道富銀行 (STT) 2025 Q4 法說會逐字稿

Good morning and welcome to State Street Corporation's fourth quarter and full year 2025 earnings conference call and webcast. Today's call will be hosted by Elizabeth Lynn, Head of Investor Relations at State Street. (Operator Instructions)

早安，歡迎參加道富銀行2025年第四季及全年業績電話會議及網路直播。本次會議將由道富銀行投資者關係主管伊莉莎白·林恩主持。 （操作說明）

Today's discussion is being broadcast live on State Street's website at investors.statestreet.com. This conference call is also being recorded for replay. State Street's conference call is copyrighted and all rights are reserved.

今天的討論會正在道富銀行網站 investors.statestreet.com 上直播。本次電話會議也將進行錄音，以便回放。道富銀行的電話會議受版權保護，所有權利均予保留。

This call may not be recorded for rebroadcast or distribution in whole or in part without the expressed written authorization from State Street Corporation. The only authorized broadcast of this call will be housed on State Street's website. Now I'd like to hand the call over to Elizabeth Lynn.

未經道富銀行書面授權，不得以任何形式（包括全部或部分）錄製本次電話會議內容並進行轉播或傳播。本次電話會議的唯一合法播出平台為道富銀行網站。現在，我將把電話會議交給伊麗莎白·林恩女士。

Good morning, and thank you all for joining us. On our call today, our CEO, Ron O’ Hanley, will speak first; then John Woods, our CFO, and will take you through our fourth quarter and full year 2025 earnings presentation, which is available for download in the Investor Relations section of our website, investors.statestreet.com.

早安，感謝各位參加。在今天的電話會議上，我們的執行長 Ron O’Hanley 將首先發言；然後是我們的財務長 John Woods，他將帶領大家了解我們 2025 年第四季和全年的收益報告，該報告可在我們網站 investors.statestreet.com 的投資者關係部分下載。

Afterwards, we'll be happy to take questions. Before we get started, I'd like to remind you that today's presentation will include results presented on a basis that excludes or adjusts one or more items from GAAP. Reconciliations to these non-GAAP measures to the most directly comparable GAAP, or regulatory measure, are available in the appendix to our presentation.

之後，我們將樂意回答各位的問題。在正式開始之前，我想提醒各位，今天的報告將包含一些基於剔除或調整了一項或多項GAAP項目後得出的結果。這些非GAAP指標與最直接可比較的GAAP指標或監管指標的調節表，請參閱報告附錄。

In addition, today's call will contain forward-looking statements. Actual results may differ materially from those statements due to a variety of important factors, including those referenced in our discussion today, as well as in our SEC filings, including the Risk Factors section in our Form 10-K. Our forward-looking statements speak only as of today, and we disclaim any obligation to update them even if our view should change.

此外，今天的電話會議將包含前瞻性陳述。由於多種重要因素，包括我們今天討論中提及的因素以及我們在提交給美國證券交易委員會（SEC）的文件中提及的因素（例如我們10-K表格中的「風險因素」部分），實際結果可能與這些陳述存在重大差異。我們的前瞻性陳述僅代表截至今日的觀點，即使我們的觀點發生變化，我們也不承擔更新這些陳述的義務。

With that, let me hand it over to Ron.

那麼，就讓我把麥克風交給榮恩吧。

Thank you, Liz. Good morning, everyone, and thank you for joining us. Our fourth quarter results represent a strong finish to another successful year for State Street. We entered 2026 with momentum and a proven strategy that continues to deliver strong results and meaningful value for our clients, shareholders and employees.

謝謝莉茲。大家早安，感謝各位的參與。我們第四季的業績為道富銀行又一個成功的年份畫上了圓滿的句點。我們帶著強勁的發展動能和行之有效的策略邁入2026年，該策略將繼續為我們的客戶、股東和員工帶來豐碩的成果和切實的價值。

Our progress reflects the strategic actions and investments we have made in recent years, deepening and broadening our capabilities while elevating our client value proposition, which have strengthened our position as our clients' essential partner, enabling us to compete from a position of great strength.

我們的進步反映了近年來採取的策略行動和投資，深化和拓展了我們的能力，同時提升了我們的客戶價值主張，這鞏固了我們作為客戶重要合作夥伴的地位，使我們能夠從強大的地位出發參與競爭。

This solid foundation positioned us well to capitalize on a dynamic yet constructive market environment in 2025 and deliver another year of accelerating financial performance. Notably, 2025 marked our second consecutive year of positive operating leverage and pretax margin expansion, and our 4Q results represent the eighth straight quarter of positive operating leverage, excluding notable items.

這堅實的基礎使我們能夠充分利用2025年充滿活力且富有建設性的市場環境，並實現另一個財務業績加速成長的年份。值得注意的是，2025年是我們連續第二年實現正的經營槓桿和稅前利潤率增長，而第四季度業績也標誌著我們連續第八個季度實現正的經營槓桿（不計重大項目）。

Our strong financial performance underscores the effectiveness of our strategy. And in 2025, we built on that success with a number of key strategic milestones that I will detail shortly. These actions reflect our disciplined focus on reinvesting to drive near-term and long-term growth across our franchise, enhance client experience and capabilities, and further strengthen our platform while delivering strong shareholder returns.

我們強勁的財務表現凸顯了我們策略的有效性。 2025年，我們在此基礎上，透過一系列關鍵策略里程碑進一步鞏固了成功，我稍後將詳細介紹。這些舉措體現了我們嚴謹的再投資策略，旨在推動我們業務的短期和長期成長，提升客戶體驗和能力，並進一步強化我們的平台，同時為股東帶來豐厚的回報。

We are excited about the client opportunities ahead and the significant potential being unlocked by the next generation of our operating model transformation, particularly as we further leverage and embed AI-enabled capabilities throughout the franchise. With that strategic context, let me turn to our fourth quarter and full year highlights on Slide 2 of our investor presentation.

我們對未來的客戶機會以及下一代營運模式轉型所帶來的巨大潛力感到振奮，尤其是在我們進一步利用和整合人工智慧技術到整個業務體系中的情況下。基於上述策略背景，接下來請看我們投資人簡報第二頁的第四季和全年亮點。

Starting with financial performance. Excluding notable items, which John will address shortly, we generated strong fourth quarter EPS growth of 14% year-over-year, supported by both record quarterly fee and total revenue. Healthy positive operating leverage in 4Q helped to drive pretax margin to 31%, excluding notable items.

首先來看財務業績。在剔除約翰稍後會提到的幾個重要項目後，我們第四季每股收益年增14%，這主要得益於創紀錄的季度手續費收入和總收入。第四季健康的經營槓桿效應也推動稅前利潤率（剔除重要項目後）達到31%。

Our full year results were similarly strong. Excluding notable items, earnings per share were $10.30, or up 19% year-over-year, supported by strong revenue growth and growing margins. For 2025, we delivered strong positive operating leverage, expanded pretax margin by more than 150 basis points, and achieved return on tangible common equity of 20%, excluding notable items.

我們的全年業績同樣強勁。剔除重大專案後，每股盈餘為10.30美元，較去年同期成長19%，這主要得益於強勁的營收成長和利潤率的提升。展望2025年，我們實現了強勁的正向經營槓桿，稅前利潤率提升超過150個基點，剔除重大專案後，有形普通股股東權益報酬率達到20%。

As we look ahead, our attention is firmly focused on capturing the opportunities before us. Shifts in investor demand, advances in technology and an evolving regulatory landscape, and creating new opportunities for both us and our clients.

展望未來，我們將全力把握眼前的機遇，包括投資者需求的變化、技術的進步以及監管環境的演變，這些都將為我們和我們的客戶創造新的機會。

In response, we meaningfully advanced a number of key strategic initiatives last year, and are creating new distinctive capabilities that enhance client engagement, open doors to strategically attractive markets, and further streamline our operations and technology platform, all of which are designed to support continued strong financial performance.

為此，我們去年切實推進了多項關鍵策略舉措，並正在創造新的獨特能力，以增強客戶參與度，打開通往具有戰略吸引力的市場的大門，並進一步簡化我們的營運和技術平台，所有這些舉措都是為了支持持續強勁的財務業績。

Within investment services, which surpassed $50 trillion in AUCA for the first time in 2025. We are encouraged by rising client satisfaction and the good momentum in alpha client onboarding, including meaningful progress with large development partners.

在投資服務領域，AUCA（資產管理規模）預計將在 2025 年首次突破 50 兆美元。客戶滿意度不斷提高，以及 alpha 客戶拓展方面取得的良好勢頭，包括與大型開發合作夥伴的實質進展，都令我們倍感鼓舞。

We are drawing on our heritage of technology-driven innovation and investment services by delivering next generation tools, digital platforms, and client solutions aimed at helping our clients succeed in a constantly evolving market while strategically pivoting State Street to faster growing segments of the market.

我們秉承技術驅動創新和投資服務的傳統，提供新一代工具、數位平台和客戶解決方案，旨在幫助我們的客戶在不斷變化的市場中取得成功，同時策略性地將道富銀行轉向市場中成長更快的領域。

Our strong industry position in private market servicing is a clear example, with related servicing fees growing at a double-digit year over year pace in 2025. A further illustration is in the digital assets ecosystem. We finalized and recently launched our digital asset platform, which will enable tokenization of assets, funds, and cash for institutional investors, unlocking new efficiencies, improving liquidity, and creating opportunities for growth.

我們在私募市場服務領域的強大產業地位就是一個鮮明的例證，相關服務費預計在2025年將以兩位數的年增長率持續成長。數位資產生態系統也印證了這一點。我們已完成數位資產平台的開發並於近期正式上線，該平台將助力機構投資者實現資產、基金和現金的代幣化，從而提升效率、增強流動性並創造成長機會。

As a result, we are strategically positioning State Street to be the bridge between traditional and digital finance and the connection point among digital asset platforms. Another example is in the wealth services market, which presents a highly attractive opportunity for expansion and long-term growth.

因此，我們正策略性地將道富銀行定位為傳統金融與數位金融之間的橋樑，以及數位資產平台之間的連結點。財富管理市場也是一個很好的例子，它為業務拓展和長期成長提供了極具吸引力的機會。

In 2025, we strategically advanced our capabilities in the space through a partnership and minority investment in Apex Fintech solutions. This action enables us to capitalize on new opportunities and significantly strengthen our market position. And we are confident that this partnership will deliver positive results this year.

2025年，我們透過與Apex Fintech Solutions建立合作關係並進行少數股權投資，策略性地提升了我們在該領域的實力。此舉使我們能夠掌握新的機遇，並顯著增強我們的市場地位。我們相信，這項合作將在今年取得積極成果。

This combination of distinctive capabilities and high service quality, coupled with targeted strategic expansions enables us to meet our clients where they are going while maintaining price discipline. Within our investment management business, over the last several years, we have innovated at pace with a focus on expanding product and distribution capabilities.

憑藉著獨特的實力和卓越的服務質量，以及有針對性的策略擴張，我們能夠在保持價格穩健的同時，滿足客戶不斷變化的需求。在投資管理業務方面，過去幾年我們快速創新，專注於拓展產品和分銷管道。

These actions are now delivering strong results. State Street Investment Management ended 2025 with record quarterly and full-year management fee revenue. We were also delivering a consistent trend of solid asset growth as 2025 marked its third consecutive year of net new asset growth above 3%.

這些措施如今已取得顯著成效。道富投資管理公司2025年季度及全年管理費收入均創歷史新高。同時，資產成長也維持穩健，2025年是公司連續第三年淨新增資產成長率超過3%。

This consistent organic growth helped drive period end AUM to an all-time high of $5.7 trillion, just two quarters after surpassing the $5 trillion mark for the first time. These results also reflect our ability to innovate in the strategic growth initiatives we executed in 2025.

持續的內生成長推動期末資產管理規模達到歷史新高5.7兆美元，而就在兩個季度前，該規模剛首次突破5兆美元大關。這些業績也反映了我們在2025年實施的策略成長計畫中的創新能力。

We launched a record 134 new products across our investment management business, expanding our capabilities and delivering greater value to clients. Within our ETF franchise, this included innovative alternatives offerings developed through partnerships with Apollo Global Management, Bridgewater Associates, and Blackstone.

我們在投資管理業務領域推出了創紀錄的134款新產品，拓展了自身能力，並為客戶創造了更大價值。在ETF產品線中，我們與阿波羅全球管理公司、橋水基金和黑石集團合作開發了創新另類投資產品。

We also introduced 11 sector SPDR premium income ETFs, and expanded our suite of actively managed target maturity ETFs, further strengthening our fixed income and retirement capabilities, both of which are core strategic priorities.

我們也推出了 11 檔行業 SPDR 高級收益 ETF，並擴大了我們的主動管理目標到期 ETF 產品線，進一步加強了我們的固定收益和退休保障能力，這兩項都是我們的核心策略重點。

Throughout 2025. Our investment management business also cultivated a series of strategic partnerships that strengthen our investment distribution and technology capabilities and position us for future growth. Early in the year, we invested in Ethic, a technology leader that enables wealth advisors to build tailored client portfolios at scale.

