Brookfield Corporation (BN) 2026 Q1 法說會逐字稿

Good day and welcome to the Brookfield Corporation first-quarter 2026 conference call and webcast. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Ms. Katie Battaglia, Vice President, Investor Relations. Please go ahead.

各位早安，歡迎參加布魯克菲爾德公司（Brookfield Corporation）2026 年第一季財報電話會議與網路直播。(操作員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的發言人——投資人關係副總裁 Katie Battaglia 女士。請開始。

Thank you, operator, and good morning. Welcome to Brookfield Corporation's first-quarter 2026 conference call. On the call today are Bruce Flatt, our Chief Executive Officer; Nick Goodman, President of Brookfield Corporation; and Sachin Shah, Chief Executive Officer of our Wealth Solutions business.

謝謝，操作員，各位早安。歡迎參加布魯克菲爾德公司 2026 年第一季財報電話會議。今天與會者包括：我們的執行長 Bruce Flatt；布魯克菲爾德公司總裁 Nick Goodman；以及我們財富解決方案（Wealth Solutions）業務的執行長 Sachin Shah。

Bruce will start it off by giving a business update, followed by Nick, who will discuss our financial and operating results for the quarter. And finally, Sachin will provide an update on our Wealth Solutions business. After our formal comments, we will turn the call over to the operator and take analyst questions. In order to accommodate all those who want to ask questions, we request that you refrain from asking more than two questions.

Bruce 將先就業務近況進行更新，接著由 Nick 說明本季的財務與營運成果。最後，Sachin 將就我們的財富解決方案業務提供最新進展。在正式發言結束後，我們將把電話交回操作員並回答分析師提問。為了讓所有想提問的人都有機會，我們請各位避免提出超過兩個問題。

I would like to remind you that in today's comments, including in responding to questions and in discussing new initiatives in our financial and operating performance, we may make forward-looking statements, including forward-looking statements within the meanings of applicable Canadian and US Security laws. These statements reflect predictions of future events and trends and do not relate to historic events.

提醒各位，在今天的發言中（包括回應提問，以及討論我們財務與營運表現中的新措施），我們可能會作出前瞻性陳述，包括符合加拿大及美國證券法相關定義的前瞻性陳述。這些陳述反映對未來事件與趨勢的預測，並不涉及歷史事件。

They are subject to known and unknown risks, and future events and results may differ materially from such statements. For further information on these risks and their potential impacts on our company, please see our filings with the Securities regulators in Canada and the US And the information available on our website.

這些陳述受到已知與未知風險影響，未來事件與結果可能與該等陳述存在重大差異。關於這些風險及其對本公司的潛在影響之更多資訊，請參閱我們向加拿大及美國證券監管機構提交的文件，以及我們網站上的相關資訊。

In addition, when we speak about our Wealth Solutions business or Brookfield Wealth Solutions, we are referring to Brookfield's investments in this business that supported the acquisition of its underlying operating subsidiaries.

此外，當我們談到財富解決方案業務或 Brookfield Wealth Solutions 時，我們指的是布魯克菲爾德在該業務中的投資；該等投資支持其收購相關底層營運子公司。

With that, I'll turn the call over to Bruce.

接下來，我把電話交給 Bruce。

Thank you, Katie, and welcome everyone on the call. We had a strong start to the year. Distributable earnings were $1.6 billion for the quarter, and $6 billion over the last 12 months. More importantly, it also looks like the business will get stronger over the year.

謝謝你，Katie，也歡迎各位參與今天的電話會議。我們今年開局強勁。本季可分配盈餘（distributable earnings）為 16 億美元，過去 12 個月合計為 60 億美元。更重要的是，看起來我們的業務在今年內還會持續走強。

Our business has performed well and we continue to execute against initiatives which will drive our next phase of growth. Our Asset Management business delivered strong earnings growth supported by continued fundraising momentum across our institutional client base. Our Operating businesses generated stable cash flows backed by resilient underlying fundamentals. Our Wealth Solutions business performed well as it continues to scale globally.

我們的業務表現良好，並持續推進各項將驅動下一階段成長的措施。我們的資產管理業務在機構客戶募資動能持續的支持下，實現強勁的盈餘成長。我們的營運型業務在具韌性的基本面支撐下，產生穩定的現金流。我們的財富解決方案業務表現良好，並持續在全球擴張規模。

In April, we closed the acquisition of Just Group, a leading pension risk transfer platform in the UK. This increased total insurance assets by $40 billion, and we're now heading to $200 billion and strengthens our position in one of the world's most active, attractive retirement markets. Nick will cover our financial results in more detail, and Sachin will spend more time on Just Group and the continued growth of our Wealth Solutions business.

4 月，我們完成收購 Just Group——英國領先的退休金風險轉移（pension risk transfer）平台。此舉使保險資產總額增加 400 億美元，我們目前正邁向 2,000 億美元，並強化我們在全球最活躍、最具吸引力的退休市場之一的地位。Nick 將更詳細說明我們的財務結果，而 Sachin 會花更多時間談 Just Group 以及我們財富解決方案業務的持續成長。

Before that, I would note that the current environment has had no shortage of macro developments competing for investors' attention, from geopolitics to trade issues, inflation and interest rates. And while these factors are important to monitor, they often receive far, far more attention than their long-term impact warrants. Bottom line, we largely try to ignore them when building our business.

在此之前，我想指出，當前環境中宏觀發展層出不窮，分散投資人注意力，從地緣政治到貿易議題、通膨與利率。雖然這些因素值得關注，但它們往往獲得遠遠超過其長期影響所應有的關注。歸根結底，在打造我們的業務時，我們大致會試著忽略這些因素。

This is particularly true in periods when capital flows, sentiment and prevailing market narratives influence price, which can increase the impression that the business fundamentals have changed, when in most cases, they have not. Value, on the other hand, you all know, is determined by the cash flows of a business that it generates and management's ability to reinvest that capital at attractive returns.

在資金流向、情緒與主流市場敘事影響價格的時期尤其如此；這可能加深外界對「業務基本面已改變」的印象，但在多數情況下並非如此。另一方面，各位都知道，價值取決於企業所產生的現金流，以及管理層以具吸引力的報酬率再投資該資本的能力。

Our role as investors is to capitalize on attractive entry points to acquire good businesses for value, operate them well and allow compounding to work overtime. Equally important is ensuring that compounding is not disrupted by being forced to act in detrimental ways during periods of market stress.

作為投資人，我們的角色是在具吸引力的進場點，以合理價值收購優質企業，把它們經營好，並讓複利效應長時間發揮作用。同樣重要的是，確保複利不會在市場壓力期間因被迫採取不利行動而遭到中斷。

This discipline shapes how we allocate capital and build our businesses. We take the time to watch an industry, learn how it works, invest in a measured way, refine a business model, and only then scale a platform. This allows us to make small mistakes while avoiding large ones.

這種紀律形塑了我們如何配置資本並打造業務。我們會花時間觀察一個產業、了解其運作方式，以審慎的方式投資、精煉商業模式，然後才擴大平台規模。這讓我們能犯小錯，同時避免犯大錯。

In our experience, successful businesses are not built quickly, they are built deliberately with the resilience to allow one to compound cash flows and create value through economic cycles. And by adhering to these principles, our shareholders have earned excellent compound returns over long periods of time.

依我們的經驗，成功的企業不是快速建立的，而是有意識、循序漸進地打造，並具備韌性，使其能在經濟循環中持續累積現金流並創造價值。透過遵循這些原則，我們的股東在長期內獲得了優異的複利報酬。

Over that same period, we've navigated many market environments, each felt dramatic at the time, but the most important point is that each period of market disruption, in hindsight, had very little impact on long-term outcomes. Today, we believe many of the market distortions we are seeing are temporary and will moderate in the sectors we focus on. And while the current environment may feel volatile, it is ultimately constructive for businesses like ours.

在同一期間，我們也經歷了許多市場環境；每一次在當下都顯得戲劇化，但最重要的一點是，事後回看，每一段市場動盪對長期結果的影響都非常有限。今天，我們認為目前看到的許多市場扭曲是暫時性的，並將在我們聚焦的產業中趨於緩和。雖然當前環境可能令人感到波動，但對像我們這樣的企業而言，最終是建設性的。

In addition, as uncertainty around growth and inflation rises, capital tends to shift toward high-quality cash-generative assets, an environment that favors real assets, which we are specialists in. We are now seeing large flows of funds due to the halo effect, that's hard assets, low obsolescence, and are seeing this across the board within our businesses.

此外，當對成長與通膨的不確定性上升時，資金往往會轉向高品質、能產生現金流的資產；這樣的環境有利於我們所專精的實體資產（real assets）。我們現在看到大量資金流入，源於「光環效應」——也就是硬資產、低汰舊風險（low obsolescence），而且在我們各項業務中普遍可見。

Real estate is a good example of this. Sentiment is now catching up with fundamentals. Financing markets are much, much stronger. New supply is limited across our core markets and demand for the best assets continues to grow.

不動產就是一個很好的例子。市場情緒如今正逐步追上基本面。融資市場強勁得多、強得多。我們核心市場的新供給有限，而對最佳資產的需求持續成長。

In office, as an example, replacement costs have risen significantly across our core markets. As a result, the rents required to justify new construction are well above, in many markets, double current market rents. This makes new supply very difficult to deliver, and with demand remaining strong, in fact, very strong for the best buildings in the best markets, rents continue to rise substantially.

