones against each. The first is to bridge traditional finance world and the decentralized finance markets. We're doing that through our digital assets products, iBit, Ether, Bittl, they all invest in digital native products and are the largest in their categories. They're driving. Meaningful growth in the traditional capital markets and bridging digital and traditional finance. Second, we want to be the stablecoin reserve manager of choice in the industry. We already managed $60 billion of reserves for Circle, representing about a quarter of the $300 billion stablecoin market. We see lots of growth ahead in stablecoin, and we want to be the reserve manager of choice. The third, and I think the most exciting for us, is tokenizing long-term investment products like treasury funds, iShares. ETFs and even private markets in the long-term. So to that end, two actions we've taken, we've recently filed two registration statements with the SEC for tokenized money market funds. One is a tokenized share class on Ethereum of an existing fund, and the other is a more digitally native strategy with additional features like daily dividend reinvestment and the like. We expect it to be accessible through multiple chains and to operate in an ecosystem where third parties support stablecoin-enabled subscription and redemption. So that the funding mechanism can happen all on-chain in the digital wallet. As stablecoins and digital wallets grow, clients will need high-quality reserve and liquidity products that can operate natively in that digital ecosystem. These filings that we've made recently are about bringing BlackRock's core cash management capabilities to where digital asset clients are already operating. They reinforce our broader ambition to help connect traditional capital markets and tokenized assets. The thing I'd observed is that there's 5 billion digital wallets in the world. When we talk about tokenized assets are the spear tip into an entirely new distribution channel. Accessing an entire new class of investor, it's a pure organic growth opportunity for BlackRock. We have a whole scale ecosystem of products that could, over time, be tokenized. And when I think about $2 trillion plus of crypto and digital wallets, when I think about another $300 billion of stablecoins all growing, these are. All potential new investors with iShares. They're all potential new users of model portfolios, SMAs and managed accounts in tokenized format. We want to build a digital wallet-native asset manager. We're working with market participants, regulators in a way to do that that creates growth and resiliency and brings more investors into the markets and more organic growth at BlackRock.

如你所提到的，我們正在探索將 iShares 等長期投資產品代幣化的方法，讓投資人不必離開數位錢包，就能在加密資產、穩定幣，以及長期股票與債券曝險之間有效率地配置。我們正與非常廣泛的傳統與新興參與者合作，建立可在數位錢包中成長並蓬勃發展的高品質長期投資產品之接入。我們正在做三件事，並針對每一項追蹤里程碑。第一，是連結傳統金融世界與去中心化金融市場。我們透過數位資產產品來做到這點：iBit、Ether、Bittl；它們都投資於數位原生產品，且在各自類別中規模最大。它們正在推動傳統資本市場的顯著成長，並連結數位金融與傳統金融。第二，我們希望成為業界首選的穩定幣儲備管理人。我們已為 Circle 管理 600 億美元的儲備，約占 3,000 億美元穩定幣市場的四分之一。我們看到穩定幣未來仍有大量成長空間，而我們希望成為首選的儲備管理人。第三點，我認為也是對我們而言最令人振奮的，是將國庫券基金、iSharesETF，甚至長期來看私募市場等長期投資產品代幣化。為此，我們已採取兩項行動：近期已向美國證券交易委員會（SEC）提交兩份代幣化貨幣市場基金的註冊聲明。其中一項是在以太坊上，針對既有基金推出代幣化的股份類別；另一項則是更偏數位原生的策略，並加入每日股息再投資等額外功能。我們預期它可透過多條鏈被取得，並在一個由第三方支援、可用穩定幣進行申購與贖回的生態系中運作。使得資金機制能在數位錢包內完全於鏈上完成。隨著穩定幣與數位錢包成長，客戶將需要能在該數位生態系中原生運作的高品質儲備與流動性產品。我們近期所做的這些申報，目的在於把 BlackRock 核心的現金管理能力帶到數位資產客戶已在運作的場域。它們也強化了我們更廣泛的企圖：協助連結傳統資本市場與代幣化資產。我觀察到的一點是，全球有 50 億個數位錢包。當我們談到代幣化資產時，它們是切入一個全新分銷通路的「矛尖」。接觸到一整個新的投資人族群，對 BlackRock 而言是純粹的有機成長機會。我們擁有一整套可規模化的產品生態系，隨時間推進都可能被代幣化。當我想到超過 2 兆美元的加密資產與數位錢包，再想到另外 3,000 億美元且仍在成長的穩定幣，這些都是iShares 的潛在新投資人。它們也都是以代幣化形式使用模型投資組合、SMA（分別管理帳戶）與受託管理帳戶的潛在新用戶。我們希望打造一個以數位錢包為原生載體的資產管理人。我們正與市場參與者、監管機構合作，以能創造成長與韌性的方式來做到這點，讓更多投資人進入市場，並為 BlackRock 帶來更多有機成長。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

Good morning, Alex.

早安，Alex。

Hi, Larry. Good morning. Good morning, Martin. Larry, I was hoping to go back to your comments around GAP and HPS performing out of the plan, helping you accelerate toward your 2030 objectives. But really through the lens of insurance opportunities, I think a few quarters ago, you outlined the asset base that exists within BlackRock today that could participate in some of the conversion from liquid to a liquid fixed income market. So was hoping to get an update on that, how that progress is unfolding, and where you see the sort of private markets insurance-related AUM kind of end up at BlackRock for the next couple of years?

