[Financial Overview](index=2&type=section&id=Financial%20Overview) The firm reported strong year-over-year growth in net revenues and net income for Q2 2025, driven by Wealth Management and Institutional Securities, despite a sequential decline [Consolidated Financial Summary](index=2&type=section&id=Consolidated%20Financial%20Summary) In Q2 2025, the firm reported net revenues of **$16.8 billion** and net income of **$3.5 billion**, representing a significant year-over-year increase of 12% and 15% respectively, primarily driven by strong performance in Wealth Management and Institutional Securities Q2 2025 Consolidated Financial Performance (in millions) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Revenues** | **$16,792** | **$17,739** | **$15,019** | **12%** | **-5%** | | Institutional Securities | $7,643 | $8,983 | $6,982 | 9% | -15% | | Wealth Management | $7,764 | $7,327 | $6,792 | 14% | 6% | | Investment Management | $1,552 | $1,602 | $1,386 | 12% | -3% | | **Net Income** | **$3,539** | **$4,315** | **$3,076** | **15%** | **-18%** | - The provision for credit losses increased to **$196 million**, a 158% rise from the prior year's quarter and a 45% increase from the previous quarter, indicating a more cautious outlook on credit risk[5](index=5&type=chunk) - Excluding mark-to-market gains/losses on deferred cash-based compensation plans (DCP), a non-GAAP measure, firm net revenues were **$16.4 billion** for Q2 2025, compared to **$15.1 billion** in Q2 2024[3](index=3&type=chunk) [Consolidated Financial Metrics, Ratios and Statistical Data](index=3&type=section&id=Consolidated%20Financial%20Metrics%2C%20Ratios%20and%20Statistical%20Data) The firm delivered strong shareholder returns with a diluted EPS of **$2.13**, up 17% year-over-year, while maintaining robust profitability metrics with a Return on Tangible Common Equity (ROTCE) of **18.2%** Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Diluted EPS | $2.13 | $2.60 | $1.82 | | Return on average common equity | 13.9% | 17.4% | 13.0% | | Return on average tangible common equity | 18.2% | 23.0% | 17.5% | | Book value per common share | $61.59 | $60.41 | $56.80 | | Tangible book value per common share | $47.25 | $46.08 | $42.30 | - The effective tax rate for the quarter was **22.7%**, compared to 23.5% in the same period last year[6](index=6&type=chunk) - Worldwide employee count stood at **80,393** at the end of the quarter, a 2% increase from the prior year but a 1% decrease from the prior quarter[6](index=6&type=chunk) [Consolidated and U.S. Bank Supplemental Financial Information](index=4&type=section&id=Consolidated%20and%20U.S.%20Bank%20Supplemental%20Financial%20Information) The consolidated balance sheet expanded, with total assets growing 12% year-over-year to **$1.35 trillion**, supported by increases in loans, deposits, and long-term debt, alongside strong revenue growth across all geographic regions Consolidated Balance Sheet Highlights (as of June 30, 2025) | Item | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Assets | $1,353,870M | $1,212,447M | 12% | | Loans | $267,395M | $237,696M | 12% | | Deposits | $389,377M | $348,890M | 12% | | Common Equity | $98,434M | $91,964M | 7% | - U.S. Bank total assets grew **13%** year-over-year to **$450.8 billion**, with loans increasing by **14%** to **$252.2 billion**[7](index=7&type=chunk) - Revenue growth was strong across all regions for the first six months of 2025 compared to 2024: Americas grew **11%**, EMEA **20%**, and Asia **28%**[7](index=7&type=chunk) [Consolidated Average Common Equity and Regulatory Capital Information](index=5&type=section&id=Consolidated%20Average%20Common%20Equity%20and%20Regulatory%20Capital%20Information) The firm maintained a strong capital position, with the Standardized Approach Common Equity Tier 1 (CET1) capital ratio at **15.0%** and total average common equity increasing by 8% year-over-year to **$97.5 billion** Regulatory Capital Ratios (as of June 30, 2025) | Ratio | Standardized Approach | Advanced Approach | | :--- | :--- | :--- | | Common Equity Tier 1 (CET1) | 15.0% | 15.7% | | Tier 1 Capital Ratio | 16.9% | 17.6% | | Supplementary Leverage Ratio | 5.5% | N/A | - Risk-weighted assets (RWA) under the Standardized Approach increased by **11%** year-over-year to **$523.0 billion**[9](index=9&type=chunk) [Business Segment Performance](index=6&type=section&id=Business%20Segment%20Performance) The firm's business segments demonstrated varied performance, with strong growth in Wealth Management and Investment Management, while Institutional Securities saw mixed results [Institutional Securities](index=6&type=section&id=Institutional%20Securities) The Institutional Securities segment reported net revenues of **$7.6 billion**, a 9% increase year-over-year, driven by strong performance in Equity and Fixed Income trading, despite a 15% decline from the prior quarter and a 5% decrease in investment banking revenues Institutional Securities Revenue Breakdown (Q2 2025, in millions) | Revenue Source | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Investment