2025年全年，我們的投資管理業務也建立了一系列策略合作夥伴關係，以增強我們的投資分銷和技術能力，並為未來的成長奠定基礎。年初，我們投資了Ethic，這是一家技術領導企業，致力於幫助財富顧問大規模建立客製化的客戶投資組合。

We also established a strategic relationship with Smallcase,India's largest model portfolios platform. And partnered with Van Lanschot Kempen Investment Management to drive further growth in Europe. In addition, we made a strategic minority investment in Coller Capital, one of the world's largest dedicated private market secondaries managers.

我們也與印度最大的模型投資組合平台Smallcase建立了策略合作關係，並與Van Lanschot Kempen投資管理公司合作，以推動在歐洲的進一步成長。此外，我們也對全球最大的專注於私募市場二級市場的管理公司之一Coller Capital進行了策略性少數股權投資。

And after quarter end, we also announced a strategic minority investment in Groww AMCthe asset management arm of one of India's most innovative and fast-growing digital investment platforms. Within our State Street Markets franchise, we have focused on strategically expanding and deepening client relationships in recent years, which is delivering positive results.

在季度末之後，我們也宣布對 Groww AMC 進行策略性少數股權投資，Groww AMC 是印度最具創新性和成長最快的數位投資平台之一的資產管理部門。近年來，我們致力於在 State Street Markets 業務範圍內策略性地拓展和深化客戶關係，並取得了積極的成效。

We generated double-digit full year fee revenue growth across both FX trading services and securities finance in 2025, supported by higher client volumes. As a testament to the strength of our markets franchise and the value we delivered to clients, in 2025, we were proud to see State Street recognized with eight category wins in Euromoney's FX awards, doubling our achievements for 2024.

2025年，在客戶交易量成長的推動下，我們的外匯交易服務和證券融資業務全年費用收入均實現了兩位數成長。為了證明我們市場業務的實力以及我們為客戶創造的價值，我們很榮幸地看到，2025年道富銀行在《歐洲貨幣》雜誌的外匯獎項評選中榮獲八項大獎，是2024年獲獎數量的兩倍。

Turning to our operational model, I'm pleased to report that we achieved our full year productivity savings target of $500 million in 2025, or 5.5% of our underlying cost base. Over the last five years, we have generated nearly $2 billion cumulatively in productivity and other savings, including significant recurring cost benefits.

談到我們的營運模式，我很高興地報告，我們已實現2025年全年生產力提升節省目標，金額達5億美元，相當於我們基礎成本的5.5%。過去五年，我們累積透過提高生產力和其他方式節省了近20億美元，其中包括顯著的經常性成本效益。

This achievement has enabled us to aggressively reinvest in our business, which in turn is driving revenue growth, positive operating leverage, and increasing returns to shareholders. We are intensely focused on capturing the additional opportunities ahead of us, with technology-led innovation and transformation among the most significant.

這項成就使我們能夠積極地對業務進行再投資，從而推動收入成長、提升營運槓桿並提高股東回報。我們正全力以赴地掌握未來的更多機遇，其中以科技驅動的創新和轉型最為重要。

For our Next Gen transformation initiatives, underpinned by our growing AI enabled capabilities and associated agentics, we are building a stronger foundation and new platforms that aim to even further improve efficiency, and empower smarter decisions. We are positioning State Street to set new industry standards and fundamentally transform the way we and our clients work.

為了推動我們的下一代轉型計劃，在不斷增強的人工智慧能力和相關智慧代理技術的支撐下，我們正在建立更強大的基礎和全新的平台，旨在進一步提升效率，並助力客戶做出更明智的決策。我們正努力使道富銀行樹立新的行業標桿，並從根本上改變我們自身以及客戶的工作方式。

Turning to our solid financial position, our strong balance sheet enabled us to return over $2.1 billion in capital shareholders in 2025 for common share repurchases and dividends. To conclude, 2025 marks several strategic and performance milestones for State Street, reinforcing the effectiveness of our strategy as we enter 2026 with clear momentum.

展望我們穩健的財務狀況，我們強勁的資產負債表使我們能夠在2025年向股東返還超過21億美元的資本，用於普通股回購和分紅。總之，2025年是道富銀行多個策略與業績里程碑的年份，這進一步鞏固了我們策略的有效性，也讓我們在邁入2026年之際保持強勁的發展動能。

Our continued improvement is supported by a range of tangible proof points, including stronger financial performance, expanded innovation and product capabilities across our franchise, and ongoing technology-led transformation of our operating model and client experience.

我們持續進步的動力體現在一系列切實可見的方面，包括更強勁的財務業績、更廣泛的創新和產品能力，以及我們營運模式和客戶體驗的持續技術驅動轉型。

We are focused on the growth opportunities ahead for effective execution of our strategic priorities and leading with client service excellence. I am optimistic about 2026 and confident in what we will achieve next as a firm. Advancing transformation to enhance how we operate and serve clients, and further embedding digital and AI enabled capabilities more deeply across the organization are the foundation.

我們專注於未來的成長機會，以有效執行策略重點，並以卓越的客戶服務引領業界。我對2026年充滿信心，並對公司未來的發展充滿信心。推動轉型，提升營運和服務客戶的方式，並進一步在整個組織內深化數位化和人工智慧能力，是實現這一目標的基礎。

Our one State Street approach to unlock the full value of our franchise by connecting capabilities for clients as demonstrator results and has even greater potential. Continuing to accelerate growth in private markets to strengthen our position as an industry leading platform and operator, driving continued innovation in our investment management business, and executing against our growth opportunities and wealth services are enabling us to strengthen our core.

我們秉持「統一的道富銀行」理念，透過整合各項服務能力，充分釋放我們特許經營權的價值，為客戶提供示範性成果，並展現出更大的潛力。我們將持續加速私募市場的成長，鞏固我們作為產業領先平台和營運商的地位；持續推動投資管理業務的創新；並把握成長機遇，拓展財富管理服務，從而強化我們的核心競爭力。

Finally, we are advancing innovation and digital assets and digitizing capabilities in a space that is reshaping financial services. These are ambitious steps designed to position us and our shareholders for long-term success.

最後，我們正在推動創新、發展數位資產並提升數位化能力，以重塑金融服務業。這些都是雄心勃勃的舉措，旨在為我們和我們的股東的長期成功奠定基礎。

With that, let me turn the call over to John who will take you through our results in more detail.

接下來，我將把電話交給約翰，他將更詳細地向大家介紹我們的結果。

Thank you, Ron, and good morning everyone. Picking up on slide 3, I will review our fourth quarter and full year financial results, all on an ex-notable basis. Fourth quarter highlights included year over year fee revenue growth of 8%. Higher net interest income and net interest margin, continued capital return, and robust EPS growth of 14%.

謝謝羅恩，大家早安。接著第三張投影片，我將回顧我們第四季和全年的財務業績，所有數據都已剔除特殊項目。第四季亮點包括：手續費收入年增8%；淨利息收入和淨息差均有所提高；資本回報率持續增長；以及每股收益強勁增長14%。

Our pre-tax margin in the quarter improved to approximately 31%. Return on tangible common equity increased to 22%, and we generated operating leverage of over 100 basis points. For the full year, we delivered record total revenue of approximately $14 billion, up more than 7% from the prior year.

本季稅前利潤率提升至約31%。有形普通股股東權益報酬率增至22%，經營槓桿率超過100個基點。全年來看，我們實現了創紀錄的總收入，約140億美元，較上年增長超過7%。

Record fee revenue of $11 billion increased 9% year over year, reflecting broad-based growth across Investment Services, Investment Management, and State Street Markets. Expenses of $9.8 billion increased 5%, primarily driven by an increase in strategic initiatives to enhance client facing capabilities, investments in the ongoing transformation of our technology platform, and higher operating costs net of productivity savings.

創紀錄的110億美元手續費營收年增9%，反映出投資服務、投資管理和道富銀行三大業務部門的全面成長。支出為98億美元，成長5%，主要原因是為提升客戶服務能力而增加的策略性舉措、對技術平台持續轉型方面的投資，以及扣除生產力提升帶來的成本節約後營運成本的增加。

We ended the year with record AUCA and AUM driven by higher market levels and continued strength and flows across Investment Servicing and Investment Management. Our capital and liquidity positions remain strong, giving us flexibility to support clients and invest in future growth.

由於市場水準走高以及投資服務和投資管理業務的持續強勁成長，我們以創紀錄的資產管理規模（AUM）和新增資產管理規模（AUCA）結束了這一年。我們的資本和流動性狀況依然穩健，這使我們能夠靈活地為客戶提供支援並投資於未來的成長。

Taken together, we generated operating leverage of nearly 220 basis points and a pre-tax margin of approximately 29%, up from 28% in 2024. These results supported EPS growth of 19% and an increase in return on tangible common equity from 19% in 2024 to 20% for the year, underscoring the strong momentum across our businesses, and providing a solid foundation as we enter 2026.

綜合來看，我們實現了近 220 個基點的營運槓桿和約 29% 的稅前利潤率，高於 2024 年的 28%。這些業績支撐了每股盈餘成長 19%，並將有形普通股股東權益回報率從 2024 年的 19% 提高到本年度的 20%，凸顯了我們各項業務的強勁發展勢頭，並為我們進入 2026 年奠定了堅實的基礎。

Finally, notable items totaled $206 million pre-tax in the fourth quarter, or $0.55 per share after tax, primarily reflecting repositioning charges associated with our ongoing productivity efforts, as well as an FDIC special assessment release included in other notable items.

最後，第四季度稅前重大項目總額為 2.06 億美元，稅後每股為 0.55 美元，主要反映了與我們持續提高生產力相關的重新定位費用，以及包含在其他重大項目中的 FDIC 特別評估釋放。

Turning now to results for the fourth quarter, starting on slide 4, servicing fees increased 8% year over year, primarily reflecting higher average market levels, net new business, and the impact of currency translation. Record AUCA of $53.8 trillion, increased 16% year over year, driven by higher period end market levels and positive client flows.

現在來看第四季業績，從第4頁開始，服務費年增8%，主要反映了平均市場水準的提高、新增業務量的成長以及匯率變動的影響。資產管理規模（AUCA）達到創紀錄的53.8兆美元，年增16%，主要得益於期末市場水準的提高和客戶數量的成長。

In 2025, we made meaningful strides in our Investment Services business with servicing fee revenue wins of approximately $330 million surpassing $300 million for the third consecutive year, while continuing to onboard new business at a healthy pace.

2025 年，我們在投資服務業務方面取得了實質進展，服務費收入約為 3.3 億美元，連續第三年超過 3 億美元，同時繼續以健康的步伐拓展新業務。

As Ron mentioned, we are pleased with the strategic process we are driving across our Investment Services business, and our focus on key growth areas, including private markets, wealth services, and digital assets, which is positioning us for continued momentum.

正如 Ron 所提到的，我們對正在投資服務業務中推進的策略進程感到滿意，並專注於關鍵成長領域，包括私募市場、財富服務和數位資產，這使我們能夠保持持續成長勢頭。

I would emphasize the private markets business in particular, which continued to demonstrate strong growth of 12% in 2025, and now represents approximately 10% of servicing fees, up from 9% in 2024. Moving to slide 5, the fourth quarter represented the culmination of a record year for investment management revenue, delivering a strong finish to 2025 and reinforcing the strength of our platform.

我特別要強調私募市場業務，該業務在2025年持續保持強勁成長，增幅達12%，目前約佔服務費的10%，高於2024年的9%。翻到第五張投影片，第四季標誌著投資管理收入創紀錄的一年圓滿結束，為2025年畫上了圓滿的句號，並鞏固了我們平台的實力。

Management fees increased 15% year over year to a new quarterly record of $662 million driven by higher average market levels and quarterly net inflows of $85 billion, supported by strong performance across our ETFs, cash, and institutional segments.

受平均市場水準上升和季度淨流入850億美元的推動，管理費年增15%，創下6.62億美元的季度新紀錄，這得益於我們的ETF、現金和機構業務板塊的強勁表現。

Assets under management increased 20% from the prior year to an all-time high of $5.7 trillion, reflecting higher period-end market levels and continued client inflows. As indicated, innovation remains a cornerstone of our Investment Management strategy and is driving business momentum. In the fourth quarter alone, we launched 37 new products, further expanding our suite of client solutions and positioning us for continued net new asset growth.

管理資產規模較上年同期成長20%，達到歷史新高5.7兆美元，反映期末市場水準走高以及客戶資金持續流入。如前文所述，創新仍是我們投資管理策略的基石，並推動業務發展。光是在第四季度，我們就推出了37款新產品，進一步拓展了我們的客戶解決方案組合，並為持續的淨新增資產成長奠定了基礎。

Turning to slide 6, State Street Markets posted a strong fourth quarter, achieving solid year over year growth in both FX trading services and securities finance.

