2025年4月23日，摩根大通資產及財富管理部首席執行官歐朵思發佈致股東信，歐朵思稱：“4，860億美元淨新增資產的託付，使得過去兩年間資金淨流入合計達近1萬億美元，彰顯了客戶對我們策略的信心。”

　　以下是信件全文：

　　2024致股東信

　　資產及財富管理

　　展望未來，

　　我們會盡心竭力推動創新和持續增長，

　　繼續滿足您的所需，超越所望。

　　摩根大通擁有近兩個世紀管理客戶資產的輝煌歷史，致力於履行受託責任。歷經歲月變遷，我們始終爲全球的客戶提供深刻洞見與卓越業績，這些客戶包括政府、大型機構、中央銀行、主權財富基金、企業領袖、創始人及個人。我們不懈追求穩健而持續的回報，爭取鞏固我們在行業增長中的領先地位。無論是在大通分行爲初次儲蓄的客戶提供現金管理或退休規劃方案，還是爲大型州立養老計劃制定戰術性資產配置全盤管理策略，我們通過每次合作不斷鞏固業務根基，贏得客戶信賴。

　　我有幸和傑米·戴蒙（Jamie Dimon）共事二十餘年，這段經歷讓我深刻體會到，成功絕非偶然，也不可視爲理所當然。可持續增長之道，在於不斷創新、極致專注、全力以赴，同時還需秉持“堡壘思維”——常備不懈迎接嚴峻挑戰，同時靜待時機智取新局。我們正置身競爭激烈的環境，既要爲客戶甄選最佳機遇，也要爲自身的未來增長開拓路徑，同時致力於降本增效，追求運營卓越。

　　在資產及財富管理部，我與同仁努力不懈，持續優化客戶投資組合，爲未來做好準備。我們通過以下方式實現這一目標：創造領先同業的投資業績，匯聚業內頂尖人才，踐行我們宏大的投資方略。我們重點投資尖端技術與精英人才，努力消除低效，爲股東創造豐厚的盈利增長。

　　客戶持續注入新的資產，就是對我們最大的認可。4，860億美元淨新增資產的託付，使得過去兩年間資金淨流入合計達近1萬億美元，彰顯了客戶對我們策略的信心。這一非凡成就是我們業務實力與成效的有力證明。

　　憑藉如此強勁勢頭，我們幾乎所有財務指標均創新高，五大關鍵績效指標更齊攀高峯。

　　主動管理客戶資產

　　過去二十年間，當同行紛紛加大對被動策略的投資時，我們仍一直專注於打造業內領先的主動管理平臺並持續投入。在當今市場環境中，掌握基本面洞察力至關重要，我們的職責是主動捕捉未在滯後的基準中所反映的機遇。我們靈活而精準地應對週期輪動，爭取持續締造全球頂尖的投資業績。我們的卓越表現，不僅爲投資者創造了豐碩回報，更進一步鞏固了客戶對我們作爲長期合作伙伴的信任，並吸引更多客戶選擇我們。

　　我們對投資研究能力的重大投入，成爲了我們在主動管理領域優於業界的關鍵：2024年，我們擁有490名專屬研究分析師，覆蓋多個資產類別，凸顯了我們力求做出明智決策的承諾，並將研究融入公司文化與業務生態。僅過去一年，我們的研究團隊覆蓋約4，700家公司，開展了近1.1萬次公司實地考察與交流。這些來自全球的實時實地洞察，結合摩根大通的前沿技術，讓團隊能夠爲客戶駕馭複雜的全球市場。

　　通過深度利用人工智能（AI）、機器學習和專有數據科學等先進技術，我們全面提升業務能力，大幅優化風險管理能力、簡化運營並提高整體效率。我們最近推出的GPT-Insights就體現了這一承諾，它爲資產管理投資者簡化研究流程。這款專有生成式AI工具整合多方數據源，編制全面的公司報告，以簡明易懂的方式呈現內部與外部觀點。自2024年12月推出以來，GPT-Insights將研究任務耗時縮短高達85%，引導投資者深入探索的方向。我們致力於利用最先進的技術，這不僅增強了競爭優勢，也符合我們爲客戶提供卓越價值的宏大目標——從試點，到生產，再到盈利。我們正在銀行業樹立創新標杆，推動可持續增長與長期股東價值。

　　最後，近年來，我們投入了大量資源發展交易型開放式基金（ETF）平臺。出色的主動管理表現與ETF專長的結合，使我們能夠在快速擴展的主動型ETF領域佔據領先地位。2024年，我們在全行業的主動管理和主動型ETF流入中雙雙位居前列。

