高盛 (GS) 2026 Q2 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. I would like to welcome everyone to the Goldman Sachs second-quarter 2026 earnings conference call.

早安。我叫 Katie，今天將擔任本次電話會議的主持人。我謹代表高盛，歡迎各位參加高盛 2026 年第二季財報電話會議。

On behalf of Goldman Sachs, I will begin the call with the following disclaimer. The earnings presentation can be found on the Investor Relations page of the Goldman Sachs website and contains information on forward-looking statements and non-GAAP measures. This audio cast is copyrighted material of the Goldman Sachs Group, Inc, and may not be duplicated, reproduced, or rebroadcast without consent.

我將代表高盛以以下免責聲明開始本次電話會議。財報簡報可於高盛網站的投資人關係頁面取得，其中包含前瞻性陳述及非 GAAP 衡量指標的相關資訊。本次音訊轉播為高盛集團公司（Goldman Sachs Group, Inc.）之著作權資料，未經同意不得複製、重製或再廣播。

This call is being recorded today, July 14, 2026. I will now turn the call over to Chairman and Chief Executive Officer, David Solomon; and Chief Financial Officer, Denis Coleman.

本次電話會議將於今日（2026 年 7 月 14 日）錄音。接下來我將把電話交給董事長兼執行長 David Solomon，以及財務長 Denis Coleman。

Thank you. Mr. Solomon, you may begin your conference.

謝謝。Solomon 先生，您可以開始您的會議。

Thank you, operator. Good morning, everyone. I know it's a busy morning with all the reports, and so we appreciate you being on our call. Thank you for joining us. We delivered record results for the second quarter and year to date.

謝謝，接線員。各位早安。我知道今天早上各項報告很多、行程繁忙，因此我們很感謝各位撥冗參與本次電話會議。謝謝各位加入。我們在第二季以及今年迄今都交出了創紀錄的成果。

In the quarter, we generated record revenues of $20.3 billion, record earnings per share of $20.98, and an ROE of 23.5%, and an ROTE of 25.5%. Our performance reflects the strength of our global franchise, the depth of our relationships, and our ability to harness the power of One Goldman Sachs in a very strong operating environment.

本季我們創下 203 億美元的創紀錄營收、每股盈餘 20.98 美元的創紀錄表現，股東權益報酬率（ROE）為 23.5%，有形股東權益報酬率（ROTE）為 25.5%。我們的表現反映出全球特許經營版圖的實力、關係網絡的深度，以及在非常強勁的營運環境中發揮「One Goldman Sachs」整體力量的能力。

Momentum across our franchise has accelerated as clients continue to pursue greater scale to invest and compete more effectively. This desire for scale has driven a significant increase in strategic deal-making activity with large-cap corporate M&A volumes up 90% through the first half of 2026.

隨著客戶持續追求更大的規模以更有效地投資並提升競爭力，我們整體特許經營業務的動能正在加速。這種對規模的需求推動了策略性交易活動大幅增加，2026 年上半年大型企業併購（M&A）交易量較去年同期成長 90%。

At the same time, the AI investment cycle is expanding capital needs beyond core technology into infrastructure, energy, and data centers generated a ripple effect across industries. This is creating significant opportunities for Goldman Sachs to provide structuring, financing, risk management and capital markets execution across both public and private markets.

同時，AI 投資循環正在擴大資本需求，從核心科技延伸至基礎設施、能源與資料中心，並在各產業間產生連鎖效應。這為高盛在公開與私募市場提供架構設計、融資、風險管理以及資本市場執行帶來了重大機會。

Beyond the infrastructure build-out, companies large and small are working to integrate AI into their operations, increasing demand for advice and execution capabilities as they adapt to a rapidly evolving competitive landscape.

除了基礎設施建置之外，各種規模的公司也正致力於將 AI 整合進其營運之中；在快速演變的競爭環境下，企業調整策略時對諮詢與執行能力的需求也隨之提升。

Against this backdrop, the trust we have built with clients over decades continues to position Goldman Sachs at the center of their most strategic and consequential transactions. This includes acting as a lead left bookrunner on the record-breaking IPO for SpaceX and equity raise for Alphabet, as well as advising Dominion Energy's sale to NextEra Energy, and Comcast's spin-off of NBCUniversal.

在此背景下，我們數十年來與客戶建立的信任，持續使高盛站在其最具策略性且影響深遠的交易核心。其中包括擔任 SpaceX 創紀錄 IPO 以及 Alphabet 股權募資的主承銷商（lead left bookrunner），並為 Dominion Energy 出售予 NextEra Energy，以及 Comcast 分拆 NBCUniversal 提供顧問服務。

We have further expanded our lead as the number one M&A adviser and earlier this year became the first bank to cross the $1 trillion in announced volumes over a six-month period. This long-standing leadership, combined with our One Goldman Sachs operating ethos creates a real multiplier effect.

我們進一步擴大作為第一名併購顧問的領先優勢，並於今年稍早成為首家在六個月期間內宣布交易量突破 1 兆美元的銀行。這項長期領導地位，加上我們「One Goldman Sachs」的營運理念，產生了實質的倍增效應。

Our advisory relationships are often the genesis of client activity across the franchise, which starts as an advisory mandate in the boardroom, increasingly extends into opportunities for our Capital Solutions Group, including financing, risk management, capital markets execution, and distribution as well as investment opportunities for asset wealth management clients.

我們的顧問關係往往是客戶在整個平台展開活動的起點：從董事會中的顧問委任開始，並日益延伸至我們資本解決方案團隊（Capital Solutions Group）的機會，包括融資、風險管理、資本市場執行與分銷，以及為資產與財富管理客戶提供投資機會。

And while we have made considerable progress strengthening connectivity across the firm, we continue to see opportunities to further collaborate across our Global Banking and Markets and Asset Wealth Management franchise. We believe there is substantial runway to deepen the connectivity between advisory financing and capital markets, investing in wealth management in ways that will enhance value for our clients and drive long-term growth.

儘管我們在強化公司內部連結方面已取得顯著進展，但我們仍看到在全球銀行與市場（Global Banking and Markets）以及資產與財富管理（Asset Wealth Management）兩大特許經營業務之間進一步協作的機會。我們相信，在深化顧問、融資與資本市場之間的連結，以及以能提升客戶價值並推動長期成長的方式投資於財富管理方面，仍有相當大的發展空間。

Given our progress and what we see in our pipeline, we expect this flywheel of activity to continue. Even with very strong investment banking revenues this quarter, our backlog increased to its highest level in five years and its second highest level on record, underpinned by a record advisory backlog and reflecting the strength and breadth of our client engagement.

鑑於我們的進展以及在案源管線中所見，我們預期這個活動飛輪將持續運轉。即使本季投資銀行收入非常強勁，我們的待執行訂單（backlog）仍增至五年來最高水準，並創下歷史第二高，主要由創紀錄的顧問業務待執行訂單所支撐，反映出我們客戶互動的強度與廣度。

Beyond investment banking, momentum also accelerated across our equities and FICC businesses. Equities produced record revenue amid shifting market dynamics and elevated activity levels as single stock volatility and dispersion remained high.

除投資銀行外，我們的股票與 FICC 業務動能也加速提升。在市場動態轉變與活動水準升高之際，因單一股票波動與分散度維持高檔，股票業務創下創紀錄營收。

Client activity was particularly strong in Asia, driven in part by robust AI capital formation and investment. This strength also extended into financing where we generated another quarter of record revenues as we deployed our balance sheet to support clients with average prime balances rising to another record.

客戶活動在亞洲尤其強勁，部分受惠於 AI 資本形成與投資的蓬勃發展。這股強勢也延伸至融資業務；我們再度創下單季創紀錄營收，並運用資產負債表支持客戶，平均主經紀（prime）餘額再創新高。

We also delivered a very strong performance in FICC with broad-based strength across both intermediation and financing as we supported clients globally. In intermediation, performance was driven by robust activity as clients turn to us for principal liquidity and risk management amid ongoing volatility in rates and commodities. In financing, we generated record revenues, reflecting the continued strong demand for asset secured financing solutions.

我們在 FICC 也交出非常強勁的表現，無論在中介交易或融資方面皆呈現廣泛的強勢，並在全球範圍內支持客戶。在中介交易方面，表現來自於強勁的活動量；在利率與大宗商品持續波動之際，客戶轉向我們以取得自營流動性（principal liquidity）與風險管理。在融資方面，我們創下創紀錄營收，反映出市場對資產擔保融資解決方案的需求持續強勁。

Across Asset and Wealth Management, we are relentlessly driving our growth strategy forward with quarterly management and other fees up 20% year over year. We delivered our 34th consecutive quarter of long-term net inflows, including $19 billion in Wealth Management. Our wealth management client assets reached a record of roughly $2 trillion and our total assets under supervision surpassed a record $4 trillion. In this cycle of elevated capital formation and strategic activity, the opportunity set for our ultra-high net worth franchise is also expanding.

在資產與財富管理方面，我們持續不懈地推進成長策略，本季管理費及其他費用年增 20%。我們連續第 34 個季度實現長期淨流入，其中財富管理淨流入達 190 億美元。我們的財富管理客戶資產達到約 2 兆美元的創紀錄水準，受監督資產總額（assets under supervision）亦突破創紀錄的 4 兆美元。在此一資本形成與策略活動高漲的循環中，我們的超高淨值（ultra-high net worth）特許經營業務的機會集合也正在擴大。

Our high-touch Wealth Management business has never been better positioned to help founders and executives realize and manage newly created wealth with unique capabilities and solutions, combining trusted advice with access to differentiated investment opportunities across our platform.

我們高接觸式（high-touch）的財富管理業務從未像現在這樣具備更佳的定位，能以獨特的能力與解決方案協助創辦人與高階主管實現並管理新創造的財富，將值得信賴的建議與透過我們平台取得差異化投資機會相結合。

Since the start of 2025, we've seen nearly 900 referrals to wealth management from investment banking, demonstrating the benefits of our One Goldman Sachs operating approach. Within alternatives, despite some pressure in segments of the industry, investor interest across our platform remained incredibly strong, driving a record $59 billion of fundraising in the second quarter and $85 billion of fundraising year to date.

自 2025 年初以來，我們已看到投資銀行向財富管理轉介近 900 筆，展現「One Goldman Sachs」營運方式的效益。在另類投資方面，儘管產業部分領域面臨一些壓力，投資人對我們平台的興趣仍極為強勁，推動第二季募資創紀錄達 590 億美元，且今年迄今募資達 850 億美元。

We raised $31 billion in private credit this quarter alone, a testament to our strong track record of performance and our clients' continued desire to partner with experienced investors like Goldman Sachs. More broadly, demand for private markets remains robust as clients deploy capital across credit, equity and real assets and our ability to originate and structure opportunities continues to differentiate our offering.

僅本季我們就募集了 310 億美元的私募信貸資金，這證明了我們強勁的績效紀錄，以及客戶持續希望與像高盛這樣具經驗的投資人合作。更廣泛而言，私募市場需求依然強勁，客戶在信貸、股權與實體資產間配置資本，而我們在發掘來源與架構設計機會方面的能力，持續使我們的產品更具差異化。

We continue to scale our solutions platform, and last week, we were appointed to manage both Verizon and Lockheed Martin's retirement plans, which collectively represents $70 billion in assets under supervision. These mandates from large, sophisticated corporate pension sponsors underscore the growing demand for comprehensive integrated OCIO solution capable of managing complex portfolios across public and private markets. As a leading provider of OCIO services globally, we are well positioned to capture this attractive secular growth opportunity.

我們持續擴大解決方案平台規模；上週我們獲任命管理 Verizon 與 Lockheed Martin 的退休計畫，合計代表 700 億美元的受監督資產。這些來自大型且成熟的企業退休金贊助者的委任，凸顯市場對全面整合的 OCIO 解決方案之需求日益增加，該方案能在公開與私募市場間管理複雜投資組合。作為全球 OCIO 服務的領先提供者，我們具備良好條件把握這項具吸引力的長期結構性成長機會。

We are also further accelerating growth across Asset and Wealth Management through targeted acquisitions that are enhancing and scaling our capabilities. Our recent acquisitions, Industry Ventures and Innovator are both showing solid momentum in the first few months of integration. We will continue to evaluate opportunities to expand our client offering, strengthen our franchise and accelerate growth.

