摩根士丹利 (MS) 2025 Q4 法說會逐字稿

Good morning. Welcome to Morgan Stanley's fourth-quarter and full-year 2025 earnings call. On behalf of Morgan Stanley, I will begin this call with the following information and disclaimer.

早安.歡迎參加摩根士丹利2025年第四季及全年業績電話會議。我謹代表摩根士丹利，先提供以下資訊和免責聲明。

This call is being recorded. During today's presentation, we will refer to our earnings release, financial supplement, and strategic update, copies of which are available at morganstanley.com.

本次通話正在錄音。在今天的報告中，我們將參考我們的獲利報告、財務補充文件和策略更新，這些文件的副本可在 morganstanley.com 上取得。

Today's presentation may include forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our notices regarding forward-looking statements and non-GAAP measures that appear in the earnings release and strategic update. Within the strategic update, certain reported information has been adjusted as noted. These adjustments were made to provide a transparent and comparative view of our operating performance. The reconciliations of these non-GAAP adjusted operating performance metrics are included in the notes to the presentation or the earnings release.

今天的演講可能包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與預期結果有重大差異。請參閱我們在盈利報告和策略更新中發布的有關前瞻性陳述和非GAAP指標的通知。在本次策略更新中，部分已報告資訊已按規定進行了調整。做出這些調整是為了提供透明且可比較的經營績效概覽。這些非GAAP調整後的經營績效指標的調節表包含在簡報或獲利報告的附註中。

This presentation may not be duplicated or reproduced without our consent.

未經我們同意，不得複製或轉載此簡報。

I will now turn the call over to Chairman and Chief Executive Officer, Ted Pick. Ted, you may proceed.

現在我將把電話交給董事長兼執行長泰德·皮克。泰德，你可以繼續了。

Good morning and thank you for joining us. In 2025, the US economy proved resilient as ever. As predicted, the capital markets are kicking in with well-capitalized corporates and higher-end consumers, driving the economy forward. 2026 starts with the tailwinds of constructive fiscal policy and easier monetary policy. As the arc of history resumes, geopolitics are front and center with a broadening set of opportunities and challenges.

早安，感謝各位的參與。2025年，美國經濟一如既往地展現出強大的韌性。如預期，資本市場正活躍起來，資金雄厚的企業和高端消費者推動經濟發展。 2026年伊始，積極的財政政策和寬鬆的貨幣政策將帶來利多。隨著歷史的進程持續，地緣政治成為關注的焦點，帶來了一系列日益擴大的機會和挑戰。

While the higher plane of Morgan Stanley results tell a story of durable performance, we are mindful of the combination of geopolitical swirl and ebullient markets. The macro backdrop is complicated. On the one hand, the setup is ideal. We're monetizing the long-awaited conversion of capital markets green shoots across our Investment Banking and markets verticals, and we are scaling asset inflows and transaction activity across our Wealth businesses.

儘管摩根士丹利業績的較高水準展現了其持續的良好表現，但我們也意​​識到地緣政治動盪和市場繁榮的雙重影響。宏觀背景很複雜。一方面，這種安排非常理想。我們正在將投資銀行和市場業務中期待已久的資本市場復甦勢頭轉化為實際收益，並擴大財富管理業務的資產流入和交易活動規模。

At the same time, we are well-served to watch for any overreaching against ongoing global uncertainties and higher asset prices. 2025 results and in fact, the results for every quarter over the last eight, are a blueprint for Morgan Stanley's success. We expect this mix of tailwinds and headwinds to prevail in 2026 and are prepared to continue to execute.

同時，我們也應密切關注是否存在因持續的全球不確定性和不斷上漲的資產價格而導致的過度擴張。事實上，2025年的業績，以及過去八個季度的業績，都為摩根士丹利的成功奠定了基礎。我們預計這種順風和逆風交織的局面將在 2026 年持續，並已做好準備繼續執行相關計畫。

We will now walk through the 2026 strategy deck entitled, The Integrated Firm: Executing on a Higher Plane, which can be found on the Morgan Stanley website. We will then detail fourth-quarter and full-year results.

接下來，我們將詳細了解摩根士丹利網站上發布的題為《一體化公司：更高層次的執行》的 2026 年策略報告。接下來，我們將詳細介紹第四季和全年業績。

Turning to slide 3. Morgan Stanley's 2025 results are summarized by $9.3 trillion in total client assets, $10.21 in earnings per share, and a 21.6% return on tangible. The firm's trusted advisor franchise delivered across all three metrics.

翻到第三張幻燈片。摩根士丹利 2025 年的績效摘要如下：客戶總資產達 9.3 兆美元，每股收益達 10.21 美元，有形資產報酬率達 21.6%。該公司值得信賴的顧問團隊在所有三個指標上都表現出色。

Slide 4 shows that our average earnings per share and returns on tangible over the last decade reflect the transformation of Morgan Stanley's business model. The last five years are the result of share gains and operating leverage via consistent investment in technology, footprint, and the successful integration of key strategic acquisitions.

投影片 4 顯示，過去十年我們的平均每股盈餘和有形資產報酬率反映了摩根士丹利商業模式的轉型。過去五年所取得的成就，得益於公司在技術、業務拓展以及成功整合關鍵策略收購方面持續不斷的投資，從而實現了市場份額的成長和營運槓桿效應。

Moving to slide 5. We're well on track toward our firm-wide goals. We've compounded Wealth and Investment Management client assets towards $10 trillion-plus. In Institutional Securities, we gained 100 basis points of wallet share with clients across Investment Banking and markets reflecting the strength of our integrated investment bank and global franchise.

切換到第5張投影片。我們正朝著公司整體目標穩步前進。我們已使財富和投資管理客戶的資產規模成長至超過 10 兆美元。在機構證券領域，我們在投資銀行和市場領域的客戶錢包份額增加了 100 個基點，這反映了我們一體化投資銀行和全球特許經營的實力。

Please turn to slide 6. We've moved up the firm-wide goals page to review in the context of the last two very strong years. 2025 results in the fourth quarter or on an annual basis, broadly met or exceeded our firm-wide goals. Asset growth accelerated with last year's additional $1.4 trillion.

請翻到第6張投影片。我們已將公司整體目標頁面提前，以便結合過去兩年強勁的業績進行回顧。 2025 年第四季或年度業績總體上達到或超過了我們的公司整體目標。去年新增1.4兆美元，資產成長加速。

Wealth pretax margins are at their highest levels ever with the fourth quarter's 31% printed result, Institutional Securities gained share across underwriting and equities trading, and we closed the year with a strong advisory result.

財富稅前利潤率達到歷史最高水平，第四季度公佈的業績為 31%；機構證券業務在承銷和股票交易方面均獲得市場份額增長；我們以強勁的諮詢業績結束了這一年。

In short, the firm is running at a higher run rate. We're executing from a position of strength, multi-year investments in the core businesses, client momentum, management stability, and growing capital excess.

簡而言之，該公司目前的營運效率更高。我們憑藉著強大的實力、對核心業務的多年投資、強勁的客戶動能、穩定的管理層和不斷增長的資本盈餘，穩步推進各項策略。

But as I observed in the opening, they're both macroeconomic and geopolitical tailwinds and headwinds. And in our view, while we are happy to have reached many of these firm-wide goals, perhaps earlier than some expected, this is not the time to overreach. These last eight quarters memorialized consistent execution against different mini macro uncertainties, and our multi-year growth plan contemplates both secular growth and available wallet and continued durable share gains.

但正如我在開頭所指出的，它們既是宏觀經濟和地緣政治的順風，也是逆風。我們認為，雖然我們很高興能夠實現許多公司層面的目標，而且可能比一些人預期的要早，但現在還不是過度擴張的時候。過去八個季度見證了我們在各種宏觀經濟不確定因素下持續穩定的執行力，我們的多年增長計劃既考慮了長期增長和可用資金，也考慮了持續穩定的市場份額增長。

Our expectation going forward is that if this environment is welcoming, we are meant to execute at or above these firm-wide goals as we did in 2025. And when the backdrop is more challenged, to endeavor to achieve higher lows. The longer-term cadence we seek is a higher plane of operating performance through the cycle as we compound earnings in a capital-efficient way.

我們期望，如果環境友好，我們將能夠像 2025 年一樣，實現或超越公司整體目標。當背景更具挑戰性時，要努力達到更高的低谷。我們追求的長期節奏是在整個週期中實現更高水準的經營業績，同時以資本高效的方式實現收益的複利增長。

Now to the forward growth plan, please turn to slide 7 where we review our major businesses. As you know, Wealth has three channels, our Financial Advisors, Workplace, and E*TRADE, each a category leader, which taken together, comprise our strategic client acquisition model. In Institutional Securities, we have deep client relationships and a global footprint under the Integrated Investment Bank. We have diversification in Investment Management led by Parametric, Alternatives, and Fixed Income.

現在來看看未來的成長計劃，請翻到第 7 頁，我們在這裡回顧一下我們的主要業務。如您所知，Wealth 擁有三個管道：我們的財務顧問、工作場所和 E*TRADE，每個管道都是行業領導者，它們共同構成了我們的策略客戶獲取模式。在機構證券領域，我們透過綜合投資銀行與客戶建立了深厚的合作關係，並擁有全球業務佈局。我們在投資管理領域實現了多元化，以參數型投資、另類投資和固定收益投資為主。

We continue to invest in each of our three business segments: Wealth, Institutional Securities, and Investment Management via human capital and technology. Our growth plans embed the increasing adoption of AI tools throughout the enterprise and inside our client base. With each passing quarter, our confidence continues to increase in the potential for both the efficiency and the effectiveness of AI-related technologies across the business units and infrastructure.

我們將繼續透過人力資本和技術，投資於我們的三大業務部門：財富管理、機構證券和投資管理。我們的成長計畫將人工智慧工具在整個企業和客戶群中的日益普及融入其中。隨著每季的過去，我們對人工智慧相關技術在各個業務部門和基礎設施中的效率和有效性的潛力越來越有信心。

Slide 8. Our Wealth Management business is built for scale and performance. The Financial Advisor, Workplace, and E*TRADE channels are each thriving. The business had net new assets of over $350 billion last year. Over the last five years, the firm attracted $1.6 trillion-plus of net new assets with a doubling of fee-based flows. For 2025, Wealth achieved $32 billion in revenues, 29% margins. The funnel is working.

