摩根大通资产及财富控制部首席执行官欧朵思的致股东信 (摩根大通家族的资产)

2024致股东信

资产及财富控制

展望未来，

我们会尽心竭力推进创新和继续增长，

继续满足您的所需，跨越所望。

摩根大通拥有近两个世纪控制客户资产的辉煌历史，努力于实行受托责任。历经岁月变迁，我们不时为全球的客户提供深化洞见与出色业绩，这些客户包括政府、大型机构、中央银行、主权财富基金、企业首领、开创人及集团。我们不懈追求稳健而继续的报答，争取安全我们内行业增长中的抢先位置。无论是在大通分行为初次储蓄的客户提供现金控制或退休规划方案，还是为大型州立养老方案制定战术性资产性能全盘控制战略，我们经过每次协作不时安全业务根基，赢得客户信任。

我有幸和杰米·戴蒙(Jamie Dimon)同事二十余年，这段阅历让我深化体会到，成功绝非偶然，也无法视为天经地义。可继续增长之道，在于不时创新、极致专注、疗养生息，同时还需秉持“堡垒思想”——临渴掘井迎接严厉应战，同时静待机遇智取新局。我们正置身竞争剧烈的环境，既要为客户甄选最佳机遇，也要为自身的未来增长开拓途径，同时努力于降本增效，追求运营出色。

在资产及财富控制部，我与同仁努力不懈，继续优化客户投资组合，为未来做好预备。我们经过以下形式成功这一目的：发明抢先同业的投资业绩，集聚业内顶尖人才，践行 我们 庞大的投资方略 。我们重点投资尖端技术与精英人才，努力消弭低效，为股东发明丰厚的盈利增长。

客户继续注入新的资产，就是对我们最大的认可。 4,860亿美元净新增资产的拜托，使得过去两年间资金净流入算计达近1万亿美元，彰显了客户对我们战略的决计。 这一特殊成就是我们业务虚力与成效的有力证明。

仰仗如此微弱势头，我们简直一切财务目的均创新高，五大关键绩效目的更齐攀高峰。

主动控制客户资产

过去二十年间，当同行纷繁加大对主动战略的投资时，我们仍不时专注于打造业内抢先的主动控制平台并继续投入。在当今市场环境中，掌握基本面洞察力至关关键，我们的职责是主动捕捉未在滞后的基准中所反映的机遇。我们灵敏而精准地应对周期轮动，争取继续缔造全球顶尖的投资业绩。我们的出色表现，不只为投资者发明了丰厚报答，更进一步安全了客户对我们作为终年协作同伴的信任，并吸引更多客户选择我们。

我们对投资研讨才干的严重投入，成为了我们在主动控制范围优于业界的关键：2024年，我们拥有490名专属研讨剖析师，掩盖多个资产类别，凸显了我们力图做出明智决策的承诺，并将研讨融入公司文明与业务生态。仅过去一年，我们的研讨团队掩盖约4,700家公司，展开了近1.1万次公司实地调查与交流。这些来自全球的实时实地洞察，结合摩根大通的前沿技术，让团队能够为客户驾驭复杂的全球市场。

经过深度运行人工自动（AI）、机器学习和专有数据迷信等先进技术，我们片面优化业务才干，大幅优化风险控制才干、简化运营并提高全体效率。我们最近推出的GPT-Insights就表现了这一承诺，它为资产控制投资者简化研讨流程。这款专有生成式AI工具整合多方数据源，编制片面的公司报告，以简明易懂的形式出现外部与外部观念。自2024年12月推出以来，GPT-Insights将研讨义务耗时缩短高达85%，引导投资者深化探求的方向。我们努力于运行最先进的技术，这不只增强了竞争优点，也契合我们为客户提供出色价值的庞大目的——从试点，到消费，再到盈利。我们正在银行业树立创新标杆，推进可继续增长与终年股东价值。

最后，近年来，我们投入了大批资源展开买卖型开通式基金（ETF）平台。出色的主动控制表现与ETF专长的结合，使我们能够在加快扩展的主动型ETF范围占据抢先位置。2024年，我们在全行业的主动控制和主动型ETF流入中双双位居前列。