我們也透過具針對性的併購進一步加速資產與財富管理的成長，以強化並擴大我們的能力。我們近期收購的 Industry Ventures 與 Innovator，在整合的前幾個月都展現穩健動能。我們將持續評估擴大客戶產品、強化特許經營版圖並加速成長的機會。

Let me touch on capital and regulation more broadly. We remain very engaged with our regulators to ensure better alignment of regulatory outcomes with underlying risk and look forward to swift progress towards a more balanced framework.

我也簡要談談資本與監管的更廣泛議題。我們仍與監管機構保持高度互動，以確保監管結果能與基礎風險更一致，並期待能迅速推進，朝向更為平衡的框架邁進。

As we again demonstrated this quarter, our robust capital position and disciplined dynamic resource management enable us to support clients across market conditions and drive accretive returns. This also allows us to return meaningful capital to shareholders. In line with our priority to sustainably grow our dividend, we recently announced an increase in our quarterly dividend to $5 a share, representing a 25% increase versus a year ago and a 150% increase over the last five years. We also repurchased $4 billion of common stock in the quarter.

正如我們在本季再次展現的，我們強健的資本部位與嚴謹且動態的資源管理，使我們能在各種市場環境下支援客戶並推動具增益性的報酬。這也使我們得以向股東回饋可觀的資本。依循我們優先事項——以可持續方式成長股利——我們近期宣布將季度股利提高至每股5美元，較一年前增加25%，並較過去五年增加150%。我們亦於本季回購40億美元普通股。

Looking forward, we know that things rarely move in a straight line. While we continue to see a largely resilient economic backdrop in the US, risks can emerge quickly and drive periods of disruption and volatility across markets. A keen focus on risk management remains paramount as we support clients across a range of market conditions. But it's also clear that we are seeing broad-based momentum across the franchise and a very strong environment for client activity.

展望未來，我們知道事情很少會沿著直線發展。儘管我們仍看到美國整體經濟背景大致具韌性，但風險可能迅速浮現，並在各市場引發干擾與波動的時期。在我們於各種市場環境下支援客戶之際，對風險管理的高度專注仍至關重要。但同時也很清楚，我們正看到整個平台的廣泛動能，以及客戶活動非常強勁的環境。

The build-out of AI infrastructure remains in its early stages, and we believe this multiyear investment cycle will continue to drive elevated levels of strategic activity, financing and capital formation across markets. The more expansive and complex this opportunity becomes, the more it plays to our firm's strength. Very few firms have the global breadth of relationships, the depth of talent, the engineering capabilities, differentiated data, market insights, and financial resources to serve clients and capitalize on this opportunity set.

AI基礎設施的建置仍處於早期階段，我們相信這個為期多年的投資循環將持續推動市場上較高水準的策略性活動、融資與資本形成。這個機會越是擴大且更為複雜，就越能發揮本公司的優勢。能夠同時具備全球廣度的關係網絡、深厚的人才、工程能力、差異化數據、市場洞察與財務資源，以服務客戶並把握此一機會集合的公司屈指可數。

These have been foundational strengths of Goldman Sachs for decades. And just as we are helping clients navigate this period of change, we are also implementing learnings within our own firm. There has been much debate around the broader implications of AI on the workforce. While it will change how work is done, it will not replace what matters most in driving our business, our extraordinary people. We see AI as a transformational technology that expands the capabilities of our best-in-class talent and our capacity to drive commercial impact for our clients.

這些數十年來一直是高盛的基礎優勢。正如我們協助客戶因應這段變革期，我們也在公司內部落實相關學習。外界對AI對勞動力的更廣泛影響有許多討論。雖然它將改變工作的完成方式，但不會取代推動我們業務最重要的要素——我們卓越的人才。我們將AI視為一項具變革性的技術，可擴大我們一流人才的能力，以及我們為客戶創造商業影響力的容量。

Reflecting on the record results, I'm proud of our people and our performance. There is no question that a confluence of market tailwinds supporting client activity, and we will remain disciplined in how we invest and manage risk. I feel very confident about the forward trajectory of Goldman Sachs as a result of years of strategic execution to strengthen our businesses, enhance connectivity across the firm. We are exceptionally well positioned to serve our clients and deliver for our shareholders.

回顧創紀錄的成果，我為我們的同仁與表現感到自豪。毫無疑問，市場順風因素共同推動了客戶活動，而我們將在投資與風險管理上持續保持紀律。由於多年來透過策略性執行強化各項業務並提升公司內部連結性，我對高盛未來的發展軌跡非常有信心。我們具備極佳的定位以服務客戶並為股東創造價值。

With that, I'll turn it over to Denis to walk through our financial results in more detail.

接下來，我把時間交給Denis，請他更詳細說明我們的財務結果。

Thank you, David. Good morning, everyone. Let's start with our results on page 1 of the presentation. In the second quarter, we generated our highest net revenues of $20.3 billion as well as our highest earnings per share of $20.98, which drove a quarterly ROE of 23.5% and ROTE of 25.5%.

謝謝你，David。各位早安。我們先從簡報第1頁的業績開始。第二季，我們創下最高淨營收203億美元，以及最高每股盈餘20.98美元，帶動季度股東權益報酬率（ROE）為23.5%，有形股東權益報酬率（ROTE）為25.5%。

Turning to segment performance, starting on page 3. Global Banking and Markets revenues were a record $15.5 billion in the second quarter, contributing to a segment ROE of 25% for the first half of the year.

接著看分部表現，從第3頁開始。全球銀行與市場（Global Banking and Markets）第二季營收創紀錄達155億美元，使該分部上半年ROE達25%。

Moving to page 4. Advisory revenues of $1.4 billion rose 17% year over year primarily driven by higher completed volumes. For the year to date, we extended our number one league table position for announced and completed M&A volumes. Through the first half of the year, we advised on $1.2 trillion in announced deal volumes with a lead of approximately $425 billion ahead of our closest peer.

翻到第4頁。顧問業務營收14億美元，年增17%，主要由已完成交易量增加所帶動。年初至今，我們在已宣布與已完成的併購（M&A）交易量排行榜上持續維持第一名。截至上半年，我們就已宣布交易量12兆美元提供顧問服務，較最接近的同業領先約4,250億美元。

In equity underwriting, revenues were $985 million, up 130% year over year, supported by robust deal volumes across a broad range of transactions, including the marquee mandates for Alphabet and SpaceX, helping to drive our number one league table position through the first half of the year.

在股票承銷方面，營收為9.85億美元，年增130%，受惠於涵蓋多元交易類型的強勁交易量，包括Alphabet與SpaceX等旗艦委任案，並協助我們在上半年維持排行榜第一名。

And debt underwriting revenues were $1 billion, up 75% year over year, representing our best quarter on record, driven by stronger performance in leveraged finance and asset-backed activity. Year-to-date, we ranked first in leverage lending and second in high-yield debt underwriting.

而債券承銷營收為10億美元，年增75%，創下我們歷來最佳季度，主要由槓桿融資與資產擔保相關業務表現更強所帶動。年初至今，我們在槓桿貸款排名第一，在高收益債承銷排名第二。

As David noted, our investment banking backlog increased to its highest level in five years, even with the very strong revenue production this quarter. We remain optimistic on the investment banking outlook as strategic dialogue remains robust. While sponsor volumes are still subdued versus historical averages, this represents a meaningful source of potential upside as activity picks up.

如David所提到，即使本季營收產出非常強勁，我們的投資銀行業務待辦量仍增至五年來最高水準。由於策略性對話依然熱絡，我們對投資銀行業務前景仍持樂觀態度。雖然贊助商（Sponsor）交易量相較歷史平均仍偏低，但隨著活動回升，這將是具意義的潛在上行來源。

FICC net revenues were $4.6 billion, up 32% from the prior year. Intermediation revenues were up 39% on stronger performance across interest rate products, commodities and mortgages. Financing revenues increased 14% to a new record and included strong performance in mortgages and structured lending. Equities net revenues were a record $7.4 billion for the second quarter. Record equities intermediation revenues of $4.2 billion increased 60% year over year, reflecting stronger activity across derivatives and cash products.

固定收益、貨幣與商品（FICC）淨營收為46億美元，較去年增加32%。中介業務營收在利率產品、大宗商品與房貸相關產品表現更強的帶動下，上升39%。融資營收增加14%並創新高，其中包含房貸與結構性放款的強勁表現。股票業務淨營收第二季創紀錄達74億美元。股票中介業務營收創紀錄達42億美元，年增60%，反映衍生性商品與現貨產品活動更為活躍。

Equity financing was also a record, up 91% year-over-year, driven by continued strength in Asia and another record for average prime balances. Across FICC and equities, financing revenues of $4.5 billion rose 62% versus the prior year and comprised 37% of total FICC and equity revenues.

股票融資亦創紀錄，年增91%，主要由亞洲持續強勁表現以及平均主經紀（Prime）餘額再創新高所帶動。在FICC與股票業務合計下，融資營收45億美元，較去年增加62%，占FICC與股票總營收的37%。

Let's turn to page 5. Asset and Wealth Management revenues were up 20% year-over-year to $4.6 billion. Year-to-date pretax margin was 24%, and the ROE was 13.5%. Management and other fees were up 20% year over year to a record $3.4 billion, primarily on higher average assets under supervision. Incentive fees were $112 million.

我們看第5頁。資產與財富管理營收年增20%至46億美元。年初至今稅前利潤率為24%，ROE為13.5%。管理費及其他費用年增20%至創紀錄的34億美元，主要因受託管理資產平均規模上升。績效費為1.12億美元。

We expect these fees to increase materially for the remainder of the year. Private banking and lending revenues were $689 million, and we continue to see strong loan growth, with balances rising to $48 billion. Investment revenues of $441 million were up significantly year-over-year from substantially higher net gains on investments in private equity.

我們預期這些費用在今年剩餘期間將顯著增加。私人銀行與放款營收為6.89億美元，我們持續看到強勁的放款成長，餘額上升至480億美元。投資營收為4.41億美元，因私募股權投資的淨收益大幅提高，較去年顯著成長。

Now moving to page 6. Total assets under supervision ended the quarter at a record $4 trillion, supported by $91 billion of long-term net inflows across asset classes, particularly in equity assets. This marks our 34th consecutive quarter of long-term fee-based net inflows.

接著看第6頁。季度末受託管理資產總額（AUS）創紀錄達4兆美元，受惠於各資產類別合計910億美元的長期淨流入，尤其是股票資產。這是我們連續第34個季度出現長期、以費用為基礎的淨流入。

Turning to page 7 on alternatives. Alternative AUS totaled $459 billion at the end of the second quarter, driving $725 million in management and other fees. Gross third-party alternatives fundraising was a record $59 billion for the quarter and $85 billion for the first half of the year. Given the strength we've seen year-to-date, we now expect full year fundraising to exceed $125 billion.

翻到第7頁的另類投資。第二季末另類投資AUS合計4,590億美元，帶動管理費及其他費用7.25億美元。本季第三方另類投資募資總額創紀錄達590億美元，上半年為850億美元。鑑於年初至今的強勁表現，我們目前預期全年募資將超過1,250億美元。

On page 8, Platform Solutions revenues were $221 million in the quarter. We expect quarterly revenues for the remainder of the year to be broadly consistent with the second quarter.

第8頁顯示，平台解決方案（Platform Solutions）本季營收為2.21億美元。我們預期今年剩餘期間的季度營收將大致與第二季相當。

On page 9, firm-wide net interest income was $4 billion in the second quarter. Our total loan portfolio increased 3% sequentially to $261 billion, primarily reflecting growth in other collateralized and residential real estate loans. Our provision for credit losses of $102 million primarily reflected impairments related to wholesale loans.