Banking | $1,540 | $1,619 | -5% | | Equity Trading | $3,721 | $3,018 | 23% | | Fixed Income Trading | $2,180 | $1,999 | 9% | | **Total Net Revenues** | **$7,643** | **$6,982** | **9%** | - Net income for the segment was **$1.6 billion**, a 6% increase from the prior year, resulting in a pre-tax margin of **28%**[11](index=11&type=chunk) [Wealth Management](index=7&type=section&id=Wealth%20Management) Wealth Management continued its strong growth trajectory, with net revenues up 14% year-over-year to **$7.8 billion** and net income up 21% to **$1.7 billion**, driven by increased client assets and significant net new asset inflows [Income Statement Information, Financial Metrics and Ratios](index=7&type=section&id=Wealth%20Management%20Income%20Statement) The segment's revenue growth was broad-based, with asset management fees increasing **11%** and transactional revenues surging **62%** year-over-year, while net interest income also grew by 6%, expanding the pre-tax margin to **28%** Wealth Management Revenue Breakdown (Q2 2025, in millions) | Revenue Source | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Asset management | $4,411 | $3,989 | 11% | | Transactional | $1,264 | $782 | 62% | | Net interest income | $1,910 | $1,798 | 6% | | **Total Net Revenues** | **$7,764** | **$6,792** | **14%** | - The segment achieved a Return on Average Tangible Common Equity of **41%**, a significant increase from 35% in the prior-year quarter[14](index=14&type=chunk) [Financial Information and Statistical Data](index=8&type=section&id=Wealth%20Management%20Statistical%20Data) Operational metrics demonstrated continued momentum, with total client assets increasing **14%** year-over-year to **$6.5 trillion**, attracting **$59.2 billion** in net new assets, and growing deposits by **12%** to **$383 billion** Wealth Management Key Metrics (as of June 30, 2025) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total client assets | $6,492B | $5,690B | 14% | | Net new assets | $59.2B | $36.4B | 63% | | Deposits | $383B | $343B | 12% | | Fee-based asset flows | $42.8B | $26.0B | 65% | - The self-directed channel showed strong client engagement, with daily average revenue trades (DARTs) up **26%** year-over-year to **983,000**[15](index=15&type=chunk) [Investment Management](index=9&type=section&id=Investment%20Management) The Investment Management segment delivered strong results, with net revenues of **$1.6 billion**, up 12% year-over-year, and net income of **$245 million**, up 48%, driven by higher asset management fees and a significant increase in performance-based income, with total assets under management (AUM) growing 13% to **$1.7 trillion** [Income Statement Information, Financial Metrics and Ratios](index=9&type=section&id=Investment%20Management%20Income%20Statement) Segment revenues were boosted by a **168%** year-over-year surge in performance-based income, which reached **$118 million**, while asset management and related fees also grew by 7%, significantly improving the pre-tax margin to **21%** Investment Management Revenue Breakdown (Q2 2025, in millions) | Revenue Source | Q2 2025 | Q2 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Asset management and related fees | $1,434 | $1,342 | 7% | | Performance-based income and other | $118 | $44 | 168% | | **Total Net Revenues** | **$1,552** | **$1,386** | **12%** | - Net income applicable to Morgan Stanley for the segment was **$245 million**, a 48% increase from **$165 million** in Q2 2024[17](index=17&type=chunk) [Financial Information and Statistical Data](index=10&type=section&id=Investment%20Management%20Statistical%20Data) Total Assets Under Management or Supervision (AUM) reached **$1.713 trillion**, a 13% increase from the prior year, with long-term net inflows of **$10.8 billion** driven by Fixed Income and Alternatives, despite total net outflows of **$16.5 billion** due to Liquidity and Overlay Services AUM and Net Flows (Q2 2025, in billions) | Category | AUM (End of Period) | Net Flows (Quarter) | | :--- | :--- | :--- | | Equity | $327 | $(2.8) | | Fixed Income | $212 | $6.8 | | Alternatives and Solutions | $636 | $6.8 | | **Long-Term Total** | **$1,175** | **$10.8** | | Liquidity and Overlay Services | $538 | $(27.3) | | **Total AUM/Flows** | **$1,713** | **$(16.5)** | - Long-term AUM grew **14%** year-over-year to **$1.175 trillion**, demonstrating strength in core investment strategies[19](index=19&type=chunk) [Loan Portfolio and Credit](index=11&type=section&id=Loan%20Portfolio%20and%20Credit) The firm's loan portfolio and credit metrics reflect growth in lending commitments across segments and a cautious outlook on credit risk with increased allowances [Consolidated Loans and Lending Commitments](index=11&type=section&id=Consolidated%20Loans%20and%20Lending%20Commitments) The firm's total loans and lending commitments grew **14%** year-over-year to **$452.2 billion**, with growth observed across both Institutional Securities and Wealth Management segments, where Wealth Management loans increased **12%** to **$168.9 billion** Loans and Lending