<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Depositphotos_95271016_S.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Depositphotos_95271016_S.jpg"/></p>
<p>今年，美国精品银行股表现良好，迹象显示交易活动正在复苏。截至 8 月 15 日，Piper Sandler（PIPR）股票今年的总回报率达到 50.50%，Evercore（EVR）和 Lazard（LAZ）几乎上涨了 50%。Moelis（MC）、PJT Partners（PJT）和 Houlihan Lokey（HLI）分别上涨了 15%、19% 和 26%。</p>
<h2>投资银行业正在复苏</h2>
<p>在过去几年中，投资银行业经历了一段动荡时期，经历了新冠疫情期间的繁荣后的低迷。</p>
<p>该行业主要受到两个关键因素的影响：高利率和监管。在美国，美联储将利率推高至 20 多年来的最高点。</p>
<p>较高的利率通过使公司借钱收购其他公司变得更加昂贵来影响该行业。</p>
<p>美国监管机构也对大型交易持高度批评态度。例如，美国联邦贸易委员会（FTC）曾起诉阻止 JetBlue 和 Spirit Airlines 的合并。</p>
<p>此外，FTC 曾起诉阻止英伟达收购 Arm Holdings、洛克希德·马丁收购 Aerojet Rocketdyne 以及 Kroger 收购 Albertson。微软收购动视暴雪的批准也需要更长时间执行。</p>
<p>人们也对过去交易的影响表示担忧。例如，Teladoc Health 以 180 亿美元收购了 Livongo Health，而今天，合并后的公司市值不到 20 亿美元。</p>
<p>现在，随着全球利率开始下降，有迹象显示并购活动正在加速，这将使顶级精品银行受益。</p>
<p>2023 年，埃克森美孚以 600 亿美元收购了先锋自然资源，而雪佛龙则以 530 亿美元收购了赫斯。</p>
<p>就在本周，马斯宣布将以 300 亿美元收购 Kellanova，而家得宝则以 183 亿美元收购了 SRS Distribution。其他重要交易包括辉瑞收购 Seagen、安进收购 Horizon Therapeutics 以及博通收购 VMware。</p>
<p>该行业面临的主要挑战之一是首次公开募股（IPO）几乎已经枯竭。今年上市的主要公司包括 Reddit、Viking Holdings、Zeekr 和 Waystar。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/chart-comparison-31-1024x354.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Evercore vs Lazard vs Moelis vs Houlihan Lokey vs PJT vs Piper Sandler" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/chart-comparison-31-1024x354.png"/></p>
<h2>Lazard 和 Piper Sandler 看到更多交易</h2>
<p>最近的财务结果显示，像摩根大通、美国银行这样的大银行以及 Evercore、Piper Sandler、Lazard、PJT 和 Moelis 等精品银行的投资银行部门表现出改善。</p>
<p>例如，该行业前五大参与者在第二季度的投资银行费用超过 82 亿美元，比 2022 年同期增长 40%。</p>
<p>Lazard，作为美国最知名的精品银行之一，表示其第二季度净收入增长了 7%，达到 6.85 亿美元。上半年收入增长了 22%，达到 14.5 亿美元。其中大部分收益来自其金融咨询业务，包括 IPO 和并购等服务。</p>
<p>Lazard 今年参与了多笔交易，包括价值 335 亿美元的 WestRick 和 Smurfit Kappa 的合并、Vertex Pharmaceuticals 收购 Alpine Immunosciences 以及大众汽车对 Rivian 的投资。</p>
<p>另一方面，Piper Sandler 第二季度净收入下降了 1%，达到 3.39 亿美元。然而，其咨询服务收入在第二季度增长了 42%，达到 1.84 亿美元，得益于更高的费用和交易量。其投资银行收入增至 2.59 亿美元。</p>
<h2>Evercore、PJT 和 Houlihan Lokey 表现出色</h2>
<p>Evercore 在本季度也表现强劲，其收入从 2023 年同期的 4.994 亿美元增至 6.89 亿美元。上半年收入从 10.8 亿美元增至 12.8 亿美元。更高的费用也带来了更多的利润，其运营利润率提高至 15.7%。</p>
<p>PJT Partners 和 Houlihan Lokey 等其他精品银行也表现强劲，显示出该行业正在复苏的迹象。PJT Partners 的收入增长了 4%，达到 3.6 亿美元，上半年收入增长了 26%，达到 6.9 亿美元。</p>
<p>Houlihan Lokey 的收入从 2023 年的 4.15 亿美元增至截至 6 月的超过 5.13 亿美元。Houlihan 主要受益于并购活动和财务重组的改善。</p>
<p>很少有人听说过 Houlihan Lokey。然而，大多数公司和投资银行家都知道它，因为它在重组方面具有专业知识。多年来，它处理了华盛顿互助银行、雷曼兄弟、世通、安然和通用汽车等公司的破产。</p>
<p>展望未来，大多数这些公司发布了积极的展望，因为该行业继续复苏。值得关注的关键推动因素将是可能导致更多交易的美联储降息。</p>
<p>此外，这些公司正在关注美国政治发展。从理论上讲，这些公司希望唐纳德·特朗普和共和党在 11 月赢得胜利，因为他们更支持并购。例如，特朗普将为更亲企业的人选改变联邦贸易委员会（FTC）主席。</p>
<p>本文来源：Evercore, Lazard, Piper Sandler stocks rise as deals recover，首发于 Invezz</p>

