稿源：掌上长沙 2025-10-31 00:52 清晨，第一缕阳光洒在昆明斗南花田，花农们小心采收带着露水的玫瑰和百合；深夜的冷链集散中心里，分拣设 备高速运转，将千万枝鲜花送上快速通道；次日午后，这些来自云南的鲜花便已绽放在华东、华南地区的花店橱 窗和寻常百姓家中。这一切的背后，是现代物流与云南花卉产业的深度融合，也是云南顺丰十年如一日深耕不 辍，为"云花出滇"铺就的一条充满活力的发展之路。 自1983年呈贡斗南村民种下第一株剑兰（花叶兼赏型名花）起，四十年间，这片土地已发展成为亚洲第一、世界 第二的花卉市场。目前，云南花卉种植面积稳定在190万亩左右，全产业链产值达1480亿元，鲜切花产量达200亿 枝，占全国市场份额的75%。来自昆明、玉溪、红河等五大产区的1600多个品种的鲜花，源源不断地运往全国各 地。2014年，云南顺丰以产品迭代和模式创新为抓手，深入花卉产业，助力花农、电商从业者和快递员共享产业 发展成果，成为乡村振兴道路上的"芬芳引擎"。 夯实基础设施 打造"云花"专业"出发港" 鲜花娇贵，对运输条件有较高要求。云南顺丰从场地、运力到技术，全方位构建适配花卉特性的物流体系，确保 每一枝鲜花都能 ...

You can find original article here WealthManagement. Subscribe to our free daily WealthManagement newsletters. Stifel Financial recently paid nearly $3.4 million to settle three arbitration claims against the firm related to a former broker’s sales of structured notes, according to BrokerCheck.  Those are the latest in a string of settlements and arbitration awards involving Chuck Roberts, a former Stifel rep who was barred from the industry in July for selling unsuitable investments to clients. Sti ...

Core Insights - Eaton Partners served as the exclusive placement agent for Formentera Partners, a private equity firm focused on energy assets [1][3] - Formentera Partners Fund III closed oversubscribed with $934.8 million in capital commitments, exceeding its $900 million target, and raised a total of $1.31 billion including co-investment capital [2][3] - Formentera's total assets under management now stand at $2.8 billion, reflecting its growth and commitment to delivering consistent returns [3][6] Company Overview - Formentera Partners is an energy-focused private equity firm founded in 2020, based in Austin, Texas, with a strategy of acquiring and optimizing oil and gas assets [6] - The firm has raised over $2.8 billion in cumulative capital commitments and employs a disciplined investment strategy leveraging operational expertise [6] - Eaton Partners is one of the largest capital placement agents, having raised more than $140 billion for alternative investment funds [4]

Stifel Financial posted record client assets and revenue for the third quarter, even as advisor recruitment slowed relative to the first half of the year. The St. Louis-based firm's wealth management division ended the third quarter with record net revenue, up nearly 10% year over year to $907 million. That growth was driven primarily by asset management revenue, up 13% from the previous year to $431 million. "What was once primarily transactional is now largely fee-based. … That shift has made our earni ...

Rod, also the incoming 2026 chair of the Securities Industry and Financial Markets Association. It's great to have you back, Ron. >> It's great to be here.Great. I love coming down to the floor and I need to come down here more often. So, it's great to be here. >> It's nice to have you in the building.So, we were just talking about the environment on credit overall in terms of markets, capital markets. How you feeling. >> Look, it's a the uh the markets are are very very active, very brilliant.It's uh I'm l ...

