Group 1 - The article discusses the impact of Trump's "reciprocal tariffs" on global markets and the responses from countries like Europe, Canada, and Japan [1] - It highlights the need for better understanding of U.S. policies from a global perspective, emphasizing the cultural and political differences that create an "information gap" [1] - The introduction of the "New York Talk" series aims to bridge this gap by providing insights into the financial world through expert analysis [1] Group 2 - Guo Shengbei, the founder of GSB Award Fund, has a background in computer science and has transitioned from a technical role to a prominent figure in finance [2][3] - His career began at Morgan Stanley in Tokyo during the early 1990s, where he capitalized on the market's volatility and gained significant experience [4][5] - Guo's tenure at Deutsche Bank from 1997 to 2009 was marked by consistent profitability and successful navigation through major financial crises [8][9] Group 3 - In 2010, Guo established his own hedge fund, focusing on quantitative trading strategies, which required him to adapt from a specialist to a more versatile role [10][11] - His insights into the Chinese market led to recognition from major institutions, resulting in leadership roles at Citic Securities and other firms [11][12] - Guo's return to New York in 2022 marks a new chapter in his career, as he aims to leverage his extensive experience in the hedge fund industry [13] Group 4 - The "New York Talk" series has received positive feedback for its unique teaching style and rigorous logical reasoning, fostering discussions among investors [25] - Guo's predictions regarding market trends, such as the impact of currency swaps on liquidity and the implications of Trump's tariffs, demonstrate his analytical prowess [18][22] - The upcoming second season of "New York Talk" will continue to provide insights into the U.S. economy and Wall Street trading logic [25]

Group 1 - The core viewpoint of the article is that despite the volatility in the US stock market in early April, Deutsche Bank's research suggests that many market movements may have been overreacted and are likely to mean revert [1] - Deutsche Bank's May report indicates that the panic regarding the dollar, US consumer data, and overall confidence in US assets may have been excessive, making valuations in certain sectors attractive [1][2] - The current market conditions reflect emotional swings, transitioning from extreme optimism post-2024 US elections to current pessimism, with many growth and policy expectations having completed a full cycle [1] Group 2 - Concerns regarding the decline of the dollar and US consumer stocks have been overstated, as the dollar index has experienced 11 corrections of over 10% since 1990, with a 10% drop so far in 2025 [2] - US consumer stocks have significantly dropped since April 2 due to tariff concerns and worries about US demand, with median declines in US consumer stocks being notably higher than their European counterparts [4] - Despite a low US consumer confidence index, retail sales in the US remain strong, growing above trend levels [6] Group 3 - From a relative valuation perspective, certain cyclical US consumer companies, including apparel and essentials, may begin to show investment appeal, as the valuation premium of the US compared to Europe has significantly decreased in some sectors [8] - During the sell-off in early April, no asset truly acted as a "safe haven," including US 10-year Treasury bonds, which behaved more like bonds from struggling emerging markets [9] - The US credit default swap (CDS) spreads increased by 15 basis points last month, reaching the highest level since concerns over the debt ceiling and Moody's downgrade, now close to levels seen in Greece and Italy [11]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell even higher, with the expectation that established trends will continue [1][2]. Company Overview: Deutsche Bank (DB) - Deutsche Bank currently holds a Momentum Style Score of B and a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperformance [3][4]. - Over the past week, DB shares have increased by 9.46%, outperforming the Zacks Banks - Foreign industry, which rose by 3.61% [6]. - In a longer timeframe, DB's monthly price change is 15.39%, significantly higher than the industry's 5.15% [6]. - Over the past quarter, DB shares have risen by 36.01%, and over the last year, they have increased by 63.06%, while the S&P 500 has moved -6.91% and 13.12%, respectively [7]. Trading Volume - DB's average 20-day trading volume is 4,646,609 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - In the past two months, one earnings estimate for DB has increased, while none have decreased, raising the consensus estimate from $2.93 to $3.20 [10]. - For the next fiscal year, one estimate has also moved upwards with no downward revisions during the same period [10]. Conclusion - Considering the positive momentum indicators and earnings outlook, Deutsche Bank is positioned as a strong buy candidate with a Momentum Score of B [12].