<p>精品投行股票，包括 Piper Sandler 和 Evercore，在疫情后交易活动复苏的推动下出现反弹。Piper Sandler 今年的总回报率达到了 50.50%，而 Evercore 和 Lazard 也几乎实现了 50% 的增长。尽管面临高利率和监管审查的挑战，但并购活动正在加速，像埃克森收购先锋自然资源这样的重大交易也在进行中。投资银行报告表现改善，Lazard 的收入增长了 7%，Evercore 的增长了 15%。随着潜在的美联储降息预期，行业展望积极，预示着可能会出现更多交易</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Depositphotos_95271016_S.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2024/08/Depositphotos_95271016_S.jpg"/></p>
<p>US boutique bank stocks are doing well this year as signs show that deal-making is coming back to life. Piper Sandler (PIPR) stock’s total return this year stood at 50.50% on August 15 while Evercore (EVR) and Lazard (LAZ) rose by almost 50%. Moelis (MC), PJT Partners (PJT), and Houlihan Lokey (HLI) have risen by 15%, 19%, and 26%, respectively.</p>
<div class="lb-trans"><p>今年，美国精品银行股表现良好，迹象显示交易活动正在复苏。截至 8 月 15 日，Piper Sandler（PIPR）股票今年的总回报率达到 50.50%，Evercore（EVR）和 Lazard（LAZ）几乎上涨了 50%。Moelis（MC）、PJT Partners（PJT）和 Houlihan Lokey（HLI）分别上涨了 15%、19% 和 26%。</p>
</div><h2>Investment banking is recovering</h2>
<div class="lb-trans"><h2>投资银行业正在复苏</h2>
</div><p>The investment banking industry has gone through a period of turmoil in the past few years after booming during the Covid-19 pandemic.</p>
<div class="lb-trans"><p>在过去几年中，投资银行业经历了一段动荡时期，经历了新冠疫情期间的繁荣后的低迷。</p>
</div><p>This sector has primarily been impacted by two key factors: high interest rates and regulations. In the United States, the Federal Reserve has pushed interest rates to the highest point in over two decades.</p>
<div class="lb-trans"><p>该行业主要受到两个关键因素的影响：高利率和监管。在美国，美联储将利率推高至 20 多年来的最高点。</p>
</div><p>Higher rates affect the industry by making it expensive for companies to borrow money to acquire other firms.</p>
<div class="lb-trans"><p>较高的利率通过使公司借钱收购其他公司变得更加昂贵来影响该行业。</p>
</div><p>American regulators have also been highly critical of big deals. For example, the Federal Trade Commission (FTC) sued to block the JetBlue and Spirit Airlines merger.</p>
<div class="lb-trans"><p>美国监管机构也对大型交易持高度批评态度。例如，美国联邦贸易委员会（FTC）曾起诉阻止 JetBlue 和 Spirit Airlines 的合并。</p>
</div><p>Further, the FTC sued to block the merger of Nvidia and Arm Holdings, Lockheed Martin and Aerojet Rocketdyne, and Kroger and Albertson. The approval of Microsoft’s buyout of Activision Blizzard also took longer to execute.</p>
<div class="lb-trans"><p>此外，FTC 曾起诉阻止英伟达收购 Arm Holdings、洛克希德·马丁收购 Aerojet Rocketdyne 以及 Kroger 收购 Albertson。微软收购动视暴雪的批准也需要更长时间执行。</p>
</div><p>There are also some concerns about the impact of past deals. For example, Teladoc Health acquired Livongo Health for $18 billion, and today, the combined company is valued at less than $2 billion.</p>
<div class="lb-trans"><p>人们也对过去交易的影响表示担忧。例如，Teladoc Health 以 180 亿美元收购了 Livongo Health，而今天，合并后的公司市值不到 20 亿美元。</p>
</div><p>Now, with interest rates starting to fall globally, there are signs that M&amp;A activity is picking up, a move that will benefit the top boutique banks.</p>
<div class="lb-trans"><p>现在，随着全球利率开始下降，有迹象显示并购活动正在加速，这将使顶级精品银行受益。</p>
</div><p>In 2023, ExxonMobil acquired Pioneer Natural Resources in a $60 billion deal while Chevron responded by acquiring Hess for $53 billion.</p>