嗨，Larry。早安。早安，Martin。Larry，我想回到你先前關於 GAP 與 HPS 表現優於計畫、協助你們加速達成 2030 目標的評論。但我想從保險機會的角度來看：我記得在幾個季度前，你曾概述 BlackRock 目前存在的一些資產基礎，可能參與部分從流動性固定收益市場轉向非流動性固定收益市場的轉換。因此想請你更新一下：目前進展如何、這個進程如何展開，以及你認為未來幾年 BlackRock 與私募市場保險相關的 AUM 大概會走到什麼水位？

So far in 2026, we've closed about $10 billion in high-grade and infra-debt mandates for insurance companies.

截至 2026 年目前為止，我們已為保險公司完成約 100 億美元的高評級與基礎建設債務委託。

Obviously, there's different complexities, different sectors, deal structure, where the insurance company, especially if the insurers go to the long liabilities, could earn 150 to 350 basis points over treasuries.

顯然其中有不同的複雜度、不同的產業別與交易結構；而保險公司，特別是當保險公司承擔長久期負債時，可能可以在美國公債之上多賺 150 到 350 個基點。

We, in our conversation with insurance companies, and probably every week we have two or three more of them with more and more insurance companies worldwide, I want to underline worldwide, are looking to access more private markets to achieve those higher yields for their asset-based.

在我們與保險公司的對話中——而且大概每週我們都會再與其中兩三家洽談，且是與全球越來越多的保險公司，我要強調是全球——他們都在尋求更多進入私募市場，以為其資產基礎取得更高的收益率。

And so we just see this accelerating. Probably the most important thing that I kind of said also is, I am really pleased in how well. Integrated both HBS and GIPR on these opportunities.

因此我們看到這正在加速。我之前也提到、我認為可能最重要的一點是：我非常滿意 HBS 與 GIPR 在這些機會上的整合成效。

We're working right now simultaneously into some very large financings together related to infrastructure that obviously equity plays a large part of it, but the debt side of the component is even much larger. So we expect this to continue to accelerate.

我們目前正同時合作推進一些與基礎建設相關、規模非常大的融資案；其中股權當然占了很大一部分，但債務端的部位甚至更大。因此我們預期這將持續加速。

Not just for, obviously, insurance companies, but throughout the world. So the J-curve for infrastructure investing is really only just starting to accelerate.

不僅是針對保險公司，顯然在全球各地都是如此。因此，基礎建設投資的 J 曲線其實才剛開始加速。

And accordingly, to complete these types of large-scale deals, it just is requiring large-scale amount of debt. And we're at the very beginning of that. We are being asked by more and more.

因此，為了完成這類大型交易，確實需要大規模的債務資金。而我們才剛剛處於這個趨勢的最初階段。我們被越來越多的人詢問。

Companies and technology that how can we help them across their entire stack of need to investing. As you think about these hyperscalers, they went from a balance sheet-like companies to a major balance sheet needs in building out data centers, building out the infrastructure. And they're looking for strategic partners that can provide them the totality of that relationship, and there's only a few firms that can be doing that.

企業與科技公司在其整個需求堆疊上，我們如何協助他們進行投資。當你想到這些超大規模業者（hyperscalers），他們從看起來像資產負債表相對輕的公司，轉變為在建置資料中心、建置基礎設施方面有龐大的資產負債表需求。他們正在尋找能提供整體關係的策略夥伴，而能做到這一點的公司只有少數。

And so the marriage of BlackRock, HBS and GIP across the board on the origination side is only accelerating as we originate more and more than we can go to our clients like insurance companies and see much more conversion. But when we first announced the HBS and GIP transaction, we talked about the $800 billion of insurance assets that we have and if we can convert 5% or 10% of those assets.

因此，BlackRock、HBS 與 GIP 在整體的案源開發（origination）端的結合，只會隨著我們開發出越來越多的案源而加速，因為我們可以把這些帶給像保險公司這樣的客戶，並看到更高的轉換率。但當我們首次宣布 HBS 與 GIP 的交易時，我們談到我們擁有 8,000 億美元的保險資產，以及如果我們能將其中 5% 或 10% 的資產轉換。

It has a tremendous lift to our average debt fees, and it helps us to complete that type of relationship that we have with the insurance industry. It is materially happening right now, and it's only accelerating. So I believe we're in a great position to effectively extend the opportunities we have across all.

這將大幅拉升我們的平均債務費用收入，並幫助我們完成與保險業之間的那種關係。這件事現在正在實質發生，而且只會加速。因此我相信，我們處於非常有利的位置，能有效延伸我們在各方面的機會。

All of our investors, but particularly the insurance industry that is recognizing they can take somewhat more illiquidity risk for higher returns on their balance sheet, and that is what's driving a lot of the demand today. And across even our private credit mandates, we have net inflows across all the different mandates.

對我們所有投資人而言都是如此，但尤其是保險業正意識到，他們可以在資產負債表上承擔一些更高的流動性不足風險，以換取更高的報酬，而這正是今日許多需求的驅動因素。甚至在我們的私募信貸委託（mandates）方面，我們在各種不同的委託中都出現淨流入。

And obviously, there's a lot of headlines related to the retail side of it, but we could say that almost there there isn't a week that doesn't go by where our institutional investors are asking, is there any discounts to some of the private credit?

而且很明顯，媒體有很多與零售端相關的標題，但我們可以說，幾乎沒有哪一週我們的機構投資人不會問：某些私募信貸是否有折價可買？

And if you could we we had the idiosyncratic risk in some of the private credit a couple the last quarter of last year, but we've seen actually a stabilization in terms of credit and we're not seeing any real change in the credit quality of payments from our private investments. So overall, fundraising has closed and notified about $22 billion, and we expect that to continue to drive and accelerate.