精英汇萃的顾问团队

过去五年，我们战略性地扩展并改良全球顾问团队，旨在增强才干，以满足客户多样化和不时演化的要求。这包括延聘新顾问并完善综合培训方案，确保他们掌握最新知识与技艺，坚持站内行业前沿。2024年，我们的财富控制业务网络拥有逾越9,500名顾问，增长率为6%——内行业普遍停滞的背景下，这一效果尤为清楚，展现了我们全球平台的规模以及全力提供顶尖与专业服务的承诺。我们努力于树立面向未来的顾问团队，掩盖财富控制、机构业务及批发范围，树立行业抢先的竞争规范。

除了招聘与培训，我们还为顾问装备尖端AI工具，如Connect Coach和Sales Assist，大幅优化消费效率，扩展专业范围。仰仗逾越80%的资产及财富控制部前台员工经常经常使用摩根大通大型言语模型（AI）套件，我们每天都在挖掘机遇，减省单调重复的任务，让团队专注于更低价值的事务。这些举措对提供出色服务与推进可继续增长至关关键。

为每位客户量身定制方案

我们对特性化倡议的愿景，是让客户与顾问能够依据共同需求做出灵敏选择。为了增强这方面的才干，我们成功了两项关键买卖，区分在2020及2021年收买了55ip和OpenInvest。我们的技术团队运行收买的技术友好台，加上继续的专有开发任务，为每个投资组合团队装备最现代化和先进的工具和资源。这让他们能够灵敏调整偏好与集中度，顺应税务需求，打造契合客户特定目的的投资组合。 我们坚信，受托控制者不应为客户投资组合强加选择或偏好。相同，我们让客户指明对其关键的规范，摩根大通团队则据此执行。

我们以为应该善用受托责任，对所投资的公司发扬影响，借助两个世纪凝聚的深沉底蕴，优化为股东发明的终年价值。我们的外部控制团队独立运作，无需依赖外部代理顾问为政策表决及提供倡议。通常上，我们已采取执行大幅增加代理顾问公司对团队的影响，不再将他们的研讨报告归入我们控制团队及投资专家的控制决策体系。我们引以为豪的是，关键投资者均积极介入公司控制，并善用他们的专业知识及见地，为客户资产构筑坚实的监视保证。

另类投资

另类投资不时是我们客户投资组合享有的一大差异化优点，由于我们是全球关键的另类投资提供商与投资者之一。近年来，这一资产类别成为行业最大、增长最快的范围之一，关键得益于面向集团投资者的开通式结构。为此，我们战略性地将业务范围重组为两大支柱：资产及财富控制另类投资方案和资产控制私募市场。依附我们60多年的深沉沉淀与丰厚广博的投资阅历，新架构旨在拓宽掩盖范围并成功显着增长。这些改良让我们能够扩展业务范围，充散发扬我们在该范围的深沉专业知识，从第三方战略到自主控制的基金，最终为客户提供全方位、定制化的创新投资方案。经过精准婚配不时变化的市场需求与自身资源及业务才干，我们能够冷静驾驭复杂的金融环境，推进这一关键范围的可继续增长。

全球规划

作为一家拥有数百年历史的企业，我们深化了解塑造行业的复杂经济与地缘政治格式。现在，资产及财富控制部在逾越150个国度／地域服务客户，彰显了我们努力于服务全球宽广客户的承诺。近年来，我们在雅典、杰克逊维尔、曼彻斯特、慕尼黑、盐湖城和斯科茨代尔开设新办事处。此外，我们还在奥斯汀、劳德代尔堡和法兰克福等关键办事处介入逾越10%的顾问人数。在中国，我们在外资资产控制公司中拥有较大的中国股票研讨剖析师团队。这些投资为资产及财富控制业务未来几十年的展开奠定了坚实的基础。

除了扩展我们的业务足迹外，我们还经过人才流动培育出色文明，确保我们的团队不只熟习外地市场灵敏，也与我们具有凝聚力的全球文明坚持分歧。两者的结合，让我们能够坚持灵敏矫捷、反响迅速，准确掌握新兴趋向，并为全球客户提供分歧的体验。最后，在全球大少数资产及财富控制网点，我们都与消费者和社区银行以及商业和投资银行业务同伴共处同一地点，大大增强了我们对客户和社区的影响。

战略成效卓著：为公司和股东带来微弱的净资产收益率

与业内对手相比，我们不只业绩优秀，对摩根大通的全体成功也很关键。我们之所以能够成功行业抢先的净资产收益率，源于我们严谨地控制资产负债表上的每一分毫，为股东带来微弱的综合股本报答率。这些效果是在我们对业务坚持大批投资下同时成功的，凸显了我们业务的弱小实力，以及对战略投资的专注。