翻到第 6 張投影片，道富市場公佈了強勁的第四季度業績，外匯交易服務和證券融資業務均實現了穩健的同比增長。

FX trading revenue increased 13% year over year, supported by continued engagement with investment services clients. Despite a meaningful decline in currency volatility, our fourth quarter performance benefited from strong client franchise growth and healthy activity across all of our trading venues. Securities finance revenues increased 8% year over year, primarily driven by higher client lending balances.

外匯交易收入年增13%，主要得益於與投資服務客戶的持續合作。儘管貨幣波動性顯著下降，但第四季業績仍受益於客戶群的強勁成長以及所有交易場所的活躍交易。證券融資收入年增8%，主要由客戶貸款餘額的增加所推動。

Moving to slide 7. Software and processing fees declined 15% year over year in the fourth quarter, primarily driven by lower on-premises renewals. This is partially offset by a 7% increase in software enabled revenues, reflecting strong client engagement with CRD, and continued progress in transitioning clients to our cloud-based SaaS platform.

翻到第7張投影片。第四季軟體和處理費用較去年同期下降15%，主要原因是本地部署續約率下降。但軟體收入成長7%部分抵消了這一影響，反映出客戶對CRD的積極參與，以及我們在引導客戶向雲端SaaS平台過渡方面取得的持續進展。

For example, annual recurring revenue increased approximately 11% year over year to about $420 million in the fourth quarter, and our front office revenue backlog increased approximately 16% year over year, reinforcing the differentiated value proposition offered to clients across both public and private markets.

例如，第四季年度經常性收入年增約 11%，達到約 4.2 億美元，前台收入積壓年增約 16%，這進一步鞏固了我們為公共和私人市場客戶提供的差異化價值主張。

Turning now to slide 8, fourth quarter net interest income of $802 million was up 7% year over year, reflecting a 3 basis point expansion of net interest margin to 1.10%, and an increase in average interest earning assets.

現在來看第 8 張投影片，第四季淨利息收入為 8.02 億美元，年增 7%，反映出淨利差擴大 3 個基點至 1.10%，以及平均生息資產增加。

Year over year NIM expansion was driven by improvements in both our interest earning asset and funding mix partially offset by lower market rates. On the interest earning asset side, continued securities portfolio repricing was complemented by the positive impact of runoff from terminated hedges on loan yields.

淨利差較去年同期擴張主要得益於生息資產和融資結構的改善，但部分被市場利率下降所抵銷。在生息資產方面，證券組合的持續重新定價，以及終止對沖交易帶來的收益對貸款收益率的正面影響，共同推動了淨利差的擴大。

Our funding mix benefited from a reduction in short-term wholesale funding associated with our balance sheet optimization efforts. Growth in interest earning assets primarily reflected continued client-driven loan growth, and higher investment securities balances, all supported by healthy deposit growth.

我們的融資結構受益於資產負債表優化措施帶來的短期批發融資減少。生息資產的成長主要反映了客戶需求持續成長的貸款以及更高的投資證券餘額，所有這些都得益於穩健的存款成長。

On a sequential basis, NII increased 12%, driven by an improvement in NIM partially offset by a decline in average interest earning assets. Sequential NIM expansion reflected an improved interest earning asset mix driven by continued securities portfolio repricing and benefiting from the runoff from terminated hedges on loan yields.

淨利息收入季增12%，主要得益於淨利差的改善，但部分被平均生息資產的下降所抵銷。淨利差的環比增長反映了生息資產結構的改善，這得益於證券組合的持續重新定價以及貸款收益率對沖終止帶來的收益。

Our funding mix also improved quarter over quarter, reflecting lower short-term wholesale funding, as well as an improved deposit mix, primarily due to seasonally higher non-interest-bearing deposits. Turning to slide 9, expenses increased approximately 6% year over year in the fourth quarter, excluding notable items.

我們的資金結構較上季也有所改善，反映短期批發融資減少，以及存款結構改善，這主要是由於季節性非計息存款增加所致。請參閱第9張投影片，第四季支出年增約6%（不計重大項目）。

Expense growth was primarily driven by an increase in strategic initiatives and technology investments, along with higher operational costs net of productivity savings.

支出成長主要由策略性措施和技術投資的增加以及扣除生產力提升帶來的營運成本增加所驅動。

Compensation-related costs increased 6% year over year, excluding notable items, reflecting higher salaries and incentive compensation, as well as currency translation, partially offset by headcount reductions related to process improvements and the ongoing simplification of our operating model.

不計特殊項目，與薪酬相關的成本同比增長 6%，這反映了更高的工資和激勵性薪酬，以及貨幣換算的影響，部分被流程改進和運營模式持續簡化導致的人員減少所抵消。

We continue to deliver productivity improvements in the fourth quarter, achieving approximately $500 million in productivity and other savings for full year 2025 and meeting the target established at the start of the year. These savings created capacity for incremental investments across key strategic growth priorities and for the investment in ongoing transformation activities.

我們在第四季持續提升生產力，預計2025年全年將實現約5億美元的生產力及其他成本節約，並達到年初設定的目標。這些節約的資金為關鍵策略成長重點領域的增量投資以及持續轉型活動的投入創造了條件。

Moving now to slide 10. Our capital position remains strong and well above regulatory minimums, providing flexibility to support client activity and advance our strategic priorities. At quarter end, our standardized CET1 ratio was 11.7%, up approximately 40 basis points from the prior quarter, primarily reflecting a decline in risk-weighted assets, with the largest driver being market dynamics in our FX trading and agency lending businesses.

現在來看第10張投影片。我們的資本狀況仍然穩健，遠高於監管最低要求，這為我們提供了靈活性，以支持客戶業務並推進我們的策略重點。截至季末，我們的標準化CET1比率為11.7%，較上一季上升約40個基點，主要反映風險加權資產的下降，其中最大的驅動因素是我們外匯交易和代理貸款業務的市場動態。

We returned $635 million of capital to common shareholders during the fourth quarter, including $400 million in common share repurchases and $235 million in declared common stock dividends, resulting in a total payout ratio of over 90%. For the full year we returned over $2.1 billion of capital to common shareholders for a total payout ratio of roughly 80%.

第四季度，我們向普通股股東返還了6.35億美元的資本，其中包括4億美元的普通股回購和2.35億美元的已宣布派發的普通股股息，總派息率超過90%。全年來看，我們向普通股股東返還了超過21億美元的資本，總派息率約80%。

Turning to slide 11, I'll cover our 2026 outlook, which is on an ex-notable basis. I'll start by outlining the key assumptions underlying our current full year outlook, which assumes global equity markets to be flat point to point in 2026, equating to the daily average being up roughly 11% year over year.

接下來請看第11張投影片，我將介紹我們對2026年的展望，該展望基於剔除重大因素後的市場狀況。首先，我將概述我們目前全年展望的關鍵假設，即2026年全球股市將保持平穩，相當於日均漲幅約11%。

Our 2026 interest rate outlook assumes two cuts by the Fed, one cut by the Bank of England, and no cuts by the ECB, all of which broadly align with the forward curves. We currently expect fee revenue to be up 4% to 6%, driven by continued momentum in servicing and management fees, reflecting higher average market levels and organic growth and supported by continued solid client engagement in our Markets business.

我們對2026年利率的展望假設聯準會降息兩次，英國央行降息一次，歐洲央行不降息，這些預測與遠期利率曲線基本一致。我們目前預期手續費收入將成長4%至6%，主要得益於服務費和管理費的持續成長勢頭，這反映了市場平均水準的提高和內生成長，同時也得益於我們市場業務中客戶持續穩定的參與度。

Regarding NII, based on our current assumptions, we expect NII to be up low single-digits for the full year off a record 2025 print with an expected improvement in net interest margin relative to 2025. We currently expect expenses to be up approximately 3% to 4%, driven primarily by the investments in strategic growth initiatives and ongoing transformation activities, as productivity and other savings are expected to largely offset the growth and recurring operating costs in 2026.

關於淨利息收入（NII），根據我們目前的假設，我們預計全年淨利息收入將較2025年創紀錄的水平實現個位數低增長，淨息差預計也將較2025年有所改善。我們目前預計支出將成長約3%至4%，主要原因是策略性成長計畫和持續轉型活動的投資，因為預計2026年生產力提升和其他方面的節約將基本抵銷成長和經常性營運成本。

We're also targeting a level of productivity and other savings that is comparable to 2025. Importantly, we currently expect to deliver positive operating leverage in excess of 100 basis points in 2026, which success a continued improvement in full-year pre-tax margin to roughly 30% this year.

我們的目標是實現與 2025 年相當的生產效率和其他節約水準。重要的是，我們目前預計 2026 年的營運槓桿將超過 100 個基點，這將使全年稅前利潤率持續提高到今年的約 30%。

We expect an effective tax rate of approximately 22% for the full year. Lastly, we expect our 2026 total payout ratio will be roughly 80%, subject to board approval and other factors consistent with 2025.

我們預計全年實際稅率約為22%。最後，我們預計2026年的總股息率約為80%，但需經董事會批准並考慮其他與2025年一致的因素。

And with that operator we can now open the call for questions.

有了這位操作員，我們現在就可以開始接受提問了。

(Operator Instructions)

（操作說明）

Glenn Schorr, Evercore Inc

Glenn Schorr，Evercore 公司

Hello. Thanks very much. I think I see like 200 and almost 20 basis points of core operating leverage in 2025. And you look at the 100-plus expected for '26. I just want to unpack a little bit of -- on the one hand, you see good markets and improved NII, and you'd love it to be bigger operating leverage and bring more to the bottom line.

您好。非常感謝。我認為2025年核心經營槓桿率將達到200個基點左右，接近20個基點。而2026年預計也將超過100個基點。我想稍微分析一下——一方面，市場行情良好，淨利息收入有所增長，您當然希望經營槓桿率更高，從而為公司帶來更多利潤。

At the other hand, we want you to invest for growth and future gains. So I wanted to just at the high level, hear how you think about that, and you could even weave in, and I won't ask a follow-up because this is a second one. Weave in why doesn't AI at some point, supercharge that ability to deliver better operating leverage and even better in good times? Thanks so much.

另一方面，我們希望您進行投資以實現成長和未來收益。所以我想先從宏觀層面了解您對此的看法，您也可以補充一點，因為這是第二個問題，所以我不會再追問了。請您補充說明一下，為什麼人工智慧不能在某個時候大大增強這種能力，從而帶來更好的營運槓桿，甚至在經濟繁榮時期表現更佳？非常感謝。

Yeah, sure, and thanks for the question, Glenn. I mean, I think let me unpack that, a little bit, and there's a fair bit of management discretion and judgment about how we want to invest that's really baked into that operating leverage, outlook for '26 that you're seeing.

當然，謝謝你的提問，格倫。我的意思是，我想讓我稍微解釋一下，管理層在投資方式上擁有相當大的自由裁量權和判斷力，這實際上已經體現在你看到的2026年營運槓桿和展望中了。

So -- but first, let me start off with the revenue picture. I think when you look at the guide and the fee revenue, we indicated an assumption of a flat markets outlook for '26. I think the way we see that is the balance point there, being a little above the midpoint if in fact, markets are flat.

那麼——但首先，讓我先談談收入狀況。我認為，從指南和費用收入來看，我們已經表明了對2026年市場前景持平的假設。我認為，我們認為，如果市場確實持平，那麼略高於中點的水平就是平衡點。

So at first and foremost, I think you could see that, if you isolate the impact of market levels, you could see our revenues coming in a little above the midpoint of the fee revenue range. I wanted to get that out first and foremost.

首先，我認為，如果排除市場水準的影響，我們的收入會略高於費用收入範圍的中點。我首先想說明這一點。

Secondly, I think what we are doing is baking in significant productivity savings to both, what we were able and recognizing in '25 as around $500 million and that number is going to grow a bit as you get into 2026. What that's allowing us to do is to for the most part largely offset our ongoing run the bank type costs to support our existing platforms, and much of the remaining growth that you see of that 3% to 4% in expenses is really being decked against those multi-year investments in strategic initiatives that we're very excited about.

其次，我認為我們正在做的是將顯著的生產力提升所帶來的成本節約融入我們的營運中。我們在2025年已經實現了約5億美元的節約，而且隨著2026年的到來，這個數字還會略有增長。這使我們能夠在很大程度上抵消我們為支持現有平台而持續進行的日常營運成本，而剩餘的3%到4%的支出成長，實際上大部分都用於我們非常看好的、具有戰略意義的多年期投資。

And so we think that's a good balance point to, on the one hand, continue to drive overall margins higher. So you saw our progression in '25, where we got to around 29% margin year every year -- for the year. Our guide in '26 implies continued progress where we're getting to full year margins of around 30%. And we actually delivered that in the second half of '25, so we have a good jumping off point as we go into '26.

