证券研究报告 | 公司深度 | 城商行Ⅱ 经济大省的成长性城商行 ——青岛银行首次覆盖 投资要点 青岛银行是深耕山东的成长性城商行，化债推动风险评价改善，网点加密和低 不良生成有望支撑较强的盈利增长，有利于青岛银行估值抬升。 公司画像：经济大省成长性城商行 （1）发展：青岛银行由原青岛地区 21 家城市信用社合并组建而成。发展至今， 青岛银行资产规模达到城商行中位水平，具有金租和理财牌照，综合能力强。 （2）区位：青岛银行深耕青岛，覆盖全省。山东经济体量大，青岛经济领航山 东，是青岛银行发展的良好基础。截至 24H1 末，青岛银行有 51%贷款投向青 岛，其余分布在山东其他城市。 （3）管理：①青岛银行股权结构均衡，具有地方国资+优质民企+外资银行的多 元化股权结构。24H1 财报披露，青岛银行前三大股东分别是海尔集团、意大利 联合圣保罗银行、青岛国信，分别持有青岛银行 18.14%、17.50%、14.99%的股 份（合并子公司口径）。②管理团队金融经验丰富，以董事长景在伦先生、行长 吴显明先生为代表的核心管理团队，银行管理经验丰富，专业能力突出。 财务分析：ROE 呈逐步改善态势 青岛银行 2022 年以 ...

Investment Rating - The investment rating for Qingdao Bank is "Accumulate" [4][3]. Core Views - Qingdao Bank's net profit growth in Q3 2024 exceeded expectations, while revenue growth slightly declined due to other non-interest income. The bank maintains a double-digit expansion rate and stable asset quality, justifying the "Accumulate" rating [3][4]. Summary by Sections Financial Performance - In Q3 2024, Qingdao Bank's revenue growth was 0.8%, a slight decline compared to Q2. The net interest income, commission income, and other non-interest income grew by 4.8%, -13.1%, and -6.4% year-on-year, respectively. Other non-interest income was the main drag on revenue, likely affected by bond market fluctuations in August. Despite the revenue decline, Q3 net profit growth reached 24.7%, outperforming comparable peers [4]. Asset Quality - As of Q3 2024, the bank's total assets grew by 15.1% year-on-year, with loans increasing by 11.3%. The growth in inclusive small and micro loans was particularly notable, with a year-end balance increase of 8.51 billion yuan, or 25.13%. Deposits grew by 12.9%, improving the deposit-to-liability ratio to 68.5%. The non-performing loan ratio stood at 1.17%, with a coverage ratio of 245.7%, indicating enhanced risk mitigation capabilities [4]. Market Data - The current stock price of Qingdao Bank is HKD 2.74, with a market capitalization of HKD 15,948 million. The stock has traded within a range of HKD 1.84 to HKD 2.97 over the past 52 weeks [5][6].

