全球银行估值与股票表现研究

Global | Banks Jefferies Global Bank Valuation Comps22/06/2026 Given investors' increasing focus on global banks' relative performance, weprovide a comprehensive look at bank valuations and share performance European Banks (Joe Dickerson, Jonathan Pierce, Marco Nicolai, Alex Demetriou, Miruna Chirea,Theo Massing): BPER First View: Buyback Approved by ECB. More in Sight? Spain - CNMC Mortgage Probe: Collusion or Illusion? UK Banks - Maker your mind up? UBS: US scaling, Asia flywheel, IB kicker – the momentum is broadening Spain Investment Funds Performance Tracker (May 26) Joseph Dickerson * | Equity Analyst44 (0) 20 7029 8309 | jdickerson@jefferies.com Execution Driving Upside – BGN Raised to Buy Intesa-MPS: final showdown Banco BPM–MPS: Opening the Door Euro Banks – Customer Margins improve in April HK Financials - Formalizing a Process Alpha - Fee engine continues to deliver Swedish Banks Monthly — April 2026 - Margins improve while volumes slowdown French Banks: Livret A - +50bps in August ? US Regional and Mid-cap Banks (David Chiaverini) Banks: H.8 Loans + Interest Rate Update (6/22) Write-Off Report: Bankruptcies Mixed in May w/ Large Filings Down, Overall Up Banks: H.8 Loans + Interest Rate Update (6/15) The Rate Rundown: Max Offered Rates Trending Modestly Higher in June [Video] The Biggest Capital Overhaul Since the GFC: Regionals and Mid-Caps Win Please see analyst certifications, important disclosure information, and information regarding the status of non-US analysts on pages 18 - 29 of this report.* Jefferies GmbH^ Jefferies International Limited‡ Jefferies LLC / Jefferies Research Services, LLC§ Jefferies India Private Limited|| Jefferies Hong Kong Limited# Jefferies Securities, Inc.¶ Jefferies (Australia) Pty LtdJefferies Int'l Ltd. Dubai Banks: H.8 Loans + Interest Rate Update (6/8) Asian Banks (Prakhar Sharma, Betty Li): India Financial Daily, 22 June 2026Feedback from Banks and Depositors; Select Rate Revision May Be Needed LATAM Banks (Inigo Vega, Diego Sarmento Pereira): *INVITE* | Argentina's Capital Markets Outlook | Fireside Chat with BYMA's CEOMexico | Fintech Credit in April/May, Clip goes Wallet and Spin launches CreditXP - Back from the Road with CEOINVITE | Argentina's Capital Markets Outlook | Fireside Chat with BYMA's CEO Australian Banks (Andrew Lyons): Private Credit Could be Key to Growth, But Capital Limits Near-Term ExecutionWBC AU - Consumer Update Signals Sharp Investor Slowdown Middle East Banks (Naresh Narendra Bilandani): Saudi Banks: Minor EPS changes post Q1'26; SNB preferredUAE Banks: Remain below consensus; FAB preferred Canadian Banks (John Aiken): Cross-Sector Implications of Canadian Bank Capital ReliefOSFI Cuts Capital Requirement for BanksThe Daily Canuck 19.06.2026Housing Market Chartbook: Will the Spring Momentum Carry into the Summer?EFN Will Manage Waymo's Autonomous FleetBanks Q3-26 Outlook: Searching for the Next Tailwinds Top/Bottom Global and Regional Price Performance(Sorted by 1 Month Price Return) Aggregate Bank Performance By Region/Country JEF Bank Ratings Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification:I, Joseph Dickerson, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Jonathan Pierce, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Marco Nicolai, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Alexander Demetriou, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views I, Miruna Chirea, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed I, Theo Ma