金十数据5月6日讯，关税正促使市场机构为更高的通胀做好准备。富国银行经济学家在下周美国CPI报 告发布前写道，4月份消费者价格上涨可能加速。他们预计，在3月份出人意料地下降0.1%之后，4月 CPI月率将上涨0.2%。经济学家说，这将使CPI年率降至2.3%的四年低点。他们预计核心CPI年率将维持 在2.8%不变。他们表示，随着关税已经成为现实，"我们认为，更高的进口成本会影响到消费者价格， 这只是时间问题。" 富国银行：美国4月份CPI上涨可能加速 ...

Core Viewpoint - Companies can effectively reward shareholders through stock buyback programs, which are more advantageous than dividend payouts due to avoiding double taxation and allowing for reinvestment in the business [1] Company Overview - Wells Fargo & Company (WFC) is currently trading at $73.37, with a 52-week range of $50.15 to $81.50, a dividend yield of 2.18%, and a P/E ratio of 13.64 [4] - The company has initiated a new share buyback program worth up to $40 billion, indicating a positive outlook for the financial sector, particularly in consumer credit and debt products [5][8] Market Performance - Wells Fargo's stock has risen to 92% of its 52-week high, while Goldman Sachs is at only 80%, suggesting a defensive market view favoring commercial banks over corporate banks [7] - Institutional investors have increased their stakes in Wells Fargo by 277.4%, bringing their net position to $771.1 million, which adds confidence to the investment thesis [9][10] Earnings Forecast - Analysts forecast earnings per share (EPS) for Wells Fargo to reach $1.62 in Q4 2025, a 32% increase from the current reported EPS of $1.23, indicating potential for higher stock prices [13][14]

以下文章来源于东方财富网 ，作者十字路口 东方财富网，中国财经门户，提供7*24小时财经资讯及全球金融市场报价，汇聚全方位的综合财经新闻 和金融市场资讯。 巴菲特1965年掌舵伯克希尔至今已经有60年，2025年2月底，在2024年的伯克希尔致股东信中，股神亮 出了60年超55000倍回报率的成绩单，年化复合收益率高达惊人的19.9%。 向世人彰显了长期主义与复 利效应蕴含的惊人能量。 1965年以来巴菲特收购国民保险、喜诗糖果；抄底可口可乐、美国运通、吉列、富国银行、苹果公司、 西方石油等被奉为价值投资的经典教科书式案例。 那么巴菲特究竟有何投资秘诀呢？方正证券研报表示，总结起来有两点：一是巴菲特一直强调的以"好 价格"买入具备"护城河"的优秀企业。 所谓"好价格"，巴菲特自有一套计算内在价值的方法，即一家企业在其余下的寿命中可以产生的现金的 折现值。不完全统计显示，44家被巴菲特经常提及的投资标的，买入时平均市盈率为14倍，68%股票市 盈率小于15倍。 而所谓"护城河"，包括企业品牌、产品特性、商业模式、特许权等独特壁垒因素。比如喜诗糖果、可口 可乐、吉列刀片是以品牌建立护城河；苹果则通过特殊的商业模式 ...

金十数据5月6日讯， 华尔街股市策略师们大多放弃了对2025年的过高预期，但富国银行证券的 Christopher Harvey仍预测标普500指数今年年底将达到7007点，与他在2025年初的预测一致。该指数此 前九个交易日上涨超过10%，创下二十多年来最长的上涨势头。Harvey的估计假设美国股市基准指数将 在未来八个月再上涨24%。显然，特朗普贸易战对经济的潜在影响、减税承诺和美联储降息的可能性笼 罩在这一切之上，但Harvey注意到白宫的语气正在发生变化。"如果我们把'大棒'变成'胡萝卜'，市场就 会大不相同，"他表示，"我认为我们已经度过了不确定性的顶峰。" 华尔街最大多头维持标普500指数年底涨穿7000点预期不变 ...