第8張幻燈片。我們的財富管理業務旨在實現規模化和高效能。金融顧問、職場和 E*TRADE 管道均發展良好。該公司去年的淨新增資產超過3,500億美元。過去五年，該公司吸引了超過 1.6 兆美元的淨新增資產，收費資金流入翻了一番。2025 年，財富管理部門實現了 320 億美元的收入，利潤率為 29%。漏斗運作正常。

Please turn to slide 9. With 20 million Wealth relationships, future growth is embedded in the business. Our intense focus on the value of advice, which generates movement through the funnel, allows us to capture opportunities for advisor-led assets.

請翻到第9頁投影片。憑藉2000萬個財富管理關係，未來的成長已融入業務之中。我們高度重視諮詢的價值，它能推動客戶在投資漏斗中流動，使我們能夠抓住顧問主導資產的投資機會。

In 2025, we saw accelerating flows across channels with 100 billion migrating to financial advisors. We're using our scale to invest in broadening capabilities for FAs that are difficult for others to replicate. Alternatives and privates, tax-efficient investing, digitized assets, family office and OCIO, and tailored lending. Collaboration across the integrated firm is felt by clients for both their corporate and personal wealth needs.

2025年，我們看到跨通路資金流動加速，1,000億資金將流向財務顧問。我們正在利用自身規模優勢，投資拓展財務顧問的能力，而這些能力是其他機構難以複製的。另類投資和私募股權投資、節稅投資、數位化資產、家族辦公室和外包首席投資長 (OCIO) 以及客製化貸款。客戶能夠感受到這家綜合公司內部各部門之間的協作，從而滿足他們的企業和個人財富需求。

Slide 10 dives deeper into Institutional Securities. We have an established global footprint and revenue base. Banking and markets gained wallet share delivering margins of 34%. Revenue growth supported by the recovery in Investment Banking is running roughly 2 times SLR and RWA growth since 2023, reflecting our continued focus on capital efficiency and operating leverage.

第 10 張投影片深入探討了機構證券。我們擁有穩固的全球業務佈局和收入基礎。銀行和市場業務的市佔率成長，利潤率達到 34%。自 2023 年以來，受投資銀行業務復甦的支撐，營收成長速度約為 SLR 和 RWA 成長速度的 2 倍，這反映了我們對資本效率和經營槓桿的持續關注。

Turning to slide 11. The Institutional Securities value proposition is reflected in the Integrated Investment Bank. We approach client coverage holistically and provide comprehensive solutions with the support of integrated teams. The collegiality and Morgan Stanley tenure of the leadership teams across banking and markets, on average about 25 years at the firm, is critical in bringing the best of our intellectual capital to clients. The themes of the equitization of global markets and the full suite of expertise to advise on cross-border M&A are at our global core. ISG's share gains position us well for the global Investment Banking and capital market cycle in 2026 and beyond.

翻到第11張幻燈片。機構證券的價值主張體現在綜合投資銀行。我們以整體視角看待客戶服務，並在整合團隊的支持下提供全面的解決方案。摩根士丹利銀行和市場部門領導團隊的協作精神和平均在公司任職約 25 年的資歷，對於將我們最優秀的智力資本帶給客戶至關重要。全球市場公平化以及為跨境併購提供全方位專業諮詢是我們全球業務的核心。ISG 的市佔率成長使我們在 2026 年及以後的全球投資銀行和資本市場週期中佔據了有利地位。

Please turn to slide 12. In Investment Management, we continue to benefit from secular growth and investing solutions and the democratization of alternatives. Parametric is the industry leader in tax efficient investing at $685 billion in AUM and stands to benefit as more clients and asset managers see customized solutions. Our Alternatives platform is more than doubled in five years with investable assets now $270 billion. These and other areas of strength are supported by ongoing investments in technology and global distribution.

請翻到第12頁投影片。在投資管理領域，我們持續受惠於長期成長、投資解決方案以及另類投資的普及化。Parametric 是稅務高效投資領域的產業領導者，管理資產規模達 6,850 億美元，隨著越來越多的客戶和資產管理公司採用客製化解決方案，該公司有望從中受益。我們的另類投資平台在五年內規模翻了一番多，可投資資產現已達到 2,700 億美元。這些以及其他優勢領域都得到了對技術和全球分銷的持續投資的支持。

Slide 13 underscores Morgan Stanley's global presence. We have 30,000 people outside the US in every business unit and in large tracts of infrastructure. 25% of our revenues this year came from outside the US, with EMEA growing revenues by 40% and Asia by 50% over the last two years. We have leading businesses in Japan, thanks to our almost 20-year joint ventures with our close partner, MUFG, and a world-class business in Hong Kong. We've grown in the EU and maintained leadership in the UK in a world that is both deglobalizing and re-globalizing, our presence and footprint matter.

第 13 張幻燈片突顯了摩根士丹利的全球影響力。我們在美國以外的各個業務部門和大型基礎設施項目中擁有3萬名員工。今年我們25%的營收來自美國以外地區，其中歐洲、中東和非洲地區的營收在過去兩年成長了40%，亞洲地區的營收成長了50%。我們在日本擁有領先的業務，這得益於我們與緊密合作夥伴三菱日聯金融集團 (MUFG) 近 20 年的合資企業；此外，我們在香港也擁有世界一流的業務。我們在歐盟發展壯大，並在英國保持領先地位。在全球化進程不斷推進和全球化進程不斷推進的今天，我們的存在和影響力至關重要。

Slide 14 illustrates why Morgan Stanley wins as the integrated firm. We have scaled capabilities and a business mix that can support our clients throughout an entire life cycle. Our Morgan Stanley at Work business with its exclusive partnership with Carta, positions us as an early trusted advisor to over 50,000 private companies. As workplace companies grow, we can provide traditional institutional servicing. Employees across our workplace companies benefit from our management of equity compensation plans, liquidity opportunities, and our full -service advice.

第 14 張幻燈片說明了為什麼摩根士丹利作為一家綜合性公司能夠獲勝。我們擁有規模化的能力和多元化的業務組合，能夠為客戶提供貫穿整個生命週期的支援。我們透過與 Carta 的獨家合作，透過 Morgan Stanley at Work 業務，成為超過 50,000 家私人企業的早期可信賴顧問。隨著辦公室公司的發展壯大，我們可以提供傳統的機構服務。我們旗下所有公司的員工都能從我們對股權激勵計畫、流動性機會和全方位諮詢服務的管理中受益。

We are focused on both the public and the private ecosystems, augmented by our recent acquisition of EquityZen. The objective is to cover growth companies and their employees from founding to their public maturity, while broadening access for investors to the growing stack of private companies. Again, our technology leadership in Wealth enables us to deliver a holistic client experience.

我們專注於公共和私人生態系統，最近收購 EquityZen 進一步增強了我們的實力。目標是涵蓋成長型公司及其員工從創立到上市成熟的整個過程，同時擴大投資者對日益增加的私人公司的投資管道。再次強調，我們在財富管理領域的技術領先地位使我們能夠提供全方位的客戶體驗。

Please turn to slide 15. Our durable business model and strong earnings profile have kept capital levels high during a period where the regulatory capital framework is normalized. As we've grown fee-based revenue streams, our regulatory minimum CET1 ratio has steadily come down. At a CET1 ratio of 15%, we have over 300 basis points of excess capital.

請翻到第15頁。我們穩健的商業模式和強勁的獲利能力，使我們在監管資本框架正常化的時期內維持了較高的資本水準。隨著我們基於費用的收入來源不斷增長，我們的最低監管 CET1 比率穩步下降。CET1 比率為 15% 時，我們有超過 300 個基點的超額資本。

With the passage of time, the continued durability of the business model may be enhanced by further regulatory relief. Prudent dividend growth comes first. And accordingly, we have raised our quarterly dividend by $0.075 for four years in a row to now $1 per share.

隨著時間的推移，進一步的監管放鬆可能會增強此商業模式的持續可持續性。審慎的股息成長是首要考慮因素。因此，我們連續四年將季度股息提高0.075美元，目前每股股息為1美元。

As we've discussed in previous years, excess capital will be directed to continued dividend growth and to ongoing investment in clients and technology across the integrated firm. We'll also continue to opportunistically buy back stock. We're keeping full watch on potential M&A adjacency, but we will continue to be patient.

正如我們前幾年所討論的那樣，多餘的資金將用於持續提高股息，以及對整個綜合公司的客戶和技術進行持續投資。我們也會繼續伺機回購股票。我們會密切關注潛在的併購機會，但我們會繼續保持耐心。

Because we have worked diligently through the acquisitions of Smith Barney, Solium, E*TRADE, and Eaton Vance over the last 15 years, we know what level of focus and energy is required across the entire firm to make a multi-year integration successful.

過去 15 年來，我們一直兢兢業業地完成對 Smith Barney、Solium、E*TRADE 和 Eaton Vance 的收購，因此我們知道，要成功完成一項多年整合，整個公司需要投入多少精力和專注度。

In short, we are endeavoring to keep the bar for acquisitions high, bearing in mind that many asset classes, private and public, trade at elevated levels, that there is no shortage of ongoing opportunities and that the first call on capital must be to our clients and the continued growth of our core businesses.

簡而言之，我們努力保持高標準的收購要求，同時考慮到許多資產類別（包括私人和公共資產）的交易水平很高，持續的機會也很多，而且資金的首要用途必須是滿足客戶需求和促進核心業務的持續增長。

Concluding with slide 16. We're supported by our four pillars of the Integrated Firm: Strategy, culture, financial strength, and growth. Morgan Stanley's strategy to raise, manage, and allocate capital as well understood by our clients, people, and our shareholders.

最後是第16張投影片。我們以一體化公司的四大支柱為支撐：策略、文化、財務實力和成長。摩根士丹利籌集、管理和配置資本的策略為我們的客戶、員工和股東所充分理解。

Culture is about rigor, humility, and partnership. Financial strength is about capital, earnings power, and durability. And growth is about smart strategic investment into Wealth, Institutional Securities, and Investment Management and across the firm globally. The result is growing assets and compounding earnings in a capital-efficient way over the long-term. Thank you.

