Overall ConclusionQ2 results exceeded expectations, with net revenue of $5.8 billion, EPS of $3.15, ROTCE of 13%, achieving the best quarterly revenue in a decade, driven by broad-based growth across Services, Markets, and Banking, and a 9% positive operating leverage.

Key DataRevenue grew 14% year-over-year, EPS $3.15, ROTCE 13% (up 430bps year-over-year); Services revenue hit a record high, with ROTCE exceeding 30%.

Business ProgressServices: cross-border transaction volume +13%, deposits +19%, deep customer stickiness driving growth. Markets: revenue +17%, Equities +40%. Banking: investment banking revenue +44%, participated in top-tier IPOs such as SpaceX. Wealth: growth for 9 consecutive quarters, revenue +13%, client investment assets +14%. Management emphasized that AI tool penetration is nearly 90%, driving efficiency and speed to market.

Guidance and OutlookMaintains full-year ROTCE target of 10-11%, NII ex-markets growth of 5-6%, efficiency ratio of approximately 60%. But clearly stated that if the environment is favorable, it will accelerate organic investments and does not rule out raising the medium-term return path.

Risk/Highlight SignalsManagement’s tone is positive, emphasizing "playing the long game" and using the favorable environment to front-load investments. Risks lie in the typical seasonal decline of approximately 20% in markets business in the second half of the year, and that investments may temporarily drag on profits.