Core Viewpoint - Goldman Sachs downgraded Deutsche Bank's rating from "Buy" to "Neutral" and Deutsche Commercial Bank's rating from "Neutral" to "Sell" due to their stock performance exceeding the market since the beginning of the year [1] Group 1: Market Performance - The European banking sector has risen nearly 50% year-to-date, significantly outperforming the overall European stock market [1] - Factors contributing to this growth include strong growth momentum, a more stable and steeper interest rate trajectory, and ongoing performance growth and rating upgrades [1] Group 2: Analyst Outlook - Goldman Sachs maintains an optimistic outlook for European banks, projecting an average potential stock price increase of about 10% over the next 12 months, with some stocks rated "Buy" expected to rise by approximately 20% [1] - Stocks rated "Buy" include UBS Group, ING Group, Lloyds Banking Group, BNP Paribas, National Westminster Group, Santander Bank, and HSBC [1] Group 3: Interest Rate Environment - The interest rate curve has steepened this year, with expectations for final rates trending towards a range-bound movement, enhancing investor confidence in the medium-term outlook for net interest income [1]

Deal Overview - Banco Santander is leading a debt deal of approximately $27 billion (270 亿美金) to finance Thoma Bravo's acquisition [1] - The target company is Verint, a customer-service automation business [1] Parties Involved - Thoma Bravo is the acquirer [1] - Verint is the target company being acquired [1] - Banco Santander is the lead in providing debt financing [1]

Group 1 - The total number of issued shares for Sanofi as of July 31, 2025, is 1,227,468,973 [1] - The number of real voting rights, excluding treasury shares, is 1,353,375,756 [1] - The theoretical number of voting rights, including treasury shares, is 1,361,835,529 [1] Group 2 - Sanofi is a French société anonyme with a registered share capital of €2,454,937,946 [1] - The company is registered at the Paris Commercial and Companies Registry under number 395 030 844 [1] - Additional information regarding shares and voting rights is available on Sanofi's official website [2]

Core Insights - Sanofi's rilzabrutinib has received orphan designation from the European Medicines Agency for IgG4-related disease, indicating its potential as a treatment for this rare condition [1] - The drug demonstrated efficacy in a phase 2 study, showing a reduction in disease flare and other markers over a 52-week treatment period [2] - Rilzabrutinib has also received orphan designations for other conditions, including immune thrombocytopenia and warm autoimmune hemolytic anemia, and is under regulatory review in multiple regions [3][4] Group 1: Rilzabrutinib Overview - Rilzabrutinib is a novel oral reversible covalent Bruton's tyrosine kinase inhibitor, aimed at treating various rare immune-mediated diseases by restoring immune balance [5] - The drug's mechanism involves selective inhibition of BTK, which is crucial in immune-mediated disease processes [5] Group 2: IgG4-Related Disease - IgG4-related disease is a chronic immune-mediated condition that can affect multiple organs and lead to severe complications, with an estimated prevalence of 8 in 100,000 adult patients in the US annually [6] Group 3: Sanofi's Commitment - Sanofi is focused on advancing new medicines for rare diseases, as evidenced by the orphan designations and ongoing clinical studies for rilzabrutinib [8]

Core Insights - Sanofi has completed the acquisition of Vigil Neuroscience, enhancing its early-stage pipeline in neurology with VG-3927, a novel oral TREM2 agonist for Alzheimer's disease [1][2] - The acquisition includes Vigil's preclinical pipeline, further bolstering Sanofi's research in neurodegenerative diseases [1] - Sanofi's financial guidance for 2025 remains unaffected by this acquisition [2] Financial Details - Sanofi acquired all outstanding common shares of Vigil for $8 per share, totaling an equity value of approximately $470 million on a fully diluted basis [6] - Vigil's shareholders will receive a contingent value right (CVR) entitling them to a deferred cash payment of $2 upon the first commercial sale of VG-3927 [6] Strategic Context - In June 2024, Sanofi made a $40 million strategic investment in Vigil, which included exclusive rights for VG-3927 [2] - The acquisition does not include Vigil's second clinical program, VGL101 [2]