文化的核心在於嚴謹、謙遜和合作。財務實力取決於資本、獲利能力和持久性。成長的關鍵在於對財富管理、機構證券和投資管理以及公司在全球範圍內進行明智的策略性投資。從長遠來看，其結果是以資本高效的方式實現資產成長和收益複利成長。謝謝。

Now, Sharon will review our fourth quarter and annual results. And then we'll both take your questions.

現在，莎倫將回顧我們第四季和年度業績。然後我們倆會回答你們的問題。

Thank you and good morning. 2025 was an exceptional year for the firm, marked by deliberate execution of our strategy. Full-year revenues reached a record of $70.6 billion and the fourth quarter revenues were $17.9 billion.

謝謝，早安。 2025年對公司來說是非凡的一年，這一年以我們策略的精心執行為標誌。全年營收達到創紀錄的 706 億美元，第四季營收為 179 億美元。

Expanding markets, increasing client demand for advice and improving client engagement, supported results across businesses. Concurrently, multi-year investments in our talent, the integration of acquisitions, workplace, and the integrated firm have significantly contributed to growth and momentum.

市場擴張、客戶對諮詢服務的需求增加以及客戶參與度提高，都為各業務部門帶來了業績成長。同時，多年來對人才、收購整合、工作場所和一體化公司的投資，大大促進了成長和發展勢頭。

Our ROTCE was 21.6% and we generated record EPS of $10.21 for the full year alongside fourth order ROTCE and EPS of 21.8% and $2.68, respectively.

我們的 ROTCE 為 21.6%，全年每股盈餘 (EPS) 創歷史新高，達到 10.21 美元，而 ROTCE 和 EPS 分別為 21.8% 和 2.68 美元，均位居第四。

In 2025, we delivered operating leverage while continuing to invest for future growth and advancing productivity initiatives firm-wide. Our full-year efficiency ratio improved to 68.4%, underscoring disciplined execution and rigorous prioritization of investments.

2025年，我們實現了營運槓桿效應，同時繼續投資於未來的成長，並在全公司範圍內推進生產力提升計畫。我們的全年效率比率提高到 68.4%，這凸顯了嚴謹的執行和對投資的嚴格優先排序。

Now to the businesses. Institutional Securities delivered a record full-year revenues of $33.1 billion including $7.9 billion in the fourth quarter. We continue to invest in our global footprint and capabilities, resulting in competitive advantages and industry leadership. A strong macro backdrop, improving corporate confidence, and open capital markets position us well to continue to capture durable share.

接下來是企業方面。機構證券業務全年營收創歷史新高，達 331 億美元，其中第四季營收為 79 億美元。我們持續投資於我們的全球佈局和能力，從而獲得競爭優勢和行業領先地位。強勁的宏觀經濟環境、不斷增強的企業信心以及開放的資本市場，使我們能夠繼續獲得持久的市場份額。

Investment Banking revenues were $7.6 billion for the full year, reflecting year-over-year growth across products and regions. Fourth quarter revenues of $2.4 billion increased 47% from the prior year. Results were led by a record in debt underwriting and advisory crossing $1 billion for the second strongest quarter ever.

全年投資銀行業務收入為 76 億美元，反映出各產品和地區均實現了同比增長。第四季營收達 24 億美元，比上年同期成長 47%。業績主要得益於債務承銷和諮詢業務創下歷史新高，收入突破 10 億美元，成為有史以來第二強勁的季度。

Corporates leaned in to constructive financing conditions to fund strategic priorities while sponsors were also active, completing previously announced M&A transactions. Equity issuance led by convertibles and IPOs remain strong, driving consistent results in equity underwriting.

企業傾向於利用建設性的融資條件來資助策略重點項目，而投資者也十分活躍，完成了先前宣布的併購交易。以可轉換債券和首次公開發行 (IPO) 為主導的股權發行依然強勁，推動股權承銷業務持續取得良好業績。

Looking ahead to 2026, Investment Banking pipelines remain healthy, global, and diversified across sectors. Strategic activity is accelerating. Companies and sponsors are looking to access capital for growth investments and the reopening of the IPO market creates additional opportunities for clients.

展望 2026 年，投資銀行的業務管道依然健康、全球化且多元化，涵蓋多個產業。戰略活動正在加速進行。公司和贊助商都在尋求資金進行成長投資，而IPO市場的重新開放為客戶創造了更多機會。

Turning to Equity. The business delivered record full-year revenues of $15.6 billion. Our global share gains this year were driven by increased client engagement and dynamic risk management. Revenues were $3.7 billion in the quarter. All businesses were up versus the prior year's fourth quarter on the back of higher client activity.

轉向公平。該公司全年營收創下156億美元的紀錄。今年我們全球市場份額的成長得益於客戶參與度的提高和動態風險管理。本季營收為37億美元。由於客戶活動增加，所有業務的業績都比上年第四季有所成長。

Prime brokerage revenues drove the fourth quarter's results. Client balances continued to rise, supporting the outlook for financing revenues. Cash results increased versus last year's fourth quarter, reflecting higher volumes across regions. Derivative results were up versus last year's fourth quarter as well, benefiting from our consistent investments in our client franchise and product offerings.

第四季業績主要得益於主經紀業務收入的成長。客戶餘額持續成長，支撐了融資收入的前景。現金流較去年第四季有所成長，反映出各地區銷售量均增加。衍生性商品業績也比去年第四季有所成長，這得益於我們對客戶業務和產品供應的持續投資。

Fixed income revenues were $8.7 billion for the full year. And importantly, investing in our lending businesses has contributed to increased consistency and stability of our franchise. Quarterly revenues were $1.8 billion. Micro and macro results declined versus the prior fourth quarter, reflecting lower volatility in foreign exchange and weaker performance in credit corporates. Commodities results declined, primarily due to lower power and gas revenues which had benefited from several large structured transactions in last year's fourth quarter.

全年固定收益收入為 87 億美元。更重要的是，投資我們的貸款業務提高了我們特許經營的穩定性和一致性。季度營收為18億美元。微觀和宏觀業績較上年第四季下降，反映出外匯波動性降低和信貸企業業績疲軟。大宗商品業績下滑，主要是由於電力和天然氣收入下降，而這兩項收入在去年第四季受益於幾項大型結構化交易。

Turning to Wealth Management. 2025 demonstrate the consistent execution of our strategy. We delivered full-year records across revenues and reported margins, reaching $31.8 billion and 29%, respectively. Both net new assets of $356 billion and fee-based flows of $160 billion for the full year demonstrate industry-leading growth.

轉向財富管理。 2025年將展現我們策略的持續有效執行。我們在全年營收和報告利潤率方面均創下歷史新高，分別達到 318 億美元和 29%。全年新增淨資產達 3,560 億美元，手續費收入達 1,600 億美元，均展現出業界領先的成長動能。

Workplace and E*TRADE relationships continue to seek out advice. Advisor-led assets originating from Workplace and E*TRADE relationships accelerated, growing to a record $99 billion for the full year, compared to a historical averages of around $60 billion per year.

Workplace 和 E*TRADE 的關係持續尋求建議。由顧問主導、源自 Workplace 和 E*TRADE 關係的資產規模加速成長，全年達到創紀錄的 990 億美元，而歷史平均約為每年 600 億美元。

Moving to our business metrics for the fourth quarter. Record revenues reached $8.4 billion and the business delivered strong operating leverage with the reported margin expanding to 31.4%. DCP negatively impacted the quarterly margin by approximately 95 basis points.

接下來我們來看看第四季的業務指標。創紀錄的收入達到 84 億美元，業務實現了強勁的營運槓桿，報告利潤率擴大至 31.4%。DCP 對季度利潤率產生了約 95 個基點的負面影響。

Asset management revenues were a record $5 billion, benefiting from expanding markets and consistently strong fee-based flows. This marked our third consecutive quarter of fee-based flows exceeding $40 billion, a first for this industry.

資產管理收入創下 50 億美元的紀錄，受益於市場擴張和持續強勁的手續費收入。這標誌著我們連續第三個季度的手續費收入超過 400 億美元，這在該行業尚屬首次。

Transactional revenues were $1.1 billion. Elevated activity across both advisor-led and self-directed clients drove the strength. Additionally, net new assets for the quarter were robust at $122 billion with contributions across all channels. Growth was supported by institutional relationships related to the integrated firm.

交易收入為11億美元。顧問主導型客戶和自主型客戶的活躍度均有所提升，推動了市場走強。此外，本季淨新增資產表現強勁，達到 1,220 億美元，所有通路均有貢獻。成長得益於與這家綜合性公司相關的機構關係。

Bank lending balances grew $7 billion sequentially to $181 billion driven by securities-based lending and mortgages. Growth reflects our efforts to deepen client penetration with SBLs, leveraging technology to improve automation and facilitate the client acquisition openings as well increasing education with our advisors and our clients.

受證券抵押貸款和抵押貸款的推動，銀行貸款餘額環比增加 70 億美元，達到 1,810 億美元。成長反映了我們為加深客戶對 SBL 的滲透所做的努力，利用科技改進自動化並促進客戶獲取機會，同時加強對顧問和客戶的教育。

Sequentially, total period deposits grew $10 billion to $408 billion and net interest income increased to $2.1 billion. The growth in NII was driven by the increase in sweep deposits and loan balances. Looking ahead to the first quarter, we expect NII to remain roughly flat quarter over quarter as higher average sweeps and lending balances should help to offset the full impact of the two rate cuts in the fourth quarter. As we look ahead to the remainder of 2026, assuming the current forward curve, incremental loan growth, and our projections for the deposit mix, we expect NII to continue to trend higher.

與上一季相比，定期存款總額增加了 100 億美元，達到 4,080 億美元；淨利息收入增加了 21 億美元。淨利息收入的成長是由自動轉帳存款和貸款餘額的增加所推動的。展望第一季度，我們預計淨利息收入將與上一季度基本持平，因為較高的平均資金劃撥額和貸款餘額應該有助於抵消第四季度兩次降息的全部影響。展望 2026 年剩餘時間，假設目前的遠期曲線、貸款增量成長以及我們對存款結構的預測，我們預期淨利息收入將繼續呈上升趨勢。

Before concluding, one update on DCP. Over the course of the first quarter, we will be transitioning all economic hedges for DCP obligations to derivative instruments. As previously announced, we will also increase the cash component of our advisor compensation. We are making these changes to reduce the accounting-driven volatility in revenues and earnings. While there will be some transitional costs, these changes support our overall investment into our financial advisors and will help simplify our compensation program.

