智通财经7月25日电，德商银行预计白银和铂金价格的走势可能与黄金基本一致。 ...

Group 1 - Adidas Group's stock price decreased by 2.2% after the European market opened [1] - Deutsche Bank's stock price fell by 2.3% following the same market opening [1]

Market Overview - The market capitalization of major US stocks shows varied performance, with Oracle at 762.30 billion, Mastercard at 321.36 billion, and Visa at 770.15 billion, reflecting increases of +0.66%, +0.86%, and +0.68% respectively [3] - Exxon Mobil's market cap is 679.53 billion, with a slight decrease of -0.98%, while Johnson & Johnson and Netflix show minor changes of -0.08% and -0.05% respectively [3] - Companies like Wells Fargo and Cisco have market caps of 270.15 billion and 279.59 billion, with respective increases of +0.98% and -0.58% [3] Notable Stock Movements - T-Mobile US Inc experienced a significant increase of +6.20%, reaching a market cap of 272.19 billion [3] - General Electric and Coca-Cola saw market caps of 285.05 billion and 298.76 billion, with increases of +0.37% and +0.91% respectively [3] - Companies like Disney and Goldman Sachs have market caps of 229.06 billion and 221.80 billion, with slight changes of +0.01% and -0.60% [3] Sector Performance - The technology sector shows mixed results, with Intel at 991.05 billion, down -3.28%, while AMD increased by +2.46% to 254.92 billion [5] - The consumer goods sector is represented by companies like Procter & Gamble and Coca-Cola, with market caps of 371.68 billion and 298.76 billion, showing slight increases [3][4] - The energy sector, represented by Exxon Mobil and Chevron, shows varied performance, with Exxon down -0.98% and Chevron up +0.66% [3] Summary of Key Companies - Oracle's market cap stands at 762.30 billion, reflecting a positive trend [3] - Mastercard and Visa show strong performance with market caps of 321.36 billion and 770.15 billion, both increasing [3] - Companies like Pfizer and Comcast have market caps of 1579.81 billion and 1332.00 billion, with Pfizer showing minimal change and Comcast down -3.16% [4][5]

Core Insights - Deutsche Bank reported a significant turnaround in its second-quarter 2025 earnings, achieving a profit of €1.49 billion ($1.75 billion) compared to a loss of $143 million in the same quarter last year [1][9] - The profit before tax reached €2.4 billion ($2.8 billion), a substantial increase from $411 million in the prior-year quarter, with a 34% year-over-year growth when adjusted for prior litigation impacts [2][9] Revenue and Expenses - The bank's net revenues were €7.8 billion ($9.2 billion), reflecting a 3% increase year over year [4] - Non-interest expenses decreased by 26% to €4.9 billion ($5.8 billion) compared to the prior-year quarter, while adjusted non-interest expenses were €5 billion ($5.9 billion), down 1% [4] - Provision for credit losses was €423 million ($498.8 million), marking an 11% decline from the previous year [4] Segment Performance - Corporate Bank reported net revenues of €1.9 billion ($2.2 billion), down 1% year over year due to decreased Business Banking revenues [5] - Investment Bank's net revenues were €2.7 billion ($2.8 billion), up 3% year over year, driven by growth in Fixed Income and Currencies [5] - Private Bank's net revenues increased by 2% to €2.4 billion ($2.8 billion), while Asset Management saw a 9% rise in net revenues to €725 million ($854.9 million) due to higher performance and transaction fees [6] Capital Position - Deutsche Bank's Common Equity Tier 1 capital ratio improved to 14.2% as of June 30, 2025, up from 13.5% in the prior year [7] - The leverage ratio on a fully loaded basis increased to 4.7%, compared to 4.6% in the previous year [7] Strategic Outlook - The company is expected to benefit from a strong balance sheet and a shift towards a capital-light business model, which will support its financial performance [8] - The declining expense base is anticipated to contribute positively to the bank's bottom-line growth [8]

Core Viewpoint - Deutsche Bank's chief European economist Mark Wall indicates that the European Central Bank (ECB) has paused its easing cycle in July, raising questions about whether this is a temporary halt or a long-term observation, with significant uncertainty remaining [1] Group 1: ECB Policy and Economic Outlook - The ECB's decision to pause is seen as a reasonable approach to maintain policy flexibility amid high uncertainty [1] - There is a potential risk of rising inflation due to strong economic resilience combined with large-scale fiscal stimulus if trade uncertainties diminish [1] - The market may soon shift its focus from the "last rate cut" to the timing of the "first rate hike" [1]

