2008年来第一次！德银PB重回1以上，2020年最低点曾跌至0.19

Core Viewpoint - Deutsche Bank's stock price has surpassed its book value for the first time since the 2008 global financial crisis, marking a significant milestone in the bank's transformation after years of legal setbacks, asset write-downs, and restructuring [1][4]. Group 1: Stock Performance and Valuation - On January 5, Deutsche Bank's stock reached €33.95, exceeding its reported book value of €33.66 per share, closing at €33.81, indicating a critical turning point [1]. - The price-to-book ratio, a key indicator of bank valuation, reflects investor confidence in the bank's asset quality and growth prospects, which had been trading below book value since early 2008 due to market concerns [4]. - The stock price had previously plummeted to below €5 in March 2020, with a price-to-book ratio of only 0.19, highlighting the significant recovery [4]. Group 2: Strategic Adjustments and Profit Recovery - Deutsche Bank's recovery is attributed to strategic adjustments, including exiting non-core businesses and focusing on competitive areas, resulting in the highest profit levels since 2007 for the first nine months of the previous year [5]. - The German government's debt-financed investment plans are expected to benefit Deutsche Bank's investment banking division, enhancing its role as a sovereign bond issuer and corporate restructuring advisor [5]. - Rising corporate credit demand is anticipated to boost the bank's loan business profitability [5]. Group 3: Investor Sentiment and Market Challenges - Despite significant progress, investor sentiment remains cautious, with some analysts suggesting that the recent stock price increase merely reflects a return to average profitability from minimal earnings [7]. - Concerns persist regarding Deutsche Bank's ability to achieve profitability levels comparable to peers like BBVA or Santander due to its capital-consuming investment banking division [7]. - The bank's long-term total return over the past decade has lagged behind the Stoxx 600 bank index and competitors such as UniCredit and BNP Paribas, with its performance overshadowed by domestic rival Commerzbank [7]. Group 4: Operational Integration and Business Challenges - Deutsche Bank continues to face integration challenges, particularly with Postbank, which has previously hindered its retail business, although branch closures and layoffs have improved profitability [8]. - The asset management division, DWS, has attracted significant inflows into low-margin passive products like ETFs but faces pressure in the alternative investment sector [8].