最後，再補充一點關於DCP的最新情況。在第一季度，我們將把所有DCP義務的經濟對沖過渡到衍生性商品。正如之前宣布的那樣，我們還將增加顧問薪酬中的現金部分。我們做出這些改變是為了減少會計因素所導致的收入和利潤波動。雖然會帶來一些過渡成本，但這些變化有助於我們對財務顧問的整體投資，並簡化我們的薪酬方案。

The full-year, inclusive of momentum in the fourth quarter, exemplified our strategy to reach new relationships, grow assets, and deliver advice solutions to clients. Strategic initiatives such as our recent acquisition of EquityZen, expanded partnership with Carta, and collaboration with Zerohash all reflect our commitment to innovation.

全年業績，包括第四季度的成長勢頭，充分體現了我們拓展新關係、增加資產並為客戶提供諮詢解決方案的策略。我們近期收購 EquityZen、擴大與 Carta 的合作關係以及與 Zerohash 的合作等策略性舉措，都體現了我們對創新的承諾。

Together, they laid the foundation for sustainable growth to widen our competitive moats. Our intentional strategy to introduce and educate retail clients to the value of advice, coupled with consistent education over the past several years, sets our franchise apart and positions us to continue to outperform.

他們共同為永續發展奠定了基礎，從而拓寬了我們的競爭優勢。我們精心製定的策略是向零售客戶介紹和普及諮詢服務的價值，再加上過去幾年持續不斷的教育，使我們的加盟店脫穎而出，並使我們能夠繼續取得優異的業績。

Turning to Investment Management, our franchise delivered strong results this year with durable management fee revenues reaching all-time highs. The margin continued to steadily improve. Total revenues were $6.5 billion, and we scaled to a record $1.9 trillion in AUM. The business has now generated six consecutive quarters of positive long-term net flows with ongoing demand for Parametric and Fixed Income strategies, supporting the full-year long-term goal net inflows of $34 billion.

再來看投資管理方面，我們的特許經營業務今年取得了強勁的業績，管理費收入持續成長，創歷史新高。利潤率持續穩定提升。總收入為 65 億美元，資產管理規模達到創紀錄的 1.9 兆美元。該業務已連續六個季度實現長期淨流入為正，對參數策略和固定收益策略的需求持續旺盛，從而支持全年長期淨流入目標達到 340 億美元。

Long-term net inflows were approximately $2 billion in the quarter. Importantly, our broadened portfolio help offset equity outflows, benefiting from the consistent strength in Fixed Income, Parametric, and Global Distribution. Liquidity and overlay services saw $68 billion of inflows for the quarter, driven by institutional demand, some of which may be seasonal.

本季長期淨流入資金約20億美元。重要的是，我們擴大的投資組合有助於抵消股票資金流出，受益於固定收益、參數化和全球分銷的持續強勁表現。本季流動性和對沖服務資金流入 680 億美元，主要受機構需求驅動，其中一些可能具有季節性因素。

Fourth quarter revenues were $1.7 billion driven by higher asset management and related fees on higher average AUM. As a reminder, certain performance fees are recognized on an annual basis largely in the fourth quarter which drove the sequential increase.

第四季營收達 17 億美元，主要得益於平均資產管理規模 (AUM) 擴大，資產管理費及相關費用增加。需要提醒的是，某些業績報酬是按年確認的，主要在第四季度確認，這導致了環比增長。

Performance-based income and other revenues were $71 million in the quarter. Gains in US private equity and private credit more than offset markdowns in our infrastructure fund.

本季業績收入和其他收入為 7,100 萬美元。美國私募股權和私募信貸的收益足以抵銷我們基礎設施基金的減損損失。

Turning to the balance sheet, total (inaudible) assets were $1.4 trillion. Standardized RWAs increased sequentially to $553 billion. Our standardized CET1 ratio ended the year at 15%. For the full year, we bought back $4.6 billion of common stock, including $1.5 billion for the quarter. Our tax rate was 21.5% for the full year and 23.2% for the quarter. We expect our 2026 tax rate to be between 22% and 23%. And consistent with prior years, we do expect some quarterly volatility.

再來看資產負債表，總資產（聽不清楚）為 1.4 兆美元。標準化風險加權資產季增至 5,530 億美元。我們標準化的CET1比率年底為15%。全年我們回購了價值 46 億美元的普通股，其中本季回購了 15 億美元。我們全年的稅率為 21.5%，季度稅率為 23.2%。我們預計 2026 年的稅率將在 22% 到 23% 之間。與往年一樣，我們預期季度波動會有所發生。

As we look ahead into 2026, the firm enters the year from a position of strength. Our Wealth and Investment Management businesses exited with $9.3 trillion in total client assets. Client engagement remains high, our pipelines are healthy, and our global footprint positions us well to continue to deliver advice and solutions across markets. We remain focused on investing for the future and scaling our business to perform through various market environments.

展望 2026 年，該公司以強勁的勢頭進入新的一年。當我們的財富和投資管理業務退出時，客戶總資產達 9.3 兆美元。客戶參與度依然很高，我們的業務管道健康，我們的全球佈局使我們能夠繼續在各個市場提供諮詢和解決方案。我們將繼續專注於未來投資，並擴大業務規模，以應對各種市場環境。

With that, we will now open the lineup to questions.

接下來，我們將開放提問環節。

(Operator Instructions)

（操作說明）

Glenn Schorr, Evercore.

Glenn Schorr，Evercore。

Good morning, Glenn.

早安，格倫。

Good morning. Okay. So the results are pretty great across the board and I think I appreciate your comments about the environment risks. You're a conservative guy, you're a risk manager. I do think people would love to hear a little bit more about why no change for the targets. Are there pieces of the business that you think are just at peak and over earning and we don't want to set ourselves up? The market's up 80% for the last three years. And then just like cyclical caution basically versus anything underneath secularly. So thanks so much.

早安.好的。所以整體結果相當不錯，我很贊同你對環境風險的評論。你是保守派，你是風險管理者。我認為大家很想多了解為什麼目標值沒有改變。您認為公司裡有哪些業務已經達到高峰，獲利過高，我們不想讓自己陷入這種境地？過去三年，市場上漲了80%。然後就像週期性的謹慎，基本上是對世俗層面上任何事物的漠視。非常感謝。

Well, I think that's the important question for the day. We had a robust conversation about it. But in the end, the decision was really pretty easy. I think the view is that the shareholders ultimately want to see an enterprise that can operate at high levels with the kind of ballast that you began to see over the lows in the last decade. And then on the forward, we can achieve effectively higher lows. And I think the tendency has been when a target is hit, the view would be when we hit it, let's take it up further.

嗯，我認為這是今天最重要的問題。我們對此進行了深入的討論。但最終，這個決定其實很容易。我認為，股東們最終希望看到的是一家能夠維持高水準運營，並具備過去十年低谷所展現出的那種穩健實力的企業。然後向前推進，我們可以有效地實現更高的低點。我認為目前的趨勢是，當擊中目標後，人們的想法是，既然我們擊中了它，那就讓我們進一步擴大規模。

And there is no view that the net wins are headwinds. They are, in our view, secular and cyclical tailwinds that work for us both in terms of wallet and in terms of market share across all of the major businesses and we have even more operating efficiency that we think we can continue to innerve from the infrastructure by way of AI over time.

而且沒有人認為淨勝球是不利因素。我們認為，這些長期且週期性的順風對我們有利，無論是在資金方面還是在所有主要業務的市場份額方面，而且我們還有更高的營運效率，我們認為隨著時間的推移，我們可以透過人工智慧從基礎設施中繼續提高營運效率。

But I think part of the premise of rigor and humility at our place is that we do this in a way where we compound earnings again and again right through the cycle. And of course, we will revisit these targets in the late year to come. And if then we've passed through them very clearly and it's time to take them higher, we will certainly consider that.

但我認為，我們這裡嚴謹和謙遜的部分前提是，我們以一種能夠在整個週期中不斷複利地提高收益的方式來做這件事。當然，我們將在今年稍後重新審視這些目標。如果我們已經非常清楚地克服了這些困難，並且是時候將它們提升到更高的層次，我們一定會考慮這一點。

But I think the view is we're a couple of years in, each of the quarters has been, by many measures, quite excellent. And the two years, taken together -- each on their own and then taken together, also are excellent.

但我認為，目前的情況是，兩年過去了，從許多方面來看，每季都相當出色。這兩年，無論是單獨來看還是結合起來看，都非常出色。

But I think, mistakes that I'll make, Glenn, this won't be one of them, which is to kind of hit the new target slide at the beginning of year three because we're feeling our oats. I think we have a very positive view of where the firm is positioned. We like the spaces we're in. But we think that demonstrating our ability to compound earnings through the cycle is what the owners want to see, what you want to see. And then when things are bumpier, they're choppier, we'll have higher lows. And if we can continue to compound earnings at 20% returns, we're going to have happy owners.

但我認為，格倫，我犯的錯誤中，不會包括這個，那就是在第三年年初就因為感覺自己勢頭正勁而擊中新的目標滑梯。我認為我們對公司目前的市場定位持非常樂觀的態度。我們喜歡我們身處的空間。但我們認為，展現我們在整個週期中實現收益複利成長的能力，正是所有者們想看到的，也是你們想看到的。然後，當情況變得更加動盪、更加顛簸時，我們會遇到更高的低點。如果我們能繼續以 20% 的年回報率實現收益複利成長，那麼股東們就會非常滿意。

Dan Fannon, Jefferies.

丹‧範農，傑富瑞集團。

Morning, Dan.

早上好，丹。

Good morning. So I guess just to follow-up on that given the success of the Wealth Management business, can you talk about the drivers of the margin from here? Is it just scaling and growth of the business or there are things underneath from a cost or efficiency perspective that we should think about or mix of business that can drive those margins higher?