以辦公室為例，我們核心市場的重置成本（replacement costs）已顯著上升。因此，為了使新建案具備合理性所需的租金，在許多市場都遠高於目前市場租金，甚至超過現行租金的兩倍。這使得新增供給非常難以落地；而在需求仍然強勁——事實上，對最佳市場中最佳大樓的需求非常強勁——的情況下，租金持續大幅上升。

To put this in perspective, at Manhattan West, one of our super core assets in our portfolio, it would cost around $2,500 a square foot to build that same building today compared to our cost of just over $1,000 a square foot. Fortunately, we started this at the depths of COVID in 2020, when few decided that they should build an office building. So we benefited in many ways due to our counter-cyclical investment.

為了讓各位更有概念，以曼哈頓西區（Manhattan West）為例，這是我們投資組合中最核心的資產之一；若今天要興建同樣的大樓，每平方英尺成本約為 2,500 美元，相較之下，我們當時的成本僅略高於每平方英尺 1,000 美元。幸運的是，我們在 2020 年 COVID 最嚴峻的時期啟動該項目，當時很少有人會決定去蓋一棟辦公大樓。因此，我們因逆週期投資在多方面受益。

Our most recent lease there was signed at rents nearly 3 times higher than the first lease in the complex, and the financing recently completed cash out approximately $400 million of net cash, which was due to the increase in value of the asset.

我們最近在那裡簽訂的一份租約，其租金幾乎是該園區第一份租約的 3 倍；而近期完成的融資也套現（cash out）約 4 億美元的淨現金，這主要來自資產價值上升。

This took our debt to almost the construction cost of the building, exemplifying the increase in cash flow since launching the building, and I'd note we continue to own the property. More important, despite rents and where they are, they actually need to go higher to justify a new tower like this being constructed today.

這使我們的負債水準接近該大樓的建造成本，凸顯自大樓啟用以來現金流的提升；並且我要補充，我們仍持有該物業。更重要的是，儘管租金已達目前水準，若要在今天合理化興建這樣一棟新塔樓，租金其實還需要再更高。

And we're seeing the same dynamic play out across our global portfolio. Another example being One Leadenhall in London, a brand new asset, which we consider as core plus in our portfolio, was fully leased within six months of completion and achieved the highest rents ever in the city of London. With very limited new supply and demand for the best buildings continuing to grow, premier assets are becoming increasingly scarce and values are set to continue to rise.

我們也看到同樣的動態正在我們的全球投資組合中上演。另一個例子是倫敦的 One Leadenhall，這是一項全新資產，我們將其視為投資組合中的核心增益（core plus）資產，在竣工後六個月內即全數出租，並創下倫敦金融城史上最高租金。在新增供給非常有限、且對最優質建築的需求持續成長的情況下，頂級資產正變得愈發稀缺，估值也勢將持續上升。

Capital markets are also beginning to recognize this as well. The aforementioned financing of two Manhattan West was $1.9 billion for a 10-year non-recourse mortgage with a 5.5% coupon and was done at 107-basis-point spread to treasuries. Buyers looking for solid assets are moving back from software to real assets like these.

資本市場也開始認可這一點。前述對 Manhattan West 二期的融資為 19 億美元，為期 10 年、無追索權抵押貸款，票面利率 5.5%，相對美國國債利差為 107 個基點。尋求穩健資產的買方正從軟體回流到這類實體資產。

Given all the drama in the news over the last five years, I will repeat that comment. The cash flows of this property allows us to complete a non-recourse, investment-grade financing and generate real cash of $400 million from the property. This is the benefit of owning great real estate through cycles. As fundamentals strengthen and capital markets improve, the embedded value of portfolios that was always there become increasingly evident.

鑑於過去五年新聞中的各種風波，我再重申一次那句話。該物業的現金流使我們得以完成一筆無追索權、投資級融資，並從該物業產生 4 億美元的實際現金。這就是在景氣循環中持有優質不動產的好處。隨著基本面轉強、資本市場改善，投資組合中原本就存在的內含價值將愈發清晰可見。

At the same time, uncertainty is increasing the urgency for companies and governments to reposition around AI, energy security, data sovereignty and supply chain resilience. These priorities sit at the intersection of the themes we have invested behind for years, namely digitalization, decarbonization, and de-globalization. Of course, if you have followed us, these themes are not new. But they are more prominent today than ever, and the form they take continues to evolve.

同時，不確定性正提高企業與政府在 AI、能源安全、資料主權與供應鏈韌性方面加速重新布局的迫切性。這些優先事項正位於我們多年來所投資主題的交會點，也就是數位化、去碳化與去全球化。當然，如果你一直關注我們，這些主題並不新。但它們在今天比以往任何時候都更為突出，而且其呈現形式仍在持續演進。

Taking them in order, digitalization started with fiber networks and telecom towers, then hyperscale data centers. Today, artificial intelligence is driving the next wave of demand through AI factories, which require enormous amounts of computing capacity and reliable power.

依序來看，數位化起初是光纖網路與電信塔，接著是超大規模資料中心。如今，人工智慧正透過 AI 工廠推動下一波需求，而這需要龐大的運算能力與可靠電力。

Second, decarbonization. The opportunity is no longer just energy transition. It is energy addition. In plain English, that means more. Electricity demand is rising at a pace not seen in decades, driven by electrification, re-industrialization, and digital infrastructure.

第二，去碳化。機會不再只是能源轉型。而是能源增量。用白話說，就是更多。在電氣化、再工業化與數位基礎設施的帶動下，用電需求正以數十年未見的速度上升。

Meeting this demand will require enormous amounts of new generation capacity with solar, wind, nuclear and batteries increasingly well placed given one or all of their attributes being they are low cost. They can be deployed quickly or they have limited reliance on imported fuel.

要滿足這項需求，將需要大量新增發電容量；太陽能、風能、核能與電池因具備一項或多項優勢而愈發具備條件，例如成本低。它們可快速部署，或對進口燃料的依賴有限。

Last, deglobalization began as reshoring, manufacturing and reorganizing supply chains. It has now evolved to include data sovereignty where governments and companies want critical data stored and processed within their own borders, leading to the build-out of domestic digital infrastructure, including large-scale data centers. We are working with major governments and enterprises around the world to help build this infrastructure.

最後，去全球化起初是回流生產、製造業回流以及供應鏈重整。如今已演進到包含資料主權：政府與企業希望關鍵資料在其本國境內儲存與處理，進而帶動國內數位基礎設施（包括大型資料中心）的建置。我們正與全球主要政府與企業合作，協助建設這些基礎設施。

And while digitalization, decarbonization and deglobalization will continue to evolve, each is driving significant long-term demand for new infrastructure. Our ability to provide scalable solutions across technologies and regions reinforces our position as a partner of choice. And with almost $200 billion of capital to deploy, together with what we expect to be a record fundraising year in '26, we are well positioned to scale these businesses.

儘管數位化、去碳化與去全球化仍將持續演進，但每一項都在推動對新基礎設施的顯著長期需求。我們能跨技術與跨區域提供可擴展的解決方案，進一步鞏固我們作為首選合作夥伴的地位。而在近 2,000 億美元可部署資本的支持下，加上我們預期 2026 年將創下募資紀錄，我們已具備擴大這些業務規模的良好條件。

Thank you all for your continued support in Brookfield. I'll now turn the call over to Nick.

感謝各位持續對 Brookfield 的支持。接下來我把電話會議交給 Nick。

Thank you, Bruce, and good morning, everyone. Financial results were strong for the first quarter, underpinned by continued momentum across all of our businesses. Distributable earnings, or D/E, before realizations for the quarter were $1.4 billion or $0.59 per share, representing a 7% increase over the prior year quarter.

謝謝你，Bruce，各位早安。第一季財務表現強勁，主要受惠於我們各項業務持續的動能。本季未計入已實現收益（realizations）的可分配盈餘（Distributable Earnings，D/E）為 14 億美元，或每股 0.59 美元，較去年同期成長 7%。

Over the last 12 months, D/E before realizations was $5.5 billion or $2.32 per share. Total DE, including realizations, was $1.6 billion, or $0.66 per share for the quarter, and $6 billion, or $2.54 per share, over the last 12 months.

過去 12 個月，未計入已實現收益的 D/E 為 55 億美元，或每股 2.32 美元。包含已實現收益在內的 D/E 總額，本季為 16 億美元，或每股 0.66 美元；過去 12 個月為 60 億美元，或每股 2.54 美元。

Starting with our operating performance, our Asset Management business started the year strong, generating $765 million of distributable earnings, or $0.32 per share for the quarter, and $2.8 billion or $1.20 per share over the last 12 months. We've raised $67 billion of capital so far this year, including $21 billion during the quarter, a $40 billion investment mandate from Just Group, and $6 billion for our seventh vintage flagship private equity strategy.

先從營運表現談起，我們的資產管理業務年初表現強勁，本季產生可分配盈餘 7.65 億美元，或每股 0.32 美元；過去 12 個月為 28 億美元，或每股 1.20 美元。今年迄今我們已募集 670 億美元資金，其中包括本季 210 億美元、來自 Just Group 的 400 億美元投資授權（investment mandate），以及我們第七期旗艦私募股權策略的 60 億美元。

Fee-bearing capital ended the quarter at $614 billion, up 12% over the prior year, driving an 11% increase in fee-related earnings to $772 million. And with strong momentum across our flagship and complementary strategies, we are well positioned to deliver a record year of fundraising in 2026.