因此，我們認為這是一個很好的平衡點，一方面可以繼續提高整體利潤率。正如您在2025年看到的，我們每年的利潤率都達到了29%左右。我們對2026年的業績預期意味著我們將繼續取得進展，全年利潤率將達到30%左右。事實上，我們在2025年下半年就實現了這一目標，因此我們在進入2026年時擁有一個良好的開端。

But then there's the judgment that we should be investing in the multi-year opportunities that we're seeing in the servicing business, and in the management fee business, whether that's in private markets, wealth, digital, and a number of the other investments that you're hearing about in investment management.

但我們也應該考慮投資於我們在服務業務和管理費業務中看到的多年期機會，無論是在私募市場、財富管理、數位領域，還是你在投資管理領域聽到的其他一些投資領域。

And then separately, we're going to be ramping our investments in our multi-year technology-led transformation, and to your point on AI that it has been contributing for us in the past, that's going to be a much bigger part of the story as you get into, 2026 and, years beyond.

此外，我們還將增加對多年技術驅動轉型的投資，正如你所提到的人工智慧在過去為我們做出的貢獻，到 2026 年及以後，它將在發展中扮演更重要的角色。

So, it's really a judgment call on balancing, continuing to drive key metrics higher while investing in multi-year, attractive initiatives across their businesses.

因此，這其實是一個權衡取捨的判斷，既要繼續提高關鍵指標，又要投資於各個業務領域中具有吸引力的多年期專案。

Yeah, Glenn, it's Ron. I just wanted to underscore a couple things that John said. First of all, the guide does imply markets flat to year end 2025, and we did that deliberately. I mean, our own house view at SS Investment Management, is suggesting markets will grow for a variety of reasons, but we wanted to do this to make it easier for each of you.

是的，格倫，我是羅恩。我只是想強調約翰剛才說的幾點。首先，這份指南確實暗示市場在2025年底前將保持平穩，這是我們特意做的。我的意思是，我們SS投資管理公司自己的觀點是，基於各種原因，市場將會成長，但我們這樣做是為了方便大家理解。

You've got your own market view in here and I think you know how markets affect our business. We can remind you all of that if that helps. So, that's number one. Number two, we are investing at a very high level. We invested at a high level in 2025. We're investing at an even higher level in 2026.

您有自己對市場的看法，我認為您也了解市場如何影響我們的業務。如果需要，我們可以提醒您這些。這是第一點。第二點，我們的投資水準非常高。我們在2025年就進行了高額投資，2026年的投資水準還會更高。

The $500 million in productivity, which largely addresses, what I would broadly describe as BAU expenses will help offset a lot of that, and the point of that is that, this is the moment we believe we should be investing in capabilities of technology, etc.

這 5 億美元的生產力提升，主要針對我所說的日常營運開支，將有助於抵消許多開支，而重點是，我們認為現在正是我們應該投資於技術能力等方面的時刻。

But as John noted, I mean, there's some discretion in that and if the market and conditions were to turn out to be very different this year, we've got some ability to modulate that. And then on AI, we're well underway, in this, AI transformation. We do have some savings embedded in that, that will occur at an accelerating rate as we hit the second half of '26 and into '27.

但正如約翰所指出的，這其中有一定的彈性，如果今年的市場和環境發生巨大變化，我們有能力進行調整。至於人工智慧，我們已經在人工智慧轉型方面取得了顯著進展。我們確實從中節省了一些成本，而且隨著2026年下半年和2027年的到來，這些節省將加速實現。

Thanks for all that detail. Appreciate it.

謝謝你提供這麼多細節，非常感謝。

Betsy Graseck, Morgan Stanley.

摩根士丹利的貝齊·格拉塞克。

Hi. Good morning. Can you hear me okay? All right, I did have a question on the digital transformation here. But first off, what are clients actually looking to do with you in digital assets? Could you help us understand, is this just crypto? Or is it beyond that?

您好，早安。您能聽清楚我說話嗎？好的，我這裡有個關於數位轉型的問題。首先，客戶希望透過您使用數位資產做什麼？您能幫我們理解一下嗎？僅僅是加密貨幣嗎？還是說還有更多其他方面？

Actually, relatively little of it is in crypto, if you mean by crypto kind of bitcoin and other crypto currencies, right? It really is about the digitalization of transactions. So a fair amount of it is around how do you digitize and transform things like cash, money market funds into tokens, number one.

實際上，如果你說的加密貨幣是指比特幣和其他加密貨幣的話，那麼其中真正涉及的就相對較少，對吧？它真正關注的是交易的數位化。所以，相當一部分內容是關於如何將現金、貨幣市場基金之類的東西數位化並轉化為代幣，這是首要問題。

Number two, working with a lot of the digital rail providers to help them, one, in some cases, they need a partner like this, whether it's for reserve cash or things like that. But more importantly, to be able to make the bridge between traditional finance and digital finance.

第二，我們與眾多數位化鐵路供應商合作，為他們提供協助。一方面，在某些情況下，他們需要這樣的合作夥伴，無論是用於儲備資金還是其他方面。但更重要的是，我們需要搭建傳統金融和數位金融之間的橋樑。

And I may have used this analogy before here, so forgive me if I have. But where we are in this space is like kind of mid 1800's railroads. There's a lot of rails being laid. Not all of them are the same gauge. Everybody wants to charge everybody else to cross over from one set of rails to the other.

我可能之前用過這個比喻，如果重複了請見諒。我們現在的情況有點像是19世紀中期的鐵路。到處都在鋪設鐵軌，但軌距卻不盡相同。每個人都想向其他人收取從一條鐵軌跨到另一條鐵軌的費用。

And it's the role of somebody like us to actually enable that movement between and amongst these different rails. But if you think about our business, in the asset management business, we've got a big money market business.

而像我們這樣的機構的職責，正是促成這些不同管道之間的資金流動。但如果你想想我們的業務，在資產管理業務領域，我們擁有龐大的貨幣市場業務。

So you will be seeing from us tokenized money market funds, which have lots of benefits that we can talk about, if you'd like. But in the services business we, as you know, are the largest servicer of asset managers, and they all want to do similar things plus in terms of digitalizing collateral, tokenizing money market funds, etc.

所以，您將會看到我們推出代幣化貨幣市場基金，它有很多優勢，如果您有興趣，我們可以詳細討論。但如您所知，在服務業務方面，我們是最大的資產管理服務商，他們都希望做類似的事情，例如抵押品數位化、貨幣市場基金代幣化等等。

So it's to be able to enable those institutions to make this transition from traditional finance into digital finance and to do it in a cost-effective way.

因此，其目的是使這些機構能夠以經濟有效的方式從傳統金融過渡到數位金融。

Sure. What's the benefit of tokenized money market funds?

當然。代幣化貨幣市場基金有什麼好處？

We can collateralize them. I mean, that's the, I mean they now can function as collateral.

我們可以把它們當作抵押品。我的意思是，它們現在可以作為抵押品了。

And -

和 -

And I mean there's lots of others. There's, the speed of settlement and things like that, but I mean the most important would be that.

我的意思是，還有很多其他因素。例如定居速度等等，但我覺得最重要的還是這樣。

And clients are interested in this in part for the increased -- the perceived increased efficiency of asset funds movement, and new asset classes. Is that fair?

客戶對此感興趣，部分原因是他們認為資產資金流動效率會提高，而且會引入新的資產類別。這種說法公平嗎？

Yes, that's part of it. And the other part of it is, I think -- we all have a view as to how this is going to turn out, but nobody can predict it with accuracy. So for example, to the extent to which stable coins become some kind of regular way of settling securities transactions.

是的，這是其中一部分原因。另一部分原因在於——我認為，我們都對事情最終會如何發展有所看法，但沒有人能夠準確預測。例如，穩定幣在多大程度上會成為某種常規的證券交易結算方式。

You need these kinds of capabilities to enable that kind of cash if you will, that digital cash, to be able to settle a traditional securities transaction.

你需要這些能力才能實現那種現金（或者說數位現金），以便能夠結算傳統的證券交易。

And should we expect the financial impact of the digital asset work that you're doing and the services that you will be providing, should we be expecting that to appear in the P&L in the near term, medium term, long term? Is it replacing current activity, or in addition to current activity? How do you -- how should we think about the financial impact for you?

我們是否應該預期您正在進行的數位資產工作以及您將提供的服務會對財務產生影響？這些影響會在短期、中期還是長期反映在損益表中？這些工作是取代現有業務，還是現有業務的補充？您—或者說我們應該如何看待這些工作對您的財務影響？

Yeah. So that's hard to predict. I think in the short term, it's not necessarily replacing activity on the margin, I suppose it is. But we're in this space where what we call traditional finance and digital finance, the latter coming up, but the former dominates volumes and will continue to dominate volumes.

是的，所以這很難預測。我認為短期內，它可能不會完全取代傳統金融活動，或許會。但我們正處於傳統金融和數位金融並存的領域，後者正在崛起，但前者目前佔據主導地位，並將繼續保持領先地位。

So part of this is preparing for a future that, that I think, it's reasonable to expect it will come it's uncertain as to when and how quickly.

所以，這其中一部分是為了迎接未來，我認為，未來到來是合理的，只是何時到來以及以何種速度到來尚不確定。

Yeah. Just to, yeah, just to put an emphasis on, yeah, put an emphasis on the last point. It's not really going to be visible in '26. It's more of a medium term, matter, but all of the investments we're making now will position us so that we are in relevant and part of that growth story over the medium term.

是的。我只是想強調最後一點。這在2026年還不太明顯。這更多的是一個中期問題，但我們現在所做的所有投資都將使我們在中期內保持競爭力，並成為這個成長故事的一部分。

Got it. Thank you very much.

明白了，非常感謝。

Ken Usdin, Autonomous.

Ken Usdin，自主。

Thanks. Hi, good morning. Hey John, on the NII side a really strong exit, and obviously, kind of already run rating above what the kind of guide implies on a quarterly basis from here. So I'm just wondering, can you detail like what things do you think might have kind of over earned on the NII side in the fourth quarter that that that might not continue going forward? Thanks.

謝謝。您好，早安。約翰，淨利息收入（NII）方面，業績表現非常強勁，顯然，目前的業績評級已經高於季度預期。所以我想請教一下，您認為第四季度淨利息收入（NII）方面哪些項目可能收益過高，而這種情況可能不會持續？謝謝。

Yeah, sure. I mean, yeah, we're feeling good about some of the early progress here as we start to think about managing for a stable and consistent NII with growing net interest margin which is what our objectives are. So, I feel very good about the strong print in the fourth quarter.

當然。我的意思是，我們對目前取得的一些早期進展感到滿意，因為我們開始考慮如何實現穩定且持續的淨利息收入，並不斷提高淨利差，這正是我們的目標。所以，我對第四季強勁的業績表現非常樂觀。

That said, there was some, I would call it, some seasonal factors with respect to deposit mix that tend to, moderate a bit, and so I think the primary contributor to that, was our net interest, our non-interest-bearing balances on the deposit portfolio.

也就是說，存款結構方面存在一些季節性因素，這些因素往往會有所緩和，因此我認為造成這種情況的主要因素是我們的淨利息，即存款組合中不計息的餘額。

They -- we had a really nice growth in that portfolio in the fourth quarter that probably comes off a little bit as you head into '26, and that's the reason for why you cand shouldn't run rate for 4Q. That said, I mean, nevertheless we printed net interest margin of 110 basis points, we're printing 100 basis points for the year, and we're calling for net interest margin rising as you get into '26.

他們——我們在第四季度實現了非常可觀的成長，但隨著進入2026年，這種成長可能會有所放緩，這就是為什麼你不應該對第四季的利率做出預測的原因。即便如此，我的意思是，儘管如此，我們仍然實現了110個基點的淨息差，預計全年淨息差將達到100個基點，並且我們預測隨著進入2026年，淨息差將繼續上升。

And I'd say it's probably -- net interest margin, probably comes in a little low, a little lower than the run rate from 4Q, but it's -- but it comes in higher than what you saw last year. So, somewhere the balance point is probably somewhere in the middle of that, and I think that underpins an expectation of net interest margin growth on a multi-year basis, so you go over the medium term.

我認為淨利差可能略低，比第四季的水平略低，但高於去年同期水準。因此，平衡點可能介於兩者之間，我認為這支撐了未來幾年淨利差成長的預期，也就是中期成長的預期。

Okay, got it. And just to follow-up on, you mentioned, and we saw in the third quarter queue, that terminated swaps burden should lessen. Can you kind of give us the third to fourth delta on that, if you have it in dollars, and then how do you -- how does that -- how do you expect that to traject as you get into next year? Thanks.

好的，明白了。我再跟進一下，您剛才提到，我們在第三季的數據中也看到了，終止互換合約的負擔應該會減輕。您能否提供一下第三季到第四季的差值（以美元計），以及您預計明年這股趨勢會如何發展？謝謝。

Yeah. In the fourth quarter, I'd say terminated hedges are going to be a continued tailwind. It -- there's some, lumpiness though, quarter to quarter, but I'd say I'd put it in the range of a couple of basis points a quarter, round numbers, with some lumpiness, but overall, that's going to be something that contributes -- it contributed about 2 basis points in the fourth quarter and it will continue to have a positive impact as you get into 2026.

