NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 31 JANUARY 2026Regulated Information Paris, 6 February 2026 Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations. DateNumber of shares composing current share capitalTotal number ofvoting rights31 January 2026766,894,786 Gross: 852,078,102 Press contacts: Jean-Baptiste Froville_+33 1 58 98 68 00_ jean ...

法国兴业银行策略师在一份报告中表示，英镑兑欧元可能面临下行压力，因其年初以来的强势表现显得 过度。市场此前错误地计入英国央行将大幅降息的预期，导致对英国经济的悲观情绪过度，而这一误判 在近期已被修正。"随着这一修正完成，对英镑的支撑正在减弱。"此外，他们指出，欧元区的增长预期 相对英国正在上升，而从历史经验看，欧元兑英镑汇率往往会跟随这一增长预期差异走势。 ...

Core Insights - The bank is projecting higher revenue and lower costs, indicating a positive outlook for future financial performance [1] Group 1 - The bank reported a stronger net profit for the fourth quarter, suggesting improved financial health [1]

法国兴业银行：目标是2026年实现超过2%的营收增长。 ...

Core Insights - Societe Generale achieved record revenues of EUR 27.3 billion in 2025, representing a 6.8% increase compared to 2024, exceeding the annual target of over 3% growth [1][5] - The Group's net income reached a record EUR 6 billion in 2025, marking a 43% increase from 2024, with a return on tangible equity (ROTE) of 10.2% [1][17] - Total distribution to shareholders for 2025 amounted to EUR 4.7 billion, a significant increase of 169% compared to 2024 [1][20] - The ROTE target for 2026 has been upgraded to more than 10% [1] Financial Performance - The Group's net banking income for Q4 2025 was EUR 6.725 billion, up 1.6% from Q4 2024, and 6.8% excluding asset disposals [7][8] - Operating expenses decreased by 5.5% in Q4 2025 compared to Q4 2024, leading to a cost-to-income ratio of 64.6% for the quarter [13][30] - The cost of risk for 2025 was 26 basis points, at the lower end of the guidance range of 25 to 30 basis points [14][18] Business Segments - French Retail, Private Banking, and Insurance revenues increased by 4.6% in Q4 2025 compared to Q4 2024, with net interest income growing by 8.5% [9][27] - Global Banking and Investor Solutions reported revenues of EUR 2.408 billion in Q4 2025, a decrease of 2.3% from Q4 2024, but an overall increase of 2.6% for the year [10][29] - Mobility, International Retail Banking, and Financial Services saw revenues of EUR 1.966 billion in Q4 2025, down 4.9% from Q4 2024, but up 7.3% for the year [31][33] Shareholder Returns - The proposed ordinary distribution for 2025 is EUR 2.679 billion, with a cash dividend of EUR 1.61 per share, representing a 48% increase compared to 2024 [19] - The Group also executed two extraordinary capital distributions totaling EUR 2 billion through share buy-backs in 2025 [20] Strategic Outlook - The Group aims for revenue growth of over 2% and a cost reduction of approximately 3% in 2026, targeting a cost-to-income ratio of less than 60% [18] - The Group's CET1 ratio stood at 13.5% at the end of 2025, significantly above the regulatory requirement [23][26]

法国兴业银行的Kit Juckes在一份报告中称，欧元兑美元汇率可能在2026年下半年走低，因其近期的升 值已跑赢利率差异。他称，在过去一年左右的时间里，欧元的上涨速度一直快于两年期利率差异所显示 的应有水平，并且这一走势在2026年初得以延续。这表明市场不愿对抗美国总统特朗普希望美元走软的 意愿。他称，虽然这可能会鼓励外国投资者对冲美元走软的风险，但这种情况可能会在该年上半年发 生。他称，利率差异所预示的走势是，欧元将在年底前从目前的1.1820美元跌至1.14美元。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金十数据 在上周五黄金经历46年来表现最糟糕的一天并大幅暴跌时，部分投资者却通过期权押注金价可能触及2 万美元。 由海格（Mike Haigh）领导的法兴银行大宗商品团队分析发现，市场中出现了押注金价到今年年底将达 到1万美元、1.5万美元甚至2万美元的期权交易。 有投资者押注年底金价 将达到1万、1.5万甚至2万美元 在上周的剧烈波动后，黄金期货价格在周二上涨了5%，重回4900美元。 根据法兴银行分析师的观察，虽然行权价在4000美元的看跌期权也有所增加，但极端押注明显较少。这 种非对称的风险偏好特征既是衡量情绪的有用指标，也是看涨的信号。尽管如此，他们承认通常无法推 断期权头寸是属于投机还是套期保值，且每一笔期权买单的背后都对应着一个卖家。 引发上周五金价突然暴跌的触发因素是凯文·沃什（Kevin Warsh）被提名为下任美联储主席。法兴银行 团队写道，这一提名信号表明"机构混乱程度低于预期"。此前，这种对混乱的担忧在数月内一直是金价 上涨的推动力。市场对沃什可能推行的货币政策的解读，也导致了美元和利率被重新定价并双双走高。 ...

国际货币基金组织（International Monetary Fund）在1月初表示，预计2026年法国GDP增速将回升至 1.0%，慢于欧元区平均水平。 不过，总部位于巴黎的法国兴业银行（Societe Generale）的经济学家法比安·博西（Fabien Bossy）在给 客户的一份报告中说，虽然企业和家庭的信心指数最近略有回升，但基本动能仍然疲弱。 Insee周五在另一份报告中称，12月份消费者支出下降。 法国经济去年增速为2020年以来最弱，受到了美国关税的拖累，这些关税打击了欧洲经济体。 法国国家统计及经济研究局（Insee）周五表示，2025年法国这个欧元区第二大经济体的国内生产总值 （GDP）增长0.9%，低于2024年的1.1%和2023年的1.6%。 Insee称，在连续两年为GDP做出积极贡献后，对外贸易在2025年拖累了经济增长。出口大幅放缓， 2025年增长1.4%，而2024年为2.4%，因美国对从欧盟进口的商品加征的关税升级损害了法国出口商。 法国的进口额在2024年下降1.3%后，于2025年跃升2.9%。 数据显示，与此同时，家庭支出也有所放缓，不过政府支出有所增加。 第四 ...

格隆汇1月27日｜法国兴业银行外汇策略师Kit Juckes表示，日元兑美元一度短暂升至11周高点，可能反 映出交易员因担忧日本当局干预汇市而变得谨慎敏感。交易员尤其警惕在美股开盘前后可能出现的"汇 率询价"行为。此类询价通常由监管机构发起，旨在了解当前市场报价，往往被视为直接外汇干预的前 兆。当前市场走势也表明，投资者正陷入两难：一方面担心若日本当局出手干预，日元将迅速走强；另 一方面又忧虑若无任何政策信号，日元可能再度回落。 ...

Societe Generale has outlined a proposal to trim its workforce in France by 1,800 positions, primarily through “natural attrition”. The move comes as part of a broader organisational restructuring that has been submitted for consideration to employee representatives. As part of its restructuring efforts, Societe Generale recently conducted a collaborative programme involving nearly 2,000 staff members. This initiative gathered thousands of suggestions from employees on ways to enhance efficiency, inclu ...