Financial Reporting and Compliance - The Board of Directors confirmed the accuracy and completeness of the interim report for the first half of 2024, which was approved on August 28, 2024[7]. - The financial report for the first half of 2024 was reviewed by KPMG according to both Chinese and international review standards[7]. - The report period covers January 1, 2024, to June 30, 2024[10]. - The company operates under both Chinese Accounting Standards and International Financial Reporting Standards[7]. - The company is listed on both the Shenzhen Stock Exchange (A shares) and the Hong Kong Stock Exchange (H shares)[12]. Dividend and Profit Distribution - The company plans to propose a cash dividend for the first half of 2024, with no stock dividends or capital reserve transfers[7]. - Net profit attributable to shareholders reached RMB 2,640,917 thousand, reflecting a growth of 13.07% from RMB 2,335,704 thousand year-on-year[16]. - Net profit for the period was CNY 2.71 billion, representing a year-on-year growth of 12.62%[28]. Income and Revenue Growth - Total operating income rose by 10.31% to RMB 7,027,347 thousand, up from RMB 6,370,811 thousand in the previous year[16]. - Non-interest income increased by 20.79% to RMB 2,248,354 thousand from RMB 1,861,400 thousand year-on-year[16]. - Operating income for the reporting period was RMB 7.027 billion, an increase of RMB 657 million, with a growth rate of 10.31%[36]. - Non-interest income accounted for 31.99% of total operating income, an increase of 2.77 percentage points year-on-year[36]. Asset and Loan Management - Total assets as of June 30, 2024, amounted to RMB 654,024,373 thousand, a 7.57% increase from RMB 607,985,372 thousand at the end of 2023[17]. - Customer loans totaled RMB 324,394,232 thousand, marking an 8.10% increase from RMB 300,089,541 thousand at the end of 2023[17]. - The non-performing loan ratio improved slightly to 1.17% from 1.18% at the end of 2023[18]. - Total customer loans amounted to RMB 324,394,232 thousand as of June 30, 2024, with a non-performing loan (NPL) amount of RMB 3,789,352 thousand, resulting in an NPL ratio of 1.17%[98]. Capital Adequacy and Risk Management - The core tier 1 capital adequacy ratio increased to 9.07% from 8.42% at the end of 2023[18]. - The capital adequacy ratio was 13.44%, with a core Tier 1 capital ratio of 9.07%, both up by 0.65 percentage points from the previous year[28]. - The company has enhanced its risk management for group clients by establishing a unified credit management system and a risk monitoring framework[108]. - The company has implemented strict controls on restructured loans, which accounted for 0.03% of total loans as of June 30, 2024, unchanged from the end of the previous year[110]. Customer and Retail Banking - The bank's retail banking business generated a pre-tax profit of RMB 611.95 million, a decrease from the previous year's RMB 746.23 million[92]. - Retail deposit balance reached RMB 202.684 billion, an increase of RMB 14.240 billion, with a growth rate of 7.56%[30]. - The number of retail customers reached 8.4633 million, with a new customer effectiveness rate increasing by 3.86%[145]. - The retail banking strategy emphasizes customer-centric development and digital transformation to enhance operational efficiency[143]. Technology and Digital Transformation - The company has successfully built an external data marketplace, improving data quality and security risk management systems to support digital transformation[181]. - The company has developed 12 projects in areas such as mobile channels and marketing empowerment, advancing its digital core capabilities[181]. - The bank launched its first online agricultural loan product "Ludang Cloud Loan" and a scenario-based online consumer loan product "Online Parking Space Loan" during the reporting period[146]. Market Position and Growth Strategy - The company has established a strong market presence, being recognized as a leading institution in the interbank market and for market innovation[167]. - The company has expanded its cross-border financing capabilities, enhancing its international trade financing services[162]. - The bank's overall strategy focuses on stable growth, structural adjustment, and quality improvement in response to external environmental changes[143]. Financial Investments and Asset Management - The company's financial investments measured at fair value and recognized in profit or loss amounted to RMB 626.39 billion, an increase of RMB 43.69 billion or 7.50% compared to the end of the previous year[71]. - The company's financial investments had a book value of CNY 228.53 billion, an increase of CNY 2.52 billion or 1.11% from the end of the previous year[69]. - The total balance of wealth management products reached 208.520 billion yuan, reflecting a growth of 0.19% year-on-year[171]. Liquidity and Funding Management - The liquidity coverage ratio significantly improved to 203.40%, up from 158.11% in the previous period[18]. - The amount of high-quality liquid assets increased to RMB 108,843,097 thousand from RMB 75,270,402 thousand, reflecting a significant enhancement in liquidity reserves[190]. - The net stable funding ratio stands at 119.13% as of June 30, 2024, compared to 125.47% on March 31, 2024, demonstrating stable funding management[191].