是的。我認為，在第四季度，終止的對沖合約將繼續帶來利多。雖然季度之間會有一些波動，但我估計每個季度大約會貢獻幾個基點，整數倍，雖然會有一些波動，但總體而言，這將起到一定的推動作用——第四季度貢獻了大約2個基點，並且隨著2026年的到來，它將繼續產生積極影響。

Okay. Got it. Thanks, John.

好的，明白了。謝謝你，約翰。

Jim Mitchell, Seaport Global Securities.

吉姆·米切爾，海港環球證券。

Okay. Great. Good morning. John, maybe just following up on Ken's question a little bit, maybe a broader question. It seems like if I think about your NII guide and your NIM, and the NIM discussion, it seems like maybe the implied balance sheet is pretty flat.

好的。太好了。早安.約翰，我想稍微補充一下肯恩的問題，或許可以問一個更廣泛的問題。如果我仔細考慮你的淨利息收入指南、淨利差以及關於淨利差的討論，似乎隱含的資產負債表相當平穩。

I know you're looking to do a lot of optimization with the balance sheet. Is that a fair assumption? And maybe just walk us through some of the opportunities to optimize and how you're thinking about the balance sheet growth in '26?

我知道您正在尋求對資產負債表進行大量優化。我的理解是否正確？能否請您詳細介紹有哪些優化機會，以及您對2026年資產負債表成長的設想？

Yeah. I mean, I think that's fair. I mean I think when you think about '26 in that low single-digit guide, growing net interest margin I'd say, without much growth, maybe even a touch below where we ended -- where we came out in '25 is what -- what's implied by '26.

是的。我的意思是，我認為這很合理。我的意思是，考慮到2026年低個位數的經濟成長預期，淨利差成長，我認為，如果沒有太大的成長，甚至可能略低於我們2025年的水準——這就是2026年所暗示的。

And I think the point of that is that we're looking to think about balance sheet optimization across all the components of the balance sheet. And some of the early things we saw were in the short-term wholesale funding book, where there's some higher cost funding that weren't really driving a lot of value in the investment portfolio.

我認為關鍵在於，我們正在考慮對資產負債表的所有組成部分進行最佳化。我們早期發現的一些問題出現在短期批發融資業務中，其中一些高成本融資並沒有真正為投資組合創造多少價值。

And so you'll see early days us running some of that off. And so that may show total interest-earning assets and total funding declining, but it's noncustomer-facing and it's dilutive to net interest margin, and in some cases dilutive to NII.

因此，你會看到我們在初期階段會處理掉一部分業務。這可能會導致總生息資產和總融資額下降，但這部分業務不直接面向客戶，會稀釋淨利差，在某些情況下還會稀釋淨利息收入。

So you get a win-win there when you run off some of those more wholesale associated portfolios that aren't necessary for other risk management related matters. And it wasn't. We have significant liquidity, and so we're feeling good about all of that. But that's an area that I think continues to contribute a bit into '26.

所以，當你剝離一些與批發業務相關的、對其他風險管理事項並非必要的投資組合時，就能實現雙贏。事實也的確如此。我們擁有充足的流動性，因此我們對這一切都感到滿意。但我認為這方面的影響會持續到2026年。

Other areas of optimization when we're looking at the loans portfolio, we're seeing some opportunity to pull back on some of the thinner relationship activities and really just we have so much opportunity in our in our client base to have a broad relationship from a custody perspective and supplement that with lending opportunities.

在審視貸款組合時，我們發現了一些優化領域，例如可以減少一些關係較弱的活動。事實上，我們的客戶群有很多機會從託管的角度建立廣泛的關係，並以貸款機會作為補充。

And we're really reserving our capital and liquidity for very attractive deep relationship lending. So we're doing a little bit of rotation there. Same in the investment portfolio where we -- there's an ongoing repricing that's happening from a securities portfolio standpoint that happens naturally.

我們確實將資金和流動性保留用於極具吸引力的深度關係貸款。因此，我們正在進行一些輪動。投資組合方面也是如此——從證券投資組合的角度來看，我們正在進行持續的重新定價，這是自然而然發生的。

But from time to time, we find opportunities to accelerate and see opportunities across currencies to add value in the investment portfolio. So all of those things are what we mean when we say balance sheet optimization as part of what you do over time, but we're doing a little bit of catch-up in terms of some opportunities we saw in late 2025.

但我們不時會發現加速發展的機會，也會看到跨貨幣投資的機會，進而為投資組合增值。所以，我們所說的資產負債表優化，就是隨著時間的推移而進行的工作的一部分。不過，就我們在2025年末看到的一些機會而言，我們正在進行一些追趕。

And then finally, just ensuring that capital is being allocated to its highest and best use and optimizing across risk base and leverage metrics pulls it all together in driving a nice and attractive increase in net interest margin in 2026.

最後，確保資本被分配到最高和最佳用途，並在風險基礎和槓桿指標方面進行最佳化，所有這些因素加在一起，就能在 2026 年推動淨利差實現可觀且有吸引力的成長。

Okay. That's all helpful. But how do you think about the mix and growth in deposits? What's your kind of base assumption embedded in there?

好的，這些資訊很有幫助。但是您如何看待礦藏的組成和成長？您在這方面的基本假設是什麼？

I think it's -- I'd say deposits base assumption is around $250 billion. So basically stable overall for 2026 with around 10% of that in noninterest-bearing. So, maybe off a little bit from the fourth quarter, but that would imply around $25 billion for noninterest-bearing for 2026.

我認為－我估計存款基數約為2500億美元。因此，2026年整體存款大致維持穩定，其中約10%為無利息存款。所以，可能比第四季略有出入，但這意味著2026年無息存款約250億美元。

Right. Okay. Thank you.

好的，謝謝。

Alex Blostein, Goldman Sachs.

Alex Blostein，高盛集團。

Hey guys. Good morning, everybody. Just maybe building on some of the guidance dynamics. I kind of want to go back to the overall fee guide, if you don't mind. I guess if you just look at the quarter, you're annualizing pretty close to what you're implying for fee guide in 2026.

大家好，早安。我想就一些指導意見的動態方面再補充一點。如果你們不介意的話，我想再談談整體費用指引。我想說的是，如果只看季度數據，你們的年化數據與你們預測的2026年費用指引非常接近。

And I totally get the market dynamic right, you're assuming flat markets, or no market tailwind, so that all makes sense. But it just feels like there's no organic growth really baked in your 2026 numbers, unless there was something really additive, I guess, to the run rate in Q4, which doesn’t feel like there was. (technical difficulty).

我完全理解市場動態，您假設市場平穩，或者說沒有市場利好因素，所以這一切都說得通。但感覺您的2026年預測數據中並沒有真正反映出內生成長，除非第四季出現了某種特別強勁的成長，但似乎並沒有。 （技術問題）

I was just kind of hoping you could unpack what your expectations are for organic growth in the fee businesses? And if there are any offsets that we should be thinking about that kind of doesn't create a bigger uplift in the fee structure here, even excluding markets?

我只是想請您詳細解釋一下您對收費業務自然成長的預期？以及是否有任何抵銷因素，即使排除市場因素，也不會對收費結構造成更大的影響？

Yeah. I mean I would say just right out of the gate, two things. One is that the sort of the balance point if markets are flat, are -- as I mentioned a little earlier on the call, bring us a little above the midpoint of that 4-6 so that’s the first thing to get out there. And then if -- and Ron was mentioning sensitivities. If markets are up 5%, that brings us to the upper end of that range.

是的。我的意思是，開門見山地說，有兩點需要說明。第一，如果市場橫盤整理，平衡點——就像我之前在電話會議上提到的那樣——會略高於4-6%區間的中點，這是首先要說明的。第二，如果──羅恩剛才提到了敏感度分析。如果市場上漲5%，那就代表我們達到了這個區間的上限。

So I just wanted to make sure that was clear in terms of how the math works. Then the other point I would make is that for both the quarter and the full year, we generated organic growth in our businesses, in our two largest businesses which drive a lot of this in servicing fees.

所以我想確保大家清楚其中的計算方法。另外，我想指出的是，無論是季度還是全年，我們的業務都實現了內生成長，尤其是在我們最大的兩家業務公司，這兩家公司是服務費收入的主要驅動力。

And in management fees, we had very attractive organic growth, something in the neighborhood of 2% for servicing fees at around 3% or 4%, I think, for management fees. And so that's very attractive. A lot of momentum heading into 2026. We do have organic growth built in to those businesses in 2026, and we expect to deliver that.

在管理費方面，我們的內生成長非常可觀，服務費的成長率約為2%，管理費的成長率約為3%或4%。這非常吸引人。到2026年，我們擁有強勁的成長動能。我們已為這些業務在2026年設定了內生成長目標，並且我們預計能夠實現這些目標。

I think the other things you have to pull together and our other two revenue businesses that I haven't mentioned is in the Markets business itself. We also have growth there, and that tends to ebb and flow a little bit with how currency and equity volatility plays out. But so you've got to think about that.

我認為你還需要考慮其他因素，以及我們另外兩個收入來源——我還沒提到的市場業務。這兩項業務也有成長，但會隨著貨幣和股票市場的波動而起伏。所以你必須考慮到這一點。

And then lastly, our strategic transition in the software business from an on-prem approach to a SaaS approach, which is -- can have some headwinds when you transition from that lumpier, but all upfront model to one that's recurring and stable over time, but we think that pays dividends by making that transition and the underlying fundamentals are quite strong with high single-digit improvement and organic growth in the software business notwithstanding that transition.

最後，我們軟體業務的策略轉型是從本地部署模式轉向 SaaS 模式。從這種波動較大但前期投入全部的模式轉型到這種隨著時間推移而持續穩定的模式，可能會遇到一些阻力，但我們認為這種轉型會帶來回報，而且儘管進行了轉型，軟體業務的基本面依然非常強勁，實現了高個位數的增長和內生增長。

So putting it all together, absolutely expect and plan to deliver on organic growth in 2026.

綜上所述，我們絕對有信心併計劃在 2026 年實現有機成長。

Got it. That's helpful. And just one more on the balance sheet, just kind of building on the discussion around average earning assets and the optimization there. So it sounds like the average earning assets could remain flattish to your point earlier, and I was hoping you could relate that to the buyback. So when I think about 2025, total pay out, I think it was a little below your target.

明白了，這很有幫助。關於資產負債表，我還有一個問題，想進一步探討平均獲利資產及其優化問題。正如您之前提到的，平均獲利資產可能會保持平穩，我希望您能將其與股票回購聯繫起來。至於2025年的總派息額，我認為略低於您的預期。

I think you guys were doing it something in the low 70s versus the 80s. I know leverage, I think, has to be a little bit more binding for you guys for now. So with perhaps a more kind of range bound balance sheet should we expect a larger buyback, or a larger pay out for 2026? Or how do you guys think about that?

我認為你們當時的股價大概在70%左右，而不是80%左右。我知道，目前你們的槓桿率可能更高。所以，如果你們的資產負債表更穩定，我們是否應該預期2026年會有更大規模的股票回購，或更高的股利支付？你們對此有什麼看法？

A couple of points there. I mean -- I think we were right around 80% for '25, maybe just slightly below. That was due to a late in the quarter kind of windfall from the FDIC, where we ended up with additional P&L in the denominator. But our actual buybacks from a dollar standpoint were pinpoint on what we expected to deliver for the year. So feeling good there and that rolls over into '26.

有幾點要說明。我的意思是——我認為我們2025年的完成率在80%左右，可能略低於80%。這主要是由於季度末從聯邦存款保險公司（FDIC）獲得了一筆意外之財，導致我們的損益表分母增加了一些。但從美元的角度來看，我們實際的股票回購金額與全年預期完全一致。所以，我對這方面感覺良好，而且這種勢頭也將延續到2026年。

But we think about this at the beginning of the year that around 80% is about right. When you think about our capital priorities, we start off with protecting and growing dividend over time given our strong earnings growth. And I think we have a track record of growing earnings and having an attractive growth in the dividend over time. So that's first and foremost.

但我們年初就考慮到這一點，認為80%左右比較適合。在考慮我們的資本優先事項時，鑑於我們強勁的獲利成長，我們首先要保障並逐步提高股利。我認為我們一直以來都有獲利成長和股息長期保持可觀成長的良好記錄。所以，這是我們的首要任務。

The other areas are organic opportunities in deploying RWA, and we sort of reserve at the outset some capacity for growing the lending businesses with our custody clients. And we have opportunities to do that. And it's our expectation that we would grow RWA, and grow the loan book in '26 with deep customer relationships.

