杰富瑞金融集团以令人失望的业绩拉开了第一季度银行财报季的序幕，盈利和收入均未达到预期。该公司报告的第一季度每股收益为 0.57 美元，远低于市场预期的 0.94 美元，收入为 15.9 亿美元，也低于市场共识的 18.6 亿美元。这一短缺主要归因于股权承销的持续疲软、资产管理回报的减少以及固定收益交易的低迷——管理层将这些压力直接归咎于美国政策的不确定性和地缘政治的波动。 在盘后交易中，股价下跌 4%，为投资者在 4 月中旬高盛、摩根士丹利和摩根大通的财报发布前发出了早期警告。
投资银行收入同比增长 7%，达到 7.26 亿美元，主要得益于顾问收入增长 17%（3.98 亿美元）和债务承销增长 54%（1.99 亿美元）。然而，这些增长被股权承销的 39% 暴跌（降至 1.29 亿美元）所掩盖，反映出首次公开募股和二次发行的急剧放缓。 资本市场收入下降 4%，降至 6.98 亿美元，固定收益交易同比下降 18%，降至 2.89 亿美元，拖累了整体表现。尽管股票交易表现较好，增长 10% 至 4.09 亿美元，得益于优质服务和电子执行的增长，但整体资本市场环境依然严峻。
<img src="https://imageproxy.pbkrs.com/https://lh-prod-mid-pub-newsf10.s3.amazonaws.com/focusnews/coverimage/content/d328a070-0956-407d-9337-93ee15efd78e_image.png?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://lh-prod-mid-pub-newsf10.s3.amazonaws.com/focusnews/coverimage/content/d328a070-0956-407d-9337-93ee15efd78e_image.png"/>
资产管理部门是一个特别的痛点，收入同比下降 30%，降至 1.92 亿美元。管理费和业绩费表现良好，得益于 2024 年基金的强劲表现，但 在困难的宏观环境下，整体投资回报大幅下滑——尤其是对于长期股权敞口的策略。 管理层表示，投资环境显然不如去年强劲的可比时期，导致这一历史上波动较大的收入来源急剧下降。
杰富瑞首席执行官理查德·汉德勒和总裁布莱恩·弗里德曼将当前环境描述为 “更具挑战性”，由于地缘政治风险和美国贸易政策，指出可见性和交易信心依然疲弱。尽管如此，他们仍然认为杰富瑞的顾问对话和交易管道依然强劲，积压订单在增加。“其实现依赖于信心和可见性的重新出现，这可能正在开始，” 弗里德曼说。 公司对其长期战略表示信心，并重申关注风险管理、客户服务和市场份额的增长。
值得注意的是，杰富瑞维持每股 0.40 美元的季度股息，并报告有效税率降至 9.4%，受益于州和地方税务问题的部分解决。每股账面价值上升至 49.48 美元，实物账面价值每股上升至 32.57 美元，反映出尽管面临短期收入压力，公司仍持续关注资本保值。
<img src="https://imageproxy.pbkrs.com/https://lh-prod-mid-pub-newsf10.s3.amazonaws.com/focusnews/coverimage/content/6b018505-d4ea-4d81-bfba-d3e0a1439b33_image.png?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://lh-prod-mid-pub-newsf10.s3.amazonaws.com/focusnews/coverimage/content/6b018505-d4ea-4d81-bfba-d3e0a1439b33_image.png"/>
在股票年初至今下跌 23% 以及顾问业务强劲与资本市场疲软之间日益分化的背景下，投资者将密切关注杰富瑞的业绩，以评估大型投行未来的走势。该公司在固定收益方面的表现——传统上是摩根大通和摩根士丹利等公司的强项——明显疲软，进一步增强了交易部门在更动荡时期可能无法提供盈利缓冲的感觉。
展望未来，投资者面临的主要问题是杰富瑞在第一季度的经历是否反映了更广泛的系统性挑战或特定的风险敞口。交易对话仍然活跃，但执行依赖于可见性的改善和更稳定的宏观政策。关于 “调整期” 的评论表明管理层预计会有所改善——只是不会很快。随着 “解放日” 关税和华盛顿不断变化的政策信号仍在前方，投资者情绪可能在整个行业第一季度业绩提供更明确的方向之前保持脆弱。

杰富瑞金融集团公布了令人失望的第一季度业绩，因股权承销疲软和市场不确定性未能达到盈利和收入预期。每股收益为 0.57 美元，低于 0.94 美元的预期，收入为 15.9 亿美元，而预期为 18.6 亿美元。尽管投资银行收入增长了 7%，但股权承销下降 39% 和资产管理收入下降 30% 掩盖了这一增长。首席执行官 Richard Handler 指出环境具有挑战性，但对长期战略保持信心。业绩公布后，股价下跌 4%，引发了对主要银行盈利的担忧

Jefferies Financial Group kicked off the Q1 bank earnings season with disappointing results, missing expectations on both earnings and revenue. The firm reported fiscal Q1 EPS of $0.57, well below the Street’s $0.94 estimate, on revenue of $1.59 billion, also short of consensus at $1.86 billion. The shortfall was largely attributed to ongoing weakness in equity underwriting, reduced asset management returns, and subdued fixed income trading—pressures that management squarely blamed on U.S. policy uncertainty and geopolitical volatility. The stock fell 4% after hours, offering an early warning to investors ahead of earnings from goldman sachs, morgan stanley, and jpmorgan in mid-April.