Financial Performance - The Bank of Qingdao reported its unaudited interim results for the six months ending June 30, 2024[1]. - Net interest income for the first half of 2024 reached RMB 4,778,993 thousand, an increase of 5.98% compared to RMB 4,509,411 thousand in the same period of 2023[11]. - Non-interest income increased by 20.79% to RMB 2,248,354 thousand from RMB 1,861,400 thousand year-on-year[11]. - Total operating income rose by 10.31% to RMB 7,027,347 thousand, up from RMB 6,370,811 thousand in the previous year[11]. - Pre-tax profit increased by 16.04% to RMB 3,233,244 thousand, compared to RMB 2,786,303 thousand in the first half of 2023[11]. - Net profit attributable to shareholders reached RMB 2,640,917 thousand, reflecting a growth of 13.07% from RMB 2,335,704 thousand year-on-year[11]. - Basic earnings per share for the first half of 2024 were RMB 0.45, up from RMB 0.40, representing a 12.50% increase[11]. - The net profit for the first half of 2024 was CNY 2.711 billion, representing a year-on-year increase of 12.62%[19]. - Total operating income was RMB 7.027 billion, an increase of RMB 657 million, or 10.31% year-on-year[31]. - The tax expense increased by 37.78% year-on-year to RMB 521.86 million, reflecting higher profitability[30]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 654,024,373 thousand, a 7.57% increase from RMB 607,985,372 thousand at the end of 2023[12]. - Total liabilities reached RMB 611,168,636 thousand, up 7.59% from RMB 568,046,129 thousand at the end of 2023[12]. - Total customer deposits increased by 6.61% to RMB 411,588,446 thousand from RMB 386,062,259 thousand year-on-year[12]. - The total amount of financial investments measured at amortized cost, after accounting for interest receivable and impairment provisions, was RMB 58.59 billion[71]. - The total amount of credit commitments at the end of the reporting period was RMB 81.205 billion, with credit commitments being the main component[127]. Risk Management - The bank emphasizes the importance of risk management and has detailed its main risks and countermeasures in the report[2]. - The non-performing loan ratio improved to 1.17%, a decrease of 0.01 percentage points compared to the end of the previous year[19]. - The capital adequacy ratio stood at 13.44%, reflecting a solid capital position[19]. - The company has enhanced its capital management and risk control mechanisms, focusing on optimizing the capital structure and improving capital efficiency[107]. - The company has implemented multiple risk monitoring systems, significantly enhancing its intelligent risk management capabilities[176]. Customer Loans and Deposits - Customer loans totaled RMB 324,394,232 thousand, marking an 8.10% increase from RMB 300,089,541 thousand at the end of 2023[12]. - The total loans and advances issued by the company reached CNY 316.40 billion, an increase of CNY 23.40 billion, representing a growth of 7.99% compared to the end of the previous year[59]. - Corporate loans accounted for CNY 226.19 billion, increasing by CNY 24.63 billion, which is a growth of 12.22% and represents 69.73% of total customer loans[61]. - Personal loans decreased to CNY 77.99 billion, down CNY 1.08 billion, a decline of 1.37%, making up 24.04% of total customer loans[62]. - Total customer deposits reached CNY 411.59 billion, increasing by CNY 25.53 billion, a growth of 6.61% compared to the previous year[23]. Digital Transformation and Innovation - The company’s digital transformation strategy focuses on data-driven services and intelligent solutions to enhance customer experience and operational efficiency[22]. - The bank launched new digital products, including the "Online Parking Space Loan," enhancing customer experience through digital transformation[144]. - The company has developed 12 projects in areas such as mobile channels and marketing empowerment, focusing on enhancing digital core capabilities[176]. - The bank's credit card WeChat mini-program had a total of 2.0387 million bound users, with a peak monthly active user count of 525,500[173]. Corporate Governance and Strategy - The board of directors confirmed the accuracy and completeness of the financial report, which was reviewed by KPMG[2]. - The bank aims to enhance its core competitiveness by integrating party leadership into corporate governance and promoting a market-oriented operational model[20]. - The bank's strategy emphasizes high-quality development and customer experience enhancement through its "Qingxin Service" brand[20]. - The company has established a unified credit management system for group clients, enhancing risk monitoring and control[104]. Market and Economic Environment - The GDP of Shandong Province grew by 5.8% year-on-year, surpassing the national average, reflecting a stable economic environment[200]. - The banking sector continues to face strict regulatory oversight, with an emphasis on supporting inclusive finance and green low-carbon initiatives[200].