Financial Data and Key Metrics Changes - Revenues grew 6% year on year to €16.3 billion in the first half, aligning with the full year target of around €32 billion [4][5] - Non-interest expenses declined 15% year on year to €10.2 billion, resulting in a cost-income ratio of 62% [5] - Return on tangible equity (RoTE) was 11% in the first half, meeting the target of greater than 10% [5][18] - The CET1 ratio stood at 14.2%, allowing for capital deployment to grow the business and support clients [5][24] Business Line Data and Key Metrics Changes - All four business lines delivered double-digit returns in the first half, with a diversified business mix contributing to performance [7] - The Corporate Bank maintained a leading market position in Germany, with expectations for revenue momentum to pick up due to government investments [8] - The Investment Bank focused on consolidating its position in the European FICC franchise, with origination and advisory aiming to grow market share [9] - The Private Bank showed progress in transformation, with personal banking driving efficiency through workforce reductions and digitalization [10] - Asset Management reported diversified assets under management exceeding €1 trillion, positioning it well for both German and global investors [11] Market Data and Key Metrics Changes - The Corporate Bank's revenues were flat in Q2, impacted by adverse FX movements but offset by interest hedging gains [30] - The Investment Bank's revenues increased 3% year on year, driven by strong FICC performance, while origination and advisory faced challenges [32] - The Private Bank recorded a 10% operating leverage and a 56% increase in profit before tax, with net interest income growing by 5% year on year [34] - Asset Management saw a 9% increase in revenues, driven by higher management fees and positive net inflows [38] Company Strategy and Development Direction - The company is focused on delivering year-end targets while preparing for the next phase of strategy to boost returns beyond 2025 [5][14] - The "Made for Germany" initiative aims to prioritize growth and competitiveness, with expectations for significant investments in the German economy [14][15] - The company is committed to maintaining a strong capital position and plans to return excess capital to shareholders when sustainably exceeding a 14% CET1 ratio [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the €32 billion revenue target, citing strong performance in fixed income and a robust financing pipeline [49][51] - The German fiscal stimulus is expected to have a more significant impact in 2026, with positive sentiment changes observed among corporate clients [55][56] - The company anticipates a reduction in provisioning levels in the second half of the year, despite ongoing pressures in commercial real estate [41] Other Important Information - The company achieved a compound annual growth rate of 5.9% since 2021, within the target range of 5.5% to 6.5% [11] - Capital efficiencies reached a cumulative total of €30 billion, contributing to a strong CET1 ratio [11] - The company is focused on operational efficiency measures to offset business investments and inflation [6] Q&A Session Summary Question: Revenue outlook and distribution policy - Concerns were raised about achieving the €32 billion revenue target, with management confident due to strong performance in fixed income and delayed transactions moving into H2 [45][49] - Clarification was provided that the payout ratio of 50% is flexible, with excess capital distribution considered if the CET1 ratio exceeds 14% [47][62] Question: Output floor and CLP outlook - Management indicated confidence in mitigating the output floor impact, with a potential reduction to zero [66][68] - Guidance for credit loss provisions was discussed, with expectations for H2 provisions to be lower than H1, particularly due to pressures in commercial real estate [71] Question: Stress test implications and cost run rate - Management reassured that stress test results would not impact capital distributions, focusing instead on drawdown metrics [74][81] - The adjusted cost run rate for the second half was confirmed to be around €5 billion, aligning with previous guidance [75][80]

