<p>Stifel Financial ((SF)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Stifel Financial 最近的财报电话会议传达了整体乐观的基调，管理层强调了创纪录的收入、显著增长的收益和强劲的资本回报。高管们承认存在波动和宏观不确定性，但强调大多数运营阻力要么是一次性项目，要么是可控的拖累，整体业务依然稳健。</p>
<h2>创纪录的收入和盈利能力</h2>
<p>Stifel 的净收入为 14.8 亿美元，同比增长 18%，如果不考虑 Stifel Independent Advisers 的一次性收益，则增长为 15%。非 GAAP 收入为 14.4 亿美元，基本符合市场预期，突显了公司核心业务的持续动能。</p>
<h2>每股收益反弹和高股本回报率</h2>
<p>GAAP 每股收益飙升至 1.48 美元，非 GAAP 每股收益为 1.45 美元，远高于去年 0.33 美元的水平，当时的结果受到大额法律计提的影响。管理层表示，调整该项目后，每股收益在可比基础上增长约 32%，推动了接近 25% 的年化有形股本回报率。</p>
<h2>利润率扩张和盈利能力提升</h2>
<p>公司整体税前利润率超过 22%，即使在复杂的宏观背景下也显示出盈利能力的改善。机构部门表现突出，税前利润率接近 20%，比去年提高了约 1300 个基点，随着收入增长和国际重组开始见效。</p>
<h2>财富管理创下季度新高</h2>
<p>全球财富管理实现了有史以来最强的第一季度，净收入为 9.32 亿美元。客户资产攀升至 5390 亿美元，其中包括 2200 亿美元的收费资产，而资产管理收入增长 12%，反映了市场表现和稳定的净流入。</p>
<h2>机构业务推动投资银行</h2>
<p>机构收入跃升 29%，创下 4.95 亿美元的纪录，得益于交易活动的强劲反弹。投资银行收入增长 44%，达到 3.41 亿美元，其中顾问费用激增 59%，达到 2.18 亿美元，股本融资和固定收益承销也表现良好。</p>
<h2>严格的成本控制和效率提升</h2>
<p>薪酬比率从去年的 58% 改善至 57.5%，尽管公司在增长计划和招聘方面进行了投资。非薪酬支出为 2.93 亿美元，排除去年的法律计提后增长 8%，运营非薪酬比率约为 19%，接近管理层的目标区间中点。</p>
<h2>资本实力和股东回报</h2>
<p>Stifel 强调了其资产负债表的强劲，指出一级资本杠杆比率为 11.4%，一级风险资本比率为 18.7%。在超过 10% 杠杆目标的约 5.6 亿美元资本的支持下，公司在本季度回购了 280 万股，仍有 1020 万股在回购授权下待回购。</p>
<h2>存款势头和银行增长前景</h2>
<p>资金趋势积极，清算余额增加约 6.7 亿美元，第三方货币基金增加 2 亿美元，非财富客户存款上升 12 亿美元。管理层重申全年资产增长可达 40 亿美元的指引，并预计第二季度净利息收入在 2.8 亿至 2.9 亿美元之间。</p>
<h2>保守的信用状况和 CLO 策略</h2>
<p>公司强调了其信贷组合的韧性，包括约 68 亿美元的担保贷款义务持有。该投资组合中约 62% 的资产评级为 AAA，约 32% 的资产具有综合信用增强，并在近 100 家管理者之间广泛分散，而软件贷款总额仅为 5 亿美元，资产负债表总额为 430 亿美元。</p>
<h2>一次性项目影响年同比比较</h2>
<p>管理层警告称，报告结果反映了几个非经常性项目，这使得简单比较变得复杂。本季度包括 Stifel Independent Advisers 出售的收益和法律判决的利息费用，而去年同期的数字则吸收了异常大的法律计提。</p>
<h2>净利息收入疲软和贷款放缓</h2>
<p>净利息收入处于指引的低端，约低于共识 300 万美元，因为贷款增长放缓，企业利息收入下降。季度末的基金银行还款对非银行净利息收入造成了压力，显示出对客户资产负债表行为的敏感性。</p>
<h2>清算波动和新兴的 AI 现金风险</h2>
<p>季度结束后，清算和智能利率现金余额分别下降了约 14 亿美元和 4 亿美元，部分被 7 亿美元的国债存款所抵消。管理层还指出，长期风险在于 “代理型” 人工智能和现金优化工具可能会随着时间的推移对闲置客户现金的经济性施加压力。</p>
<h2>欧洲重组和非线性国际业绩</h2>
<p>股权交易收入同比下降 7%，反映出与欧洲股权重组相关的约 900 万美元拖累。尽管国际顾问业务本季度的费用表现强劲，但高管们警告称，这种贡献可能是不规律的，而不是平稳的增长线。</p>
<h2>宏观、地缘政治和招聘动态</h2>
<p>领导层多次指出，日益紧张的地缘政治局势、能源价格上涨、信用利差扩大和利率不确定性等因素可能会延迟交易或抑制客户的风险偏好。招聘管道保持健康但竞争激烈，一些大型竞争对手提高了过渡补偿，行业招聘被描述为偶发性。</p>
<h2>交易和净利息收入波动风险</h2>
<p>在存托合并与收购中，潜在买家变得更加谨慎，这增加了交易如果不尽快启动可能推迟到 2027 年的风险。管理层还强调，非银行净利息收入，包括证券借贷，可能会季度波动，这次的机会性证券借贷成为拖累，并可能是持续波动的来源。</p>
<h2>指导与展望</h2>
<p>展望未来，Stifel 重申了其 2026 年的框架，包括全年净利息收入为 11 亿到 12 亿美元，以及高达 40 亿美元的资产增长。在短期内，该公司预计第二季度的净利息收入为 2.8 亿到 2.9 亿美元，税前利润率维持在当前水平，完全稀释后的股份数量接近 1.631 亿，同时强调结果取决于利率、信贷和地缘政治的发展。</p>
<p>Stifel 的财报电话会议描绘了一幅多元化金融公司在大多数领域运转良好但仍需应对不平衡宏观环境的图景。创纪录的收入、更强的利润率和充足的资本让管理层对其多年度计划充满信心，但投资者被提醒，净利息收入、交易流和国际贡献可能会在市场消化地缘政治和利率风险时保持波动。</p>