Financial Performance - Operating income for Q1 2024 reached RMB 3,688,178 thousand, an increase of 19.39% compared to RMB 3,089,260 thousand in Q1 2023[3] - Net profit attributable to shareholders for Q1 2024 was RMB 1,080,635 thousand, up 18.74% from RMB 910,066 thousand in the same period last year[3] - Basic and diluted earnings per share for Q1 2024 were both RMB 0.19, reflecting an 18.75% increase from RMB 0.16 in Q1 2023[3] - For the period from January 1 to March 31, 2024, the net profit was RMB 1,119,837 thousand, an increase from RMB 947,175 thousand in the same period of 2023, representing a growth of approximately 18.2%[24] - The net profit before tax for the period from January 1 to March 31, 2024, was RMB 1,307,392 thousand, up from RMB 1,044,572 thousand in the same period of 2023, reflecting a year-on-year increase of 25.3%[30] Assets and Liabilities - Total assets as of March 31, 2024, amounted to RMB 623,070,530 thousand, representing a 2.48% increase from RMB 607,985,372 thousand at the end of 2023[3] - Total liabilities increased by 2.36% to RMB 581,427,787 thousand as of March 31, 2024, compared to RMB 568,046,129 thousand at the end of 2023[3] - The total liabilities and equity as of March 31, 2024, amounted to RMB 623,070,530 thousand, an increase from RMB 607,985,372 thousand as of December 31, 2023[28] Capital and Ratios - The return on average equity (annualized) improved to 12.90% in Q1 2024, up from 12.19% in Q1 2023, an increase of 0.71 percentage points[3] - The capital adequacy ratio as of March 31, 2024, was 13.46%, up from 12.79% at the end of 2023[7] - The core tier 1 capital adequacy ratio reached 8.98% as of March 31, 2024, compared to 8.42% at the end of 2023[9] - The leverage ratio stood at 6.07% as of March 31, 2024, up from 5.83% at the end of 2023[10] - The liquidity coverage ratio improved to 178.14% as of March 31, 2024, compared to 158.11% at the end of 2023[11] Loan and Deposit Information - As of March 31, 2024, the total customer loans amounted to RMB 317,040,720 thousand, reflecting a year-over-year increase of 5.65%[9] - The total deposits from customers were RMB 390,109,637 thousand, showing a slight increase of 1.05% year-over-year[9] - Customer loans totaled CNY 317.041 billion, increasing by CNY 16.951 billion or 5.65% from the previous year, and up CNY 33.854 billion or 11.95% year-over-year[13] - Loans to private enterprises reached CNY 78.575 billion, an increase of CNY 6.116 billion or 8.44% from the previous year[14] Income and Expenses - Net interest income was CNY 2.367 billion, an increase of CNY 169 million or 7.70% year-over-year[13] - Non-interest income grew to CNY 1.321 billion, up CNY 430 million or 48.18% year-over-year[13] - Interest income received during the first quarter of 2024 was RMB 4,554,887 thousand, compared to RMB 4,180,031 thousand in the same period of 2023, reflecting an increase of 9%[32] - The bank reported a significant increase in credit impairment losses, which rose to RMB 1,390,023 thousand in Q1 2024 from RMB 1,120,443 thousand in Q1 2023, indicating a year-on-year increase of 24.1%[30] Risk Management - The non-performing loan ratio remained stable at 1.18% as of March 31, 2024, unchanged from the end of 2023[7] - The coverage ratio for provisions increased to 232.35%, up 6.39 percentage points from the previous year[14] - The ratio of normal loans was 98.33% of total loans as of March 31, 2024, indicating a year-over-year increase of 5.71%[12] - The bank's non-performing loan ratio remained stable, indicating effective risk management strategies in place[21] Cash Flow - The cash flow from operating activities for the first quarter of 2024 was a net outflow of RMB 4,190,388 thousand, compared to a net inflow of RMB 5,931,055 thousand in the same period of 2023[31] - The net cash generated from financing activities in Q1 2024 was RMB 1,764,486 thousand, compared to a net outflow of RMB 739,025 thousand in Q1 2023[32] Other Financial Metrics - The bank's cash and deposits with the central bank increased to RMB 32,894,111 thousand from RMB 31,043,664 thousand, showing a rise of about 5.9%[26] - The bank's financial investments measured at fair value increased to RMB 61,612,058 thousand from RMB 58,269,523 thousand, reflecting a growth of approximately 4.0%[26] - The bank's cash and cash equivalents increased to RMB 18,580,681 thousand as of March 31, 2024, from RMB 16,180,501 thousand at the end of Q1 2023, marking a rise of 14.8%[32] - The bank's total comprehensive income for the period increased to RMB 1,530,874 thousand as of March 31, 2024, compared to RMB 947,211 thousand as of December 31, 2023, showing a growth of 61.6%[28]