計收費用的資本（fee-bearing capital）於季末達 6,140 億美元，較去年同期成長 12%，帶動費用相關盈餘（fee-related earnings）成長 11% 至 7.72 億美元。在我們旗艦與互補策略皆具強勁動能的情況下，我們有望在 2026 年創下募資紀錄。

This quarter, our results also benefited from a gain on the partial monetization of one of our technology investments, which generated approximately $120 million of D/E. We own a focused portfolio of select investments in new businesses, technology and innovation-driven that are positioned to benefit from major secular trends shaping the global economy. This includes our investment in SpaceX of approximately $1 billion at the pre-IPO mark, which is part of a $2 billion total investment.

本季，我們的業績也受惠於對其中一項科技投資的部分變現所帶來的收益，約貢獻 1.2 億美元的 D/E。我們持有一個聚焦的精選投資組合，投資於新業務、科技與創新驅動領域，並有望受益於塑造全球經濟的重大長期趨勢。其中包括我們對 SpaceX 約 10 億美元的投資（於 IPO 前估值水位），該投資為總計 20 億美元投資的一部分。

Turning briefly to our Wealth Solutions business, which Sachin will expand on in his remarks. We delivered strong results with distributable earnings of $430 million or $0.18 per share in the quarter and $1.7 billion or $0.71 per share over the last 12 months, representing an 11% increase over the prior year period. Results were driven by continued growth in our asset base, including $4 billion of annuity inflows during the quarter and the ongoing rotation of the portfolio into higher-yielding investment strategies.

簡要談到我們的財富解決方案業務，Sachin 將在他的發言中進一步說明。我們交出強勁成績，本季可分配盈餘為 4.30 億美元，或每股 0.18 美元；過去 12 個月為 17 億美元，或每股 0.71 美元，較去年同期成長 11%。業績主要由資產規模持續成長所帶動，包括本季年金（annuity）流入 40 億美元，以及投資組合持續輪動至收益率更高的投資策略。

Our P&C business also performed well, achieving a combined ratio of 99%, contributing to an overall reduction in our cost of funds. Our Operating businesses continued to deliver stable and resilient cash flows, with distributable earnings of $360 million, or $0.15 per share for the quarter, and $1.5 billion, or $0.65 per share, over the last 12 months.

我們的產險（P&C）業務表現亦佳，綜合比率達 99%，有助於整體降低我們的資金成本。我們的營運型業務持續提供穩定且具韌性的現金流，本季可分配盈餘為 3.60 億美元，或每股 0.15 美元；過去 12 個月為 15 億美元，或每股 0.65 美元。

Operating funds from operations in our infrastructure, private equity, and energy businesses increased by 19% over the prior year quarter, supported by continued momentum in the underlying businesses and ongoing execution of growth initiatives across each platform.

我們基礎建設、私募股權與能源業務的營運資金來自營運（FFO）較去年同期成長 19%，主要受惠於底層業務持續的動能，以及各平台持續推進成長計畫的執行。

Fundamentals in our real estate business are very strong.

我們不動產業務的基本面非常強勁。

The recovery is quality-led, with tenants, lenders, and capital increasingly focused on the best assets in the strongest markets.

復甦由品質所帶動，租戶、放款機構與資本正日益聚焦於最強市場中的最佳資產。

Our Super Core and Core Plus portfolios are over 95% occupied, and we continue to sign new leases at rents materially above expiring levels, supported by a strong pipeline of tenant demand and limited new supply.

我們的超核心（Super Core）與核心增益（Core Plus）投資組合出租率超過 95%，在強勁的租戶需求管線與有限的新供給支撐下，我們持續以顯著高於到期租約水準的租金簽訂新租約。

In our retail portfolio, tenant consolidation into top-tier malls continues to drive demand for our well-located, high-quality assets. And during the quarter, 1.6 million square feet of leases commenced at rents 11%. Above prior levels.

在我們的零售投資組合中，租戶持續向頂級購物中心集中，帶動對我們地段優越、高品質資產的需求。本季有 160 萬平方英尺的租約開始生效，租金為 11%。高於先前水準。

In office, we signed 2.6 million square feet of leases globally with average net rents 15% above the expiring levels.

在辦公室業務方面，我們在全球簽訂了260萬平方英尺的租賃合約，平均淨租金較到期租約水準高出15%。

This included 227,000 square feet of leases in the U.S., a rents more than double expiring levels. And 761,000 square feet in Canada at rent 30% above expiring levels, including a 203,000 square foot lease at Exchange Tower, a core plus asset in downtown Toronto.

其中包括美國22.7萬平方英尺的租賃，租金較到期租約水準高出一倍以上。以及加拿大76.1萬平方英尺的租賃，租金較到期租約水準高出30%，其中包含多倫多市中心核心加值資產 Exchange Tower 的一筆20.3萬平方英尺租約。

The leasing activity represents meaningful embedded upside that we expect to realize in our results as tenant take occupancy and rents commence. Our Super Core portfolio generated 2% same-store NOI growth in the quarter, and our leasing pipeline gives us strong visibility into further cash flow growth ahead.

這些租賃活動代表可觀的內含上行空間，我們預期隨著租戶進駐並開始計租，將在業績中逐步反映。我們的 Super Core 投資組合本季同店 NOI 成長2%，而租賃管線讓我們對未來現金流進一步成長具備高度能見度。

Moving to North American residential, longer-term market fundamentals remain supportive, underpinned by the structural undersupply of housing across North America.

轉到北美住宅業務，長期市場基本面仍具支撐，主要來自北美整體住房結構性供給不足。

Performance in the quarter relative to the prior year period primarily reflected the absence of a prior year gain on the sale of five master plan communities, as well as the delayed timing of certain lot sales this quarter. Despite short-term market challenges, the business remains well-positioned to generate solid earnings in 2026.

本季相較去年同期的表現，主要反映去年出售五個總體規劃社區所帶來的一次性收益不再出現，以及本季部分地塊銷售時點延後。儘管短期市場面臨挑戰，該業務仍具備良好定位，預期在2026年可產生穩健獲利。

Shifting to monetizations, transaction activity remained active across most asset classes.

轉到資產變現方面，多數資產類別的交易活動仍然活躍。

During the quarter, we advanced $17 billion of asset sales across the business and substantially all sales were completed at or above carrying levels.

本季我們在各業務推進了170億美元的資產出售，且幾乎所有交易的完成價格均不低於帳面價值。

A notable highlight, which closed after quarter end, was the $2.5 billion recapitalization of IFC Seoul, a landmark mixed-use complex in Seoul, Korea.

一項值得關注的亮點交易是在季後完成的：位於韓國首爾的地標性複合式不動產 IFC Seoul 進行25億美元的再資本化。

The transaction crystallized the fund's investment, realizing a 17% IRR and 2.4 times multiple of capital, while allowing Brookfield alongside partners to retain upside participation in the asset.

該交易使基金投資得以落袋，實現17%的IRR與2.4倍資本倍數，同時也讓 Brookfield 與合作夥伴得以保留對該資產的上行參與。

Importantly, this transaction marks another step toward carried interest realization for the fund and shows the resilience and dominance of the office portfolios we own.

重要的是，這筆交易標誌著基金朝向業績分成（carried interest）實現又邁進一步，也展現我們所持有辦公室投資組合的韌性與領先地位。

During the quarter, we realized $157 million of carried interest into income and ended the quarter with $11.8 billion of accumulated unrealized carried interest.

本季我們將1.57億美元的業績分成實現並計入收益，季末累計未實現的業績分成達118億美元。

We continue to maintain conviction in the carried interest we expect to realize over the next three years, supported by a strong pipeline of monetizations. And we continue to expect 2026 to be an inflection point with realizations ramping up in the second-half of the year.

在強勁的資產變現管線支持下，我們對未來三年預期可實現的業績分成仍維持高度信心。我們也仍預期2026年將是轉折點，實現金額將在下半年加速提升。

Moving to capital allocation, during the quarter, we returned $598 million of capital to shareholders through regular dividends and share buybacks. Year-to-date, together with BAM, we have repurchased over $1 billion of shares at very attractive prices. That is over $1 billion invested back into our businesses, including $470 million of BN shares and $575 million of BAM shares. And we will continue to allocate capital to buybacks, enhancing the value of each remaining share.

在資本配置方面，本季我們透過例行股利與庫藏股回購向股東返還5.98億美元資本。年初至今，連同BAM，我們已以非常具吸引力的價格回購超過10億美元的股份。這相當於逾10億美元再投資回我們的業務之中，其中包括4.70億美元的BN股份與5.75億美元的BAM股份。我們將持續配置資本於回購，以提升每一股剩餘股份的價值。

Moving on to our balance sheet and liquidity, capital markets remain constructive, with capital increasingly shifting toward quality assets and businesses underpinned by essential services and real assets that generate predictable cash flows.

接著談資產負債表與流動性，資本市場環境仍具建設性，資金正日益轉向優質資產與企業，這些標的以必要性服務與實體資產為支撐，能產生可預測的現金流。

Year-to-date, we have executed $45 billion of financings across the franchise, including $15 billion in our real estate business.

年初至今，我們在整個平台已完成450億美元的融資，其中150億美元來自我們的不動產業務。

And we continue to maintain substantial liquidity and a conservatively capitalized balance sheet, providing significant flexibility to support the growth of our business.

我們仍維持充裕的流動性與保守資本化的資產負債表，為支持業務成長提供顯著的彈性。

Before I hand the call over to Sachin, I want to briefly touch on our corporate simplification.