如果可以的話——我們在去年第四季的某些私募信貸上確實遇到一些特定（idiosyncratic）風險，但我們實際上看到信貸狀況已趨於穩定，而且我們沒有看到來自私募投資的付款在信用品質上有任何實質變化。因此整體而言，募資已完成並公告約 220 億美元，我們預期這將持續推動並加速。

Mike Brown, UBS.

Mike Brown，瑞銀（UBS）。

Hello, Mike. Hello. Hey, Mike. Here we are.

你好，Mike。你好。嘿，Mike。我們在這裡。

Great. Good morning. Mark, I wanted to maybe ask about the margin here. So you reached 45.9% this quarter. So you're tracking to the 45% plus full year guide.

很好。早安。Mark，我想問一下這裡的利潤率。你們本季達到 45.9%。所以你們正朝全年 45% 以上的指引前進。

You're at the highest level in nearly five years. Maybe just unpack some of the drivers of expansion in the quarter, whether it was a mix-driven operating leverage, was it. Performance fees, any of the acquisition synergies starting to come through more meaningful, and just talk about maybe how sustainable some of those benefits are. And then as we look ahead, how much additional margin expansion is achievable over that next kind of 12, 18-month horizon, and what would be the structural drivers in terms of revenue mix, scale tech, and maybe how do you balance that with continued investments in areas like AI, technology broadly, and private markets?

這是近五年來的最高水準。能否請你拆解一下本季擴張的驅動因素，是由組合帶動的營運槓桿，還是。績效費用、或是併購綜效開始更有意義地反映出來？也請談談這些效益的可持續性。另外展望未來，在接下來約 12 到 18 個月的時間範圍內，還能達成多少額外的利潤率擴張？其結構性驅動因素會是收入組合、規模與科技等嗎？以及你們如何在這之間取得平衡，同時持續投資於 AI、廣義的科技，以及私募市場等領域？

Thanks, Mike, for the question.

謝謝你，Mike，提出這個問題。

So BlackRock continues to deliver industry-leading margins. Over the cycle, we continue to target a 45% or greater adjusted operating margin with our margin on recurring fee-related earnings running higher.

因此，BlackRock 持續交出業界領先的利潤率。在整個景氣循環中，我們仍以 45% 或更高的調整後營業利潤率為目標，而我們在經常性、與費用相關的盈餘（FRE）上的利潤率則更高。

We've talked about building BlackRock around the whole portfolio, around the structural growth categories of investment solutions like private markets, ETFs, especially in higher value categories like digital assets, non-cap weighted indexing, outcomes, active ETFs, SMAs, models, target date technology. The flows and base fee growth in these categories, they're just they're more all-weather, they're less market sensitive and that's an important part about driving. More structural growth and driving more consistent revenue growth that can power higher earnings and higher margin, they play a key part in driving structurally higher adjusted operating margins. The markets, of course, might continue to have an impact on our margins, both up and down, but our 2030 goal of reaching over 30% of revenue from private markets and technology that we laid out at Investor Day last year, that goal of 30% of revenue from private markets and technology is aiming to dampen that effect. And power more steady double-digit EPS growth and margin expansion.

我們談過要以整體投資組合為核心來打造 BlackRock，聚焦於投資解決方案的結構性成長類別，例如私募市場、ETF，特別是在數位資產、非市值加權指數、結果導向（outcomes）、主動式 ETF、SMA、模型投資、目標日期技術等較高價值的類別。這些類別的資金流入與基本費用成長，更像是「全天候」，對市場的敏感度較低，這是推動。更結構性的成長、以及更一致的營收成長的重要部分，進而支撐更高的盈餘與更高的利潤率；它們在推動結構性更高的調整後營業利潤率方面扮演關鍵角色。當然，市場可能仍會對我們的利潤率造成上下影響，但我們在去年投資人日提出的 2030 目標——讓私募市場與科技的營收占比超過 30%——這個私募市場與科技占比 30% 的目標，旨在降低這種影響。並推動更穩健的雙位數 EPS 成長與利潤率擴張。

We did record our highest margin in almost five years this quarter, with both operating and recurring FRE margins expanding by over 250 basis points year-over-year. Our operating margin for the quarter was 45.9%, and the margin ex-performance fees and related comp was 46.5%, so we're well on our way to those numbers that we laid out in the 2030 plan. At Offer, I don't see this quarter's margin as a ceiling. We've run BlackRock at margins close to 47% back in 2021, and that was at a time when we didn't have the large-scale private markets franchises. I don't think we have the performance across our systematic equities platform or the breadth across that platform. We didn't have the scale that we have today in SMAs and tax managed strategies and multi-asset. So we have many more engines, including GIP and HPS, both of which were north of 50%. FRE margins when they joined BlackRock. I think there's two main levers really just structurally engineering continued margin expansion. The first time the the first one is we'll see margin on the FRE side.

本季我們錄得近五年來最高的利潤率，營業利潤率與經常性 FRE 利潤率皆較去年同期擴張超過 250 個基點。本季營業利潤率為 45.9%，扣除績效費用及相關薪酬後的利潤率為 46.5%，因此我們正穩步朝 2030 計畫中提出的數字前進。坦白說，我不認為本季的利潤率就是上限。我們在 2021 年曾以接近 47% 的利潤率營運 BlackRock，而當時我們還沒有大規模的私募市場特許經營平台。我不認為我們在系統化股票平台上的表現或該平台的廣度能與現在相比。當時我們也沒有如今在 SMA、稅務管理策略與多元資產方面的規模。因此我們現在有更多引擎，包括 GIP 與 HPS，兩者在加入 BlackRock 時。其 FRE 利潤率都在 50% 以上。我認為，從結構上設計持續的利潤率擴張，主要有兩個槓桿。第一個是我們會看到 FRE 端的利潤率。

Driving higher towards the levels of the best-in-class private markets name, so north of 50%. We can do that through the acquired businesses and continuing to scale and grow them, as well as with the existing highly scaled franchises we have in iShares, digital assets, and systematic equities.

