Core Insights - Deutsche Bank achieved a record net profit of €1.3 billion in Q4 2025, representing a significant year-on-year increase, with revenues reaching €7.73 billion, up 7.1% [1] - The strong performance was primarily driven by robust results in the fixed income and foreign exchange trading sectors [1] Recent Events - On January 27, 2026, Frankfurt prosecutors conducted a raid at Deutsche Bank's headquarters as part of an investigation into transactions related to money laundering from 2013 to 2018, which has put short-term pressure on the bank's stock price [2] Performance and Operations - Management plans to propose a dividend of €1 per share for the fiscal year 2025 at the annual shareholders' meeting in May 2026, marking an approximate 50% increase from 2024 [3] - The bank also announced a €1 billion share buyback program, bringing total shareholder returns to 50% of 2025 profits [3] Future Development - Deutsche Bank anticipates revenues to rise to approximately €33 billion in 2026, primarily driven by growth in loan and fee income, with expected increases in advisory and capital markets within the investment banking sector [4] - Non-interest expenses are projected to be slightly above €21 billion, while the bank's CET1 capital ratio stood at 14.2% in Q4, indicating a solid capital position [4] - CFO James von Moltke noted a "very strong" start to 2026 and plans for additional dividends in the second half of the year [4]

大和发布研报称，对携程集团-S(09961)评级"买入"，中国国家市监总局昨日(14日)就涉嫌垄断行为，对 携程展开调查，携程回应指正在配合调查，并指出业务营运正常。消息公布后，携程今日低开 14.98%，早段曾跌超过两成，最低见484.2元。 大和表示，短期内，监管不确定性可能对投资者情绪产生负面影响，但该阶段常在监管措施明朗后，带 来入场机会。该行中长期对携程持建设性看法，因其国际扩张、入境旅游复苏趋势及国内酒店库存周期 支撑该行对携程正面看法。 该行表示，市监总局调查重点可能集中在排他性协议、流量分配机制及佣金相关争议。由于中国国内旅 游市场竞争激烈，酒店及交通运输领域有多家业者参与。携程虽为国内交易总额最大的线上旅游平台， 但美团(03690)与阿里(09988)旗下飞猪的竞争模式，持续影响市场份额动态与定价策略。 ...