Core Viewpoint - The meeting between Jiangsu Province Governor Xu Kunlin and BNP Paribas CEO Jean-Laurent Bonnafé highlights the importance of international financial collaboration and the potential for further investment opportunities in Jiangsu [1] Group 1: Financial Collaboration - BNP Paribas has established a significant presence in Jiangsu, particularly through its cooperation with Nanjing Bank, contributing positively to the province's financial sector [1] - The governor expressed a desire for BNP Paribas to leverage its global presence to expand its market in Jiangsu and deepen mutually beneficial cooperation [1] Group 2: Investment Promotion - Jiangsu aims to attract more French enterprises to invest in the province, enhancing the support for local companies to expand internationally [1] - The province is committed to providing comprehensive service guarantees to foreign enterprises, including BNP Paribas, to create a broader development space [1]

9月22日，省长许昆林在南京会见法国巴黎银行首席执行官柏诺飞。 柏诺飞表示，江苏营商环境好、市场空间大、金融市场稳定活跃，是孕育无限机会的投资热土。法 国巴黎银行将不断拓展在江苏的业务、与南京银行的合作，加强资源共享、交流互通，在更多领域相互 赋能，促进双方合作迈上新台阶。 省政府秘书长赵建军参加会见。 许昆林对柏诺飞一行表示欢迎，并简要介绍了江苏经济社会发展情况。许昆林说，作为具有国际影 响力的知名金融集团，法国巴黎银行长期深耕江苏，特别是与南京银行的务实合作取得标志性成果，为 江苏金融业高水平开放和高质量发展作出了积极贡献。希望法国巴黎银行继续发挥全球化布局优势，进 一步拓展江苏市场、深化互利合作，携手打造国际金融融合发展标杆项目，推介引导更多法国企业投资 江苏，更好助力江苏企业"走出去"发展。江苏将一如既往做好全方位、全链条服务保障，为包括法国巴 黎银行在内的广大外资企业提供更广阔的发展空间。 ...

Core Viewpoint - The announcement indicates that no stabilisation was carried out for the securities offered by Sammontana Italia, which is relevant for investors considering the stability and market performance of these securities [2]. Group 1: Securities Information - Issuer: Sammontana Italia with an aggregate nominal amount of EUR 125 million tap [3]. - The securities are described as FRN notes due on October 31, offered at a price of 100.25 [3]. Group 2: Stabilisation Management - The sole lead manager for the stabilisation process is BNP Paribas, with a joint book running arrangement involving multiple banks [4]. - The announcement clarifies that it is for informational purposes only and does not constitute an invitation or offer to acquire securities [4][6]. Group 3: Regulatory Compliance - The securities mentioned are not registered under the United States Securities Act of 1933 and cannot be offered or sold in the United States without proper registration or exemption [5][7]. - There will not be a public offer of the securities in the United States [5][7].

Core Points - Nanjing Bank and BNP Paribas signed a strategic cooperation memorandum on September 22, marking a continuation of their partnership that began in 2005 [1][3] - The memorandum focuses on deepening cooperation in various areas, including capital markets, trade finance, retail banking, and asset management, under the themes of "joint capital, joint trust, joint business, joint customers, joint technology, and joint intelligence" [3] Group 1 - Nanjing Bank aims to enhance its consumer finance service capabilities and leverage financial industry opening policies to support local enterprises in international trade [3] - BNP Paribas expressed appreciation for the long-standing partnership and the business environment in Nanjing, indicating a desire to further deepen strategic cooperation to enhance Nanjing Bank's international competitiveness [3] - The meeting included key figures such as Nanjing's mayor and executives from both banks, highlighting the importance of this collaboration for the region's financial development [3]

Core Viewpoint - A significant strategy known as "hedging against the US" is emerging in global capital markets, characterized by a massive influx of international funds into the US while simultaneously a potential trillion-dollar wave of shorting the dollar is brewing [1][2]. Group 1: Market Dynamics - Major Wall Street banks, including State Street, Deutsche Bank, and BNP Paribas, predict that the ongoing hedging activities will significantly pressure the dollar's performance in the coming year [2][8]. - Deutsche Bank noted that since mid-year, inflows into "dollar-hedged" US asset ETFs have surpassed those into "non-dollar-hedged" funds for the first time in a decade, indicating an unprecedented speed of this shift [2][8]. Group 2: Scale of Hedging - The potential scale of this hedging wave is estimated at approximately $1 trillion, which would restore the hedging ratio of global investors holding over $30 trillion in US stocks and bonds to the average level of the past decade [5][6]. Group 3: Investor Behavior - Foreign investors currently hold about $20 trillion in US stocks and approximately $14 trillion in US bonds, with a noted decrease in their hedging ratios for fixed income and equities by about five and two percentage points, respectively, in recent years [11]. - A survey by Bank of America revealed that 38% of global fund managers are seeking to increase currency hedging to counter a weakening dollar, marking the highest level since June [13]. Group 4: Operational Strategies - One common hedging method employed by overseas investors is selling dollar forward contracts to lock in exchange rates, which typically translates into selling pressure on the dollar in the spot market [9]. - The current hedging ratio for foreign investors has stabilized around 56%, down from approximately 70% mid-year, indicating a strategic shift rather than a mass liquidation of US assets [11].