Financial Data and Key Metrics Changes - Revenues grew 6% year on year to €16.3 billion in Q2 2025, aligning with the full-year target of approximately €32 billion [4] - Non-interest expenses decreased by 15% year on year to €10.2 billion, resulting in a cost-income ratio of 62% [5] - Return on tangible equity (RoTE) was 11% in the first half of the year, consistent with the target of over 10% [5] - The CET1 ratio stood at 14.2%, allowing for capital deployment to support business growth and shareholder returns [5][24] Business Line Data and Key Metrics Changes - The Corporate Bank maintained a leading market position in Germany, with expectations for revenue momentum to increase due to government investments [8] - The Investment Bank focused on strengthening its European FICC franchise, with a 3% year-on-year revenue increase, driven by an 11% rise in FICC revenues [31] - The Private Bank achieved a 10% operating leverage and a 56% increase in profit before tax, with net interest income growing by 5% year on year [33] - Asset Management reported a 9% revenue increase, with assets under management exceeding €1 trillion [36] Market Data and Key Metrics Changes - The bank's diversified business model allowed it to navigate elevated market volatility effectively, with strong performances across various segments [4][19] - The Corporate Bank's revenues were impacted by adverse FX movements but showed growth in net commission and fee income [29] - The Investment Bank's origination and advisory revenues were lower due to market uncertainty, but the pipeline for the second half remains encouraging [32] Company Strategy and Development Direction - The company is focused on delivering year-end targets while preparing for the next phase of its strategy to enhance returns and value generation beyond 2025 [5][15] - The "Made for Germany" initiative aims to prioritize growth and competitiveness, reflecting a commitment from both government and industry [15] - The bank is investing in defense financing and infrastructure, anticipating significant opportunities from government spending [10][88] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the €32 billion revenue target, citing strong performance in fixed income and a robust financing pipeline [46][50] - The impact of the German fiscal stimulus is expected to be more pronounced in 2026, with positive sentiment observed among corporate clients [51][54] - The bank anticipates a reduction in provisioning levels in the second half of the year, despite ongoing pressures in commercial real estate [39] Other Important Information - The bank has achieved around 90% of its €2.5 billion target for operational efficiencies, with a cumulative total of €30 billion in capital efficiencies [13] - The bank's liquidity coverage ratio was 136%, and the net stable funding ratio was 120%, indicating a strong capital position [18] Q&A Session Summary Question: Revenue outlook and distribution policy - Concerns were raised about achieving the €32 billion revenue target, especially with a potential slowdown in Corporate Bank revenues [43] - Management reassured that the bank's diversified model can compensate for weaker segments and highlighted a strong pipeline for the second half [46][50] - The distribution policy allows for a payout ratio of 50%, with excess capital above a 14% CET1 ratio potentially distributed [44][59] Question: Output floor and CLP outlook - Clarification was sought on the output floor mitigation measures and their impact on capital relief [63] - Management expressed confidence in reducing the output floor impact significantly and provided guidance for credit loss provisions for the full year [67] Question: Stress test implications and cost run rate - Concerns were raised about the potential impact of stress test results on capital distributions [71] - Management indicated that stress test results would not significantly affect regulatory views and confirmed a cost run rate of approximately €20.1 billion for the full year [72][78]

德意志银行CEO：德国企业客户的信心已明显改变。 ...

Group 1 - The CEO of Deutsche Bank stated that some delayed transactions are currently being completed [1] - The credit and advisory business in the second half of the year is expected to be stronger than in the first half [1] - The fixed income business remains very strong [1]

在美国贸易政策不确定性引发的市场波动中，德银实现了收入激增。该行交出了一份自2007年以来最强劲的第二季度业绩报告。 24日公布的财报显示，德意志银行第二季度税前利润飙升至24亿欧元，与去年同期的4亿欧元相比实现了大幅增长。这一跃升主要得益于诉讼相关 费用的急剧下降。该行当季释放了8500万欧元的法律拨备，而去年同期则因其收购Postbank的长期法律纠纷计提了13亿欧元的费用。 "我们很高兴能交付自2007年以来最好的第二季度和上半年利润，"德意志银行首席执行官Christian Sewing在声明中表示。他补充说，这一结果使 该行步入正轨，有望实现其2025年目标，并在此后"进一步提高对股东的资本分配"。 交易业务领跑，投行部门喜忧参半 受此利好消息提振，德意志银行股价在早盘交易中一度大涨6.1%，触及十年来的最高水平。该行同时重申，即将实施的新资本监管规则不会影响 其股东回报策略。 成本控制的成效也体现在关键效率指标上。财报显示，德意志银行上半年的成本收入比从去年同期的78.1%显著改善至62.3%，正朝着全年低于 65%的目标迈进。 在盈利能力方面，该行备受关注的平均有形股东回报率（ROTE）在第二季 ...