Commitments by Segment (as of June 30, 2025, in billions) | Segment | Total Loans | Lending Commitments | Total | | :--- | :--- | :--- | :--- | | Institutional Securities | $98.4 | $165.4 | $263.8 | | Wealth Management | $168.9 | $19.5 | $188.4 | | **Consolidated Total** | **$267.3** | **$184.9** | **$452.2** | - Within Institutional Securities, secured lending facilities saw the largest year-over-year growth, increasing **29%** to **$62.4 billion**[21](index=21&type=chunk) - In Wealth Management, securities-based lending grew **14%** year-over-year to **$99.8 billion**, representing the largest component of the segment's loan book[21](index=21&type=chunk) [Allowance for Credit Losses (ACL)](index=12&type=section&id=Allowance%20for%20Credit%20Losses%20%28ACL%29) As of June 30, 2025, the total Allowance for Credit Losses (ACL) for loans and lending commitments stood at **$2.061 billion**, with a quarterly provision of **$196 million** primarily reflecting reserves against corporate and real estate loans ACL by Loan Type (as of June 30, 2025, in millions) | Loan Type (Held For Investment) | Gross Loans | ACL | ACL % | | :--- | :--- | :--- | :--- | | Corporate | $7,685 | $271 | 3.5% | | Secured lending facilities | $58,468 | $175 | 0.3% | | Commercial and residential real estate | $8,168 | $398 | 4.9% | | Wealth Management - HFI | $169,349 | $406 | 0.2% | | **Total HFI Loans** | **$246,921** | **$1,271** | **0.5%** | - The total ACL for lending commitments was **$790 million**, with a quarterly provision of **$58 million**[23](index=23&type=chunk) [Supplemental Information](index=13&type=section&id=Supplemental%20Information) This section provides essential context for the financial report, including definitions of non-GAAP measures, performance metrics, detailed quantitative calculations, and a legal notice [Definition of U.S. GAAP to Non-GAAP Measures](index=13&type=section&id=Definition%20of%20U.S.%20GAAP%20to%20Non-GAAP%20Measures) This section defines the non-GAAP financial measures used in the report, which management believes provide greater transparency into the firm's operating performance, including tangible common equity, return on tangible common equity (ROTCE), and results excluding the impact of Deferred Cash-based Compensation (DCP) plans - Non-GAAP measures are used to provide an alternate means of assessing financial condition and operating results[25](index=25&type=chunk) - Tangible common equity is defined as common shareholders' equity less goodwill and intangible assets[25](index=25&type=chunk) - Adjustments for DCP are made to net revenues and compensation expenses to allow for better comparability of period-to-period underlying performance, particularly in the Wealth Management segment[25](index=25&type=chunk) [Definitions of Performance Metrics and Terms](index=14&type=section&id=Definitions%20of%20Performance%20Metrics%20and%20Terms) This section provides explicit definitions for the various performance metrics and financial terms referenced throughout the financial supplement, clarifying the calculation and components of key indicators such as pre-tax margin, liquidity resources, risk-weighted assets (RWAs), and client assets - The Firm expense efficiency ratio is defined as total non-interest expenses as a percentage of net revenues[27](index=27&type=chunk) - Net new assets in Wealth Management represent client asset inflows less outflows, excluding market performance and fees[30](index=30&type=chunk) - Trading VaR represents the potential unrealized loss in portfolio value that would be exceeded with a 5% frequency over a one-day period[27](index=27&type=chunk) [Supplemental Quantitative Details and Calculations](index=16&type=section&id=Supplemental%20Quantitative%20Details%20and%20Calculations) This section provides detailed reconciliations and calculations that support the figures presented elsewhere in the report, including specific adjustments for DCP on net revenues and compensation, a breakdown of non-compensation expenses, and the allowance for credit losses rollforward Firmwide DCP Impact Reconciliation (Q2 2025, in millions) | Item | As Reported (GAAP) | DCP Adjustment | Adjusted (Non-GAAP) | | :--- | :--- | :--- | :--- | | Net Revenues | $16,792 | $(377) | $16,415 | | Compensation Expense | $7,190 | $(371) | $6,819 | Allowance for Credit Losses Rollforward (Q2 2025, in millions) | Item | Loans | Lending Commitments | Total | | :--- | :--- | :--- | :--- | | Beginning Balance | $1,133 | $718 | $1,851 | | Net Charge Offs | $(19) | $0 | $(19) | | Provision | $138 | $58 | $196 | | Ending Balance | $1,271 | $790 | $2,061 | [Legal Notice](index=18&type=section&id=Legal%20Notice) This is a standard legal notice stating that the financial supplement contains financial and business-related information that should be read in conjunction with the firm's official second quarter earnings press release issued on July 16, 2025 - The information in this supplement should be read in conjunction with the Firm's second quarter earnings press release issued July 16, 2025[46](index=46&type=chunk)

