Investment Rating - The industry rating is "Buy" as of April 1, 2026, consistent with the previous rating [5] Core Insights - The report highlights a divergence in performance among banks, with state-owned banks showing renewed vitality despite pressure on net interest margins. The overall revenue and profit growth for 22 listed banks has shown signs of recovery compared to the previous quarters, driven by improvements in effective tax rates, accelerated scale expansion, and a slowdown in the decline of net interest margins [5][20] - The report indicates that the net profit growth for the 22 listed banks is primarily driven by six factors, including the expansion of interest-earning assets and recovery in net fees, while the decline in net interest margins has been the main negative contributor [15][20] Summary by Sections Overall Performance - As of March 30, 2026, 22 A-share listed banks reported a revenue growth of 1.24%, PPOP growth of 0.60%, and net profit growth of 1.30% for 2025, with a quarter-on-quarter recovery observed [14] - The net profit growth drivers include a 7.97% contribution from interest-earning asset expansion and a 0.97% contribution from the recovery of net fees [15] Scale - The report notes that public and bill financing are the main growth drivers, with financial investments continuing to show high growth [9] Net Interest Margin - The net interest margin has stabilized for two consecutive quarters, with expectations for a rebound in 2026 [9] Non-Interest Income - There is a performance divergence in non-interest income, with state-owned banks performing better due to lower exposure to the capital market [9][20] Asset Quality - The report indicates that the asset quality is improving for corporate loans, while retail loans are under pressure [9] Investment Recommendations - The report suggests a favorable outlook for the banking sector in the second quarter, emphasizing its defensive nature amid economic fluctuations [9][20]

Investment Rating - The report maintains a "Buy" rating for Qingdao Bank with a target price of 7.06 CNY [2][6]. Core Insights - Qingdao Bank is experiencing strong asset expansion and continuous improvement in non-performing loan indicators, with a solid growth in performance driven by cost savings and accelerated asset expansion [2][12]. - The bank's net profit for 2025 is projected to grow by 21.66% year-on-year, supported by a significant increase in net interest income and a reduction in non-interest expenses [12][19]. - The bank's asset quality is improving, with the non-performing loan ratio dropping below 1%, primarily due to enhancements in the manufacturing sector [12][19]. Financial Summary - **Revenue and Profit Forecasts**: - Revenue is expected to grow from 13,498 million CNY in 2024 to 19,262 million CNY by 2028, reflecting an annual growth rate of 11.0% in 2028 [4]. - Net profit attributable to shareholders is projected to increase from 4,264 million CNY in 2024 to 8,313 million CNY in 2028, with a growth rate of 15.6% in 2028 [4]. - **Key Financial Ratios**: - Return on equity (ROE) is expected to rise from 10.1% in 2024 to 12.8% in 2028 [4]. - The price-to-book ratio (P/B) is projected to decrease from 0.79 in 2024 to 0.51 in 2028, indicating a potential undervaluation of the bank's stock [4]. Performance Drivers - **Asset Growth**: - As of Q4 2025, total assets, loans, and deposits grew by 18.1%, 16.5%, and 15.5% year-on-year, respectively, indicating a marginal acceleration in asset expansion [12]. - The bank's loan growth in Q4 2025 was particularly strong, with a quarterly increase of 217 million CNY, driven mainly by corporate loans [12]. - **Cost Management**: - The bank has successfully reduced its cost-to-income ratio by 3.3 percentage points to 31.62%, enhancing profit growth [12][19]. Asset Quality - The non-performing loan ratio has improved to 0.97%, with a provision coverage ratio of 292.30%, indicating a robust risk management framework [12][19]. - The bank's credit cost has decreased to 0.98%, reflecting effective credit risk management [12].