Group 1 - The European banking sector is experiencing a significant turnaround, moving from being seen as a "market orphan" to a favored investment, driven by rising long-term interest rates and improved economic outlook [1][3] - Major European bank stocks have reached their highest levels since the 2008 global financial crisis, with HSBC, Barclays, Santander, and UniCredit hitting multi-year peaks [1][3] - The Stoxx 600 Banks Index has risen by 34% year-to-date, outperforming U.S. counterparts and poised for its best annual performance since 2009 [1] Group 2 - Analysts attribute the recovery to higher interest rates, a favorable macroeconomic environment, and banks' efficiency measures, which have significantly boosted net interest income [3][4] - The yield curve in Germany and the UK has created an excellent profit environment for banks, with the 30-year bond yields exceeding 2-year yields by 1.3 and 1.5 percentage points, respectively [4] Group 3 - Despite the stock price increases, many investors still view European bank stocks as undervalued, with a price-to-earnings ratio of around 10, lower than U.S. peers at over 13 [5] - Many European banks have recently returned to their book value, indicating potential for further valuation convergence compared to global counterparts [5][6] Group 4 - There are concerns about the sustainability of the current rally, with some market participants questioning whether the upward momentum can continue without further increases in long-term interest rates [6] - Political resistance has hindered potential industry consolidation, limiting growth prospects for the sector [6] - Despite these challenges, European banks still hold valuation discounts compared to global peers, suggesting potential for future appreciation [6]

Core Viewpoint - The European banking sector, once considered a "market orphan," is experiencing a significant resurgence, driven by rising long-term interest rates and improved economic prospects [1][2]. Group 1: Market Performance - Major European bank stocks have reached their highest levels since the 2008 global financial crisis, with HSBC, Barclays, Santander, and UniCredit hitting multi-year peaks [2]. - The European Stoxx 600 Bank Index has risen 34% year-to-date, outperforming U.S. counterparts and poised for its best annual performance since 2009 [2]. Group 2: Industry Transformation - The European banking industry is undergoing a transformation from being viewed as a "market orphan" to a favored sector, as noted by Schroders' analyst Justin Bisseker [4]. - After over a decade of being criticized for insufficient capital and facing regulatory pressures, European banks are now benefiting from higher interest rates and a favorable macroeconomic environment [4]. Group 3: Profitability Drivers - Central banks have raised interest rates to combat inflation, significantly increasing banks' net interest income, which is crucial for profitability [4]. - For instance, the yield on Germany's 30-year government bonds is currently 1.3 percentage points higher than that of 2-year bonds, while in the UK, the spread exceeds 1.5 percentage points, creating an excellent profit environment for banks [5]. Group 4: Valuation Appeal - Despite the substantial rise in stock prices, many investors still view European bank stocks as "cheap," with Pictet's chief strategist highlighting their low valuations and unique advantages in a recovering domestic demand environment [6]. - According to FactSet, many European banks' valuations have just returned to their book values, while U.S. counterparts like JPMorgan have a price-to-book ratio of about 2.4 times [6]. - Bloomberg data indicates that the expected price-to-earnings ratio for European banks is around 10 times, lower than the over 13 times for U.S. peers, with many European banks now achieving a tangible return on equity (ROTE) exceeding 10% [6]. Group 5: Future Challenges - There are uncertainties regarding the sustainability of the current rally in European banks without continued increases in long-term interest rates [7]. - Market sentiment is shifting, with some analysts suggesting that the best times for banks may be behind them, despite the current favorable conditions [7]. - Additionally, attempts at industry consolidation, such as BBVA's bid for Sabadell and UniCredit's interest in BPM, have faced political obstacles, limiting growth potential [7]. - However, Bisseker from Schroders notes that European banks still have valuation discounts compared to global peers, indicating potential for further valuation convergence in the future [7].

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing long-term earnings power and competitive dynamics [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for buying at any given time [1] Group 2 - The articles aim to provide important information for future investors and introduce skepticism in a generally bullish market [1]

Core Viewpoint - Sanofi has made its half-year financial report for 2025 available, which has been filed with the French market regulator and submitted to the U.S. SEC [1][2]. Company Overview - Sanofi is an R&D driven, AI-powered biopharma company focused on improving lives and delivering growth through innovative medicines and vaccines [3]. - The company leverages its understanding of the immune system to create treatments that benefit millions globally, with a commitment to addressing urgent healthcare, environmental, and societal challenges [3]. - Sanofi is publicly listed on EURONEXT and NASDAQ [3].

FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of July, 2025 Commission File Number: 001-12518 Banco Santander, S.A. (Exact name of registrant as specified in its charter) Ciudad Grupo Santander 28660 Boadilla del Monte (Madrid) Spain (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F ...