第9頁顯示，全公司淨利息收入第二季為40億美元。我們的總放款組合較前一季增加3%至2,610億美元，主要反映其他擔保放款與住宅不動產放款的成長。我們的信用損失準備金為1.02億美元，主要反映與批發放款相關的減損。

Turning to expenses on page 10. Total operating expenses were $11.7 billion for the quarter and $22.1 billion for the year to date. Through the first half of the year, we generated material operating leverage with an efficiency ratio of 58.8%, improving 320 basis points from the prior year period, helped by a decline in our compensation ratio net of provisions to 31%.

接著看第 10 頁的費用。本季總營運費用為 117 億美元，年初至今為 221 億美元。今年上半年，我們以 58.8% 的效率比率產生了顯著的營運槓桿，較去年同期改善 320 個基點，主要受惠於扣除提存後的薪酬比率下降至 31%。

Quarterly non-compensation expenses increased from the prior year to $5.6 billion with the increase driven by transaction-based expenses tied to robust activity levels, particularly in equities. Even in a stronger revenue backdrop, we remain focused on disciplined expense management and driving efficiencies over time. Our effective tax rate for the year to date was 18.5%. For the full year, we continue to expect an effective tax rate of approximately 20%.

本季非薪酬費用較去年同期增加至 56 億美元，增幅主要來自與強勁活動水準相關的交易型費用，尤其是在股票業務。即使在營收背景更強勁的情況下，我們仍專注於嚴謹的費用管理，並隨時間推進效率提升。年初至今的有效稅率為 18.5%。就全年而言，我們仍預期有效稅率約為 20%。

Now on to slide 11. Common equity Tier 1 ratio was 12.9% at the end of the second quarter under the standardized approach, 150 basis points above our current capital requirement of 11.4%. We were pleased with our results in the recent CCAR test, which demonstrated the strength of our balance sheet under a severely adverse economic scenario.

接著看第 11 張投影片。在標準法下，截至第二季末普通股權益第一類資本比率（CET1）為 12.9%，較我們目前 11.4% 的資本要求高出 150 個基點。我們對近期 CCAR 測試結果感到滿意，該結果在嚴重不利的經濟情境下展現了我們資產負債表的韌性。

Our stress capital buffer of 3.4% remains unchanged and is effective through September 2027. We are encouraged by the direction of the proposed changes to the regulatory framework, including continued efforts to enhance transparency, and improve stress test calibration, and we look forward to swift progress towards Basel III finalization.

我們的壓力資本緩衝（SCB）3.4% 維持不變，並將有效至 2027 年 9 月。我們對監理框架擬議變更的方向感到鼓舞，包括持續提升透明度、改善壓力測試校準，並期待巴塞爾協定 III 最終定案能迅速推進。

A more balanced and risk-sensitive regulatory approach will be supportive of bank lending and capital formation and ultimately constructive for the broader economy. Our capital management priorities remain unchanged, starting with investing in our business at attractive returns, sustainably grow our dividend and return excess capital to shareholders through buybacks.

更為平衡且風險敏感的監理方式將有助於銀行放款與資本形成，並最終對整體經濟帶來正面效益。我們的資本管理優先事項維持不變：首先以具吸引力的報酬投資於業務、以可持續方式成長股利，並透過庫藏股回購將多餘資本回饋股東。

Our capital actions this quarter reflect our continued disciplined approach across each of these priorities to support clients and also enhance shareholder value. We recently announced an increase to our quarterly common stock dividend to $5 per share, and we repurchased $4 billion of our common stock this past quarter.

本季的資本行動反映我們在上述各項優先事項上持續採取嚴謹作法，以支持客戶並提升股東價值。我們近期宣布將季度普通股股利提高至每股 5 美元，且在本季回購了 40 億美元的普通股。

In conclusion, our record results reflect the strength, scale and diversification of our world-class interconnected client franchises. As we look ahead, the opportunity set remains compelling across the firm, supported by sustained client engagement and a backdrop of elevated capital formation and deal-making activity.

總結而言，我們創紀錄的業績反映出我們世界級、彼此互聯的客戶特許經營體系之實力、規模與多元化。展望未來，在客戶持續高度參與，以及資本形成與交易活動維持高檔的背景支持下，全公司各領域的機會仍相當具吸引力。

Importantly, the progress we have made on our strategic priorities has strengthened our platform, enhanced our risk management capabilities and improved our ability to capture this opportunity. With a strong operating environment driving a robust flywheel of activity across our franchise, we're confident in our ability to continue to deliver for clients and generate more durable returns for shareholders.

重要的是，我們在策略優先事項上的進展強化了平台、提升了風險管理能力，並改善了我們把握這些機會的能力。在強勁的營運環境推動下，我們的特許經營體系各項活動形成強健的飛輪效應；我們對持續為客戶交付成果並為股東創造更具持久性的報酬充滿信心。

With that, we'll open it up for questions.

接下來我們開放提問。

(Operator Instructions) Glenn Schorr, Evercore.

(接線員指示) Evercore 的 Glenn Schorr。

All right. So many good things in there. I'm going to try to pick on one here in equities. So I know it's hard to comment on sustainability. The environment is good. A lot went right this quarter. So maybe we could talk about wallet share gains and any concentration we should think about? Because I saw overall market volumes up 9%, but margin was up 50%, and your revenue was up like 86% or whatever, yet somehow arguably, it's down. So those are all great trends, but maybe you could talk about wallet share gains and what you're seeing in that backdrop?

好的。裡面有很多好消息。我想挑一個來談談股票業務。我知道要評論可持續性很難。環境不錯。本季很多事情都進展順利。所以也許我們可以談談錢包份額（wallet share）的提升，以及是否有任何我們需要留意的集中度？因為我看到整體市場成交量成長 9%，但保證金（margin）成長 50%，而你們的營收成長大概 86% 或類似幅度，但不知怎麼地，似乎又是下降的。這些都是很好的趨勢，但也許你可以談談錢包份額的提升，以及在這樣的背景下你們看到什麼？

Sure, Glenn. Thank you for the question. I appreciate that. Obviously, the performance of our equities business in the last quarter is the result of a number of multiyear investments. So we obviously identified a long time ago, particularly on the equity financing piece of the equation, a commitment to grow that as a component of our GBM public business, and we've been putting in place the talent, the risk management capabilities and making multiple years of technological investments to underpin our capabilities, particularly in international jurisdictions, such as Asia.

當然，Glenn。謝謝你的提問。我很感謝。顯然，我們股票業務在上一季的表現，是多年投資累積的結果。因此我們很早就已經辨識到，特別是在股權融資這一環，承諾將其作為我們 GBM 公開市場業務的一部分來擴大成長；我們也持續配置人才、建立風險管理能力，並進行多年科技投資以支撐我們的能力，尤其是在亞洲等國際司法管轄區。

We, on the heels of some of the regulatory capital relief that we received at the turn of the year, identified the people that we were going to deploy more by way of financial resources and try and capture what we viewed as a competitive shortcoming in Asia, where we wanted to, in particular, improve our market share and capture more share in that part of the world, but it required the investment across the board in terms of people and technology and resources.

在年初我們獲得部分監理資本紓困之後，我們便確定要投入的人員，並以更多財務資源加以部署，試圖彌補我們認為在亞洲的競爭短板；我們希望特別提升在該區的市占率並取得更多份額，但這需要在人員、科技與資源等各方面全面投資。

We've made those investments. We've sustained our commitment to those activities. And over the balance of the first half of this year, we've had a very favorable operating environment that's enabled us to capture that.

我們已完成這些投資。我們也持續維持對這些活動的承諾。而在今年上半年剩餘期間，我們遇到非常有利的營運環境，使我們得以把握並取得成果。

So we remain very focused around the world for the equities business, frankly, for all of our activities across the firm, trying to identify pockets where we have bigger opportunities to grow our share with clients, improve our performance, and we'll try to strategically invest in and feed those areas so we can improve our overall leadership positions.

因此，我們在全球範圍內對股票業務保持高度聚焦；坦白說，對全公司所有活動亦然——我們努力辨識哪些領域有更大的機會提升客戶份額、改善表現，並會策略性地投入與灌溉這些領域，以提升我們整體的領導地位。

Could -- instead of a different follow-up. Can I just drill down on that and ask, can you talk a little bit about the client composition parts? And I asked because parts of the business have had burst of growth across Asia and then things cool down. And so maybe you could talk about what kind of clients we're talking about? And then if we should be thinking about any concentration risk because at times, there's a handful of big clients that drive that. So I appreciate all that color.

我可以——改成另一個追問。我想更深入問一下：你能否談談客戶組成的部分？我之所以問，是因為業務的某些部分在亞洲曾出現一波成長，之後又會降溫。所以也許你可以談談我們指的是哪些類型的客戶？以及我們是否需要考慮任何集中度風險，因為有時候確實是少數幾個大客戶在驅動。謝謝你提供這些說明。

Sure. Thank you. I appreciate that. So the business has different characteristics globally and has different client subcomponents. There are many types of clients that sit within the equities franchise. You can, among other forms of characterization, include long and short investors, more plan-oriented investors and their performance and their consequence to the overall wallet and activity changes over time.

當然。謝謝。我很感謝。因此，這項業務在全球各地具有不同特性，也有不同的客戶子組成。股票特許經營體系中包含許多類型的客戶。例如，在多種分類方式之下，可以包含做多與做空的投資人、較偏向計畫型的投資人；而他們的表現及其對整體錢包份額與活動量的影響，會隨時間而變化。

We have been undertaking an effort to expand our overall share across the client base deploying, as I said, the human capital technology and financial resources to do that and being thoughtful about the overall portfolio composition as we grow. And we make choices across a number of different areas where we allocate resources to try and optimize portfolio concentration.

我們一直在推動擴大整體客戶基礎份額的工作，如我所說，透過部署人力資本、科技與財務資源來達成，同時在成長過程中審慎考量整體投資組合的構成。我們會在多個領域做出取捨，決定資源配置方向，以期最佳化投資組合的集中度。

We have very big clients in a lot of our businesses, and they are very influential. But this is a highly diversified suite of clients across the world. We are intermediating equity, asset flows and cash derivative format, financing format or a multitude of clients all over the world.

我們在許多業務中都有非常大的客戶，他們的影響力也很大。但我們的客戶組合在全球範圍內高度多元分散。我們在全球各地為眾多客戶提供股票中介服務，涵蓋資產流、現金與衍生性商品形式、融資形式等多種需求。

Yes. I think -- I just think, the only thing I'd add, Glenn, that I just think is an important thing to recognize, we really have global scale advantages and that we really have scale in leadership positions across every region of the world in this context. And I think we're in an environment where that's really providing a benefit. The real strength of our global footprint and our ability to really connect our activities globally and manage our activities globally is an advantage that we're feeling more directly at this moment.

是的。我想——我唯一想補充的是，Glenn，我認為有一點很重要：我們確實具備全球規模優勢，並且在這個脈絡下於全球各區域都擁有具規模的領導地位。我認為在目前的環境中，這正帶來實質效益。我們全球版圖的真正強項，以及將活動在全球範圍內連結並加以管理的能力，是我們此刻更直接感受到的優勢。

Ebrahim Poonawala, Bank of America.

Ebrahim Poonawala，美國銀行。

I guess maybe just sticking with that, David, around the global strength. Just if you take a step back, talk to us in terms of this capital allocation when you're looking through the businesses and through markets, like what are the best opportunities? Yes, it's competitive.

我想也許就沿著這點，David，談談全球實力這一塊。如果你退一步看，從資本配置的角度，當你檢視各項業務與各個市場時，哪些是最好的機會？是的，競爭很激烈。

But in terms of how you're thinking about capital allocation across your markets business in Asia versus Europe versus the United States, market financing versus all the CapEx, AI activity that's going on. And then how you think about all of that relative to the buybacks that we did this quarter?