進一步提升，朝向同業中最佳私募市場業者的水準，也就是 50% 以上。我們可以透過已收購的業務並持續擴大規模與成長來做到這點，同時也可藉由我們既有且高度規模化的特許經營平台，例如 iShares、數位資產與系統化股票。

Then with constructive markets, second, higher fee rates on flows and strong organic growth, we think we can pull the fully burdened operating margin of the company up as well. And as I've said before, we've run the company at 47%, so I don't see 45% or 46% as a ceiling. We see the totality of our 2030 strategy as structurally engineering higher growth and margin through both faster revenue growth, higher fee rates on flows, efficient use of technology automation to create more scale and operating. Leverage, that's what we think takes us to those margin targets that we've laid out in the 2030 plan.

接著，在市場環境具建設性之下，其次，資金流入的費率提高以及強勁的有機成長，我們認為也能把公司的全負擔營業利益率一併拉升。而且如我先前所說，我們曾以 47% 的水準經營公司，所以我不認為 45% 或 46% 會是天花板。我們把 2030 策略的整體視為：透過更快的營收成長、資金流入更高的費率、以及有效運用科技自動化來創造更大的規模與營運槓桿，從結構上打造更高的成長與利潤率。我們認為，正是這種槓桿效應，能帶我們達成在 2030 計畫中所提出的那些利潤率目標。

Patrick Davitt, Autonomous Research.

Patrick Davitt，Autonomous Research。

Good morning, everyone.

各位早安。

So my question is on the distribution side. There's news this week that Merrill Lynch is making some fairly dramatic increases in revenue-sharing fees.

我的問題是關於通路端。本週有消息指出，美林證券正在相當大幅度地提高收入分成費用。

This comes after Schwab announced they were increasing platform fees on ETFs. So I'm sure you won't speak to what specific partners are doing, but could you speak to the risk that this is becoming a broader trend and that you could see some net revenue headwind from this? Or do you think BlackRock's scale and importance could allow you to avoid these incremental platform fees in some way?

這是在嘉信理財宣布提高 ETF 平台費之後發生的。所以我確定你們不會評論特定合作夥伴的作法，但你們能否談談這是否正在成為更廣泛的趨勢、以及你們是否可能因此面臨淨營收的逆風？或者你們認為，BlackRock 的規模與重要性是否能讓你們以某種方式避免這些額外的平台費？

Thank you.

謝謝。

Thanks, Patrick. I'll take that one. It's Martin. I hope you're doing well. BlackRock has long-standing, very differentiated relationships with our distribution partners that look much different to those of the smaller-scale issuers or some of the niche players.

謝謝你，Patrick。我來回答這題。我是 Martin。希望你一切都好。BlackRock 長期以來與我們的通路合作夥伴建立了非常獨特、差異化的關係，這與規模較小的發行人或某些利基玩家的關係大不相同。

Our index ETF distribution philosophy and practice does not include tolls. We've not been approached by any major US distributors, and we're not in any active negotiations about tolls on index ETFs.

我們在指數 ETF 的通路理念與實務中，不包含所謂的「過路費」。目前沒有任何美國主要通路商主動找上我們，我們也沒有就指數 ETF 的過路費進行任何積極談判。

More importantly, we have a really successful track record of creating really broad win-win distribution partnerships beyond just product that help both the distribution partners, their advisors, the clients, they help all of them grow faster and they help BlackRock grow faster and more consistently too. Our brand and our capabilities combined with our distribution partners create more value and more growth.

更重要的是，我們在打造非常廣泛、真正雙贏的通路合作夥伴關係方面，有非常成功的紀錄；這些合作不僅僅是產品層面，還能同時幫助通路夥伴、他們的理財顧問與客戶更快成長，也讓 BlackRock 更快且更穩健地成長。我們的品牌與能力，結合通路夥伴，能創造更高的價值與更大的成長。

We have always partnered with our distribution partners around Alpha seeking 40 Act products across wrappers. That's all public in regulatory disclosures. As client and distributor demand for active ETFs grows, our commercial arrangements are designed to support distribution while maintaining attractive economics. To be H1st, Patrick, the economics are not meaningfully different based on whether client demand is expressed through a mutual fund or an active ETF.

我們一向與通路夥伴在追求 Alpha 的 40 Act 產品上合作，涵蓋各種包裝形式（wrappers）。這些都已在監管揭露中公開。隨著客戶與通路對主動式 ETF 的需求成長，我們的商業安排旨在支持通路推廣，同時維持具吸引力的經濟性。坦白說，Patrick，無論客戶需求是透過共同基金或主動式 ETF 來表達，其經濟性並沒有顯著差異。

If anything, it's better on active ETFs for both the distributors and the issuers. The continued migration that we're seeing of client assets from brokerage into fee-based advisory accounts supports long-term profitable growth for both the distribution partners and BlackRock. We are the largest global ETF provider with the broadest, highest quality lineup. But we bring so much more than product to these relationships and our distribution partners value that. We bring advice and technology-driven capabilities through models, Aladdin Wealth, portfolio construction tools like Advisor Center, we bring thought leadership through our BlackRock Investment Institute, we have a dedicated advisor insights team that works with advisors on practice consulting, and we bring access to leading portfolio managers. We also happen to have the largest sales force dedicated to providing millions of customers access to iShare solutions.