在把電話交給Sachin之前，我想簡要談一下我們的公司架構簡化。

As part of our ongoing efforts to streamline our corporate structure, we are working toward combining the corporation on our Wealth Solutions business, creating a fully integrated insurance and investment organization.

作為我們持續精簡公司架構的一部分，我們正推動將公司與我們的 Wealth Solutions 業務合併，打造一個完全整合的保險與投資組織。

This builds on the successful conversion of our listed private equity business entity earlier this year and the progress we have made exploring similar initiatives with our listed infrastructure and energy vehicles.

這是在今年稍早成功完成我們上市私募股權業務實體轉換的基礎上延伸而來，也呼應我們在探索對上市基礎建設與能源載體採取類似措施方面所取得的進展。

When we established Wealth Solutions, we structured it similarly to our listed affiliates, which enabled it to benefit from the corporation's capital base and investing capabilities. That approach served us well, and over the past five years, we have grown the insurance business to $30 billion in value while scaling the asset base to $200 billion.

在成立 Wealth Solutions 時，我們將其架構設計得與上市關係企業相似，使其能受益於公司的資本基礎與投資能力。這一做法成效良好，過去五年我們已將保險業務價值成長至300億美元，同時將資產規模擴大至2,000億美元。

At this stage, to continue growing and maximizing returns while maintaining a low-risk profile, combining BN and BWS is optimal.

在現階段，為在維持低風險特性的同時持續成長並最大化報酬，合併BN與BWS是最佳選擇。

Providing our insurance operations with greater access to approximately $145 billion of incremental capital from our permanent capital base will enhance capital efficiency and flexibility in optimizing our capital structure to support the continued expansion of the business over the long-term.

讓我們的保險營運能更充分取得來自永久資本基礎約1,450億美元的增量資本，將提升資本效率與彈性，並在優化資本結構以支持業務長期持續擴張方面提供更大空間。

Few other insurance businesses in the world have access to this scale of excess capital combined with deep investment capabilities across real assets.

全球很少有其他保險業者能同時擁有如此規模的超額資本，以及橫跨實體資產的深厚投資能力。

We expect this will strengthen the certainty we provide to our policyholders and create significant long-term value for our shareholders.

我們預期這將強化我們對保單持有人所提供的確定性，並為股東創造顯著的長期價值。

We continue to work through the final details to implement the transaction and expect the Boards of Directors of BN and BNT to conduct a final review in the coming weeks. Subject to their approvals, we intend to seek shareholder approvals at our respective annual general meetings scheduled on July 16.

我們仍在處理落實該交易的最終細節，並預期BN與BNT的董事會將在未來幾週進行最終審查。在取得其核准後，我們擬於各自預定於7月16日召開的年度股東常會上尋求股東核准。

Bringing it all together, we have had an active start to the year, delivering strong financial results while continuing to execute on our strategic priorities. As we look ahead to the balance of 2026, we expect the momentum in our financial performance to continue.

綜合而言，我們今年開局相當積極，在持續推進策略重點的同時，也交出強勁的財務成果。展望2026年剩餘期間，我們預期財務表現的動能將延續。

And with that, I am pleased to confirm that our Board of Directors has declared a quarterly dividend of $0.07 per share, payable at the end of June to shareholders of record at the close of business on June 15, 2026.

此外，我很高興確認董事會已宣告每股0.07美元的季度股利，將於6月底支付給截至2026年6月15日營業結束時登記在冊的股東。

Thank you for your time. I will now pass the call over to Sachin.

感謝各位撥冗。我現在把電話交給Sachin。

Thank you, Nick, and good morning, everyone.

謝謝你，Nick，各位早安。

With the recent close of our acquisition of Just Group, a leading provider of retirement services in the UK pension risk transfer and individual annuity markets, we thought it would be worthwhile to provide an update on our Wealth Solutions business and the outlook going forward.

隨著我們近期完成對 Just Group 的收購（該公司為英國退休服務領先供應商，涵蓋退休金風險轉移與個人年金市場），我們認為有必要就我們的 Wealth Solutions 業務及未來展望提供最新進度。

As we speak to you today, we have a scaled, global $180 billion investment-led insurance business focused on retirement and wealth solutions and a growing protection business.

截至今天，我們已建立一個具規模、全球性的1,800億美元、以投資驅動的保險業務，聚焦退休與財富解決方案，並同時發展中的保障型業務。

Our objective is to compound our capital at 15% plus returns over the long-term while maintaining a disciplined approach to risk and generating stable, predictable earnings.

我們的目標是在長期以15%以上的報酬率複利增長資本，同時維持嚴謹的風險紀律，並創造穩定、可預測的獲利。

Today, that opportunity we set out to pursue remains very large and continues to grow.

我們當初所要把握的機會至今仍然非常龐大，且持續擴大。

Across developed markets, populations are aging, longevity is increasing, and the decline of defined benefit pension systems is driving significant demand for private sector solutions that can provide stable income in retirement.

在已開發市場，人口正在老化、壽命延長，而確定給付型退休金制度的式微，正推動市場對民間部門解決方案的龐大需求，以在退休期間提供穩定收入。

These trends are not cyclical, but rather structural, and they underpin a long runway for growth in our business.

這些趨勢並非景氣循環所致，而是結構性因素，並為我們的業務提供長期的成長跑道。

To grow our business. We have focused on originating long-duration predictable liabilities, primarily annuities and pensions, and paired those with high-quality cash-flowing investments sourced through the Brookfield ecosystem, allowing us to generate consistent excess returns while maintaining low leverage and a high degree of earnings visibility.

為了成長我們的業務。我們專注於承作長天期、可預測的負債，主要是年金與退休金，並將其與透過 Brookfield 生態系取得的高品質、具現金流的投資相匹配，使我們在維持低槓桿與高度獲利能見度的同時，得以持續創造穩定的超額報酬。

Our business today is as follows. First, in North America, our annuity platform, built through American National and American Equity, provides us with leading distribution capabilities across the retail and institutional annuity and pension channels, and the ability to originate significant volumes of long-duration predictable liabilities, longer dated than what we see across the industry today.

我們目前的業務如下。首先，在北美，我們透過 American National 與 American Equity 建構的年金平台，使我們在零售與機構年金及退休金通路具備領先的分銷能力，並能承作大量長天期、可預測的負債，其期限長於我們目前在產業中所見的水準。

This platform continues to be a core driver of organic growth and earnings for BWS.

此平台持續成為 BWS 有機成長與獲利的核心驅動力。

In parallel, we have our U.S. Property and casualty platform, or protection platform, as we call it, through Clearbrook.

同時，我們也透過 Clearbrook 擁有美國的財產與意外險平台，或如我們所稱的保障平台。

Clearbrook adds an important element of diversification for us, allowing us to participate in specialty insurance markets with a low leverage profile, while also broadening our investment flexibility.

Clearbrook 為我們增添了重要的多元化元素，使我們得以以低槓桿的風險輪廓參與專業保險市場，同時也擴大了我們的投資彈性。

Over the past few years, we have significantly improved this business by de-risking the liability profile and focusing on profitable growth.

過去幾年，我們透過降低負債風險輪廓並聚焦於獲利性成長，已大幅改善這項業務。

We have done this through exiting volatile lines, reducing our catastrophe exposure, and strengthening underwriting discipline.

我們透過退出波動性較高的業務線、降低巨災曝險，以及強化核保紀律來達成。

As the P&C market sees pockets of softening, we believe there will be substantial opportunities for us to continue to scale this platform, both organically and through M&A.

隨著產險市場出現局部走軟，我們相信將有相當可觀的機會，讓我們能持續擴大此平台規模，無論是有機成長或透過併購（M&A）。

Finally, with the recent addition of Just in the UK, we can extend our proven annuity track record into new geographies.

最後，隨著近期在英國納入 Just，我們得以將已驗證的年金實績延伸至新的地理市場。

This transaction represents a significant step forward in scaling our business internationally.

這筆交易代表我們在國際化擴張業務規模上邁出重要一步。

The U.K. Is one of the largest and most developed pension risk transfer markets globally, with substantial volumes, around 50 billion sterling annually, expected to come to market over the next decade.

英國是全球最大且最成熟的退休金風險移轉市場之一，市場量能可觀，預期未來十年每年約有 500 億英鎊的規模將進入市場。

With the addition of JUST, we now have immediate scale and a strong platform to build upon.

隨著納入 JUST，我們如今立即具備規模，並擁有可持續發展的強大平台。

JUST has operated for over 20 years, serving approximately 700,000 UK pensioners across institutional and retail policies, and the transaction adds approximately $40 billion of assets into BWS.

JUST 已營運逾 20 年，透過機構與零售保單服務約 70 萬名英國退休金領取者；此交易亦為 BWS 增加約 400 億美元資產。

We acquired this business an attractive going-in return of approximately 10% to 12% on our $1 billion of invested capital, and we closed this transaction on April 1st.

我們以約 10% 至 12% 的具吸引力初始報酬率，對我們投入的 10 億美元資本收購此業務，並已於 4 月 1 日完成交割。

From a strategic standpoint, our priorities following the close are very clear. First, we are focused on reinforcing and growing just core business lines, particularly in pension risk transfer and retail annuities, where the company has an established track record and a strong market position.

從策略角度來看，交割完成後我們的優先事項非常明確。第一，我們聚焦於強化並成長 Just 的核心業務線，特別是退休金風險移轉與零售年金領域；公司在這些領域具備既有實績與強勢市場地位。

Second, we will apply our investment-led approach to enhance returns by optimizing the asset portfolio.

