Core Viewpoint - Deutsche Bank is losing its competitive edge in leveraged financing transactions, struggling to maintain market share and facing challenges in recent debt underwriting efforts [1][4] Group 1: Market Position and Performance - Deutsche Bank's market share in leveraged financing has dropped to eighth place, controlling only 3.6% of global transactions, down from a peak of 9% in 2014 [1] - The bank's revenue trajectory is declining, with projected income for the first half of 2025 in Europe expected to plummet by 35% to €74 million ($86 million), and a 27% decline in the U.S. market to $145 million [5] Group 2: Strategic Challenges - The decline in Deutsche Bank's leveraged financing business is attributed to multiple factors, including strategic retrenchment under CEO Christian Sewing, regulatory pressures, and a changing market landscape [6] - The scarcity of merger and acquisition transactions has led to a reduction in high-fee projects, while the current focus on debt restructuring is not aligned with management's interests [6] Group 3: Talent and Leadership Issues - The bank has experienced significant talent loss, with key executives leaving for competitors, which has further weakened its position in the leveraged financing market [6][7] - Deutsche Bank is actively working to fill vacancies, having recruited talent from other financial institutions to bolster its capabilities [7] Group 4: Recent Transaction Challenges - The recent underwriting of a $4.3 billion debt for Apollo Global Management's acquisition of International Game Technology faced investor reluctance, forcing the bank to improve terms to close the deal [1] - Other challenging transactions include a $1.2 billion high-yield bond for Mohegan Tribal Gaming Authority and difficulties in placing loans for 1440 Foods and Oyo Hotels [8] Group 5: Future Outlook - Despite recent challenges, Deutsche Bank's CFO emphasized the strategic importance of the leveraged debt capital markets (LDCM) business, indicating ongoing investment in this area [8]

对于长期看好的蓝筹股，可采用"长期投资+短期杠杆"模式，长期仓位持有不动，用杠杆资金在短期回 调时加仓，反弹5%-8%后偿还融资，既放大短期收益，又不影响长期持仓。例如长期持有100万元某蓝 筹股，当股价回调10%，用1:1杠杆融资50万元加仓，反弹7%后卖出加仓部分，偿还融资后可额外获利 约3.5万元（扣除利息）。 特殊市场情况应对 当市场出现单日暴跌5%以上的极端行情，无论持仓标的盈亏，立即将杠杆比例降至1:0.5以下，若担保 比例已低于130%，优先卖出跌幅较小的标的补充担保。遇到上市公司突发重大利好（如并购重组）， 若持仓标的未停牌，可在利好公布后首个交易日加仓，但加仓杠杆比例不超过1:1，且加仓部分设置 10%的止盈线。若标的股票被暂停上市，需在3个交易日内补充等值现金担保物，否则将按规定强制平 仓。 与长期投资结合 标的行业分散 融资额度调整技巧 当连续6个月未触发止损且担保比例始终维持在150%以上，可向机构申请提高融资额度，通常可提升 20%-30%。若期间有1次触发强平预警，额度提升申请会被驳回，需再观察3个月。主动降低融资额度后 （如从100万降至50万），6个月内不可再申请提高，调整前需 ...