高盛 (GS) 2026 Q3 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 third-quarter 2026 earnings conference call.

早安。我叫 Katie，今天將擔任本次會議的主持人。我謹代表高盛，歡迎各位參加高盛 2026 年第三季財報電話會議。

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查閱，其中包含前瞻性陳述及非 GAAP 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、重製或再轉播。

This call is being recorded today, October 13, 2026. I will now turn the call over to Chairman and Chief Executive Officer, David Solomon, and Chief Financial Officer, Denis Coleman.

本次電話會議於今日 2026 年 10 月 13 日錄音。接下來我將把電話會議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, everybody. Thank you for joining us. We delivered very strong performance in the third-quarter, generating net revenues of $18.7 billion, the second highest in our history, earnings per share of $17.01, an ROE of 18.7% and an ROTE of 20.5%. Our quarterly results included the impact of an accelerated charitable contribution. Excluding that contribution, quarterly EPS would have been approximately $18. An ROE and ROTE would have been approximately 20% and 21.5%, respectively.

謝謝，接線員。各位早安。感謝各位加入我們。我們在第三季交出非常強勁的表現，淨營收達 187 億美元，為本公司歷史第二高；每股盈餘（EPS）為 17.01 美元；股東權益報酬率（ROE）為 18.7%，有形股東權益報酬率（ROTE）為 20.5%。我們的季度結果包含一筆加速的慈善捐款影響。若排除該筆捐款，季度 EPS 約為 18 美元。ROE 與 ROTE 分別約為 20% 與 21.5%。

For the year to date, we delivered record revenues, driving an ROE of 20.7% and an ROTE of 22.4%. While the third-quarter began with optimism around a potential resolution of the conflict in the Middle East, renewed geopolitical tensions and continued disruption of energy flows added complexity to the outlook. Increasing oil prices, reigniting inflation concerns, and driving bond yields higher. Against this backdrop, the Fed raised rates in September for the first time in three years, with markets pricing in approximately 75 basis points of additional tightening in this cycle across the US, UK, and Europe.

年初至今，我們創下營收新高，帶動 ROE 達 20.7%，ROTE 達 22.4%。第三季初，市場對中東衝突可能解決抱持樂觀，但地緣政治緊張再起以及能源流動持續受阻，使前景更為複雜。油價上升，再度引發通膨疑慮，並推升債券殖利率。在此背景下，聯準會於 9 月三年來首次升息，市場並已反映本輪在美國、英國與歐洲合計約 75 個基點的進一步緊縮。

Despite these crosscurrents, the health of the underlying US economy has remained solid, with strong corporate earnings growth, GDP growth of 2.2%, and a very resilient labor market. In complex environments such as these, clients rely on the advice, execution, and intermediation expertise of Goldman Sachs to navigate uncertainty and advance the most important strategic priorities.

儘管存在這些相互牽制的因素，美國經濟的基本面仍維持穩健，企業獲利成長強勁，GDP 成長 2.2%，勞動市場也非常具韌性。在這類複雜環境中，客戶仰賴高盛在諮詢、執行與中介方面的專業，協助其因應不確定性並推進最重要的策略優先事項。

In Global Banking and Markets, we generated the second-highest revenues in our history. Within investment banking, Advisory revenues were a record, and we maintained our longstanding number one position in M&A, advising on $1.5 trillion of announced transactions for the year.

在全球銀行與市場（Global Banking and Markets）業務方面，我們創下歷史第二高營收。在投資銀行業務中，財務顧問（Advisory）收入創新高，我們也維持長期以來在併購（M&A）領域的第一名地位，今年以來已就 1.5 兆美元的已公告交易提供諮詢。

We maintained our year-to-date lead over our closest peer of approximately $430 billion, the largest lead we've ever had, as clients turned to us for advice on significant transactions, including Hugging Face’s $13 billion sale to NVIDIA and Integer Holdings' $6 billion sale to KKR. As you'll remember, we entered the quarter with our highest backlog in five years. And even with exceptionally strong revenue production in the quarter, our backlog remains very robust, reflecting the strength and breadth of client engagement across our leading Investment Banking franchise.

年初至今，我們相較最接近的同業仍領先約 4,300 億美元，為我們歷來最大的領先幅度；客戶在重大交易上向我們尋求建議，包括 Hugging Face 以 130 億美元出售給 NVIDIA，以及 Integer Holdings 以 60 億美元出售給 KKR。各位應該記得，我們在本季開始時的待執行案量（backlog）為五年來最高。即便本季營收產出格外強勁，我們的待執行案量仍然非常充沛，反映我們領先的投資銀行平台在客戶互動上的強度與廣度。

In Equities, we delivered our second-best performance after last quarter's record results, with strength across both Intermediation and Financing. In FICC, we remain steadfast in supporting our clients' global risk intermediation needs across asset classes amid sharp moves in rates and increased volatility in commodities. Importantly, financing activities have become a larger and more durable component of our markets businesses, representing over 40% of FICC and Equities revenues year-to-date.

在股票（Equities）業務方面，我們在上季創下紀錄之後，本季交出歷來第二佳表現，無論在中介（Intermediation）或融資（Financing）皆展現強勁動能。在固定收益、貨幣與商品（FICC）方面，面對利率大幅波動與商品波動性上升，我們仍堅定支持客戶在各資產類別的全球風險中介需求。重要的是，融資活動已成為我們市場業務中更大且更具持續性的組成部分，年初至今占 FICC 與股票業務營收的 40% 以上。

This progress reflects strong client demand, prudent balance sheet deployment, and continued execution against our strategic priorities, including deliberate multi-year investments in Asia, which we highlighted earlier this year as an opportunity to drive further share gains.

這些進展反映出強勁的客戶需求、審慎的資產負債表運用，以及我們持續落實策略優先事項的執行力；其中包括在亞洲進行有計畫的多年期投資，我們今年稍早已強調這是推動進一步市占提升的機會。

This dynamic market backdrop has also reinforced the importance of trusted advice and diversified investment solutions for Asset and Wealth Management clients. Our scaled and durable platform brings together leading investment capabilities across public and private markets and delivers them through deep institutional relationships, our premier ultra-high-net-worth Wealth Management franchise, and our expanding third-party distribution network.

這樣的市場動態背景也再次凸顯：對資產與財富管理客戶而言，可信賴的建議與多元化投資解決方案至關重要。我們具規模且具持久性的平台，整合公開與私募市場的領先投資能力，並透過深厚的機構客戶關係、我們頂尖的超高淨值（ultra-high-net-worth）財富管理平台，以及持續擴張的第三方通路網絡加以提供。

The strength of this platform continues to drive exceptional growth at scale. In the third quarter, Management and Other Fees increased 22% year-over-year to a record $3.6 billion and surpassed $10 billion for the year to date. Our Assets Under Supervision reached another record of $4.1 trillion, supported by $97 billion of long-term net inflows, representing our 35th consecutive quarter of inflows. In Wealth Management, $47 billion of long-term net inflows contributed to record client assets of $2.1 trillion.

此平台的優勢持續推動我們在規模化下的卓越成長。第三季，管理費及其他費用（Management and Other Fees）年增 22% 至創紀錄的 36 億美元，年初至今已超過 100 億美元。我們的監督資產（Assets Under Supervision, AUS）再創新高達 4.1 兆美元，受 970 億美元的長期淨流入支持，為連續第 35 季淨流入。在財富管理方面，470 億美元的長期淨流入推動客戶資產創紀錄達 2.1 兆美元。

For 2026, Wealth Management long-term net inflows are annualizing at 12%, well ahead of our 5% target, which underscores the strength of our client relationships built on trust and long-term performance. In Alternatives, we are driving strong growth, with Alternative Assets Under Supervision up 26% year-over-year to a record $491 billion. We continue to see strong momentum in fundraising with $37 billion raised in the quarter, driving a total of $122 billion in fundraising for the year-to-date, reflecting investor demand for experienced investment managers.

2026 年，財富管理長期淨流入年化達 12%，明顯高於我們 5% 的目標，凸顯我們以信任與長期績效為基礎所建立的客戶關係之強度。在另類投資（Alternatives）方面，我們持續推動強勁成長，另類監督資產年增 26% 至創紀錄的 4,910 億美元。我們在募資方面持續展現強勁動能，本季募得 370 億美元，使年初至今募資總額達 1,220 億美元，反映投資人對具經驗投資管理人的需求。

Considering the strength, we now expect full-year fundraising of roughly $150 billion. Given the sustained levels of investment performance for clients, our leading Asset and Wealth Management business remains very well positioned for continued growth amid attractive secular tailwinds.

考量這股強勁態勢，我們目前預期全年募資約為 1,500 億美元。鑑於我們為客戶帶來的投資績效維持在高水準，我們領先的資產與財富管理業務在具吸引力的長期結構性順風下，仍處於非常有利的位置，可望持續成長。

At the same time, we are also inorganically accelerating growth and building a stronger platform with a better product offering for clients. In August, we announced agreements to acquire NEOS, a market leader in derivative income ETFs. With approximately $35 billion in AUS at quarter end and LCN Capital Partners, a leading triple-net-lease investment manager.

同時，我們也透過外部併購加速成長，打造更強的平台，並為客戶提供更完善的產品組合。8 月，我們宣布達成協議收購 NEOS（衍生性收益 ETF 的市場領導者；截至季末 AUS 約 350 億美元）以及 LCN Capital Partners（領先的三重淨租賃（triple-net-lease）投資管理公司）。

The NEOS acquisition will bring our global active ETF assets under supervision to over $90 billion, establishing Goldman Sachs among the top-eight providers by assets under supervision and top-six by revenue, while LCN broadens the range of private real estate investment solutions we can offer. Importantly, these acquisitions also bring talented and entrepreneurial teams to Goldman Sachs.

收購 NEOS 將使我們全球主動式 ETF 的監督資產提升至 900 億美元以上，讓高盛以監督資產計名列前八大供應商、以營收計名列前六大；而 LCN 則擴大我們可提供的私募不動產投資解決方案範圍。重要的是，這些收購也為高盛帶來具才華且富有創業精神的團隊。

We remain focused on opportunities that enhance distribution, deepen investment capabilities, and add products to strengthen Asset Wealth Management. Our bar for strategic financial and cultural fit remains very high, and we will continue to allocate capital dynamically and with discipline as we drive growth.

我們仍專注於能夠強化通路、深化投資能力並增加產品、以強化資產與財富管理的機會。我們對策略上的財務契合度與文化契合度門檻仍然非常高；在推動成長的同時，我們也將持續以動態且嚴謹的方式配置資本。

All in, our record year-to-date revenues are the result of years of focused execution that have strengthened our market-leading businesses and increased connectivity across the firm as we harnessed the power of One Goldman Sachs. Importantly, we have created a higher revenue base with our more durable revenues having more than doubled since 2020 Investor Day and now representing approximately 45% of revenues for the year-to-date.

總體而言，我們年初至今創紀錄的營收，是多年來專注執行的成果；這些努力強化了我們的市場領先業務，並在我們發揮「One Goldman Sachs」力量的同時，提升了公司內部的連結性。重要的是，自 2020 年投資人日以來，我們更具持久性的營收已增加逾一倍，且目前年初至今約占總營收的 45%，使我們的營收基礎更高。

The increased durability. Coupled with our expense discipline and prudent capital management, enhances the resilience of our earnings and supports higher returns through the cycle, providing Goldman Sachs with an even stronger foundation for growth.

這種更高的持久性。再加上我們的費用紀律與審慎的資本管理，提升了獲利的韌性，並支持我們在景氣循環中取得更高報酬，為高盛提供更強健的成長基礎。

Looking forward, though uncertainty persists, corporates and investors recognize that standing still can be a competitive disadvantage. Clients are taking action to modernize operations, secure critical capabilities. And reallocate capital towards their highest-return opportunities.

展望未來，儘管不確定性仍在，企業與投資人都認知到，原地踏步可能成為競爭劣勢。客戶正採取行動以現代化營運、確保關鍵能力。並將資本重新配置至其最高報酬的機會。

All of this is driving demand for M&A, capital formation, financing, risk management, and advice, playing directly to the strength of our franchise. An ongoing theme has been the growth in AI infrastructure investment.

這一切正推動併購（M&A）、資本形成、融資、風險管理與諮詢的需求，直接呼應我們平台的優勢。一個持續的主題是 AI 基礎設施投資的成長。

Recent studies estimate that the US data center buildout could require north of $10 trillion in investment through 2032. Averaging roughly 3.6% of US GDP annually. In our conversations with clients, demand for compute significantly exceeds supply at the moment, creating opportunities to help develop financing structures to meet that capacity shortfall.

