UBS Group AG (UBS) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good morning. Welcome to the UBS third quarter 2025 results. The conference must not be recorded for publication or broadcast. (Operator Instructions) At this time, it's my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead, ma'am.

女士們、先生們，早安。歡迎閱讀瑞銀2025年第三季業績報告。會議內容不得錄製用於出版或廣播。（操作員指示）現在，我很高興將麥克風交給瑞銀投資者關係部的 Sarah Mackey。請便，女士。

Good morning and welcome everyone. Before we start, I would like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors included in our Annual Reports, together with additional disclosures in our SEC filings. On slide 2, you can see our agenda for today. It's now my pleasure to hand over to Sergio Ermotti, Group CEO.

各位早安，歡迎大家。在開始之前，我想提請大家注意今天業績報告背面的警示聲明幻燈片。另請參閱我們年度報告中包含的風險因素，以及我們向美國證券交易委員會提交的文件中的其他揭露資訊。在第二張投影片上，您可以看到我們今天的議程。現在我很高興將麥克風交給集團執行長塞爾吉奧·埃爾莫蒂。

Thank you, Sarah, and good morning, everyone. The power of our unique business model diversified global footprint and balance sheet for all seasons was evident once again in our excellent performance this quarter.

謝謝你，莎拉，大家早安。本季我們卓越的業績再次證明了我們獨特的商業模式、多元化的全球佈局和能夠應對各種挑戰的資產負債表的強大實力。

Regardless of how you measure our third quarter results, we delivered strong returns driven by significant momentum in our core businesses and disciplined execution on our strategic priorities. Invested assets reached nearly 7 trillion across the group supported by robust flows in global wealth management and also asset management, where we surpassed 2 trillion in invested assets for the first time.

無論你如何衡量我們第三季的業績，我們都取得了強勁的回報，這得益於我們核心業務的強勁增長勢頭以及我們對戰略重點的嚴格執行。集團投資資產總額接近 7 兆美元，這得益於全球財富管理和資產管理業務的強勁資金流入，其中資產管理業務的投資資產首次突破 2 兆美元。

In APAC, invested assets across our asset gathering businesses now exceed 1 trillion, and this quarter's exceptionally strong flows underscore our position as the region's largest global wealth manager. The build up of our investment banking capabilities in areas of strategic importance supported our outperformance of industry peoples and is consistent with our ambition to increase market share.

在亞太地區，我們各項資產募集業務的投資資產現已超過 1 兆美元，本季異常強勁的資金流入凸顯了我們作為該地區最大的全球財富管理機構的地位。我們在具有戰略意義的領域不斷提升投資銀行能力，這使我們能夠超越業內同行，也符合我們提高市場份額的雄心壯志。

We also saw healthy private and institutional client activity across the globe. In Switzerland, our clients continue to benefit from UBS's unique global footprint and capabilities as we supported businesses and households with around CHF40 billion of loans granted or renewed during the quarter.

我們也看到全球範圍內私人和機構客戶的業務活動都很活躍。在瑞士，我們的客戶繼續受益於瑞銀獨特的全球佈局和能力，我們在本季度為企業和家庭提供了約 400 億瑞士法郎的貸款支持，包括發放和續約。

I'm particularly pleased that we achieved all of this while further advancing on our integration efforts. Over two thirds of clients or accounts in Switzerland, more than 700,000 have now been migrated onto UBS platforms. We have substantially completed the migration of Personal Banking clients and commenced corporate and institutional client transfers.

我尤其感到高興的是，我們在推動整合工作的同時，也取得了所有這些成就。瑞士超過三分之二的客戶或帳戶（超過 70 萬個）現已遷移到瑞銀平台。我們已基本完成個人銀行客戶的遷移，並已開始進行企業和機構客戶的轉移。

We are encouraged to see improved satisfaction from clients who are now on the UBS platform, and we remain on track to complete the final migrations by the end of the first quarter next year. The integration of asset management is also substantially completed, allowing us to fully focus on opportunities to drive efficient growth.

我們很高興看到目前使用瑞銀平台的客戶滿意度提高，我們仍有望在明年第一季末完成最終遷移。資產管理整合工作也已基本完成，使我們能夠全力專注於推動高效成長的機會。

Across the group, we continue to streamline our operations. We are nearly halfway through our application decommissioning roadmap, and we have shut down 60% of legacy servers and processed around 40 petabytes of data. This keeps us well positioned to deliver on our gross cost savings ambitions by the end of 2026.

集團內部，我們持續精簡營運流程。我們的應用程式停用路線圖已接近一半，我們已經關閉了 60% 的舊伺服器，並處理了大約 40 PB 的資料。這將使我們能夠很好地實現到 2026 年底的總成本節約目標。

Our recent employee survey highlighted what, in my view, is one of the most important markers of our integration progress. Sentiment across UBS and former Credit Suisse colleagues is now equally positive and well above industry benchmarks, further validating our efforts to create a common culture and vision across the organization.

我們最近的員工調查突顯了我認為是我們整合進展中最重要的標誌之一。瑞銀和前瑞士信貸同事們的情緒現在同樣積極，並且遠高於行業基準，這進一步驗證了我們為在整個組織內創造共同文化和願景所做的努力。

I'm also pleased that we resolved significant legacy litigation related to Credit Suisse's RMBS matter and UBS's Legacy cross-border matter in France in the best interests of our shareholders. All of this progress and business momentum further reinforces our capital strength and confidence in our ability to execute on our capital return plans as we continue to deliver on our 2025 objectives for dividends and buybacks.

我也很高興我們以股東的最大利益為出發點，解決了與瑞士信貸RMBS事項和瑞銀在法國的跨境遺留問題相關的重大遺留訴訟。所有這些進展和業務動能進一步增強了我們的資本實力和執行資本回報計畫的能力，我們將繼續實現 2025 年的股利和回購目標。

As previously communicated, we will provide more details on our plans for 2026 with our full year results in February. Our priorities extend beyond staying close to our clients and successfully completing the integration. We also remain committed to strategically investing across our platform to position UBS for sustainable growth.

正如之前所宣布的，我們將在2月份公佈全年業績時，提供更多關於我們2026年計劃的細節。我們的工作重點不僅限於與客戶保持密切聯繫和成功完成整合。我們將繼續致力於在我們的平台上進行策略性投資，以使瑞銀實現永續成長。

Earlier this week, we filed our application for a national bank charter in the US, and we expect approval in 2026. A pivotal milestone in our multi-year strategy to improve the breadth and depth of our client offering and setting the stage for long-term value creation.

本週早些時候，我們向美國提交了國家銀行牌照申請，預計將於 2026 年獲得批准。這是我們多年策略中的一個重要里程碑，旨在提高我們為客戶提供的服務的廣度和深度，並為長期價值創造奠定基礎。

At the same time, we are advancing our AI capabilities. We now have 340 live AI use cases across the bank, increasing resilience and building the foundation to enhance the client experience and deliver meaningful gains in efficiency and productivity.

同時，我們也在提升人工智慧能力。目前，全行共有 340 個 AI 實際應用案例，提高了韌性，並為提升客戶體驗、提高效率和生產力奠定了基礎。

With respect to the ongoing political process on banking regulation in Switzerland, as you saw at the end of the quarter, we submitted our response to the capital adequacy ordinance consultation. We will do the same for the ongoing consultation on capital requirements related to foreign subsidiaries before it ends in early January.

關於瑞士正在進行的銀行業監管政治進程，正如您在本季度末所看到的，我們已提交了對資本充足率條例諮詢的回應。在1月初結束之前，我們將對正在進行的有關外國子公司資本要求的諮詢採取同樣的做法。

Looking to the fourth quarter, with valuations elevated across most asset classes, investors remain engaged but increasingly focused on managing downside risks, which is also evident in periodic headline-driven spikes in volatility.

展望第四季度，儘管大多數資產類別的估值都處於高位，但投資者仍然保持著濃厚的興趣，並且越來越關注管理下行風險，這一點也體現在周期性的、由新聞事件引發的波動性飆升中。

Against this backdrop, transactional activity and our deal pipelines remain healthy, though sentiment can shift quickly as confidence in the outlook is tested and seasonal effects come into play.

在此背景下，交易活動和我們的交易管道依然健康，但隨著對前景的信心受到考驗以及季節性因素的影響，市場情緒可能會迅速轉變。

Furthermore, macro uncertainties along with a strong Swiss franc and higher US tariffs are clouding the outlook for the Swiss economy, and a prolonged US government shutdown may delay capital market activities.

此外，宏觀經濟的不確定性，加上瑞士法郎走強和美國提高關稅，都給瑞士經濟前景蒙上了陰影，而美國政府長期停擺可能會延遲資本市場活動。

Summing up, I am very pleased with our strong result this quarter, and I am extremely thankful to my colleagues for their continued dedication and focus amid ongoing macroeconomic and regulatory uncertainty.

總而言之，我對本季取得的強勁業績非常滿意，並衷心感謝我的同事們在當前宏觀經濟和監管不確定性的情況下所展現出的持續奉獻和專注。

We will stay very focused on executing on our strategic priorities while we remain a trusted partner in the communities where we live and work and position UBS for long-term value creation for all stakeholders.

我們將繼續專注於執行我們的策略重點，同時繼續成為我們生活和工作所在社區值得信賴的合作夥伴，並使瑞銀為所有利害關係人創造長期價值。

With that, I hand over to Todd.

說完這些，我就把麥克風交給托德了。

Thank you, Sergio, and good morning, everyone. Throughout my remarks, I'll refer to underlying results in US dollars and make year over year comparisons, unless stated otherwise.

謝謝你，塞爾吉奧，大家早安。除非另有說明，否則我在本文中將以美元為單位提及基本結果，並進行同比比較。

In the third quarter, we delivered reported net profit of $2.5 billion, up 74%, and earnings per share of $0.76. Our underlying pre-tax profit was $3.6 billion, up 50% on 5% revenue growth, and our return on CET1 Capital was 16.3%. Included in our underlying performance are net litigation reserve releases of $668 million, primarily driven by the resolution of legal matters related to Credit Suisse's RMBS business and UBS' Legacy cross-border case in France. Excluding litigation, our return on CET1 Capital was 12.7%, as we grew pre-tax profits by 26% across the group and by 19% in our core divisions.

第三季度，我們公佈的淨利潤為25億美元，年增74%，每股收益為0.76美元。我們的基本稅前利潤為36億美元，年增50%，營收成長5%，一級資本報酬率為16.3%。我們的基本業績中包含了 6.68 億美元的訴訟準備金淨釋放，這主要得益於與瑞士信貸的 RMBS 業務和瑞銀在法國的 Legacy 跨境案件相關的法律問題的解決。不計訴訟，我們的 CET1 資本回報率為 12.7%，集團稅前利潤增長了 26%，核心部門稅前利潤增長了 19%。

Moving to slide 6. This quarter's strong financial performance is once again proof of the enduring advantages of our platform. We saw broad-based quiet momentum in constructive markets and disciplined execution across the franchise. On a reported basis, our pre-tax profit was $2.8 billion with $561 million of revenue adjustments and $1.3 billion of integration-related expenses.

切換到第6張投影片。本季強勁的財務業績再次證明了我們平台的持久優勢。我們看到，在建設性市場中，整體呈現穩健的成長勢頭，並且整個特許經營體系執行得非常嚴謹。根據報告，我們的稅前利潤為 28 億美元，其中收入調整為 5.61 億美元，整合相關費用為 13 億美元。

Our tax expense in 3Q was $341 million, representing an effective tax rate of 12%, supported by the net litigation releases.

第三季我們的稅項支出為 3.41 億美元，實際稅率為 12%，這得益於訴訟淨和解金額。

In the fourth quarter, we expect our tax rate to normalize, resulting in a low double-digit effective tax rate for full year 2025. This excludes any effect from revaluing our DTAs as part of the year-end planning process.