如果要說的話，對通路商與發行人而言，主動式 ETF 的經濟性反而更好。我們持續看到客戶資產從券商帳戶移轉到以費用為基礎的投顧帳戶，這支持通路夥伴與 BlackRock 的長期獲利性成長。我們是全球最大的 ETF 供應商，擁有最廣泛、品質最高的產品線。但在這些關係中，我們帶來的遠不只是產品，而通路夥伴也重視這一點。我們透過模型投資、Aladdin Wealth、以及像 Advisor Center 這類投組建構工具，提供建議與科技驅動的能力；我們透過 BlackRock Investment Institute 提供思想領導；我們有專責的顧問洞察團隊，與理財顧問合作進行執業諮詢；我們也提供接觸頂尖投資組合經理的機會。此外，我們也擁有最大的銷售團隊，致力於讓數以百萬計的客戶能接觸到 iShares 解決方案。

What I'd stress is that iShares and BlackRock help make wealth management platforms more attractive for their financial advisor and individual investor customers. Our clients consistently tell us and the distribution partners that the platforms they want to use have to include iShares. They have to include iShares as the biggest and most diversified provider of ETFs. That's the win-win for everybody. We grow faster, more consistently, they grow faster, more. Consistently and we all grow more profitably together.

我要強調的是，iShares 與 BlackRock 有助於讓財富管理平台對其理財顧問與個人投資人客戶更具吸引力。我們的客戶一再告訴我們以及通路夥伴，他們想使用的平台必須包含 iShares。它們必須包含 iShares，因為 iShares 是規模最大、最具多元化的 ETF 供應商。這就是對所有人都雙贏。我們成長更快、更穩健；他們也成長更快、更加。更穩健，而我們也能一起更有獲利地成長。

Ben Budish, Barclays.

Ben Budish，Barclays。

Good morning.

早安。

Hey, good morning, Larry, and thanks for taking the question.

嗨，早安，Larry，謝謝讓我提問。

A couple of times throughout the call today, you guys gave a little bit of color on the makeup of private markets flows in the quarter. I think, Martin, you called out credit deployment, infrastructure fundraising. Larry, you talked about some IG mandates that you've won. I was wondering if you could unpack that a little bit more. I'm curious on the credit side, what sort of deployment activity are you seeing on the infrastructure side? I think you're sort of out of the major flagship cycle, so I assume it's a lot of SMAs. You talked about this private equity. Outsourcing deals. So just curious if you could give a little bit more color on specifically what you're seeing that led to such a solid quarter of flows and what that sort of implies for the next couple of quarters?

今天的電話會議中，你們有幾次稍微說明了本季私募市場資金流入的組成。我想 Martin 你提到了信貸投放（deployment）以及基礎建設募資。Larry，你談到你們贏得了一些 IG（投資級）委託案。我想請你們再多拆解一點。我很好奇在信貸方面，你們看到的是什麼樣的投放活動？在基礎建設方面又是什麼情況？我想你們大概已經走過主要旗艦基金的週期，所以我猜多半是 SMA（單一管理帳戶）。你們也提到了私募股權。外包交易。所以想請你們更具體說明一下，你們看到哪些因素帶來如此強勁的一季資金流入，以及這對接下來幾季可能意味著什麼？

So I'd start by saying there's three things going on around kind of fundraising and deployment. Maybe I can just give you some high levels, just progress. Targets in progress, tell you a little bit about infra and private credit deployment. So we're starting by saying we're executing on a really strong pipeline for private markets deployment as well as fundraising. We're in the market for a number of first-time and successor strategies across infrastructure and credit. We're seeing really strong engagement, as Larry set out, for high-grade and infrastructure debt SMAs, including several mandates that signed this quarter. I'd remind you that at our Investor Day in 2025, we talked about how. Our investment performance, differentiated deal flow, client relationships would support a target of $400 billion in gross fundraising from 2025 through 2030, and we're continuing to make good progress there.

我先說，募資與投放大致有三件事正在發生。也許我可以先給你一些高層次的概況，談談進展。目標的推進情況，並再多說一些基礎建設與私募信貸的投放。首先我們要說的是，我們正在執行一個非常強勁的私募市場投放與募資案源（pipeline）。我們正在市場上推進多個首次與續作策略，涵蓋基礎建設與信貸。我們看到非常強的參與度，如 Larry 所述，針對高評級與基礎建設債務的 SMA，包含本季簽署的數個委託案。我也提醒你，在 2025 年的投資人日，我們談到。我們的投資績效、差異化的交易來源（deal flow）、以及客戶關係，將支持我們在 2025 到 2030 年間達成 4,000 億美元的總募資目標，而我們也持續在這方面取得良好進展。

And part of making good progress in fundraising is raising the capital, deploying it with discipline, and then returning it to clients on an appropriate timeline. That's how you compound growth in private markets, and we're really compounding in all three. We had $15 billion.

而募資能取得良好進展的一部分，在於把資金募到位、以紀律部署，然後在適當的時間表內回饋給客戶。這就是私募市場如何複利成長，而我們在這三個面向都在真正地複利成長。我們有 150 億美元。

Of inflows in private markets in Q2.

第二季私募市場的資金流入。

$6 billion of that was released from private credit, and we've seen incredible opportunities, I think, in the marketplace.

其中有60億美元來自私募信貸的釋出，而我們也在市場上看到非常難得的機會。

Private credit spreads have widened, the team sees good opportunities and is deploying very well there. And on a relative value basis against sort of public market comparables and single B, institutional investors are very enthusiastic about putting more private credit money to work in this environment.