早安.鑑於財富管理業務的成功，我想就此展開討論，您能否談談推動利潤成長的因素？僅僅是業務規模和成長嗎？還是從成本或效率的角度來看，還有一些其他因素需要考慮？或者是否存在可以提高利潤率的業務組合？

Thank you so much for the question. I think it's both. We have consistently added fee-based flows that is demonstration that the funnel is working so from the revenue line items, right? The drivers of continued expanded market are twofold.

非常感謝您的提問。我認為兩者都是。我們不斷增加基於費用的流程，這表明該銷售漏斗是有效的，從收入明細來看也是如此，對嗎？推動市場持續擴張的因素有二。

One is building out the fee-based revenues and the fee-based assets. And that is happening as we introduce new clients to the power of the advice-based model. But there are also clients who just want self-directed activity, and we have been investing in that business, in the E*TRADE franchise and E*TRADE Pro, and you see that our transactional revenues are also increasing, so that's an investment story in technology.

一是建立基於費用的收入和基於費用的資產。隨著我們向新客戶介紹基於建議的模式的優勢，這種情況正在發生。但也有一些客戶只是想要自主交易，我們一直在投資這項業務，投資 E*TRADE 特許經營權和 E*TRADE Pro，您可以看到我們的交易收入也在增加，所以這是一個關於技術投資的故事。

And the second piece that you mentioned is efficiency. We are also using technology to help us from an efficiency perspective, both on the cost and the revenue side. I'd note to you that some of the AI that we've been doing is actually also on the revenue side. So LeadIQ, for example, which is helping us introduce our advisors to our clients who are interested in advice. That's happening using AI. So there's technology that can be used both on the revenue side and on the expense side that should help us drive the margin on both the top and the bottom line.

你提到的第二個要素是效率。我們也利用科技從效率角度幫助我們提高成本和收入。我想指出的是，我們所做的一些人工智慧工作實際上也與收入有關。例如 LeadIQ，它幫助我們將顧問介紹給對諮詢服務有興趣的客戶。這是透過人工智慧實現的。因此，有些技術既可以用於增加收入，也可以用於降低支出，這應該有助於我們提高營收和利潤率。

Workplace is particularly exciting as a way to bring the entire enterprise together to help drive both the corporate client base and personal wealth into a broader Morgan Stanley funnel. So that plank of the funnel has been particularly extraordinary.

Workplace 尤其令人興奮，因為它將整個企業凝聚在一起，幫助推動企業客戶群和個人財富進入更廣泛的摩根士丹利管道。所以，漏斗的那塊木板就顯得格外不尋常。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

Morning, Brennan.

早安，布倫南。

Good morning, Ted. How are you?

早安，泰德。你好嗎？

Great.

偉大的。

Excellent. Sorry to be a little repetitive, but I'd love to have another question here on the targets because it does seem as though we got maybe a shift in how you guys are thinking about them. And you made some comments around -- I totally get not wanting to chase the dragon, right, and continuing to raise the targets and think about what the peak could look like.

出色的。抱歉有點重複，但我很想再問一個關於目標的問題，因為看起來你們對目標的看法似乎有所轉變。你也發表了一些評論——我完全理解你不想追逐目標，對吧？繼續提高目標，思考巔峰會是什麼樣子。

You spoke to higher lows in addition to higher highs. So is the right way to think about how you're framing the targets and how you're thinking about managing the business as more like a central tendency through the cycle or is it even feasible as you continue to scale to think about how this might be -- you never want to use terms like floors in businesses like you have because of the market sensitivity and whatnot, but potentially, what you could be looking to do even in more challenging markets as we continue to progress forward? Thanks for taking my question.

你談到了更高的低谷，也談到了更高的高峰。那麼，思考如何設定目標以及如何管理業務，是否應該將其視為週期中的中心趨勢？或者，隨著規模的擴大，思考如何實現這一點是否可行？ ——由於市場敏感度等等原因，你永遠不應該在像你這樣的企業中使用「底線」之類的詞語，但是，隨著我們不斷前進，即使在更具挑戰性的市場中，你也可能在尋求做些什麼？謝謝您回答我的問題。

Sure. There is a chasing dragon element to this, of course, you hit some of the targets once and you feel you got to sort of bump and raise. We want this to work organically over the very long-term. This is part of the reason on slide 4 we put up a decade of results. There is cyclicality in the business.

當然。當然，這其中也包含著追逐巨龍的元素，你擊中一些目標一次後，就會覺得需要進行某種程度的加碼和提升。我們希望這種情況能夠長期自然而然地發展下去。這也是我們在投影片 4 中展示過去十年成果的部分原因。商業活動存在周期性波動。

There is no philosophical frame shift though. I think we just now have the kind of confidence where we can start talking about what it would be like if there was a more challenging environment and our ability to still generate 17.5% returns on tangible with an environment where our earnings could be below $8 that we don't have that in the plan, but it is an important ballast when we think about the earnings multiple that you put on the currency that there's a view that we can continue to generate a real operating leverage through performance in tougher periods.

但這裡並沒有什麼哲學架構的轉變。我認為我們現在有足夠的信心開始討論，如果環境更具挑戰性，我們是否還能在盈利低於 8 美元的情況下，仍然實現 17.5% 的有形回報率。雖然我們目前沒有這樣的計劃，但當我們考慮以貨幣計價的獲利倍數時，這確實是一個重要的支撐因素，因為我們認為，即使在更艱難的時期，我們也能透過業績繼續產生真正的營運槓桿。

That is a tough thing to tell the market you have confidence in unless you've done eight quarters, as we have, in these sort of mini macro uncertain periods where we've been able to see performance driven by the two major segments separately and then together.

除非像我們一樣，在這種宏觀經濟不確定的小時期裡，連續八個季度都取得了成功，並且能夠看到兩大業務板塊分別以及共同推動了業績增長，否則很難向市場表達你的信心。

It is the case though that with the compounding of earnings and the continued growth of these businesses, it is quite possible that we are going to be moving right through these firm-wide goals. By definition, the math should take us through the $10 trillion, it's compounding math.

不過，隨著獲利的複利成長和這些業務的持續發展，我們很有可能很快就能實現這些公司層面的目標。根據定義，這個數字應該可以達到 10 兆美元，這是複利運算的結果。

And you've seen our performance on that score over the last several years. And we printed Wealth margins that were in fact above 30%. We continue to gain share inside the Investment Bank. As Sharon went through, we had margins for the enterprise, i.e. efficiency ratio that was below 70% and our ROTCE was 21%, 22%.

過去幾年，你們也看到了我們在這方面的表現。我們印發的財富利潤率實際上超過了 30%。我們在投資銀行內部的份額持續成長。莎倫經歷這一切時，我們企業的利潤率（即效率比率）低於 70%，而我們的 ROTCE 為 21%、22%。

So we demonstrated it. It's just not in our prudent kind of long-term thinking, that is the Morgan Stanley of today, that we should just move the targets higher because we've had a couple of good years. I think the view is we are going to continue to compound earnings.

所以我們進行了演示。以我們審慎的長期思維來看，這並非摩根士丹利如今的行事風格，我們不會因為過去幾年業績良好就提高目標價。我認為大家的普遍看法是，我們將繼續實現獲利的複合成長。

We are going to not push on robust objectives when in fact, 20% returns are pretty darn good if we're continuing to gain wallet and secure market share in the businesses that we care about, whether they are in core Investment Banking. In the mergers business, you see our advisory number was excellent this quarter. Our Equities business, which has become again the kind of competition that it was some years ago where the leadership group is moving away from the pack. In Fixed Income secured lending where we have a great client touching business. And then really across that Wealth funnel which is really quite extraordinary.

我們不會強求遠大的目標，因為事實上，如果我們能夠繼續在我們關心的業務領域（無論是核心投資銀行業務）獲得資金和市場份額，那麼 20% 的回報率已經相當不錯了。在併購業務方面，您可以看到我們本季的顧問業績非常出色。我們的股票業務再次變得像幾年前那樣充滿競爭，領先集團正在拉開與其他集團的距離。在固定收益擔保貸款領域，我們擁有良好的客戶關係業務。然後，真正貫穿整個財富漏斗的，這真的很了不起。

So there is an element of we're going to keep our heads down and execute as opposed to kind of here are some targets just to get everybody excited in the moment and then let's see if we ever hit them. I think our view is let's hit them again and again to the point where it kind of gets louder, like, when are you guys going to take this up because it's sort of a no brainer for you now.

所以，我們採取的策略是埋頭苦幹，認真執行，而不是設定一些目標來讓大家一時興奮，然後看看我們能不能實現它們。我認為我們的做法是反覆向他們施壓，直到他們越來越大聲地問：“你們什麼時候才肯採取行動？因為這對你們來說已經是顯而易見的事情了。”

And when we get to that point, that'll be a happy day. But in the meantime, let's compound earnings. Let's do it the right way. Got a lot of long-term plans around the durability of the business model. And we're playing for the multiple too. As you know, it's the P&E. And part of the way to get a premium multiple earnings multiple in the marketplace is to demonstrate our ability to say what we're going to do and just go out and do it again and again.

當我們達到那個目標時，那將是值得高興的一天。但同時，讓我們實現收益複利成長。讓我們用正確的方式去做。圍繞著商業模式的可持續性，我們制定了很多長期計劃。我們也在爭取更高的賠率。如你所知，這是 P&E。要想在市場上獲得較高的本益比，部分原因在於我們要證明自己有能力說出要做的事情，然後一次又一次地去做。

Devin Ryan, Citizens Bank.

Devin Ryan，公民銀行。

Thanks. Good morning, Ted. Good morning, Sharon. Question on institutional trading. Obviously, wrapping up another great year for the firm up 16% and that's coming off of 19% growth in 2024. And clearly, Morgan Stanley, you guys are executing on your wallet initiatives and gaining share. But as we look ahead in the 2026, can you help us think about some of the puts and takes of just assessing the trajectory of the wallet? Just trying to think about kind of the baseline here after two really good years. Can the wallet continue to expand the secular dynamics versus the cyclical? Thanks a lot.