但就你如何思考在亞洲、歐洲與美國之間的市場業務資本配置而言，市場融資相對於所有資本支出（CapEx）、正在進行的 AI 活動等。然後你如何看待這一切，相對於我們本季做的庫藏股回購？

Yes. I mean I'm happy to comment on it, Ebrahim, but I'd start by pointing you back to what Denis said and articulated, I think, very clearly in his prepared remarks. It is always our desire. We think about our client franchise. It is always our desire to take our capital and allocate it towards supporting our clients and their activities when we can do so in a way that produces benefit for our clients and accretive returns for our shareholders. That would always be our preference.

好的。我的意思是，我很樂意評論，Ebrahim，但我會先請你回到 Denis 所說並在他事先準備的發言中我認為非常清楚闡述的內容。這一直是我們的期望。我們會從客戶特許經營（client franchise）的角度來思考。我們一直希望把資本配置到支持客戶及其活動上，只要我們能以對客戶有利、且能為股東帶來增值回報（accretive returns）的方式來做。這永遠會是我們的優先選擇。

In fact, if we could do that and have no excess capital, we would, obviously, with a buffer, but no FX capital for buybacks if it's generating accretive returns. First and foremost, we'd like to get the capital into the business to support our client franchise.

事實上，如果我們能做到這點並且沒有多餘資本，我們就會這麼做；當然會保留緩衝，但如果資本用於回購只是因為它能帶來增值回報，而我們卻有多餘資本，那我們寧可沒有這部分用於回購的多餘資本。首要之務，我們希望把資本投入業務，以支持我們的客戶特許經營。

We also generate a lot of capital. And so we are extremely disciplined about looking for places where we can invest in the client franchise. I think Denis highlighted one where over the last 6 to 12 months, we saw a real opportunity, and that was around our business in Asia and Asian equities, and we benefited from that.

我們也會產生大量資本。因此，我們在尋找可投資於客戶特許經營的領域時非常自律。我想 Denis 提到了一個例子：在過去 6 到 12 個月，我們看到一個真正的機會，也就是我們在亞洲以及亞洲股票業務方面的布局，而我們也從中受益。

But if we don't see opportunities or we're generating capital and we don't see opportunities to deploy it, we're going to nimbly get it back to shareholders as quickly as possible. And I think we've been quite disciplined about that.

但如果我們看不到機會，或者我們在產生資本卻看不到可部署的機會，我們就會靈活地、盡可能快速地把資本回饋給股東。我認為我們在這方面一直相當自律。

And so this was a quarter given the performance where we actually created more cushion and more buffer, we deliver a bunch of capital back to shareholders. But you also saw, we deployed more into client resources at accretive returns. And so we always start where the opportunities, we're always looking broadly. We have good disciplined processes, nimble processes to look at that change directions quickly. And if we don't see ways to deploy it, we're going to consistently work to get it back to you.

因此，本季在這樣的表現之下，我們實際上建立了更多的安全墊與緩衝，同時也把相當多的資本回饋給股東。但你也看到，我們以具增值性的回報把更多資源部署到客戶相關的投入上。所以我們總是從機會出發，並且廣泛地尋找。我們有良好且自律的流程，也有靈活的流程，能夠快速調整方向。如果我們看不到部署資本的方法，我們就會持續努力把資本回饋給你們。

Got it. Very clear. And I guess, I just wanted to focus on the durability benefit, so there's durability for your shareholder returns. But then talk to us about the durability of the AI CapEx cycle. I'm sure you spend a lot of time thinking through that. I think, David, you were quoted in the press during the quarter about there's more who believe than fear in the market.

了解。非常清楚。我想我只是想聚焦在「耐久性」的好處，也就是你們股東回報的耐久性。但也請談談 AI 資本支出（CapEx）週期的耐久性。我相信你們花了很多時間思考這件事。我記得本季媒體引用 David 你的話，說市場上「相信的人比害怕的人多」。

So as investors think about the risk of maybe an investment bubble around AI, you all have used AI at Goldman Sachs, you have your own experiences. When you look at that, when you look at kind of what the investment outlay is for the next few years, just maybe give us a sense of comfort that you have around how durable the cycle could be when we think about the financing business and what that means for Goldman and Goldman's earnings outlook?

所以當投資人思考 AI 可能出現投資泡沫的風險時，你們在高盛也使用 AI，你們有自己的經驗。當你們看這件事、看未來幾年的投資支出規模時，能否請你們談談你們對這個週期可能有多耐久的信心？以及當我們思考融資業務時，這對高盛以及高盛獲利展望意味著什麼？

Sure. I think we've tried to -- in a balanced way, if you listen to the prepared remarks, we've talked about the fact that the environment at the moment remains extremely active with our clients. And our expectation, Ebrahim, is certainly that's going to continue. All the indicators we have is that we are in the relative early innings of a very, very significant when you're talking about the AI build-out cycle of an AI build-out cycle.

當然。我想我們一直嘗試以平衡的方式來談；如果你聽我們事先準備的發言，我們提到目前環境在客戶端仍然非常活躍。而我們的預期是，Ebrahim，這種情況肯定會延續。我們掌握的所有指標都顯示，若談到 AI 建置（build-out）週期，我們仍處於一個非常、非常重大的 AI 建置週期的相對早期階段。

Now we all know because we've all been around for a long time that these things don't go in a straight line and they can ebb and flow. And I'm not smart enough to tell you whether or not there could be recalibrations in the short term, sometime in the next 6 months, the next 18 months.

現在我們都知道，因為我們都在這個產業很久了，這些事情不會是一條直線，會有起伏。而我也沒有聰明到能告訴你，短期內是否可能需要重新校準——可能在接下來 6 個月、或接下來 18 個月的某個時點。

But I will tell you that when you look over a three-year period or a five-year period, we're investing in long-term growth to support this, and we're going to continue to be very consistent about that. We see lots of opportunities to deploy capital to our clients to finance this infrastructure build-out. We're very disciplined about the returns we expect for deploying that capital. It feels like that will continue.

但我可以告訴你的是，當你以三年或五年的期間來看，我們正在投資長期成長以支持這個趨勢，而且我們會持續非常一致地這麼做。我們看到很多機會，可以向客戶部署資本，為這些基礎設施建置提供融資。我們對於部署這些資本所期望的回報非常自律。感覺這樣的情況會持續下去。

But I know that it won't be a straight line and there will be bumps and there'll be recalibrations because there's a lot of uncertainty around how not only is the infrastructure going to be built, but once the infrastructure is built, how enterprises will buy that infrastructure, how it will be priced, how greater efficiencies will come from chips and in the pricing ultimately of the technology. There's a lot of talk about token spend and the cost of the technology.

但我知道這不會是一條直線，會有波動，也會有重新校準，因為對於不僅是基礎設施將如何建置，而且在基礎設施建好之後，企業將如何購買這些基礎設施、如何定價、以及晶片與最終技術定價如何帶來更高效率，仍存在很多不確定性。市場也有很多討論，例如 token 支出以及技術成本。

And so I think we're early in the cycle to build out, but it won't be without bumps and recalibrations as people can understand just what the ultimate demand is for this technology and enterprises. And so we're excited about it. We see lots of opportunities, and those opportunities are very correlated to Goldman Sachs.

因此我認為我們仍處於建置週期的早期，但在大家逐步理解這項技術的最終需求以及企業端需求時，過程不會沒有波動與重新校準。所以我們對此感到興奮。我們看到很多機會，而這些機會與高盛的相關性非常高。

That cycle is contributing to our earnings momentum, but also just highlight the breadth, depth and diversity of the firm, its franchise, the scale of our management fees across the firm of our more durable revenues, those are all things we've been investing in over the seven or eight years that have made the firm broadly much more diverse.

這個週期正在推動我們的獲利動能；但也要強調公司的廣度、深度與多元性——我們的特許經營、我們在全公司範圍內管理費規模所帶來的較具耐久性的收入——這些都是我們在過去七、八年持續投資的方向，使公司整體變得更加多元。

And this management team is not focused so much on next quarter, we're focused on how we're going to grow earnings from here over the next three to five years, and we have a high level of confidence that we can deliver on that.

而這個管理團隊並不那麼聚焦於下一季；我們聚焦的是未來三到五年要如何從現在開始成長獲利，而且我們對能夠達成這一點有很高的信心。

Erika Najarian, UBS.

Erika Najarian，瑞銀。

I wanted to just unpack the equities number more. It was such a big number. I think there was a collective like chuckle across the street given the outperformance here. So two-part question. Number one, how much is the Asia hyperscale trade driving the equities revenues at Goldman? And does the sort of recent correction, is that any cause for concern?

我想再更深入拆解一下股票（equities）的數字。那是一個非常大的數字。我想鑑於你們在這裡的超額表現，市場上大家都有點會心一笑。所以是兩個部分的問題。第一，亞洲 hyperscale 交易在多大程度上推動了高盛的股票業務收入？以及近期的修正，是否值得擔心？

And secondarily, you've also heard it given the balance sheet demand in Asia that prime capacity has been more limited. And I'm wondering, given your financing number sort of how that played out for Goldman Sachs and whether or not sort of in prime, you're starting to see a little bit of pricing power given the global demand for balance sheet?

第二，你們也聽到，鑑於亞洲對資產負債表的需求，主經紀（prime）承載能力（capacity）變得更有限。我想問的是，考量你們的融資數字，這在高盛是如何反映的？以及在主經紀業務上，鑑於全球對資產負債表的需求，你們是否開始看到一些定價能力（pricing power）？

Sure. Erika, thank you. So the activity for our equities business has been very broad-based. It's across intermediation and financing. In intermediation, it's across cash activities and derivative activities.

當然。Erika，謝謝。我們股票業務的活動非常廣泛、是多面向的。涵蓋中介（intermediation）與融資（financing）。在中介業務方面，涵蓋現貨（cash）活動與衍生品（derivative）活動。

And there's a dynamic in the marketplace right now that where we're seeing single name equity dispersion relative to index, and we're seeing that dispersion relative to index while the market is going up. And that sort of concoction is very supportive for the activity that clients are undertaking to manage their own portfolios and their own returns, and it is causing them to come to us to assist them in managing that dynamic.

而且目前市場上存在一種動態：我們看到單一股票相對於指數的離散度（dispersion）在上升，而且是在市場上漲的同時出現這種相對於指數的離散度。而這種「組合」非常有利於客戶為了管理自身投資組合與自身報酬所進行的活動，也促使他們來找我們協助他們管理這種動態。

On the prime side of the equation, it is always the case that we try to grow that in a strategic, disciplined fashion and think about where the best opportunities are to support our most important clients and also grow our franchise. We identified Asia. We identified it a while ago. We made the decision to start ramping that up in the first quarter, gave rise to questions as to, could we sustain that investment?

就主經紀（Prime）這一端而言，我們一向都會以策略性、紀律性的方式來推動成長，並思考在哪些地方有最佳機會，既能支持我們最重要的客戶，也能擴大我們的特許經營版圖。我們鎖定了亞洲。我們在一段時間之前就已經鎖定。我們決定在第一季開始加速投入，因此也引發了外界的疑問：我們是否能夠持續這項投資？

You obviously see we're at the end of the second quarter, and we have revenues that are resulting from those investments that we made, and we're entering the second half with a capital cushion that's even larger. So we feel like we're on plan to support clients and help them take advantage of that.

你們顯然也看到我們現在已經來到第二季末，而我們已經開始出現來自先前投資所帶來的營收，同時我們進入下半年時的資本緩衝也更大。因此我們覺得我們正按計畫推進，能夠支持客戶並協助他們把握這些機會。

We do see opportunities for pricing leverage. There are some participants in the market that are also, I'll say, being more disciplined, and there's a lot of desire from our clients to engage. So we're going to remain selective and careful about how we grow the business, but there's a big demand from clients. There's a secular growth opportunity that given the multiyear set of investments we've made, it's something that we can capture.

我們確實看到定價槓桿的機會。市場上也有一些參與者，我會說，變得更有紀律，而我們的客戶也非常希望參與。所以我們會在擴張業務時保持選擇性並且謹慎，但客戶端的需求很大。鑑於我們多年來的一系列投資，這是一個結構性（長期）成長機會，我們有能力把它抓住。

Christian Bolu, Autonomous Research.