　　精英匯萃的顧問團隊

　　過去五年，我們戰略性地擴展並改進全球顧問團隊，旨在增強能力，以滿足客戶多樣化和不斷演變的需要。這包括聘請新顧問並完善綜合培訓計劃，確保他們掌握最新知識與技能，保持站在行業前沿。2024年，我們的財富管理業務網絡擁有超過9，500名顧問，增長率爲6%——在行業普遍停滯的背景下，這一成績尤爲顯著，展現了我們全球平臺的規模以及全力提供頂尖與專業服務的承諾。我們致力於建立面向未來的顧問團隊，覆蓋財富管理、機構業務及零售領域，樹立行業領先的競爭標準。

　　除了招聘與培訓，我們還爲顧問配備尖端AI工具，如Connect Coach和Sales Assist，大幅提升生產效率，擴大專業範圍。憑藉超過80%的資產及財富管理部前臺員工使用摩根大通大型語言模型（AI）套件，我們每天都在挖掘機會，減省枯燥重複的工作，讓團隊專注於更高價值的事務。這些舉措對提供卓越服務與推動可持續增長至關重要。

　　爲每位客戶量身定製方案

　　我們對個性化建議的願景，是讓客戶與顧問能夠根據獨特需求做出靈活選擇。爲了增強這方面的能力，我們完成了兩項重要交易，分別在2020及2021年收購了55ip和OpenInvest。我們的技術團隊利用收購的技術和平臺，加上持續的專有開發工作，爲每個投資組合團隊配備最現代化和先進的工具和資源。這讓他們能夠靈活調整偏好與集中度，適應稅務需求，打造符合客戶特定目標的投資組合。我們堅信，受託管理者不應爲客戶投資組合強加選擇或偏好。相反，我們讓客戶指明對其重要的標準，摩根大通團隊則據此執行。

　　我們認爲應該善用受託責任，對所投資的公司發揮影響，藉助兩個世紀凝聚的深厚底蘊，提升爲股東創造的長期價值。我們的內部管理團隊獨立運作，無需依賴外部代理顧問爲政策表決及提供建議。實際上，我們已採取行動大幅減少代理顧問公司對團隊的影響，不再將他們的研究報告納入我們管理團隊及投資專家的治理決策體系。我們引以爲豪的是，主要投資者均積極參與公司治理，並善用他們的專業知識及見解，爲客戶資產構築堅實的監督保障。

　　另類投資

　　另類投資一直是我們客戶投資組合享有的一大差異化優勢，因爲我們是全球重要的另類投資提供商與投資者之一。近年來，這一資產類別成爲行業最大、增長最快的領域之一，主要得益於面向個人投資者的開放式結構。爲此，我們戰略性地將業務範圍重組爲兩大支柱：資產及財富管理另類投資方案和資產管理私募市場。依託我們60多年的深厚積澱與豐富廣博的投資經驗，新架構旨在拓寬覆蓋範圍並實現顯着增長。這些改進讓我們能夠擴大業務範圍，充分發揮我們在該領域的深厚專業知識，從第三方策略到自主管理的基金，最終爲客戶提供全方位、定製化的創新投資方案。通過精準匹配不斷變化的市場需求與自身資源及業務能力，我們能夠從容駕馭複雜的金融環境，推動這一重要領域的可持續增長。

　　全球佈局

　　作爲一家擁有數百年曆史的企業，我們深刻理解塑造行業的複雜經濟與地緣政治格局。如今，資產及財富管理部在超過150個國家/地區服務客戶，彰顯了我們致力於服務全球廣大客戶的承諾。近年來，我們在雅典、傑克遜維爾、曼徹斯特、慕尼黑、鹽湖城和斯科茨代爾開設新辦事處。此外，我們還在奧斯汀、勞德代爾堡和法蘭克福等主要辦事處增加超過10%的顧問人數。在中國，我們在外資資產管理公司中擁有較大的中國股票研究分析師團隊。這些投資爲資產及財富管理業務未來幾十年的發展奠定了堅實的基礎。 

　　除了擴大我們的業務足跡外，我們還通過人才流動培育卓越文化，確保我們的團隊不僅熟悉當地市場動態，也與我們具有凝聚力的全球文化保持一致。兩者的結合，讓我們能夠保持靈活敏捷、反應迅速，準確把握新興趨勢，併爲全球客戶提供一致的體驗。最後，在全球大多數資產及財富管理網點，我們都與消費者和社區銀行以及商業和投資銀行業務夥伴共處同一地點，大大增強了我們對客戶和社區的影響。