其他領域則是RWA部署的自然成長機會，我們一開始就預留了一些空間，用於拓展與託管客戶的貸款業務。我們有機會實現這些目標。我們預計，在2026年，憑藉深厚的客戶關係，RWA和貸款規模都將成長。

We have a markets business that has -- supports Investment Services, Investment Management clients as well that actually has opportunities to deploy RWA, and there's an expectation of growth there that we're putting to work. And then supporting all of that are investment opportunities and bolt-on M&A that helps us accelerate our strategy that we've demonstrated at the end of '25 with several very attractive acquisitions, including Apex.

我們的市場業務為投資服務和投資管理客戶提供支持，這些客戶實際上有機會運用風險加權資產（RWA），而且我們預期該業務將實現成長，並且正在積極推進。此外，我們還透過投資機會和補充性併購來支持所有這些業務，從而加速推進我們的策略。我們在2025年底透過幾項極具吸引力的收購（包括收購Apex）證明了這一點。

And so we think that's the right balance to basically have a strong buyback at the end of the day because that's at the end of this, once you've allocated the capital in that direction, you still end up with a strong buyback but investing for the long term with your clients.

因此，我們認為這是最終實現強勁回購的正確平衡，因為歸根結底，一旦你將資金分配到那個方向，你最終仍然會實現強勁的回購，但同時也是與你的客戶一起進行長期投資。

And then lastly, in terms of capital ratios themselves, although technically, from a regulatory standpoint, we're leverage constrained, just how we operate in terms of internal capital targets, etc. We tend to operate more on the CET1 as our lead metric that we optimize against. And so that 80% and all those capital priorities I articulated are all expressed in the context of a CET1 ratio.

最後，就資本比率本身而言，雖然從監管角度來看，我們的槓桿率受到限制，這主要是由於我們在內部資本目標等方面的運作方式所致，但我們更傾向於將CET1作為我們優化的主要指標。因此，我之前提到的80%以及所有其他資本優先事項，都是在CET1比率的框架下體現的。

Great. Thanks so much, John.

太好了，非常感謝你，約翰。

Brennan Hawken, BMO Capital Markets.

Brennan Hawken，BMO資本市場。

Hi. Good morning. Thanks for taking my questions. I'd love to follow up on the software and processing fees in the Alpha. I know you flagged the on-prem and John, you just spoke to shifting from on-prem to SaaS. But it looked like even beyond on-prem, like pretty much every line in software and processing were also down year-over-year aside from SaaS and -- so maybe you could help us understand why the other lines are down?

您好，早安。感謝您回答我的問題。我想進一步了解 Alpha 測試中的軟體和處理費用。我知道您提到了本地部署，John，您剛才也談到了從本地部署轉向 SaaS。但看起來除了本地部署之外，幾乎所有軟體和處理費用項目（除了 SaaS）的同比都出現了下降——所以您能否幫我們解釋一下其他項目下降的原因？

And how long of a process is it going to be transitioning from on-prem to SaaS when you hit that tipping point where we can start to see the growth dynamics shift back into your favor, and get the revenue more in line with some of the underlying metrics that continue to look like they're kind of constructive here on the slide?

從本地部署過渡到 SaaS 需要多長時間？當達到那個轉折點，成長動力開始轉向對你有利，收入更符合一些基本指標（這些指標在投影片上看起來仍然相當有建設性）時，這個過程會是多久？

Yeah. A couple of things. I mean I think the biggest driver year-over-year is, in fact, the SaaS line, and that's up 7%. I think you'll have some minor variability in some of the other line items. One of them is professional services down slightly, down a little bit in terms of dollars, and we already referenced the on-prem. So the on-prem is -- I think the message really is on-prem is down.

是的，有幾點。我的意思是，我認為同比增幅最大的實際上是SaaS業務，成長了7%。其他一些業務項目可能會有一些小幅波動。其中之一是專業服務略有下降，具體降幅以美元計算。我們之前也提到了本地部署業務。所以，我認為本地部署業務的降幅是顯而易見的。

That's by far the biggest driver of the decline year-over-year and nevertheless offset by SaaS. We also have on the page lending and other related fees, which will jump around a little bit, but these are single-digit million dollars, so not really anything strategically different going on there. And I think this transition will typically happen over the length of the contracts.

這是導致同比下降的最大因素，但SaaS業務的貢獻在一定程度上抵消了這一影響。此外，頁面內貸款和其他相關費用也會略有波動，但這些費用都只有幾千萬美元，所以這方面並沒有特別的策略調整。我認為這種轉變通常會在合約期間內完成。

So, it will take a year or two for those contracts to turn over and for us to migrate into an outlook of -- that starts to see the -- not only the recurring revenue that's growing around 11%, but the actual revenues that are booked in the P&L that are growing at high single digit to converge. And that typically takes a year or two for you to see that happening.

因此，這些合約需要一到兩年的時間才能完成交割，我們才能看到新的前景——不僅經常性收入（目前增長率約為11%），而且損益表中實際確認的收入（目前增長率接近兩位數）也將趨於一致。通常，這需要一到兩年的時間才能看到變化。

Yeah. Brennan, it's Ron. What I would add to that, you used an interesting term, which is tipping point. And I would argue that we're at that tipping point. And part of how you know that is that there's fewer and fewer of these big on-prem renewals.

是的，布倫南，我是榮恩。我想補充一點，你用了一個很有趣的詞，叫做「臨界點」。我認為我們正處於這個臨界點。判斷這一點的依據之一是，大型本地部署續約專案越來越少。

As attractive as they are, you get all this revenue upfront, it's inconsistent with the business strategy. It's inconsistent with where the market is going. And we have encouraged our clients, and incented our clients, to actually move away from on-prem. It's better for them, right, because it saves these periodic gigantic kinds of software change-outs.

儘管這些方案很有吸引力，能讓你預先獲得大量收入，但這與商業策略不符，也與市場發展方向不符。我們一直鼓勵並激勵客戶放棄本地部署。這對他們更有利，因為這樣可以避免週期性的大規模軟體更換。

It's better for us in that we make one change and it gets spread across lots of clients, and it happens, kind of, in the cloud as opposed to us, kind of, going in with wrenches and screw drivers and on-premises with them. So I would say we're at that tipping point. And so you started to see it in 2025, you're seeing it in our guide in 2026 and that we have few, if any, significant on-prem renewals in the guide.

對我們來說，這樣做的好處在於，我們只需做一次更改，就能讓眾多客戶受益，而且這種更改是在雲端完成的，而不是像以前那樣，我們得親自到客戶現場用扳手和螺絲刀進行維護。所以我認為我們正處於這個轉捩點。正如您在2025年看到的，在我們的2026年指南中也能看到，指南中幾乎沒有重要的本地部署續約案例。

Got it. Okay. Okay. Thanks for that. And then, John, when we're talking about the NII guide, which I think surprised a few folks, particularly given the strength of the fourth quarter, but you spoke to the seasonal loan growth. It seems as though there might have been some puts and takes in maybe mix from your comments before. Could you maybe flesh that out a little bit?

明白了。好的。好的。謝謝。約翰，我們剛才談到淨利息收入指引，我認為這讓一些人感到意外，尤其是考慮到第四季的強勁表現。你提到了季節性貸款成長。從你先前的評論來看，似乎其中可能包含一些利弊權衡。能再詳細解釋一下嗎？

And what should we be thinking about for loan growth? Because that's been a pretty solid part of the story here in recent years. Are you guys expecting that to slow overall? And then you're just seeing going to see mix shift within? Or is that going to continue to be pretty robust as we move forward?

那我們該如何看待貸款成長呢？因為近年來貸款成長一直是市場的重要組成部分。你們預期整體成長速度會放緩嗎？貸款結構會發生轉變嗎？還是說未來一段時間內，貸款成長將持續保持強勁勢頭？

Yeah. Good questions. I'd say all of the above. I think we're going to end up with continued loan growth. That loan growth is slowing a bit in the context of overall. But in terms of the opportunities across, call it, Subscription Finance, Fund Finance and CLOs, which are the big three that are the products that we tend to deliver into our client base.

是的，問得好。我認為以上所有因素都有可能。我認為貸款業務最終會繼續成長。雖然從整體來看，貸款增速有所放緩，但就我們主要向客戶提供的三大產品——認購融資、基金融資和CLO（抵押貸款證券）——而言，貸款業務的成長機會依然存在。

We're seeing very solid growth expectations across all three of those. And there are some thinner relationship stuff that's sitting in the commercial loan line that we're allowing to run off, and in some cases, accelerating with some sales here and there.

我們看到這三項業務的成長預期都非常穩健。此外，商業貸款額度中還有一些關係較為薄弱的貸款項目，我們正在允許這些貸款逐步償還，在某些情況下，隨著一些零星銷售的出現，償還速度還會加快。

And that is being efficient with respect to capital and liquidity as we're servicing this underlying very strong growth. And just being -- rotating some of that capital for its highest and best use with deep customer relationships. So I'd say loan growth into '26 is still part of our story, maybe a little but below what you might have seen in '25.

而這正是我們在資本和流動性方面保持高效率的原因，因為我們需要服務這種強勁的潛在成長。同時，我們也要將部分資本進行輪換，使其發揮最大效用，並與客戶建立深厚的合作關係。因此，我認為2026年的貸款成長仍然是我們發展策略的一部分，或許會略低於2025年的水準。

Great. Thanks for taking my questions.

太好了。謝謝你回答我的問題。

Gerard Cassidy, RBC.

Gerard Cassidy，RBC。

Good morning, Ron. Good morning, John. Can you guys share with us, when you go back to your guidance in January of '25 with the fourth quarter '24 numbers, fee revenue growth forecast are 3% to 5%. NII was flat plus or minus 1% maybe, and expenses up 2% to 3%. Clearly, your fee revenues this year were much better than guidance, and it's hard to forecast.

早安，羅恩。早安，約翰。你們能否和我們分享一下，根據2024年第四季的數據，回顧一下你們在2025年1月發布的業績指引？當時你們預測手續費收入成長3%到5%，淨利息收入基本上持平，上下波動可能在1%左右，而支出增加了2%到3%。顯然，你們今年的手續費收入遠超預期，而且預測起來也確實很困難。

So I'm not questioning the forecast. But what I'd be interested in when you look back at the forecast versus actual, was it due to just better markets? Or did you do better with your customers? You penetrated them more? Or you won more business than you thought? What led to that nice beat when you look back on the forecast?

所以我並不是質疑預測結果。但我感興趣的是，當你回顧預測與實際情況的對比時，這只是因為市場行情好轉嗎？還是因為你更好地服務了客戶？你更深入滲透了客戶群？還是你贏得了比預期更多的業務？是什麼促成了你回顧預測時看到的優異績效？

Yeah. Let me start on that, Gerard, because if you remember, last year, there was a fair amount of economic concern -- kind of concerns about the economy post the election. Some concerns about what was going to happen with tariffs, what would that mean for markets, etc.

是的。傑拉德，讓我先說說這個，因為你可能還記得，去年人們對經濟相當擔憂——主要是擔心大選後的經濟狀況。有些人擔心關稅會如何變化，會對市場產生什麼影響等等。

So in retrospect, it was a conservative guide. So obviously, we had a unanticipated market tailwind that helped us there, number one. Number two, sweeps. While we had some significant execution built into our plan, we executed better than we we even had planned.

所以現在看來，那份指南過於保守了。顯然，我們意外地遇到了順風，這對我們幫助很大，這是第一點。第二點是掃蕩效應。雖然我們的計畫中已經包含了一些重要的執行環節，但我們的實際執行效果甚至比預想的還要好。

So you saw good onboardings. You saw we had some pretty important development partners in the Alpha area that we needed to get them onboarded. We've got those onboarded. And then lastly, you had really significant growth in markets.

所以，你們看到了良好的客戶匯入流程。你們也看到了，我們在Alpha測試階段有一些非常重要的開發夥伴，我們需要讓他們完成導入流程。我們已經完成了這些導入工作。最後，你們在市場方面也取得了顯著成長。

And as we've talked about, we've invested heavily when there was no volatility in the market -- in the market areas to kind of expand our position with clients, and that really paid off in 2025 because as more volatility came in, you saw what happened kind of post April 1st and Liberation Day.

正如我們之前討論過的，在市場沒有波動的時候，我們進行了大量投資——在市場領域擴大了我們與客戶的關係，這在 2025 年真的得到了回報，因為隨著波動性的增加，你看到了 4 月 1 日和解放日之後發生的事情。

We really benefited from all that, and that was nowhere near in our forecast which gets us really back to this year, and I'll turn it over to John in a second. But that's really why we wanted to focus, Gerard, on what's the kind of embedded organic growth capability in the firm. Instead of putting a market assumption in that may or may not be consistent with your own, we put no market assumption in.

我們從中受益匪淺，這遠遠超出了我們的預期，這讓我們回到了今年的情況，我稍後會把麥克風交給約翰。但傑拉德，這正是我們想要專注於公司內部固有的內生成長能力的原因。我們沒有做出任何可能與你自身預期不符的市場假設，而是完全沒有做出任何市場假設。

We’re just saying markets at where they were at the end of 2025 to show here's what it is organically, and depending on what you believe on markets, there's some upside to that. Or if you believe that markets are going to go down, there's some potential downside to it.