<p>Stifel Financial 报告称，第一季度收入创下 14.8 亿美元的纪录，同比增长 18%，盈利强劲，股本回报率接近 25%。机构业务部门收入增长 29%，而财富管理部门实现了有史以来最佳季度。尽管宏观不确定性依然存在，管理层强调了运营实力和严格的成本控制。然而，净利息收入表现疲软，贷款增长放缓。公司对影响同比比较的非经常性项目保持谨慎，并指出了来自人工智能现金优化工具的潜在风险</p>

<p>Stifel Financial ((SF)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Stifel Financial ((SF)) 已召开其第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 30% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 30% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Stifel Financial’s latest earnings call struck a broadly upbeat tone, with management highlighting record revenue, sharply higher earnings and strong returns on capital. Executives acknowledged pockets of volatility and macro uncertainty, yet stressed that most operational headwinds were either one‑off items or manageable drags against an otherwise solid franchise.</p>
<div class="lb-trans"><p>Stifel Financial 最近的财报电话会议传达了整体乐观的基调，管理层强调了创纪录的收入、显著增长的收益和强劲的资本回报。高管们承认存在波动和宏观不确定性，但强调大多数运营阻力要么是一次性项目，要么是可控的拖累，整体业务依然稳健。</p>
</div><h2>Record Revenue and Earnings Power</h2>
<div class="lb-trans"><h2>创纪录的收入和盈利能力</h2>
</div><p>Stifel posted net revenue of $1.48 billion, up 18% year over year, or 15% excluding a one‑time gain from the sale of Stifel Independent Advisers. Non‑GAAP revenue of $1.44 billion landed roughly in line with market expectations, underscoring durable momentum across the firm’s core businesses.</p>
<div class="lb-trans"><p>Stifel 的净收入为 14.8 亿美元，同比增长 18%，如果不考虑 Stifel Independent Advisers 的一次性收益，则增长为 15%。非 GAAP 收入为 14.4 亿美元，基本符合市场预期，突显了公司核心业务的持续动能。</p>
</div><h2>EPS Rebound and High Return on Equity</h2>
<div class="lb-trans"><h2>每股收益反弹和高股本回报率</h2>
</div><p>GAAP EPS surged to $1.48 and non‑GAAP EPS to $1.45, far above the $0.33 earned a year ago when results were hit by a large legal accrual. Adjusting for that item, management said EPS grew about 32% on a comparable basis, helping drive an annualized return on tangible equity close to 25%.</p>
<div class="lb-trans"><p>GAAP 每股收益飙升至 1.48 美元，非 GAAP 每股收益为 1.45 美元，远高于去年 0.33 美元的水平，当时的结果受到大额法律计提的影响。管理层表示，调整该项目后，每股收益在可比基础上增长约 32%，推动了接近 25% 的年化有形股本回报率。</p>
</div><h2>Margin Expansion and Profitability Gains</h2>
<div class="lb-trans"><h2>利润率扩张和盈利能力提升</h2>
</div><p>Firm‑wide pretax margin exceeded 22%, signaling improved profitability even in a mixed macro backdrop. The Institutional segment was a standout, with pretax margins nearing 20%, roughly 1,300 basis points better than last year as revenue grew and international restructuring started to bear fruit.</p>
<div class="lb-trans"><p>公司整体税前利润率超过 22%，即使在复杂的宏观背景下也显示出盈利能力的改善。机构部门表现突出，税前利润率接近 20%，比去年提高了约 1300 个基点，随着收入增长和国际重组开始见效。</p>
</div><h2>Wealth Management Hits Record Quarter</h2>
<div class="lb-trans"><h2>财富管理创下季度新高</h2>