Financial Data and Key Metrics Changes - The company achieved record net revenue of over $1,400,000,000, representing a 17% year-over-year growth [4][12] - Earnings per share reached a record $1.95, up 30% from the previous year [12] - Return on tangible common equity exceeded 24% [4] Business Line Data and Key Metrics Changes - Global Wealth Management reported record revenue of $907,000,000 with pretax margins of nearly 38% [13] - Institutional revenue was $500,000,000, up 34% from the prior year, with investment banking revenue increasing by 33% [16][12] - Fee-related businesses now account for 62% of total revenue, up from 26% in 2011 [9] Market Data and Key Metrics Changes - The S&P 500 is up approximately 15% this year and over 35% from its lows following the Liberation Day tariffs [5] - Gold and silver have outperformed equities this year, indicating a search for stability among investors [6] Company Strategy and Development Direction - The company continues to focus on balanced growth between wealth management and institutional segments, maintaining a revenue mix of approximately 64% wealth and 36% institutional [8] - Future milestones include achieving $10,000,000,000 in annual revenue and $1,000,000,000,000 in client assets [9] - The company emphasizes a disciplined approach to capital allocation, including stock buybacks and strategic acquisitions [66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, citing lower taxes, reduced regulatory burdens, and increased capital spending [5] - The investment banking pipeline is at record levels, with strong visibility into future revenues [23] - Management acknowledged potential challenges from the government shutdown affecting IPOs but remains confident in the overall market outlook [34] Other Important Information - The company has maintained a strong balance sheet with a Tier one leverage capital ratio of 11.1% and a Tier one risk-based capital ratio of 17.6% [20] - The compensation ratio was consistent with guidance at 58% [12] Q&A Session Summary Question: Insights on investment banking pipeline and revenue upside - Management noted a strong investment banking pipeline and indicated that the current run rate is not at the 2021 peak but capabilities have improved [30][32] Question: Credit market position and loan book exposure - Management reassured that Stifel is not a regional bank and has a diversified revenue model, with a focus on low-risk lending categories [40][42] Question: Incremental margin improvement in institutional group - Management indicated potential for 10 points of margin improvement, translating to significant free cash flow [56][60] Question: Capital allocation strategy moving forward - Management emphasized that capital allocation will depend on opportunities for risk-adjusted returns, including dividends, stock buybacks, and potential acquisitions [66][68] Question: Trends in advisory business and sponsor activity - Management reported strength in advisory across all sectors, with a positive outlook for the fourth quarter and 2026 [101][102]

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Financial Performance Highlights - Net revenue for 3Q25 reached $1429 million, with Year-To-Date (YTD) revenue at $3969 million[4] - GAAP net earnings for 3Q25 were $202 million ($1.84 EPS), and non-GAAP net earnings were $214 million ($1.95 EPS)[4] - Year-to-date GAAP net earnings reached $391 million ($3.56 EPS), while non-GAAP net earnings were $454 million ($4.13 EPS)[4] - The company's book value per share is $49.74, with a tangible book value per share of $34.99[4] Global Wealth Management (GWM) - GWM net revenue for 3Q25 was $907 million, a 10% increase year-over-year[15] - Transactional revenue within GWM reached $203 million, up 5% year-over-year[20] - Asset management revenue in GWM was $431 million, a 13% increase year-over-year[20] - Total client assets in GWM reached $544010 million, a 10% increase year-over-year[22] Institutional Group - Institutional Group revenue for 3Q25 was $500 million, a 34% increase year-over-year[15] - Advisory revenue within the Institutional Group was $179 million, up 31% year-over-year[36] - Capital raising revenue in the Institutional Group was $138 million, a 38% increase year-over-year[36] Expenses and Capital - Compensation expense for 3Q25 was $829 million, a 17% increase year-over-year[43] - Non-compensation expense for 3Q25 was $298 million, a 7% increase year-over-year[43]

Core Insights - Stifel Financial reported quarterly earnings of $1.95 per share, exceeding the Zacks Consensus Estimate of $1.85 per share, and showing an increase from $1.50 per share a year ago, resulting in an earnings surprise of +5.41% [1][2] - The company achieved revenues of $1.43 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 8.10%, compared to $1.22 billion in the same quarter last year [2] - Stifel has outperformed consensus EPS estimates three times in the last four quarters, indicating a positive trend in earnings performance [2] Earnings Outlook - The future performance of Stifel's stock will largely depend on management's commentary during the earnings call and the sustainability of the recent price movements [3][4] - The current consensus EPS estimate for the upcoming quarter is $2.44 on revenues of $1.44 billion, and for the current fiscal year, it is $7.23 on revenues of $5.33 billion [7] Industry Context - The Financial - Investment Bank industry, to which Stifel belongs, is currently ranked in the top 10% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5][6]

Exhibit 99.2 Third Quarter 2025 Earnings Results | Quarterly Financial Supplement | Page | | --- | --- | | Consolidated Financial Highlights | 2 | | GAAP Consolidated Results of Operations | 3 | | Non-GAAP Condensed Consolidated Results of Operations | 4 | | Consolidated Financial Summary | 5 | | Consolidated Financial Information and Metrics | 6 | | Regulatory Capital | 7 | | Global Wealth Management - Summary Results of Operations | 8 | | Global Wealth Management - Statistical Information | 9 | | Institut ...