謝謝。早安，泰德。早安，莎倫。關於機構交易的問題。顯然，該公司又迎來了一個輝煌的年份，成長了 16%，而 2024 年的成長率為 19%。很明顯，摩根士丹利，你們的錢包計畫正在順利實施，市場佔有率正在不斷擴大。但展望 2026 年，您能否幫助我們思考評估錢包走勢時需要考慮的一些因素？我只是想思考一下，在經歷了兩個非常成功的賽季之後，目前的基準是什麼。錢包能否繼續保持長期成長勢頭，而不是受週期性因素的影響？多謝。

Yeah, we like the tailwinds and Sharon will improve my answer here. We really like this business. I think one of your colleagues likes to ask sometimes what inning we're in. I think in the capital markets business as a whole, I kind of put us in the third inning.

是的，我們喜歡順風，莎倫會改進我的回答。我們非常喜歡這家公司。我想你的一位同事有時喜歡問我們現在進行到第 2 局了。我認為就整個資本市場業務而言，我們大概還處於第三局。

Now there are sort of exogenous outs sort of, as I said, the geopolitical swirl. But the reality is the equitization of markets around the world is underway. That's why we put it in the slides on the global presence that we have. It's not that we're trying to be all things to all people where we are good, though we wish to be very good. So we are differentiated in Tokyo. We are differentiated in Hong Kong. Hong Kong was the busiest issuer of equity in the world over the last year that will continue. And of course, we have the sweet spot in the US. So there's a global theme to this.

現在存在一些外生因素，就像我剛才說的，地緣政治漩渦。但現實情況是，世界各地的市場正走向公平化。這就是為什麼我們把它放在關於我們全球業務佈局的幻燈片中的原因。並不是說我們要做到人人都滿意，儘管我們希望做到非常好。所以我們在東京與眾不同。我們在香港與眾不同。過去一年，香港是全球股票發行最活躍的地區，這一趨勢也將持續。當然，我們在美國擁有得天獨厚的優勢。所以這其中存在著一個全球性的主題。

But as we talked about in prior calls too, there have been reasons why there has been some sort of a stuck boardroom mentality, understandably, as we went into the pandemic and then we came out with our rates having moved to try to combat inflation.

但正如我們在之前的電話會議中也討論過的那樣，在疫情爆發後，我們調整了利率以應對通貨膨脹，這導致董事會出現了一些固步自封的思維模式，這是可以理解的。

But I think now, there is really no more time to waste. The reality is that AI is now taking whole endogenously and you need to actually have some real scale to be able to defuse the teething of putting that into your core business. And so we should seek consolidation.

但我認為現在真的沒有時間可以浪費了。現實情況是，人工智慧現在正在全面內生發展，你需要達到一定的規模才能緩解將其融入核心業務過程中的初期困難。因此，我們應該尋求整合。

And the sponsors are just getting going. Having bought some time and taking a look at what they want to keep and what they want to run through markets, they are beginning to unglue their asset base. And then of course, we have very large private companies that are widely successful that are probably to start bridging to getting public. So I'm starting there because that's all about Investment Banking.

贊助商們才剛開始行動。他們爭取了一些時間，仔細考慮了哪些資產想要保留，哪些資產想要拋售，然後開始拆分他們的資產基礎。當然，我們也有一些非常成功的大型私人公司，它們很可能會開始向上市過渡。所以我從這裡開始，因為那都是關於投資銀行的。

And then in the equity space, rates that are above the zero floor, foreign exchange that starts to trade, and then importantly, the institutionalization of the private credit class all speak to vibrant capital markets. And as you know, we are at some level a stock house, M&A, wealth management, and then equities. And clearly, getting our footing to be number one or number two in the Equities business in a given quarter has been a priority of ours to do it the right way with clients.

而在股票領域，高於零利率下限的利率、開始交易的外匯，以及更重要的，私人信貸的機構化，都顯示資本市場充滿活力。如您所知，我們在某種程度上是一家股票公司，業務包括併購、財富管理和股票交易。顯然，在每個季度，確保我們在股票業務中排名第一或第二，並以正確的方式服務客戶，一直是我們的首要任務。

And importantly within that, the growth of the derivatives business, a relative weakness of Morgan Stanley relative to the top tier competitors, a lot of that has now been erased. So we actually are coming across now as a derivatives house as well for clients.

而且更重要的是，衍生性商品業務的成長，曾經是摩根士丹利相對於頂級競爭對手的弱點，現在很多方面都已得到彌補。所以，現在我們其實也開始以衍生性商品公司的身份出現在客戶面前了。

So we like what Dan has done quite brilliantly with the Integrated Investment Bank which is sort of take it up another notch with the clients right into the cycle where we have the global footprint and where we are ready to put capital to work, as Sharon said, in places like M&A, acquisition financing, prime brokerage, fixed income secured lending, and other durable businesses that accrete to the broader integrated firm.

因此，我們非常欣賞丹在綜合投資銀行方面所做的出色工作，他將業務提升到了一個新的水平，讓客戶能夠更好地融入到我們擁有全球影響力的周期中，並且我們已準備好將資本投入到併購、收購融資、主經紀商、固定收益擔保貸款以及其他能夠為更廣泛的綜合公司帶來增長的持久業務領域。

And then my last comment would be the beauty of this and you heard it woven into my slides and Sharon's commentary is that a whole bunch of what we're talking about as application across both the institutional and wealth client set, stock administration inside a workplace, has appeal both for the CEO and then for that firm for their wealth management business. So we're quite excited about it.

最後我想說的是，這件事的妙處在於，正如你們在我的幻燈片和莎倫的評論中聽到的那樣，我們討論的很多內容，無論是在機構客戶還是財富客戶群中，在工作場所進行股票管理，都對首席執行官和公司的財富管理業務具有吸引力。所以我們對此感到非常興奮。

The old rule of thumb is 2 times GDP. I would think 2 times GDP is not a bad way to go. Nominal GDP even, so you could see the wallet in this business continue to grow by anywhere between 5% and maybe even 10% per annum. And then as you can see, we are continuing to gain share from some of the lesser firms that have incomplete offerings which should augur well for the largest established firms, frankly, the ones that reported this week being the ones to thoughtfully gain share here over the next number of quarters.

過去的經驗法則是GDP的2倍。我認為以GDP的2倍作為目標還不錯。即使是名目 GDP，你也能看到這個產業的利潤每年持續成長 5% 到 10%。然後，正如你所看到的，我們正在繼續從一些產品不完整的較小型公司那裡獲得市場份額，坦白說，這對最大的成熟公司來說應該是一個好兆頭，本週發布報告的那些公司將在未來幾個季度內穩步獲得市場份額。

Mike Mayo, Wells Fargo Securities.

麥克梅奧，富國證券。

Hey, Mike.

嘿，麥克。

Hey. I was going to ask you what inning you're in. But I think you just --

嘿。我本來想問你現在是第幾局。但我認為你只是--

I know, I know. Sorry about that.

我知道，我知道。抱歉。

Well, it's the wrong season too, so maybe I can put it in football terms, I don't know.

嗯，現在也不是足球賽季，所以也許我可以用足球術語來解釋，我也不知道。

How about this? Maybe just ask the question again and then, like, I pick a softball.

這樣如何？或許可以再問一遍，然後，比如，我挑個簡單點的。

Look, as it relates to trading, I get Investment Banking and the equitization of markets globally, the institutionalization, the private credit class. And I think that probably hits the mark. But the trading side is what I think people wonder about. You always put a forecast in there and it doesn't always turn out so correctly. And so how do you think about the trading business? You had unusual volatility last year and when you say third inning, maybe it's the first or second inning for IB and eighth inning for trading or how would you characterize that? And then as an overlay, how do you think about the AI opportunities and risks as it relates to your business?

你看，就交易而言，我理解投資銀行和全球市場的股權化、機構化以及私人信貸階層。我覺得這大概就說得通了。但我認為大家最關心的是交易方面。你總是會做出預測，但結果並不總是那麼準確。那麼，您對貿易業有何看法？去年市場波動異常劇烈，您說的第三局，對IB來說可能是第一局或第二局，而對交易來說可能是第八局，您會如何形容這種情況呢？此外，您如何看待人工智慧為貴公司帶來的機會和風險？

Oh, that's very interesting where you put it. So I'll do the first part. Sharon will do the second part. Yeah, I could argue that the trading businesses in some respects have to be viewed -- if we were to look back on the earnings prints years from now, maybe they're in middle innings, simply because we've had this huge move in asset prices. So by definition, you're off higher notionals and there's a gross leverage and you've seen real capital accumulation in places where we can monetize.

哦，你把它放在哪裡真是很有意思。那我來做第一部分。莎倫將負責第二部。是的，我認為在某些方面，交易業務應該這樣看待——如果我們幾年後回顧獲利情況，也許它們還處於發展中期，只是因為我們經歷了資產價格的巨大波動。所以從定義上講，你的名目本金更高，槓桿率也更高，而且你已經看到在我們可以變現的地方積累了真正的資本。

And maybe we're in that sweet spot right now as opposed to the pure Investment Banking business which is in the earlier innings. So I guess you could probably argue that. And it is the case that if we have lower asset prices because we have a drawdown or we have like a blip in the economy or the geopolitical thing kind of hits tails. Because there are tails, obviously. As we both know, the base case is positive just given the health of the corporate, the consumer, and the general tailwind of deregulation.

或許我們現在正處於最佳狀態，純粹的投資銀行業務還處於早期階段。所以我覺得你大概可以這麼認為。如果資產價格下跌，可能是因為經濟下滑、經濟波動，或是地緣政治局勢動盪。因為顯然有尾巴。我們都知道，鑑於企業、消費者的健康狀況以及放鬆管制帶來的普遍利好，基本情況是正面的。

But if some of that creates periods where things are kind of risk off, yeah, I would agree if there are folks that are trading and have some inventory and the risk that we all know gets kind of linked to trading, could there be lower levels of performance? Absolutely, which is, by the way, also part of the reason that we are emphasizing for the purposes of the investment bank durable share gains and wallet as opposed to trying to show a ton of volatility around returns.