Christian Bolu，Autonomous Research。

Just on capital ratios, and it probably ties into the financing question earlier on. I hear you on the CET1 rising, but SLR did fall 40 bps at 4.3%. So clearly, there's a lot of growth in sort of low RWA leverage-intensive financing like Prime. Your SLR ratio is now the lowest among peers. So how much does SLR govern constraints on growing the financing business? And then maybe give us a sense of how low you're willing to run that ratio.

就資本比率而言，這可能也和先前的融資問題有關。我聽到你提到CET1上升，但SLR確實下降了40個基點至4.3%。所以很明顯，在像Prime這類低RWA、但槓桿占用高的融資業務上，成長相當多。你們的SLR現在是同業中最低。那麼SLR在多大程度上會成為你們擴大融資業務的限制？另外也請你們談談，你們願意把這個比率運行到多低。

So as you've heard us say multiple times before, we have a number of different often oscillating binding constraints as a firm. We manage to all of them. We're managing the CET1. We're managing the SLR. You're right that we have facilitated some balance sheet expansion to facilitate client activity.

如同你們之前多次聽我們說過，作為一家企業，我們有多項不同、而且常常會交替成為「約束性」的限制。我們會同時管理所有這些限制。我們在管理CET1。我們也在管理SLR。你說得對，我們確實為了促進客戶活動而推動了一些資產負債表的擴張。

Ultimately, there will be a limit to our appetite to expand that. And I think as we've proven over time, we have the word David use is nimble, which I think is appropriate. We will look at the opportunity set that our clients are presenting to us and then make choices about the relative resource allocation to try to continue to drive sustained franchise and performance for the firm. But we'll look at all of those various constraints on a very dynamic basis.

最終，我們對於擴張的意願會有一個上限。而且我想，正如我們長期以來所證明的，David用的那個詞是「靈活（nimble）」，我認為很貼切。我們會看客戶向我們提出的機會集合，然後就相對資源配置做出選擇，以持續推動公司特許經營與績效的長期表現。但我們會以非常動態的方式來檢視所有這些不同的限制。

Okay. On expenses, pretty impressive. Your, I think, efficiency ratio for the first half was under your 60% target. And I think you're still investing in kind of cloud and AI on the GS 3.0 -- OneGS 3.0. So just curious about kind of how much of the expense or efficiency gains you've had so far is a function of just the strength in the markets business versus kind of what you've already taken out from a structural cost perspective.

好的。關於費用，表現相當亮眼。我想你們上半年效率比率低於你們60%的目標。而且我認為你們仍在GS 3.0——OneGS 3.0之下持續投資雲端與AI。所以我想了解一下：到目前為止，你們在費用或效率上的改善，有多少是來自市場業務的強勁表現，與有多少是來自你們在結構性成本面已經削減的成果？

Sure. I appreciate that question, and we'll continue to have this discussion over the ensuing number of quarters. So obviously, we've just developed a tremendous amount of operating leverage given the performance of the firm. We've been able to grow our revs at about 40%, PCL is slightly higher. And comp expense is only growing at 30% and non-comp at 22%. So there's been disciplined growth on the expense side relative to top line.

當然。我很感謝這個問題，我們也會在接下來幾個季度持續討論。很明顯地，隨著公司表現，我們形成了非常可觀的營運槓桿。我們的營收大約成長40%，PCL略高一些。而薪酬費用只成長30%，非薪酬費用成長22%。因此，相對於營收端，我們在費用端的成長是有紀律的。

We expect that we will have the capacity to continue to invest and fuel productivity opportunities that arise from AI and from general firm process rewiring. I think one of the greatest benefits from our launching our 3.0 initiative is that we have galvanized the entire firm to understand that making efforts to scale our company and build more resilient, more automated platforms that can help us capture the significant growth in client activity that we've seen, that has been an enormous benefit.

我們預期我們將有能力持續投資，並為AI以及公司整體流程重塑所帶來的生產力機會提供動能。我認為我們啟動3.0計畫最大的好處之一，是它凝聚了全公司，讓大家理解：我們必須努力擴大公司規模，打造更具韌性、更自動化的平台，才能協助我們承接我們所看到的客戶活動的顯著成長；這帶來了巨大的效益。

So we're developing marginal levels of revenue production and not -- sort of not growing our human capital footprint quite the same way, but recognizing instead that we need to have sort of the quality of capabilities and technology to scale. And that's been a learning that I think is one of the big pieces of the driver to our efficiency ratio. I would not say that there's been any structural change in our expense base at this point.

因此，我們在提升邊際營收產出，但——可以說——並沒有以同樣的方式擴張人力資本規模；相反地，我們認知到需要具備能夠擴展的能力品質與技術。而我認為這個學習，是推動我們效率比率的重要因素之一。我不會說我們目前在費用基礎上已經出現任何結構性的改變。

Mike Mayo, Wells Fargo Securities.

Mike Mayo，Wells Fargo Securities。

One simple question. I guess you said your merger lead advising and announced deals is 50% higher than the next largest and that you have record advisory backlog. So what is the multiplier effect? For every dollar of merger fee that you generate, how much more do you get in all those other activities from financing and risk management and execution and all those other things that you say, what's the multiplier effect? Is it like 10% elsewhere, 20%, 50%?

一個簡單的問題。我想你提到你們在併購主承銷顧問（lead advising）與已宣布交易上的規模比第二大高出50%，而且你們的顧問業務待執行量（backlog）創下新高。那麼乘數效應是什麼？你們每創造1美元的併購費用，在融資、風險管理、執行以及你們提到的其他所有活動上，還能額外帶來多少？也就是乘數效應是多少？是其他地方多10%、20%、50%這樣嗎？

So I appreciate the question, Mike, and it's something we think a lot about. I'm not going to give you a specific percentage. And to be honest, I don't know if I could give you an exact percentage that I could underwrite on a public call.

Mike，我很感謝這個問題，這也是我們經常思考的事情。我不會給你一個具體百分比。坦白說，我也不確定我是否能在公開電話會議上給出一個我能背書的精確百分比。

But let me try to give you a framework for how to think about it because I do think this is one of the most powerful things about our franchise. And it starts with the fact that the adviser relationships, the position of the advisory franchise is really rooted in an extraordinary number of senior people that have deep, deep, trusted relationships with CEOs and Boards across the corporate infrastructure.

但我試著提供一個思考框架，因為我確實認為這是我們特許經營最有力的特點之一。首先，顧問關係、顧問業務的地位，真正根植於大量資深人士；他們與企業體系中的CEO與董事會建立了非常深厚、非常值得信賴的關係。

And when you get an environment like this where there's a lot of strategic activity, you obviously get benefit in the advisory line, and you see our market share performance in the advisory line. But you get it, it's going through and so many other things because that advice and that trust leads them when they think about financing, they think about hedging, they think about how it all integrates.

當你遇到像現在這樣策略活動非常活躍的環境時，你當然會在顧問業務線上受益，也會看到我們在顧問業務線上的市占表現。但這種效益也會延伸到許多其他領域，因為這些建議與信任會讓他們在思考融資時想到我們、在思考避險時想到我們、在思考如何把所有事情整合起來時也想到我們。

We're finding ourselves in these discussions earlier and alone and without other banks, and that allows us to command more of the wallet structurally. I think it also spills over given our OneGS approach into Asset and Wealth Management, and we get it by giving the management and our clients in asset management the opportunity to invest in a lot of this stuff, and we get earlier looks. And then in addition, as people trust the firm, they more and more want to leave their wealth to the firm. And there's a lot of wealth being created.

我們發現自己更早就參與這些討論，而且往往是單獨參與、沒有其他銀行在場，這使我們能在結構上取得更高的錢包份額（wallet share）。我也認為，透過我們的OneGS方法，這會外溢到資產與財富管理；我們讓資產管理的管理團隊與客戶有機會投資於許多這類標的，因此我們能更早看到機會。此外，隨著人們對公司的信任加深，他們也越來越希望把自己的財富交由公司管理。而且正在創造大量財富。

So the multiplier effect is across the firm, it's significant, and it's a very, very virtuous flywheel. When we stepped back as a leadership team and we look strategically at some of the things we've been focused on for a number of years and we continue to focus on, the amplification of this coordination over the firm, taking these trusted relationships and really levering different ways we can serve these clients, kind of core to what we're doing, it's something I think we're getting right.

因此，乘數效應遍及全公司，幅度相當顯著，而且是一個非常、非常良性的飛輪。當我們作為領導團隊退一步，從策略角度檢視我們多年來一直專注、且仍將持續專注的一些事情時，我們看到：強化公司內部的協同，把這些被信任的關係加以槓桿化，並以不同方式服務這些客戶，是我們工作的核心；我認為我們在這方面做對了。

And so it's leading to benefits. That flywheel is powerful. I can't give you a percentage, but it's a meaningful part of the integrated performance of the firm and our OneGS operating ethos.

因此這正在帶來效益。那個飛輪效應很強大。我無法給你一個百分比，但它是本公司整體綜合表現以及我們 OneGS 營運理念中相當重要的一部分。

Your Prime finance is up a gargantuan amount year over year. What's your capacity versus the demand?

你們的 Prime 融資年增幅非常驚人。你們的承作容量相對於需求如何？

So in the case of Prime, also in the case of FICC financing as has been the case, there continues to be far more demand across the client segment than we're willing to engage when we sort of balance our objectives of serving our clients, driving market share but also being balanced, diversified and focusing on risk management.

以 Prime 來說，同樣地，以 FICC 融資來說也一直如此：在客戶族群中，需求持續遠高於我們願意承作的量，因為我們在平衡服務客戶、提升市占的目標之餘，也要維持均衡、多元化並聚焦風險管理。

So we're at a moment in time where the demands for the provision of financing are outstripping what we think is the appropriate quantum. That should come as no surprise. We are in the middle of an AI CapEx super cycle, where there are demands on financing into every single financing instrument in every region of the world and across every single industry. So it's a function of deploying our resources as efficiently as we can to serve our clients as best we can. But we're at a moment in time where there's more demand right now.

所以我們正處在一個時間點：融資供給的需求量超過了我們認為適當的規模。這應該不令人意外。我們正處於 AI 資本支出（CapEx）超級循環之中，全球各地、各種融資工具、各個產業都對融資有需求。因此，這取決於我們如何盡可能有效率地配置資源，以最佳方式服務客戶。但就目前而言，需求確實更高。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

Maybe just on a related question. Can you just talk about the strength in loan growth in the Global Banking and Markets business. I guess how much of that is from the FICC financing side that you're calling out? How much of that is from just general deal-related financing. And I guess, what is the outlook for how much balance sheet you can allocate there just given the strength we've seen on the M&A side in the second quarter?

我想問一個相關問題。能否談談全球銀行與市場（GBM）業務放款成長的強勁表現？其中有多少來自你們提到的 FICC 融資？又有多少只是一般的交易相關融資？另外，考量第二季併購（M&A）活動的強勢，你們在那裡可配置的資產負債表規模展望如何？

Sure. Thanks, Manan. Yes. So there's a couple of areas across GBM that we have been fueling. One area that we called out in the first quarter as we called out, deploying capital into our deals book.

當然。謝謝你，Manan。是的。在 GBM 範圍內，我們推動了幾個領域的成長。其中一個領域是我們在第一季提到的：將資本投入我們的交易簿（deals book）。

And so that obviously dovetails with some of the advisory comments that David was talking about. In addition to, call it, regular way financing of investing client activities and provision of clients to our wealth franchise, there's event-driven demand for financing, M&A linked demand for financing. That's an activity we've historically been one of the leaders in. So we are prioritizing deployment of capital into our deals book.

因此這顯然也呼應了 David 所談到的一些顧問業務評論。除了所謂的例行性融資（regular way financing），用於投資客戶活動以及為我們的財富業務提供客戶之外，還有事件驅動的融資需求、與併購（M&A）連動的融資需求。這一直是我們歷來領先的業務之一。因此我們正優先將資本部署到我們的交易簿。

And then as you talk about the growth that you're recognizing in terms of loans on a sequential basis, that -- the other collateralize largely relates to what we report as FICC financing, which connects to the prior question where we're growing that, but we continue to be disciplined in terms of how we grow that.