<div class="lb-trans">杰富瑞金融集团以令人失望的业绩拉开了第一季度银行财报季的序幕，盈利和收入均未达到预期。该公司报告的第一季度每股收益为 0.57 美元，远低于市场预期的 0.94 美元，收入为 15.9 亿美元，也低于市场共识的 18.6 亿美元。这一短缺主要归因于股权承销的持续疲软、资产管理回报的减少以及固定收益交易的低迷——管理层将这些压力直接归咎于美国政策的不确定性和地缘政治的波动。 在盘后交易中，股价下跌 4%，为投资者在 4 月中旬高盛、摩根士丹利和摩根大通的财报发布前发出了早期警告。
</div>Investment banking revenue rose 7% year-over-year to $726 million, driven by a 17% gain in advisory revenue ($398 million) and a 54% jump in debt underwriting ($199 million). These gains, however, were overshadowed by a 39% plunge in equity underwriting to $129 million, reflecting a sharp slowdown in IPOs and secondary offerings. Capital markets revenue fell 4% to $698 million, dragged lower by an 18% year-over-year drop in fixed income trading to $289 million. While equities trading held up better, rising 10% to $409 million thanks to growth in prime services and electronic execution, the broader capital markets backdrop remained tough.
<div class="lb-trans">投资银行收入同比增长 7%，达到 7.26 亿美元，主要得益于顾问收入增长 17%（3.98 亿美元）和债务承销增长 54%（1.99 亿美元）。然而，这些增长被股权承销的 39% 暴跌（降至 1.29 亿美元）所掩盖，反映出首次公开募股和二次发行的急剧放缓。 资本市场收入下降 4%，降至 6.98 亿美元，固定收益交易同比下降 18%，降至 2.89 亿美元，拖累了整体表现。尽管股票交易表现较好，增长 10% 至 4.09 亿美元，得益于优质服务和电子执行的增长，但整体资本市场环境依然严峻。
</div><img src="https://imageproxy.pbkrs.com/https://lh-prod-mid-pub-newsf10.s3.amazonaws.com/focusnews/coverimage/content/d328a070-0956-407d-9337-93ee15efd78e_image.png" alt="" original-src="https://lh-prod-mid-pub-newsf10.s3.amazonaws.com/focusnews/coverimage/content/d328a070-0956-407d-9337-93ee15efd78e_image.png"/>
The asset management segment was a particular sore spot, with revenue falling 30% year-over-year to $192 million. Management fees and performance fees were solid, buoyed by strong 2024 fund performance, but overall investment return cratered in the face of a difficult macro environment—particularly for strategies with long equity exposure. Management said the investment environment was simply less conducive than the strong comparable period last year, leading to a sharp drop in this historically lumpy revenue stream.