Group 1 - The A-share market showed a lackluster performance on March 31, with the Shanghai Composite Index down 0.38% and the ChiNext Index down over 2%, while the banking sector performed well, with China Bank rising over 4% and Agricultural Bank rising over 3% [1] - The recent geopolitical risks in the Middle East have led to a shift in market sentiment towards low-volatility assets, benefiting the banking sector [1] - Major banks in China, including Industrial, Agricultural, China, Construction, and Postal Savings Banks, reported increased revenue and net profit for 2025, with a total net profit of approximately 1.42 trillion yuan [1] Group 2 - The Bank ETF (512800) passively tracks the CSI Bank Index and includes 42 listed banks, making it an efficient investment tool for tracking the banking sector [2] - The latest scale of the Bank ETF exceeds 12 billion yuan, with an average daily trading volume of over 800 million yuan since 2025, making it the largest and most liquid among A-share banking ETFs [2] - The fee structure for the Bank ETF and its linked funds includes various commission rates for subscription and redemption, with specific rates based on the amount and holding period [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Bank of Qingdao Co., Ltd.* 青 島 銀 行 股 份 有 限 公 司 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （H股股份代號：3866） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於深圳證券交易所網站刊登，僅供參閱。 特此公告。 承董事會命 青島銀行股份有限公司* 景在倫 董事長 中國山東省青島市 2026年3月30日 於本公告日期，董事會包括執行董事景在倫先生、吳顯明先生、陳霜女士及 劉鵬先生；非執行董事鄧友成先生、周雲傑先生、Rosario Strano先生、譚麗霞女 士及Giamberto Giraldo先生；獨立非執行董事邢樂成先生、張旭先生、張文礎先 生、杜寧先生及范學軍先生。 * 青島銀行股份有限公司並非一家根據銀行業條例（香港法例第155章）之認可機構，並不受 限 ...

证券代码：002948 证券简称：青岛银行 公告编号：2026-011 （二）出席人员：本行行长吴显明先生、部分高级管理层成员、独立董事代表 等。如有特殊情况，参会人员可能调整。 （三）会议召开方式：网络直播（直播地址：http://ir.p5w.net） 二、投资者参加方式 （一）投资者可于2026年4月2日（星期四）15:00-16:30登陆全景网"投资者关 系互动平台"（http://ir.p5w.net）参与本次业绩说明会。 （二）投资者如需提问，可于2026年4月1日（星期三）17:00前将与本行2025 年度经营业绩相关的问题通过电子邮件的形式发送至本行投资者关系邮箱： ir@qdbankchina.com。本行将于业绩说明会上在信息披露允许的范围内就投资者普 遍关注的问题进行回答。 青岛银行股份有限公司 关于召开 2025 年度业绩说明会的公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 青岛银行股份有限公司（以下简称"本行"）已披露本行2025年年度报告，为加 强与投资者的沟通交流，使投资者更加全面、深入地了解本行，本行拟通过网络直 播的方式举 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report indicates that large banks have limited net buying activity, with a monthly cumulative net purchase of 46.8 billion yuan as of March 26, which is a decrease of approximately 200 billion yuan month-on-month but an increase of about 50 billion yuan year-on-year. It is expected that credit issuance may slightly decline compared to March 2025, but the initial performance remains strong [7][20] - The central bank's operations included a net injection of 281.9 billion yuan through various monetary policy tools, with a focus on maintaining liquidity stability as the quarter-end approaches [16] - The report highlights that the liquidity environment is expected to tighten in April due to tax payments and annual settlement pressures, with potential increases in funding rates towards the end of the month [16][17] Summary by Sections Section 1: March Credit Performance - The data shows that the funding environment remains stable as the quarter-end approaches, with large banks gradually reducing their lending from 4.37 trillion yuan to 3.78 trillion yuan [16] - The report emphasizes the importance of monitoring the upcoming PMI data and bank annual reports for insights into future liquidity trends [23] Section 2: Central Bank Dynamics and Market Rates - The central bank conducted 4.742 trillion yuan in 7-day reverse repos, with a net injection of 281.9 billion yuan after accounting for maturing operations [16] - Market rates for various instruments, including treasury bonds and NCDs, have shown slight fluctuations, with the 1-year treasury yield at 1.25% and the average NCD issuance rate at 1.52% [17][18] Section 3: Bank Financing Tracking - The total outstanding amount of interbank certificates of deposit (NCDs) is 18.19 trillion yuan, with a weighted average issuance rate of 1.65% [21] - The report notes that there were no new issuances of commercial bank bonds during the period, and the total outstanding amount of commercial bank bonds is 3.32 trillion yuan [22]