结语

我们努力于实行对客户的受托责任，这指点了我们的任务方向，引领着每一步的前行。近年的市况充溢应战和坚定，我们都能成功引导客户和股东应对，同时也投资规划未来，为此，我深感自豪。

摩根大通的三大业务板块每日都在各自范围追求出色，深知全体力气胜于群体之和。我和资产及财富控制运营委员会的同仁努力不懈，为客户尽量优化公司价值，提供投资倡议、流动性控制、资本市场专长、信贷、支付、托管及全方位银行服务。客户与每个业务部门一样，都是集团的一份子，共同享有摩根大通庞大的资源和规模优点，这些条件让我们在竞争中崭露头角。

我们衷心感谢客户和股东的信任，并将继续努力于提供至臻服务。仰仗摩根大通的优点，我们有决计能够提供出色价值，坚持行业指点位置。展望未来，我们会尽心竭力推进创新和继续增长，继续满足您的所需，跨越所望。

1 注释内容请参见本年报第58页注释34。

2.注释内容请参见本年报第58页注释33。

4.注释内容请参见本年报第59页注释36。

2024 Letter to Shareholders

Asset & Wealth Manage

J.P. Morgan has a proud fiduciary history spanning nearly two centuries of managing client assets. Throughout each decade， we have consistently delivered valuable insights and strong performance to a distinguished clientele worldwide， including governments， major institutions， central banks， sovereign wealth funds， CEOs， founders and individuals. Our steadfast commitment to delivering strong and consistent results has solidified our position as a leader in industry growth. Whether supporting a first-time saver seeking cash management solutions or retirement options at a Chase branch or serving a major state pension plan in need of tactical asset allocation overlay strategies， our franchise continues to strengthen with each new relationship， earning the trust of our clients.

Having had the privilege of working for Jamie Dimon for over two decades， I am reminded every day that success is not accidental and should never be taken for granted. Sustainable growth requires constant innovation， extraordinary focus， intensity and drive， coupled with a fortress mindset – always preparing for the toughest challenges while remaining poised to seize new opportunities. We are in a fiercely competitive race to identify the best opportunities for our clients and for our future growth while simultaneously maintaining our unwavering focus on cutting waste and achieving operational excellence.

In Asset & Wealth Management (AWM)， my partners and I work tirelessly to optimize client portfolios and future- proof them for what lies ahead. We achieve this by delivering leading investment performance， leveraging what I believe is the most exceptional talent in the industry and executing our most ambitious investment agenda to date. Our focus on investing in cutting- edge technology and our elite talent， while driving out inefficiencies， has led us to highly profitable growth for our shareholders.

Our clients vote daily on our success with their consistent contribution of new assets. They have demonstrated their ongoing confidence in our strategy by entrusting us with an additional $486 billion in net new assets， bringing the total to nearly $1 trillion of inflows over the past two years. This remarkable achievement stands as the ultimate testament to the strength and effectiveness of our business.

Building on this tremendous momentum， we have achieved record results across nearly all financial metrics， reaching all-time highs in five key performance indicators.

ACTIVELY MANAGING OUR CLIENTS’ ASSETS

Over the past two decades， we have focused on and invested in the industry’s leading active management platform， even as many of our peers double down on passive strategies. In today’s market environment， where having fundamental insights is critical， we believe our responsibility is to proactively seek opportunities that are not yet reflected in backward-looking benchmark weightings. We have responded swiftly and adeptly to various market cycles， consistently achieving world-class investment performance. Our peer-leading performance has enabled us to deliver positive outcomes for our investors， strengthening our clients’ trust in us as their long-term partner and attracting more clients than ever before.

A key component of our strategy to be the industry’s leading active manager is our substantial investment in our research capabilities. In 2024, we employed 490 proprietary research analysts across various asset classes， underscoring our commitment to making informed decisions and embedding research into our culture and business ecosystem. In the past year alone， our research team provided coverage on approximately 4,700 companies and conducted nearly 11,000 company visits and engagements. These real-time， on-the-ground insights from around the world， infused with JPMorganChase’s dominant technology， empower our teams to adeptly navigate complex global markets for our clients.