<div class="lb-trans">资产管理部门是一个特别的痛点，收入同比下降 30%，降至 1.92 亿美元。管理费和业绩费表现良好，得益于 2024 年基金的强劲表现，但 在困难的宏观环境下，整体投资回报大幅下滑——尤其是对于长期股权敞口的策略。 管理层表示，投资环境显然不如去年强劲的可比时期，导致这一历史上波动较大的收入来源急剧下降。
</div>Jefferies CEO Richard Handler and President Brian Friedman characterized the environment as “more challenging” due to geopolitical risks and U.S. trade policy, noting that visibility and deal confidence remain weak. Still, they maintained that Jefferies' advisory dialogue and transaction pipeline remain robust, with backlog building. “Its realization depends on confidence and visibility reemerging, which may be beginning,” Friedman said. The firm expressed confidence in its long-term strategy and reiterated a focus on risk discipline, client service, and market share gains across its platform.
<div class="lb-trans">杰富瑞首席执行官理查德·汉德勒和总裁布莱恩·弗里德曼将当前环境描述为 “更具挑战性”，由于地缘政治风险和美国贸易政策，指出可见性和交易信心依然疲弱。尽管如此，他们仍然认为杰富瑞的顾问对话和交易管道依然强劲，积压订单在增加。“其实现依赖于信心和可见性的重新出现，这可能正在开始，” 弗里德曼说。 公司对其长期战略表示信心，并重申关注风险管理、客户服务和市场份额的增长。
</div>Notably, Jefferies maintained its quarterly dividend at $0.40 per share and reported a drop in its effective tax rate to 9.4%, benefiting from the partial resolution of state and local tax issues. Book value per share rose to $49.48, with tangible book value per share climbing to $32.57, reflecting the firm’s continued focus on capital preservation despite near-term revenue headwinds.
<div class="lb-trans">值得注意的是，杰富瑞维持每股 0.40 美元的季度股息，并报告有效税率降至 9.4%，受益于州和地方税务问题的部分解决。每股账面价值上升至 49.48 美元，实物账面价值每股上升至 32.57 美元，反映出尽管面临短期收入压力，公司仍持续关注资本保值。
</div><img src="https://imageproxy.pbkrs.com/https://lh-prod-mid-pub-newsf10.s3.amazonaws.com/focusnews/coverimage/content/6b018505-d4ea-4d81-bfba-d3e0a1439b33_image.png" alt="" original-src="https://lh-prod-mid-pub-newsf10.s3.amazonaws.com/focusnews/coverimage/content/6b018505-d4ea-4d81-bfba-d3e0a1439b33_image.png"/>
With a 23% decline year-to-date in the stock and a growing divergence between advisory strength and capital markets weakness, Jefferies' results will be closely parsed by investors looking to gauge what’s ahead for the bulge-bracket banks. The company’s performance in fixed income—traditionally a strength for firms like JPMorgan and Morgan Stanley—was notably weak, adding to the growing sense that trading desks may not be the earnings buffer they were during more volatile periods.
<div class="lb-trans">在股票年初至今下跌 23% 以及顾问业务强劲与资本市场疲软之间日益分化的背景下，投资者将密切关注杰富瑞的业绩，以评估大型投行未来的走势。该公司在固定收益方面的表现——传统上是摩根大通和摩根士丹利等公司的强项——明显疲软，进一步增强了交易部门在更动荡时期可能无法提供盈利缓冲的感觉。
</div>Looking ahead, the main question for investors is whether Jefferies’ experience in Q1 reflects broader systemic challenges or idiosyncratic exposure. Deal dialogue remains active, but execution depends on improved visibility and more stable macro policy. The commentary about a “period of adjustment” suggests management expects improvement—just not imminently. With “Liberation Day” tariffs and evolving policy signals from Washington still on the horizon, investor sentiment may remain fragile until Q1 results across the sector provide more definitive direction.
<div class="lb-trans">展望未来，投资者面临的主要问题是杰富瑞在第一季度的经历是否反映了更广泛的系统性挑战或特定的风险敞口。交易对话仍然活跃，但执行依赖于可见性的改善和更稳定的宏观政策。关于 “调整期” 的评论表明管理层预计会有所改善——只是不会很快。随着 “解放日” 关税和华盛顿不断变化的政策信号仍在前方，投资者情绪可能在整个行业第一季度业绩提供更明确的方向之前保持脆弱。
</div>

由于交易干旱和市场不确定性拖累，Jefferies 未达预期；在第一季度银行财报季前发出谨慎信号