<div class="lb-trans"><p>2023 年，埃克森美孚以 600 亿美元收购了先锋自然资源，而雪佛龙则以 530 亿美元收购了赫斯。</p>
</div><p>Just this week, Mars announced that it will acquire Kellanova in a $30 billion deal while Home Depot acquired SRS Distribution for $18.3 billion. Other top deals were Pfizer’s buyout of Seagen, Amgen’s buyout of Horizon Therapeutics, and Broadcom’s acquisition of VMware.</p>
<div class="lb-trans"><p>就在本周，马斯宣布将以 300 亿美元收购 Kellanova，而家得宝则以 183 亿美元收购了 SRS Distribution。其他重要交易包括辉瑞收购 Seagen、安进收购 Horizon Therapeutics 以及博通收购 VMware。</p>
</div><p>One of the top challenges in the industry is that Initial Public Offering (IPO) has almost dried up. The top companies to IPO this year were Reddit, Viking Holdings, Zeekr, and Waystar.</p>
<div class="lb-trans"><p>该行业面临的主要挑战之一是首次公开募股（IPO）几乎已经枯竭。今年上市的主要公司包括 Reddit、Viking Holdings、Zeekr 和 Waystar。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/chart-comparison-31-1024x354.png" alt="Evercore vs Lazard vs Moelis vs Houlihan Lokey vs PJT vs Piper Sandler" original-src="https://invezz.com/wp-content/uploads/2024/08/chart-comparison-31-1024x354.png"/></p>
<h2>Lazard, and Piper Sandler are seeing more deals</h2>
<div class="lb-trans"><h2>Lazard 和 Piper Sandler 看到更多交易</h2>
</div><p>Recent financial results show that big banks like JPMorgan and Bank of America and boutique ones like Evercore, Piper Sandler, Lazard, PJT, and Moelis are seeing improved performance in their investment banking divisions.</p>
<div class="lb-trans"><p>最近的财务结果显示，像摩根大通、美国银行这样的大银行以及 Evercore、Piper Sandler、Lazard、PJT 和 Moelis 等精品银行的投资银行部门表现出改善。</p>
</div><p>For example, the five biggest players in the industry made investment banking fees of over $8.2 billion in the second quarter, a 40% increase from the same period in 2022.</p>
<div class="lb-trans"><p>例如，该行业前五大参与者在第二季度的投资银行费用超过 82 亿美元，比 2022 年同期增长 40%。</p>
</div><p>Lazard, one of the most prominent US boutique banks, said that its net revenue rose by 7% in the second quarter to $685 million. Its half-year revenue rose by 22% to $1.45 billion. Most of these gains came from its financial advisory business, which houses its services like IPOs and M&amp;A.</p>
<div class="lb-trans"><p>Lazard，作为美国最知名的精品银行之一，表示其第二季度净收入增长了 7%，达到 6.85 亿美元。上半年收入增长了 22%，达到 14.5 亿美元。其中大部分收益来自其金融咨询业务，包括 IPO 和并购等服务。</p>
</div><p>Lazard participated in several deals this year, including the merger of WestRick and Smurfit Kappa in a $33.5 billion deal,  Vertex Pharmaceuticals’ buyout of Alpine Immunosciences, and Volkswagen’s investment in Rivian.</p>
<div class="lb-trans"><p>Lazard 今年参与了多笔交易，包括价值 335 亿美元的 WestRick 和 Smurfit Kappa 的合并、Vertex Pharmaceuticals 收购 Alpine Immunosciences 以及大众汽车对 Rivian 的投资。</p>
</div><p>Piper Sandler, on the other hand, saw its net revenue drop by 1% in the second quarter to $339 million. However, its advisory services revenue rose by 42% in Q2 to $184 million, helped by higher fees and volume. Its investment banking revenue rose to $259 million.</p>