By harnessing and leveraging advanced technologies – such as artificial intelligence (AI)， machine learning and proprietary src="http://img.jrjimg.cn/2025/04/cms_20250424102340290.jpg" alt="图片">

In addition to hiring and training， we equip our advisors with cutting-edge AI tools like Connect Coach and Sales Assist， significantly enhancing their productivity and scope. With over 80% of AWM Front Office utilizing our J.P. Morgan Large Language Model (AI) Suite， each day we uncover opportunities to eliminate “no joy” work and repetitive tasks， allowing our teams to focus on higher-value activities. These initiatives are integral to delivering exceptional service and driving sustainable growth.

HIGHLY CUSTOMIZED SOLUTIONS FOR EACH INDIVIDUAL

Our vision for personalized advice focuses on empowering both clients and advisors to make choices tailored to each unique situation. To enhance our capabilities， we made two important acquisitions: 55ip (in 2020) and OpenInvest (in 2021). Our technology teams leverage these acquisitions， alongside continuous proprietary developments， to equip every portfolio team with the most modern and advanced tools and resources. This enables them to customize preferences and concentrations， adapt to tax considerations and create portfolios that are aligned with their specific needs. We don’t believe any fiduciary manager should dictate choice or preferences for a client’s investment portfolio. Instead， we empower clients to specify criteria important to them， and J.P. Morgan teams execute accordingly.

We believe our fiduciary voice should be leveraged to influence the companies we invest in， drawing on our two centuries of collective knowledge to enhance long-term shareholder value creation. Our in-house stewardship teams operate independently， without relying on external proxy advisors to vote for us. In fact， we have taken major steps to minimize the influence of proxy advisory firms on our teams and no longer incorporate their research into the governance decisions made by our stewardship and investment professionals. We take pride in the active role our fundamental investors play in the governance process， utilizing their expertise and insights to ensure strong oversight for client portfolios.

ALTERNATIVES

Alternatives have always been a key differentiator in our clients’ portfolios， as we are among the leading providers and investors globally. Recently， this asset class has emerged as one of the industry’s largest and fastest-growing areas， primarily driven by the open-ended structure now available to individual investors. In response， we have strategically restructured our coverage into two distinct pillars: AWM Alternative Solutions and AM Private Markets. This new structure is designed to broaden our coverage and enable meaningful growth， leveraging our rich history of over 60 years and our extensive experience across various investment types. With these enhancements， we are poised to expand our coverage and unlock our deep expertise in this area， ultimately providing our clients with innovative and tailored investment solutions across the board – from third-party strategies to funds managed by our own teams. By aligning our resources and capabilities with the evolving needs of the market， we are well-equipped to navigate the complexities of the financial landscape and drive sustainable growth in this important area.

GLOBAL FOOTPRINT

As a business within a firm with hundreds of years of history， we possess a deep understanding of the complex economic and geopolitical landscape that shapes our industry. Today， AWM maintains client coverage in over 150 countries， underscoring our commitment to serving a diverse range of clients globally. In recent years， we have invested in opening new offices in Athens， Jacksonville， Manchester， Munich， Salt Lake City and Scottsdale. Additionally， we have increased our number of advisors by more than 10% in other key offices， including Austin， Fort Lauderdale and Frankfurt. In China， we have one of the largest teams of research analysts covering Chinese stocks among foreign-owned asset managers. These investments build a strong foundation for AWM for decades to come.

In addition to expanding our geographic footprint， we cultivate a culture of excellence through talent mobility， ensuring our teams are not only adept in local market dynamics but also aligned with our cohesive global culture. This combination allows us to remain agile and responsive， positioning us to capitalize on emerging trends and to deliver a consistent experience to our clients worldwide. Lastly， in most of AWM locations around the world， we co-locate with our Consumer & Community Banking and Commercial & Investment Bank partners， significantly amplifying our impact on clients and communities.

EVIDENCE THAT THIS STRATEGY IS WORKING: STRONG ROE FOR OUR FIRM AND SHAREHOLDERS

Our results are not only strong compared with every major competitor but are also crucial for the broader success of JPMorganChase. Our ability to deliver industry-leading return on equity (ROE) stems from our disciplined approach to managing every dollar on our balance sheet， contributing to a robust blended ROE for our shareholders. These results， achieved while maintaining significant investment in our business， speak to the strength of our franchise and the focus of our strategic investment agenda.

CONCLUSION

Our fiduciary commitment to our clients serves as our north star， guiding every aspect of our work. I am proud of how we have successfully guided our clients and shareholders through the challenges and volatility of recent years， all while making significant investments in the future.