</div><p>Global Wealth Management delivered its strongest first quarter ever, with net revenue of $932 million. Client assets climbed to $539 billion, including $220 billion in fee‑based assets, while asset management revenue rose 12%, reflecting both market performance and steady net inflows.</p>
<div class="lb-trans"><p>全球财富管理实现了有史以来最强的第一季度，净收入为 9.32 亿美元。客户资产攀升至 5390 亿美元，其中包括 2200 亿美元的收费资产，而资产管理收入增长 12%，反映了市场表现和稳定的净流入。</p>
</div><h2>Institutional Business Powers Investment Banking</h2>
<div class="lb-trans"><h2>机构业务推动投资银行</h2>
</div><p>Institutional revenue jumped 29% to a record $495 million, driven by a powerful rebound in deal activity. Investment banking revenue rose 44% to $341 million, including a 59% surge in advisory fees to $218 million and solid showings in equity capital raising and fixed income underwriting.</p>
<div class="lb-trans"><p>机构收入跃升 29%，创下 4.95 亿美元的纪录，得益于交易活动的强劲反弹。投资银行收入增长 44%，达到 3.41 亿美元，其中顾问费用激增 59%，达到 2.18 亿美元，股本融资和固定收益承销也表现良好。</p>
</div><h2>Disciplined Cost Control and Efficiency</h2>
<div class="lb-trans"><h2>严格的成本控制和效率提升</h2>
</div><p>The compensation ratio improved to 57.5% from 58% a year earlier, even as the firm invested in growth initiatives and recruiting. Non‑compensation expenses were $293 million, up 8% excluding last year’s legal accrual, with an operating non‑comp ratio around 19%, near the midpoint of management’s target range.</p>
<div class="lb-trans"><p>薪酬比率从去年的 58% 改善至 57.5%，尽管公司在增长计划和招聘方面进行了投资。非薪酬支出为 2.93 亿美元，排除去年的法律计提后增长 8%，运营非薪酬比率约为 19%，接近管理层的目标区间中点。</p>
</div><h2>Capital Strength and Shareholder Returns</h2>
<div class="lb-trans"><h2>资本实力和股东回报</h2>
</div><p>Stifel emphasized its balance sheet strength, noting a Tier 1 leverage ratio of 11.4% and a Tier 1 risk‑based capital ratio of 18.7%. With roughly $560 million of capital above its 10% leverage target, the firm repurchased 2.8 million shares in the quarter and still has 10.2 million shares remaining under its buyback authorization.</p>
<div class="lb-trans"><p>Stifel 强调了其资产负债表的强劲，指出一级资本杠杆比率为 11.4%，一级风险资本比率为 18.7%。在超过 10% 杠杆目标的约 5.6 亿美元资本的支持下，公司在本季度回购了 280 万股，仍有 1020 万股在回购授权下待回购。</p>
</div><h2>Deposit Momentum and Bank Growth Outlook</h2>
<div class="lb-trans"><h2>存款势头和银行增长前景</h2>
</div><p>Funding trends were positive, with sweep balances up about $670 million, third‑party money funds higher by $200 million and non‑wealth client deposits rising $1.2 billion. Management reaffirmed guidance for up to $4 billion in full‑year asset growth and projected second‑quarter net interest income between $280 million and $290 million.</p>
<div class="lb-trans"><p>资金趋势积极，清算余额增加约 6.7 亿美元，第三方货币基金增加 2 亿美元，非财富客户存款上升 12 亿美元。管理层重申全年资产增长可达 40 亿美元的指引，并预计第二季度净利息收入在 2.8 亿至 2.9 亿美元之间。</p>