Core Insights - Morgan Stanley reported second-quarter results that exceeded Wall Street expectations, driven by increased trading revenues [1][2] - Net income increased by 13% to $3.5 billion, or $2.13 per share, compared to $3.1 billion, or $1.82 per share, in the same period last year [1][4] - Institutional securities net revenues reached $7.64 billion, up from approximately $6.98 billion a year ago, with strong performance in equity trading [2] - Wealth management also performed well, generating net revenues of $7.76 billion, an increase from $6.79 billion a year ago [2] - The bank's stock has risen over 12% this year, outperforming the S&P 500 [3] Financial Performance - Earnings per share were reported at $2.13, surpassing the expected $1.96 [4] - Total revenue for the quarter was $16.79 billion, exceeding the anticipated $16.07 billion [4]

摩根士丹利第二季度固定收益、外汇及大宗商品业务销售与交易收入为21.8亿美元，市场预期为21.1亿 美元。 ...

第二季度财富管理净营收77.6亿美元，市场预估73.5亿美元。 第二季度每股收益2.13美元。 摩根士丹利美股盘前走低，现跌逾1%。 摩根士丹利第二季度净营收167.9亿美元，市场预估160.4亿美元。 第二季度管理资产1.71万亿美元，市场预估1.67万亿美元。 第二季度固定收益、外汇和大宗商品业务销售和交易营收21.8亿美元，市场预估21.1亿美元。 ...

摩根士丹利第二季度净营收167.9亿美元 高于市场预期 智通财经7月16日电，摩根士丹利第二季度净营收167.9亿美元，预估160.4亿美元；第二季度每股收益 2.13美元；第二季度股票交易收入为37.2亿美元，市场预期为35.3亿美元；第二季度固定收益、外汇及 大宗商品业务销售与交易收入为21.8亿美元，市场预期为21.1亿美元。 ...

Group 1 - Morgan Stanley, Goldman Sachs, and UBS suggest that gold is one of the best investment options following the recent tariff announcements by the Trump administration [1] - Morgan Stanley's analysts expect a weaker dollar to benefit commodities and rising US inflation to attract funds into precious metals, with Chinese policies potentially acting as a bullish factor [1][2] - Morgan Stanley has raised its fourth-quarter gold price target to $3,800 per ounce, citing support from central bank and investment demand, a weaker dollar, ETF inflows, and ongoing geopolitical and macroeconomic uncertainties [3] Group 2 - Goldman Sachs reaffirms its forecast that gold prices will reach $3,700 per ounce by the end of the year and rise to $4,000 by mid-2026, supported by central bank and ETF inflows [3][4] - UBS recommends buying gold as a hedge against policy risks, despite viewing the recent tariff increases as a negotiation tactic [4] - UBS analysts predict that the effective US tariff rate will stabilize around 15%, which is less than the recently announced rates of 30% to 35%, supporting continued gains in the S&P 500 [4]