As each of the three lines of business at JPMorganChase strives every day to excel in our respective areas， we are acutely aware that our collective strength surpasses the sum of our individual parts. Together with my Operating Committee partners in AWM， we work relentlessly to maximize the firm’s value to every client， delivering investment advice， liquidity management， capital markets expertise， credit， payments， custody and full-service banking. Clients benefit from being part of the broader JPMorganChase ecosystem， as does each line of business， with access to unparalleled resources and scale that set us apart from the competition.

We are deeply grateful for the trust our clients and shareholders place in us and remain dedicated to delivering excellence every day. By leveraging the strengths of JPMorganChase， we are confident in our ability to deliver exceptional value and maintain our leadership position in the industry. As we look to the future， we are committed to driving innovation and consistent growth， ensuring that we continue to meet and exceed your expectations.

---

大家觉得有用分期的团队靠谱么？

有用分期团队具有多年的线上金融服务与逾100亿人民币的资产控制和运营阅历。 高管团队来自：TPG，摩根大通，捷信中国，安康银行，东亚银行，微软，网络，阿里，腾讯，等公司。

有限责任公司和股份有限公司有何不同？

有限责任公司和股份有限公司最大的差异是有限责任公司的股份股东依照出资比例来承当责任和分配盈余,而股份有限公司一切的股份是等额的,股东依照作所持有的股份总数承当责任和分配盈余.其他的区别有有限责任公司设立简易,人数有限制,股份转让有严厉的法定条件.而股份有限公司通常上没有人数的限制,设立程序复杂,股份可以自在转让.

通常咨询通常试论(某上市公司)股份有限公司的优缺陷.

来拉有限责任公司与股份有限公司作为公司的两种关键方式，有它们的共同点，也有不同点。 有限责任公司与股份有限公司的共同点是： （1）股东都对公司承当有限责任。 无论在有限责任公司中，还是在股份有限公司中，股东都对公司承当有限责任，“有限责任”的范围，都是以股东公司的投资额为限。 （2）股东的财富与公司的财富是分别的，股东将财富投资公司后，该财富即构成公司的财富，股东不再直接控制和支配这部分财富。 同时，公司的财富与股东没有投资到公司的其他财富是没有相关的，即使公司出现资不抵债的状况，股东也只以其对公司的投资额承当责任，不再承当其他的责任。 （3）有限责任公司和股份有限公司对外都是以公司的全部资产承当责任。 也就是说，公司对外也是只承当有限的责任，“有限责任”的范围，就是公司的全部资产，除此之外，公司不再承当其他的财富责任。 有限责任公司与股份有限公司的不同点： （1）两种公司在成立条件和募集资金方面有所不同。 有限责任公司的成立条件比拟宽松一点，股份有限公司的成立条件比拟严厉；有限责任公司只能由发起人集资，不能向社会地下募集资金，股份有限公司可以向社会地下募集资金；有限责任公司的股东人数，有最高和最低的要求，股份有限公司的股东人数，只要最低要求，没有最高要求。 （2）两种公司的股份转让难易水平不同。 在有限责任公司中，股东转让自己的出资有严厉的要求，遭到的限制较多，比拟困难；在股份有限公司中，股东转让自己的股份比拟自在，不象有限责任公司那样困难。 （3）两种公司的股权证明方式不同。 在有限责任公司中，股东的股权证明是出资证明书，出资证明书不能转让、流通；在股份有限公司中，股东的股权证明是股票，即股东所持有的股份是以股票的方式来表现，股票是公司签发的证明股东所持股份的凭证，股票可以转让、流通。 （4）两种公司的股东会、董事会权限大小和两权分别水平不同。 在有限责任公司中，由于股东人数有下限，人数相对来计比拟少，召开股东会等也比拟简易，因此股东会的权限较大，董事经常是由股东自己兼任的，在一切权和运营权的分别上，水平较低；在股份有限公司中，由于股东人数没有下限，人数较多且分散，召开股东会比拟困难，股东会的议事程序也比拟复杂，所以股东会的权限有所限制，董事会的权限较大，在一切权和运营权的分别上，水平也比拟高。 （5）两种公司的财务状况的地下水平不同。 在有限责任公司中，由于公司的人数有限，财务会计报表可以不经过注册会计师的审计，也可以不公告，只需依照规则期限送交各股东就行了；在股份有限公司中，由于股东人数众多很难分类，所以会计报表必要求经过注册会计师的审计并出具报告，还要存档以便股东查阅，其中以募集设立方式成立的股份有限公司，还必要求公告其财务会计报告。