私募信貸利差已擴大，團隊看到不錯的機會，並且在那裡部署得非常到位。而且就相對價值而言，對照公募市場的可比標的以及單B級別，機構投資人對於在這樣的環境中投入更多私募信貸資金非常熱衷。

The first half of the year in our infrastructure platform has been one of the busiest on records. We announced the planned acquisitions, the Take Private of AES, the ground leasing. Company in Europe, TCR, obviously the aligned data centers deal, and then just this week, our mid-market strategy took an acquisition stake in Summit Ridge Partners. So it's been a really active environment for both infrastructure and private credit. The $6 billion in private credit is really deployment-based. On the infrastructure side, the $5 billion was a bit of a mix of fundraising and deployment. So we had fundraising in our middle market strategy. Our emerging market strategy as well as in infradebt SMAs. And then we had a $3 billion funding of a partial outsourcing mandate in private equity solutions with a client in Latin America. I think that continues to be a really attractive opportunity for BlackRock. When I look at the LP community, they often have dozens, if not hundreds of private equity managers that ultimately need to be rationalized. They need to consolidate their buying power to become a top LP with PE and our ability to provide GPL. Solutions to manage those portfolios, optimize them, reinvest them well, that's a great opportunity. And I think that $3 billion of inflows in PE solutions is a good indicator of potential other things we can do in that space to continue growing.

今年上半年，我們的基礎建設平台是有紀錄以來最忙碌的時期之一。我們宣布了規劃中的收購案、對AES的私有化（Take Private）、地面租賃。歐洲的公司TCR，當然還有Aligned Data Centers的交易；而就在本週，我們的中型市場策略也取得了Summit Ridge Partners的收購持股。因此，對基礎建設與私募信貸而言，這是一個非常活躍的環境。私募信貸的60億美元主要是部署所帶動。在基礎建設方面，50億美元則是募資與部署的混合。因此，我們在中型市場策略上有募資。我們的新興市場策略，以及基礎建設債務的SMA（單一管理帳戶）也有募資。另外，我們在私募股權解決方案方面，與一位拉丁美洲客戶完成了一筆30億美元的部分外包委託資金到位。我認為這對貝萊德而言仍然是非常具吸引力的機會。當我觀察LP社群時，他們往往有數十家、甚至上百家私募股權管理人，最終都需要被合理化整併。他們需要整合其購買力，成為私募股權領域的頂級LP，而我們也有能力提供GPL。用解決方案來管理這些投資組合、加以最佳化並有效再投資，這是很好的機會。我認為私募股權解決方案的30億美元流入，是我們在該領域可進一步擴張、持續成長的良好指標。

Brian Bedell, Deutsche Bank.

Brian Bedell，德意志銀行。

If I can just ask on.

如果我可以就此問一下。

Europe in terms of the iShares traction there and good to see the $80 billion of net flows year-to-date. Can you talk a little bit about how you see the democratization of retail investing in Europe shifting toward.

談到歐洲，iShares在那裡的動能很強，也很高興看到今年迄今淨流入達800億美元。你能否談談你如何看待歐洲零售投資民主化的趨勢，正在轉向。

More acquisition of U.S. Assets, U.S. Equities, and how iShares can play a role in that, and particularly on rising demand for tokenization of U.S. Equities, which are available in Europe right now, but not in the U.S.

更多買入美國資產、美國股票，以及iShares如何在其中扮演角色；特別是對美國股票代幣化需求上升——這些產品目前在歐洲可取得，但在美國尚不可取得。

Can you just talk about how you see iShares playing a role in that dynamic? What are you doing to catalyze that?

你能否談談你如何看待iShares在這個動態中扮演的角色？你們正在做些什麼來催化這件事？

Well, first and foremost.

首先也是最重要的。

The growth in ETFs in Europe is experiencing the same type of curve that the U.S. Did. Obviously, maybe five to eight years later, the adaptation of using ETFs, as he called it, the democratization of investing in Europe is growing.

歐洲ETF的成長正經歷與美國相同類型的曲線。當然，可能晚了五到八年；如你所說，使用ETF的採用率——也就是歐洲投資民主化——正在成長。

The growth of the European capital markets is growing. And so, A.

歐洲資本市場的成長正在加速。因此，A。

We crossed the $1.5 trillion mark in Europe, as you mentioned, $80 billion of flows this year.

如你所提到，我們在歐洲已跨越1.5兆美元里程碑，今年流入800億美元。

We're seeing, for the first time in years, a greater movement towards investing in your country.

我們看到多年來首次出現更明顯的趨勢：更多資金轉向投資自己的國家。

So it's not just buying U.S. Assets, but we're seeing a real nationalization going on in so many countries where more and more people believe they need to be investing in their country or at least investing in Europe.

因此不只是買入美國資產；我們看到許多國家正在出現真正的「國內化」趨勢，越來越多人相信他們需要投資自己的國家，或至少投資歐洲。

And that is occurring through the utilization of iShares or through ETFs. And we're continuing to lead our flows or the some of the other, the next four ETF players in Europe.

而這正是透過使用iShares或透過ETF來實現。我們持續在歐洲領先資金流入，領先於其他一些、歐洲接下來四大ETF業者。

And it's because of the broadness of our platform, the ability to bring, to customize also the solutions on behalf.

這是因為我們平台的廣度，以及我們也能代表客戶提供客製化解決方案的能力。

But as you frame the question also, we are seeing more investing in the U.S. Globally through ETFs that are domiciled in those locations.

但如你問題所述，我們也看到全球透過在當地註冊（domiciled）的ETF，增加對美國的投資。

So across the board, the adaptation and the democratization of investing, moving away from the total reliance of bank and bank savings to.