Financial Performance - Net interest income for 2023 reached RMB 9,281,969,000, an increase of 11.99% compared to RMB 8,288,314,000 in 2022[20]. - Total operating income for 2023 was RMB 12,481,351,000, reflecting a growth of 7.14% from RMB 11,649,255,000 in the previous year[20]. - The net profit attributable to shareholders of the parent company increased by 15.11% to RMB 3,548,599,000 in 2023, up from RMB 3,082,775,000 in 2022[20]. - The bank's pre-tax profit for 2023 was RMB 3,933,397,000, a significant increase of 25.43% compared to RMB 3,135,959,000 in 2022[20]. - Basic earnings per share rose to RMB 0.57, reflecting a 26.67% increase from RMB 0.45 in 2022[20]. - The group's operating income for 2023 reached 12.481 billion CNY, an increase of 7.11%, while net profit rose to 3.671 billion CNY, up 15.91%[42]. - The company's net profit for the reporting period was CNY 3.671 billion, representing a year-on-year growth of 15.91%[52]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 607,985,372,000, representing a 14.80% increase from RMB 529,613,992,000 at the end of 2022[22]. - The total liabilities as of December 31, 2023, were RMB 568,046,129,000, up 15.22% from RMB 493,020,697,000 in 2022[22]. - Shareholder equity reached RMB 39.94 billion, an increase of 9.14% from RMB 36.59 billion at the end of 2022[161]. - The total issued bonds increased by 19.24% to RMB 89.27 billion, compared to RMB 74.24 billion at the end of 2022[160]. Customer Loans and Deposits - Customer loans totaled RMB 300,089,541,000, an increase of 11.55% from RMB 269,029,452,000 in 2022[22]. - Total customer deposits reached RMB 386,062,259,000, marking a 13.10% increase from RMB 341,347,176,000 in the previous year[22]. - The balance of loans to private enterprises at year-end was 72.459 billion CNY, with significant growth in both the loan growth rate and proportion for the real economy[43]. - The total loan amount at the end of the reporting period reached RMB 300.09 billion, with non-performing loans totaling RMB 3.54 billion, resulting in a non-performing loan ratio of 1.18%[177]. Risk Management - The company emphasizes the importance of risk management, detailing major risks and corresponding mitigation strategies in the management discussion section[8]. - The non-performing loan ratio improved to 1.18% in 2023, down from 1.21% in 2022, a decrease of 0.03 percentage points[24]. - The provision coverage ratio increased to 225.96% in 2023, compared to 219.77% in 2022, an increase of 6.19 percentage points[24]. - The company has enhanced its risk management capabilities, leading to a reduction in impairment provisions despite loan growth[123]. Green Finance and Social Responsibility - The company aims to expand its green credit offerings, focusing on energy-saving and environmental protection projects, aligning with national green finance initiatives[9]. - The balance of green loans at year-end was 26.135 billion CNY, with a growth rate of 24.90%[43]. - The company has actively expanded channels for non-performing asset disposal, utilizing measures such as self-collection, judicial disposal, asset write-off, and debt transfer[200]. Corporate Governance - The board of directors approved the annual report during the 45th meeting, with full attendance from the 14 directors[6]. - The financial statements for 2023 were audited by KPMG, receiving a standard unqualified opinion, ensuring the accuracy and completeness of the financial report[6]. - The company operates under both Chinese Accounting Standards and International Financial Reporting Standards, ensuring compliance with regulatory requirements[6]. Digital Transformation and Innovation - The bank's digital transformation efforts included the successful launch of 78 projects in 2023, marking a 44.44% increase from the previous year[43]. - Qingdao Bank launched 24 new products under the "Sword Casting Action" initiative, focusing on international business, supply chain finance, and inclusive finance[43]. Market Position and Recognition - The company was ranked 289th in the 2023 Global Banking 1,000 list by the Banker magazine, maintaining its position among the top 300 global banks[55]. - The company has been recognized for its brand value of CNY 27.069 billion, ranking 335th in the "China's 500 Most Valuable Brands" list for the seventh consecutive year[55].