近期研究估計，美國資料中心建置在 2032 年前可能需要超過 10 兆美元的投資。平均每年約占美國 GDP 的 3.6%。在我們與客戶的對話中，目前對運算資源的需求明顯高於供給，這帶來協助設計融資架構以彌補產能缺口的機會。

Our differentiated financing, distribution, and investing capabilities position us to play a meaningful role in the mobilization of capital and supporting client activity. While we are proud of the privileged position we play in the AI investment cycle, no one knows how the demands for capital and compute will evolve as the broader AI ecosystem matures. That will only become clearer as technology and markets continue to develop. This uncertainty reinforces the importance of remaining vigilant around the types of activity we finance and how we manage risk as we support our clients. We are highly selective about the risk we underwrite and the capital we commit, particularly as client financing needs become larger and more complex.

我們具差異化的融資、分銷與投資能力，使我們能在資本動員與支持客戶活動方面扮演重要角色。雖然我們以在 AI 投資循環中所扮演的優勢地位為榮，但隨著更廣泛的 AI 生態系成熟，資本與運算需求將如何演變，無人能確知。唯有隨著技術與市場持續發展，情況才會更明朗。這種不確定性更凸顯在支持客戶之際，必須對我們所融資的活動類型以及風險管理方式保持警覺的重要性。我們對所承作的風險與投入的資本高度審慎，尤其在客戶融資需求變得更大且更複雜之際。

Beyond these financial risks, we also recognize the broader concerns around the accelerating pace of AI technology and the unchecked advancement of frontier models. Like other transformative technologies, AI presents significant opportunities. But also significant risks that must be carefully assessed and managed. However, the choice is not between halting progress and moving forward without guardrails. We must enable innovation and also demand responsibility.

除了這些金融風險之外，我們也意識到 AI 技術加速發展以及前沿模型不受約束推進所引發的更廣泛疑慮。如同其他具變革性的技術，AI 帶來重大機會。但也帶來必須審慎評估與管理的重大風險。然而，選項並非在停止進步與在缺乏護欄下前進之間二選一。我們必須促進創新，同時要求負責任。

The experience of the financial services industry has demonstrated the value of rigorous testing, independent review, and continuous monitoring and clear human accountability. These principles, applied in ways that reflect the unique characteristics of AI, can help build the trust and confidence needed to deploy the technology responsibly at scale while companies, developers, and governments work together to establish appropriate safeguards.

金融服務業的經驗已證明，嚴謹測試、獨立審查、持續監控以及清晰的人類問責具有價值。這些原則若以反映 AI 獨特特性的方式加以運用，能在企業、開發者與政府共同建立適當防護措施的同時，協助建立在規模化負責任部署該技術所需的信任與信心。

All in, we continue to see meaningful opportunities ahead of us. We are incredibly well-positioned, given our relentless focus on serving our clients. While remaining vigilant to emerging risks in this dynamic environment.

總體而言，我們仍持續看到前方具實質意義的機會。憑藉我們對服務客戶的堅定專注，我們具備極佳的有利位置。同時在這個動態環境中，對新興風險保持警覺。

Our culture of teamwork, excellence and partnership remains a key differentiator that has enabled us to adapt, innovate and execute through a range of environments. I have never been more confident in our ability to create long-term value for shareholders by making the right investments to grow the firm and generate sustainable earnings growth. With that, I'll turn it over to Denis to walk through our financial results in more detail.

我們的團隊合作、卓越與夥伴關係文化，仍是關鍵差異化因素，使我們能在各種環境中調整、創新並執行。我從未如此有信心：透過做出正確投資以壯大公司並帶來可持續的獲利成長，我們能為股東創造長期價值。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.

謝謝你，David。各位早安。我們先從簡報第 1 頁的業績開始。

In the third quarter, we generated net revenues of $18.7 billion, earnings per share of $17.01, which drove a quarterly ROE of 18.7% and ROTE of 20.5%.

第三季，我們的淨收入為 187 億美元，每股盈餘為 17.01 美元，帶動單季 ROE 為 18.7%，ROTE 為 20.5%。

Turning to segment performance starting on page 3. Global Banking and Markets revenues were $13.5 billion in the third quarter, our second-highest quarterly revenues, contributing to a segment ROE of 23.5% for the year-to-date.

接著看第 3 頁開始的分部表現。全球銀行與市場（Global Banking and Markets）第三季收入為 135 億美元，為我們第二高的單季收入，年初至今帶來分部 ROE 23.5%。

Moving to page 4, Advisory revenues of $1.7 billion reached a quarterly record and rose 18% year-over-year driven by higher volumes. For the year-to-date, we maintained our number one league table position for announced and completed M&A volumes. In Equity Underwriting, revenues of $666 million rose 43% year-over-year on strong IPO and secondary offerings activity.

翻到第 4 頁，諮詢（Advisory）收入 17 億美元創單季新高，並在交易量增加帶動下年增 18%。年初至今，我們在已公告與已完成的併購（M&A）交易量排行榜上維持第一名。在股票承銷（Equity Underwriting）方面，收入 6.66 億美元，受強勁的 IPO 與增發活動帶動，年增 43%。

In Debt Underwriting, revenues were $904 million, up 15% year-over-year, driven primarily by stronger investment grade activity. Year-to-date, we ranked number one in equity underwriting, number two in leveraged loans, and number three in high-yield debt underwriting. Even amid very strong accruals in the quarter, our investment banking backlog remains very robust. As strong revenue realizations in Advisory were largely offset by solid replenishment in Equity Underwriting. Year-to-date sponsor share of announced M&A remains below historical averages, presenting further upside when activity picks up.

在債券承銷（Debt Underwriting）方面，收入為 9.04 億美元，年增 15%，主要由投資級業務走強所帶動。年初至今，我們在股票承銷排名第一、槓桿貸款排名第二、高收益債承銷排名第三。即使本季應計項目非常強勁，我們的投資銀行待執行業務（backlog）仍相當穩健。因為諮詢業務的強勁收入實現，基本上被股票承銷的穩健補充所抵銷。年初至今，贊助方在已公告併購中的占比仍低於歷史平均，當活動回升時仍有進一步上行空間。

FICC net revenues were essentially unchanged year-over-year. Intermediation revenues declined 7% as lower results in mortgages, rates and credit were largely offset by strong performance in currencies and commodities.

FICC 淨收入與去年同期基本持平。中介（Intermediation）收入下滑 7%，因房貸、利率與信用的較低表現，大致被外匯與大宗商品的強勁表現所抵銷。

Financing revenues increased 14% to their second highest level, driven by strength in mortgages and structured financing. Equities net revenues were $6.4 billion, up 72% year-over-year, representing our second best quarter, driven by strong performance in both Intermediation and Financing. Equities Intermediation revenues rose 52% to their second highest level, driven by strength in derivatives. Equities Financing revenues rose 96% to a record, driven primarily by elevated average prime balances and strong activity across Asia. Demand for Equities Financing continues to exceed available industry capacity, supporting attractive pricing and allowing us to remain selective in deploying resources. Following significant multi-year investment, our focus is increasingly on optimizing a diversified global portfolio, guided by our risk management framework, client relationships, and returns.

融資（Financing）收入成長 14%，達到歷史第二高水準，主要由房貸與結構性融資的強勢帶動。股票（Equities）淨收入為 64 億美元，年增 72%，為我們第二佳季度，受中介與融資兩者的強勁表現帶動。股票中介收入成長 52%，達到歷史第二高水準，主要由衍生性商品的強勢帶動。股票融資收入成長 96% 至創紀錄水準，主要由較高的平均主經紀（prime）餘額以及亞洲地區的強勁活動所帶動。股票融資需求持續超過產業可用產能，支撐具吸引力的定價，並使我們得以在資源配置上保持選擇性。在多年重大投資之後，我們的重點愈來愈放在優化多元化的全球投資組合，並以我們的風險管理框架、客戶關係與報酬為指引。

More broadly, we continue to see structural tailwinds for the growth in tradable assets and the increasing financing needs associated with those assets, which have helped to support sustained industry growth in Equities Financing over time.

更廣泛而言，我們持續看到可交易資產成長以及與這些資產相關的融資需求增加所帶來的結構性順風，長期以來有助於支撐股票融資產業的持續成長。

Year-to-date, total financing revenues of $12.7 billion were a record and represented over 40% of combined FICC and equities revenues. As David mentioned, growth in financing revenues has contributed to greater durability in FICC and Equities and is underpinned by a robust risk framework that includes diversified exposures, limits, concentration management and comprehensive stress testing.

年初至今，融資總收入 127 億美元創紀錄，並占 FICC 與股票合計收入的 40% 以上。如 David 所提到，融資收入的成長提升了 FICC 與股票業務的韌性，其基礎來自穩健的風險框架，包括多元化曝險、限額、集中度管理以及全面的壓力測試。

Let's turn to page 5. Asset and Wealth Management revenues were $5.1 billion, up 14% year-over-year. Management and Other Fees rose 22% year-over-year to a record $3.6 billion, reflecting the impact of higher average assets under supervision. Incentive fees were $587 million. Through our ultra-high-net-worth Wealth Management franchise, we provided clients early access to a high-growth investment opportunity and recognized incentive fees following the company's IPO.

我們看第 5 頁。資產與財富管理（Asset and Wealth Management）收入為 51 億美元，年增 14%。管理費及其他費用年增 22% 至創紀錄的 36 億美元，反映受託監管資產平均規模上升的影響。績效費（Incentive fees）為 5.87 億美元。透過我們的超高淨值財富管理平台，我們讓客戶及早參與一項高成長投資機會，並在該公司 IPO 後認列績效費。

Based on our current outlook, we expect incentive fees to remain elevated in the fourth quarter. Private Banking and Lending revenues were $827 million, up 20% sequentially, driven by higher net interest from consumer deposits. Loan balances were up 6% to $51 billion. Investments revenues were $50 million, given the timing of certain monetizations following a strong second quarter and certain markdowns.

基於我們目前的展望，我們預期第四季績效費將維持在較高水準。私人銀行與放款（Private Banking and Lending）收入為 8.27 億美元，較前一季成長 20%，主要由消費者存款帶來的淨利息收入增加所驅動。貸款餘額成長 6% 至 510 億美元。投資（Investments）收入為 5,000 萬美元，主要受部分變現時點落在第二季強勁表現之後，以及部分減記的影響。

Now moving to page 6. Total Assets Under Supervision ended the quarter at a record $4.1 trillion, supported by $97 billion of long-term fee-based net inflows, marking our 35th consecutive quarter of long-term fee-based net inflows. Wealth Management client assets reached another record of $2.1 trillion.

現在轉到第 6 頁。監督資產總額（Total Assets Under Supervision）在本季末達到創紀錄的 4.1 兆美元，主要受 970 億美元的長期、以費用為基礎的淨流入所支撐，這也標誌著我們連續第 35 個季度實現長期、以費用為基礎的淨流入。財富管理客戶資產也再創新高，達到 2.1 兆美元。

$47 billion of long-term net inflows.

長期淨流入 470 億美元。

Turning to page 7. Alternative assets under supervision totaled $491 billion at the end of the third-quarter, driving $860 million in management and other fees, the best performance since our 2020 Investor Day. Gross third-party alternatives fundraising was $37 billion for the quarter and $122 billion for the year-to-date.

轉到第 7 頁。截至第三季末，另類資產監督規模合計 4,910 億美元，帶動管理費及其他費用達 8.60 億美元，為自我們 2020 年投資人日以來的最佳表現。本季第三方另類資產募資總額為 370 億美元，年初至今累計為 1,220 億美元。

On page 9, firm-wide net interest income was $3.8 billion. Our total loan portfolio increased 6% from the prior quarter to $276 billion, reflecting broad-based growth across the portfolio. Our provision for credit losses was $368 million. While overall credit quality and portfolio performance have remained strong, our provisions reflected certain impairments across our portfolio as well as overall growth in lending.

在第 9 頁，全公司淨利息收入為 38 億美元。我們的總放款投資組合較前一季成長 6% 至 2,760 億美元，反映投資組合各面向的廣泛成長。我們的信用損失準備為 3.68 億美元。雖然整體信用品質與投資組合表現仍然強勁，但我們的提存反映了投資組合中若干減損，以及放款規模整體成長。

Turning to expenses on page 10. Total operating expenses were $11.3 billion for the quarter. For the year-to-date, total operating expenses were $33.4 billion for an efficiency ratio of 59.4%, improving 270 basis points from the prior year and in line with our target.