智通财经APP获悉，摩根士丹利称，近几个月全球石油库存迅速增加，但由于库存增量主要集中在亚太 地区，目前油价得以维持稳定。包括Martijn Rats在内的分析师在 7 月 15 日的一份报告中指出，尽管截 至 6 月底的五个月里，全球库存总量增加了约 2.35 亿桶，但其中仅有 10%的增量出现在经合组织 (OECD)地区，而该地区对于"价格形成至关重要"。 大摩预测布伦特原油价格在第四季度维持在每桶 65 美元，2026 年四个季度均为每桶 60 美元。 摩根士丹利称，在近几个月统计的库存增量中，非OECD国家增加了约 1 亿桶，其中仅中国就占了 4800 万桶。此外，所谓的海上浮仓石油量也有所增加，增加了 1.06 亿桶。 分析师们表示："化解这一明显矛盾的关键在于全球库存增加的地区分布不均。大部分库存增加发生在 对价格影响较小的地区，而关键定价中心的库存仍异常紧张——库存增加主要在太平洋地区，但布伦特 原油价格却是以大西洋地区的市场为定价基准。" 摩根士丹利警告称，一旦夏季需求高峰结束，供应过剩的局面将再度出现，不过该行仍预计，只有"少 量"过剩会体现在OECD的库存中。分析师们表示，预计未来 12 ...

近日，Citadel Securities正式收购摩根士丹利旗下的电子化美股期权做市业务，进一步巩固了其在衍生 品市场的主导地位。这一交易标志着：曾由传统投行主导的交易市场，正在被高频交易巨头全面接管。 "摩根士丹利是华尔街最后一家仍活跃于电子做市业务的大型银行。" 来源：市场资讯 来源：LLMQuant 高频交易公司接管做市市场 这次收购包括两个核心部分： Citadel还接手了多个期权交易所的指定做市人（DPM）席位，包括 Cboe、纳斯达克、纽交所 （NYSE）和MIAX 等主流平台。 知情人士称，该交易已于7月完成交割，价格未披露。 Citadel Securities由亿万富翁Ken Griffin创立，近年来迅速崛起为华尔街最大的电子交易参与者之一。据 报道： 为何是Citadel，而不是银行？ 电子交易的竞争门槛极高，需要巨大的技术投入和庞大的订单流，传统银行难以匹敌。 • 摩根士丹利的场内期权做市业务 • 一大笔美股期权头寸 • 2025年第一季度，Citadel处理了全美超20%的股票交易量 • 同期利润高达 17亿美元 • 同期也是美股期权的头号做市商 • 自2008年金融危机后，监管改革 ...

·银河期货：贵金属将在不确定性中维持高位震荡 ·铜冠金源期货：白银在短期调整后补涨行情还将会延续 ·光大期货：金价短线趋势并不明朗不排除继续下跌的可能性 ·ING：包括央行和避险需求在内的黄金看涨驱动因素依然完好 ·摩根士丹利：上调第四季度黄金目标价至每盎司3800美元 （文章来源：新华财经） 【机构分析】 ·银河期货表示，昨日美国公布最新的6月CPI数据，数据基本符合预期，但整体温和反弹，打压了市场 的降息预期，美元和美债收益率相应走高，贵金属承压。往未来看，如果美国的劳动力市场不出现意外 崩塌，随着通胀预期越来越接近兑现，美联储降息的时点可能继续后移，但经济走弱的风险也随之提 升，后续通胀反弹的高度和持续时间可能成为市场博弈的焦点之一，预计贵金属将在这种不确定性中维 持高位震荡。 ·铜冠金源期货表示，目前黄金处于震荡之中，市场的焦点是白银。近日银价在创出近14年新高后因部 分投资者获利回吐而出现短期调整。目前银价无论是绝对价格还是相对价格依然处于低位，预计白银在 短期调整后，补涨行情还将会延续。关注关税谈判进展以及即将公布的美国6月PPI数据和零售销售及就 业数据，以获得更多经济走向线索。 ·光大期货表示 ...

Group 1 - At least nine US and international banks have raised their GDP growth forecasts for China this year, encouraged by the economic performance in the second quarter [1] - Morgan Stanley, Goldman Sachs, and Barclays have adjusted their forecasts to nearly 5% for China's GDP growth [1] - ANZ has increased its growth forecast to 5.1% for China this year [1]