但如果其中一些因素導致市場出現避險情緒，是的，我同意，如果有人在進行交易並持有庫存，而我們都知道風險與交易有關，那麼業績水平可能會下降。當然，順便說一句，這也是我們強調投資銀行的持久股票收益和錢包收益，而不是試圖展現收益的大量波動性的部分原因。

Now, we can't control asset prices, but we can control that which we feel like is the mandate business with our institutional clients versus just moment-to-moment sentiment. And that's part of the art of overseeing and risk managing these businesses, but that's something we're focused on.

現在，我們無法控制資產價格，但我們可以控制我們認為與機構客戶相關的委託業務，而不是僅僅受瞬息萬變的市場情緒影響。這是監督和風險管理這些業務的藝術的一部分，也是我們關注的重點。

On the second part of your question, Mike, you hit on a great point, the need for capital markets and structuring expertise in terms of what's going on within the AI ecosystem, it's clearly there. And I think that that's a part of what you're seeing both play out over the previous year. But also when you look ahead with companies needing access to capital markets. So these are places where we see ourselves playing that intermediary role in terms of our strategy of helping clients manage and allocate and get access to capital. And that will happen both as you think about the equity underwriting business and also in different parts of the project finance and potentially, even the M&A space.

關於你問題的第二部分，麥克，你抓住了一個很好的點，那就是人工智慧生態系統中正在發生的事情，顯然需要資本市場和結構化專業知識。我認為這正是過去一年我們所看到的現象的一部分。但展望未來，企業也需要進入資本市場。因此，在這些領域，我們認為我們可以發揮中介作用，幫助客戶管理和分配資金，並獲得資金。這種情況不僅會發生在你考慮股權承銷業務的時候，也會發生在專案融資的不同領域，甚至可能會發生在併購領域。

Steven Chubak, Wolfe Research.

史蒂文‧丘巴克，沃爾夫研究中心。

Hey, Steve.

嘿，史蒂夫。

Hey. Good morning and thanks for taking my question. So I did want to drill down into a broader question on firm-wide operating leverage. And just as we think about the earnings growth algorithm, putting the decision not to change the targets aside, I can certainly appreciate the desire to be a bit conservative there.

嘿。早上好，感謝您回答我的問題。因此，我確實想深入探討關於公司整體經營槓桿的更廣泛的問題。就像我們思考獲利成長演算法一樣，暫且不談不改變目標的決定，我當然可以理解在這方面保持保守的願望。

Given the expectation though for meaningful growth in both cap markets and Wealth revenues in the coming year and consensus really contemplating little to no improvement in margins versus the 50% increment margin you achieve this past year, just hoping you could speak to the philosophy around operating leverage and whether you can still deliver those higher incremental margins if the revenue momentum is sustained and the operating backdrop remains constructive.

鑑於市場預期未來一年資本市場和財富管理收入都將實現顯著增長，而普遍認為利潤率與去年 50% 的增幅相比幾乎沒有改善，因此希望您能談談營運槓桿方面的理念，以及如果收入增長勢頭得以維持，運營環境保持良好，您是否還能實現更高的增幅利潤率。

That was very clever. You're effectively -- I did read your report, you are trying to get at moving the goals without moving the goals. Yeah, I mean, Sharon will put some meat on the bone, but of course, we expect there to be ongoing operating leverage if we are running these businesses as we have and the market backdrop is constructive.

這真是個絕妙的主意。實際上——我讀過你的報告——你試圖在不改變目標的情況下改變目標。是的，我的意思是，莎倫的加入會為公司帶來一些成長，但當然，如果我們繼續像以前那樣經營這些業務，並且市場環境良好，我們預計會持續存在營運槓桿效應。

There's largely a fixed cost base and sure there's some variable cost as you go. But that is why we believe we're not overreaching in saying that even with the ongoing investments we're making, back to Mike's qestion on AI in core technology or in ongoing AI efficiency and effectiveness tools, we would expect that if the markets are conducive and we execute, so those are two ifs, market is constructive and we execute across Wealth and the investment bank and IM as well, that we should continue to realize operating leverage.

成本主要以固定成本為主，當然，過程中也會產生一些變動成本。但正因如此，我們認為我們說即使我們持續進行投資，回到麥克關於人工智慧在核心技術或持續人工智慧效率和效能工具方面的問題，我們也不至於誇大其詞。我們預計，如果市場有利，並且我們執行到位（這是兩個「如果」：市場建設性，並且我們在財富管理、投資銀行和投資管理部門都能執行到位），我們應該能夠繼續實現營運槓桿。

I don't think -- our view is that it's a linear model, but our view would be that that is why we thought that the efficiency ratio at 70% was a good number. And in periods of performance in the past and certainly again this year, you saw it in the fourth quarter at 68% and you saw it for the year at I believe also 68% and change that we should be able to continue to press that further in a thoughtful way as we compound earnings.

我不認為——我們的觀點是這是一個線性模型，但我們認為這就是為什麼我們認為 70% 的效率比是一個好數字的原因。在過去的業績時期，尤其是在今年，第四季度達到了 68%，全年也達到了 68% 左右，我們應該能夠以深思熟慮的方式繼續推動這一目標，從而實現收益的複利增長。

Absolutely. I mean, I highlighted a little bit -- Ted touched on AI talked a little bit about the revenue side, but there are on the expense side, there are definitely places where we see both investment that we will be making. We were a first user, first adopter of AI technology. And we're already seeing some of those productivity points play out.

絕對地。我的意思是，我重點提到了一些——Ted 談到了人工智慧，也談到了收入方面，但在支出方面，我們肯定會在一些領域進行投資。我們是人工智慧技術的首批用戶和首批採用者。我們已經看到其中一些提高生產力的措施開始發揮作用。

Ted mentioned it in his prepared remarks. But think about the operation space. We used to have two teams necessarily checking each other on different documentation to make sure things are right. We now have one human team and one AI team. And so when you're actually looking at those docs, you have ways to continue to see productivity gains and teams can do more work on a different type of cost base than you've had before and we need the flexibility to also be investing in that technology as we move forward.

泰德在事先準備好的演講稿中提到了這一點。但想想操作空間。我們以前有兩個團隊，他們必須互相檢查不同的文檔，以確保內容正確。我們現在有一個人類團隊和一個人工智慧團隊。因此，當你實際查看這些文件時，你會發現有方法可以繼續提高生產力，團隊可以以與以往不同的成本基礎完成更多的工作，而且隨著我們不斷前進，我們也需要這種靈活性來投資這項技術。

I really like the example Sharon gave because that one is a simply put example where there should be realized efficiency. From that, presumably, there is effectiveness, i.e. productivity gains that come realized from insight that can then be applied to other infrastructure functions and then inside the business unit.

我非常喜歡莎倫舉的例子，因為這是一個簡單明了的例子，說明如何實現效率提升。由此想來，便能產生有效性，即透過洞察力實現生產力提升，然後可以將這些洞察力應用於其他基礎設施功能，進而應用於業務部門內部。

The one thing I would say, which we all know, but it's worth just putting on the table, is there's going to be teething pain on this stuff. I mean, we don't know what the combination of languages will be the ultimate best recipe for one institution or another, what the cost to put that through the system will be, how we work the regulator, and then importantly, how advanced our client base is with respect to some of this tool kit.

我想說的一點，雖然我們都知道，但還是值得提一提，那就是這件事肯定會經歷一些初期困難期。我的意思是，我們不知道哪種語言組合對某個機構來說是最終的最佳方案，也不知道將其引入系統需要多少成本，我們該如何與監管機構合作，更重要的是，我們的客戶群對這類工具包的掌握程度如何。

So there will be some teething around that. Again, like the introduction of the Internet, it will take several years, but I did mention in the deck and Sharon called out again, this is the kind of thing where we are seeing quarter by quarter as we all are in our personal lives that the substance underlying the progress, the technological advancement is real.

所以這方面還需要一些磨合期。就像網路的引入一樣，這需要幾年時間，但我在簡報中提到過，莎倫也再次指出，這就是我們每個人在個人生活中都能按季度看到的事情，進步背後的實質，技術進步是真實存在的。

Erika Najarian, UBS.

瑞銀集團的 Erika Najarian。

Morning, Erika.

早安，艾麗卡。

Good morning. No good deed goes unpunished, right? To be fair, J.P. Morgan has been sticking to 17% ROTCE through the cycle despite outperforming it. So maybe just approach it a different way, Ted and Sharon. You mentioned 320 basis points of excess capital. Clearly, the regulators are keen to redefine that. As you think about the forward and achieving higher highs and higher lows, where are you investing back in the business in terms of trying to build moats?

早安.好心沒好報，對吧？公平地說，儘管摩根大通的業績優於17%的ROTCE，但該股在整個週期中一直堅持這一ROTCE水準。所以，泰德和莎倫，或許可以換個方式來處理這件事。您提到有 320 個基點的超額資本。顯然，監管機構熱衷於重新定義這個概念。當你展望未來，力求更高的成就和更大的挫折時，你在企業建設護城河方面，會把資金重新投入哪些方面？

And also, given Sharon's response earlier on the Wealth Management pretax margin, markets aside, there seems to continue to be structural opportunity to improve that underneath the surface, and I just wanted to make sure that we were taking away the right conclusion from that response.

此外，鑑於莎倫先前對財富管理稅前利潤率的回應，撇開市場因素不談，似乎仍然存在著改善該領域結構性問題的機會，我只是想確保我們從她的回應中得出了正確的結論。

Absolutely. You are taking away the right conclusion. We continue to see opportunities to expand our margins over time, really, in all of the businesses. We get a lot of questions around, to your point, Erika, are there still opportunities to invest that are ROE accretive inside the building. And the answer is absolutely, yes.

絕對地。你的結論是正確的。我們看到，隨著時間的推移，所有業務都有擴大利潤率的機會。正如你所說，Erika，我們經常被問到，在公司內部是否還有能夠提高 ROE 的投資機會。答案是肯定的。

You can see that in the results, particularly in the Investment Banking franchise. We have been adding talent and with additional talent, resources, capital resources, to help service a broadening and a widening out of a corporate portfolio and different corporate clients that we cover. That has helped us gain share and gain durable share in the Investment Banking, both the advisory side, the ECM side, and the DCM side.