<div class="lb-trans"><p>另一方面，Piper Sandler 第二季度净收入下降了 1%，达到 3.39 亿美元。然而，其咨询服务收入在第二季度增长了 42%，达到 1.84 亿美元，得益于更高的费用和交易量。其投资银行收入增至 2.59 亿美元。</p>
</div><h2>Evercore, PJT, and Houlihan Lokey did well</h2>
<div class="lb-trans"><h2>Evercore、PJT 和 Houlihan Lokey 表现出色</h2>
</div><p>Evercore also had a strong performance during the quarter as its revenue jumped to $689 million in Q2 from $499.4 million in the same period in 2023. Its half-year revenue rose to $1.28 billion from $1.08 billion. Higher fees also led to more margins as its operating margin rose to 15.7%.</p>
<div class="lb-trans"><p>Evercore 在本季度也表现强劲，其收入从 2023 年同期的 4.994 亿美元增至 6.89 亿美元。上半年收入从 10.8 亿美元增至 12.8 亿美元。更高的费用也带来了更多的利润，其运营利润率提高至 15.7%。</p>
</div><p>Other boutique banks like PJT Partners and Houlihan Lokey also had a strong performance, showing signs that the industry was recovering. PJT Partners’ revenue rose by 4% to $360 million while its half-year revenue jumped by 26% to $690 million.</p>
<div class="lb-trans"><p>PJT Partners 和 Houlihan Lokey 等其他精品银行也表现强劲，显示出该行业正在复苏的迹象。PJT Partners 的收入增长了 4%，达到 3.6 亿美元，上半年收入增长了 26%，达到 6.9 亿美元。</p>
</div><p>Houlihan Lokey’s revenue rose from $415 million in 2023 to over $513 million in the three months to June. Houlihan has mostly benefited from the improving M&amp;A activity and financial restructuring.</p>
<div class="lb-trans"><p>Houlihan Lokey 的收入从 2023 年的 4.15 亿美元增至截至 6 月的超过 5.13 亿美元。Houlihan 主要受益于并购活动和财务重组的改善。</p>
</div><p>Few people have ever heard about Houlihan Lokey. However, most companies and investment bankers know it because of its expertise in restructurings. Over the years, it has handled bankruptcies of companies like Washington Mutual, Lehman Brothers, Worldcom, Enron, and General Motors.</p>
<div class="lb-trans"><p>很少有人听说过 Houlihan Lokey。然而，大多数公司和投资银行家都知道它，因为它在重组方面具有专业知识。多年来，它处理了华盛顿互助银行、雷曼兄弟、世通、安然和通用汽车等公司的破产。</p>
</div><p>Looking forward, most of these companies have published positive outlooks as the industry continues bouncing back. The key catalysts to watch will be Federal Reserve interest rate cuts that will likely lead to more deals.</p>
<div class="lb-trans"><p>展望未来，大多数这些公司发布了积极的展望，因为该行业继续复苏。值得关注的关键推动因素将是可能导致更多交易的美联储降息。</p>
</div><p>Also, the companies are watching the American political developments. In theory, most of these firms hope that Donald Trump and Republicans will win in November since they are more supportive of mergers. For example, Trump would change the Federal Trade Commission (FTC) chair for a more corporate-friendly one.</p>
<div class="lb-trans"><p>此外，这些公司正在关注美国政治发展。从理论上讲，这些公司希望唐纳德·特朗普和共和党在 11 月赢得胜利，因为他们更支持并购。例如，特朗普将为更亲企业的人选改变联邦贸易委员会（FTC）主席。</p>
</div><p>The post Evercore, Lazard, Piper Sandler stocks rise as deals recover appeared first on Invezz</p>
<div class="lb-trans"><p>本文来源：Evercore, Lazard, Piper Sandler stocks rise as deals recover，首发于 Invezz</p>
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Evercore、Lazard 和 Piper Sandler 的股票随着交易的恢复而上涨