接著看第 10 頁的費用。本季總營運費用為 113 億美元。年初至今總營運費用為 334 億美元，效率比率為 59.4%，較去年改善 270 個基點，並符合我們的目標。

Our year-to-date compensation ratio net of provisions was reduced to 30%. We remain committed to paying for performance and delivering operating leverage for shareholders. Quarterly non-compensation expenses were $6.2 billion, 30% higher year over year, driven largely by higher transaction-based expenses.

我們年初至今扣除提存後的薪酬比率降至 30%。我們仍致力於以績效付酬，並為股東帶來營運槓桿。本季非薪酬費用為 62 億美元，年增 30%，主要由較高的交易型費用所帶動。

Additionally, given the strong pull through of incentive fees this quarter, we made a tax-efficient charitable contribution of approximately $450 million as part of a planned acceleration of our philanthropic efforts. We also expect to make a meaningful contribution in the fourth quarter. Together, these actions will pull forward at least five years of planned charitable giving.

此外，鑑於本季激勵費用的強勁落實（pull through），作為我們計畫加速推進慈善投入的一部分，我們進行了一筆具稅務效率的慈善捐贈，金額約 4.50 億美元。我們也預期在第四季進行一筆具相當規模的捐贈。合計而言，這些行動將把至少五年的既定慈善捐贈計畫提前完成。

The impact of our charitable contributions on quarterly EPS was approximately $1, while the impact on ROE and ROTE was approximately 1.1 percentage points each. Our effective tax rate for the year-to-date was 20.4%. And for the full year, we continue to expect an effective tax rate of approximately 20%. Now on to slide 11.

我們的慈善捐贈對本季每股盈餘（EPS）的影響約為 1 美元，而對股東權益報酬率（ROE）與有形股東權益報酬率（ROTE）的影響各約為 1.1 個百分點。我們年初至今的有效稅率為 20.4%。而就全年而言，我們仍預期有效稅率約為 20%。現在轉到第 11 張投影片。

Our Common Equity Tier 1 ratio was 12.4% at the end of the third quarter under the Standardized approach, 100 basis points above our current capital requirement of 11.4%. Regarding recent regulatory developments, we welcome the Federal Reserve's rule finalization to enhance the transparency and accountability of the CCAR stress test and reduce the volatility of capital requirements.

在標準法（Standardized approach）下，我們第三季末的普通股權第一級資本比率（CET1）為 12.4%，較我們目前 11.4% 的資本要求高出 100 個基點。就近期監管動態而言，我們樂見聯準會完成規則定案，以提升 CCAR 壓力測試的透明度與問責性，並降低資本要求的波動性。

We also recognize the progress of the Basel III Endgame and G-SIB proposals and are hopeful for finalization by the end of the year.

我們也注意到《巴塞爾 III 終局》（Basel III Endgame）與 G-SIB 提案的進展，並期盼能在年底前完成定案。

Collectively, these developments represent meaningful progress towards a more balanced and risk-sensitive regulatory capital framework that preserves the strength and resilience of the banking system. As the rules are finalized, we support appropriately calibrated requirements that are aligned with the risks firms actually take and look forward to the timely completion of these reforms.

整體而言，這些進展代表朝向更均衡、且更具風險敏感度的監管資本框架邁出重要一步，同時維持銀行體系的強健與韌性。隨著規則逐步定案，我們支持適度校準、與各公司實際承擔風險相一致的要求，並期待這些改革能及時完成。

We expect regulatory focus to soon shift towards liquidity regulation reform. We currently have over $570 billion in average global core liquid assets, representing approximately 25% of our total assets, and our Liquidity Coverage Ratio is among the highest in our peer group.

我們預期監管重點不久將轉向流動性監管改革。目前我們的全球核心流動資產平均超過 5,700 億美元，約占總資產的 25%，且我們的流動性覆蓋率（LCR）在同業中名列前茅。

In the quarter, we repurchased $3 billion of our common stock and paid $1.5 billion in dividends. We continue to have significant capacity to deploy capital prudently in service of clients while maintaining an appropriate buffer.

本季我們回購了 30 億美元普通股，並支付 15 億美元股利。在維持適當緩衝的同時，我們仍具備相當大的能力，以審慎方式部署資本來服務客戶。

In conclusion, our third-quarter performance reflects the strength of our client franchise, which has been bolstered by years of strategic execution. We have built market-leading franchises, deep relationships and a higher and more durable revenue base. We remain focused on delivering strong returns while continuing to invest in our people, technology, and client franchises to drive long-term earnings growth and deliver for our shareholders. With that, we'll now open up the line for questions.

總結而言，我們第三季的表現反映了客戶業務版圖的實力，而這份實力來自多年策略執行的累積。我們已建立市場領先的業務平台、更深厚的關係，以及更高且更具持久性的營收基礎。我們仍專注於提供強勁報酬，同時持續投資於人才、科技與客戶平台，以推動長期獲利成長並為股東創造價值。接下來我們開放提問。

Thank you.

謝謝。

(Operator instructions)

（接線生指示）

Glenn Shorr, Evercore ISI.

Glenn Shorr，Evercore ISI。

Hi there, thank you. First one on trading and markets, the results are nothing short of awesome. There's a short-term and long-term question. The short-term is just simple. Is there anything unique in the quarter like related situational awareness, anything like that would contribute to the quarter such that we don't over-model in the fourth quarter? But the bigger picture question I want to ask you is there's so many developments going on, tokenization, agentic trading, DeFi vaults, prediction markets, all these theoretically.

你好，謝謝。第一個問題關於交易與市場，你們的結果非常出色。我有一個短期與一個長期的問題。短期的很簡單。本季是否有任何特殊因素，例如與情勢掌握（situational awareness）相關之類，會對本季表現有所貢獻，以致於我們在第四季建模時不致過度外推？但我更想問的大方向是，現在有很多發展在進行：代幣化（tokenization）、代理式交易（agentic trading）、DeFi 金庫（vaults）、預測市場（prediction markets）等等，理論上這些都會

Would nip at the core of your great markets business, but obviously you're not standing still. So maybe you could talk about where you're making investments and how you see some of those things, how we should think about that in conjunction with your markets platform. Thank you.

侵蝕你們優秀的市場業務核心，但顯然你們也沒有停下腳步。所以也許你可以談談你們在哪些方面進行投資，以及你們如何看待其中一些趨勢；我們應該如何把這些與你們的市場平台一起思考。謝謝。

Sure. Thanks, Glenn, and good morning. On the first point, I don't see anything that I would call out. Denis, do you don't see anything I call out just on the first thing just to put that aside.

當然。謝謝你，Glenn，早安。就第一點而言，我沒有看到任何我會特別點出的事項。Denis，你在第一點上也沒有看到任何需要特別點出的吧，我們先把這點放一邊。

On your second question, obviously, we've seen market structure evolve with technological advancements over long periods of time. We've talked about that for a long time. And as a leading market maker and risk intermediary, we have to continue to invest in technologies, infrastructure, capabilities to make sure. We're supporting our clients at the cutting edge, and I think we continue to do that.

至於你的第二個問題，顯然我們長期以來一直看到市場結構隨著科技進步而演變。我們談這件事已經談了很久。作為領先的造市商與風險中介，我們必須持續投資於科技、基礎設施與能力，以確保我們能在最前沿支持客戶，而我認為我們也一直在這麼做。

I know you'll remember, Glenn, that it was not too long ago that people were concerned about electronification and equities trading and its impact on our business. But as we sit here today, the opportunity set for us is greater than what anyone could have contemplated when you look at our equity revenues and the way we adjusted and the way the business has evolved. Today, tokenization, is obviously an important trend. We see it across asset classes.

Glenn，你應該記得，不久之前人們還擔心交易電子化（electronification）以及股票交易對我們業務的影響。但就今天而言，當你看我們的股票業務收入、我們的調整方式以及業務演進的路徑，我們的機會集合比任何人在當時所能想像的都更大。而今天，代幣化顯然是一個重要趨勢。我們在各類資產上都看到了它。

We were publicly supportive of clarity passing, wasn't perfect, but we thought it would be good to give the market more clarity, no pun intended, and ensure investor protection. But in the absence of that, we're already seeing agencies take steps to provide clear rules to the market, and we're very engaged in those dialogues. We continue to invest and closely monitor the developments, both for opportunities, but also for risks.

我們曾公開支持通過更明確的法規，雖然並不完美，但我們認為這有助於為市場提供更多清晰度（無意雙關），並確保投資人保護。但即便在缺乏這些法規的情況下，我們已經看到主管機關正採取措施，為市場提供明確規則，而我們也非常積極參與這些對話。我們持續投資並密切關注相關發展，既關注機會，也關注風險。

The developments are obviously creating more products, greater activity, potentially new clients, broader distribution channels. And naturally, when you look at these things, they expand the TAM for our business, and that's one of the things that's interesting and exciting. At the same point, we remain very focused on ensuring that we're well positioned to serve our clients as these markets evolve.

這些發展顯然正在創造更多產品、更高的活動量、潛在的新客戶，以及更廣泛的分銷通路。而自然地，當你看待這些趨勢時，它們會擴大我們業務的可服務總市場（TAM），這也是其中一個有趣且令人振奮之處。同時，我們仍非常專注於確保在這些市場演進之際，我們能處於良好位置以服務客戶。

We've been investing in companies in the digital asset broader market infrastructure space for years, and we remain very focused on that. We've been building capabilities such as the GSDAP, where we were early in building our own rails for digital assets. We've tokenized bonds. We have a number of money market funds that are tokenized real estate for certain clients. And so we've been focused on trying to be at the edge of some of those activities, although I'd say broadly those activities are very small at this point. And we're participating in a range of market developments. In July, we participated in the launch of DTCC's tokenization service, and we're now actively assessing scalable use cases that we could put within it.

我們多年來一直投資於數位資產更廣泛市場基礎設施領域的公司，並且我們仍然非常專注於此。我們一直在建立各項能力，例如 GSDAP；在數位資產方面，我們很早就開始打造自有的基礎軌道（rails）。我們已將債券代幣化。我們也有一些貨幣市場基金，針對特定客戶提供代幣化的不動產。因此我們一直致力於在這些活動的前沿保持領先，不過我會說，整體而言這些活動目前規模仍然很小。而且我們也在參與一系列市場發展。7 月，我們參與了 DTCC 代幣化服務的推出，目前正積極評估可擴展的使用案例，以便納入其中。

We expect overtime time, the underlying technology can drive greater efficiency automation, streamline processes, reduce costs, take away friction, improve liquidity across asset classes, and so we're going to remain focused on this.

我們預期隨著時間推移，底層技術能帶來更高的效率與自動化、簡化流程、降低成本、消除摩擦、提升跨資產類別的流動性，因此我們將持續專注於此。

I think you're right to raise it as something that requires attention, but I'd say the activity so far is small and at the margin, but we're going to continue to have real resources thinking about how these changes can evolve over time. And I think it's one of the reasons when you think about, for example, electronification, we've managed to manage disruption or change in the equity business so well. And so we use that as a little bit of a guideline. So I hope that's some helpful color.

我認為你提出這點很對，確實需要關注；但我會說，到目前為止相關活動規模仍小、且屬於邊際影響，不過我們會持續投入實質資源，思考這些變化如何隨時間演進。我想這也是為什麼當你想到例如電子化（electronification）時，我們能在股票業務中把顛覆或變革管理得如此之好。因此我們把那當作一點參考指引。希望這些補充能有所幫助。

Yeah, you haven't put any thought into it. No kidding. Thank you. That was very helpful. So I've covered you guys since, I guess, the IPO. I've seen some transitions, in management and Goldman just get stronger each step of the way. This one seems to be being managed pretty methodically. There was just some articles recently that talking about an acceleration. So I don't know, David, if you want to address any of that just to keep the record straight, I appreciate it.

是啊，你們完全沒有想過這件事。開玩笑的。謝謝。這非常有幫助。所以我從你們 IPO 以來就一直追蹤你們。我看過一些管理層的轉換，而高盛每一步都變得更強。這一次看起來被相當有條不紊地管理著。最近有一些文章在談到加速。所以我不知道 David 你是否想回應一下，澄清紀錄、以正視聽；我會很感激。

No, sure. And I appreciate the question because some of the articles create noise. And I'll just start with Glenn. I'm super pleased with the progress the firm has made since we laid out our strategy in our Investor Day.

不，當然。我也感謝這個問題，因為有些文章會製造雜音。我先從 Glenn 談起。自從我們在投資人日（Investor Day）闡述策略以來，我對公司取得的進展感到非常滿意。

The execution, this team has worked to really grow the firm significantly. And I think we've really made it increasingly durable. And I have to say, at the point we're at now where we see the benefits of the effort that the broad team has made, I'm really enjoying the job. But more importantly, as a team, we're super excited about what's in front of us in the coming years and how we can continue to grow the franchise and really accelerate the earnings potential of the firm.