第二，我們將運用以投資為導向的方法，透過最佳化資產組合來提升報酬。

And leveraging Brookfield's global origination capabilities.

並運用 Brookfield 的全球資產來源開發能力。

Today, the business has the ability to write approximately $5 billion sterling of pension flows annually, and we expect that to continue and grow as capital support from our balance sheet and the redeployment into Brookfield-originated investments allows Just to be more competitive on large-scale transactions in the UK market.

目前，該業務每年可承作約 50 億英鎊的退休金流入，我們預期此規模將持續並成長；因為我們資產負債表提供的資本支持，以及將資金再配置至 Brookfield 來源投資，將使 Just 在英國市場的大型交易上更具競爭力。

Beyond the UK, we continue to make progress on our broader international growth initiatives. In Asia, we are in the early stages of building a presence in what we believe will become a very significant market over time.

除英國之外，我們在更廣泛的國際成長計畫上也持續取得進展。在亞洲，我們正處於建立據點的早期階段；我們相信該市場隨時間推移將變得非常重要。

We executed our first reinsurance transaction in Japan in late 2025.

我們於 2025 年底在日本完成了第一筆再保險交易。

And we are seeing growing interest from our counterparties who believe this channel, focused on long-duration, predictable liabilities, will represent an important driver of growth in the years to come.

我們也看到交易對手的興趣日益增加；他們認為這個聚焦於長久期、可預測負債的通路，將在未來幾年成為重要的成長驅動力。

Now turning to the quarter briefly.

接著簡要談一下本季表現。

Our business has $20 billion of regulatory capital supporting policyholders inside the insurance companies. In that regard. Across, in that regard, we had a strong quarter across our distribution channels and continue to see opportunities to write longer-dated policies at our target duration to match our real asset investment strategies.

我們的業務在保險公司內部有 200 億美元的監理資本用以支持保戶。就此而言。就此而言，我們在各個通路本季表現強勁，並持續看到機會承作更長天期、符合我們目標久期的保單，以匹配我們的實體資產投資策略。

We originated approximately $5 billion of sales across long-dated retail annuities, funding-backed agreements, and pensions, capturing market share in the U.S.

我們在長天期零售年金、資金支持協議（funding-backed agreements）與退休金等產品合計創造約 50 億美元銷售額，並在美國取得市占。

Furthermore, we continue to expand our distribution capabilities, particularly through bank and broker-dealer channels.

此外，我們持續擴大通路能力，特別是透過銀行與券商（broker-dealer）通路。

We recently launched our products on two major bank platforms, with more to come this year, which we expect will contribute incremental annual sales as these platforms scale.

我們近期已在兩個主要銀行平台上推出產品，今年還會有更多平台上線；隨著這些平台擴張，我們預期將帶來額外的年度增量銷售。

While the first quarter is typically seasonally slower, particularly in pensions.

雖然第一季通常具有季節性較慢的特性，尤其是在退休金業務方面。

We expect activity to increase meaningfully as the year progresses and remain constructive on the outlook for 2026, where we expect to write circa $25 billion of new policies across all of our retail and institutional annuity channels.

我們預期隨著年度推進，活動量將明顯增加；並對 2026 年展望維持正向，預期透過所有零售與機構年金通路合計承作約 250 億美元的新保單。

That being said, our approach to growth remains consistent. We remain disciplined in writing business that meets our target returns and aligns with our investment strategy. Our priority is not maximizing volume, but generating high-quality, durable earnings.

即便如此，我們的成長方法仍保持一致。我們在承作符合目標報酬且與投資策略一致的業務上，仍維持紀律。我們的優先事項不是把量做到最大，而是創造高品質、可持續的獲利。

We have a growing number of products and distribution channels, which gives us the unique ability to allocate capital towards the most attractive opportunities across channels, products, and geographies when one market becomes more competitive.

我們的產品與通路數量持續增加，使我們具備獨特能力：當某一市場競爭加劇時，能在不同通路、產品與地理區域之間，將資本配置到最具吸引力的機會。

On the investment side, we continue to leverage Brookfield's global platform to source high-quality opportunities. And seeing attractive risk-adjusted investments suitable for our diversified insurance portfolios.

在投資端，我們持續運用 Brookfield 的全球平台來取得高品質機會。並看到具吸引力、風險調整後報酬良好且適合我們多元化保險投資組合的投資。

Over the last 12 months, we have deployed nearly $15 billion into Brookfield strategies, including $4 billion in the most recent quarter at an average total return exceeding 10%, reflecting the benefits of our investment franchise and our stable long-duration liability profile.

過去 12 個月，我們已向 Brookfield 的策略投入近 150 億美元，其中最近一季投入 40 億美元，平均總報酬率超過 10%；這反映出我們投資平台的優勢，以及穩定的長久期負債結構所帶來的效益。

Today, our business generates more than $2 billion of annualized earnings, and we remain confident in our ability to deliver at our mid-teens targets over the long-term.

目前，我們的業務每年年化獲利超過 20 億美元，我們仍有信心長期達成約中十位數百分比（mid-teens）的目標。

We are very pleased with the progress we are making, and with the recent addition of just continued expansion across our core markets and a disciplined investment-led approach, we believe we are well-positioned to continue to scale this business while maintaining a high-quality and resilient earnings profile.

我們對目前取得的進展感到非常滿意；隨著近期納入 Just、在核心市場持續擴張，以及以投資為導向且具紀律的方法，我們相信在維持高品質且具韌性的獲利輪廓之下，已具備持續擴大此業務規模的良好條件。

Thank you. With that, I will hand the call over to the operator for questions.

謝謝。接下來我把電話交給接線員進行提問。

(Operator Instructions) Cherilyn Radbourne, TD Cowen.

（接線員指示）Cherilyn Radbourne，TD Cowen。

So clearly, issues in private credit and software have significantly affected the public share prices of the alternative asset managers. Just curious how much fundamental damage you think has been done? And does that put us on the cusp of further industry consolidation?

很明顯，私募信貸與軟體領域的問題已顯著影響另類資產管理公司的公開市場股價。想請教您認為基本面受到多大程度的損害？這是否意味著我們正處於產業進一步整併的臨界點？

Hey, Cherilyn. It's Nick. Listen, I think it's a fair question, and I think it comes back to a little bit of what Bruce talked about, which is I think there are issues that are grabbing a lot of headlines. But in the scale of the broader investment markets, their materiality is low.

嗨，Cherilyn。我是 Nick。我認為這是個合理的問題，也回到 Bruce 提到的一點：確實有一些議題吸引了大量媒體關注。但就更廣泛的投資市場規模而言，其重要性其實不高。

So for sure, it's not a systemic broad issue in any way to broader markets and valuations. And I think the degree of relevance varies based on managers and their investment strategies, and I think that where you see price and value differentiate, they will prove out over time when people prove out their investment posture, capabilities and exposure.

所以可以確定的是，這絕非對更廣泛市場與估值的系統性、全面性問題。而且其相關性會因管理人及其投資策略而異；我認為當價格與價值出現分化時，隨著時間推移，當人們驗證各家管理人的投資立場、能力與曝險後，差異將會被證明。

So I think for managers that are well invested around the right sectors like us, with real asset exposure where performance is incredibly strong, I think you'll see that continue to differentiate over time and come through with the performance of the funds. And I think for us, when you take a step back, for Brookfield, our posture was with our relevance around AI infrastructure and our presence in the space.

因此，對於像我們這樣在正確產業領域配置良好、且具實體資產曝險、績效非常強勁的管理人，我認為這種差異化將隨時間持續擴大，並透過基金表現反映出來。而對我們而言，退一步看，對 Brookfield 來說，我們的定位在於 AI 基礎設施的相關性以及我們在該領域的布局。

We were able to get ahead of what was coming. It's created a tremendous investment opportunity for our real asset strategies around AI and with the Oaktree's disciplined investment strategy and capabilities, we think this could be an attractive investment opportunity for us. And maybe over time it may create consolidation issues in the market or opportunities even for good managers, but I think this exposure will pass.

我們得以提前因應即將到來的趨勢。這為我們以 AI 為主題的實體資產策略創造了巨大的投資機會；同時，憑藉 Oaktree 具紀律的投資策略與能力，我們認為這對我們而言可能是具吸引力的投資機會。而且隨著時間推移，這或許會在市場上帶來整併議題，甚至為優質管理人創造機會，但我認為這類曝險的影響終將過去。

There may be some that have outsized exposure to some of those sectors and there are impacts. But I think for the best managers with good investment strategies, this will go by and performance should differentiate itself over time. But I think if you look at it as it relates to Brookfield.

可能有些公司對其中某些產業的曝險過大，因此會受到影響。但我認為，對於最優秀、具備良好投資策略的管理人而言，這些情況終將過去，而績效也會隨時間拉開差距。不過我想，如果你把它放在與 Brookfield 相關的脈絡來看。

These are very immaterial asset classes to us based on our deliberate posture and our presence in AI is more around the backbone build-out. We have no software exposure and our credit portfolio is performing incredibly well. So if anything, we see this as just a continuation of our strategy and our performance should differentiate itself over time.

基於我們刻意採取的配置立場，這些對我們而言都是非常不重要的資產類別；而我們在 AI 的布局更多是在骨幹基礎建設的建置上。我們沒有軟體曝險，我們的信貸投資組合表現也非常出色。因此若真要說，我們把這視為策略的延續，而我們的績效也應會隨時間展現差異化。

That's good detail. The other question we've been getting is around Brookfield's posture in the Middle East and just how the war there is impacting your LPs and investments in -- investment activity in that region.