金十整理：机构前瞻美国4月失业率[路透预期：+4.2%] 1. 凯投宏观：+4.1%；法兴银行：+4.1%；瑞银集团：+4.1%；澳新银行：+4.1%； 2. 法巴银行：+4.2%；美国银行：+4.2%；花旗集团：+4.2%；巴克莱银行：+4.2%； 3. 德商银行：+4.2%；大和资本：+4.2%；德卡银行：+4.2%；德意志银行：+4.2%； 4. 高盛集团：+4.2%；汇丰控股：+4.2%；荷兰国际：+4.2%；杰富瑞集团：+4.2%； 5. 摩根大通：+4.2%；瑞穗证券：+4.2%；穆迪分析：+4.2%；劳埃德银行：+4.2%； 6. 野村证券：+4.2%；潘森宏观：+4.2%；丰业银行：+4.2%；摩根士丹利：+4.2%； 7. 渣打银行：+4.2%；道明证券：+4.2%；富国银行：+4.2%；加拿大皇家：+4.3%。 ...

金十整理：机构前瞻美国4月季调后非农就业人口 3. 德意志银行：+12.5万；德商银行：+13万；穆迪分析：+13.0万；丹斯克银行：+13.0万；渣打银行： +13.0万； 4. 法巴银行：+13.5万；瑞银集团：+13.5万；加皇银行：+13.8万；高盛集团：+14.0万；劳埃德银行： +14.5万； 5. 凯投宏观：+15.0万；潘森宏观：+15.0万；道明证券：+15.0万；富国银行：+15.0万；野村证券： +16.0万； 6. 法兴银行：+16.0万；摩根士丹利：+16万；美国银行：+16.5万。[前值：+22.8万；路透预期：+13.0 万] 1. 汇丰控股：+7.50万；德卡银行：+8.00万；瑞穗证券：+8.50万；杰富瑞集团：+10.0万；花旗集团： +10.5万； 2. 荷兰国际：+11.0万；澳新银行：+12.0万；大和资本：+12.5万；巴克莱银行：+12.5万；摩根大通： +12.5万； ...

Financial Performance - Total revenue for the quarter ended March 31, 2025, was $20,149 million, a decrease of 1% from the previous quarter and 3% year-over-year[10]. - Wells Fargo's net income for the same period was $4,894 million, down 4% from the previous quarter but up 6% compared to the same quarter last year[10]. - The diluted earnings per common share were $1.39, reflecting a 3% decrease from the previous quarter but a 16% increase year-over-year[10]. - Total revenue decreased by 3% to $20.149 billion in Q1 2025, primarily due to a 6% decline in net interest income, which fell to $11.495 billion[19]. - Wells Fargo reported net income of $4.9 billion for Q1 2025, a 6% increase from $4.6 billion in Q1 2024, with diluted EPS rising to $1.39 from $1.20[20]. - Total revenue for the quarter ended March 31, 2025, was $20,149 million, a decrease of 2% from $20,863 million in the same quarter of 2024[56]. Credit Losses and Provisions - The provision for credit losses decreased by 15% from the previous quarter to $932 million, and was nearly unchanged year-over-year[10]. - The provision for credit losses for loans was $925 million in Q1 2025, slightly down from $926 million in the same period last year[23]. - The allowance for credit losses (ACL) for loans was $14.6 billion as of March 31, 2025, reflecting a decrease of $84 million from December 31, 2024[23]. - The allowance for credit losses (ACL) is based on management's estimate of expected lifetime credit losses, taking into account various credit metrics and trends[187]. - The ACL for loans is subject to change based on economic conditions and ongoing internal and external examinations[198]. Asset and Loan Performance - Loans outstanding as of March 31, 2025, were $913,842 million, showing a slight decrease of 1% from the previous quarter[10]. - Total loans for the quarter ended March 31, 2025, were $908,182 million, with a net interest margin of 5.96%[30]. - Total loans decreased by $11.679 billion (4%) from Q1 2024 to Q1 2025, with notable declines in Home Lending ($8.828 billion, 4%) and Auto Lending ($5.123 billion, 11%)[67]. - Total nonaccrual loans increased to $7,978 million as of March 31, 2025, from $7,730 million at December 31, 2024, representing a rise of 3.2%[132]. - The total commercial and industrial loans outstanding reached $406,664 million as of March 31, 2025, compared to $397,654 million at December 31, 2024, marking a growth of 2.5%[140]. Equity and Capital Ratios - Total equity increased to $182,906 million, a 1% rise from the previous quarter[10]. - Common Equity Tier 1 (CET1) ratio under the Standardized Approach was 11.09%, slightly down from 11.19% in the previous quarter[10]. - The total capital ratio was reported at 15.18%, unchanged from the previous quarter[10]. - The Common Equity Tier 1 (CET1) ratio was 11.09%, exceeding the regulatory minimum of 9.80%[20]. Noninterest Income and Expenses - Noninterest income for the first quarter of 2025 was $8,654 million, a slight increase of $18 million or 0.2% compared to $8,636 million in 2024[32]. - Noninterest expense decreased by 3% to $13.891 billion, driven by lower operating losses and a reduction in professional services expenses[19]. - Total noninterest expense decreased by 3% to $13,891 million in Q1 2025 from $14,338 million in Q1 2024, primarily due to lower operating losses[39]. - The effective income tax rate for Q1 2025 was 9.6%, a decrease from 17.3% in Q1 2024, influenced by increased discrete tax benefits[44][45]. Customer and Market Metrics - Digital active customers increased by 3% to 36.7 million from 35.5 million year-over-year[60]. - Credit card purchase volume rose by 9% to $42.5 billion compared to $39.1 billion in the same quarter of 2024[61]. - Total deposits increased by $5.353 billion (1%) on average and by $4.681 billion (1%) at period-end, reflecting reduced customer migration to higher yielding alternatives[68]. Economic Outlook - The forecasted U.S. unemployment rate is expected to rise from 4.2% in 2Q 2025 to 5.3% by 2Q 2026[196]. - The forecasted U.S. real GDP is projected to be 0.4% in 2Q 2025, with a decline of 0.2% anticipated in 4Q 2025[196]. - The home price index is expected to decrease by 1.8% in 4Q 2025 and by 3.4% in 2Q 2026[196]. - Commercial real estate asset prices are forecasted to decline by 8.9% in 4Q 2025 and by 9.1% in 2Q 2026[196].