　　策略成效卓著：爲公司和股東帶來強勁的淨資產收益率

　　與業內對手相比，我們不僅業績優異，對摩根大通的整體成功也很關鍵。我們之所以能夠實現行業領先的淨資產收益率，源於我們嚴謹地管理資產負債表上的每一分毫，爲股東帶來強勁的綜合股本回報率。這些成果是在我們對業務保持大量投資下同時實現的，凸顯了我們業務的強大實力，以及對戰略投資的專注。

　　結語

　　我們致力於履行對客戶的受託責任，這指導了我們的工作方向，引領着每一步的前行。近年的市況充滿挑戰和波動，我們都能成功引導客戶和股東應對，同時也投資佈局未來，爲此，我深感自豪。

　　摩根大通的三大業務板塊每日都在各自領域追求卓越，深知整體力量勝於個體之和。我和資產及財富管理運營委員會的同仁努力不懈，爲客戶儘量提升公司價值，提供投資建議、流動性管理、資本市場專長、信貸、支付、託管及全方位銀行服務。客戶與每個業務部門一樣，都是集團的一分子，共同享有摩根大通龐大的資源和規模優勢，這些條件讓我們在競爭中脫穎而出。

　　我們衷心感謝客戶和股東的信賴，並將繼續致力於提供至臻服務。憑藉摩根大通的優勢，我們有信心能夠提供卓越價值，保持行業領導地位。展望未來，我們會盡心竭力推動創新和持續增長，繼續滿足您的所需，超越所望。

　　2．註釋內容請參見本年報第58頁註釋33。 

　　3．資料來源：公開文件、公司網站、晨星。 

　　4．註釋內容請參見本年報第59頁註釋36。 

　　5．資料來源：公開文件；淨資產收益率或類似指標基於報告數據（如有）。對於未報告淨資產收益率或類似指標的同業，計算結果來源於報告的普通股東應占淨收入以及報告的平均普通股東權益。

　　2024 Letter to Shareholders

　　Asset & Wealth Management

　　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 data science – we enhance all aspects of our business， significantly improving our risk management capabilities， streamlining operations and boosting overall efficiency． Our recent launch of GPT-Insights exemplifies this commitment， streamlining the research process for Asset Management （AM） investors． This proprietary generative AI tool creates comprehensive company reports from multiple sources， highlighting both internal and external perspectives in an easily digestible format． Since its December 2024 launch， GPT-Insights has reduced research task times by up to 85%， guiding investors on where to delve deeper． Our dedication to leveraging state-of-the-art technology not only strengthens our competitive edge but also aligns with our broader goal of delivering superior value to our clients – from pilot to production to profitability． We are setting a new standard of innovation in the banking industry， driving sustainable growth and long- term shareholder value．

　　Lastly， in recent years we have made significant investments in our exchange-traded funds （ETF） platform． The combination of top active management performance and ETF expertise has positioned us as a leader in the rapidly expanding field of active ETFs． In 2024， we were the leader in inflows in both active management and active ETFs across the industry．

　　BEST-IN-CLASS ADVISORY TEAMS

　　Over the past five years， we have strategically invested in expanding and elevating our global advisor teams to enhance our capabilities and meet clients’ diverse and evolving needs． This includes both hiring new advisors and expanding our comprehensive training programs to equip them with the latest knowledge and skills， ensuring they remain at the forefront of industry trends． With over 9，500 advisors， our Wealth Management network reflects a 6% growth in 2024 – a notable achievement given industry stagnation – demonstrating the scale of our global platform and our commitment to first-class service and expertise． We aim to build future-ready advisory teams in Wealth Management， Institutional and Retail/Funds， setting a standard that is admired by our competitors．

　　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．

　　1.For footnote， refer to page 58 footnote 34 in this Annual Report． 

　　2.For footnote， refer to page 58 footnote 33 in this Annual Report．  

　　3.Source： Public filings， company website， Morningstar．  

　　4.For footnote， refer to page 59 footnote 36 in this Annual Report． 

　　5.Source： Public filings； return on equity （ROE） or comparable metric is based on as reported figures， where available． For peers that do not report ROE or a comparable metric， calculations were derived from reported net income attributable to common shareholders and the reported average common shareholders’ equity．

責任編輯：尉旖涵