在執行面，這個團隊一直努力讓公司顯著成長。我認為我們也讓公司變得愈來愈具韌性。我必須說，在目前這個階段，我們已經看見整個團隊廣泛努力所帶來的成果，我真的很享受這份工作。但更重要的是，作為一個團隊，我們對未來幾年擺在眼前的機會感到非常興奮，以及我們如何能持續壯大這個特許經營（franchise），並真正加速公司的獲利潛力。

So I just want to be clear, there is no succession transition or timeline underway at Goldman Sachs. The Board and I are singularly focused on our strategy to grow the firm and continue to serve our clients with excellence.

所以我想說清楚：高盛目前沒有任何接班交接或時間表正在進行。董事會和我都專注於我們的策略：推動公司成長，並持續以卓越的水準服務客戶。

Erika Najarian, UBS.

UBS 的 Erika Najarian。

Thank you. David, you answered this question in your prepared remarks and maybe the more nuanced way to ask it is, there's been a lot of fears in the investor community that the bond market route globally was going to have a chilling effect on activity levels. And given sort of how you framed the pipeline, maybe talk about how discussions have evolved or take into account higher long end rates and if that's a compound question, I have to be on TV in five seconds. If we think about the capital consumption in the fourth-quarter, clearly capital came in 50 basis points lighter, you still have plenty of excess. JP Morgan mentioned that the fourth-quarter should be super active in trading and should not have a seasonal slowdown. How should we think about capital consumption? Going forward.

謝謝。David，你在事先準備的發言中已回答過這個問題；也許更細緻的問法是：投資人社群一直有很多擔憂，認為全球債券市場的走勢會對活動水準產生寒蟬效應。而依你對案源（pipeline）的描述，能否談談在長端利率走高的情況下，相關討論如何演變、或如何納入考量；如果這是個複合問題，我五秒後就要上電視了。如果我們看第四季的資本消耗（capital consumption），很明顯資本進來的幅度比預期輕了 50 個基點，你們仍有大量超額資本。摩根大通提到第四季交易應該會非常活躍，且不會出現季節性放緩。我們應該如何看待資本消耗？往後。

Well, just quickly on capital consumption, we talk about running with a 50 to 100 basis point buffer or at 100 basis point buffer. The firm has very good earnings momentum, so we generate capital. We feel comfortable with the fact that we have adequate capital to deploy in an active quarter in the fourth-quarter.

先快速談資本消耗：我們談到會以 50 到 100 個基點的緩衝來運行，或是以 100 個基點的緩衝來運行。公司獲利動能非常好，因此我們能產生資本。我們對於在第四季這樣活躍的季度中，仍有足夠資本可供部署感到放心。

And so we feel like we're managing that well. We continue to feel very nimble about our ability to manage our capital allocation effectively clients first, then when we can't deploy back to shareholders. On the first topic, just around rates.

因此我們覺得自己把這件事管理得很好。我們也持續保持高度機動性，能有效管理資本配置：以客戶優先，其次若無法部署則回饋股東。第一個主題，關於利率。

And the effect in activity, we did see in the quarter a very meaningful move in rates. I think from the beginning of July to now, we've seen a 75 basis point move on the 10-year approximately, don't hold me exactly to that, but a 75 basis point move on the 10-year. But I think one of the things that's lost is a historical perspective on term treasury premium. Because we've really operated since the financial crisis and a rate and an environment rates are fundamentally low, as a 64-year-old guy, I kind of look back at the last 64 years at a 5% 10-year treasury doesn't scare me in terms of an operating environment, it's the overwhelming. Periods of time in my life, the 10-year treasury has been higher than the level that it's in. And so we can have very effective capital markets with that.

至於對活動的影響，我們確實在本季度看到利率非常顯著的變動。我想從 7 月初到現在，10 年期利率大約上升了 75 個基點——不要完全以這個數字為準，但大概是 10 年期上升 75 個基點。但我認為有一點常被忽略：對期限國債溢價（term treasury premium）的歷史視角。因為自金融危機以來，我們基本上一直在利率偏低的環境中運作；以我這個 64 歲的人來看，回顧過去 64 年，10 年期美債在 5% 的水準並不會讓我對營運環境感到害怕——在我人生的大多數時期，10 年期美債利率都高於目前水準。因此在那樣的利率水準下，我們仍然可以有非常有效率的資本市場。

What creates headwinds for markets is when you have very abrupt moves. Yes, we had a meaningful move in the quarter. There were probably some days when it was abrupt. But you've got a lot of other things going on that are very important. We have a very strong underlying economy.

真正對市場造成逆風的是非常突然的變動。是的，我們在本季度確實出現了顯著的變動。其中可能有幾天變動相當急劇。但同時還有許多其他非常重要的因素在發生。我們有非常強勁的基本面經濟。

The economy continues to be very resilient despite some of the headwinds. We have an extraordinary tech supercycle. I think we have a regulatory environment that is really encouraging strategic activity to continue to grow scale. And you put these things all together and you balance it, and I think it's a pretty good environment. So I know people looked at the quarter and felt that it felt a little different than it did in the second-quarter, and I think that's fair. I would say that if I go back to the end of May or June, I would call it like. Top decile environment for kind of market activity and capital markets activity. But now we're in a top quartile environment, and that's still really good when you think about long periods of time.

儘管存在一些逆風，經濟仍持續展現高度韌性。我們正處於一個非凡的科技超級循環（tech supercycle）。我認為我們也有一個監管環境，確實在鼓勵策略性活動持續推進、以擴大規模。把這些因素綜合起來並加以權衡，我認為這是相當不錯的環境。所以我知道人們看了本季度，覺得它和第二季相比有點不同，我認為這是合理的。我會說，如果我回到 5 月底或 6 月，我會把它形容為市場活動與資本市場活動的「前十分位（top decile）」環境。但現在我們處於「前四分位（top quartile）」環境；從長期來看，這仍然非常好。

So we feel quite good about the activity levels. Obviously, if there was a lot more interest rate volatility, that could create headwinds, but we'll watch markets carefully. And at the moment, as we look at activity levels, they feel good.

因此我們對活動水準感到相當樂觀。顯然，如果利率波動更大，可能會形成逆風，但我們會密切觀察市場。而就目前我們看到的活動水準而言，感覺良好。

Ibrahim Poonawala, Bank of America.

Ibrahim Poonawala，美國銀行。

Good morning. I guess first question, David, I think Hock Tan from Broadcom, I think he was speaking overnight and he kind of questioned. Sustainability of like the AI CapEx financing. And just you were obviously part of the group with Jensen during the quarter.

早安。我想第一個問題，David，我想博通（Broadcom）的 Hock Tan 昨晚在發言時似乎提出質疑。關於類似 AI 資本支出（CapEx）融資的可持續性。而你顯然在本季期間也和 Jensen 一起參與了那個團體。

One, do you share that concern that the real choke point for AI CapEx will be financing, especially given rates moving higher, it's unclear what the returns look like, frame that for us given you probably have one of the best visibilities on what the appetite looks like? Thanks.

第一，你是否也有同樣的擔憂：AI 資本支出的真正瓶頸會是融資，尤其是在利率走高的情況下，回報看起來也不明朗；以你可能對市場胃納有最佳能見度之一的角度，請幫我們框架一下？謝謝。

Well, I think Christian, I mean, it's a very good question. Oh, Ebrahim, I'm sorry. Ebrahim, it's a very, yeah, I apologize. I'm looking at the screen.

嗯，我想 Christian，我是說，這是個非常好的問題。喔，Ebrahim，抱歉。Ebrahim，這是個非常、是的，我道歉。我在看螢幕。

I've been called a lot worse in life, so it's okay.

我這輩子被叫過更難聽的，所以沒關係。

I apologize because Christian's next. And so I looked at the screen quickly. I apologize. So Ebrahim, it's a really good question. And I'm probably going to disappoint you in my answer, which is I don't know and nobody knows. What I would say, and you saw it in our remarks, we are extremely conscious of the fact that the expectations for the quantum of financing that's necessary to build out the data center infrastructure in the United States based on what people are predicting is quite significant. And over time, there is risk.

我道歉，因為下一位是 Christian。所以我很快看了一眼螢幕。我道歉。所以 Ebrahim，這真的是個好問題。而我的回答可能會讓你失望：我不知道，而且沒有人知道。我想說的是，你也在我們的發言中看到，我們非常清楚地意識到，根據市場的預測，在美國擴建資料中心基礎設施所需的融資規模相當可觀。而隨著時間推移，存在風險。

There is risk to pressure on crowding out. The size, the scale, not every project is going to be received as well. And so we feel very lucky, and I said this in the prepared remarks, we sit in the center of that ecosystem, but we also recognize we have an extraordinary obligation to be very disciplined about what we underwrite. And I think generalized comments about the direction of travel and what will happen, I think we've got to be very cautious about that.

存在擠出效應（crowding out）壓力的風險。規模、體量之大，並非每個專案都會同樣受到市場青睞。因此我們覺得非常幸運——我在事先準備的發言中也提到——我們位於那個生態系的核心，但我們也認知到，我們有非常重大的責任，必須在承作（underwrite）上保持高度紀律。而對於趨勢方向與未來會發生什麼這類概括性的評論，我認為我們必須非常謹慎。

There is going to be a lot of financing to do, and we're going to be in the middle of that. It may be over time, as the financing needs grow, that there's. Pressure on rates, and that will affect the returns and the viability of certain projects. It's our job as an intermediary, as an asset manager, as a capital provider to sort through that and make prudent decisions, and I think we're very good at that and we will. But one thing is for clear, there's a lot of demand for compute at the moment, the supply is not coming to balance. More is going to get built. More financing is going to be necessary.

未來會有大量融資要做，而我們會在其中扮演核心角色。隨著融資需求成長，可能會出現。利率上的壓力，而那將影響報酬與某些專案的可行性。作為中介機構、資產管理人、資本提供者，我們的工作就是從中篩選並做出審慎決策；我認為我們很擅長這件事，而且我們會做到。但有一點很清楚：目前對算力（compute）的需求非常大，供給尚未達到平衡。會建更多。也會需要更多融資。

There will be a point in time when this recalibrates, resets for sure. And when that does happen, of course, there'll be some bumps. But it's very hard to predict that. And I think broad assertions that any of us know the direction of travel, how the technology will be evolved, how it will be deployed. That's just an unknown we have to live with, but it's an exciting time because there's going to be a lot of really interesting things to do around that.

終究會有某個時間點，這一切會重新校準、重置，這是肯定的。而當那發生時，當然會有一些顛簸。但要預測那個時間點非常困難。我認為若有人大膽斷言我們任何人知道趨勢方向、技術將如何演進、將如何部署。那都是未知數，我們必須與之共存；但這也是令人興奮的時刻，因為圍繞這些會有很多非常有趣的事情可以做。

Got it. And I guess one other question, improving and durable earnings has been a big focus for you. Help me solve for this, like when we look at the growth in Prime and equities financing, you could make the argument that it's adding to the cyclicality of the business if there's like deleveraging among hedge funds, etc.

了解。我想再問一個問題：提升且更具持續性的獲利一直是你們的重點。請幫我釐清一下：當我們看到 Prime（主經紀）與股票融資的成長時，有人可能會認為，如果避險基金等出現去槓桿，這反而會增加業務的循環性。

And sure, like I'm not talking about quarter-to-quarter volatility, but how should we think about equity financing actually making these earnings more durable versus adding to the cyclicality? Like how would you sort of think through if you could help us?

當然，我不是在談逐季波動，但我們應該如何看待股票融資：它究竟是讓獲利更具持續性，還是增加循環性？你能否幫我們梳理一下思路？

Yeah, sure, Christian. I mean, Ebrahim again.

好的，當然，Christian。我是說，又是 Ebrahim。

You must love Christian, I guess.

你一定很喜歡 Christian，我猜。

I actually love Ebrahim and Christian. I love everybody. I think the way to think about this is we all have to, this is the way we think about it running the firm. You have to step out of quarter to quarter, okay? None of us here as we risk manage in our prime business are confused. Equity markets go up, equity markets come down, okay? When equity markets come down, okay, there's a deleveraging, okay? And the size of the prime business because of the needs that our clients have to be financed. With a smaller equity market, a smaller market cap, there's going to be some cyclicality to that.