接著你提到按季認列的放款成長——另一部分主要與我們所揭露的 FICC 融資相關，這也連結到前一個問題：我們正在擴大這塊業務，但在成長方式上仍維持紀律。

And increasingly, with the formation of our Capital Solutions Group, again, to this point that there's sort of more demand than necessarily availability, we are using our origination capabilities where we can originate and structure very high-quality investments in fixed income space, and we're routing it to our Asset and Wealth Management business because the clients that we have in Asset and Wealth management that are very interested in getting exposure and investing in the same kinds of products that we used to invest only for ourselves on our balance sheet.

而且，隨著我們成立資本解決方案團隊（Capital Solutions Group），同樣回到「需求大於供給」這點：我們正在運用自身的承作能力，在固定收益領域承作並結構化非常高品質的投資，並將其導向我們的資產與財富管理（AWM）業務，因為我們在資產與財富管理的客戶非常有興趣取得曝險並投資於同類型產品——過去這些產品我們通常只在自家資產負債表上為自己投資。

And so we're harnessing the same origination capabilities, face off against all the clients around the world and helping source opportunities and serve clients, some of which will go to the balance sheet and show up in FICC financing, some will now get routed to AWM and help drive some of the growth in that business. And then some of it will underwrite and distribute to institutional clients. We're also interested in the exposure. So we have a different sourcing origination and distribution strategy for different types of instruments and different client bases.

因此我們正在整合同樣的承作能力，面向全球各地的客戶，協助尋找機會並服務客戶；其中一部分會進入資產負債表並反映在 FICC 融資中，另一部分現在會導向 AWM，並帶動該業務的一些成長。另外還有一部分會承銷並分銷給機構客戶。我們也對這些曝險有興趣。因此，針對不同類型的工具與不同客戶基礎，我們採取不同的來源開發、承作與分銷策略。

Got it. Very helpful. And then as my second question, can you talk about some of the puts and takes in the CET1 ratio this quarter? I mean VaR was up in the quarter, not a surprise given the environment. But RWAs were actually down quarter on quarter. And I guess the question is, what drove that? And how should we think about the range in which you can manage your CET1 ratio over the next year or so?

了解。非常有幫助。那我的第二個問題是：能否談談本季 CET1 比率的一些增減因素？我的意思是，本季 VaR 上升，在這樣的環境下並不意外。但風險加權資產（RWA）其實是季對季下降。我想問的是，這是由什麼驅動的？以及未來一年左右，你們可管理 CET1 比率的區間應該如何看待？

Sure. So I appreciate that. I think the punchline, we remain committed to an operating model that's sort of, call it, plus 50 to 100 basis points. We're obviously in excess of that. There were elements of our market risk RWAs that relate to VaR that actually came down about 20 basis points of the increase is attributable to that.

好的。謝謝你的問題。我想重點是：我們仍致力於一個營運模型，大概是高於目標 50 到 100 個基點。我們目前顯然高於該水準。我們市場風險 RWA 中有一些與 VaR 相關的項目其實下降了，大約有 20 個基點的變動可歸因於此。

And then we improved some of our credit risk RWAs around certain funding and lending activities, which contributed to some of the gain. And then the balance of the delta is really just the earnings generation relative to the dividend and the buyback.

此外，我們也在某些資金調度與放款活動上改善了部分信用風險 RWA，對增益有所貢獻。而其餘的變動，基本上就是盈餘生成相對於股利與庫藏股回購的結果。

We feel good that we were able to deploy as aggressively did in the first quarter on behalf of clients, generate the results that we have now in the second quarter. And as we move forward, we have 150 basis points of cushion that we can use for more of the client base deployment that David was referencing. And as we see opportunities, we'll fill that. And in the extent we don't, we'll return capital. We returned a record amount of capital by share buybacks in the first half.

我們很高興第一季能夠代表客戶如此積極地部署，並在第二季產生目前的成果。展望未來，我們有 150 個基點的緩衝，可用於 David 所提到的、更多面向客戶基礎的部署。當我們看到機會時，就會把這個緩衝用上。若沒有用到，我們就會回饋資本。上半年我們透過股票回購回饋了創紀錄的資本金額。

So that continues to be something that we're focused on. So you should expect that cushion to be deployed for the client franchise and then some return of capital that we'll land ourselves with the appropriate cushion to manage the firm.

因此這仍是我們關注的重點。所以你應該預期這個緩衝會用於客戶業務的部署，同時也會有部分資本回饋；最終我們會落在一個適當的緩衝水位，以管理整個公司。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

Despite really robust revenue growth, head count was down 2% quarter over quarter. Denis, I know you spoke to the fact that you didn't see the expense base as structurally changing. But is this decline in head count a function of some of the efficiency efforts you've been focused on, whether it's via AI or One Goldman Sachs 3.0? And how should we think about head count going forward?

儘管營收成長非常強勁，人員編制卻季對季下降 2%。Denis，我知道你提到你不認為費用基礎會出現結構性改變。但這次人員下降是否與你們一直在推動的效率提升有關，例如透過 AI 或 One Goldman Sachs 3.0？以及未來人員編制應該如何看待？

So I think those numbers are an output of the efforts that we're undertaking, and it's not the result of some specific target. And by the way, you're getting second quarter numbers. We have a whole bunch of people that join the firm every single year in the third quarter. So you're looking at an interesting point in time where head count is up year-over-year, but it's down slightly over the course of this calendar year.

我認為這些數字是我們正在推動的努力所產生的結果，而不是某個特定目標所導致。另外，你看到的是第二季的數字。我們每年第三季都有一大批人加入公司。所以你看到的是一個有趣的時間點：人員編制年對年是增加的，但在本曆年內略有下降。

I think what's interesting and exciting, and I would dovetail with David's comment on the power of AI, some of the technology is letting our people do more and be more productive, and that's the way we're thinking about investing. We want our world-class people to be more productive and do more for clients.

我認為有趣且令人振奮的是——也呼應 David 對 AI 威力的評論——部分技術正讓我們的人能做得更多、效率更高，而這就是我們思考投資的方式。我們希望我們世界級的人才更具生產力，為客戶做更多事。

As they become more productive, they may feel less need to replace people that in the ordinary course flow through the system. But right now, it's not a moment for a structural rework of our human capital footprint. It's a moment to invest and utilize this new technology and learn how to deploy it in the best possible way for our people and our clients.

當他們變得更有效率時，對於補足在日常運作中自然流動離開的人力，可能就會覺得沒那麼需要。但就目前而言，這不是一個要對我們的人力資本版圖做結構性重整的時點。這是一個投資並運用這項新技術、並學習如何以最佳方式為我們的人與客戶部署它的時點。

Great. And then for my follow-up, backlogs up both quarter over quarter and year over year, certainly encouraging given how robust revenue growth was this quarter. Could you speak to maybe some trends in the backlogs, whether you're seeing early signs of sponsor reengaging? You guys also flagged leverage finance as a contributor in DCM. So is that an indicator of activity levels improving? Or is that still heavily skewed to refinancing?

很好。接著我想追問一下，積壓訂單（backlog）無論是季對季還是年對年都在上升，考量到本季營收成長相當強勁，這當然令人鼓舞。能否談談積壓訂單的一些趨勢，例如你們是否看到贊助方（sponsor）重新投入的早期跡象？你們也提到槓桿融資是債務資本市場（DCM）的貢獻來源之一。那這是否代表活動水準正在改善？還是仍然高度偏向再融資？

Yes. I mean I'll start, Brennan, and Denis can add. I think the most important thing that's driving the backlog activity is really strategic M&A. And we're just in an environment where if you think about what's going on with technology change and scale broadly, if you're running a big business, you have to be focused strategically on scale advantage. And that means you have to be open to thinking about how you enhance your competitive position.

是的。我的意思是，我先開始回答，Brennan，Denis 也可以補充。我認為推動積壓訂單活動最重要的因素其實是策略性併購（M&A）。而我們正處在一個環境中，如果你想想科技變革與規模（scale）在更廣泛層面的影響，當你經營一家大型企業時，你必須在策略上聚焦於規模優勢。這意味著你必須願意思考如何強化你的競爭地位。

And we're now also in a regulatory environment where when the question is asked, could I inorganically enhance my competitive position? The answer is maybe after a period of time where the answer would have been absolutely no way, whatever the question was.

而我們現在也處於一個監管環境中，當有人問：我能否透過非有機方式（inorganically）來強化競爭地位？答案是「也許」——在之前有一段時間，不管問題是什麼，答案都會是「絕對不可能」。

And so we're finding, and obviously and directly in a lot of the dialogue I'm having with CEOs, CEOs are dreaming and thinking about really large, structurally scale enhancing opportunities, and that's leading to just a lot more strategic activity. I'd say while there is more sponsored dialogue, the sponsored stuff still has not accelerated.

因此我們發現——而且很明顯地、也很直接地，在我與許多 CEO 的對話中——CEO 們正在想像並思考非常大型、能在結構上提升規模的機會，這帶來了更多的策略性活動。我會說，雖然與贊助方相關的對話變多了，但贊助方那一塊仍未加速。

And candidly, it's going to come at some point, and that's still a big upside in these flows if the strategic dialogue takes hold. The leveraged finance activity, to some degree, is around some of the AI infrastructure build, and it's also around kind of recapitalization and refinancing because one of the ways that the sponsor clients can advance or get capital out of businesses is to recap them, and we're seeing a little bit more of that.

坦白說，某個時間點它會到來；如果策略性對話真正成形，這些資金流（flows）仍有很大的上行空間。槓桿融資活動在某種程度上與 AI 基礎設施建置有關，也與資本重整（recapitalization）與再融資有關，因為贊助方客戶讓資金向前推進或從企業中取回資本的一種方式，就是對企業進行再資本化，而我們確實看到這類活動略有增加。

But the big driver is this is an environment where people want scale advantage and CEOs are dreaming more kind of large-scale opportunity because I think that they've got a multiyear window here where they can potentially execute on it.

但最大的驅動因素是：在這樣的環境下，人們想要規模優勢，而 CEO 們更常在想像一些大型機會，因為我認為他們眼前有一個可能長達數年的窗口期，可以去執行這些計畫。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

So lots of momentum within your alternatives business given the fundraising this quarter. But as you look at the first quarter levels and then the addition to this quarter, you have fee paying AUM or I should say, non-fee-paying AUM that's well north of $100 billion. I was curious about how to think about the pace of when we should see that kind of flow into management fees over a reasonable time period?

鑑於本季募資表現，你們的另類投資（alternatives）業務動能很強。但如果看第一季的水準以及本季的新增，你們的計費 AUM——或者我應該說，非計費 AUM——已遠高於 1,000 億美元。我想了解的是，在合理的時間範圍內，應該如何看待這些資金流入管理費（management fees）的速度？

So thank you for the question. And look, you're right to point out that there's a time period, there's a time frame between which we raise the capital and then ultimately deploy it, and we're only recognizing the revenues when it's deployed. But this is also -- it's like a laddered portfolio. I mean this is continuous over time. So while we may have just raised a substantial amount of money and it may take some time for our investors to find the right way to deploy it, they're working with the money that have been raised in prior periods and deploying that into the processes that would have started before this version of capital raising.

謝謝你的問題。你說得對，從我們募集資金到最終部署（deploy）之間確實存在一段時間差，而我們只有在資金部署後才會認列收入。但這也——有點像階梯式（laddered）的投資組合。我的意思是，這是隨時間持續進行的。因此，雖然我們剛募集到一大筆資金，投資人可能需要一些時間找到合適的部署方式，但他們同時也在使用先前期間募集的資金，並將其部署到在這一輪募資之前就已啟動的流程中。

So I think the way we think about it, look at it over a multiyear period of time, is we think about -- we have a target of $75 billion to $100 billion of annual fundraising, and we want our teams set up to sustain that growth on the fundraising side so that then they can pick their spots to deploy it. Sometimes that will be quickly, sometimes that will be more slowly. They'll make the right decisions based on the investment opportunities to present to them. So there is there is a lag. It's not a -- you can't formulaically predict it.