我們預計第四季稅率將趨於正常，到 2025 年全年，實際稅率將保持在兩位數的低點。這不包括在年終規劃過程中對遞延所得稅資產進行重新估值所產生的任何影響。

Turning to our cost update on slide 7. In the third quarter, we continue to deliver on our cost reduction program as we make steady progress in right-sizing our technology estate, streamlining functions, and reducing third-party spend.

接下來請看第 7 頁的成本更新。第三季度，我們繼續推進成本削減計劃，在調整技術資產規模、簡化職能和減少第三方支出方面穩步取得進展。

These efforts translated into $900 million of incremental gross run rate cost saves in 3Q with the cumulative total reaching the $10 billion mark, one quarter ahead of schedule. Compared to our 2022 baseline, we nominally decreased our overall cost base by around 13%, or by 24% when excluding variable compensation, litigation, and currency effects.

這些努力在第三季轉化為9億美元的增量毛運行率成本節約，累計總額達到100億美元，比原計畫提早一個季度完成。與 2022 年的基準相比，我們的整體成本基礎名義上降低了約 13%，如果排除可變薪酬、訴訟和匯率影響，則降低了 24%。

On this basis, our conversion rate of gross to net saves is 77%. Similarly, integration costs this quarter are indicative of the scale and intensity of the ongoing Swiss platform migration effort.

基於此，我們的毛節省到淨節省的轉換率為 77%。同樣，本季的整合成本也顯示了瑞士正在進行的平台遷移工作的規模和強度。

We expect moderately lower levels of cost to achieve in the fourth quarter as the program enters its final stretch, with completion early next year, after which, these change-related expenses will taper further.

我們預計隨著專案進入最後階段，第四季成本將略有下降，專案將於明年初完成，之後，這些與變更相關的費用將進一步減少。

Our integration costs to date also reflect the additional opportunities we've identified along the way to realize further efficiencies, accelerate benefit capture, and in select cases, drive incremental revenues. We'll update you next quarter on our 2026 integration cost budget and the gross cost saves we expect to deliver as we sunset integration at the end of next year.

到目前為止，我們的整合成本也反映了我們在過程中發現的其他機會，這些機會可以進一步提高效率、加快收益獲取，並在某些情況下推動收入成長。我們將在下個季度向您報告 2026 年整合成本預算以及我們預計在明年年底停止整合後可實現的總成本節省。

As in prior years, we expect more modest growth and net saves in the fourth quarter as a result of our continued focus on the Swiss platform migration and a seasonal uptick in select non-personnel items, notably the UK bank levy.

與往年一樣，由於我們繼續專注於瑞士平台遷移以及某些非人事項目（特別是英國銀行稅）的季節性增長，我們預計第四季度的增長和淨節省將較為溫和。

Turning to slide 8. As of the end of September, our balance sheet for all seasons consisted of $1.6 trillion in total assets, down $38 billion versus the end of the second quarter.

翻到第8張幻燈片。截至 9 月底，我們所有季度的資產負債表總資產為 1.6 兆美元，比第二季末減少了 380 億美元。

Loan balances remain broadly stable at $666 billion with around 92% secured by collateral. Mortgages accounted for 58% of the total, with average loan to values of about 50%, while Lombard lending represented a further 24%.

貸款餘額基本上保持穩定，為 6,660 億美元，其中約 92% 有抵押物擔保。抵押貸款佔總額的 58%，平均貸款額約為 50%，而倫巴第貸款佔 24%。

Credit impaired exposures in our lending book remained stable quarter on quarter at 90 basis points, while the cost of risk decreased by 4 basis points. Group credit loss expense was $102 million, mainly relating to non-performing positions in our Swiss business.

我們的貸款帳簿中信用減損風險敞口環比保持穩定，為 90 個基點，而風險成本下降了 4 個基點。集團信貸損失支出為 1.02 億美元，主要與我們在瑞士業務的不良貸款有關。

Our tangible book value per share grew sequentially by 2% to $26.54, primarily from our net profit, which was partly offset by share repurchases.

我們的每股有形帳面價值較上季成長 2% 至 26.54 美元，主要來自淨利潤，但部分被股票回購所抵銷。

Overall, we continue to operate with a highly fortified and resilient balance sheet with total loss absorbing capacity of $199 billion, a net stable funding ratio of 120%, and an LCR of 182%.

總體而言，我們繼續以高度穩健且富有韌性的資產負債表運營，總損失吸收能力為 1,990 億美元，淨穩定資金比率為 120%，負債覆蓋率 (LCR) 為 182%。

We were active issuers during the quarter, capitalizing on particularly favorable market conditions. We placed around $3 billion in AT1s and over $7 billion in hold co, both at attractive levels, enhancing our funding position and reducing financing needs for next year. Looking ahead, we'll remain focused on further strengthening our funding profile as market conditions allow.

本季我們積極發行股票，充分利用了特別有利的市場條件。我們在 AT1 中投入了約 30 億美元，在控股公司中投入了超過 70 億美元，兩者的投入水平都很有吸引力，這增強了我們的融資能力，並減少了明年的融資需求。展望未來，我們將繼續專注於在市場條件允許的情況下進一步加強我們的融資能力。

Turning to capital on slide 9. Our CET1 capital ratio at the end of September was 14.8%, and our CET1 leverage ratio was 4.6%, both up quarter over quarter and above our target levels of around 14% and above 4%, respectively.

第九張投影片將討論資本問題。截至 9 月底，我們的 CET1 資本適足率為 14.8%，CET1 槓桿率為 4.6%，均較上一季度有所增長，並分別高於我們設定的 14% 左右和 4% 以上的目標水準。

Looking ahead, we expect our year-end 2025 CET1 capital ratio to decrease sequentially, driven by an accrual for intended share repurchases in 2026, as well as the full year 2025 dividend. The amount of the accrual will be informed by our ongoing strategic planning process and remain subject to the continued successful execution of the Swiss platform migration, as well as visibility on the shape and timing of future capital requirements in Switzerland.

展望未來，我們預計到 2025 年底，由於 2026 年計劃回購股份的提列以及 2025 年全年股息的派發，我們的 CET1 資本充足率將環比下降。應計金額將根據我們正在進行的策略規劃流程而定，並取決於瑞士平台遷移的持續成功執行，以及對瑞士未來資本需求的形態和時間的了解。

Turning to UBS AG, the parent bank stand-alone CET1 capital ratio was roughly unchanged at 13.3%. Similar to last quarter, we continue to pace inter-company dividend accruals to maintain prudent capital buffers and offset the FX-driven headwind on leverage ratios across group entities.

再來看瑞銀集團，其母行獨立CET1資本充足率基本維持不變，為13.3%。與上個季度類似，我們繼續控制公司間股利提列的節奏，以維持審慎的資本緩衝，並抵銷外匯波動對集團各實體槓桿率的不利影響。

While we maintain our intention to operate UBS AG standalone CET1 capital ratio between 12.5% and 13%, we'd expect the parent bank to remain above the upper end of the target range, particularly if Dollar-Swiss stays near current levels.

儘管我們仍打算將瑞銀集團的獨立CET1資本充足率維持在12.5%至13%之間，但我們預計母行的CET1資本充足率將保持在目標範圍的上限以上，尤其是在美元兌瑞士法郎匯率保持在當前水準附近的情況下。

Turning to our business divisions and starting on slide 10 with Global Wealth Management. In a constructive macro environment, GWM delivered a pre-tax profit of $1.8 billion. Excluding litigation, profit before tax was $1.6 billion, up 21% year over year with APAC, the Americas, and EMEA all delivering double-digit profit growth.

接下來我們來看看我們的業務部門，從第 10 張投影片開始，介紹全球財富管理。在宏觀經濟環境良好的情況下，長城汽車實現了18億美元的稅前利潤。不計訴訟費用，稅前利潤為 16 億美元，年增 21%，其中亞太地區、美洲地區和歐洲、中東及非洲地區均實現了兩位數的利潤成長。

Asia Pacific was a standout with pre-tax profit of 48%, driven by 16% points of positive operating leverage. With the platform migration work largely behind us in the region, the team is now fully focused on delivering for clients and growing the franchise.

亞太地區表現突出，稅前利潤率達 48%，這主要得益於 16 個百分點的正向營運槓桿效應。該地區的平台遷移工作已基本完成，團隊現在全力以赴地為客戶提供服務並發展業務。

We're building on our distinctive advantages in scale, global connectivity, and cross-divisional capabilities. That's evident in this quarter's strong flow momentum, topline expansion, and disciplined cost management.

我們正在鞏固自身在規模、全球互聯互通和跨部門能力方面的獨特優勢。這一點在本季強勁的銷售動能、營收成長和嚴格的成本控制中顯而易見。

Americas pre-tax profits grew by 26%, reflecting another quarter of strong revenue growth across all revenue lines, and positive operating leverage that lifted pre-tax margins to 13.4%. Transactional revenues continue to benefit from the sustained momentum of GWM's collaboration with the investment bank, where jointly developed capabilities and solutions are resonating with advisors and deepening relationships with clients.

美洲稅前利潤成長了 26%，反映出所有營收線連續第二季強勁成長，以及積極的經營槓桿作用，使稅前利潤率提升至 13.4%。交易收入繼續受益於長城汽車與投資銀行合作的持續勢頭，雙方共同開發的能力和解決方案引起了顧問的共鳴，並加深了與客戶的關係。

The Americas team also made further progress enhancing its banking platform to support ongoing net interest income expansion. Excluding litigation, EMEA delivered a 13% increase in pre-tax profit driven by higher transactional revenues as clients actively hedged equity and US dollar exposures.

美洲團隊在增強其銀行平台以支持持續的淨利息收入成長方面也取得了進一步進展。除訴訟外，EMEA 的稅前利潤增加了 13%，這主要得益於客戶積極對沖股票和美元風險敞口，從而帶動了交易收入的成長。

On the same basis, in our Swiss wealth business, profit before tax decreased by 3% as NII headwinds from Swiss franc interest rates offset strong recurring fees while transactional activity was somewhat softer than in other wealth regions.

同樣，在我們的瑞士財富管理業務中，由於瑞士法郎利率帶來的淨利息收入不利因素抵消了強勁的經常性費用，稅前利潤下降了 3%，而交易活動也比其他財富管理地區略顯疲軟。

Onto flows. GWM's invested assets increased by 4% sequentially to $4.7 trillion from favorable market conditions and strong asset flows. In the third quarter, we delivered net new assets of 38 billion, representing a 3.3% annualized growth rate. The quarterly performance was driven by exceptional inflows in Asia Pacific, which alone contributed 38 billion.

進入流動狀態。由於有利的市場環境和強勁的資產流入，長城投資資產環比成長 4%，達到 4.7 兆美元。第三季度，我們新增淨資產380億美元，年化成長率為3.3%。本季業績主要得益於亞太地區的巨額資金流入，光是亞太地區就貢獻了 380 億美元。

This included a small number of sizable flows linked to strategic holdings, as well as strong client momentum across the region. EMEA and Switzerland also contributed positive net new assets of $6 billion and $3 billion, respectively.

這其中包括與策略性持股相關的少量大額資金流動，以及整個地區強勁的客戶投資動能。歐洲、中東和非洲地區以及瑞士也分別貢獻了 60 億美元和 30 億美元的淨新增資產。

Net new assets in the Americas were negative 9 billion, primarily reflecting advisory movement following the structural changes we introduced last year, including to the compensation grid as part of the franchise's broader realignment.

美洲地區的淨新增資產為負 90 億美元，主要反映了去年我們引入的結構性變革（包括作為特許經營權更廣泛重組的一部分的薪酬體系）之後諮詢業務的變動。

Importantly, the strategic reset is already driving improvements in the region's pre-tax margins and operating leverage, thereby unlocking investment capacity to further enhance the platform's capabilities and solutions to help advisors grow their books and better serve clients. Looking ahead, we expect turnover to moderate, supported by a healthy recruiting pipeline and a record number of advisors choosing to stay and ultimately retire at UBS.