從結果中可以看出這一點，尤其是在投資銀行業務方面。我們一直在增加人才，並利用額外的人才、資源和資本資源，來幫助我們服務不斷擴大和拓展的企業投資組合以及我們所涵蓋的不同企業客戶。這幫助我們在投資銀行領域（包括諮詢、股票資本市場和債務資本市場）獲得了市場份額，並獲得了持久的市場份額。

So that's a very clear place where we've been putting capital to work. You can see it in the loans and lending commitments in terms of the growth and balances. And then, the outcome is evident in the results this quarter.

所以，很明顯，我們把資金投入了這個領域。從貸款和貸款承諾的成長和餘額中可以看出這一點。而本季的業績也證明了這一點。

Other places where we've been investing capital have been FID secured lending. So again, a durable business line that has helped, as I mentioned, to stabilize the performance that we've seen in fixed income over the last number of years, as well, capital within our equities business to help service our clients. That's on the ISG side.

我們投資的其他領域包括FID擔保貸款。所以，正如我之前提到的，這條穩健的業務線幫助穩定了我們在過去幾年中固定收益業務的表現，同時也為我們的股票業務提供了資金，從而更好地服務我們的客戶。那是ISG方面的情況。

And there are plenty of places in Wealth. I talked a lot about SBL and mortgages. We're increasing our education to the clients and to our advisors of being able to have products that we can offer those clients and where we can deepen relationships. So it's across the enterprise, so to speak, and it has been and we think continue to be ROE accretive.

財富中有很多這樣的地方。我談了很多關於SBL和抵押貸款的話題。我們正在加強對客戶和顧問的教育，以便他們能夠擁有可以向客戶提供的產品，並加深與客戶的關係。所以可以說，這種做法遍及整個企業，而且過去一直、未來仍將提高淨資產收益率。

Yeah. That's all right. And I would also -- just to tag on there, I would also call out just the early days of the digital asset transformation side of Wealth. We're now in partnership with Zerohash last year. We're looking to expand our capabilities. We're well-positioned now in the crypto and tokenized asset space. So of course, that's probably a first or second inning type of phenomenon. And there's a lot for us to do there.

是的。沒關係。另外，我還想補充一點，我想談談財富管理領域數位化資產轉型的早期階段。我們去年與 Zerohash 建立了合作關係。我們正在尋求拓展自身能力。目前我們在加密貨幣和代幣化資產領域佔據了有利地位。所以，這當然可能只是第一局或第二局才會出現的現象。我們在那裡有很多事情要做。

There is continued work that we're doing in E*TRADE to take a world-class platform and continue to make that interesting for our active self-directed community.

E*TRADE 正在持續努力，打造一個世界級的平台，並不斷提升其對我們活躍的自主交易社群的吸引力。

And then in Investment Management, just to call that out. I mean, the success of Parametric classic case of scaling an asset from within an acquisition, quite brilliant what the team did there too inside of Eaton Vance to find this real gem and to scale it across Wealth Management and clients outside the building. I think there is a ton of work to do on alternatives, and we continue to invest in that.

然後，在投資管理方面，我還要特別提一下。我的意思是，Parametric 的成功是一個經典的案例，它透過收購擴大了資產規模。伊頓萬斯團隊在發現這顆真正的明珠並將其擴展到財富管理部門和公司外部的客戶群體中，他們的工作也相當出色。我認為在替代方案方面還有很多工作要做，我們將繼續在這方面進行投資。

So some of those are sort of ongoing capital investments in businesses like equity derivatives where they should just improve an existing product set. But I'd argue too that there are adjacencies that we are really embryonically building inside of the institution in alts, in digital assets, inside of new customized solutions in the investment bank that exactly dovetail with the intellectual capital we're supposed to bring, but are going to take time in investment.

所以其中一些是對股票衍生性商品等業務的持續性資本投資，旨在改善現有的產品組合。但我認為，我們正在機構內部，在另類投資、數位資產以及投資銀行的新客製化解決方案中，真正處於萌芽階段的鄰近領域，與我們應該帶來的知識資本完全契合，但這需要時間進行投資。

Gerard Cassidy, RBC Capital Markets.

傑拉德·卡西迪，加拿大皇家銀行資本市場。

Thank you for taking the question. Sticking with capital. Obviously, you guys are very well capitalized relative to your required levels. And we know, led by Secretary Bessent, that this administration is really pushing deregulation within the banking industry and we're seeing it. We're all expecting, of course, the Basel III endgame proposal first quarter. GSIB recalibration, stress capital buffer recalibrations. If your requirement comes down even further from where you are today, at what point do you really have to look at giving back maybe even more capital since you got an abundance of it already?

感謝您回答這個問題。堅持使用資本。顯然，你們的資金狀況遠遠超出所需水準。我們知道，在貝森特部長的領導下，本屆政府正在大力推動銀行業放鬆管制，我們也看到了這一點。當然，我們都期待巴塞爾協議III的最終方案在第一季推出。GSIB 重新校準，壓力資本緩衝重新校準。如果你的需求比現在更降低，那麼在什麼情況下你才需要考慮回饋更多資金呢？畢竟你已經擁有大量的資金了。

Thank you for your question. This is part of the Morgan Stanley today where we are comfortable being in a position where we sort of sit at high ground. Yes, we have a capital surplus and indeed, that surplus is growing with a buyback that's been restrained and a dividend that's been growing prudently. But we continue to grow the buffer. And we're above 300 basis points. So everything you said is correct.

謝謝你的提問。這就是摩根士丹利如今的優勢所在，我們很滿意自己所處的地位，我們佔據著某種制高點。是的，我們有資本盈餘，而且隨著股票回購的減少和股息的謹慎增長，這一盈餘還在不斷增長。但我們會繼續擴大緩衝範圍。我們已經超過 300 個基點。所以你說的都對。

But I think we are in no rush. There are a ton of ideas that are coming at us. The bar for acquisition is super high, as I said. We know what it takes to kind of integrate an asset, having done that 4 times, we have humility around that. We also know that it's kind of incrementally helpful to the institution and even to valuation that folks see that we are real stewards of our capital.

但我認為我們並不著急。我們有很多想法湧入腦海。正如我所說，收購門檻非常高。我們知道整合一項資產需要付出什麼，因為我們已經這樣做了 4 次，所以我們對此保持謙遜。我們也知道，讓人們看到我們是資本的真正管理者，這對機構甚至估值都有著逐步的幫助。

Now you're saying at a certain point, it gets to be where we may wish to do something incremental to the capital beyond putting into the business, as Sharon and I outlined. Let's see when we get there and we'll be talking about that. But we continue to find great places to put capital in the business, a whole bunch of business lines across the integrated firm.

現在你的意思是，到了某個階段，我們可能希望在投入企業之外，對資本進行一些增量投資，就像我和莎倫之前概述的那樣。等我們到了那裡再說吧。但我們仍在不斷尋找將資金投入業務的絕佳途徑，涵蓋整個綜合公司內的眾多業務線。

But yes, it is a nice place to be that we are above 300 basis points. And it is also the case that we believe the business model speaks to real substance around the argument for our CET1 ratio to actually go further down. So you could argue that 300 could get bigger. And then if it does, we'll be talking more about how we want to prosecute against the alternatives.

是的，我們能保持在 300 個基點以上，這的確是個不錯的成績。而且，我們認為，該商業模式也充分說明了我們的 CET1 比率應該會進一步下降。所以你可以說300這個數字可能會更大。如果真的發生了，我們將進一步討論如何對其他替代方案提起訴訟。

Chris McGratty, KBW.

克里斯·麥格拉蒂，KBW。

Morning, Chris.

早上好，克里斯。

Good morning. I think in your prepared remarks you talked about 25% of asset gathering being international. I guess I'm interested in your views for the business and the growth international, domestic over the medium term. Certain markets, businesses, higher growth or higher ROE potential. Thank you.

早安.我認為您在事先準備好的演講稿中提到，資產募集的 25% 來自國際管道。我想了解您對公司業務以及中期內國際和國內市場成長的看法。某些市場、企業具有更高的成長潛力或更高的淨資產收益率潛力。謝謝。

Yeah. We continue to see assets coming from our Wealth channels that are obviously based on the US. But I would note that I think that we might be discussing also there is international distribution that we're seeing in Investment Management. So when we bought Eaton Vance, one of the premises was they had a franchise that was basically very US driven from a distribution perspective. We are in a position where we are seeing, for example, our fixed income flows over the course of this quarter. 50% of that distribution was coming from international accounts. So there's plenty there.

是的。我們持續看到來自財富管理管道的資產明顯來自美國。但我想指出的是，我認為我們可能也在討論投資管理領域中出現的國際分銷現象。所以當我們收購伊頓萬斯時，其中一個前提是，從分銷的角度來看，他們的特許經營基本上是以美國為主導的。例如，我們目前看到的是本季固定收益資金流的情況。其中50%的分配來自國際帳戶。所以那裡有很多東西。

Now in terms of the rest of the institution, obviously, the global franchise has certainly helped from a capital markets perspective when you think about the nine boxes we used to talk about in equities. We're seeing contributions from all of the regions across Institutional Securities and in the equities business.

就機構的其他部分而言，顯然，從資本市場的角度來看，全球特許經營權肯定有所幫助，想想我們過去在股票領域談論的九個方框就知道了。我們看到機構證券和股票業務各個地區都做出了貢獻。

We did think it was important to call out the non-US businesses because the revenue growth and the margins attached to them have been quite impressive. And of course, our client base is global, so you're speaking to the revenue contribution to the firm overall and that is one that may not necessarily grow relative to the total as a geographic matter, but should compound nicely as we continue to grow, not just in the Americas, but in EMEA and Asia.

我們認為有必要特別指出非美國企業，因為它們的收入成長和利潤率都非常驚人。當然，我們的客戶群遍布全球，所以您指的是對公司整體的收入貢獻，從地理角度來看，這部分收入的貢獻可能不會相對於總收入增長，但隨著我們不斷發展，不僅在美洲，而且在歐洲、中東和非洲以及亞洲，這部分收入應該會穩步增長。

Ladies and gentlemen, this concludes today's conference call. Thank you, everyone, for participating. You may now disconnect and have a great day.

女士們、先生們，今天的電話會議到此結束。謝謝大家的參與。現在您可以斷開連接，祝您度過美好的一天。