其實我很喜歡 Ebrahim，也很喜歡 Christian。我喜歡大家。我認為應該這樣看：我們所有人都必須——這也是我們經營公司時的思考方式——你得跳脫逐季的視角，好嗎？我們在主經紀業務做風險管理時，沒有人會搞不清楚。股市會上漲，股市也會下跌，好嗎？當股市下跌時，好嗎，就會去槓桿，好嗎？而主經紀業務的規模，因為客戶需要融資。在較小的股市、較小的市值之下，這裡面會有一些循環性。

However, if you step back and you get out of quarter-to-quarter movements and you fundamentally believe in growth in the world and therefore GDP growth in the world and therefore growth in market cap and technology innovation over any three to five-year period, the durability of the growth of that business at some baseline is going to be very attractive for Goldman Sachs. And so when you step out of the quarter and you think over three, five, seven years and you've really seen.

然而，如果你退一步，跳脫逐季波動，並且從根本上相信全球會成長，因此全球 GDP 會成長，因此市值會成長，且在任何三到五年的期間內會有技術創新，那麼這項業務在某個基準之上的成長持續性，對高盛而言將非常有吸引力。所以當你跳脫單一季度，改用三年、五年、七年的視角來看，你其實已經看到。

Look, we've grown our revenues over the last five years since 2022 by 11% compounded on the top-line. I do not believe we're going to grow our revenues by 11% compounded on the top-line for the next five years. There will be stops and starts as equity markets move around. But what we're trying to prove out is that the durable base is much bigger, it's a much more diverse business and fundamentally, it's very correlated to GDP growth. And equity market cap growth over time.

你看，自 2022 年以來的過去五年，我們的營收在營收端（top-line）以 11% 的複合成長率成長。我不認為未來五年我們的營收還能以 11% 的複合成長率成長。隨著股市波動，會有停停走走。但我們想要證明的是：可持續的基礎盤更大、業務更多元，而且從根本上，它與 GDP 成長高度相關。以及長期的股市市值成長。

And if we stop looking quarter to quarter and stop looking and start looking at three to five-year periods and look at the earnings growth that's driven, you get a very constructive result.

如果我們不再逐季盯著看，而是開始看三到五年的期間，並觀察由此帶動的獲利成長，你會得到非常正面的結果。

Christian Bolu, Autonomous Research.

Christian Bolu，Autonomous Research。

Good morning, David. Good morning, Denis. And feel free to call me Ibrahim.

早安，David。早安，Denis。也歡迎你叫我 Ibrahim。

I was going to call you Ebrahim just to level the playing field.

我本來想叫你 Ebrahim，這樣比較公平。

Yes. All right. I guess first one, David, just in the IB cycle here, I'd love to get some color on where you think we are in the cycle. The macro seems to be marginally more challenging, higher rates. We see a bunch of IPOs get pulled. We probably get a change in the political climate post US midterm elections. Your backlog seemed impressive, but they did it pull back a little bit. So just give me a sense of where you think we are in the cycle, have we peaked or is there more to go?

好。我想第一個問題，David，就目前投行（IB）週期而言，我很想聽聽你對我們目前所處週期位置的看法。宏觀環境似乎邊際上更具挑戰性、利率更高。我們看到一批 IPO 被撤回。美國期中選舉後，政治氛圍可能也會改變。你們的待執行案量（backlog）看起來令人印象深刻，但似乎也稍微回落了一點。所以請給我一個概念：你認為我們目前在週期的哪個位置？我們已經見頂了，還是還有上行空間？

I know everybody wants to call the peak. It's hard to call the peak, but let's just step back. And I want to go back to something I said just a little bit earlier. I still think for capital markets activity, it's a top quartile environment. For strategic M&A, there's an enormous amount of dialogue that continues. Our backlog is incredibly robust.

我知道大家都想判斷高點。高點很難判斷，但我們先退一步看。我想回到我剛才稍早提到的一點。我仍然認為，就資本市場活動而言，這是一個處於前四分位的環境。在策略性併購（M&A）方面，持續有大量對話在進行。我們的在手訂單（backlog）非常強勁。

It's fair to say that we had enormous accruals in the quarter, but if you listen to our prepared remarks, we were very forward about how robust the backlog remains. Capital markets activity is still good. I think one of the things that gets lost, there are obviously a handful of IPOs that didn't move forward, but when you look at. ECM revenues for the quarter and for the last few quarters, they're running meaningfully above both five-year and 10-year averages. So that's a good environment.

可以說我們本季有非常可觀的應計（accruals），但如果你聽我們事先準備的發言，我們非常坦率地說明在手訂單仍然相當強韌。資本市場活動仍然不錯。我認為有一點常被忽略：確實有少數 IPO 沒有繼續推進，但當你看……本季以及過去幾季的 ECM（股權資本市場）收入，明顯高於五年與十年平均水準。所以這是一個不錯的環境。

5-year and 10-year averages would be a 50% kind of capital markets environment. Running meaningfully above five and 10-year averages is a better environment. So I think we're still in a very good capital markets environment. I think one of the things that happened with a handful of the IPOs, when people do IPOs.

五年與十年平均大概代表的是一個 50% 左右的資本市場環境。明顯高於五年與十年平均就是更好的環境。所以我認為我們仍處在非常好的資本市場環境。我想少數 IPO 發生的其中一件事是，當人們做 IPO 時。

They make a decision months in advance to move forward and they have a discussion around what the valuation expectation is. And the investors have an expectation. And so IPOs that came in September were really the result of conversations in May and June around valuation expectations. Things got a little bit softer in September. The IPO market was wide open. It's just if you expected a valuation and you got something 10% to 15% less.

他們會在數個月前就決定推進，並討論估值預期。投資人也會有預期。因此，9 月進場的 IPO，其實是 5、6 月圍繞估值預期所進行對話的結果。9 月情況稍微轉弱了一些。IPO 市場是完全開放的。只是如果你原本預期某個估值，結果拿到的低了 10% 到 15%。

You might choose not to go forward, you might choose to wait, but the IPO market is still in pretty good shape. I'd say capital markets activities are strong, there's no question, the overall macro environment is a little bit more complicated, the rates environment a little bit more complicated, but the activity levels that we're seeing are still pretty good, but we'll obviously have to watch through the quarter. I think all the technology innovation and the AI infrastructure activity is a real good balance for capital markets activity on a go-forward basis.

你可能就會選擇不往前走、選擇等待，但 IPO 市場整體仍然相當不錯。我會說資本市場活動很強，毫無疑問；整體總體環境更複雜一些，利率環境也更複雜一些，但我們看到的活動水準仍然相當不錯，不過我們顯然必須在本季持續觀察。我認為所有科技創新與 AI 基礎設施的活動，對未來資本市場活動而言是一個很好的平衡力量。

It doesn't mean there won't be bumps in the quarter ahead. But when I look, we're certainly operating in a very good environment for capital markets and investment banking activity at the moment.

這不代表接下來的一季不會有顛簸。但就我所見，目前我們確實是在一個對資本市場與投資銀行活動非常有利的環境中運作。

Okay, very helpful. Maybe just a balance sheet and capital management. Clearly you're seeing tremendous balance sheet demand as evidenced by the robust growth in your financing business. I am a little bit surprised that you are still buying back a ton of stock at three times tangible, especially as your SLR is lower than peers. So maybe just talk through how we should think about capital management priorities as you move into 2027?

好的，非常有幫助。也許談一下資產負債表與資本管理。很明顯你們看到非常強勁的資產負債表需求，從融資業務的強勁成長就能看出來。我有點意外的是，你們在有形淨值三倍的水準仍然大量回購股票，尤其是你們的 SLR（補充槓桿率）比同業更低。所以能否談談，當你們邁向 2027 年時，我們應該如何看待資本管理的優先順序？

So Ibrahim, thank you. Thank you for the question.

所以 Ibrahim，謝謝你。謝謝你的提問。

That's a good CFO.

這是一位很棒的財務長（CFO）。

This is all taken against the backdrop that David's outlined. We're optimistic about the opportunity set. We made decisions over the course of this year following some of the regulatory capital relief to expand our deployment into the client franchise. We also happened to buy a bunch of stock as well. We were generating.

這一切都是在 David 所概述的背景之下進行的。我們對機會集合抱持樂觀。今年在部分監管資本紓解之後，我們做出決策，把更多資本部署到客戶特許經營（client franchise）上。同時我們也確實回購了不少股票。我們一直在產生。

Earnings that enabled us both to buy back the stock, buy down our share count, give us capacity to continuously and sort of systematically buy down our shares outstanding over time, gives us more capacity on the follow, but we were also able to make decisions to fuel the client franchise, which ultimately is delivering the results that we're talking about here in the third-quarter. And I think as we head forward into 2027, I think you should expect our approach to be similar.

足以讓我們同時回購股票、降低股數的盈餘，讓我們有能力持續、並且某種程度上系統性地隨時間降低流通在外股數，這也讓我們在後續有更大的容量；但同時我們也能做出決策來強化客戶特許經營，而這最終帶來了我們在第三季所談到的成果。我認為當我們往 2027 年前進時，你應該預期我們的作法會類似。

We will deploy. Into the franchise as a matter of priority. We do expect to continue to invest in the sustainable growth of our dividend. It's obviously up 25% year over year. It's now at $5 a share. It was $4 a year ago. Five years ago, it was $2 a share. So we've been consistently investing in the growth of our dividend that remains important. And obviously, with excess, we'll return it to shareholders and make sure we have the right buffer to operate the firm. So I think it's a consistent approach to our deployment, including into 2027.

我們會優先把資本部署。到特許經營中。我們也預期會持續投資於股利的可持續成長。股利顯然年增 25%。現在是每股 5 美元。一年前是每股 4 美元。五年前是每股 2 美元。所以我們一直持續投資於股利成長，這仍然很重要。而且很明顯地，若有超額資本，我們會回饋給股東，同時確保我們有適當的緩衝來營運公司。所以我認為這是一個一致的資本部署方式，包括延續到 2027 年。

Mike Mayo, Wells Fargo Securities.

Mike Mayo，富國證券（Wells Fargo Securities）。

Hi. I guess there's been more talk about a headwind to what you described as an extraordinary tech supercycle as it relates to power, labor, rates, CapEx has gone from billions to trillions, the climate. And so is funding a constraint.

嗨。我想最近有更多人在談，你所形容的這個非凡科技超級循環可能面臨逆風，像是電力、勞動力、利率，資本支出（CapEx）從數十億變成數兆，還有氣候。所以資金是否成為限制因素？

For this tech super cycle and is your conviction as strong as it was, say, three or six months ago? And then on the positive side, you talk about the growth in tradable assets globally, you're expanding in Asia. What has been that growth? What are your numbers around that?

對這個科技超級循環而言，資金是否是一個約束？以及你的信念是否仍像三個或六個月前那麼強？另外從正面來看，你提到全球可交易資產的成長，你們也在亞洲擴張。那個成長是什麼？你們對此有哪些數字？

So on the first part, Mike, you're talking about just. Enough capital in the markets to fund the growth of all this technology expansion? Or are we talking about our funding? I assume we're talking about just general capital availability to fund the significant AI infrastructure growth.

所以第一部分，Mike，你是在談……市場上是否有足夠資本來支應這些科技擴張的成長？還是在談我們自身的資金？我假設你是在談整體資本可得性，以支應龐大的 AI 基礎設施成長。

Yeah, I mean, if bond markets go on strike or if rates go up too much or just the hiccups, the political hiccups, the pushback against data centers, I know it's not a straight line up. But you still describe it as a tech super cycle. Do you think this is as strong a tech super cycle as you did six months ago, for example, given just some of the headlines that we see and the reaction of some of the technology companies?

對，我的意思是，如果債券市場罷工，或利率上升太多，或只是一些小插曲、政治上的小插曲、對資料中心的反彈，我知道這不會是一條直線往上。但你仍把它形容為科技超級循環。舉例來說，考量到我們看到的一些新聞標題，以及部分科技公司的反應，你是否仍認為這是一個和六個月前一樣強勁的科技超級循環？

Yeah, I do think i do think it's a very strong. Technology supercycle, Mike, and there's no way to step away from that.

是的，我確實認為——我確實認為這是一個非常強勁的。科技超級循環，沒有理由從這個觀點退縮。

The things that you highlight, obviously, if there are other factors that create significant interest rate volatility and push rates higher, that will have an impact on the pace of build-out and what projects get done and how they get done. If there's more geopolitical volatility in the world, that can have an impact. Localized political volatility around data centers. We've got an election coming up. It will be interesting to see. Obviously, there's a lot of political discussion coming into an election, but then you also have to see how states and localities act coming out of elections.