重要的是，策略調整已經推動了該地區稅前利潤率和營運槓桿的改善，從而釋放了投資能力，進一步增強了平台的功能和解決方案，以幫助顧問拓展業務並更好地服務客戶。展望未來，我們預期人員流動將趨於緩和，這得益於健康的招募管道以及創紀錄數量的顧問選擇留在瑞銀並最終退休。

Net new fee generating assets in the quarter were 9 billion, supported by sustained demand for discretionary mandates, including our SMA solution in the US and My Way in our Swiss and international franchises, as well as our advisory offerings.

本季新增淨收費資產達 90 億美元，這得益於對全權委託業務的持續需求，包括我們在美國的 SMA 解決方案、我們在瑞士和國際特許經營業務中的 My Way 服務以及我們的諮詢服務。

Regionally, NNFGA growth was especially strong in APAC and EMEA with annualized growth rates of 8% and 6% respectively. At the same time, net new deposit outflows of 9 billion largely reflect the reversal of dynamics observed in the prior quarter.

從區域來看，NNFGA 在亞太地區和歐洲、中東及非洲地區的成長尤為強勁，年化成長率分別為 8% 和 6%。同時，淨新增存款流出90億，這在很大程度上反映了上一季觀察到的動態的逆轉。

While the uneven market backdrop in 2Q prompted clients to tactically reposition towards liquidity solutions, in the third quarter, clients actively redeployed capital into investment and trading solutions on our platform.

雖然第二季度市場環境不穩定，促使客戶採取策略性措施轉向流動性解決方案，但在第三季度，客戶積極將資金重新部署到我們平台上的投資和交易解決方案。

Client re-leveraging continued for the third consecutive quarter, driving positive net new loans across all regions. In 3Q, net new lending was 3.5 billion, largely driven by Lombard and mortgages in Switzerland and the Americas.

客戶再融資活動連續第三個季度持續，推動所有地區淨新增貸款金額為正。第三季淨新增貸款為 35 億，主要由倫巴第銀行以及瑞士和美洲的抵押貸款推動。

Turning to revenues, which increased by 7%. Recurring net fee income grew by 7% to 3.5 billion, supported by positive market performance and over 55 billion in net new fee generating assets over the past 12 months.

再來看收入，成長了 7%。受積極的市場表現和過去 12 個月新增超過 550 億美元的淨創收資產的支持，經常性淨費用收入增長 7% 至 35 億美元。

Transaction-based income rose 11% to 1.3 billion, with notable strength across structured products and cash equities. Net interest income of $1.6 billion was up 3% year over year and up 5% quarter over quarter, with a sequential trend reflecting a favorable mix shift towards transactional deposits, as well as lower funding costs.

交易收入成長 11% 至 13 億美元，其中結構性產品和現金股票表現特別強勁。淨利息收入為 16 億美元，年增 3%，較上季成長 5%，環比成長趨勢反映出交易存款結構向有利方向的轉變，以及融資成本的降低。

Looking ahead to 4Q, we expect net interest income to be broadly stable sequentially as modest growth and lending balances should largely offset headwinds from lower rates. Operating expenses in GWM were down 1% and were lower by 2% when looking through variable compensation, litigation, and currency effects.

展望第四季度，我們預期淨利息收入將環比保持穩定，溫和的成長和貸款餘額應能在很大程度上抵消低利率帶來的不利影響。GWM 的營運費用下降了 1%，如果剔除可變薪酬、訴訟和匯率影響，則下降了 2%。

Turning to Personal and Corporate Banking on slide 11, where my comments will refer to Swiss francs. P&C delivered a third quarter pre-tax profit of CHF668 million, up 1%, or down 3% excluding litigation, a resilient result given the Swiss macro backdrop of zero interest rates, a stronger CHF, and trade uncertainty.

接下來請看第 11 頁關於個人和企業銀行業務的內容，我的評論將以瑞士法郎為準。財產及意外險業務第三季稅前利潤為 6.68 億瑞士法郎，年增 1%，若不計訴訟收入則下降 3%。考慮到瑞士零利率、瑞士法郎走強以及貿易不確定性等宏觀經濟背景，這一業績表現穩健。

Importantly, these results were achieved during the most operationally intensive phase of our integration efforts, demonstrating discipline, execution and client focus, while the team continues to advance the client platform migration in the Swiss Booking Center.

重要的是，這些成果是在我們整合工作中最繁重的營運階段取得的，這體現了團隊的紀律性、執行力和以客戶為中心的理念，同時團隊也持續推動瑞士預訂中心的客戶平台遷移。

Revenues across recurring net fee and transaction-based income were up 2%. In Personal Banking, the migration of Credit Suisse client accounts onto UBS's platform is already supporting positive revenue momentum through deeper client engagement and adoption of our discretionary solutions.

經常性淨費用收入和交易收入合計成長 2%。在個人銀行業務方面，瑞士信貸客戶帳戶遷移到瑞銀平台已經透過更深入的客戶互動和對我們全權委託解決方案的採用，為積極的收入成長提供了動力。

Personal banking transactional revenues increased by 10%, and recurring fee income was up 6% alongside positive net new client assets.

個人銀行業務交易收入成長了 10%，經常性費用收入成長了 6%，同時淨新增客戶資產也為正。

In our corporate and institutional client business, non-NII revenues rose modestly year over year despite the Swiss operating environment. Growth in corporate finance revenues more than offset softer FX hedging and export finance activity, reflecting currency and trade policy effects, respectively.

儘管瑞士的經營環境不佳，但我們的企業和機構客戶業務的非NII收入仍同比增長了小幅增長。企業融資收入的成長超過了外匯避險和出口融資活動的疲軟，分別反映了貨幣和貿易政策的影響。

Net interest income decreased by 9% year on year. Sequentially, Swiss franc NII increased by 1%, driven by lower funding costs and deposit pricing measures, offsetting the impact of the 25 basis point rate cut announced in June. For the fourth quarter, we expect NII to be broadly flat sequentially, both in Swiss franc and US dollar terms.

淨利息收入較去年同期下降9%。受融資成本下降和存款定價措施的推動，瑞士法郎淨利息收入環比增長 1%，抵消了 6 月宣布的 25 個基點降息的影響。我們預計第四季淨利息收入將與上一季基本持平，無論以瑞士法郎或美元計價。

Turning to credit loss expense. CLE in the third quarter was CHF58 million on an average loan portfolio of 248 billion, translating to a 9 basis points cost of risk, down 5 basis points sequentially. This included stage 3 charges of 56 million largely driven by a small number of positions in our corporate loan book.

轉而計入信用損失費用。第三季 CLE 為 5,800 萬瑞士法郎，平均貸款組合為 2,480 億瑞士法郎，相當於 9 個基點的風險成本，較上季下降 5 個基點。這其中包括 5,600 萬英鎊的第三階段費用，主要原因是我們公司貸款帳簿中的少量頭寸。

For the fourth quarter, we expect CLE to be around 80 million, reflecting continuing global macro uncertainties that are also affecting Switzerland. Operating expenses declined by 8% this quarter or 6% excluding litigation, underscoring continued cost discipline with further synergies to come once the Swiss client migration is completed.

我們預計第四季度 CLE 將在 8,000 萬左右，這反映出持續的全球宏觀經濟不確定性也影響瑞士。本季營運支出下降了 8%，若不計訴訟費用則下降了 6%，凸顯了公司持續的成本控制，一旦瑞士客戶遷移完成，還將產生更大的協同效應。

Moving to slide 12, Asset Management delivered a pre-tax profit of $282 million, up 19% year on year. Excluding net gains on disposals, AM's profit before tax was up 70% on 5% higher revenues.

翻到第 12 張投影片，資產管理部門實現稅前利潤 2.82 億美元，年增 19%。若不計出售資產的淨收益，AM 的稅前利潤成長了 70%，營收成長了 5%。

Performance fees in the quarter nearly doubled to $87 million, supported by strong hedge fund results. Net management fees were stable at $755 million, reflecting higher balances and favorable currency effects, which were offset by industry-wide headwinds from clients shifting into lower margin products over the past year. Invested assets in the quarter grew by 5% sequentially, surpassing the $2 trillion mark for the first time.

受強勁的對沖基金業績支撐，本季業績費幾乎翻了一番，達到 8,700 萬美元。淨管理費穩定在 7.55 億美元，反映出更高的餘額和有利的匯率影響，但這些都被過去一年客戶轉向低利潤產品帶來的行業整體不利因素所抵消。本季投資資產季增 5%，首次突破 2 兆美元大關。

With integration now substantially complete, Asset Management is well placed to leverage its broader scale, enhanced product offering, and improved efficiency to drive sustained value creation. Net new money was $18 billion a 3.7% growth rate, with positive flows across all asset classes, with particular strength in strategic growth segments, including $6 billion in ETFs and $4 billion in US SMAs.

隨著整合工作基本上完成，資產管理部門能夠更好地利用其更大的規模、更豐富的產品和更高的效率來推動持續的價值創造。淨新增資金達 180 億美元，成長率為 3.7%，所有資產類別均實現正流入，其中戰略成長板塊表現尤為強勁，包括 60 億美元的 ETF 和 40 億美元的美國 SMA。

Flows were also strong and unified global alternatives, where Asset Management's new client commitments in the 3rd quarter reached nearly 2 billion alongside 8 billion from global wealth management clients. Overall, assets invested in UGA reached 317 billion, up 4% quarter over quarter. Operating expenses declined by 12% year on year, reflecting execution on AM's commitment to improving operating efficiency.

全球另類投資領域資金流動強勁且趨於統一，資產管理業務第三季新增客戶承諾額接近 20 億美元，而全球財富管理客戶的投資額則達到 80 億美元。總體而言，投資喬治亞大學的資產達到 3,170 億美元，環比成長 4%。營運費用較去年同期下降 12%，反映了 AM 公司在提高營運效率方面所做出的承諾。

Onto the IB on slide 13. Our Investment Bank delivered a very strong third quarter, with pre-tax profit of $787 million more than double year on year. While maintaining its capital discipline, the IB generated a return on attributed equity of 17%.

請看第 13 頁投影片上的 IB 部分。我們的投資銀行第三季業績非常強勁，稅前利潤達 7.87 億美元，比去年同期成長了一倍多。在保持資本紀律的同時，該投資銀行實現了 17% 的歸屬於股本回報率。

These results highlight the strategic value of our investments in expanding our global reach and strengthening our talent, technology, and capabilities. At the same time, the IB's close partnership with global wealth management continues to drive increased client activity and revenues, particularly through jointly delivered structured solutions, a key differentiator in serving our wealth clients.

這些成果凸顯了我們在擴大全球影響力、強化人才、技術和能力方面的投資的策略價值。同時，投資銀行與全球財富管理的緊密合作持續推動客戶活動和收入的成長，特別是透過共同提供的結構化解決方案，這是我們服務財富客戶的關鍵差異化優勢。

Across the franchise, we saw broad-based regional momentum driving revenues up by 23% to $3 billion, with the highest third quarter revenues in both global banking and global markets. APAC was again a standout, posting its best quarter on record with strength across the franchise, as our deep regional coverage and scale allowed us to capture elevated market activity and reinforce the region's strategic importance to the group.

在整個特許經營體系中，我們看到廣泛的區域成長勢頭推動收入成長 23% 至 30 億美元，其中全球銀行業和全球市場第三季的收入最高。亞太地區再次表現出色，創下有史以來最佳季度業績，整個業務類股表現強勁。我們深厚的區域覆蓋和規模使我們能夠掌握高漲的市場活動，並鞏固該地區對集團的戰略重要性。

We're also pleased that our strength in APAC was recognized by Euromoney, which named us Best Investment Bank in Asia. Banking revenues reached $844 million, a 52% increase year on year, with each region outpacing the fee pool and delivering top-line growth in excess of 40%.