這些細節很有幫助。我們收到的另一個問題是關於 Brookfield 在中東的立場，以及當地戰事如何影響你們的 LP 與投資——以及該區域的投資活動。

Yes, I think we've reiterated this at length recently, Cherilyn. We are absolutely committed to the region. These are tremendous countries with tremendous potential and some of our best partners in the LPs, and we remain absolutely committed. We continue to have constructive conversations with them around our investment strategies and their commitment to our funds.

是的，我想我們最近已經多次詳細重申過這點，Cherilyn。我們對該地區絕對承諾不變。這些都是極具潛力的卓越國家，我們在 LP 之中也有一些最好的合作夥伴，我們仍然完全投入並堅定承諾。我們持續就投資策略以及他們對我們基金的承諾，與他們進行具建設性的對話。

And predating this and continuing, we also continue to have discussions with them around investment into the region. So again, we see this as a core part of our business over the long term and not impacted by the short-term volatility caused by the war.

而且在此之前就已如此，並且會持續下去：我們也一直與他們討論對該地區的投資。所以再次強調，我們把這視為長期業務的核心部分，不會受到戰事造成的短期波動所影響。

Mario Saric, Scotiabank.

Scotiabank 的 Mario Saric。

Just -- I wanted to circle back on the proposed BN, BNT combination. I appreciate the circular is not out yet. It sounds like the Boards are reviewing in the coming weeks. But do you have any initial sense regarding the range of potential tax implications for BN shareholders with respect to the options that you're considering?

我想——回到你們提出的 BN、BNT 合併案。我理解通函（circular）尚未發布。聽起來董事會將在未來幾週進行審議。但就你們正在考量的選項而言，你是否能初步說明 BN 股東可能面臨的稅務影響範圍？

Hey, Mario. It's Nick. I would just tell you that we're still working through the final details of the transaction. As I said, we expect Board approval shortly. But we're absolutely taking into account the tax efficiency and the impact for shareholders and are proceeding with this in a way that should minimize any impact for shareholders.

嗨，Mario。我是 Nick。我只能說我們仍在敲定交易的最終細節。如我所說，我們預期很快會取得董事會核准。但我們絕對會把稅務效率與對股東的影響納入考量，並會以應能將對股東的任何影響降到最低的方式推進。

And my second one, you included a new slide in the supplemental discussing new business investments, including $1 billion of SpaceX shares. You've talked in the past in terms of BN and its technology-related spend. How should we think about the progression on that investment at the BN level over time?

第二個問題：你們在補充資料中新增了一張投影片，談到新業務投資，其中包括 10 億美元的 SpaceX 持股。你們過去談過 BN 在科技相關支出方面的布局。我們應該如何看待 BN 層級這項投資隨時間的推進與演變？

Yes, it's a good question, Mario, if I just take a step back, like as you know, technology companies are increasingly moving into hard assets. And given our global presence in AI infrastructure, be it power, real estate, AI factories now through the AI fund and data centers and our broad Brookfield ecosystem, we are developing all-encompassing relationships with the major technology companies.

是的，這是個好問題，Mario。若我先退一步看，如你所知，科技公司正日益走向硬資產領域。而鑑於我們在 AI 基礎設施方面的全球布局——不論是電力、不動產、現在透過 AI 基金的 AI 工廠、資料中心，以及我們廣泛的 Brookfield 生態系——我們正與主要科技公司建立全方位的合作關係。

And that is enabling us to have access to attractive investment opportunities, attractive for us and attractive for our clients. They're also giving us access to technology potentially that can create capabilities that could benefit the broader Brookfield ecosystem by staying close to these technologies that could be meaningful for our businesses over time.

這讓我們能取得具吸引力的投資機會——對我們有吸引力，對我們的客戶也有吸引力。同時也可能讓我們取得某些技術，進而建立能力；透過貼近這些技術（它們可能隨時間對我們的業務具有重要性），為更廣泛的 Brookfield 生態系帶來效益。

In terms of the size and the risk profile of what you see, we're being very disciplined. The balance sheet exposure at this point is modest relative to our permanent capital base. And we're investing selectively where we think we have differentiated access, strong partners of strategic relevance. And to be clear, this is not SaaS exposure. It's not software exposure. It's strategic investment in technology that's highly attractive and good for the business.

就你所看到的規模與風險輪廓而言，我們非常自律。目前資產負債表的曝險，相對於我們的永久資本基礎仍屬溫和。我們會在我們認為具備差異化取得管道、擁有強大且具策略相關性的合作夥伴之處，選擇性地投資。而且要說清楚，這不是 SaaS 曝險。也不是軟體曝險。這是對高度具吸引力、且對業務有利的科技進行策略性投資。

So I think of this as targeted allocations of capital to investments that have attractive financial returns and potential strategic value to the franchise. And just given the strong performance to date, and hence, the growth in size, we felt now is just a good time to call it out and profile the investments that we have so that they are visible for you to see and understand.

因此我把這視為：將資本有針對性地配置到同時具備良好財務報酬、並可能對整個平台（franchise）具有策略價值的投資上。而鑑於迄今表現強勁、因此規模也成長，我們認為現在是個適當時點，把這部分特別點出來，並呈現我們所持有的投資，讓你能清楚看見並理解。

Bart Dziarski, RBC Capital Markets.

RBC Capital Markets 的 Bart Dziarski。

I wanted to ask with regards to Brookfield Wealth Solutions. So we're seeing the regulatory environment evolving, including recently the UK PRA looking at funded reinsurance agreements with Bermuda Captives. So maybe if you guys could talk us through higher managing regulatory capital as the environment evolves? Thanks.

我想就 Brookfield Wealth Solutions 提問。我們看到監管環境正在演變，包括近期英國 PRA 正在檢視與百慕達 Captive 相關的資金再保險（funded reinsurance）協議。所以也許你們可以談談，隨著環境演變，你們如何管理更高的監管資本要求？謝謝。

Sure. Hi, Bart. It's Sachin. First of all, just to level set, we have $20 billion -- in excess of $20 billion of regulatory capital that's inside the insurance business and every one of our insurance companies that writes policies is rated A or A- by the three major agencies. And two of our entities have received upgrades over the last few years, so we're in great position from a capital position. We generally operate about 4 times the regulatory minimum requirement of capital, and that's allowed us to write policies in the US in scale because we're seen as a trusted, reliable partner.

當然。嗨，Bart。我是 Sachin。首先先把基準說清楚：我們在保險業務內部持有 200 億美元——超過 200 億美元——的監管資本；而我們每一家承保保單的保險公司，都獲三大主要評級機構評為 A 或 A-。此外，我們有兩個實體在過去幾年獲得升評，因此就資本面而言我們處於非常有利的位置。我們一般維持約為監管最低資本要求 4 倍的資本水準，這也讓我們能在美國以規模承作業務，因為市場將我們視為值得信賴、可靠的合作夥伴。

On top of that, as we have $180 billion of permanent capital sitting in BN, which has supported our growth and which acts as an incredible, if not often talked about, layer of additional protection for our business. So we're in great shape and we have a runway for years to come to be able to use that capital and grow the franchise.

除此之外，BN 內還有 1,800 億美元的永久資本，支撐了我們的成長，也構成我們業務額外的一層保護——雖然不常被提及，但確實非常重要。因此我們狀況非常好，未來多年都有充足跑道可以運用這些資本來擴大平台。

On your point on the UK, pushing back on Bermuda as a jurisdiction, I don't think it has a material impact to us. Just doesn't use it today. And we were not planning to use it for Just. And I would say that the real answer there is the UK and even in Europe migrating insurance liabilities and assets to the UK doesn't really provide much of a capital benefit in light of Bermuda adopting rules that were consistent with the UK and Europe. And so for the PRA to say, we don't want you to use it, shouldn't have a dramatic impact on even our competitors in that marketplace, but certainly not for us because we don't use it today.

至於你提到英國對百慕達作為司法管轄區的疑慮，我不認為這會對我們造成實質影響。Just 目前並未使用該架構。而且我們也沒有計畫讓 Just 使用。我會說真正的答案是：在百慕達採納與英國及歐洲一致的規則之後，英國、甚至歐洲把保險負債與資產移轉到英國，在資本效益上其實並沒有太大好處。因此 PRA 表示不希望使用該架構，即便對該市場的競爭對手也不致造成劇烈影響；更不用說對我們，因為我們目前就沒有使用。

Okay, great. Very helpful. Thanks, Sachin. And then maybe just sticking with insurance and on the Just Group. So you talked about -- you can write $5 billion of business annually today, but you're looking to scale that. Could you unpack that opportunity a little bit? I think there's a chance to move up market and maybe other areas you're looking for to tap into that growth. Thanks.

好的，很好。非常有幫助。謝謝，Sachin。接著也許繼續談保險與 Just Group。你提到——你們目前每年可以承作 50 億美元的新業務，但你們希望擴大規模。你能否更詳細拆解一下這個機會？我想可能有機會往更高端市場移動，或是你們也在尋找其他領域來切入成長。謝謝。

Sure. So what Just is very, very good at is operating in small pension schemes that are not highly competitive because of their size and generating really attractive returns on those. And they built a franchise in and around small schemes. And we intend to continue that because it's an area where there's just not a lot of competition and you can pick up great returns.