你提到的那些因素，顯然如果有其他因素造成利率大幅波動並推升利率，將會影響建置速度、哪些專案會做、以及如何執行。如果全球出現更多地緣政治波動，也可能產生影響。圍繞資料中心的在地政治波動。我們即將迎來選舉。這會很值得觀察。顯然，選舉前會有很多政治討論，但選後也必須看各州與地方政府會如何作為。

All these things can create volatility, and there's uncertainty around them. So no one knows the exact line of travel. But at its base, this technology is real. It's going to accelerate in terms of its deployment. There's going to be infrastructure built around it that's going to be quite significant. Hopefully also, and I think this is the case, there's going to be guardrails and government processes that help build trust around it. There is a lot of responsibility that goes to enterprises that are deploying it around making sure it's deployed correctly, but all of that is generally constructive for our business.

所有這些因素都可能造成波動，而圍繞它們也存在不確定性。因此，沒有人知道確切的發展路徑。但從根本來看，這項技術是真實存在的。它在部署方面將會加速。圍繞它將會建立起相當可觀的基礎設施。也希望如此，而且我認為確實如此，將會有護欄與政府流程來協助建立對它的信任。企業在部署這項技術時肩負很大的責任，必須確保部署得當，但整體而言，這些對我們的業務通常都是建設性的。

I can tell you lots of things that can go wrong and slow it down, but there's uncertainty around that, but that's kind of part of our job and the market's job is to kind of intermediate that and decide as time goes on the trajectory of that line, but this is real and it's significant and it's not going away, in my opinion.

我可以告訴你很多可能出錯並使其放緩的事情，但這方面也存在不確定性；不過這某種程度上就是我們的工作，而市場的工作則是在其中扮演中介角色，並隨著時間推移判斷這條路徑的走向。但依我看，這是真實的、影響重大的，而且不會消失。

And then Mike, I think on the second part of your question, as the world continues to expand, as we expand our opportunity set in Asia, something we've been strategically getting after for a number of years, you're seeing some of the results of that investment and the expansion of clients and markets and places that we can actually trade and finance different assets. If you look in our earnings release, you can see the geographic mix of our revenues, you can look back a year, you can look at the second, you can look at the year-over-year, you can look at the sequential.

然後，Mike，我想就你問題的第二部分而言，隨著世界持續擴張、以及我們在亞洲擴大我們的機會集合——這是我們多年來一直在策略性推進的方向——你正在看到那項投資的部分成果，以及客戶、市場與我們實際能夠交易並為不同資產提供融資的地點的擴張。如果你看我們的財報新聞稿，你可以看到我們收入的地理分布；你可以回看一年前、看第二季、看年增率，也可以看季比的變化。

For the firm, and there's very meaningful change in Asia's representation of aggregate firm-wide revenues. And I think it's fair to say a lot of that change in the geographic mix of revenues in the firm is being driven by equities activity, equity financing activity. So those numbers give you a decent picture for the expansion of that opportunity set.

就整個公司而言，亞洲在全公司合計收入中的占比出現了非常顯著的變化。我認為可以公平地說，公司收入地理結構的許多變化，是由股票業務活動、股票融資活動所推動的。因此，這些數字能讓你相當清楚地看到那個機會集合的擴張。

And then completely separately, just there are a lot of articles, headlines written about you, David, and succession and. Clearly, there's nothing that came out from Goldman Sachs, but what are your plans for staying around at Goldman as CEO?

然後完全是另一回事，外界有很多文章與標題在寫你，David，關於接班與……顯然高盛並沒有發布任何相關訊息，但你作為執行長，打算在高盛待多久？

I think you might not have been on earlier when Glenn Shore asked that question, Mike. And the way I answered, I'll just repeat what I said. I mean, I talked a little bit about the work we've done, the progress we've made, how much I'm enjoying it and also the excitement of the leadership team we have about the years ahead. And I said, to be clear, there's no succession transition or timeline underway at Goldman. The board and I are singly focused on growing the firm, growing our earnings, serving our clients. So that's what I said earlier on the call.

Mike，我想你可能先前不在線上，當時Glenn Shore問了這個問題。我當時的回答，我就重複一下。我的意思是，我談到了一些我們所做的工作、我們取得的進展、我有多享受這些，以及我們的領導團隊對未來幾年的興奮與期待。我也明確表示，高盛目前沒有任何接班交接或時間表在進行中。董事會和我都專注於一件事：壯大公司、提升我們的獲利、服務我們的客戶。所以這就是我先前在電話會議上說的。

Steven Chubak, Wolfe Research.

Steven Chubak，Wolfe Research。

Hi, good morning and thanks for taking my questions. So David, wanted to double click a little bit further into the revenue opportunity tied to the financing of the digital infrastructure build-out. Your firm is actually uniquely positioned.

嗨，早安，謝謝讓我提問。David，我想更深入追問一下，與數位基礎設施建置融資相關的收入機會。貴公司其實具備獨特的有利定位。

To underwrite financing activity both in the private IG market as well as the public debt market. As we get deeper into the AI CapEx cycle, I wanted to get your perspective as to how you see activity migrating from the public to private markets, how you're positioned competitively to compete in that private IG space, and how does that impact some of the revenue considerations or economics if that activity does, in fact, migrate away from the public debt space and into the private sphere?

能在私募投資級（IG）市場以及公開債券市場承作融資承銷活動。隨著我們更深入AI資本支出（CapEx）週期，我想請教你如何看待活動從公開市場向私募市場移轉；你們在私募投資級領域的競爭定位如何；以及如果活動確實從公開債務領域移往私募領域，這會如何影響收入考量或經濟性？

I'll make a couple of comments and Denis might have a couple of comments here too. But again, I know everyone wants an absolutely clear answer on the direction of travel of all of this.

我先講幾點，Denis 可能也會補充幾點。不過再說一次，我知道大家都想要一個對所有這些發展方向非常清晰的答案。

The capital demands are significant and it's going to require significant capital deployment from the public markets, both equity and debt and from the private markets, both equity and debt and we're seeing that. I think one of the things that makes. Goldman Sachs so unique is we're the only firm that sits kind of at the epicenter of having an ability to advise on these projects and the financings and how they should come together, an ability to be an originator on a structure of these transactions and distribute them to other institutional sources of capital.

資本需求非常龐大，將需要公開市場（股權與債務）以及私募市場（股權與債務）投入大量資本部署，而我們也正在看到這一點。我認為讓高盛如此獨特的一點在於：我們是唯一一家處於核心樞紐位置的機構，既有能力就這些專案與融資如何組合提供建議，也有能力作為交易結構的發起者，並將其分銷給其他機構型資本來源。

And in addition, have a very broad asset management platform that includes both public and private pools of capital that can be coordinated into these transactions, and there's nobody else that has that positioning. So we feel as a firm that we're seeing a lot and we sit in a very privileged place in the ecosystem. There's a significant amount of activity. It's different for different entities.

此外，我們還擁有非常廣泛的資產管理平台，涵蓋公開與私募兩類資金池，能夠在這些交易中加以協同整合，而沒有其他機構具備這樣的定位。因此，作為一家公司，我們覺得我們看到了很多機會，也處在生態系中一個非常有利的位置。目前活動量相當可觀。而且不同主體的情況各不相同。

It depends on who the customers and the offtakes are on a lot of the projects, which has a significant impact on the financing rates as to where you can go. There's a big difference from something that's really generated to serve a hyperscaler versus some of the Neo clouds. And so all of this goes into the equation, but we feel very well positioned to bring the full range of services and participate actively, and we still see. An enormous amount of activity. Denis, you want to add to that at all?

這在很大程度上取決於許多專案的客戶與承購方（offtakes）是誰，這會對融資利率以及你能走到哪個市場產生重大影響。為超大規模雲端業者（hyperscaler）服務而建置的項目，與一些新型雲端（Neo clouds）之間存在很大差異。因此，這些都會納入整體方程式，但我們認為自己非常有利，能提供全方位服務並積極參與，而且我們仍然看到極其龐大的活動量。Denis，你要補充一下嗎？

I think it's well said. The only thing I would add is if you step back and you also think about our banking franchise, the coverage footprint that we have, this cycle is different from prior cycles in that the largest, biggest companies driving the cycle have significant capacity to use free cash flow to finance this. And so there's lots of discussions with how you advise those large companies themselves. How much debt they should issue, how much equity they should issue, what's their rating appetite, what are the structures of the financing facilities. So you have to start with those people that are actually driving the investment supercycle. Then you move into the public and private debt and equity markets.

我覺得說得很好。我唯一想補充的是，如果你退一步，並且也思考我們的投行特許經營（banking franchise）與我們的覆蓋版圖，這一輪週期與以往不同之處在於：推動這一輪週期的最大、最重要的公司，具備相當大的能力可以用自由現金流來為這些投資融資。因此，會有很多討論在於你如何為這些大型公司本身提供建議。他們應該發多少債、發多少股、他們對評級的偏好是什麼、融資額度的結構應該如何設計。所以你必須先從那些真正推動這個投資超級週期的人開始。然後再延伸到公開與私募的債務與股權市場。

We obviously, through Capital Solutions, have the capacity to underwrite and distribute, to also put certain types of financing structures on our own balance sheet. And then we've been growing our AWM business, our private IG business, as you referenced, quite substantially. That also can participate in the overall growth. And then if you think about the entire ecosystem, the supply chain is super complicated. There are tremendous number of different companies that operate and you can finance the different companies at each point in the supply chain across different markets around the world. And given the scale of capabilities that we have, we just feel that we're well positioned to assist all across the supply chain in driving growth of the investment cycle.

我們當然也透過 Capital Solutions 具備承銷與分銷的能力，同時也能把某些類型的融資結構放到我們自己的資產負債表上。此外，我們也一直在相當大幅度地擴張我們的資產與財富管理（AWM）業務、以及你提到的私募投資級（IG）業務。這也能參與整體成長。再者，如果你思考整個生態系，供應鏈非常複雜。其中有大量不同公司在運作，而你可以在全球不同市場、針對供應鏈各個環節的不同公司提供融資。憑藉我們的能力規模，我們認為自己很有利，能在整個供應鏈中提供協助，推動這一投資週期的成長。

I appreciate really all that detail and the perspective that you offered. Maybe just a quick follow-up on the SLR. Given financing activity is much more leverage intensive, you guys have obviously seen outsized gains on the financing side. Speak to where you're comfortable running under the SLR constraint while supporting continued balance sheet expansion and specifically your appetite to grow in more nascent financing areas such as tax aware strategies, just given your leading position. In wealth in the RIA custody space would be a natural extension of your current financing capabilities.

非常感謝你提供這麼多細節與觀點。我再快速追問一下關於 SLR。鑑於融資活動對槓桿的需求更高，你們在融資端顯然取得了超出同業的成長。請談談在 SLR 約束下，你們對於維持在什麼水準運行會感到舒適，同時又能支持資產負債表持續擴張；並且具體談談你們在較新興的融資領域（例如稅務敏感策略 tax aware strategies）的成長意願，考量到你們在財富管理以及 RIA 託管領域的領先地位，這會是你們現有融資能力的自然延伸。

Sure, so you've obviously seen the change in how we've run our SLR ratio on a year-to-date basis. I think it's fair to say that the biggest delta, the largest sort of balance sheet extension. Is behind us. We're now migrating to a zone where we run a buffer in SLR much like we run in CET1 ratio. So we feel like we have the requisite capital we need to support the growth and client activity as we head into the fourth-quarter, but I wouldn't expect a significant movement from here.

當然，所以你們顯然已經看到我們在年初至今基礎上管理 SLR 比率的方式有所改變。我認為可以說，最大的差異、也就是資產負債表擴張幅度最大的那一段。已經過去了。我們現在正轉向一個區間，在這個區間我們會像管理 CET1 比率一樣，在 SLR 上維持一個緩衝。因此，我們覺得在邁入第四季之際，我們具備支持成長與客戶活動所需的資本，但我不預期從這裡開始會有顯著變動。

And then in terms of other strategies that we have across the overall AWM. Franchise, we're exploring and working on a number of those different strategies that you referenced.

另外，就我們在整體 AWM 特許經營業務上所採取的其他策略而言，我們正在探索並推進你所提到的多項不同策略。

Manan Gosalia, Morgan Stanley.

Manan Gosalia，摩根士丹利。

Hi, good morning. Earlier in the call, you spoke about the year-to-date sponsorship for announced M&A being below the historical average. I guess, what's your outlook for that business given the uptick in rates? Are you seeing any. Pull back any reluctance for some of those deals to come through into the market.