我們也很高興我們在亞太地區的實力得到了《歐洲貨幣》雜誌的認可，該雜誌將我們評為亞洲最佳投資銀行。銀行業收入達到 8.44 億美元，年增 52%，每個地區的收入成長速度都超過了手續費收入，實現了超過 40% 的營收成長。

In advisory, revenues increased by 47%, led by M&A delivering its best quarter on record. Capital markets was 55% higher as LCM fees nearly doubled, led by outperformance in the Americas and EMEA and ECM revenues grew by 1.5 times, driven by the pronounced uptick in IPOs and convertible activity.

在諮詢業務方面，收入成長了 47%，其中併購業務實現了有史以來最好的季度業績。資本市場成長了 55%，其中 LCM 費用幾乎翻了一番，這主要得益於美洲和 EMEA 地區的出色表現；ECM 收入增長了 1.5 倍，這主要得益於 IPO 和可轉換債券活動的顯著增長。

For the fourth quarter, we expect banking activity to normalize from Q3's exceptional levels. In addition to seasonality factors, our guidance reflects both transactions brought forward into the third quarter and potential timing effects from the US government shutdown, delaying capital markets activities.

我們預計第四季度銀行業務活動將從第三季的異常高水準恢復正常。除了季節性因素外，我們的預期還反映了提前到第三季的交易以及美國政府停擺可能造成的資本市場活動延遲等時間影響。

Looking further ahead, our strong pipeline positions us well to deliver on our medium-term objectives, provided market conditions remain constructive into next year. Supported by high equity volumes and sustained client activity, global markets revenues rose by 14% to $2.2 billion, despite a strong prior year comparative and more normalized levels of volatility, showcasing the strength of our equities and FX businesses.

展望未來，我們強大的產品線使我們能夠很好地實現中期目標，前提是明年的市場狀況保持良好。儘管去年同期基數較高，且波動性已趨於正常化，但在高股票交易量和持續的客戶活躍度的支持下，全球市場收入仍增長了 14%，達到 22 億美元，這充分展現了我們股票和外匯業務的實力。

Equities revenues increased by 15%, with cash equities reaching a new high as we capitalized on our strongest market share to date. In financing, top-line growth of 33% was supported by prime brokerage delivering record level revenues and client balances.

股票收入成長了 15%，其中現金股票收入創下新高，這得益於我們迄今為止最強勁的市場份額。在融資方面，主要經紀業務實現了創紀錄的收入和客戶餘額，推動了營收成長 33%。

FRC increased by 13% with growth across all products. For the fourth quarter, we expect more normalized levels of transactional volumes in global markets, particularly when compared to the especially strong prior year period, which was supported by unusually elevated market activity ahead of the US administration transition. For the IB overall, operating expenses rose by 7%, largely driven by increases in personnel expenses.

FRC成長了13%，所有產品均實現成長。我們預計第四季度全球市場的交易量將更加正常化，尤其是與去年同期相比，去年同期由於美國政府換屆前市場活動異常活躍而表現尤為強勁。就 IB 整體而言，營運費用增加了 7%，主要原因是人員費用增加。

On slide 14, Non-core and Legacy's pre-tax profit was $102 million with negative revenues of $42 million. Within revenues, funding costs of around $100 million were partly offset by gains from position exits in securitized products and macro.

第 14 頁顯示，非核心業務和遺留業務的稅前利潤為 1.02 億美元，但收入為負 4,200 萬美元。在收入方面，約 1 億美元的融資成本部分被證券化產品和宏觀經濟部位退出收益所抵銷。

Operating expenses in the quarter were negative $149 million driven by net litigation releases of $440 million. Excluding litigation, expenses were down 56% year on year and 18% sequentially, as the team continues to make strong progress in driving out costs.

本季營運支出為負 1.49 億美元，主要原因是淨訴訟和解金額為 4.4 億美元。除訴訟費用外，支出年減 56%，環比下降 18%，因為團隊在降低成本方面繼續取得顯著進展。

Onto slide 15. Since the second quarter of 2023, NCL has reduced its non-operational risk RWAs by almost 90%, including additional reductions of $2 billion this quarter, freeing up over $7 billion of capital for the group life to date.

進入第15張投影片。自 2023 年第二季以來，NCL 已將其非經營性風險 RWA 減少了近 90%，包括本季額外減少了 20 億美元，迄今已為集團人壽釋放了超過 70 億美元的資本。

The wind-down efforts expertly executed by the team over the past several quarters have not only significantly strengthened our capital and risk position but have also reduced the divisional cost base by nearly 75%.

過去幾個季度，團隊出色地執行了各項清算工作，不僅顯著增強了我們的資本和風險狀況，而且還使部門成本基礎降低了近 75%。

As at the end of September, NCL had closed 94% of the 14,000 books it started with and decommissioned 65% of its IT applications, further reducing operational complexity and driving its strong cost reduction performance.

截至 9 月底，NCL 已關閉了其最初擁有的 14,000 冊賬簿中的 94%，並停用了 65% 的 IT 應用程序，進一步降低了運營複雜性，並推動了其強勁的成本削減業績。

To conclude, the third quarter marks another step forward in our integration agenda. We addressed legacy risks and advanced the client migration in the Swiss Booking Center, all while continuing to drive profitable growth across our core franchises by staying close to clients. The quarter's strong financial performance lifted our nine month underlying return on CET 1 Capital to 14%. Excluding litigation and normalizing for taxes, our return was 11%, above our full year guidance of around 10%.

總之，第三季標誌著我們在一體化進程中又向前邁進了一步。我們解決了遺留風險，推進了瑞士預訂中心的客戶遷移，同時透過與客戶保持密切聯繫，繼續推動我們核心業務的獲利成長。本季強勁的財務表現使我們對 CET 1 Capital 的九個月基本回報率提升至 14%。剔除訴訟費用並扣除稅收後，我們的回報率為 11%，高於我們全年約 10% 的預期。

We look forward to updating you on our expectations for 2026 when we present our fourth quarter results early next year.

我們期待在明年初公佈第四季業績時，向您介紹我們對 2026 年的預期。

With that, let's open up for questions.

那麼，接下來就是提問環節。

We will now begin the question-and-answer session. (Operator Instructions) Giulia Miotto, Morgan Stanley.

現在開始問答環節。（操作說明）茱莉亞·米奧托，摩根士丹利。

Good morning. Thank you for taking my questions. I have two. The first one. It seems clear that UBS is already ahead of, I guess, the plans. Two examples, costing income in asset management 66% against a plan of below 70%, non-core delivering ahead of expectations. So why wait for Q4 before upgrading the guidance?

早安.謝謝您回答我的問題。我有兩個。第一個。看來瑞銀顯然已經走在計畫的前面了。兩個例子，資產管理成本收入佔計畫的 66%，低於 70%；非核心業務超出預期。那麼，為什麼等到第四季才調高業績預期呢？

And then secondly, different topic, first brands. I didn't see any comment this morning, but there has been extensive press coverage about the 500 million hit on the asset management client asset side. So could I please have your comments on this issue? Have you seen outflows on the back of it? Is this impacting your sale of UBS O'Connor? Yeah, any comments on this issue, please. Thank you.

其次，換個話題，先說說品牌。我今天早上沒有看到任何評論，但媒體對資產管理客戶資產方面遭受的 5 億美元損失進行了廣泛的報告。那麼，您能否就此問題發表一下看法呢？你看到它背面有水流嗎？這是否會影響您出售瑞銀奧康納股份？是的，請問大家對這個問題有什麼看法？謝謝。

Thanks, Giulia, for the questions and good morning. So thanks for recognizing our progress on our plan. You're asking why wait to update the guidance. Well, clearly it's -- as we go through our year-end planning process, which is ongoing and really critical for us, that will inform how we think about 2026 in terms of the things I mentioned in my prepared comments, for example, around integration, budgets, also our gross run rate cost saves that we expect to generate, but also the outlook for each of the divisions, specifically around things like NII in our asset gathering businesses, and credit loss expenses in our Swiss business. So the planning process is ongoing, and that's the reason that we would seek to update our guidance in the fourth quarter.

謝謝Giulia的提問，早安。感謝您認可我們計劃的進展。您問為什麼還要等一段時間才更新指南。顯然，在我們進行年終規劃的過程中（這項工作仍在進行中，對我們來說至關重要），這將影響我們對 2026 年的思考，例如我在準備好的評論中提到的那些方面，比如整合、預算，以及我們預計產生的毛利率成本節約，還有各個部門的前景，特別是資產收購業務的淨利息收入和瑞士業務的信貸損失支出等。因此，規劃過程仍在進行中，這也是我們希望在第四季度更新業績指引的原因。

On the first brands topic, so to be clear, UBS does not have balance sheet exposure to first brands, and only a small number of funds are effective. I mean, obviously, it's always unfortunate when clients generate losses. That said, it's important to note that the most affected funds were targeted at sophisticated investors and had clear risk disclosures.

關於第一品牌的議題，需要明確的是，瑞銀的資產負債表上沒有第一品牌的投資，只有少數基金有效投資於第一品牌。我的意思是，很顯然，客戶造成損失總是令人遺憾的。也就是說，值得注意的是，受影響最大的基金面向的是成熟投資者，並且有明確的風險揭露。

No investment guidelines were breached. It's also important to note that we've moved swiftly to inform clients of the potential performance impact and as a priority, we're taking steps to protect clients' interests and maximize recovery through the complex bankruptcy process.

未違反任何投資準則。值得注意的是，我們已迅速採取行動，告知客戶可能對業績產生的影響，並且作為首要任務，我們正在採取措施保護客戶的利益，並透過複雜的破產程序最大限度地收回款項。

You also asked, Giulia, about O'Connor, as previously announced, we continue to progress with the sale of the O'Connor hedge fund business to Cantor Fitzgerald, and we're working closely together towards a first close. Thanks.

Giulia，你也問到了 O'Connor 的情況，正如之前宣布的那樣，我們正在繼續推進將 O'Connor 對沖基金業務出售給 Cantor Fitzgerald 的交易，並且我們正在密切合作，爭取完成第一輪交易。謝謝。

Kian Abouhossein, JPMorgan.

Kian Abouhossein，摩根大通。

Yeah, thanks for taking my question. The first one is regarding Wealth Management Americas. You applied for the national charter. Can you talk about the benefits of the charter and also talk about net new asset outlook post the outflows in the third quarter that we saw in NA and advise the attrition going forward, how we should think about that.

好的，謝謝你回答我的問題。第一個例子是關於美洲財富管理的。你申請了國家憲章。您能否談談該特許權的優勢，以及在北美地區第三季度出現資金外流後，淨新增資產前景如何，並就未來的資產流失問題提出建議，我們應該如何看待這個問題。

And the second question is just coming back to the AT1 document on CS, and in particular, 0.6, where you talk about the write down, how it was handled. And I recall from our conversations and public statement by the previous CEO at that time that the AT1 write down was a prerequisite or was done before or preconditions of the takeover of Credit Suisse.

第二個問題回到關於 CS 的 AT1 文檔，特別是 0.6 節，其中談到了記錄和處理方式。我記得我們當時的談話以及前任執行長的公開聲明中提到，AT1 減記是收購瑞士信貸的先決條件，或者說是在收購之前完成的。

So it sounded like two separate steps, whereas if I read number 6, it sounds it was all done in one go, i.e., there was no separation, so to say. And I was trying to understand, was this a separate step or not in terms of writing down the AT1 and subsequent offer of UBS or CS.

所以聽起來像是兩個獨立的步驟，而如果我讀第 6 條，聽起來像是一次性完成的，也就是說，沒有分開。我當時想弄清楚，就寫下 AT1 和隨後瑞銀或瑞士信貸的要約而言，這是否是一個單獨的步驟。

Thanks, Kian, for your question. So first on the National Charter, as Sergio mentioned, we just applied for the license just earlier in the week. The expectation there is to broaden our banking capabilities. As I've said many times in the past, expanding NII as a percentage of revenues in the US business is one of our key strategic priorities to narrow the pre-tax margin GAAP to peers.