Core Viewpoint - The article discusses the expectations of various institutions regarding the upcoming release of the US ADP employment figures for April, with a previous value of +155,000 jobs [1] Summary by Institutions - **Nikko Securities**: +65,000 jobs [1] - **Mizuho Securities**: +85,000 jobs [1] - **Sparta Capital**: +90,000 jobs [1] - **ING**: +100,000 jobs [1] - **Montreal**: +110,000 jobs [1] - **Goldman Sachs**: +110,000 jobs [1] - **Stifel**: +120,000 jobs [1] - **Rabobank**: +124,000 jobs [1] - **Lloyds Bank**: +130,000 jobs [1] - **Scotiabank**: +145,000 jobs [1] - **Deutsche Bank**: +150,000 jobs [1] - **Reuters Survey**: +115,000 jobs [1]

Core Viewpoint - Foreign investors continue to sell off U.S. assets, with a significant decline in purchases over the past two months due to U.S. tariff policies, despite a recent market recovery [2][4]. Group 1: Foreign Investment Trends - Deutsche Bank reports a sharp halt in overseas purchases of U.S. assets, indicating that foreign investors are still reluctant to buy despite a recent uptick in the U.S. market [2]. - The bank's analysis suggests that capital inflows into the U.S. may slow down significantly, raising concerns about the dollar's status as a global reserve currency [2][4]. - Data from Deutsche Bank shows that foreign investors have been consistently selling U.S. stocks and bonds, with stock sell-offs peaking during the announcement of "reciprocal tariffs" [4]. Group 2: Market Sentiment and Predictions - A survey by JPMorgan indicates that U.S. stocks are expected to experience the most significant capital outflows this year, with cash being the most favored asset class among investors [5]. - Multiple institutions express a cautious outlook on U.S. stocks, favoring European and Chinese markets instead, citing high valuations in the U.S. [6][7]. - HSBC and Allianz highlight a tactical preference for non-U.S. markets, with a focus on sectors like communications, industrials, finance, and healthcare [7][8].

Core Viewpoint - Deutsche Bank's latest report highlights concerning trends in U.S. capital flows, indicating that foreign investors are "refusing to buy" U.S. assets despite a recent market recovery [1] Group 1: Capital Flow Trends - The report notes a significant sell-off in ETFs, with investors consistently selling stocks and bonds [1] - Data from EPFR corroborates Deutsche Bank's findings, showing a sudden halt in buying of U.S. equities and an intensified sell-off of U.S. Treasuries [1] Group 2: Investment Strategy Recommendations - Michael Hartnett, Chief Investment Strategist at Bank of America, advises investors to sell during rebounds in U.S. stocks and the dollar until uncertainty is resolved [1] - Bank of America's report indicates that the dollar is in a long-term depreciation trend, and the outflow from U.S. assets is expected to continue [1]

外资，继续"抛弃"美国资产！ 德意志银行最新报告指出，最近的美国资本流动数据令人担忧。该行称，尽管过去一周美国市场有所复苏，但 外国投资者仍在"拒绝买入"美国资产。报告称，持续的抛售在ETF数据中表现得最为明显，投资者一直在卖出 股票和债券。 另外，在接下来的几个交易日，美国将有多项重要数据将公布，Comerica Bank首席经济学家Bill Adams预计， 本周的美国经济数据将低于预期，并且会受到企业和消费者对经济发展轨迹的担忧的影响。 当前，华尔街正在为一周的关键财报和经济数据做准备，美国的关税政策以及上市公司是否受到或免受其影 响，是投资者的首要考虑因素。 美国资产继续拉响"警报" 外资对美国资产的抛售仍在持续。德意志银行本周一发布的报告称，受美国关税政策的影响，在过去两个月 里，海外买家对美国资产的购买"急剧停滞"，即使是上周美国市场有所回升，外资也没有出现逆转的迹象。 德意志银行外汇研究主管George Saravelos认为，最近的美国资本流动数据令人担忧。该行指出："我们从整体 数据得出的结论是，迄今为止的资金流动迹象表明，往好了说，美国资本流入将非常迅速地放缓，往坏了说， 投资者持续积极抛 ...