</div><h2>Conservative Credit Profile and CLO Strategy</h2>
<div class="lb-trans"><h2>保守的信用状况和 CLO 策略</h2>
</div><p>The firm highlighted the resilience of its credit book, including approximately $6.8 billion in collateralized loan obligation holdings. Roughly 62% of that portfolio is rated AAA with about 32% blended credit enhancement and broad diversification across nearly 100 managers, while software loans total just $500 million on a $43 billion balance sheet.</p>
<div class="lb-trans"><p>公司强调了其信贷组合的韧性，包括约 68 亿美元的担保贷款义务持有。该投资组合中约 62% 的资产评级为 AAA，约 32% 的资产具有综合信用增强，并在近 100 家管理者之间广泛分散，而软件贷款总额仅为 5 亿美元，资产负债表总额为 430 亿美元。</p>
</div><h2>One‑Off Items Cloud Year‑Over‑Year Comparisons</h2>
<div class="lb-trans"><h2>一次性项目影响年同比比较</h2>
</div><p>Management cautioned that reported results reflect several nonrecurring items that complicate simple comparisons. The quarter included a gain on the Stifel Independent Advisers sale and an interest charge on a legal judgment, while the prior year’s figures absorbed an unusually large legal accrual.</p>
<div class="lb-trans"><p>管理层警告称，报告结果反映了几个非经常性项目，这使得简单比较变得复杂。本季度包括 Stifel Independent Advisers 出售的收益和法律判决的利息费用，而去年同期的数字则吸收了异常大的法律计提。</p>
</div><h2>Net Interest Income Softness and Slower Loans</h2>
<div class="lb-trans"><h2>净利息收入疲软和贷款放缓</h2>
</div><p>Net interest income came in at the low end of guidance and about $3 million below consensus, as loan growth slowed and corporate interest income fell. Late‑quarter paydowns in fund banking weighed on nonbank NII, pointing to some sensitivity to client balance sheet behavior.</p>
<div class="lb-trans"><p>净利息收入处于指引的低端，约低于共识 300 万美元，因为贷款增长放缓，企业利息收入下降。季度末的基金银行还款对非银行净利息收入造成了压力，显示出对客户资产负债表行为的敏感性。</p>
</div><h2>Sweep Volatility and Emerging AI Cash Risks</h2>
<div class="lb-trans"><h2>清算波动和新兴的 AI 现金风险</h2>
</div><p>After quarter‑end, sweep and smart‑rate cash balances fell by roughly $1.4 billion and $400 million respectively, partly offset by a $700 million rise in treasury deposits. Management also flagged a longer‑term risk that “agentic” AI and cash‑optimization tools could pressure economics on idle client cash over time.</p>
<div class="lb-trans"><p>季度结束后，清算和智能利率现金余额分别下降了约 14 亿美元和 4 亿美元，部分被 7 亿美元的国债存款所抵消。管理层还指出，长期风险在于 “代理型” 人工智能和现金优化工具可能会随着时间的推移对闲置客户现金的经济性施加压力。</p>
</div><h2>European Restructuring and Nonlinear International Results</h2>
<div class="lb-trans"><h2>欧洲重组和非线性国际业绩</h2>
</div><p>Equity transactional revenue slipped 7% year over year, reflecting about a $9 million drag tied to European equities restructuring. While the international advisory franchise posted strong fees this quarter, executives warned that such contributions are likely to be irregular rather than a smooth growth line.</p>