謝謝Kian的提問。首先是關於國家憲章，正如塞爾吉奧所提到的，我們本週早些時候才申請了許可證。預期目標是拓展我們的銀行業務能力。正如我過去多次說過的那樣，提高美國業務中淨利息收入佔收入的百分比是我們的關鍵戰略重點之一，目的是縮小稅前利潤率（按美國通用會計準則計算）與同行之間的差距。

We think the National Charter, once we receive it, will enable us to serve our clients on a more comprehensive basis. It will enable us to offer a suite of services on par with other banks in the US, including checking and savings accounts, as well as an expanded set of lending products. But it's also important to emphasize, as I said, also in my prepared comments, Kian, that we're very focused on expanding NII in in our wealth US business well before and we're taking steps to do that.

我們認為，一旦獲得國家憲章，我們將能夠更全面地為客戶提供服務。這將使我們能夠提供與美國其他銀行同等水平的一系列服務，包括支票和儲蓄帳戶，以及更廣泛的貸款產品。但正如我在事先準備好的評論中所說，Kian，同樣重要的是要強調，我們非常重視擴大美國財富管理業務的淨利息收入，並且我們正在採取措施來實現這一目標。

We've had our fourth consecutive quarter of lending growth in the US business, and we believe that our differentiated and specialized lending shelf is increasingly resonating with advisors and clients. In terms of the NNA outlook for the US, as you mentioned, and of course, as I mentioned during my comments, the changes that we introduced last year, including vis a vis the compensation framework, has led to some near-term adviser movement, but importantly is lifting pre-tax margins and most importantly, enabling us to reinvest in the platform to help advisors grow their books and better serve clients.

我們在美國的業務已經連續第四個季度實現了貸款成長，我們相信，我們差異化和專業的貸款產品組合越來越受到顧問和客戶的青睞。關於美國 NNA 的前景，正如您所提到的，當然也正如我在評論中提到的，我們去年推出的改革，包括薪酬框架方面的改革，雖然導致了一些短期顧問變動，但更重要的是，這些改革提高了稅前利潤率，最重要的是，使我們能夠對平台進行再投資，以幫助顧問拓展業務，更好地服務客戶。

Looking ahead, while I do expect some lag effect from the movement that we've seen into next year, we do see turnover tapering, and that's supported by a healthy recruiting pipeline. And as I mentioned on the call in my comments, a record number of advisors choosing to stay and retire at UBS.

展望未來，雖然我預計明年我們所看到的這種趨勢會有一些滯後效應，但我們確實看到人員流動率正在下降，而健康的招募管道也為此提供了支持。正如我在電話會議的評論中提到的，選擇留在瑞銀並退休的顧問人數創下了歷史新高。

On your second question, regarding 0.6, I think it's important here just as we laid out to indicate and really what the most important part of this FAQ 6 is that the write down of the AT1 instruments was an integral part of the rescue package and that rescue -- or rescue transaction. So that -- the entirety of the rescue package or rescue transaction included things that we touched on in the paragraph above, which is quite critical.

關於你的第二個問題，關於 0.6，我認為在這裡重要的是，正如我們之前所闡述的，要指出並且本常見問題解答 6 中最重要的部分是，AT1 工具的減記是救援方案和救援（或救援交易）的組成部分。因此，整個救援方案或救援交易包含了我們在上面段落中提到的一些內容，這非常關鍵。

The PLB, the emergency liquidity, ex facilities that were extended, very importantly, the Swiss government's guarantee or loss protection agreement against losses in Credit Suisse's non-core positions, of course, and our willingness to step in. And the write down of the AT1 instruments was an integral part of the overall rescue transaction. So hopefully, that addresses your question.

PLB（生產貸款緩衝基金）、緊急流動性、延期提供的貸款、非常重要的瑞士政府針對瑞士信貸非核心頭寸損失的擔保或損失保護協議，當然還有我們介入的意願。AT1證券的減記是整個救援交易中不可或缺的一部分。希望這能解答你的疑問。

Yeah, just quickly on follow-up on the adviser side, is there any time frame you could give us where advisor should be flattening out in terms of turnover. Not exactly, but is there a time frame of first half, second half of next year?

是的，關於顧問方面，我再快速跟進一下，您能否告知我們顧問的營業額預計在什麼時候趨於平穩？不完全是，但具體時間範圍是明年上半年還是下半年呢？

And just follow-up very briefly, was the transaction -- two transactions of the acquisition or was it all done in one transaction, i.e., the FINMA measures and subsequent takeover?

最後再簡要地問一下，這筆交易是分兩次進行的收購，還是一次性完成的，即FINMA的措施和隨後的收購？

So Kian, just to follow-up on the first point, look, as I mentioned, we're seeing turnover tapering, and so we're encouraged by the trends. Next quarter I'll come out with our net new asset guidance for the division overall and can offer more color on how I see the FA movement having an impact on our NNA expectations for 2026.

所以基安，為了跟進第一點，你看，正如我所提到的，我們看到人員流動正在減少，所以我們對這種趨勢感到鼓舞。下個季度我將公佈該部門整體的淨新增資產預期，並可以更詳細地說明我認為財務活動的變化將如何影響我們對 2026 年淨新增資產的預期。

And on -- look, on your follow-up question, the AT1 instruments, as I mentioned, was an integral part of the rescue transaction. It was part and parcel of the requirements that were necessary to inform UBS to come in and acquire Credit Suisse. So that's everything I want to say about the AT1 right now.

關於你的後續問題，正如我之前提到的，AT1 工具是救援交易中不可或缺的一部分。這是通知瑞銀集團收購瑞士信貸所需條件的一部分。這就是我現在想說的關於 AT1 的所有話。

Understood, very helpful. Thank you.

明白了，很有幫助。謝謝。

Jeremy Sigee, BNP Paribas.

Jeremy Sigee，法國巴黎銀行。

First question on Asia, phenomenal flows in the quarter, and it sounded like it was a bit of a mix of slightly one-off, but also slightly underlying pickup. I just wondered if you could expand on that. Is this something that you expect to see sustained strength? Is this the beginning of a trend of improving flows from Asia?

關於亞洲的第一個問題，本季市場流量驚人，聽起來像是某種一次性因素，但也存在一些潛在的成長。我只是想問您能否詳細解釋一下。你認為這種勢頭會持續下去嗎？這是亞洲資金流入量改善趨勢的開端嗎？

And then the second question very specifically on the dividend accruals from UBS AG to the Group, I'm not sure if you mentioned it, I think at first half it was about 8 billion that you'd accrued to dividend up. I wonder if you can give us an updated number at the nine month stage.

第二個問題具體是關於瑞銀集團向集團支付的股息，我不確定您是否提到過，我認為上半年您已提列了約 80 億英鎊的股息用於分紅。我想知道您能否提供九個月階段的最新數據。

Thank you.

謝謝。

Yeah, thanks, Jeremy. So just quickly on the second one, so the -- in 3Q at this point we did not accrue any additional dividends at UBS AG for Upstream, which went to my comments about pacing over time the level of inter-company dividends upstream to group to manage some of the FX-driven headwinds around the leverage ratios across group entities.

謝謝你，傑瑞米。關於第二個問題，簡單來說，在第三季度，瑞銀集團上游業務沒有提列任何額外股息，這與我先前關於逐步調整上游集團內部股息水準以應對外匯波動對集團各實體槓桿率帶來的不利影響的評論相吻合。

I would just comment that we did pay the $6.5 billion, the second tranche of the $13 billion that we accrued in the prior year just after the quarter in terms of the upstream from the parent bank to group.

我只想補充一點，我們確實支付了 65 億美元，這是我們在上一年季度結束後，從母行向集團支付的 130 億美元中的第二筆款項。

On your first question in terms of Asia flows, and drivers, first, thanks for recognizing the strong performance. I'm very pleased with how the unit in Asia is performing. When I looked at the quarter, for sure, there was constructive backdrop. Clients were quite engaged for sure, in terms of their willingness to engage, whether it was to hedge downside risks or still ride what they saw was positive momentum in markets. For sure we were seeing more APAC for APAC, so China tech, also the US remained strong traction from a US investment standpoint and pretty broad based. That's what we were seeing as well.

關於您提出的第一個問題，即亞洲資金流動及其驅動因素，首先，感謝您對強勁表現的認可。我對亞洲分部的表現非常滿意。當我審視這個季度時，可以肯定的是，它有著積極的背景。客戶確實非常積極參與，無論是為了對沖下行風險，還是為了繼續掌握他們認為的市場正面動能。當然，我們看到亞太地區的投資越來越多，所以中國科技，以及美國，從美國投資的角度來看，仍然保持著強勁的吸引力，而且基礎相當廣泛。我們也看到了同樣的情況。

But just in terms of what the team is delivering, really, as I commented, a lot of post-integration momentum. So the teams are now together one platform and really demonstrating what the unit can do. So while the performance in the quarter was exceptional, my expectation for the team is that they remain engaged with clients, and we continue to perform very well in the region. I would also call out, as I've said in the past, that what we were missing a little bit over the last couple of years from a macro perspective was monetization coming from ECM type activities, particularly IPOs. We know that the region is quite hot at the moment and that portends upside for us as we go forward in terms of flows in AIPAC.

但就團隊目前的成果而言，正如我之前所說，整合後的發展動能非常強勁。現在各團隊齊聚一堂，在一個平台上，真正展現了該團隊的能力。雖然本季業績非常出色，但我對團隊的期望是他們繼續與客戶保持密切聯繫，並且我們在該地區繼續取得非常好的業績。正如我過去所說，我還想指出，從宏觀角度來看，過去幾年我們稍微缺少的是透過股權資本市場活動（尤其是首次公開募股）實現的貨幣化。我們知道該地區目前相當火熱，這預示著AIPAC的資金流動將對我們有利。

Flora Bocahut, Barclays.

弗洛拉·博卡胡特，巴克萊銀行。

I wanted to ask you a question on the comments you made in the report around your willingness to appeal, the AT1 ruling. I just wanted to understand why you, at UBS, would appeal, because to my knowledge, this was only the FINMA so far. So do you feel like you're potentially liable in this case? Why would you become a party and appeal on your side as well?

我想就您在報告中表達的關於您願意對 AT1 裁決提出上訴的意願向您提問。我只是想了解一下，為什麼瑞銀要上訴，因為據我所知，目前只有瑞士金融市場監理局（FINMA）提起上訴。所以你覺得自己在這起案件中可能要負責嗎？為什麼要加入某個政黨，同時又爭取支持你這邊？

And the second question is regarding the cost. You're obviously well advanced on the client migration in Switzerland. This is supposed to lead to the IT decommissioning next year and the cost/income ratio boost. Did you ever provide actually a number, an absolute number, in dollar billion of how much of the boost this would be to your cost base?

第二個問題是關於成本的。顯然，您在瑞士的客戶遷移方面進展順利。這有望在明年實現IT系統的退役，並提高成本效益比。你是否曾經提供一個具體的數字，一個絕對的數字，以十億美元為單位，來說明這將為你的成本基礎帶來多大的成長？

Thank you.

謝謝。

Thank you. Thanks, Flora . So on the appeal, which we announced today that -- in terms of our intention, alongside FIMA, I think it's important to understand that Credit Suisse requested to join the proceeding as a party before the closing of the legal merger with UBS. And then UBS became a party to the proceeding in June of 2023 and has succeeded to Credit Suisse as a result of the acquisition.

謝謝。謝謝你，弗洛拉。因此，關於上訴，我們今天宣布——就我們的意圖而言，除了FIMA之外，我認為重要的是要理解，瑞士信貸在與瑞銀完成法律合併之前，就已請求作為一方加入訴訟程序。然後，瑞銀於 2023 年 6 月成為該訴訟的當事方，並透過此次收購取代了瑞士信貸。

Now why is that helpful? It's in our interest to be a party in order to ensure that our perspective on the relevant facts relating to the acquisition is considered by the court. As well, and this is important, to safeguard the credibility of AT1 instruments for the key role that they play in bank recovery and resolution. Now, being a party in the proceedings does not increase our potential legal exposure, but we do feel that it's important that we participate to bring to bear the best possible outcome.