因此整體而言，投資的採用與民主化，正從完全依賴銀行與銀行存款轉向。

Growing with your country, we're seeing this more and more worldwide, and it's showing up vividly in Europe.

轉向透過資本市場與自己的國家一起成長；我們在全球越來越常看到這個現象，而在歐洲表現得特別明顯。

And that's one of the big reasons why we believe we're so well-positioned. And I do believe by being the global market leader in ATFs globally allows us to have that differentiation. Whether there is demand for a U.S.-based investment or Asian or.

這也是我們相信自己具備良好定位的主要原因之一。而且我確實相信，作為全球ETF市場的領導者，讓我們能夠形成差異化。無論需求是投資美國、亞洲或。

Or European, I can't tell you we're seeing any more or less investing from Europe into U.S.-based assets.

或歐洲，我無法告訴你我們是否看到歐洲對美國資產的投資變多或變少。

I would have said a year ago, you saw some -- I would say so many investors globally were so over-allocated in dollar-based assets that we actually witnessed last year a modest reduction in that over-allocation. I would say very clearly because of the U.S.

我會說，一年前，你確實看到一些——我會說，許多全球投資人對美元資產的配置過高，因此我們去年其實見到那種超配有小幅下降。我會非常清楚地說，因為美國。

Because of the growth of the US and US technology companies, I would say most global investors' allocation to the dollar-based assets are back to their fullest level. That being said, let me be clear, the volatility of the dollar does play a role in how people think about the allocation in dollar-based assets.

由於美國以及美國科技公司的成長，我會說大多數全球投資人對美元資產的配置已回到最充分的水準。話雖如此，我要說清楚：美元的波動確實會影響人們如何思考美元資產的配置。

This is all interconnected, and obviously, the value of the dollar is so interconnected to what will the Federal Reserve do related to higher or lower interest rates, which would affect the valuation of the dollar. But overall, we are the most well-positioned firm in Europe to take slow as more and more.

這一切都是相互連動的；而且很明顯，美元價值與聯準會在升息或降息上的作為高度相關，這會影響美元的估值。但整體而言，在歐洲，我們是最具優勢的公司，能夠把握這種緩慢但持續的趨勢：越來越多。

Individual investors are moving toward capital markets as a mechanism to grow with their country.

個人投資人正把資本市場視為與自己國家一起成長的機制。

Can I have one slow highlight that, Larry, I think it's interesting to what you add is, if I think about kind of iShares globally as access vehicles to markets all around the world, we've run that playbook in.

Larry，我可以補充一點來強調嗎？我覺得你補充的內容很有意思：如果我把iShares在全球視為進入世界各地市場的工具，我們已經在。

We've run it in Canada, we've run it in Europe. I thought one thing that was really interesting in the quarter is that we saw, obviously, declines in crypto and Bitcoin and Ethereum by 30%. We actually had very strong inflows. Into the European Bitcoin ETF, about $650-plus million in international exposures. And so I think it's just as clients build portfolios, look for diversifiers, iShares are the access vehicle and being able to bring them to Europe, Canada, Latin America, Asia, US in a way that people make 1%, 2% allocations to their portfolios, we're seeing that strategy really starting to work in root.

我們在加拿大做過這套打法，也在歐洲做過。我覺得本季有一件很有意思的事是：我們看到加密貨幣、比特幣與以太幣下跌了30%。但我們其實看到非常強勁的資金流入。流入歐洲的比特幣ETF，國際曝險約6.5億美元以上。因此我認為，當客戶建立投資組合、尋找分散工具時，iShares就是進入市場的工具；而我們能把這些工具帶到歐洲、加拿大、拉丁美洲、亞洲、美國，讓人們以1%、2%的比例配置到投資組合中，我們看到這個策略真的開始在基層發揮效果。

Alex Bond, KBW.

Alex Bond，KBW。

Hey, good morning, everyone. Thanks for taking the question.

各位早安。感謝讓我提問。

Wanted to ask around Aladdin and Frequent. Maybe if you could just add a little bit more color on the trends you're seeing in and around those businesses at the moment. How are synergies progressing here, and also maybe how is demand for these services progressing in light of calls for more transparency in private markets? And then lastly, can you also expand upon how you see AI impacting this area of the business, both currently and also in the future?

我想就 Aladdin 與 Preqin 相關議題請教。也許您可以再多補充一些目前在這些業務周邊所看到的趨勢。這裡的協同效應進展如何？另外，在私募市場對更高透明度的呼聲之下，這些服務的需求進展如何？最後，也請您進一步說明 AI 對這一塊業務的影響，包含目前以及未來。

Thank you.

謝謝。

Let me start it off with Martin, and then I'll follow-up.

我先請 Martin 開頭，之後我再補充。

We had a strong quarter in Aladdin and continue to see really good growth across the technology and subscription revenue business, obviously 13% revenue growth, 15% ACV growth in the quarter.

我們在 Aladdin 交出強勁的一季，並持續看到科技與訂閱收入業務的良好成長；本季營收成長 13%，ACV 成長 15%。

Technology is the main engine for investment performance, it's the main engine for operating leverage, it's the engine for great client experiences and clients are investing more in technology, they're accelerating their tech spend and they're consolidating to leverage fewer providers that have deep integrations across fintech and data ecosystems and they want to work with BlackRock as a firm that can bring it together across the whole portfolio services, public and private markets. The combination of Prequin with our capabilities in Aladdin. And eFront. It's complementary. It's delivering more value for clients in BlackRock, and we look forward to executing on the opportunities that bring the benefits of Aladdin to new clients and expanding relationships with existing clients. I'd say some of the gyrations in the private markets and moves on the regulatory landscapes have been real accelerants for Prequin, eFront and Aladdin more broadly. So we have a really strong pipeline ahead of deals across Aladdin, eFront and Prequin. I'd offer, for example. Example, the Department of Labor's proposed Safe Harbor Rule is clear that fiduciary standards are going to demand rigorous data, performance benchmarking for private assets and 401 .