當然。Just 非常、非常擅長的是：在規模較小的退休金計畫（pension schemes）中營運；由於其規模因素，這些計畫的競爭並不激烈，並且能在其中創造非常具吸引力的報酬。他們圍繞小型計畫建立了其平台。我們打算延續這一點，因為這個領域競爭者不多，而且你可以取得很好的報酬。

But with our capability to bring capital and investment expertise to their business, we think they can now move to the upper end of the market and write policies that are in excess of $500 million or in excess of $1 billion, where, again, there's less competition on both ends of the extreme spectrum.

但憑藉我們能為其業務帶來資本與投資專業能力，我們認為他們現在可以往市場高端移動，承保超過5億美元或超過10億美元的保單；同樣地，在極端光譜兩端的這些區間，競爭都較少。

So in the very small policies and the very large policies, there just is less competition. And if we can play in both of those spots, we can pick up attractive returns. And in playing on the larger policies, we can bring a lot of the expertise we have from the US and Canada into that market.

因此，在非常小額的保單與非常大額的保單上，競爭確實較少。而如果我們能在這兩個區間都參與，就能取得具吸引力的回報。並且在承作較大額保單時，我們可以把我們在美國與加拿大累積的許多專業能力帶入該市場。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛。

This is Michael on for Alex. I wanted to ask a quick question on the PNC business. So you've mentioned that you continue to exit parts of that business. We're wondering what the run rate D impact is after you fully rationalize those parts of the PNC business? How far along are you towards those goals? And then as a corollary, what are the capital implications of exiting those lines?

我是Michael，代Alex提問。我想就PNC業務快速問一個問題。你們提到仍在持續退出該業務的部分領域。我們想了解在你們完全精簡／合理化PNC業務的那些部分之後，對D的常態化影響（run rate impact）會是什麼？你們距離這些目標目前進度如何？另外作為延伸問題，退出這些業務線對資本有何影響？

Sure. Hi, Michael. So I would say we have completed the, quote-unquote, exiting of lines. We exited casualty our professional lines business. We exited last year. We culled a few other lines, but we're done. There's no more exiting to be done. The business we have is in really good shape.

好的。嗨，Michael。我會說我們已經完成了所謂的退出業務線。我們已退出意外險（casualty）中的專業業務線（professional lines）業務。那是在去年退出的。我們也精簡了其他幾條業務線，但現在已經完成。沒有更多需要退出的部分了。我們目前保留的業務狀況非常好。

And where we are today is, I'd say, that we have a very strong casualty franchise. We really are careful on the property side because of where we saw cat exposure. And we have a small and very stable admitted business.

而就我們目前的位置而言，我會說我們擁有非常強的意外險核心業務（franchise）。在財產險（property）方面，我們非常謹慎，因為我們看到巨災（cat）曝險所在。同時我們也有一個規模不大但非常穩定的核准承保（admitted）業務。

If I was to look ahead over the next five years, I think what we're seeing is, as the property markets continue to soften and rate comes down, and as casualty markets are starting to show the first signs of that, we think our specialty business should be poised to grow for two reasons. One is we could be a very reliable counterparty to the broker-led market because we are in good shape. We have strong capital, and we have a track record now of profitability.

如果我展望未來五年，我認為我們看到的是：隨著財產險市場持續走軟、費率下滑，以及意外險市場也開始出現初步的走軟跡象，我們認為我們的專業保險（specialty）業務將具備成長條件，原因有二。第一，我們可以成為以經紀商主導的市場中非常可靠的交易對手，因為我們狀況良好。我們資本雄厚，而且如今也有獲利的實績。

And then two, we think there will be platforms out there that will need capital in this environment, and we could be a great partner for them. So I don't see any further reduction in the business. In fact, where I see it now over the next five years is potential -- we have the potential to substantially grow this business as markets are going to deteriorate.

第二，我們認為在這樣的環境下，市場上會有一些平台需要資本，而我們可以成為他們很好的合作夥伴。因此我不認為業務還會進一步縮減。事實上，未來五年我看到的是潛力——隨著市場將走向惡化，我們有機會大幅擴張這項業務。

Great. Thank you. As a follow-up on the full-year $25 billion target for origination, obviously, there's some seasonality in the retail channel for the first quarter, but accounting for the $4 billion year-to-date, I think that implies something like $7 billion per quarter for the rest of the year.

很好。謝謝。就全年250億美元的承作（origination）目標追問一下：顯然第一季在零售通路有一些季節性，但若計入年初至今的40億美元，我認為這意味著今年剩餘期間每季大約需要70億美元左右。

So maybe we can walk through the sources there It sounds like about $5 billion of that is expected from Just. But anything on the sources of the $25 billion, a cadence over the year and the confidence in hitting that target? Thanks.

所以也許可以請你們說明一下來源？聽起來其中約50億美元預期來自Just。但關於這250億美元的來源、全年節奏（cadence）以及達成該目標的信心，能否多談一些？謝謝。

Sure. I'll start with one thing we did see in the first quarter, and this is pretty broadly published or disseminated, is that demand for fixed annuities is down 9% or 10% in the US this year over last year. So we are seeing ,for the first time, a slight softening of annuity demand.

好的。我先從第一季我們看到的一點開始，這也已相當廣泛地被公開或傳播：今年美國固定年金（fixed annuities）的需求較去年下降了9%或10%。因此我們第一次看到年金需求略有走軟。

In that environment, we actually picked up market share. We picked up 4 points of market share in a weaker market, which is a really good fact pattern. It shows that we're able to sell in this market, pick up as others sort of fall away. And what we're seeing now is the early signs of us entering into the bank channel market.

在那樣的環境下，我們其實提升了市占率。在較疲弱的市場中，我們的市占率提升了4個百分點，這是一個非常好的態勢。這顯示我們有能力在這個市場中銷售，並在其他人某種程度上退場時取得份額。而我們現在看到的是我們開始進入銀行通路市場的早期跡象。

Just so you have sort of a perspective on the importance of the bank channels. Today, we sell about one-third of total annuities in the US on the bank channel. Most of our competitors sell about two-thirds of total annuities through the bank channels. So we have a tremendous runway of growth as those channels ramp up.

讓你對銀行通路的重要性有個概念：目前在美國，我們透過銀行通路銷售的年金約占我們年金總銷售的三分之一。我們大多數競爭對手透過銀行通路銷售的年金約占其總銷售的三分之二。因此，隨著這些通路放量，我們有非常可觀的成長跑道。

We got on to two important bank channels in the first quarter this year. And we have a third one coming likely in the third quarter of this year. So we have a lot of runway for growth. We think we'll pick up market share. And if you take that increased market share in the US plus the combination of Just, we feel pretty good, if all things stay consistent where they are, that we'll be in line with our targets.

今年第一季我們已上架兩個重要的銀行通路。而第三個通路很可能會在今年第三季加入。所以我們有很長的成長跑道。我們認為我們會提升市占率。如果把美國市占率的提升再加上Just的併入，只要各項條件維持目前一致，我們對達成目標相當有信心。

Sohrab Movahedi, BMO Capital Markets.

Sohrab Movahedi，BMO資本市場。

Okay. Thank you, Sachin. I wanted to just stay with you, if I can. What are the two or three KPIs you want BN shareholders to watch for to see how best you are capturing at BWS, compounding intrinsic value for BN?

好的。謝謝你，Sachin。如果可以的話，我想繼續請教你。你希望BN股東關注哪兩到三個KPI，以便觀察你們在BWS如何最好地捕捉機會、為BN複利增長內在價值？

I would say total return on invested capital is number one. That's our singular focus. We're building this business to compound capital at mid-teens or high-teens for a very long period without taking undue risk. So if I had to focus you on one thing, I would say that we're not a top-line business. This isn't about growth at all costs. It's nice that we grow, and we see a long runway of growth, and we don't think that that's going away.

我會說投入資本總回報率（total return on invested capital）是第一位。這是我們唯一的核心焦點。我們打造這項業務，是為了在不承擔過度風險的前提下，在很長一段時間內以中十幾％到高十幾％的水準複利增長資本。所以如果要你只聚焦一件事，我會說我們不是一個看營收規模（top-line）的生意。這不是不惜一切代價追求成長。成長當然很好，我們也看到很長的成長跑道，而且我們不認為這會消失。

But really, compounding capital is very important. To unpack that, we then look at total return over our cost of funds, which is more of a per unit measure. I know in the market, sometimes analysts and others look at spread, but we add on top of spread unrealized gain on investments. So we really look at total return on our invested capital, and we look at it both on a gross business basis and on a per unit basis.

但真正重要的是資本的複利增長。進一步拆解來看，我們會看總回報相對於我們資金成本（cost of funds）之上的表現，這更像是一個按單位衡量的指標。我知道市場上有時分析師等會看利差（spread），但我們會在利差之上再加上投資的未實現收益（unrealized gain）。因此我們真正看的，是投入資本的總回報率，並且同時從整體業務（gross business）與按單位（per unit）的角度來看。

Beyond that, what I would say is what we're trying to build -- and we are maybe the only ones who can do this, is we're trying to build a business where at the top of the house. We can move our capital around to geographies and products, and we can do that without any conflicts or clients or other invested capital partners sitting in any parts of the business.

除此之外，我會說我們正在嘗試打造的——而我們可能是唯一能做到的——是一個在集團最高層面（at the top of the house）可以在不同地理區域與產品之間調度資本的業務。而且我們可以在不產生任何利益衝突的情況下做到，因為在業務的任何部分都沒有客戶或其他投入資本的合作夥伴卡在其中。

So if the UK is a great opportunity, we can move capital there. If the US presents a more compelling opportunity, we can go there. And we can be fungible in how we allocate capital with that singular goal that I described at the outside. Does that help?