那麼，這樣做有什麼幫助呢？為了確保法院能夠考慮我們對與收購相關的事實的看法，我們作為訴訟當事人參與訴訟符合我們的利益。此外，這一點也很重要，那就是要維護 AT1 工具的信譽，因為它們在銀行債務回收和處置中發揮關鍵作用。雖然身為訴訟當事人並不會增加我們潛在的法律風險，但我們確實認為參與其中對於爭取最佳結果至關重要。

On your cost question, I think you were asking about the contribution of technology, if I got you right, in terms of the bridge to 13 billion from where we are now. So we reported that we have now reached the 10 billion mark in terms of gross run rate cost saves. So we have 3 billion that we expect to convert to -- a significant part to net saves over the course of 2026 and drive to our underlying cost/income ratio target by the end of 2026.

關於你的成本問題，我想你是在問科技所做的貢獻，如果我理解正確的話，就是從我們現在的水準到130億美元的過渡階段。因此，我們報告稱，就毛運行成本節省而言，我們現在已經達到了 100 億大關。因此，我們有 30 億，我們預計在 2026 年將其轉化為淨節省，並在 2026 年底實現我們的基本成本/收入比率目標。

Now, my expectation is when I look out, and of course, we're fine tuning this as part of the ongoing year-end planning process, but my expectation as I look out over the last five quarters, is that technology will make up a bit more than a third, let's say, close to 40% of the gross run rate cost saves of that residual 3 billion and headcount capacity is sort of a similar level with the balance being third-party and third-party costs in real estate. And from a divisional perspective, I expect two thirds of that benefit to inure to global wealth management and P&C. Split two third, one third with the balance inuring to non-core and the other core businesses.

現在，我的預期是，展望未來，當然，我們正在作為年終規劃的一部分對此進行微調，但展望過去五個季度，我的預期是，技術將佔剩餘 30 億美元毛運行率成本節省的三分之一多一點，比如說接近 40%，而人員容量也大致處於類似水平，其餘部分是第三方和第三方房地產成本。從部門角度來看，我預期其中三分之二的收益將惠及全球財富管理和財產保險業務。將三分之二的資金分配給非核心業務，其餘三分之一分配給核心業務。

Very helpful.

很有幫助。

Stefan Stalmann, Autonomous.

Stefan Stalmann，自主。

Hi, good morning. Thank you very much for taking my questions. I would like to come back to the point on the AT1 write down. You said -- what you also said in the FAQ document that being a party in the proceedings does not increase our potential legal liability, and in our view, there should be no liability in this matter. On which basis are you exactly saying that you are a party of this process, isn't it?

您好，早安。非常感謝您回答我的問題。我想回到AT1記錄的問題上來。您說過——您在常見問題解答文件中也說過——作為訴訟當事人不會增加我們潛在的法律責任，而且我們認為，在此事上不應該承擔任何責任。你究竟是基於什麼理由說你是這個過程的參與者呢？

Do you actually have an indemnity by the government to compensate for any damages that may arise out of this case? The second question, rather broadly, a question on what do you see in your US business, is there any evidence that the US banks are changing their competitive behavior on the back of their additional degrees of freedom from a regulatory capital side, in particular in Wealth Management? Thank you.

您是否確實獲得了政府的賠償保證，以補償本案可能造成的任何損失？第二個問題比較廣泛，是關於您在美國業務中觀察到的情況，是否有任何證據表明，美國銀行在監管資本方面獲得了更多自由，從而改變了其競爭行為，尤其是在財富管理方面？謝謝。

Thanks. Thank you, Stefan, for your questions. So in terms of on which basis we've made the conclusions, we're acting on legal advice naturally. Of course, as an accounting matter, I can say that we don't believe there is a liability, and therefore, if there's no liability, there's no basis to provide.

謝謝。謝謝斯特凡的提問。所以，就我們得出結論的依據而言，我們自然是根據法律建議行事的。當然，從會計角度來說，我們可以說我們認為不存在負債，因此，如果沒有負債，也就沒有提供依據。

And our belief is based on the fact that we believe the write-down was in accordance with the contractual terms of the AT1 instruments and the applicable law, and that FINMA's decree was lawful. So that was the basis of our conclusion. No, we don't have an indemnity from the Swiss government.

我們的信念基於以下事實：我們認為減記符合 AT1 工具的合約條款和適用法律，而 FINMA 的法令是合法的。這就是我們得出結論的依據。不，我們沒有獲得瑞士政府的賠償保證。

In terms of the question on US competitive dynamics, which I guess comes off the back of the US banks indicating that they have additional capital to -- and dry powder in that sense, is that changing the competitive dynamics?

至於美國競爭動態的問題，我想這是因為美國銀行表示他們擁有額外的資本——從某種意義上說，他們有「乾粉」（即資金儲備），這是否會改變競爭動態？

Look, all we can do is control what we can control in terms of what's in the US. I've been clear on what we're doing from a US wealth perspective, been clear on what we're doing in terms of driving additional IB penetration and market share in the US and the steps we're taking and the success that we're having.

你看，我們能做的就是控制我們能夠控制的事情，也就是美國國內發生的事情。我已經明確闡述了我們從美國財富角度正在做的事情，明確闡述了我們在推動投資銀行在美國的進一步滲透和市場份額方面正在做的事情，以及我們正在採取的步驟和我們取得的成功。

I would say that if we're talking about balance sheet expansion, that some of our peers may be able to, and of course, I can't comment or speculate, but may be able to bring to bear on the business. All I can do is recognize that our investment bank year-on-year has broadly flat balance sheet consumption. RWAs are broadly flat in the IB, and yet they've driven revenue increases well into the double digits. We continue to focus on our capital-light strategy and execute appropriately.

我想說，如果我們談論的是資產負債表擴張，我們的一些同行或許能夠做到這一點，當然，我不能評論或猜測，但或許能夠對業務產生影響。我只能承認，我們投資銀行的資產負債表消耗量與去年同期大致持平。投資銀行的 RWA 總體上保持平穩，但卻推動了兩位數的收入成長。我們將繼續專注於輕資產策略並採取適當的執行措施。

Joseph Dickerson, Jefferies.

Joseph Dickerson，傑富瑞集團。

I've got a couple of questions and then just a clarification. If I look at your Global Wealth Management unit, so if I take GWM and I isolate the business you call global, over the past four quarters, that's produced about 1.1 billion of pre-tax loss. Could you discuss what that is and if you could effectively get that to break even or sell it off, which I suppose is complicated? It was quite an uplift to your group pre-tax. So I'm just wondering, what is in global? You know, what's the strategy there, et cetera? And then for Q4 on the buyback, are you -- how would you think about effectively accruing for that? Would it be whatever you plan to conditionally buy back, or would it be part of the year or your full year buyback? I guess how to think about that.

我有幾個問題，還有一個需要澄清的地方。如果我看一下你們的全球財富管理部門，也就是把你們所謂的全球業務單獨拿出來，在過去的四個季度裡，該部門產生了約 11 億美元的稅前虧損。您能否解釋一下那是什麼，以及您是否能有效地實現收支平衡或將其出售？我想這應該很複雜吧？這為你們集團的稅前收入帶來了相當大的提升。所以我想知道，global 包含什麼？你知道，那裡的策略是什麼，等等？那麼對於第四季的股票回購，您－您會如何有效地為此進行提列？是指您計劃有條件回購的股份，還是指部分年度回購或全年回購？我想這就是思考這個問題的方式。

And then my point of clarification is on this AT1 matter, which is, is it not a fact that when you acquired Credit Suisse, it had no outstanding AT1 instruments? Thank you.

然後，我想澄清一下關於 AT1 的問題，那就是，當你們收購瑞士信貸時，它是否沒有任何未償還的 AT1 工具？謝謝。

Thanks, Joseph, for your questions. I may want clarification on the last one again, just to be clear on what you were asking before I respond to it. But on the others, quickly, in terms of what's in divisional items in GWM, that's the integration expenses largely driving that performance that you see in that item. So we don't attribute that to the units, but just have that overall captured in GWM. So those are all the things that are effectively the cost to achieve, the cost saves that will ultimately bring to bear and drive down its cost income ratio further.

謝謝你的提問，約瑟夫。我可能還需要你再次澄清最後一個問題，以便在回答之前弄清楚你的問題是什麼。但就其他方面而言，簡而言之，就 GWM 的部門專案而言，主要是整合費用推動了您在該專案中看到的表現。所以我們不把這歸因於各單位，而是把這整體上體現在 GWM 中。所以，這些都是實現這些目標所需的實際成本，也是最終能夠節省成本並進一步降低成本收入比的因素。

In terms of Q4 and the buyback accrual, as I said, our expectation at the moment is that whatever we determine to be the level of share buybacks that we are either committed or intend to do in 2026, we will accrue in our capital in the fourth quarter, which is in line with the capital adequacy ordinance rules in Switzerland. So that will be that.

關於第四季和回購應計款項，正如我所說，我們目前的預期是，無論我們確定在 2026 年承諾或打算進行的股票回購水準是多少，我們都將在第四季度計入資本，這符合瑞士的資本充足率條例規定。事情就是這樣。

Of course, the ultimate level of what we determine is subject to all the things that I mentioned on the call, our ongoing planning process, continued successful integration steps, particularly with the Swiss platform, and then as well whether there's more visibility or any further visibility around the shape and timing of the capital rules here in Switzerland. So all that will inform what we come out and say we're intending to do in the fourth quarter, and that will inform the accrual. In addition, our full-year 2025 dividend will also be accrued in the capital.

當然，我們最終確定的水平取決於我在電話會議上提到的所有因素，我們正在進行的規劃過程，持續成功的整合步驟，特別是與瑞士平台的整合，以及瑞士資本規則的形式和時間安排是否有更多可見性或進一步的可見性。因此，所有這些因素都會影響我們在第四季要宣布的計劃，而這些計劃又會影響應計項目。此外，我們2025年的全年股息也將計入資本。

Now, can I just ask you just to -- if you wouldn't mind restating the last question?

現在，我可以請您——如果您不介意的話——再重複一遍上一個問題嗎？

Yeah, I just wanted to clarify that at the time that you acquired Credit Suisse, at that point, Credit Suisse had no outstanding AT1 instruments.

是的，我只是想澄清一下，在你收購瑞士信貸的時候，瑞士信貸當時沒有任何未償還的AT1債券。

That is correct.

沒錯。

Anke Reingen, RBC.

Anke Reingen，RBC。

Yeah, thank you for taking my questions. The first is just a follow-up question on Joe's question about the buyback. I guess previously you said when you published your opinion paper that with full-year results, you don't expect full visibility on the regulation. I guess nothing has really changed on that aspect.

是的，謝謝你回答我的問題。第一個問題只是對喬關於回購問題的後續問題。我猜您之前在發表觀點文章時說過，您認為在全年業績公佈之前，您不指望能完全了解監管情況。我想在這方面並沒有什麼真正的改變。

And then I guess, would you be able to sort of like announce another buyback in the course of the year once you have more clarity, or would that be basically excluded by your sort of like approach to buybacks in 2026?

那麼我想問的是，一旦情況更加明朗，您是否有可能在今年內宣布另一次股票回購計畫？或者，根據您2026年的股票回購策略，這基本上已經排除了這種可能性？

And then secondly, can you talk a bit about the integration of the Swiss operations, how that's been going? I guess there have been some press articles about some system failures. Would you think that's due to the integration, or is it just sort of like part of the normal business? I think you had some quite attractive deposit rates out there. Are they basically part of your Q4 NII guidance? Thank you very much.