Core Viewpoint - Deutsche Bank reported a strong increase in earnings and revenues for the first quarter of 2025, indicating robust financial performance despite some challenges [1][2][7] Financial Performance - Earnings attributable to shareholders reached €1.78 billion ($2.01 billion), a 39.2% increase year over year [1] - Profit before tax was €2.8 billion ($3.2 billion), up 39.3% year over year [1] - Net revenues were €8.5 billion ($9.7 billion), reflecting a 9.6% year-over-year growth driven by net interest income and commissions [2] - Non-interest expenses decreased by 1.7% to €5.2 billion ($5.9 billion), primarily due to lower general and administrative costs [2] Adjusted Expenses and Provisions - Adjusted non-interest expenses were €5.1 billion, up 1.6% from the prior year [3] - Provision for credit losses increased to €471 million ($535.8 million), a rise of 7.3% year over year [3] Segment Performance - Corporate Bank net revenues were €1.9 billion ($2.1 billion), showing a slight decline year over year due to lower net interest income [4] - Investment Bank segment reported net revenues of €3.4 billion ($3.8 billion), up 10.3% year over year, driven by growth in Fixed Income and Currencies, and Equity Origination & Advisory [4] - Private Bank net revenues increased to €2.4 billion ($2.8 billion), up 2.7% year over year [5] - Asset Management saw net revenues rise by 18.3% to €730 million ($830.4 million), attributed to higher performance and transaction fees [5] - Corporate & Other segment reported net revenues of €127 million ($144.5 million), a significant improvement from negative $139 million in the prior-year quarter [5] Capital Position - Common Equity Tier 1 capital ratio improved to 13.8% as of March 31, 2025, up from 13.4% a year ago [6] - Leverage ratio on a fully loaded basis increased to 4.6%, compared to 4.5% in the previous year [6] Strategic Outlook - The company is expected to benefit from a strong balance sheet and a shift towards a capital-light business model, supporting its financials [7] - However, an elevated expense base may impact bottom-line growth [7]

Exhibit 99.1 1 Content Strategy Group results Segment results Consolidated balance sheet Outlook Risks and Opportunities Risks Opportunities Risk information Additional information Management and Supervisory Board Events after the reporting period Basis of preparation/impact of changes in accounting principles Total net revenues Earnings per common share Consolidated statement of comprehensive income Provisions Non-GAAP financial measures Imprint 2 Page intentionally left blank for SEC filing purposes 3 Str ...

Core Insights - Deutsche Bank reported a strong first-quarter performance, with revenues increasing by 9.6% and net profits soaring by 39%, driven by record bond and currency trading income amid market volatility caused by Trump's tariff policies [1][5] - The bank has recovered all losses incurred from 2015 to 2019, with CEO Christian Sewing expressing optimism about achieving the bank's 2025 targets [1][2] Financial Performance - The bank's trading revenue from fixed income and currency surged by 17% to €2.9 billion, marking the highest level since 2013, exceeding analyst expectations [2] - Overall investment banking revenue reached €3.36 billion, a 10% year-on-year increase, surpassing the forecast of €3.29 billion [2] - Asset management revenue was particularly strong, amounting to €730 million, an 18% increase compared to expectations of €693.3 million [2][5] - The bank's net revenue was €8.52 billion, exceeding the forecast of €8.3 billion, with a pre-tax profit of €2.84 billion, the highest in 14 years, and net profit reaching €1.78 billion, significantly above the expected €1.64 billion [5] Risk Management - Despite strong performance, Deutsche Bank remains cautious about future prospects, with CFO James von Moltke noting a significant slowdown in trading activities in April [3] - The bank increased its credit loss provisions to €471 million, 16% higher than expected, with an additional €130 million set aside due to geopolitical and macroeconomic uncertainties [3] - CEO Sewing warned of the persistent shadow of a potential global trade war, indicating that uncertainty and volatility may remain high in the foreseeable future [3] Market Conditions - The German economy is currently stagnating, with warnings from the German central bank about a potential mild recession in 2025, which could impact bank profits and lead to corporate loan defaults [6] - Some analysts express skepticism about Deutsche Bank's ability to meet its ambitious profit and cost targets, especially after the bank abandoned a key cost target earlier this year [6] - However, the German government's recent decision to relax long-standing spending limits is viewed as a positive signal for economic growth [6]