我們只是說，如果市場達到2025年底的水平，就會呈現自然成長的趨勢。這取決於你對市場的看法，如果你認為市場會下跌，那就存在一定的上漲空間。

Very good. And then as a follow-up, we're all anticipating the Basel III end game proposal will hopefully be released in the first quarter or soon. Can you guys share with us, what are you looking for to -- that would be a real benefit for State Street from that proposal?

很好。接下來，我們都期待巴塞爾協議III的最終方案能在第一季或不久後發布。你們能否和我們分享一下，你們希望該方案能為道富銀行帶來哪些真正的好處？

Yeah. Maybe the most important benefit will be that we stop talking about it.

是啊。或許最重要的好處就是我們不再談論這件事了。

But yeah, I agree.

是的，我同意。

But leaving that aside, obviously, the GSIB proposal is very important. And what actually happens with capital as it relates to GSIB as a result of Basel III and everything else that the FED is doing. We think that collectively will be favorable to the GSIBs, and we should benefit proportionately there.

但撇開這一點不談，顯然，GSIB提案非常重要。而巴塞爾協議III以及聯準會的其他舉措，將對GSIB的資本運作產生實際影響。我們認為，整體而言，這些舉措將有利於GSIB，而我們也應該從中受益。

So will we benefit as much as some of the other balance sheet intensive business competitors? Probably not. But nonetheless, there's nothing but goodness that's going to come out of this. Secondly, and it's not a Basel III point, but (technical difficulty) that's come upon with this administration and the changes that have been made.

那麼，我們能像其他一些資​​產負債表密集型企業競爭對手那樣獲益嗎？可能不會。但無論如何，這件事最終只會帶來好處。其次，這並非巴塞爾協議III的問題，而是本屆政府及其改革措施帶來的（技術性難題）。

Now for us, the Federal Reserve is the most important and again, I don't think as being a huge rollback in regulation. But I think it's the application of regulation and supervision being much more risk-based, much more -- and much more predictable, therefore.

對我們來說，聯準會是最重要的，而且我並不認為這會大幅放鬆監管。但我認為，監管和監督的運用將更加重視風險，更加——也因此更加可預測。

And that has just enormous benefits in terms of being able to, one, it just takes some administrative burden off all of us, but it gives us some predictability in terms of how we operate.

這帶來了巨大的好處，一方面，它減輕了我們所有人的行政負擔，另一方面，它使我們的運作方式更具可預測性。

David Smith, Truist.

David Smith，Truist。

Hey. Good afternoon.

嘿，下午好。

Hi David.

你好，大衛。

So you put up about 20% ROTCE. It sounds like you're confident that the ongoing business model transformation still have some legs there. You're pointing to some operating leverage for next year, albeit seemingly with some need for capital retention.

所以你們的ROTCE（有償權益報酬率）約為20%。聽起來你們對正在進行的商業模式轉型仍有信心。你們指出明年將會有一些經營槓桿效應，儘管似乎需要留存一些資本。

I'm just wondering how much potential does State Street have to improve returns further over the next couple of years based on where you see the company's organic growth potential and for continued efficiency improvements?

我只是想知道，根據您對道富銀行自身成長潛力和持續效率提升的看法，未來幾年道富銀行在提高回報率方面還有多少潛力？

Let me begin on that, David. It's Ron, and John can pick up. We see a lot of potential. The -- there's -- starting with the revenue lines. We have demonstrated that we can consistently grow these fee lines at an accelerating rate. There was a lot that needed to be done to make that happen.

大衛，我先來說說。我是羅恩，約翰可以接話。我們看到了巨大的潛力。首先是收入方面。我們已經證明，我們可以持續加速成長這些收費項目。為了實現這一點，我們做了很多工作。

First and foremost, in the core servicing business, it was really getting at service quality. And all of our metrics indicate that, that continues. We continue to be rated very highly there and rated very highly relative to others in the marketplace. Secondly, we've invested in capabilities that are enabling us to do more with these clients and to offer them more services.

首先，在核心服務業務方面，我們真正關注的是服務品質。所有指標都表明，這一點仍在持續。我們在服務品質方面一直保持著極高的評價，在市場競爭中也名列前茅。其次，我們投資提升了自身能力，使我們能夠更好地服務客戶，並為他們提供更多服務。

And then third, and it's last but not least, we've invested heavily in the sales and relationship management force to deliver on this promise of being our clients' essential partner. So we're very confident in the revenue line across those three core businesses.

第三，也是最重要的一點，我們對銷售和客戶關係管理團隊進行了大量投資，以兌現成為客戶不可或缺的合作夥伴的承諾。因此，我們對這三大核心業務的收入前景非常有信心。

On top of the core businesses, we've invested, as you know, in some key areas. We've talked a lot about software, and that's in a nice spot. Secondly is in wealth services. That's still nascent, but we're already seeing some revenue pickup there.

除了核心業務之外，如您所知，我們還在一些關鍵領域進行了投資。我們之前多次談到軟體業務，目前這方面發展勢頭良好。其次是財富管理服務。雖然這項業務尚處於起步階段，但我們已經看到一些收入開始成長。

And between what we have at Charles River in terms of Charles River Wealth, plus the investment that we've made in Apex, that gives us a highly modernized platform that's much more up-to-date than anybody else's, and really positions us for this ongoing shift away from kind of pure institutional asset management to the retail intermediary and direct to the to the client on a services basis.

憑藉 Charles River Wealth 的實力，加上我們對 Apex 的投資，我們擁有了一個高度現代化的平台，比任何其他平台都更加先進，這真正使我們能夠適應這種持續的轉變，即從純粹的機構資產管理轉向零售中介，直接為客戶提供服務。

So we feel pretty strong about the revenue line John has talked about. We're primarily a fee-for-service provider, but the NII is important, and there's a -- the balance sheet optimization is underway there. John has talked about that.

所以，我們對約翰提到的收入前景相當樂觀。我們主要是一家按服務收費的供應商，但淨利息收入也很重要，而且我們正在進行資產負債表優化。約翰也談到了這一點。

In terms of expenses, we continue to be very confident there. We delivered $500 million in productivity last year. We've got the same kind of number planned for this year. And we're reinvesting a lot of that back into, what we call, Next Gen transformation. We've had transformation underway now for years.

在支出方面，我們依然非常有信心。去年我們實現了5億美元的生產力提升。今年我們計劃達到同樣的目標。而且，我們將把其中很大一部分重新投入到我們所謂的「下一代轉型」中。這項轉型我們已經進行了好幾年了。

And I'm as optimistic about what's in front of us as I am proud of what we've accomplished in terms of the promise of AI. Now everybody is talking about it. We have worked really hard on it. Agentics are being deployed.

我對未來的發展充滿信心，也為我們在人工智慧領域的成就感到自豪。現在大家都在談論人工智慧。我們為此付出了巨大的努力。智能體正在部署中。

And if you think about our business and how operationally intensive it is, it actually lends itself to this kind of stuff. Whether it's in areas like reconciliations, whether it's areas of NAV production and what happens afterwards when the NAV is produced and has to be distributed out. So there's just immense opportunities here.

想想我們的業務，以及它運作的密集程度，就會發現它其實非常適合這類工作。無論是對賬，還是淨資產值 (NAV) 的生成，以及 NAV 生成後需要分發的後續流程，都離不開這類工作。所以，這裡蘊藏著巨大的機會。

The way we're going about it is let's get it right in two or three high-value areas and then repeat it in analogous areas. So we see this pattern that we've established over the last couple of years is being able to continue and we're looking forward to that.

我們的做法是先在兩三個高價值領域把事情做好，然後在類似領域重複這個做法。因此，我們看到過去幾年建立的這種模式能夠持續下去，我們對此充滿期待。

Yeah. Just to add a couple of points there is really, as Ron indicated. The fee businesses, I think when you put it all together, we have an opportunity to grow profitability over time and grow the platform over time. Where it comes from is solidifying the organic growth pivot that began a couple of years ago, and we're demonstrating that in our largest revenue line items, solidifying and growing NII over time is an objective.

是的。正如羅恩所指出的，我還要補充幾點。我認為，綜合所有費用業務來看，我們有機會隨著時間的推移提高獲利能力並發展壯大平台。這源於我們鞏固了幾年前開始的內生成長轉型，而我們正在用最大的收入項目證明這一點，隨著時間的推移，鞏固和成長淨利息收入是我們的目標。

And when you think about, what Ron indicated, with respect to how operationally intensive we are, basically converting all of that into a much more manual tech-led transformation is all -- has already -- is underway.

想想 Ron 所指出的，就我們目前的營運密集程度而言，基本上將所有這些轉變為更人工化的技術主導型轉型——實際上已經——開始了。

And there's a huge opportunity in front of us to take those resources and from a flywheel standpoint, plowing that back into all the innovative opportunities we have on the strategic initiatives portfolio to continue to be relevant with all of the mega trends that we're seeing that are impacting our business.

擺在我們面前的是一個巨大的機會，我們可以利用這些資源，從飛輪效應的角度來看，將這些資源投入到我們戰略舉措組合中的所有創新機會中，從而繼續與我們正在看到的所有影響我們業務的巨大趨勢保持相關性。

Whether it's digital, wealth, privates and opportunities that we see in the United States, but also outside the United States. So those are the thoughts related to that. We have scale positions pivoting to growth, and really attractive risk/reward profile from that standpoint when you put it all together.

無論是數位化、財富、私募股權投資，或是我們在美國乃至全球看到的機遇，這些都是我們關注的重點。我們目前持有規模化投資，並朝著成長型投資轉型，綜合所有因素來看，其風險/回報比極具吸引力。

Putting it all together, does that mean State Street should be able to do like a mid-20s ROTCE over the medium term? Or do you think that's too ambitious?

綜合所有因素，這是否意味著道富銀行在中期內能夠實現20%左右的ROTCE（股東權益回報率）？或者您認為這個目標太雄心勃勃？

Yeah. I mean, I think from a medium-term standpoint, I think we've made considerable progress migrating the business to where we are now, which is -- we're a pre-tax margin at 30% in the second half of 2025, and our guide implies that or even a little better for '26.

是的。我的意思是，從中長期來看，我認為我們在業務轉型方面取得了相當大的進展，使我們達到了目前的水平，即——到 2025 年下半年，我們的稅前利潤率將達到 30%，而我們的指導方針表明，2026 年的利潤率將達到甚至略高於這個水平。

I think the objective here is to solidify that, create that consistency, again emphasize all that innovation and organic growth across our businesses that we've talked about. And, I mean, I think, a lot of the priorities you heard from us are multiyear in nature.

我認為我們的目標是鞏固這一點，保持這種一致性，再次強調我們之前談到的所有業務創新和內生成長。而且，我認為，你們聽到的我們提出的許多優先事項都是多年規劃的。

But I'd say the natural evolution in our journey is that it would be valuable to illustrate what we think we can accomplish across a number of dimensions, both from a return standpoint, whether that's pre-tax margins, or return on tangible common equity, as you indicated, or growth when it comes to EPS and revenues.

但我認為，我們發展歷程中的自然演變是，從回報的角度，無論是稅前利潤率，還是如您所指出的有形普通股回報率，亦或是每股收益和收入的增長，來說明我們認為我們可以在多個維度上取得的成就，這將非常有價值。

So I think that's something that we're working on and putting these building blocks together and we should be able to share that over time, maybe sometime later this year.

所以我覺得這是我們正在努力的方向，我們正在把這些基礎模組組合起來，我們應該能夠隨著時間的推移分享出來，也許在今年晚些時候。

All right. Well, certainly looking forward to that. Thank you.

好的。當然，我很期待。謝謝。

Mike Mayo, Wells Fargo.

麥克梅奧，富國銀行。

Hi. My short question is, if you put State Street's strategy on a cocktail napkin, what would it say that would impress investors? And my longer version of this question is, my sense is that investors are very frustrated. Today, the stock is down 5% or 6%. This decade, you've far underperformed the S&P 500, despite having stock market benefits.

您好。我的簡短問題是：如果把道富銀行的投資策略寫在一張餐巾紙上，上面該寫些什麼才能打動投資人？更詳細地說，我感覺投資人非常失望。今天，道富銀行的股價下跌了5%到6%。儘管道富銀行享有股市優勢，但在過去十年裡，其業績遠遜於標普500指數。

And since the start of even last decade, you talked about investing in tech to progress. And as you know, when I attended the annual meeting way back then, the Board actually said it fell short. So I feel like under the short, medium and long term, it's not really playing out the way State Street had wanted to do.

早在上個十年初，您就一直在談論投資科技以推動發展。您也知道，當年我參加年度股東大會時，董事會實際上承認投資並未達到預期目標。因此，我認為無論從短期、中期或長期來看，目前的進展都與道富銀行的預期相去甚遠。

I think the implicit premise in what you're saying today is that you aren't exactly where you want to be, but the last two years, you've seen more momentum. You talked about growth security servicing. You talked about the pre-tax margin going from 28% to 29%, maybe 30% this year.