其次，您能否談談瑞士業務的整合情況，進展如何？我猜應該有一些媒體報告了系統故障。你認為這是整合造成的，還是只是正常業務的一部分？我認為當時市面上有一些相當有吸引力的存款利率。它們基本上包含在你們第四季淨利息收入預期中嗎？非常感謝。

Thank you for the question, Anke. I think that's -- let me maybe remind what I mentioned in the last few quarters as we were answering the question on capital returns. Our capital return policies, and in particular, around share buyback, will not be a stop-and-go policy. So as you heard from Todd, we're going to complete our current outstanding share buyback plan and at year-end, all things being equal, we expect to accrue for share buyback to be executed during 2026.

謝謝你的提問，安克。我想——讓我提醒一下，在過去幾個季度裡，我們在回答有關資本回報的問題時提到什麼。我們的資本回報政策，特別是關於股票回購的政策，不會是時斷時續的政策。正如托德所說，我們將完成目前未完成的股票回購計劃，如果一切順利，我們預計到年底將累積資金，用於在 2026 年執行股票回購。

The size of the share buyback will be determined as we complete our process and as we have more visibility both on how the integration is progressing and also on any potential developments on the capital requirements topic in Switzerland. But yeah, we're going to have a share buyback in 2026, all things being equal.

股票回購的規模將隨著我們流程的完成以及我們對整合進度和瑞士資本要求問題的任何潛在發展的了解加深而確定。是的，如果一切順利的話，我們將在 2026 年進行股票回購。

So on the integration side, Todd, you may chime in, but I would say that, of course, when you go through such an enormous, we have been migrating 40 petabytes 1of data, migrating 700,000 clients out of 1.2 million clients. So I think that's -- what we try to do is always try to make it as smooth as possible for everybody. I would say that so far, the vast majority of the clients that are now part of the UBS platform are happy about the migration.

所以，在整合方面，Todd，你可能會插話，但我想說的是，當然，當你經歷如此巨大的事情時，我們一直在遷移 40 PB 的數據，從 120 萬個客戶中遷移 70 萬個客戶。所以我覺得──我們努力的目標就是盡可能讓每個人都能順利完成這件事。我想說，到目前為止，絕大多數加入瑞銀平台的客戶都對此遷移感到滿意。

Of course, you always have some kind of people not being happy. It's like if I ask you to move from iOS telephone to an Android or the other way around, the first couple of days, maybe you are not so pleased. I don't think that we have any major issues here. Actually, things are going pretty well, and we are now very focused on completing that. So the rest of the deposit outflows, I think that was more.

當然，總會有人不滿意。這就好比我讓你從 iOS 手機換到安卓手機，或者反過來，頭幾天你可能不太高興。我認為我們這裡沒有什麼重大問題。實際上，事情進展得相當順利，我們現在正全力以赴完成這項工作。所以，我認為其餘的存款流出更多。

Yeah, Sergio, thanks. Just to pick up -- agreed. Just to pick up on Sergio's point, any system issue is unrelated to the client migration. In terms of -- you asked a sort of maybe a broader question or maybe a more specific question, but I'll answer it.

是啊，塞爾吉奧，謝謝。只是順便取一下——同意。正如 Sergio 所說，任何系統問題都與客戶端遷移無關。至於──你問了一個可能比較廣泛或比較具體的問題，但我會回答的。

The most important thing to remember is that we're managing our net interest income, Anke, in an environment of zero interest rates. So I think it's fair to say that the balance sheet dynamics play quite an important role in enhancing the NII as best as we can. You could even see that a bit in the quarter on quarter this quarter. So we're pricing to be competitive in the market since where we want high value or deposits of high funding value. I wouldn't call out anything unusual about what we're doing other than to enhance our NII wherever possible.

安克，最重要的是要記住，我們是在零利率環境下管理我們的淨利息收入。所以我認為可以公平地說，資產負債表動態在盡可能提高淨利息收入方面發揮著相當重要的作用。甚至從本季環比數據中也可以看出這一點。因此，我們的定價旨在保持市場競爭力，因為我們想要的是高價值或高資金價值的存款。除了盡可能地加強我們的NII之外，我不會指出我們正在做的事情有什麼不尋常之處。

Chris Hallam, Goldman Sachs.

克里斯‧哈勒姆，高盛集團。

Yeah, morning. Just two quick follow-ups really from me left. First, you mentioned that you expect to receive approval for the National Bank Charter in 2026. From the point of that approval, how do you see the timeline and the quantum for the PBT margin improvement in US wealth? Just I would assume that that's additive to the FY26 ROC CET1 exit rate. Just any color there would be super helpful.

早安.我最後只剩下兩個簡短的後續問題了。首先，您提到您預計將在 2026 年獲得國家銀行特許經營權的批准。從獲得批准之日起，您如何看待美國財富稅前利潤率改善的時間表和幅度？我認為這會加到 2026 財年 ROC CET1 退出率。任何顏色都行，會非常有幫助。

And then second, you also flagged that a prolonged US government shutdown may delay US capital markets activities in the fourth quarter. Could you just give us a sense of materiality on that? I guess if we assume that the Q2 accounts deadline is missed for potential listings, how that may impact the IB numbers for Q4 for you. Thank you.

其次，您也指出，美國政府長期停擺可能會延遲美國資本市場在第四季的活動。能否簡單介紹一下這方面的物質性？我想，如果我們假設第二季財務報表截止日期未能準時提交，這可能會對您第四季的IB業績產生怎樣的影響。謝謝。

Thanks for your questions. I think the important thing on the National Charter in terms of when we get it and what it means, first of all, it's been priced into our longer-term plan since it's been something that we have been intending to do.

謝謝你的提問。我認為，就國家憲章而言，何時獲得它以及它的意義，最重要的是，它已被納入我們的長期計劃，因為這是我們一直打算做的事情。

I think it's important to understand that, as I mentioned in response to an earlier question, we're very focused on building out our NII and banking capabilities in the US now. And the national charter is a natural add-on to that. This is not just a wait for that and then it's going to be transformational, but rather, it's going to be part of an evolution.

我認為重要的是要明白，正如我在回答先前的問題時所提到的那樣，我們現在非常專注於在美國建立我們的淨利息收入和銀行業務能力。而國家憲章則是對此的自然補充。這並非只是等待某個時刻到來，然後就會發生變革，而是一個演變過程的一部分。

And it's going to, obviously, if we want our clients, the great majority of whom are doing their banking with other banks, our peers largely in the US, and we want to have those clients start to bank with us, that's going to take time. So we can't do it until we have the charter, the license approved. So that's going to enhance things, but I would just say it's going to take time.

很顯然，如果我們想讓我們的客戶（他們中的絕大多數都在其他銀行，主要是美國的同行）開始在我們這裡開戶，這需要時間。所以，在我們獲得章程和許可證之前，我們無法進行這項工作。所以這肯定會有所幫助，但我認為這需要時間。

We'll keep you up and give you color as to expectations. But right now, from where I sit, that's something where I'm much more focused on ensuring that we're doing the right things to drive NII expansion now and to use the charter as an enhancement to that.

我們會及時向您通報最新情況，並詳細說明預期結果。但就我目前所處的位置而言，我更關注的是確保我們正在做正確的事情來推動 NII 的發展，並將章程作為增強這一發展的一種手段。

In terms of the US government shutdown, it's very difficult to frame that in a materiality context. We just wanted to flag it as a potential headwind, given that if at some point, if the IPO calendar really does get delayed across the street, it'll have ultimately an impact on ECM revenues, potentially even other capital markets' revenues. So we just wanted to flag it as a risk factor that we see, but it's very difficult to frame in terms of materiality at this point.

就美國政府停擺而言，很難從物質層面來分析它。我們只是想指出這可能是一個不利因素，因為如果IPO日程真的在某個時候被推遲，最終將對ECM收入產生影響，甚至可能對其他資本市場的收入產生影響。所以我們只是想指出這是一個我們看到的風險因素，但目前很難從實質的角度來界定它。

Andrew Coombs, Citi.

安德魯·庫姆斯，花旗銀行。

If I could have one on litigation and one on net interest income. On litigation, if I look at note 14 in your accounts, you do talk about [ATIA] with respect to terrorist attacks in Iraq. You also talk about Madoff and Luxembourg funds and courts. I'm sure you've seen the events with BNP Paribas with respect to Sudan, and more recently seen HSBC and the Luxembourg court ruling on cash restitution on Madoff. So is there any points of comparison that you would make and similarities versus differences to the outstanding cases that you have and flag in note 14 in your accounts?

如果我能分別擁有訴訟收入和淨利息收入就好了。關於訴訟，如果我查看您帳目中的第 14 條註釋，您確實談到了 [ATIA] 與伊拉克恐怖攻擊有關的問題。你也提到了麥道夫、盧森堡基金會和法院。我相信您已經看到了法國巴黎銀行在蘇丹事件中的相關情況，以及最近匯豐銀行和盧森堡法院關於麥道夫現金賠償的裁決。那麼，您能否將本案與您帳戶中備註 14 中標記的未決案件進行比較，找出相似之處和不同之處？

And then, completely separately, net interest income trajectory, you obviously had good growth in Q3, better than anticipated, largely seems to be due to the deposit mix and pricing, but you're then guiding to stable net interest income in Q4 again. So is there an additional headwind coming through that you're foreseeing in Q4? Is it just a function of Fed rates? What are the moving parts that mean that you are slightly more conservative on your Q4 guide versus the experience in Q3? Thank you.

另外，就淨利息收入軌跡而言，顯然第三季成長良好，好於預期，這主要歸功於存款結構和定價，但你們預計第四季度淨利息收入將再次保持穩定。那麼，您預計第四季還會面臨哪些額外的不利因素？這僅僅是聯準會利率的函數嗎？是什麼因素導致您在第四季業績指引方面比第三季略顯保守？謝謝。

Yeah. Thanks, Andy. So on the second question in terms of NII and the outlook, first, just to maybe unpack it. From a P&C perspective, I think there it's pretty clear that, notwithstanding the point I made to Anke around balance sheet management, the NII is going to be difficult to move out of this sort of flat trajectory with interest rates not having anywhere to go at this point.

是的。謝謝你，安迪。那麼關於 NII 和前景的第二個問題，首先，讓我們來詳細分析一下。從財產和意外保險的角度來看，我認為很明顯，儘管我向安克提出了關於資產負債表管理的觀點，但由於利率目前沒有上升空間，淨利息收入很難擺脫這種平穩的走勢。

When they move, as I've said, given the positive convexity in the curve, whether rates move up or down, that will benefit us in P&C NII. In Wealth, it's always -- the dynamics with rates going down are always somewhat difficult to model because of the impact. Of course, we are still pushing to see continued releveraging. So we've had our third quarter of releveraging, so that's a positive trend that can help.

正如我所說，考慮到曲線的正凸性，無論利率上升或下降，都將使我們在財產和意外險淨利息收入中受益。在財富管理領域，利率下降帶來的動態變化總是難以建模，因為其影響巨大。當然，我們仍在努力推動繼續進行槓桿再融資。我們已經完成了第三個季度的槓桿調整，這是一個積極的趨勢，可能會有所幫助。

Also, as rates tick down low enough, then you start to see even releveraging take a much more significant uptick, just given interest in the carry trade. But we're not yet seeing that at the levels at the moment. Of course, as well as rates go down, then you have some makeshift dynamics that have been favorable, but are also difficult to call, especially given the rate levels we're at.

此外，隨著利率下降到足夠低的水平，考慮到套利交易的興趣，你會發現即使是再槓桿化也會出現更顯著的成長。但就目前的情況來看，我們還沒有看到這種情況發生。當然，隨著利率下降，也會出現一些有利的臨時性動態，但這些動態也很難預測，尤其是在我們目前的利率水準下。

So we think that we'll continue to manage the downward pressure on NII from lower rates. Rates are already very low on half our balance sheet, just given euro and Swissie. As dollars come down, that'll have some downward pressure on deposit NIM. But we'll continue to manage everything. And naturally, as NII is only a quarter of GWM's revenues, of course potentially a lower rate environment also portends favorable things around transactional activity and even potentially recurring fees.