所以如果英國是一個很好的機會，我們可以把資本移到那裡。如果美國出現更具吸引力的機會，我們也可以轉向那裡。而我們在資本配置上可以保持高度可替換性（fungible），並以我一開始描述的那個單一目標為依歸。這樣有幫助嗎？

Yeah, that's very helpful. And so maybe just as a bit of a follow on to that. Maybe it's a bit of a naive question to ask, Brookfield, but is there a size at which or is there a scale or market position at which you would say we can put a mission accomplished kind of sign on BWS?

是的，這非常有幫助。那麼也許就接著這點再追問一下。這可能是個有點天真的問題，Brookfield，但是否存在一個規模、或某個規模/市場地位的門檻，讓你們會說可以在 BWS 上掛上一個「任務完成」的牌子？

No, I think as long as you see a credible path to allocate capital in a business where you can continue to compound at mid-teens. You don't really put up a mission accomplished sign. For us, it just comes down to, does the next dollar of capital offer a compelling investment opportunity?

不，我認為只要你看得到一條可信的路徑，能在一個你可以持續以十幾%的中段水準複利成長的業務中配置資本，你就不會真的掛出「任務完成」的牌子。對我們而言，歸根結底就是：下一塊投入的資本，是否提供具吸引力的投資機會？

Jaeme Gloyn, National Bank.

Jaeme Gloyn，加拿大國家銀行。

I'll stay with the star of the show today, Sachin, and then a question on retail flows, annuity flows. So I think you kind of addressed it a little bit a couple of questions ago, but I wanted to focus in on the outflow side of the equation, which increased materially from this quarter last year. Can you talk about the drivers of those outflows? Is there some lumpiness? Is it consistent? Maybe just to help on that front?

我今天會繼續問「主角」Sachin，然後再問一個關於零售資金流、年金資金流的問題。我想你在前面幾個問題時已稍微提到，但我想把焦點放在資金流出端，因為相較去年同季，這一季的流出明顯增加。你能談談這些流出的驅動因素嗎？是否有一些一次性/不均勻（lumpy）的因素？還是屬於一致且持續的趨勢？也許請協助我們理解這一塊？

Yeah, part of it is just quarter-over-quarter comparisons are difficult. I would say on an annualized basis, we should be at somewhere between $10 billion to $12 billion of outflows, which is consistent with our duration profile that's sort of high single-digit. For the most part, we are selling products in the five, seven, and 10-year range.

是的，其中一部分只是季度對季度的比較本來就很難。我會說，以年化口徑來看，我們的流出應該會落在 100 億到 120 億美元之間，這與我們偏高個位數的久期結構一致。大多數情況下，我們銷售的是 5 年、7 年與 10 年期的產品。

And so if you blend out on an average liability duration of eight to nine years and you divide that by the total assets we have, you can very quickly come down to what our annualized outflow should be. So not a surprise. And I would say, if you're -- for modeling purposes, if you're trying to plan, you should plan $10 billion to $12 billion a year as the business gets larger. Naturally, you're going to have more outflows year-over-year.

因此，如果你把平均負債久期攤平到大約 8 到 9 年，然後用它除以我們的總資產，你很快就能推算出我們年化的資金流出應該是多少。所以這不令人意外。我也會說，如果你是為了建模、做規劃，你應該假設每年 100 億到 120 億美元的流出，且隨著業務規模變大，自然地，你的年度流出會逐年增加。

Yeah. Okay. Understood. And then stepping up higher level on the breakdown of distributable earnings and just looking at cost of funds growing at a faster rate than the net investment income in this quarter. Anything to pull out from that result?

好的。了解。明白。再往上一層看可分配盈餘的拆解，這一季資金成本的成長速度快於淨投資收益。這個結果有什麼需要特別解讀的嗎？

Yeah, so one thing that I think is cutting across us and all of our peers is that as the front end of the yield curve comes down and annuity rates continue to stay pegged to the back end of the curve, you're bringing in dollars on day one in cash that have just earned less money.

是的，我認為有一件事同時影響我們以及所有同業：當殖利率曲線前端下滑，而年金利率仍持續錨定在曲線後端時，你在第一天以現金形式進來的資金，所能賺到的利息就變少了。

And I think what you have to then be able to look at -- so that for, therefore, your weighted average net investment yield is lower on day one than it would have been a year ago when the yield group was higher, and yet your cost of funds is the same and has crept up a little bit as the back end has come up. With that steepening of the yield curve, I think what you guys have to look at is who is best positioned to capture that total return.

因此你接下來必須能夠觀察的是——所以，你的加權平均淨投資殖利率在第一天就會比一年前低，因為當時的殖利率水準更高；但你的資金成本卻相同，而且隨著後端上升還略有上行。在殖利率曲線變陡的情況下，我認為你們需要看的，是誰最有利於捕捉那個總報酬。

And what we are really focused on is rotating that cash position into long-duration assets, long-duration equity and credit strategies where we can earn that high-teens total return on a per-unit basis. And if you look at our results, as I said, we're capturing market share.

而我們真正專注的是，把那個現金部位輪動到長久期資產、長久期的股權與信用策略上，讓我們能以每單位基礎賺取十幾%高段的總報酬。而如果你看我們的結果，如我所說，我們正在取得市占。

Our total return is still somewhere in the 225 basis points of spread, and we're still achieving mid-teens ROEs. So I'm not worried, but if you look at a point in time, that's what's driving your lower average net investment yield vis-a-vis your cost of funds.

我們的總報酬利差仍約在 225 個基點左右，我們也仍在達成十幾%中段的 ROE。所以我不擔心；但如果你只看某個時間點，這就是為什麼你的平均淨投資殖利率相對於資金成本會更低的原因。

Dean Wilkinson, CIBC.

Dean Wilkinson，CIBC。

Nick, I just want to talk on the buybacks. It's been a tremendous use of capital over the past five years. But when you look at that relative to the value that, say, sits at the manager, has there been any thought as the gap closes at that ownership level, kind of saying, would you take that back to the historical [75%], or are you just trying to match those buybacks with what the manager's doing?

Nick，我想談談庫藏股回購。過去五年這一直是非常出色的資本運用方式。但當你把它與例如管理公司層面所反映的價值相比時，隨著在持股層級的差距縮小，你們是否有想過：是否會把它拉回到歷史上的[75%]，還是你們只是試著讓回購與管理公司那邊的作法相匹配？

Hi, Dean. Yeah, listen, thanks for the question. Listen, I only think of BN and BAM as two distinct companies with their own capital, and the -- and we're doing our own buybacks based on our own independently almost of each other.

嗨，Dean。是的，謝謝你的問題。我只把 BN 和 BAM 視為兩家各自獨立、擁有各自資本的公司，而——我們做自己的回購，幾乎是彼此獨立地進行。

At the BN level, as we have significant cash flow coming in every year. We have very attractive investment opportunities, and we look to opportunistically buyback shares where we see that discount persist between price and our view of intrinsic value. And as we've executed this year's about $475 million, $470 million year-to-date, that's a good pace and we're not even halfway through the year.

在 BN 層面，我們每年都有可觀的現金流入。我們有非常具吸引力的投資機會，同時也會在看到股價與我們對內在價值的判斷之間的折價持續存在時，伺機回購股份。而今年我們已執行約 4.75 億美元、年初至今約 4.70 億美元，這個速度不錯，而且今年還不到一半。

And so for us, this is just a permanent consideration of allocation of capital, and it's a separate and distinct allocation to what the BAM management team is focused on. The independently of BN believe that and maybe it comes back to the first question that Cherilyn asked, the volatility that's been created in the market by some of the negative perception around credit and software, which really was applied to every manager without distinguishing who had exposure and who didn't cause some irrational behavior in the BAM share price and the opportunistically bought back shares in size in that period of time.

因此對我們而言，這是資本配置的一項長期且持續的考量，而且它與 BAM 管理團隊所專注的資本配置是分開且不同的。而且，獨立於 BN 之外，我們也相信——也許回到 Cherilyn 的第一個問題——市場上因為對信用與軟體的一些負面觀感而產生的波動，這種觀感其實不分青紅皂白地套用到每一家管理公司，沒有區分誰有曝險、誰沒有，導致 BAM 股價出現一些非理性行為；我們就在那段期間大幅度地伺機回購了股份。

That was an independent capital allocation decision. But given our significant ownership in BAM, we benefit significantly from that. But I would say they're distinct from each other, but you should expect buybacks continue to be a significant component of our capital allocation at the end.

那是一個獨立的資本配置決策。但鑑於我們在 BAM 的重大持股，我們也因此顯著受益。不過我會說兩者彼此獨立，但你應該預期回購在我們最終的資本配置中仍會是重要組成。

Back at BN, okay. I mean, it's very reminiscent of -- everyone thought real estate was going to die a couple of years ago and, well, didn't really.

回到 BN，好的。我的意思是，這讓人想起——幾年前大家都以為房地產要完蛋了，而結果也沒有真的。

Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Ms. Katie Battaglia for any closing remarks.

謝謝。我目前看到隊列中沒有其他問題。我現在想把電話會議交回給 Katie Battaglia 女士，請她做任何結語。

Thank you, everybody, for joining us today. And with that, we'll end the call.

謝謝各位今天加入我們。那麼，我們就結束本次電話會議。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以中斷連線。