所以我認為我們的看法是——如果以多年期的角度來看——我們的目標是每年募資 750 億到 1,000 億美元，我們希望團隊在募資端的配置能夠支撐這樣的成長，讓他們之後可以選擇合適的時點去部署。有時會很快，有時會比較慢。他們會根據呈現出來的投資機會做出正確決策。所以確實存在落後期（lag）。這不是——你無法用公式化的方式去預測。

Understood. And then as my follow-up, Denis, you mentioned incentive income to increase materially for the remainder of the year. So hoping maybe you get a little bit of quantification around that or some numbers? And then is this based upon deals that have already been announced or movement in values or things that are already kind of transacted on?

了解。接著追問一下，Denis，你提到今年剩餘期間的激勵收入（incentive income）將大幅增加。希望你能就此提供一些量化或數字上的說明？另外，這是基於已經宣布的交易、估值變動，或是一些已經大致完成交易的事項嗎？

Sure. So I'd say two things on that. First, on a multiyear basis, we're not sort of readjusting what we think is the medium-term run rate contribution from incentive fees. But because we do expect it to be unusually higher, we thought it was appropriate to call that out to all of you. So we do expect in the third and fourth quarter to have materially higher incentive fees. It is related to specific transactions that are known and out there. And based on a schedule and some events, we know that there are incentive fees that we expect to earn as a firm.

當然。我會就此說兩點。第一，以多年期來看，我們並沒有重新調整我們對激勵費（incentive fees）在中期（medium-term）常態貢獻（run rate contribution）的看法。但因為我們確實預期它會異常地更高，所以我們認為有必要特別向各位指出。因此我們預期第三季與第四季的激勵費將顯著更高。這與一些已知且已在市場上的特定交易有關。根據時間表與一些事件，我們知道公司預期將賺取的激勵費。

Devin Ryan, Citizens Bank.

Devin Ryan，Citizens Bank。

David and Denis, another one on the alts, just the strong fundraising in the quarter, obviously, huge momentum. So I just want to dig in a little bit on the demand drivers there. Just getting a sense, is this just kind of continuation of long-term consolidating share? Or how much is LPs becoming actually more discerning in this backdrop or even just kind of opportunistic in areas like private credit, where I know you've had some momentum with institutions? Just be good to get some sense of the strength there and kind of the ability to continue that.

David 和 Denis，再問一題關於另類投資（alts）。本季募資非常強勁，顯然動能很大。我想更深入了解一下背後的需求驅動因素。想請教，這只是長期市占率持續集中（consolidating share）的延續嗎？還是說在這樣的背景下，LP（有限合夥人）其實變得更挑剔，甚至在私募信貸（private credit）等領域更偏向機會型配置？我知道你們在機構客戶方面也有一些動能。希望能了解一下這股強勁需求的來源，以及持續性的能力。

Sure, Devin. I mean I think candidly, in this case, it's both. First, you know this is a core part of our long-term strategy to set the firm up to use our breadth, our scale and our capabilities to broaden these platforms, and we're successfully doing that.

當然，Devin。坦白說，在這個案例中兩者都有。首先，你知道，這是我們長期策略的核心部分：讓公司能運用我們的廣度、規模與能力來擴展這些平台，而我們也正在成功地做到這一點。

And because of the nature of our asset management platform and the extraordinary, for the lack of better term, manufacturing facility we have across the broad asset management landscape, big institutions find us a very, very attractive partner because we have an ability to put scaled solutions together for them that really are customized for what they want, what they want to invest in. And I think we're getting better and better at that. We're seeing the benefit of that in our fundraising.

而且由於我們資產管理平台的特性，以及（如果找不到更好的詞）我們在廣泛資產管理版圖中所擁有的卓越「製造能力」，大型機構認為我們是非常、非常有吸引力的合作夥伴，因為我們有能力為他們整合出具規模的解決方案，並且真正依照他們想要的、想投資的方向量身打造。我認為我們在這方面做得越來越好。我們也在募資上看到了這帶來的效益。

Secondarily, I think there are areas where our level of expertise and our experience and our differentiation, and there are others like us where LPs are really saying, we're going to differentiate and go to people where the performance and the capabilities are better. I think private credit is an example of that. We've benefited from that. And so I think both are factors. There is going to be some lumpiness in fundraising where quarters will -- because it has to do with as you go out and present the different funds to the market, there's a lumpiness as to what you see.

其次，我認為在某些領域，我們的專業程度、經驗與差異化——以及一些與我們類似的同業——讓 LP 真的在說：我們要做出區隔，去找那些績效與能力更好的管理人。私募信貸就是一個例子。我們從中受益。所以我認為兩者都是因素。募資會有一些不均勻性（lumpiness），因為這與你向市場推介不同基金的節奏有關，因此各季看到的表現會有起伏。

And so we kind of gave you some direction of travel for the year, and we're obviously way ahead of that. But I think both of those things are contributing to our ability to continue to perform. And they're correlated, we set out growth ambitions for that business, and we're delivering on those growth ambitions. And you can expect us to continue to deliver on those growth ambitions.

因此我們也給了各位今年的方向指引，而我們顯然已經大幅超前。但我認為上述兩點都在支撐我們持續表現的能力。而且它們彼此相關：我們為該業務設定了成長企圖（growth ambitions），我們正在交付這些成長企圖。你們可以預期我們會持續交付這些成長企圖。

Yes. That's great, David. And then just a follow-up on just the AI build out inside of Goldman and you touched OneGS. But as you think about just how fast this technology is evolving, you think about agentic as well and maybe opportunities. I'm assuming that you guys will be probably on the forefront as you've been with other technologies in the past.

是的。太好了，David。接著就高盛內部 AI 建置再追問一下，你也提到了 OneGS。但當你思考這項技術演進的速度之快，也想到 agentic（代理式）以及可能的機會。我想你們大概會像過去面對其他技術一樣，站在最前沿。

So how much of an opportunity do you see forming and maybe how far out is it to do more with agentic is just one example? And do you see things that could be really interesting even from a client-facing perspective to be innovating with where you could be early and could be meaningful?

那麼你認為正在形成的機會有多大？以及要到多遠的時間點，才能在 agentic（這只是其中一個例子）上做得更多？另外，從面向客戶的角度，你是否看到一些可能非常有意思、值得創新的方向，讓你們可以更早切入並且可能帶來實質意義？

So Devin, look, the space is moving very, very quickly. And with the passage of time, I think we get more excited and more confident about what some of the capabilities are. It started with productivity and a more narrow component of the firm called engineering.

Devin，你看，這個領域進展非常、非常快。隨著時間推進，我認為我們對某些能力會更興奮、也更有信心。一開始是從生產力提升，以及公司內較狹窄的一個部門——工程——開始。

But based on leveraging the firm's relationships with a number of different sort of large language model providers and investing in sort of very high-quality engineering talent, frankly, hiring a bunch of engineers from the outside to complement our already excellent team, we are finding very effective ways to deploy it inside of the firm. I frankly think it's still early.

但基於運用本行與多家不同大型語言模型供應商的合作關係，並投資於非常高品質的工程人才，坦白說，從外部聘進一批工程師來補強我們原本就很優秀的團隊，我們正在找到非常有效的方法，把它部署到公司內部。我坦白認為現在仍然算早期。

So there are some of the easiest places to generate benefits are what I would refer to as table stakes. The sort of necessary responsible process improvements that are leading international corporate should integrate into their firm.

因此，有些最容易產生效益的地方，我會稱之為「基本門檻（table stakes）」。也就是任何領先的國際企業都應該在公司內整合的、必要且負責任的流程改善。

And then the question becomes, how do you harness the combined capability of your natural talent that you have in your organization, your engineering talent. The data that you have as an organization in Goldman Sachs has an enormous amount of highly differentiated data that we have collected and curated over many, many, many years.

接下來問題就變成：你如何整合組織內既有的人才能力、你的工程能力。以及你作為一個組織所擁有的資料——高盛擁有大量高度差異化的資料，這些資料是我們在非常、非常、非常多年中蒐集並整理（curate）而來的。

And we put that all together with the extraction and analytic capabilities of these new technologies and put that in the hands of our world-class talent, and they should be able to continue to offer clients better, faster, more insightful pieces of advice and analysis to continue to make Goldman Sachs the kind of place that clients want to call first when thinking about their most important transactions.

我們把這些與新技術的擷取與分析能力結合起來，交到我們世界級人才手中，他們就能持續為客戶提供更好、更快、更具洞見的建議與分析，讓高盛持續成為客戶在思考最重要交易時，第一個想打電話諮詢的地方。

Gerard Cassidy, RBC.

RBC 的 Gerard Cassidy。

Can you guys share with us your thoughts on -- obviously, today's numbers are very, very strong and the market conditions are very positive, particularly when it comes to the AI-related financings and such.

你們能否和我們分享一下你們的看法——顯然，今天的數字非常、非常強勁，市場環境也非常正面，特別是在 AI 相關融資等方面。

Can you compare this period and the influence that AI is having on the business in terms of capital raises, DCM, ECM, et cetera, trading to prior periods similar to maybe the dot-com era, or even during the 2021 period, which we had such a strong investment banking period there during the pandemic? Can you frame it out where you could give us how big is this tech/AI contributing to the success versus those prior periods when we had dot-com and obviously, in the pandemic era?

你能否把這段期間、以及 AI 對業務的影響（例如募資、DCM、ECM 等，以及交易）與過去類似時期做比較，例如網際網路泡沫時代，或甚至是 2021 年——當時在疫情期間投資銀行業務非常強勁？你能否幫我們框架一下：這波科技／AI 對成功的貢獻有多大，相較於先前網際網路泡沫，以及顯然在疫情時代的那些時期？

I appreciate the question, Gerard. And it's not surprising that we get a lot of questions that kind of look back in history and people want to draw direct comparisons. I think it's really important to look at history and think about history and think about other waves of technology investment, et cetera. But I think the frame I reframe it to you is I'm not sure that I can do that in a way where I give you a good answer. Certainly in terms of the size and the scale of the capital that's being put forward, it's very, very significant in terms of absolute dollars.

謝謝你的問題，Gerard。我們收到很多回顧歷史、希望做直接對照的問題，這並不令人意外。我認為回顧並思考歷史、思考其他科技投資浪潮等，確實很重要。但我想我會這樣重新回應你：我不確定我能用一種方式給你一個很好的答案。就投入資本的規模與量級而言，以絕對金額來看確實非常、非常可觀。

But one of the things I just highlight that's interesting when you think about the IPO market, this was obviously a very robust quarter for IPO activity. IPO volumes in this quarter were kind of at or below the 10-year average, okay? So it's not like when you look in a historical context, there aren't other periods of activity that are very, very significant for all different reasons.

但有一點我想強調，當你看 IPO 市場時會覺得很有意思：這一季顯然是 IPO 活動非常強勁的一季。但本季 IPO 量其實大致在 10 年平均附近或低於 10 年平均，對吧？所以從歷史脈絡來看，並不是沒有其他時期也曾因各種不同原因而出現非常、非常顯著的活動。

The thing that I think is important, though, when you think about it, you frame that question around the impact of the AI technology, the firm is so much bigger, so much more diverse, has so many more earnings engines and so much more durable revenue than it had the last time we saw a significant investment cycle like this. And so the investment cycle is, of course, and we said this, it was one of the things I said in my remarks, the investment cycle is having an impact on the environment and therefore, our earnings. But the firm and the earnings are more diverse, more sustainable.

不過我認為重要的是，當你把問題聚焦在 AI 技術的影響時，本行的規模更大、業務更多元，獲利引擎更多，且收入的耐久性也遠勝於上一次我們看到這種顯著投資循環的時候。因此，這個投資循環當然——我們也說過，我在發言中也提到——投資循環正在影響環境，進而影響我們的獲利。但本行與獲利來源更為多元、也更可持續。

Could this ebb and flow? Absolutely. And it will, as it has in any other cycle. I think that's one of the lessons that we can take when you have these accelerations. Ultimately, you will have a recalibration, a reset, a drawdown and then a further acceleration. That's what the path generally looks like. But we're doing it off a much more diverse, much more significant base. And as we manage the firm, that's something we're thinking carefully about.