Group 1 - A significant strategy in global capital markets is emerging, termed "hedging the dollar," with international funds flowing into the US while a potential $1 trillion shorting wave against the dollar is developing [1][4] - Major banks like State Street, Deutsche Bank, and BNP Paribas predict that this hedging trend will significantly pressure the dollar's performance in the coming year [1][4] - Deutsche Bank noted that since mid-2023, inflows into "dollar-hedged" US asset ETFs have surpassed "non-dollar-hedged" funds for the first time in a decade, indicating an unprecedented speed of this shift [1] Group 2 - The estimated scale of the hedging wave is around $1 trillion, which would restore the hedging ratio of global investors holding over $30 trillion in US stocks and bonds to the average level of the past decade [4] - The dollar's strength has been challenged, particularly after the Trump administration's tariff policies in April, which led to a sell-off in US stocks and bonds, contributing to the dollar's decline [6] - Analysts suggest that if the market speculates that the Federal Reserve is pressured by the White House to lower rates, the logical approach would be to favor US stocks and bonds while disfavoring the dollar [7] Group 3 - The most common hedging method among overseas investors is selling dollar forward contracts to lock in exchange rates, which translates into selling pressure on the dollar in the spot market [5] - As of April, the hedging ratio for foreign investors holding US assets stabilized around 56%, down from approximately 70% in mid-2023, indicating a significant shift in hedging behavior [8] - A recent survey by Bank of America revealed that 38% of global fund managers are seeking to increase currency hedging to address dollar weakness, marking the highest level since June [8]

格隆汇9月17日｜法国巴黎银行策略师在一份报告中表示，若美国联邦储备委员会周三宣布降息，美元 走势可能与历史趋势出现偏差。从历史规律来看，若首次降息后未爆发经济衰退，受资金流入美国股市 的支撑，美元往往会在随后几个月内上涨；而若出现经济衰退，美元通常会因避险资金流入而受益。然 而，此次情况或有所不同：若经济衰退可能性上升，美元反而可能下跌——因为当前美元的交易逻辑更 贴合风险资产的波动规律。 ...

Core Viewpoint - BNP Paribas has set a target of 13% for return on tangible equity (ROTE) by 2028 as part of its medium-term plan to be announced in early 2027 [1] Group 1 - The target ROTE of 13% reflects the bank's strategic focus on enhancing profitability and shareholder returns [1]

Core Viewpoint - BNP Paribas aims for a ROTE of 13% by 2028, with a net income target exceeding €12.2 billion in 2025 and a ROTE of 12% in 2026, concluding its 2022-2026 strategic plan [1][2]. Group Performance and Strategy - The Group's solid operational performance in Q2 2025 has confirmed its growth trajectory, with a strong growth momentum initiated in 2025 [1]. - A new medium-term plan for 2027-2030 will be announced in early 2027, continuing the Group's acceleration and progress [2]. - The CET1 phased-in ratio is expected to reach 12.5% by the end of 2027, post-FRTB implementation [2]. Business Segments and Growth Drivers - The Corporate and Institutional Banking (CIB) division is a high-value-added platform and a powerful growth engine, gaining market share through a diversified client franchise and optimized capital [3]. - The Commercial Banking and Personal Banking Services (CPBS) segment aims to align profitability with the Group's overall level, contributing +1% to the Group's ROTE by 2028, including +0.5% by 2026 [4]. - Investment and Protection Services (IPS) is experiencing strong organic growth across its three businesses—Insurance, Asset Management, and Wealth Management—along with external growth operations [5]. Operational Efficiency and Commitment - BNP Paribas continues to implement operational efficiency measures across all businesses and functions, enhancing its ability to support the financing needs of the economy [5][6]. - The commitment of the teams and the strength of the platforms position the Group well for future growth [6].

Core Points - BNP Paribas aims for a ROTE of 13% by 2028, with a net income target exceeding €12.2 billion in 2025 and a ROTE of 12% in 2026, concluding the 2022-2026 strategic plan [1][2] - The CET1 ratio is expected to reach 12.5% by the end of 2027, following the implementation of FRTB [2] Group Performance - The Group's diversified and integrated model supports its growth trajectory, with Corporate and Institutional Banking (CIB) serving as a high-value-added platform and growth engine [3] - The new strategic plan for Commercial Banking and Personal Banking Services (CPBS) aims to align profitability with the Group's overall level, contributing an additional +1% to ROTE by 2028, including +0.5% by 2026 [4] Growth Drivers - Investment in Insurance, Asset Management, and Wealth Management is driving strong organic growth, alongside external growth operations such as the AXA IM acquisition [5] - Operational efficiency measures are being implemented across all businesses and functions to enhance performance [5] Strategic Outlook - The next medium-term plan for 2027-2030 will be announced in early 2027, with continued acceleration and progress expected [2][6] - BNP Paribas is well-positioned to support the financing needs of the economy through its diversified and integrated model [6]