嗨，早安。在電話會議稍早，你提到年初至今已宣布的併購（M&A）之贊助商參與度低於歷史平均。我想問，在利率上升的情況下，你對這項業務的展望如何？你是否看到任何。一些交易在進入市場時出現退縮或猶豫？

Yes, I appreciate the question, Manan. The sponsors have been slow to monetize and turn over the capital portfolios from the 2020 and 2021 vintages. I think we all feel we would have seen more activity by now. I know there's a lot of questions around the fact in a higher rate environment is that more constraining. I think the bigger constraint is that a lot of this stuff is still marked higher.

是的，謝謝你的問題，Manan。贊助商一直較慢將 2020 與 2021 年批次（vintages）的資本投資組合變現並進行周轉。我想我們都覺得，到現在為止本應看到更多活動。我知道大家對於在較高利率環境下是否更具約束有很多疑問。我認為更大的限制在於，很多資產目前的估值仍然標得偏高。

Than where it can be monetized in the market and the sponsors are taking the optionality to wait longer because that's the way the incentive system works. They obviously have tools such as continuation funds and other vehicles to extend life and funds, and so they're taking advantage of those. This will come out, though. This activity will come. And I think the thing I'd look at the M&A levels and just recognize in the capital markets levels and just recognize it's been very light on sponsor activity. That sponsor activity is going to come, and when it comes, that will be a tailwind.

高於其在市場上可變現的水準，而贊助商選擇等待更久，因為激勵機制就是如此運作。他們顯然也有延續基金（continuation funds）及其他工具來延長基金存續期，因此正在加以利用。不過這些終究會釋出。這些活動終究會到來。我認為你只要看一下併購水準、以及資本市場的水準，就會發現贊助商活動一直非常清淡。贊助商活動會回來，而當它回來時，將會成為順風。

But it has been slower than we would have expected at this point. But I'm not overly concerned with how the interest rate environment affects it in the short-term.

但確實比我們在這個時間點原先預期的要慢。不過我並不太擔心利率環境在短期內會如何影響它。

Are the midterms factoring into your conversations with clients at all? Like are clients waiting on the sidelines to get more clarity on that? Or maybe on the flip side, if there's a greater sense of urgency to get deals done.

期中選舉是否有在你們與客戶的對話中產生影響？例如客戶是否因為想更清楚而先觀望？或者反過來說，是否有更強的急迫感要把交易做完？

I don't sense that people are sitting on the sidelines because of the midterms. I think from a strategic M&A perspective, the window is we have an administration for 2.25 or more years.

我不覺得大家因為期中選舉而在旁觀望。我認為從策略性併購的角度來看，時間窗口在於：我們還有一個政府任期 2.25 年或更久。

And this is an administration where strategically, to achieve scale, there's a general point of view that unlike in the prior administration where whatever the question was, the answer was no. In this administration, whatever the question is, the answer is very significant maybe. And so strategically, companies are very front-footed. And I think they feel comfortable that they've got a window, regardless of the midterms, they've kind of got a window that presses through the administration.

而在這個政府之下，從策略上要達到規模化，普遍的看法是：不同於上一屆政府，不管問題是什麼，答案都是不。在這一屆政府，不管問題是什麼，答案都很可能是「非常有可能」。因此在策略上，企業行動非常積極。而且我認為他們覺得自己有一個窗口期；不論期中選舉結果如何，他們基本上都有一個可延伸到本屆政府任期內的窗口。

I think people are watching the midterms carefully to see what happens and what that means kind of for activity in government over the course of the next couple of years, but I don't see it at the moment affecting activity significantly.

我認為大家確實在密切關注期中選舉，看看結果如何，以及這對未來幾年政府運作意味著什麼，但我目前看不到它對活動造成顯著影響。

Brennan Hawken, BMO.

Brennan Hawken，BMO。

Good morning. Thanks for taking my question. One on financing. You've spoken to both pricing and strength in Asia. You said that there's no one-timers there.

早安。謝謝讓我提問。第一個關於融資。你談到亞洲的定價與強勁表現，也說那裡沒有一次性因素（one-timers）。

But the third-quarter was perceived as a bit of a degrossing period. So curious whether or not you saw that. And is it possible to break down some of the growth that you've seen in those trading revenues between how much is. To average balances growing versus the pricing benefits that you've highlighted?

但第三季被視為有點像去槓桿（degrossing）的期間。所以想了解你們是否也看到了這種情況。另外，能否拆解一下你們在交易收入中看到的成長：其中有多少是。來自平均餘額成長，對比你所強調的定價效益？

So Brendan, I appreciate the question. I mean the growth rate for financing in particular on a sequential basis was about 3%. So I think there was deleveraging in the quarter. I think there was some disruption over the course of the quarter. And so the trajectory did not sustain substantial growth is still very healthy.

Brendan，謝謝你的問題。我的意思是，特別就融資而言，按季的成長率大約是 3%。所以我認為本季確實有去槓桿。我認為本季過程中也有一些擾動。因此軌跡並未維持大幅成長，但整體仍然非常健康。

And as we pointed out in the. Prepared remarks, it does remain an environment that sort of supply of financing constrained. And so one of the levers that we have in terms of driving sustainable growth in that activity is as there can be pullbacks, we can assess expanding the funnel of activity that we take on board with existing clients and/or new clients as a bit of a valve as aggregate market levels adjust.

而且如我們在。事先準備的發言中指出，這仍然是一個融資供給受限的環境。因此，就推動該活動可持續成長而言，我們其中一個槓桿是：當市場出現回撤時，我們可以評估擴大我們與既有客戶及／或新客戶承作的活動漏斗，作為在整體市場水位調整時的一個「閥門」。

But I think most of what would explain the sequential performance does relate to the overall backdrop of the market. There was not significant change in the composition of the book away from that.

但我認為，解釋按季表現的大部分因素，確實與整體市場背景有關。在此之外，投資組合的構成並沒有出現顯著變化。

Thanks for that, Denis. And then you spoke to the year-to-date comp ratio, 30%. Is that the best way we should be thinking about your expectation for the full year? And have we seen.

謝謝你，Denis。另外你提到年初至今的薪酬比率（comp ratio）是 30%。這是否是我們思考你們全年預期的最佳方式？以及我們是否已經看到。

Few investors noted this morning about the strong performance on the comp ratio. Is there something to do with like revenue mix? Equities revenue has been really strong. That's generally considered a lower comp ratio business. So has it been like business mix that has helped the comp ratio or are you just seeing lower competition for talent? Thanks for taking my questions.

今天早上有些投資人注意到薪酬比率表現很強。這是否與收入組合有關？股票業務收入一直很強。一般認為那是薪酬比率較低的業務。所以是否是業務組合幫助了薪酬比率，還是你們只是看到人才競爭變小？謝謝回答我的問題。

Sure. So I'd say there's a couple of things in terms of how we think about the comp ratio. First, it is our best estimate at the moment for what we expect for the year, but I'd say that we are applying a strategic lens to it and your question does get after this. As we look at ways that we can invest to grow the firm, grow the earnings of the firm, scale the firm, we are building durable platform-connected types of businesses and over time, we should not have the same degree of. Headcount related expenses that we might have historically to grow and scale the firm.

當然。我會說，就我們如何看待薪酬比率而言，有幾點。第一，這是我們目前對全年預期的最佳估計，但我也會說，我們會用策略性的視角來看待它，而你的問題正切中這點。當我們尋找可以投資以推動公司成長、提升公司獲利、擴大公司規模的方法時，我們正在打造更具耐久性、與平台連結的業務類型；隨著時間推進，我們在成長與擴張公司時，可能不需要像過去那樣同等程度的。與人頭數相關的費用。

And certain of the more durable activities, including the financing activities, we're using a lot of the firm's financial resources and risk appetite to drive that activity. And so there can be favorable compensation ratio benefits with respect to the growth of those activities. I would not say that we're seeing any diminution in terms of the market for talent. Frankly, quite the opposite, I think, for the very best people in this. Environment, business professionals, engineering professionals across the firm, there's a very strong bid for the very best people and we make sure that we're in a position to compensate them appropriately.

而某些更具耐久性的活動（包括融資活動），我們是運用公司大量的財務資源與風險承擔意願來推動該活動。因此，這些活動的成長在薪酬比率上可能會帶來較有利的效益。我不會說我們看到人才市場有任何降溫。坦白說，恰恰相反，我認為對於最頂尖的人才，在這個。環境下，無論是業務專業人才或工程專業人才，在全公司範圍內對最優秀人才的競價都非常強，我們也確保自己有能力給予他們適當的報酬。

But we are focused over the longer-term on sustainably delivering operating leverage to our shareholders as we grow the firm, and this is one step in that direction.

但從更長期來看，隨著我們擴大公司規模，我們的重點是以可持續的方式為股東帶來營運槓桿，而這是朝該方向邁出的一步。

Dan Fannon, Jefferies.

Dan Fannon，Jefferies。

Thanks. Good morning. So one more on expenses, Denis, and shifting to non-comp. Obviously, excluding the charitable numbers in this quarter and I think next quarter as you highlighted, can you just talk about the growth rate or outlook for non-comp expense as you think about the AI benefits you might be seeing in other areas investment that could be growing or shrinking as we look ahead?

謝謝。早安。那再問一個關於費用的問題，Denis，並轉到非薪酬部分。顯然，扣除你提到本季以及我想下季的慈善相關數字後，你能否談談非薪酬費用的成長率或展望？尤其是考量你們可能在其他領域看到的 AI 效益，以及未來可能增加或縮減的投資？

Sure. So first and foremost, you can see it in the numbers, both aggregate and the deltas. By far, the biggest component is transaction-based expenses. That story remains the same. For so long as we continue to see strong levels of client activity, particularly in equities and particularly in Asia, we'd expect that we'll continue to see growth in the transaction-based expenses.

當然。首先，你可以從數字本身看到，無論是總額還是變動幅度。到目前為止，最大的組成項是交易型費用。這個故事仍然一樣。只要我們持續看到強勁的客戶活動水準，特別是在股票、尤其是在亞洲，我們預期交易型費用仍會持續成長。

You're right, by the end of this year, based on our current expectations, we'll made. Contributions to support go-forward charitable giving that hopefully should carry us through about five years or so on our best estimate, so you won't see that you're unlikely to see that in the future periods as a result.

你說得對，依照我們目前的預期，到今年年底我們將完成。為未來的慈善捐贈提供支持的捐款，我們最佳估計應可支應約五年左右，因此未來期間你不太可能再看到這項費用。

The other area of strategic growth is across technology, generally speaking, comms and tech. We're going to continue to make sure that our people have access to the cutting-edge technology. We're making investments in our data infrastructure, our migrations to cloud.

另一個策略性成長領域是科技相關，廣義而言是通訊與科技。我們會持續確保同仁能使用最尖端的技術。我們正在投資資料基礎設施，以及向雲端遷移。

We're obviously making investments with respect to the models. And we're also making talent investments, all to make sure that we can support the firm's scaled growth over time. So I would call those out as the areas of focus.

我們顯然也在模型方面進行投資。同時我們也投資人才，所有這些都是為了確保我們能隨時間推進支援公司規模化成長。所以我會把這些列為重點領域。

And then just as a follow-up, Wealth Management organic growth more than accelerated $47 billion in the quarter in terms of net inflows. Anything one time in there or chunky that you would call out or maybe just talk to the kind of components, whether it was new advisor ads, recruiting, same store sales with existing clients, what was the driver there?

再追問一下，財富管理的有機成長在本季以淨流入計達到 470 億美元，且增速更快。其中有沒有任何一次性或較大筆的項目值得特別指出？或者你能談談構成要素嗎——例如新增顧問人數、招募、既有客戶的同店銷售等，主要驅動因素是什麼？

So I would not call out a particular one time. I would say that we have now a multi-year sustained. Investment in expanding our advisor footprint that's you know that's a decision that was made a number of years ago we continue to ramp up advisors continue to expand our geographic footprint and our reach around the world and we continue to have you know very very strong investment performance which is really important and we continue to invest in the overall quality of our people and in terms of the client experience that our clients have with our people it's a big area of strategic focus for the.

我不會特別指出某個一次性因素。我會說，我們現在已經是多年來持續地。投資於擴大我們的顧問覆蓋範圍——你知道，這是幾年前做出的決策；我們持續增加顧問人數、持續擴大我們的地理版圖與全球觸及範圍；同時我們也持續擁有非常、非常強勁的投資績效，這非常重要；我們也持續投資於整體人才品質，以及客戶與我們同仁互動時的客戶體驗，這是公司策略重點的一大領域。

It is performing substantially ahead of the targets that we put out earlier this year of 5%, but we're very pleased and it's a huge opportunity for the firm.