因此，我們認為我們將繼續控制低利率對淨利息收入的下行壓力。我們資產負債表一半的利率已經非常低了，僅以歐元和瑞士法郎計價。美元貶值將對存款淨利差構成一定的下行壓力。但我們會繼續妥善處理一切。當然，由於淨利息收入僅佔長城汽車收入的四分之一，較低的利率環境也預示著交易活動甚至經常性費用方面會有有利的情況。

Look, on your litigation questions broadly, first of all, we're not going to comment on other firms' cases and do read across and comment whether on AT1 or on Madoff. So we have our disclosure in the litigation note, and I would just direct you to read and form your own conclusions. But we're not going to speculate on what we don't know about other institutions' legal cases.

聽著，關於你提出的訴訟問題，首先，我們不會評論其他公司的案件，也不會對 AT1 案或麥道夫案發表評論。因此，我們在訴訟文件中已經披露了相關信息，我建議你們閱讀並自行得出結論。但我們不會對我們不知道的其他機構的法律案件妄加猜測。

Benjamin Goy, Deutsche Bank.

班傑明‧戈伊，德意志銀行。

Two questions remain. First, it looks like you didn't upstream capital out of your New York or Credit Suisse International entities in this quarter, but last year you did a significant one in Q4. Should we expect something similar this year? Maybe you can share some color on that.

還有兩個問題。首先，看起來你本季沒有從你的紐約或瑞士信貸國際實體向上游注入資金，但去年第四季你進行了大量的向上游注入。今年是否也會出現類似情況？或許你可以分享一些相關資訊。

And then secondly, as equality remains rock solid, at least in the US disclosure, we see that your exposure to non-deposit taking financial institutions is quite low. Any additional details of exposures to private credit, private equity, and hedge funds would be appreciated and potentially also broader thoughts on the credit concerns in the market outside of single cases. Thank you.

其次，由於平等原則仍然非常穩固（至少在美國的資訊揭露中是如此），我們看到您對不吸收存款的金融機構的風險敞口相當低。如果您能提供更多關於私募信貸、私募股權和對沖基金敞口的詳細信息，以及對個別案例之外的市場信貸問題的更廣泛看法，我們將不勝感激。謝謝。

Thanks, Benjamin. So in terms of upstreaming capital from our subsidiaries, in particular the UK subsidiary where I've guided in the past, it's still expectation over the rest of this year into next year. We don't control the timing. What we control is continuing to de-risk the balance sheet but ultimately, the timing to upstream requires regulatory approval. So we don't control that. But I'm still expecting that the capital repatriations from the UK will happen over the near to midterm.

謝謝你，班傑明。因此，就從我們的子公司向上游注入資金而言，特別是我過去曾指導過的英國子公司，我們仍然預期今年剩餘時間到明年都會有資金注入。我們無法控制時間。我們能夠控制的是繼續降低資產負債表的風險，但最終，向上游推進的時機需要監管部門的批准。所以我們無法控制這一點。但我仍然預計，英國的資本回流將在中短期內發生。

In the US, and I've mentioned in the past, our expectation is to reduce the capital ratio to levels that were pre-CS levels of CET1 capital. You could see this quarter still elevated with a two-handle in terms of CET1. We're working as well to reduce the capital levels there and that will also result in there being upstream of capital from the US to the parent bank.

在美國，正如我過去提到的，我們的期望是將資本充足率降低到 CS 收購前 CET1 資本的水平。從 CET1 的角度來看，本季仍然處於高位，擁有兩個把手。我們也在努力降低那裡的資本水平，這也將導緻美國向母行提供上游資本。

I will give more color next quarter on the expectations around what I see for the full year 2026. At this stage we continue to work to upstream as much as we can as a function of de-risking the balance sheet from the CS acquisition.

下個季度我將更詳細地闡述我對 2026 年全年的預期。現階段，我們將繼續努力向上游轉移盡可能多的業務，以降低收購 CS 為資產負債表帶來的風險。

And on the second question in terms of NBFIs, look, I'm very comfortable with our on-balance sheet exposure from a credit standpoint. I think that's pretty clear. If you take from me my updates each quarter on where our balance sheet is, what it consists of, cost of risk, our NBFI counterparties are largely investment-grade, strong protection in terms of collateralized positions. So I have no concerns about the broader credit environment impacting on UBS at this stage.

至於第二個關於非銀行金融機構的問題，你看，從信貸角度來看，我對我們資產負債表上的風險敞口非常有信心。我覺得這一點很清楚了。如果你關注我每個季度更新的關於我們資產負債表狀況、構成、風險成本的信息，你會發現我們的非銀行金融機構交易對手大多是投資級的，抵押頭寸方面有很強的保障。因此，我並不擔心現階段整體信貸環境會對瑞銀產生影響。

I'm seeing nothing that would suggest any issues beyond what I report regularly on, which is in our Swiss environment, just working through the backbook from the Credit Suisse acquisition that we've been doing and bringing to you all my thoughts around the impact, say, of the ongoing and emerging trade policy effects on whether the back or the front book in the Swiss business. So those are the things that I think are relevant and will continue to focus on and see no broader stress in the credit market that I would -- particularly in the private credit market, that I would call out.

除了我定期報告的內容之外，我沒有發現任何問題，也就是我們在瑞士的業務環境，我們正在處理收購瑞士信貸後留下的業務，並將我的想法帶給大家，例如，持續和新興的貿易政策對瑞士業務的業務（無論是現有業務還是現有業務）的影響。所以我認為這些是相關的，我將繼續關注這些方面，我認為信貸市場不會有任何更廣泛的壓力——尤其是在私人信貸市場，我不會特別指出這些壓力。

Amit Goel, Mediobanca.

Amit Goel，Mediobanca。

Two questions from me, just follow-ups really. One, so just on the coming back to the US wealth piece, I just really wanted to understand. I appreciate you'll give more guidance with full year, but with the changes to the grid to try and get a bit more attention and to kind of stabilize the flows, could we see the operating margin then again kind of decline a little bit before you look to get that improving again?

我還有兩點問題，只是後續跟進而已。第一，回到美國財富這個主題，我真的很想了解一下。我知道您會在全年提供更多指導，但是由於電網進行了調整，試圖引起更多關注並穩定電流，我們是否會看到營運利潤率在您著手改善之前再次略有下降？

And then secondly, just on the PCB business, I guess in the comments, the net new deposit outflow reflected some balance sheet optimization, but I was a bit confused about why there would be some slightly more favorable deposit offerings being made. Just wanted to understand that a bit better. And essentially, with the outlook being a bit more cloudy for Switzerland, just curious how you're seeing the balance sheet development there going into next year. Thank you.

其次，就PCB業務而言，我想在評論中，淨新增存款流出反映了一些資產負債表優化，但我有點困惑為什麼會有一些稍微優惠一些的存款產品。我只是想更深入地了解一下。鑑於瑞士的經濟前景目前還不太明朗，我很好奇您如何看待瑞士明年的資產負債表發展。謝謝。

Got it. Maybe just taking your second question first. So on the balance sheet, we continue to -- we disclose that, continue to extend significant levels of credit to clients here in Switzerland, CHF40 billion, very focused on that.

知道了。或許可以先回答你的第二個問題。因此，在資產負債表上，我們繼續——我們披露這一點——繼續向瑞士的客戶提供大量信貸，高達 400 億瑞士法郎，我們非常重視這一點。

In terms of how we're thinking about the balance sheet, the balance sheet is critical for us in our Swiss business, as I mentioned, one, to just manage the franchise. Now, particularly, as we move into a post-integration state, we're going to lean in more and more on the balance sheet to help our clients and to drive NII even if the rates are not helping.

就我們如何看待資產負債表而言，資產負債表對於我們在瑞士的業務至關重要，正如我所提到的，首先，它與特許經營權的管理有關。現在，尤其是在我們進入後整合階段之後，我們將越來越依賴資產負債表來幫助我們的客戶並推動淨利息收入成長，即使利率沒有幫助。

So the dynamics here in Switzerland around balance sheet remain quite important to us and ensuring that we're seen as a trusted lender to our counterparties is quite critical to us and is why we talk about the level of credit that we're extending or rolling over on a regular basis to show the levels that we're maintaining here in the Swiss market.

因此，瑞士的資產負債表動態對我們來說仍然非常重要，確保我們被交易對手視為值得信賴的貸款人對我們至關重要，這也是為什麼我們會定期談論我們正在發放或展期的信貸水平，以顯示我們在瑞士市場維持的水平。

In terms -- just quickly on the outflow as part of the optimization, I think it's important to understand that we're also looking to maximize funding value around our deposits. And that's pretty critical, how we price and how we term out deposits, in particular, is important just to also manage some -- across the group some of the FX-driven headwinds I've touched on that make leverage more constraining. It's just a tool we're using across the group to improve or increase funding value along our deposits and just to ensure that we're maximizing it in that respect.

就資金流出而言——作為優化的一部分，我認為重要的是要理解，我們也在尋求最大限度地提高存款的資金價值。這一點非常關鍵，我們如何定價以及如何延長存款期限，尤其如此，因為這對於管理集團內部一些我之前提到的外匯驅動的不利因素至關重要，這些不利因素使得槓桿作用更加受限。這只是我們集團用來提高存款資金價值、確保我們在這方面實現最大化利用的工具。

You asked about the US wealth business and the changes to the grid and the impacts. I've mentioned the impacts. In terms of the outlook on the pre-tax margin from the changes, if I isolate the pre-tax margin effects from the changes that we've made, they're pre-tax margin accretive and they're helpful. They're supportive. And that's not just what's happened life-to-date, but also as we model out what we might see.

你問到了美國財富管理產業、電網變化及其影響。我已經提到過這些影響。就這些變化對稅前利潤率的影響而言，如果我將我們所做的變化對稅前利潤率的影響單獨來看，這些變化是能提高稅前利潤率的，而且是有益的。他們很支持我。這不僅適用於迄今為止的人生經歷，也適用於我們對未來可能發生的事情的預測。

Naturally, we're working quite hard to ensure that the outflows taper. As I've said, we'll see -- some lag effect is likely just given the movement that we've seen and given the time that it takes before advisors are off our platform. But we're -- that remains a focus for us. So that I would say is pre-tax margin accretive in the way we see it.

當然，我們正在努力確保流出量逐漸減少。正如我所說，我們拭目以待——考慮到我們已經看到的趨勢以及顧問離開我們平台所需的時間，出現一些滯後效應是可能的。但這仍然是我們關注的重點。所以我認為，從我們的角度來看，這會增加稅前利潤率。

And therefore, the changes to the grid that we made this most recent year that we announced do not go backwards. They are incentivizing growth, and they're resonating really well. The things that we have introduced are resonating well with advisors. So we don't see that going backwards, though, because some of the things that we had changed in the year before were not things that we reinstated.

因此，我們今年宣布的對電網進行的調整不會倒退。它們激勵了成長，而且反應非常好。我們推出的這些措施得到了顧問們的正面回饋。所以，我們並不認為這種情況會倒退，因為我們在前一年改變的一些事情並沒有恢復。

I think we have no further questions. So thank you, everyone, for joining and asking questions and we look forward to updating you with our fourth quarter results in February. Thank you.

我想我們沒有其他問題了。感謝各位的參與與提問，我們期待在二月向大家報告第四季業績。謝謝。

Ladies and gentlemen, the webcast and Q&A session for analysts and investors is over. You may now disconnect your lines. We will now take a short break and continue with the media Q&A session at 10:45. Thank you.

女士們、先生們，面向分析師和投資人的網路直播及問答環節已經結束。現在您可以斷開線路了。現在我們將稍作休息，媒體問答環節將於 10:45 繼續進行。謝謝。