這會不會有起伏？當然會。而且會像任何其他循環一樣。我認為這是我們在看到這些加速時可以汲取的教訓之一。最終你會看到重新校準、重置、回撤，然後再進一步加速。一般路徑大致如此。但我們是在一個更為多元、也更為龐大的基礎上進行。而在管理公司時，這也是我們正在審慎思考的事情。

And then as a follow-up, and this might be a difficult question to answer as well. But obviously, you've been very articulate about One Goldman Sachs. You talked about the wealth management referrals this quarter. I think it was 900 folks.

接著再追問一題，這可能也很難回答。但顯然，你一直非常清楚地闡述 One Goldman Sachs。你提到本季的財富管理轉介。我記得是 900 位。

When you look at your trading numbers, is there any way of quantifying how much of the success in those numbers have -- has come from One Goldman Sachs versus the market conditions just being so volatile, for example, obviously, the Middle East conflict breaking out in February contributed to volatility, which the firms like yours and others benefited from increased volatility in trading.

當你看你們的交易數字時，有沒有任何方式可以量化：這些數字的成功有多少——是來自 One Goldman Sachs，有多少則只是市場狀況本身非常波動？例如，顯然 2 月中東衝突爆發帶來波動，像你們以及其他同業都因交易波動加大而受益。

Is there any way of parsing out how much success is coming from that One Goldman Sachs approach and the success you've had in building up those numbers with your best customers?

有沒有任何方式可以拆解：成功有多少來自 One Goldman Sachs 的做法，以及你們在與最佳客戶合作、把這些數字做上來的成果？

Yes. What I could say to you, I can't say it in terms of a quarter, but I think you'll remember, Gerard, if you go back to our first Investor Day in January 2020, we said that we had meaningful wallet share opportunity with the top 100 accounts. And I think if I remember correctly, and don't hold me exactly to this because I'm remembering and I'm now very old. So I'm remembering six years ago. But I think we said we were top three with 44 of the top 100. And we set out to do better. I think today, we're top three with close to 80 of the top 100, but we are top 3 with 127 of the top 150.

有。我能對你說的是，我沒辦法以單一季度來說明，但我想你會記得，Gerard，如果你回到 2020 年 1 月我們第一次投資人日，我們說過在前 100 大客戶上有顯著的錢包份額（wallet share）提升機會。如果我沒記錯——也別完全以此為準，因為我是在回憶，而且我現在年紀也很大。所以我是在回想六年前的事。但我記得我們當時說，在前 100 大中，我們有 44 家是排名前三。我們也立下目標要做得更好。我想今天，在前 100 大中我們接近 80 家是排名前三；而在前 150 大中，我們有 127 家是排名前三。

So we have in a concentrated, focused way worked hard to improve our market share with our FICC and equities clients, and we've materially improved it over the course of the last 6.5 years, and that is the number one thing that's driven our relative wallet performance. That focus, and we continue to do it. Denis in his comments made a reference to our constantly looking at places where there are gaps or opportunities. We run detailed processes in the firm. We are -- when you look at a lot of businesses, we're number one.

因此，我們以集中且聚焦的方式，努力提升我們在 FICC 與股票客戶中的市占率；在過去 6.5 年裡，我們已經實質改善，而這是推動我們相對錢包表現的首要因素。這種聚焦，我們會持續下去。Denis 在他的評論中提到，我們會不斷檢視哪些地方存在缺口或機會。我們在公司內運行非常細緻的流程。我們——當你看很多業務時——我們是第一名。

But that doesn't mean that we're number one in every little mix and every little corner of that business. In fact, when you actually take any of these businesses, we have very strong wallet share and you pull them apart. And so you start looking at advisory revenues, we're clearly number one. But that doesn't mean that we're number one in biotech even if we're number one in health care.

但這並不代表我們在那項業務的每一個小組合、每一個小角落都是第一名。事實上，當你把這些業務逐一拆開來看，我們在錢包份額方面非常強。因此你開始看顧問收入時，我們顯然是第一名。但這並不表示即使我們在醫療保健是第一名，我們在生技領域也一定是第一名。

And so we take a focused and we constantly are looking and saying, where are we falling short? Where can we do better? Why are we falling short? How can we improve those client relationships? And that's a pretty disciplined process that we do across investment banking, across FICC and equities, broadly, and we'll stay disciplined with that.

因此我們採取聚焦的做法，並且持續檢視並問自己：我們哪裡做得不夠？哪裡可以做得更好？為什麼我們會落後？我們要如何改善那些客戶關係？這是一套相當嚴謹的流程，我們在投資銀行、在FICC與股票等更廣泛的領域都這樣做，而且我們會持續保持這種紀律。

If you do that over time, and that is kind of OneGS, you advance your overall relative wallet position. There are ceilings to that in some places, but we'll continue to remain focused. And so I think that ethos, that kind of market share discipline has been very, very constructive for our performance over an extended period of time. And we're going to continue to be disciplined and kind of always being self-critical and saying, where can we be better.

如果你長期這樣做，而這也算是OneGS的一部分，你就能提升整體相對的錢包份額位置。在某些地方這會有上限，但我們會持續保持聚焦。因此我認為這種精神、這種市場份額的紀律，長期以來對我們的表現非常、非常有建設性。而我們也會繼續保持紀律，並且一如既往地自我檢討，問自己：我們哪裡還能更好。

Chris McGratty, KBW.

Chris McGratty，KBW。

Just a big quick picture question. AWM is about a quarter of the revenues. I guess the question is this about where you'd like it to be, understanding the puts and takes of trading normalizing over time? And then secondarily, any potential opportunities to round it out, the franchise, either domestically or internationally and maybe inorganic considerations?

一個比較宏觀、快速的問題。AWM大約占營收的四分之一。我想問的是，考量到交易業務隨時間推移回歸常態的各種拉鋸因素，這個比例大致是你們希望達到的水準嗎？其次，是否有任何潛在機會可以把這個特許經營版圖補齊，不論是在國內或國際上，並且可能包含非有機成長的考量？

So I appreciate the question. And I guess, if I could paint an ideal business mix between Global Banking and Markets and Asset and Wealth Management, the percentage would be slightly different. But these things are working pretty well because we've been able to grow Global Banking and Markets, I think, better then when we kind of laid out the road map six, seven years ago, we thought we'd be able to grow it. Now I wouldn't trade away that growth at all. And I think there's a lot of durability in the scale of that franchise.

謝謝你的提問。我想，如果我可以描繪一個全球銀行與市場（Global Banking and Markets）以及資產與財富管理（Asset and Wealth Management）之間理想的業務組合，那個百分比會略有不同。但目前這樣的配置運作得相當不錯，因為我們得以成長全球銀行與市場業務；我認為其成長表現甚至優於我們在六、七年前提出路線圖時所預期能達到的成長。我完全不會拿那樣的成長去交換別的東西。而且我認為那個特許經營的規模具有很強的持久性。

But of course, we see a lot of opportunity to grow Asset and Wealth Management. We said clearly in the prepared remarks that we feel good about the acquisitions that have filled gaps that have been able -- that have allowed us to accelerate growth and that we continue to look at addressing things that will allow us to do that. And so we're going to continue to find ways to fill in that franchise and accelerate the growth. We're always going to be disciplined. The bar is always high to do anything inorganic.

但當然，我們也看到資產與財富管理有很大的成長機會。我們在事先準備的發言中已清楚表示，我們對那些補足缺口、並且讓我們得以加速成長的收購案感到滿意，而且我們也會持續尋找能讓我們做到這點的事項並加以處理。因此我們會繼續想辦法把這個特許經營補齊並加速成長。我們一向會保持紀律。對於任何非有機成長的作為，我們的門檻一向很高。

But when you look at the scale of Global Banking and Markets, it would take very significant things to materially move the business mix. And so we're just going to continue to try to grow this business the way we've outlined. We will find inorganic opportunities, we'll add them when we can. And I think we've got a pretty good run.

但當你看全球銀行與市場的規模時，要在實質上改變業務組合，需要非常重大的動作。因此我們會繼續按照我們所概述的方式來推動這項業務成長。我們會尋找非有機成長的機會，能做的時候就會加進來。我認為我們目前的進展相當不錯。

And my follow-up, appreciating the strength across the board this quarter. I guess if I were to ask, what's not at your high expectations, whether nuances within a business strategy, geography, anything that as a management team you're looking at and say, hey, we're not quite where we should be.

我的追問是：本季各方面表現都很強，令人印象深刻。但如果我問，有哪些地方沒有達到你們很高的期望——不論是某項業務策略中的細節、某個地區，或任何管理團隊正在檢視並認為「我們還沒到應該到的位置」的地方？

There are lots of opportunities. There are lots of places where we can do more. When you say it's not in our expectation, that frames a little bit in a negative. What I would say is there are places where I think we could have invested more sooner, and we're investing more now where we think we can accelerate. And one of the most obvious ones is wealth.

機會很多。有很多地方我們可以做得更多。你用「沒有達到期望」來問，這個表述有點偏負面。我會說的是，有些地方我認為我們本可以更早投入更多資源；而我們現在正在加大投入，因為我們認為可以加速。其中最明顯的一個就是財富管理。

There's just an enormous, we have a very strong, ultra-high net worth, high touch wealth business. And the growth in very, very wealthy people that have investable assets is expanding at an even faster pace. It's a very, very fragmented business where people have fragmented share. There's no big leader that has more. And I think that our opportunity -- this business scales with people, by the way, and we're investing in those people.

這個領域的空間非常大；我們擁有非常強的超高淨值、以高度客製化服務為特色的財富管理業務。而擁有可投資資產的非常、非常富裕人群，其成長速度正在以更快的步伐擴張。這是一個非常、非常分散的產業，市場份額也相當分散。沒有任何一家大型領導者擁有更高的占比。我認為我們的機會在於——順帶一提，這項業務是隨著人才而擴張的——而我們正在投資這些人才。

We've accelerated our investment. I think the ability for us to hold ourselves to a bigger client footprint and ultra-high net worth is something that we've been very focused on in the last two years and are accelerating that focus.

我們已加速投資。我認為，讓自己能夠服務更大的客戶覆蓋面、並在超高淨值領域擴大足跡，是我們過去兩年非常聚焦的方向，而且我們正在加速這個聚焦。

So I'd point to that as an example, but what I'd like you to take away, again, is this. We try to run the firm with a discipline of always looking at where can we invest? Where can we do more? How do we look at things over three, five, seven years, not quarter to quarter. And we continue to see a lot of opportunities to grow the firm and grow the earnings of the firm, and that's what the leadership is focused on.

所以我會以此作為例子；但我希望你再次帶走的重點是這個。我們試著以一種紀律來經營公司：永遠在看我們可以在哪裡投資？我們可以在哪裡做得更多？我們如何用三年、五年、七年的視角來看事情，而不是一季一季地看。我們仍然看到很多機會可以讓公司成長、讓公司的獲利成長，而這就是領導團隊所聚焦的方向。

We can debate what the right through-the-cycle base is at the moment. And there's no question, as we said, we're benefiting from the current environment, but we see lots of opportunity. You pick the base to continue to grow the firm, grow the franchise and grow the earnings over the next three, five, seven years.

我們可以討論在目前這個時點，穿越景氣循環（through-the-cycle）的合理基準應該是多少。毫無疑問，如同我們所說的，我們正受惠於當前環境，但我們也看到很多機會。你可以選擇一個基準，並在接下來三年、五年、七年持續讓公司成長、讓特許經營成長、讓獲利成長。

At this time, there are no further questions. Ladies and gentlemen, this concludes the Goldman Sachs second-quarter 2026 earnings conference call. Thank you for your participation. You may now disconnect.

此時沒有進一步的提問。各位女士、先生，以上為高盛（Goldman Sachs）2026年第二季財報電話會議。感謝各位的參與。您現在可以掛線。