科技是投資績效的主要引擎，也是營運槓桿的主要引擎，更是打造卓越客戶體驗的引擎；客戶正在加大科技投資、加速科技支出，並透過整併供應商來運用更少、但能在金融科技與資料生態系中深度整合的供應商。他們希望與貝萊德合作，作為能把整個投資組合服務（公開與私募市場）串聯起來的公司。Preqin 與我們在 Aladdin 的能力結合，以及 eFront，是互補的。這為貝萊德的客戶帶來更多價值；我們也期待把握機會，將 Aladdin 的效益帶給新客戶，並擴大與既有客戶的合作關係。我會說，私募市場的一些波動以及監管環境的變化，確實加速了 Preqin、eFront 以及更廣泛的 Aladdin 的發展。因此，我們在 Aladdin、eFront 與 Preqin 方面，前方有非常強勁的交易管線。我舉例來說。例如，美國勞工部提出的「安全港規則」草案明確指出，受託人標準將要求對私募資產與 401(k) 進行嚴謹的資料與績效基準比較。

Some of the recent gyrations in non-traded BDCs and private credit have led investors across the whole portfolio to say, where do I really have exposure to the software? Where do I have exposure that is literally the software? Where do I have exposure to something that's classified as healthcare, but it's really healthcare IT? So that ability. To bring more transparency is a real accelerant for Prequin. We reiterated our low to mid-teens ACV target. And from what we see in the pipeline and some of these external catalysts like regulatory and the markets, we think it's a great environment for Aladdin Prequin and eFront.

近期非交易型 BDC 與私募信貸的一些波動，讓投資人從整體投資組合的角度開始思考：我真正曝險於軟體的是什麼？我有哪些曝險其實就是軟體本身？我有哪些曝險被歸類為醫療保健，但其實是醫療保健 IT？因此，這種能力——帶來更高透明度——對 Preqin 而言是實質的加速器。我們重申 ACV 低至中十位數成長的目標。從我們在管線中看到的情況，以及監管與市場等外部催化因素來看，我們認為這對 Aladdin、Preqin 與 eFront 是非常好的環境。

And I would just say, as Martin was describing, this is one of the biggest priorities within BlackRock, that we are the technology provider. To help investors from retail to institutions to have a seamless blending of public and private markets across their portfolio. We are not there, nobody is there yet in the totality of the analytics and data that is provided in the public market space, but that's just why we bought Frequent, why we bought Eastfront, and we have a huge task force in making sure that we could deliver.

我再補充一點，如同 Martin 所描述的，這是貝萊德內部最大的優先事項之一：我們要成為科技供應商，協助從零售到機構的投資人，在其投資組合中無縫整合公開與私募市場。我們目前還沒完全做到——其實沒有人在公開市場領域所提供的分析與資料的完整性上，已經把一切都做到位——但這正是我們收購 Preqin、收購 eFront 的原因；我們也成立了一個龐大的專案團隊，確保我們能夠交付。

In the future, a seamless analytical platform to help evaluate the attended risk across public and private markets. And so each and every client from a retail client to an institution client can seamlessly understand their risk across their entire platform, public, private, and that is going to be the real destination for BlackRock. And this also, as Martin was saying, this confirms.

未來，我們要提供一個無縫的分析平台，協助評估公開與私募市場的整體風險。如此一來，從零售客戶到機構客戶，每一位客戶都能無縫理解其在整個平台上的風險——公開、私募——而這將是貝萊德真正要到達的目的地。而這也如同 Martin 所說，進一步確認了。

And validates the purchase of frequent and why we needed that to bring this forth. We're not 100% there yet, but the demand and the pending demand to having those analytics to seamlessly move across public and private markets on one common technology platform is very important. It's very important for us to be that deliverer of that content, and this is one of the key priorities for BlackRock over the coming year.

並驗證了收購 Preqin 的合理性，以及為何我們需要它來推動這件事。我們還沒有 100% 達成，但對於能在同一個共同的科技平台上，讓分析能力在公開與私募市場之間無縫運作的需求，以及即將到來的需求，都非常重要。對我們而言，成為這些內容的交付者非常重要；這也是貝萊德在未來一年中的關鍵優先事項之一。

Ladies and gentlemen, we have reached the allotted time for questions. Mr. Fink, do you have any closing remarks?

各位女士先生，我們已到達提問時間上限。Fink 先生，您有任何結語嗎？

Thank you, operator, and I want to thank everybody for joining us this morning and your continued interest in BlackRock.

謝謝主持人，也感謝各位今天早上加入我們，並持續關注貝萊德。

BlackRock continues to deliver record growth for the first half of 2026, representing the strongest start for a year in our history.

貝萊德在 2026 年上半年持續交出創紀錄的成長，這是我們歷史上某一年度最強勁的開局。

The investments we made in our platform are showing up in our results, and I believe the best of BlackRock is still ahead. I'm very confident in our ability to continue to deliver for our clients and for our shareholders alike. Everyone have a good quarter and enjoy the summer.

我們在平台上的投資正反映在成果之中，我相信貝萊德最精彩的表現仍在前方。我對我們持續為客戶與股東交付成果的能力充滿信心。祝大家本季表現順利，也祝各位夏日愉快。

This concludes today's teleconference. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。