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry but provides specific recommendations for various sectors and companies within the industry [4]. Core Insights - The financial industry experienced a decline this week, with the non-bank financial index down by 3.98%, underperforming the CSI 300 index by 2.57 percentage points. The banking sector, however, showed resilience with a decline of only 0.71%, outperforming the CSI 300 index by 0.7 percentage points [10][1]. - The insurance sector reported significant profit growth driven by investments, although Q4 results were impacted by stock market volatility. The long-term fundamentals of the insurance industry remain intact, suggesting potential for valuation and performance recovery [1][17]. - The brokerage sector saw a 3.61% decline, with 14 listed brokerages reporting a combined revenue of 271.68 billion yuan and a net profit of 109.02 billion yuan, reflecting year-on-year increases of 37.7% and 54.8%, respectively [2][18]. - The banking sector's performance showed marginal improvement, with 13 listed banks reporting revenue and net profit growth of 0.85% and 1.08%, respectively. The net interest income is expected to stabilize, contributing to a more favorable outlook for 2026 [3][21]. Summary by Sections Insurance Sector - The insurance sector index fell by 5.52%, underperforming the CSI 300 index by 4.11 percentage points. The annual reports of listed insurance companies showed significant profit growth driven by investments, with notable Q4 declines due to market fluctuations [1][14]. - The net profit growth for major insurers was led by China Taiping (+221%), followed by China Life (+44%) and New China Life (+38%). The new business value (NBV) also saw substantial increases across the board [14][17]. - Recommendations include China Ping An, China Taiping, and New China Life, with a focus on long-term value recovery in the sector [4][17]. Brokerage Sector - The brokerage sector index decreased by 3.61%, with a reported combined revenue of 271.68 billion yuan and a net profit of 109.02 billion yuan from 14 listed brokerages, indicating strong recovery driven by market conditions [2][18]. - The return on equity (ROE) for these brokerages improved by 1.56 percentage points to 7.5%. The report suggests that the brokerage sector is experiencing a significant recovery in profitability [18][19]. - Recommended stocks include Guotai Junan, Huatai Securities, and Xingye Securities, focusing on firms with strong fundamentals and potential for mergers and acquisitions [4][19]. Banking Sector - The banking sector index fell by 0.71%, with 13 listed banks reporting revenue and net profit growth of 0.85% and 1.08%, respectively. The net interest margin is expected to stabilize, contributing to a positive outlook for 2026 [3][21]. - The report highlights that the asset quality remains stable, with a slight decrease in the non-performing loan ratio to 1.21% and an average provision coverage ratio of 232% [22][24]. - Recommended banks include Hangzhou Bank and Bank of China (H), with a focus on banks with high dividend yields and strong earnings potential [4][24].

Investment Rating - The report maintains a "Recommended" rating for Qingdao Bank (stock code: 002948) [1] Core Views - Qingdao Bank's Q4 performance showed significant growth, with revenue and net profit increasing by 18.21% and 47.79% year-on-year, respectively, driven by a substantial rise in non-interest income [3] - The bank's total revenue for 2025 reached 145.73 billion yuan, a year-on-year increase of 7.97%, while net profit attributable to shareholders was 51.88 billion yuan, up 21.66% [3] - The bank's net interest income grew by 12.11% year-on-year, supported by optimized funding costs, with a net interest margin of 1.66% [3] - The bank's asset quality improved, with a non-performing loan ratio of 0.97%, down 17 basis points year-on-year, and a provision coverage ratio of 292.30%, up 50.98 percentage points [3] - The bank's strategy focuses on structural adjustments, enhancing customer base, and improving operational capabilities, aiming to become a leading regional bank [3] Financial Performance Summary - For 2025, Qingdao Bank's operating revenue was 145.73 billion yuan, with a net profit of 51.88 billion yuan, reflecting a growth rate of 7.97% and 21.66%, respectively [3] - The bank's return on equity (ROE) was 12.68%, an increase of 1.17 percentage points year-on-year [3] - The bank's loan balance increased by 16.53% year-on-year, with corporate loans growing by 22.49% [3] - The bank's deposit balance rose by 16.41% year-on-year, with corporate and personal deposits increasing by 18.08% and 14.76%, respectively [3] Investment Recommendations - The report suggests that the bank's comprehensive operational capabilities are improving, with a focus on structural adjustments and risk management [3] - The projected book value per share (BVPS) for 2026-2028 is estimated at 7.83 yuan, 8.83 yuan, and 10.02 yuan, respectively, with corresponding price-to-book ratios of 0.65X, 0.58X, and 0.51X [3]