其表現大幅優於我們今年稍早提出的 5% 目標，但我們非常滿意，這對公司而言是巨大的機會。

Devin Ryan. Citizens Bank.

Devin Ryan，Citizens Bank。

Thanks. Good morning, David, Denis. A couple here on asset management and really on the alts business, just been incredibly impressive fundraising. You started the year at a $75 to $100 billion target. Now you're targeting $150 billion.

謝謝。早安，David、Denis。這裡有幾個關於資產管理、尤其是另類投資（alts）業務的問題，你們的募資表現真的非常亮眼。你們年初的目標是 750 億到 1,000 億美元。現在你們的目標是 1,500 億美元。

So clearly a lot of incremental capital coming in here. Just curious if you could give us a little more color around how much of that is just being kind of opportunistic in the market with some of these themes like the volatility and private credit or whether. There's something maybe bigger structurally that's been changing around your ability to distribute or even add capacity to that business.

所以顯然有大量增量資金流入。想請教你能否多分享一些細節：其中有多少是因為在市場上把握一些主題（例如波動性與私募信貸）而較偏機會性？或者。是否有更大的結構性變化，影響了你們的分銷能力，甚至是為該業務增加產能的能力？

Yeah, I mean, just that I appreciate the question, Devin, but there's nothing opportunistic about it. This is a concerted strategy that started six-plus years ago to really scale the platform. And when you look across the platform at the scaled platform, we've got managers. Across a variety of the different categories of private capital raising that have a lot of experience, good performance.

是的，我的意思是，我很感謝這個問題，Devin，但這並不是什麼機會性操作。這是一項有計畫的策略，六年多前就開始，目的是把平台真正做大做強。當你放眼整個平台、在這個已具規模的平台上，我們擁有管理人。涵蓋多個不同類別的私募資本募資領域，具備豐富經驗與良好績效。

And we've been very good to institutional allocators at customizing solutions that work for them with a long-term view. And in addition, we have very good demand for these products and services from our ultra-high net worth channel, which is a very important component. And so this has been a strategic decision. That we've made real scaled progress on over a period of time that has meaningfully increased our capacity to compete at the highest level in the space. And I think we've got good runway.

而且，我們一直很擅長以長期視角，為機構配置者量身打造適合他們的解決方案。此外，我們的超高淨值客戶通路對這些產品與服務也有非常強勁的需求，這是非常重要的組成部分。因此，這是一項策略性決策。我們在一段時間內已取得真正且具規模的進展，顯著提升了我們在該領域以最高水準競爭的能力。我認為我們還有很長的成長跑道。

When you look at private credit, for example, one of the things we've benefited from is we've been in this business for 40 years. And institutional allocators, despite the noise in the media around private credit, as spreads have normalized to more attractive levels, institutional allocators. That thought this is a more attractive time in the last three to six months to bring capital into experienced private credit managers, and we've benefited from that. So there's nothing opportunistic. This is a long-term strategy to have one of the largest and broadest private alts platforms, and you're seeing the benefit of our scale position start to come through.

以私募信貸為例，我們受益的一點是，我們在這個業務已經做了 40 年。而機構配置者，儘管媒體對私募信貸有各種雜音，隨著利差回到更具吸引力的水準，機構配置者。在過去三到六個月認為，這是一個把資金投入具經驗的私募信貸管理人的更佳時點，而我們也因此受益。所以這不是機會性操作。這是一項長期策略，目標是打造規模最大、覆蓋最廣的私募另類投資平台之一，而你現在看到的是我們規模優勢開始顯現的成果。

I appreciate that, David. And then just a follow-up, just on the acquisition front in Asset Management, so clearly been an area for EPS. Are there any other areas you feel like you're still subscale in Asset Management or where a few additional capabilities or investments could kind of, like you just said on the alt side, similarly really kind of improve the capacity or make you more relevant with institutional or retail clients?

了解，謝謝你，David。再追問一下，關於資產管理的併購面向：顯然這一直是 EPS 的一個著力點。你覺得在資產管理中還有哪些領域你們仍然規模不足，或是再補上一些能力或投資，就能像你剛才提到另類投資那樣，同樣大幅提升產能，或讓你們在機構或零售客戶面前更具相關性？

There's no questions. We still have gaps across the platform. We have a presence across all the variety of private assets broadly, but there's some places where we're not as scaled as we'd like to be.

毫無疑問。我們在整個平台上仍有缺口。我們在各類私募資產上都有布局，但有些地方的規模仍未達到我們希望的程度。

That doesn't mean that we'll make an acquisition in that space because there's got to be fit, there's got to be the right team. But we continue to look for places where we're not scaled with our opportunities, both across private and the public side of our asset management business to increase.

但這不代表我們一定會在那個領域進行收購，因為必須要契合、必須要有合適的團隊。不過，我們會持續尋找那些我們規模不足、但存在機會的領域，無論是在私募端或是我們資產管理業務的公募端，以提升。

Our scale. And I think there'll be other opportunities. I'm not going to call out something specifically, but we're not at scale everywhere. And if we see an opportunity that fits and accelerates our scale position, we're certainly going to consider it, but always with a very high bar around culture fit and the specific people we're bringing into the firm.

我們的規模。我認為還會有其他機會。我不會特別點名某一項，但我們並非在所有地方都已達到規模。如果我們看到一個契合且能加速我們規模地位的機會，我們當然會考慮，但我們對文化契合度以及引進到公司的人才，一向設有非常高的門檻。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Hi, David. Hi, Denis. Denis, you touched on in your comments about the provision being higher that you gave us guidance earlier in the quarter about it being higher, so there's no real surprise and the outlook for credit from your comments still is strong, but can you elaborate a little bit on the marks that you took to that drove that provision?

嗨，David。嗨，Denis。Denis，你在評論中提到提存（provision）較高，而且你在本季稍早也給過我們指引說會較高，所以並不意外；從你的評論來看，信用品質展望仍然強勁，但你能否再多說明一下，你做了哪些評價調整（marks）導致這次提存？

Sure. So there's two drivers this quarter that are worth taking note of. One, which is the secondary driver, but yet it's important, which is overall growth in the portfolio. So we continue to deploy capital to expand the opportunities to lend to more clients. And frankly, that's an outgrowth of a strategic decision earlier in the year when we found ourselves with more excess capital that we wanted to fuel growth in our overall investment banking coverage suite of relationships.

當然。本季有兩個值得注意的驅動因素。第一個是次要驅動因素，但仍然重要，也就是投資組合的整體成長。因此，我們持續部署資本，以擴大放貸給更多客戶的機會。坦白說，這是今年稍早一項策略性決策的延伸；當時我們發現自身有較多的超額資本，希望用來推動我們整體投資銀行覆蓋體系之客戶關係的成長。

Of the provision number is aggregate growth in the portfolio. But it is the case as well that the impairment numbers were elevated. We looked very carefully, as we always do with the entire complexion of the portfolio. Our conclusion is they're highly idiosyncratic, the non-correlated set of names, but we had a couple of different names that we ended up taking incremental impairments against in the quarter. We don't think it's necessarily the signal of something else to come.

提存（provision）數字的一部分來自投資組合的整體成長。但同時，減損（impairment）數字也偏高。我們一如既往地非常仔細地檢視整個投資組合的整體狀況。我們的結論是，這些情況高度具個別性，屬於彼此不相關的一組標的名稱；但本季我們確實對其中幾個不同的名稱計提了額外的增量減損。我們不認為這必然是未來還會發生其他事情的訊號。

But it was appropriate for those individual names. And so we took the impairments and put it through in the third-quarter.

但就那些個別名稱而言，這樣做是適當的。因此，我們在第三季認列了這些減損並入帳。

Very good. And then as a follow-up, you talked about it earlier in the year about the leaning into Asia and the success that you've had and you touched on it again today, the Asian markets and the equity finance equity execution.

很好。接著追問一下，你今年稍早談到加大在亞洲的投入以及你們取得的成功，今天也再次提到亞洲市場，以及股票融資與股票執行（equity finance / equity execution）。

You guys obviously benefit from. Are there any other opportunities globally where you can lean into new markets and get the benefits that you're seeing similar to what you did with Asia?

你們顯然從中受益。在全球其他地方，是否還有任何機會可以加大投入新市場，並獲得類似於你們在亞洲所看到的效益？

So I think there are opportunities all over the world where we can continue to lean in. What we found particularly attractive about Asia is that we felt that we were quite under scale and the opportunity was available with clients on attractive economic and risk.

我認為全球各地都有我們可以持續加大投入的機會。我們之所以覺得亞洲特別有吸引力，是因為我們認為自身規模相對不足，而客戶端存在在經濟性與風險條件都具吸引力的機會。

Terms. And so it was the most attractive place geographically to drive incremental penetration and scale, and that's why we made it a priority. But there are plenty of other places around the world that we could continue to choose to drive incremental growth as well.

在這些條件下，從地理區域來看，亞洲是推動增量滲透率與規模最具吸引力的地方，因此我們將其列為優先事項。但全球還有許多其他地區，我們也可以選擇持續推動增量成長。

Chris McGratty, KBW.

Chris McGratty，KBW。

Great. Thanks for squeezing me in. David, more of a high-level question. Your outperformance on your ROE targets, maybe a comment or two on your views on how much is cyclical versus structural?

很好。謝謝讓我插隊提問。David，這是一個較高層次的問題。你們的ROE目標超額達成，能否談一兩點你對其中有多少屬於景氣循環因素、又有多少屬於結構性因素的看法？

I appreciate the question, Chris. I think a lot of it is we're structurally running the firm as a broader, more durable franchise with higher fundamental returns. I'm not going to speculate through the cycle as to how the returns balanced out. But what I will say when I go back over the last five years, I remember sitting on this call for multiple years, including as recently as a couple of years ago when we were very confident that we could get the firm running through our targets through the cycle and there was a lot of skepticism about that. The reason the returns are significantly elevated is because we've significantly. Grown the breadth and the base of the firm. We've significantly changed the operational structure and the durability of the firm, and that's led to higher structural returns.

謝謝你的問題，Chris。我認為其中很大一部分是因為我們在結構上把公司經營成一個更廣泛、更具韌性的特許經營體（franchise），並帶來更高的基本報酬。我不會去推測在景氣循環中報酬如何平衡。但我想說的是，回顧過去五年，我記得在這通電話上連續好幾年、甚至就在兩年前，我們非常有信心公司能在整個景氣循環中達成我們的目標，但當時外界對此有很多質疑。之所以報酬顯著提高，是因為我們大幅擴大了公司的廣度與基礎。我們也大幅改變了營運架構與公司的韌性，進而帶來更高的結構性報酬。

And so there's a big strategic result of an investment over a long period of time. I will say at the moment, and I've said it on the call three times, we're in a very good environment. We're in a top quartile environment. And so does that flatter. What will be the average return through the cycle, absolutely. But structurally, the base returns of the firm have been meaningfully uplifted over the last five years.

因此，這是長期投資所帶來的一個重大的策略性成果。我也要說，就目前而言，而且我在這通電話上已經說了三次，我們正處於非常好的環境。我們處於前四分位（top quartile）的環境。因此，這是否會讓整個景氣循環中的平均報酬看起來更漂亮？當然會。但從結構上來看，過去五年公司的基礎報酬已經被明顯抬升。

Perfect. And then second follow-up would be the midterms. I think there's a divided view of whether it's a divided government and is good for activity or perhaps a headwind. Where do you stand on. If the futures markets are right about a divided government, how that could play into your capital markets business?

很好。第二個追問是期中選舉（midterms）。對於「分裂政府」究竟有利於活動、還是可能形成逆風，市場看法分歧。你怎麼看？如果期貨市場對分裂政府的判斷是對的，這可能會如何影響你們的資本市場業務？

I don't really first of all, the election doesn't occur for another month and in politics a month is an eternity, so we'll see how the election plays out and I'm not a good pundit nor are the prediction markets and the futures market is a good pundit of exactly what the environment will bring after the election as we headed to 27th. So we'll watch that and be prepared for whatever comes our way.

我首先不太……選舉還有一個月才會發生，而在政治上，一個月就是永恆，所以我們就看看選舉結果如何。我不是好的評論員，預測市場與期貨市場也不是好的評論員，無法精準判斷選後環境會帶來什麼，尤其是當我們邁向27年之際。所以我們會持續觀察，並為任何可能到來的情況做好準備。

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

謝謝。目前沒有其他問題。各位女士、先生，以上為高盛2026年第三季財報電話會議。感謝各位的參與。您現在可以掛線。