<div class="lb-trans"><p>股权交易收入同比下降 7%，反映出与欧洲股权重组相关的约 900 万美元拖累。尽管国际顾问业务本季度的费用表现强劲，但高管们警告称，这种贡献可能是不规律的，而不是平稳的增长线。</p>
</div><h2>Macro, Geopolitics and Recruiting Dynamics</h2>
<div class="lb-trans"><h2>宏观、地缘政治和招聘动态</h2>
</div><p>Leadership repeatedly pointed to rising geopolitical tension, higher energy prices, wider credit spreads and rate uncertainty as factors that could delay deals or dampen client risk appetite. The recruiting pipeline remains healthy but competitive, with some larger rivals boosting transition packages and industry hiring described as episodic.</p>
<div class="lb-trans"><p>领导层多次指出，日益紧张的地缘政治局势、能源价格上涨、信用利差扩大和利率不确定性等因素可能会延迟交易或抑制客户的风险偏好。招聘管道保持健康但竞争激烈，一些大型竞争对手提高了过渡补偿，行业招聘被描述为偶发性。</p>
</div><h2>Deal‑Making and NII Volatility Risks</h2>
<div class="lb-trans"><h2>交易和净利息收入波动风险</h2>
</div><p>In depository M&amp;A, potential buyers have become more cautious, raising the risk that transactions slip into 2027 if they are not launched soon. Management also underscored that nonbank NII, including securities lending, can swing quarter to quarter, with opportunistic securities lending a drag this time and a likely source of ongoing volatility.</p>
<div class="lb-trans"><p>在存托合并与收购中，潜在买家变得更加谨慎，这增加了交易如果不尽快启动可能推迟到 2027 年的风险。管理层还强调，非银行净利息收入，包括证券借贷，可能会季度波动，这次的机会性证券借贷成为拖累，并可能是持续波动的来源。</p>
</div><h2>Guidance and Outlook</h2>
<div class="lb-trans"><h2>指导与展望</h2>
</div><p>Looking ahead, Stifel reaffirmed its 2026 framework, including full‑year net interest income of $1.1 billion to $1.2 billion and up to $4 billion in asset growth. For the near term, the firm guided to $280 million to $290 million of NII in the second quarter, pretax margins around current levels and a fully diluted share count near 163.1 million, while stressing that outcomes hinge on the path of rates, credit and geopolitics.</p>
<div class="lb-trans"><p>展望未来，Stifel 重申了其 2026 年的框架，包括全年净利息收入为 11 亿到 12 亿美元，以及高达 40 亿美元的资产增长。在短期内，该公司预计第二季度的净利息收入为 2.8 亿到 2.9 亿美元，税前利润率维持在当前水平，完全稀释后的股份数量接近 1.631 亿，同时强调结果取决于利率、信贷和地缘政治的发展。</p>
</div><p>Stifel’s earnings call painted a picture of a diversified financial firm firing on most cylinders yet bracing for an uneven macro road. Record revenue, stronger margins and ample capital give management confidence in its multi‑year plan, but investors are being reminded that NII, deal flow and international contributions could remain choppy as markets digest geopolitical and rate risks.</p>
<div class="lb-trans"><p>Stifel 的财报电话会议描绘了一幅多元化金融公司在大多数领域运转良好但仍需应对不平衡宏观环境的图景。创纪录的收入、更强的利润率和充足的资本让管理层对其多年度计划充满信心，但投资者被提醒，净利息收入、交易流和国际贡献可能会在市场消化地缘政治和利率风险时保持波动。</p>
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Stifel Financial 公布创纪录的收入，并指出宏观风险