Financial Data and Key Metrics Changes - In 2024, Wells Fargo generated $19.7 billion in net income, with diluted earnings per share at $5.37 and a return on tangible common equity of 13.4% [62] - The company reported an 11% increase in diluted earnings per share, driven by a 15% growth in fee-based revenue, lower expenses, and improved credit performance [64] - Net interest income declined by 9%, while non-interest income increased by 15%, reflecting a strategic focus on fee-based revenue [64] Business Line Data and Key Metrics Changes - Deposit-related fees increased by 7%, investment advisory and asset-based fees rose by 13%, investment banking fees surged by 62%, and trading revenues grew by 10% [64] - Average loans outstanding decreased by 3%, with credit card balances growing while other asset classes declined due to weaker loan demand [66] - Average deposits remained stable year-over-year, with growth in the commercial business offsetting declines in consumer businesses [66] Market Data and Key Metrics Changes - The company maintained a strong balance sheet, returning $25 billion of capital to shareholders, including an increase in the quarterly common stock dividend from $0.35 to $0.40 per share [67] - The average common shares outstanding decreased by 21% since Q4 2019, indicating effective capital management [67] Company Strategy and Development Direction - Wells Fargo has focused on building a robust risk and control framework appropriate for its size and complexity, with significant progress noted in closing consent orders from regulators [68][69] - The company has simplified its business by exiting several non-core areas, allowing for reinvestment in core client services and improving its earnings profile [72] - In consumer lending, the company has reduced its home lending franchise size while increasing investments in credit cards, with 2.4 million new credit card accounts opened in 2024 [74] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the company's transformation and progress, highlighting a strong position to navigate economic uncertainties in 2025 [84] - The company is prepared for a slower economic environment but believes it can leverage its strengths to maintain stability and growth [84] Other Important Information - The board of directors emphasized the importance of aligning executive compensation with shareholder interests and maintaining a diverse mix of experiences among board members [90][91] - The company has made significant investments in its Corporate and Investment Bank (CIB), enhancing its capabilities and market share in various sectors [75][79] Q&A Session Summary Question: How is Wells Fargo ensuring that its financing practices respect indigenous peoples' rights? - The company has adopted an indigenous peoples statement and has established risk management policies to respect indigenous rights while serving tribal communities [55][56] Question: Why do we give shares to executives and directors? - The executive compensation program aligns with shareholder interests and is guided by principles of performance, risk management, and talent retention [89] Question: What actions are being taken to increase share value and client satisfaction? - The company is focused on long-term sustainable earnings and enhancing client satisfaction through improved services and capabilities [94]

富国银行首席执行官表示，目前没有股票拆分的计划。 ...

Core Viewpoint - The CEO of Wells Fargo indicates that the company expects to continue facing ongoing uncertainty and volatility in the market [1] Group 1 - The current expectations of the company highlight a challenging economic environment [1]