Core Viewpoint - Societe Generale's share price has performed well recently, approaching its highest recorded level since May 2007, reaching €67.85 [1] Company Performance - The share price of Societe Generale has increased significantly over the past few months [1] - The current price of €67.85 marks the highest point for the company since May 2007 [1]

法国兴业银行发布最新投资策略报告显示，截至2026年，黄金将持续在与美国债券、美元的资产表现比拼 中占据上风。该行不仅维持黄金在多资产组合中的最大配置权重，更向建议投资者把握回调窗口逢低买 入，锁定这一贵金属的长期投资价值。 该行已将美国通胀挂钩债券的风险敞口完全清零，同时将公司债券的持仓比例大幅削减50%，最终降至5% 的低位。而黄金在其多资产投资组合中的配置比例始终稳定在10%，成为唯一保持高位配置的资产类别。 该行预计到2025年底，国际现货黄金价格将攀升至每盎司5000美元的高位。从资金流向来看，散户投资者 的资产分散化需求正在持续释放，大量资金通过实物黄金以及黄金ETF等渠道涌入黄金市场。 黄金的投资价值不仅体现在散户资金的追捧，更得到全球央行的认可。当前，各国央行出于外汇储备多元 化的战略考量，正持续降低美元资产的占比，而黄金作为超主权货币的属性，成为央行资产配置的优选标 的。 此外，黄金在应对各类潜在风险时的作用不可替代，尤其是在美联储高层人事变动后，货币政策转向鸽派 的概率显著上升，这种政策预期下，黄金作为抗通胀、对冲货币贬值风险的资产，吸引力将持续增强。 法兴银行判断，未来一段时间内，美联储 ...

Core Viewpoint - Societe Generale predicts that gold will continue to outperform U.S. bonds and the dollar until 2026, maintaining its maximum allocation and advising investors to buy on dips [1] Group 1: Investment Strategy - Societe Generale has reduced its exposure to U.S. inflation-linked bonds to zero and halved its corporate bond holdings to 5%, while maintaining a 10% allocation to gold in multi-asset portfolios [1] - The bank's analysts suggest that retail investors are diversifying their assets by entering the gold market through bullion, coins, and ETFs, recommending buying on dips due to central banks continuing to diversify away from dollar assets [1] Group 2: Market Outlook - Analysts expect gold prices to reach $5,000 per ounce by the end of next year, driven by anticipated aggressive and dovish monetary policy from the Federal Reserve [1] - The bank forecasts that inflation pressures will ease next year, but acknowledges increasing risks in the U.S. labor market [1] - Societe Generale's economists predict a further 50 basis points cut in the federal funds rate by April next year, aligning with current market expectations, which would support a gradual easing of financial conditions [1] Group 3: Economic Context - The current real federal funds rate remains relatively restrictive, despite a recent drop from 5.5% to 4%, indicating that inflation-adjusted monetary conditions are still tight [1] - The dual mandate of the Federal Reserve, combined with the political necessity to control food prices ahead of midterm elections, is expected to serve as a strong anchor for policy rates until 2026 [1] - The correlation between the U.S. stock market and bond market remains higher than historical norms, enhancing gold's value as a diversification tool in investment portfolios [1]

免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 资讯编辑：王芳琴 021-66896877 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 法国兴业银行分析师表示，黄金已突破其多周盘整的上边界，突显出上升趋势的恢复。金价可能会逐步 向4380美元的高点和潜在的4540美元预测目标位上升。但如果金价出现短期回调，最近的关键支撑低点 在4150-4170美元附近。捍卫这一区域对于金价继续上行至关重要。 ...

格隆汇12月15日｜欧洲央行观察家Anatoli Annenkov在一份报告中表示，考虑到数据的弹性和通胀预期 的下行风险降低，法国兴业银行不再预计欧洲央行将在2026年3月降息。然而，近期通胀下行风险依然 存在。尤其是美国关税造成的利润率压缩、劳动力市场状况缓和以及能源价格下跌，可能导致明年薪资 增长和通胀预期放缓，这可能促使欧洲央行采取行动。与市场一致，法国兴业银行也预计欧洲央行将在 本周的会议上维持利率不变。 ...

LONDON, Dec 15 (Reuters) - After a stellar 2025, investors expect shares in European banks to keep heading higher in 2026, supported by strong earnings and, crucially, cost savings stemming from artificial intelligence. As fears of a recession and interest rate cuts from the European Central Bank have subsided, investors have turned ​even more positive towards European banks, revising up their expectations for the sector, despite a complicated backdrop. Meanwhile, AI has emerged as a new force drawing i ...

法国兴业银行的Kit Juckes在一份报告中称，美元可能正处于其下跌的最后阶段。他称，对美联储进一 步降息的预期、对宽松货币和财政政策所构成风险以及美联储资产负债表预警能力的担忧，以及对高估 值股票将下跌的恐惧，都支持美元在短期内进一步走软。不过，与世界其他地区相比，美国更强劲的增 长可能会在2026年回归，尽管要到年中才会如此。他称，这将限制美联储的降息空间以及利率在低位停 留的时间。 ...

法国兴业银行美国利率策略主管拉贾帕：经济表现异常强劲。 ...

Core Insights - Société Générale has reportedly found a successful business mix and strategy that is generating consistent returns for shareholders after years of struggle [1] Group 1 - The company has been working to establish a formula that effectively balances its operations and enhances shareholder value [1]

NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 30 NOVEMBER 2025Regulated Information Paris, 8 December 2025 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 rights30 November 2025766,894,786Gross: 853,087,261 Press contacts: Jean-Baptiste Froville_+33 1 58 98 68 00_ jea ...