Investment Rating - The investment rating for Qingdao Bank is "Buy" (Maintain) [3] Core Views - Qingdao Bank's performance continues to show strong growth, with significant improvements in asset quality and robust credit momentum [5][3] - The bank's net profit for 2025 is projected to grow by 21.66% year-on-year, reaching 5,188 million yuan, while revenue is expected to increase by 8.53% to 14,546 million yuan [3][5] - The bank's non-performing loan (NPL) ratio has improved significantly to 0.97%, down 13 basis points from the previous period, indicating a positive trend in asset quality [5][19] Financial Performance Summary - Revenue and Profit Forecast: - 2024A Revenue: 13,403 million yuan, 2025A Revenue: 14,546 million yuan, 2026E Revenue: 15,707 million yuan [3] - 2024A Net Profit: 4,264 million yuan, 2025A Net Profit: 5,188 million yuan, 2026E Net Profit: 6,002 million yuan [3] - Growth Rates: - Revenue growth rates are projected at 7.46% for 2024, 8.53% for 2025, and 7.98% for 2026 [3] - Net profit growth rates are expected to be 20.15% for 2024, 21.66% for 2025, and 15.70% for 2026 [3] Asset Quality Summary - The bank's NPL ratio has decreased to 0.97%, with a non-performing loan generation rate of 0.43%, down 9 basis points year-on-year [5][19] - The provision coverage ratio has significantly increased to 292.30%, up 22.30 percentage points from the previous period [19] - The overdue rate has decreased to 1.20%, down 22 basis points from the beginning of the year [5][19] Credit and Deposit Growth - The bank's interest-earning assets are expected to grow by 18.5% year-on-year, with loans increasing by 16.5% [5] - Deposit growth is projected at 19.2% year-on-year, with corporate deposits growing by 18.1% and retail deposits by 14.8% [5] - The structure of credit growth shows that corporate lending remains the main support, with significant increases in government-related lending and manufacturing sectors [5][17] Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2026E, 2027E, and 2028E are 4.95X, 4.36X, and 5.03X respectively [3] - The projected price-to-book (P/B) ratios for the same periods are 0.57X, 0.51X, and 0.46X [3]

Investment Rating - The investment rating for Qingdao Bank is "Buy-A/Buy-H" with a current price of 5.11 CNY and a reasonable value of 6.30 CNY [2] Core Views - Qingdao Bank has delivered a high-quality performance in its closing year, with total assets exceeding 800 billion CNY by the end of 2025. The bank's market share in both deposits and loans has increased [6] - The bank's revenue is expected to grow at a compound annual growth rate (CAGR) of 7.77% from 2023 to 2025, while net profit attributable to shareholders is projected to grow at a CAGR of 18.94%. The return on equity (ROE) is anticipated to rise from 8.95% to 12.68%, and the non-performing loan (NPL) ratio is expected to decline to 0.97% [6] - The bank's net interest income increased by 12.1% year-on-year, driven by accelerated asset and loan growth of 18.1% and 16.5%, respectively. The net interest margin for 2025 is 1.66%, a decrease of 7 basis points [6] - The bank's profitability is supported by a significant increase in net profit, with a year-on-year growth of 21.66% for 2025, marking the best performance in nearly three years [6] Financial Performance Summary - Total assets reached 800 billion CNY, with a year-on-year growth of 18.12% [9] - The bank's net profit for 2025 was 21.66% higher than the previous year, with a return on equity of 12.68% [9] - The non-performing loan ratio improved to 0.97%, and the provision coverage ratio increased to 292.30% [9] - The bank's earnings per share (EPS) for 2026 and 2027 are projected to be 1.03 CNY and 1.26 CNY, respectively, with corresponding price-to-earnings (PE) ratios of 4.94X and 4.07X [6] Strategic Outlook - The bank is set to embark on a new three-year strategic plan focusing on quality and efficiency, emphasizing innovation and lean management to enhance investment management efficiency [6] - The bank's capital adequacy ratio is expected to remain compliant, with a focus on improving capital management and performance assessment [6]