我認為你今天所說的話中隱含的前提是，你們目前還沒有完全達到預期目標，但過去兩年發展勢頭強勁。你談到了成長保障服務，也提到稅前利潤率將從28%提升到29%，今年或許能達到30%。

So let me accept the implicit premise that you have this new momentum in the last two years. Then the issue, I think, comes down to confidence by investors and management and the strategy. I mean, here you have a fee-based capital market company that's trading at one of its lowest valuations, especially versus peers.

所以，我先接受你們過去兩年發展勢頭強勁這個前提。那麼，我認為問題的關鍵在於投資者、管理階層和公司策略的信心。我的意思是，你們這家以收費為基礎的資本市場公司，目前的估值處於歷史低位，尤其與同行相比更是如此。

So that just takes me back to the cocktail napkin question. What can you say that will give investors greater confidence not about the past quarter, or the next quarter, or even this year, but that over the next five years, that this is a company that they should invest in and that they're missing something? Thank you.

這讓我又回到了先前在餐巾紙上提出的問題。您能說些什麼，才能讓投資者對這家公司更有信心，不是對上個季度、下個季度，甚至今年的業績，而是對未來五年這家公司更有信心，讓他們相信自己應該投資這家公司，並且他們可能錯過了什麼？謝謝。

So Mike, let me start on that. I think just listening to you carefully, I don't mean to rephrase your question, but I think you're asking why own State Street at this moment. And, I give five reasons for it. First is there continues to be very attractive fundamentals in the space in which we operate. The shift from savings to investment continues worldwide.

麥克，讓我先來回答這個問題。我仔細聽了你的提問，我不是想要改寫你的問題，但我覺得你是在問為什麼現在應該持有道富銀行的股票。對此，我給出五個理由。首先，我們所處的產業基本面依然非常誘人。全球範圍內，人們的資金正從儲蓄轉向投資。

The shift from state-provided pensions to funded retirement system continues everywhere, even in places that you least expected. There's literally a pension revolution going on in the Middle East that we are well positioned to participate in.

從國家提供的退休金向基金制退休制度的轉變正在世界各地持續進行，甚至在一些你意想不到的地方也是如此。中東正在發生一場名副其實的退休金革命，而我們已做好充分準備參與其中。

Democratization of investing is driving growth in vehicles like ETFs, and its increasing complexity for the players, these big privates firms, that simply are not positioned to do this work themselves. As I mentioned earlier, the move to digital assets and digitalization is requiring new infrastructure, plus connecting points between traditional and digital platforms, and we are well positioned to participate in that.

投資民主化正在推動ETF等投資工具的成長，但同時也增加了大型私人公司等參與者的複雜性，因為它們本身並不具備進行這項工作的能力。正如我之前提到的，向數位資產和數位轉型需要新的基礎設施，以及連接傳統平台和數位平台的橋樑，而我們已做好充分準備參與其中。

So that's number one. Number two. We've got distinctive capabilities in high-growth high-PE areas. So we've got a leading position in the three core businesses. We're the leading provider in privates. We have the Alpha end-to-end platform, including an at-scale commercial software player.

這是第一點。第二點，我們在高成長、高本益比領域擁有獨特的優勢。我們在三大核心業務領域都處於領先地位。我們是私募股權領域的領先供應商。我們擁有Alpha端到端平台，其中包括一個規模化的商業軟體平台。

In the ETF space, we basically are the leading player in all aspects of it. Whether it's sponsoring ETFs, or servicing ETFs, and ETFs now have truly become the vehicle of choice globally. We've got a very key position and a trusted position in this digital revolution.

在ETF領域，我們基本上在各方面都處於領先地位。無論是ETF的發行或服務，ETF如今已真正成為全球首選的投資工具。我們在這場數位革命中佔據著至關重要的地位，並贏得了客戶的信任。

We're staking out this new distinctive position in Wealth services and its distinctive because it's a modern platform, and it's digital. And finally, we've got this proven and long-standing ability to partner, which is really important, whether it's partnering with firms like Blackstone or Apollo, to bring them into a space that they want to be or to work with clients long term and be their outsourcing partner.

我們正在財富管理服務領域確立這一全新的獨特地位，其獨特之處在於它是一個現代化的數位化平台。最後，我們擁有久經考驗且卓有成效的合作能力，這一點至關重要，無論是與黑石集團或阿波羅全球管理公司這樣的企業合作，幫助他們進入理想的領域，還是與客戶建立長期合作關係，成為他們的外包合作夥伴。

Number three. We've got what I believe, and you more or less implied it there. We've got this clear pattern of effective execution and performance. Consistent fee growth over the last several years in services, asset management and markets.

第三點。我認為，你剛才也或多或少暗示了這一點，那就是我們已經建立了一套清晰有效的執行和績效模式。過去幾年，我們在服務、資產管理和市場業務方面都實現了持續的費用成長。

We've got balance sheet optimization well underway, as John talked about, NII & NIM. We've got consistent productivity improvement, $500 million last year, $500 million this year, $2 billion over the last five years with more to come. And then as you note, two years of fee growth, positive operating leverage and expanding margin and our guide reflects a commitment to more of that in 2026.

正如約翰所說，我們的資產負債表優化工作進展順利，淨利息收入（NII）和淨利差（NIM）均有所提升。我們的生產效率持續提高，去年成長了5億美元，今年也成長了5億美元，過去五年累計成長了20億美元，未來也將持續成長。正如您所指出的，我們實現了連續兩年的費用成長、積極的經營槓桿效應和不斷擴大的利潤率，我們的業績指引也反映了我們致力於在2026年繼續保持這些優勢的承諾。

Fourth, I would point to the team. It's a mix of State Street spectrants, plus truly superb talent from the outside that I would argue, now makes up the best team in our space. Most importantly, it's backed up by a very deep bench, and it's a team that's determined to win and incented to do so.

第四，我想強調一下團隊。這支隊伍由道富銀行的資深員工以及外部真正傑出的人才組成，我認為他們現在是我們這個領域最強的團隊。最重要的是，他們擁有非常強大的替補陣容，而且這支隊伍決心贏球，並為此全力以赴。

And then lastly, your negative is my positive. We're an attractive capital-light income statement. We're growing better than our peers in the attractive PE revenue areas like servicing fees, like management fees like software and that should drive multiple expansion. So whether or not that fits on a cocktail napkin, that's how I would articulate it.

最後，你的負面評價正是我正面的評價。我們擁有極具吸引力的輕資產損益表。我們在服務費、管理費、軟體等頗具吸引力的私募股權收入領域，成長速度均優於同行，這應該會推動本益比擴張。所以，不管這些話能不能寫在餐巾紙上，這就是我的表達方式。

Well, maybe that fits on five cocktail napkins. Just as follow-up. So let me just accept everything you just said, and the market's not convinced, right? I think that market knows a lot of this, and you've reminded the market a lot about that. But under what scenario would you consider a combination with another bank?

嗯，也許五張餐巾紙就能寫完。我再補充一點。我接受你剛才說的所有內容，但市場不買賬，對吧？我認為市場對此了解很多，你也多次提醒過市場。那麼，在什麼情況下你會考慮與其他銀行合併呢？

Under what scenario would you consider selling off asset management? Under what scenario would you consider buying another bank? Under what scenario would you consider a more significant strategic move, especially given this environment of deregulation?

在什麼情況下您會考慮出售資產管理業務？在什麼情況下您會考慮收購另一家銀行？在什麼情況下您會考慮採取更重要的策略性舉措，尤其是在當前放鬆管制的環境下？

And I hear you don't need it. You have -- you're confident with the internal growth. But this seems like the time to think about those big types of questions. Where do you come out on that? Thank you.

我聽說你不需要它。你對自己的內在成長很有信心。但現在似乎是思考那些重大問題的時候了。你的看法是什麼？謝謝。

And Mike, I mean, we always think about M&A as we think about capital deployment and even more importantly, strategically where we are and where do we want to go. I mean, we do remain confident in our abilities, and I think that we're showing this ability to deploy those capabilities and generate accelerating returns.

麥克，我的意思是，我們總是把併購和資本部署連結起來考慮，更重要的是，我們會從策略角度思考我們目前所處的位置以及未來的發展方向。我們仍然對自身能力充滿信心，而且我認為我們正在展現出運用這些能力並實現加速回報的能力。

There's always the question around scale and how we think about that. I mean, that's really what motivated what we tried to do with BBH. It was unfortunate that, but that was in a different regulatory environment. And so without implying that there's anything underway, explicit or implicitly. I'm not saying that, and we are confident in our organic strategy.

規模問題以及我們如何看待這個問題始終存在。我的意思是，這正是我們當初嘗試創立BBH的初衷。很遺憾，當時的監管環境與現在不同。因此，我並不是暗示我們正在進行任何明示或暗示的擴張計劃。我並非此意，我們對自身的發展策略充滿信心。

But to the extent to which something made sense and it was a good use of shareholder capital as opposed to returning it to capital, or reinvesting in our business, of course, we'd look at that.

當然，如果某件事有意義，並且是股東資本的合理利用（而不是將其返還給資本或再投資於我們的業務），我們肯定會考慮。

And just this last short follow-up, wait, John, go ahead.

最後還有一個簡短的後續問題，等等，約翰，你先說。

Hey Mike. It's just one point on that. I mean I think I agree with -- of course, everything as Ron was just saying. I mean I think -- when I think about the scale position and the growth pivot and how well positioned we are to win with the megatrends that Ron articulated, whether it's digital, privates and wealth.

嘿，麥克。關於這一點，我只想補充一點。我的意思是，我當然同意羅恩剛才所說的所有觀點。我的意思是，當我想到規模優勢、成長轉型以及我們為贏得羅恩闡述的那些大趨勢（無論是數位化、私人領域還是財富領域）所做的充分準備時，我認為…

You put that together with the transformation and other opportunities that are all in front of us that will put a frame around maybe sometime later this year. All that upside we think should accrue to the benefit of the existing shareholder base.

把這些因素，再加上我們面前的轉型和其他機遇，或許會在今年稍後形成一個框架。我們認為所有這些利多因素最終都將惠及現有股東。

And when there's a large transaction, you have to think about whether you want to share what's right in front of us organically with any other shareholder base. And I think this shareholder base that hung in with us deserves to basically see that upside, and I think we see that coming.

當發生大額交易時，你必須考慮是否要與其他股東群體分享眼前的利益。我認為，一直支持我們的股東群體理應獲得這些收益，而且我認為我們已經看到了這種成長。

So that's certainly something that I think about when you asked your question, and there's a lot of excitement here around what we can deliver organically. And let's basically convince the investor base that we can be consistent in solidifying our gains and growing down the line. And I think the stock will take care of itself under that scenario.

所以，你問的這個問題我當然也考慮到了，而且大家對我們能夠透過自身努力實現的成長都感到非常興奮。我們的主要目標是讓投資者相信，我們能夠持續鞏固收益並維持未來的成長。我認為在這種情況下，股價自然會保持穩定。

And just I didn't mischaracterize, maybe I'm talking to the wrong investors, but investors I talk to seem to be frustrated. Would you get that sense of frustration, you're trying to show them they're wrong? Or do you sense that investors are pleased with the progress?

我這麼說可能沒有誤解，也許是我接觸的投資人不對，但我接觸到的投資人似乎都很沮喪。您是否也有這種沮喪感，想要證明他們錯了？或者您覺得投資者對目前的進展感到滿意？

I think we have a lot of support for the vision that we're painting which is, yes, you've made a pivot to growth over the last two or three years. Let's see that solidified and let's see that accelerate. And I think we have a lot of support for that vision.

我認為我們描繪的願景得到了廣泛的支持，那就是：是的，過去兩三年你們已經轉向成長。讓我們看到這一轉變得以鞏固，並加速發展。我認為我們對這願景的支持力道很大。

And we've demonstrated -- and we've allowed that to -- we've shown an ability to drop that to the bottom line with improving margin and returns. And I think you've got to basically have that track record continue to be the case over time, and that's our expectation. So I think we are hearing support from that standpoint.

我們已經證明——而且我們也允許——我們有能力透過提高利潤率和回報率來降低成本，從而降低最終利潤。我認為，這種良好的業績記錄必須能夠持續下去，這也是我們的期望。所以，我認為我們在這方面得到了支持。

All right. We'll pay close attention. Thank you.

好的，我們會認真聽講。謝謝。

Well, that concludes the question-and-answer session. I'll now turn the call back over to Elizabeth Lynn for closing remarks.

問答環節到此結束。現在我將把電話轉回給伊莉莎白‧林恩，請她作總結發言。

Thank you all for joining us today. And please feel free to reach out to Investor Relations for any additional questions. Thank you, and have a good day.

感謝各位今天蒞臨。如有任何其他疑問，請隨時聯繫投資者關係部門。謝謝，祝您一切順利。