股 票 研 究 [Table_industryInfo] 商业银行 [ Table_Main[青I Tnaf 岛bol]e 银_Ti行tle]（ 3866） [评Tab级le_：Inv est] 增持 当前价格（港元）： 2.09 营收增速逆势提升，息差韧性强于同业 2024.04.10 海 ——青岛银行2023 年报业绩点评 [ 交Ta易bl数e_M据a rket] 外 刘源(分析师) 钟昌静(研究助理) 52周内股价区间（港元） 1.84-2.83 当前股本（百万股） 5,820 公 021-38677818 010-83939787 当前市值（百万港元） 12,165 司 liuyuan023804@gtjas.com zhongchangjing028678@gtjas.com 证书编号 S0880521060001 S0880123070141 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 青岛银行2023年营收和净利润增速符合预期，营收增速逆势提升，净利润双位数增 青岛银行 恒生指数 香 长，扩表速度加快，净息差表现优于同业，维持增持评级。 12% 摘要： 港 ...

Financial Performance - Net interest income for 2023 reached RMB 9,281,969 thousand, an increase of 11.99% compared to RMB 8,288,314 thousand in 2022[4] - Total operating income was RMB 12,481,351 thousand, reflecting a growth of 7.14% from RMB 11,649,255 thousand in the previous year[4] - Net profit attributable to shareholders of the parent company increased by 15.11% to RMB 3,548,599 thousand, up from RMB 3,082,775 thousand in 2022[4] - The bank's pre-tax profit increased by 25.43% to RMB 3,933,397 thousand from RMB 3,135,959 thousand in 2022[4] - Basic earnings per share rose by 26.67% to RMB 0.57, compared to RMB 0.45 in the previous year[4] - The company achieved a net profit of 3.671 billion yuan in 2023, representing a year-on-year growth of 15.91%[11] - Operating income for 2023 was RMB 12.481 billion, up RMB 832 million, a growth of 7.14%[21] Asset and Liability Management - Total assets as of December 31, 2023, amounted to RMB 607,985,372 thousand, representing a 14.80% increase from RMB 529,613,992 thousand at the end of 2022[5] - The bank's total liabilities increased by 15.22% to RMB 568,046,129 thousand from RMB 493,020,697 thousand in 2022[5] - Total customer deposits reached RMB 395,467,359 thousand, a rise of 13.63% compared to RMB 348,043,307 thousand in the previous year[5] - The company’s total assets showed no significant changes during the reporting period[77] - Total liabilities as of the end of 2023 were RMB 568.05 billion, an increase of RMB 75.03 billion or 15.22% compared to the end of the previous year, driven by market expansion and increased deposit absorption[63] Loan and Deposit Growth - Customer loans totaled RMB 300,089,541 thousand, marking an 11.55% increase from RMB 269,029,452 thousand in 2022[5] - Total customer loans amounted to CNY 300.090 billion, up CNY 31.060 billion, representing an 11.55% growth[15] - Retail deposits amounted to CNY 188.444 billion, up CNY 41.116 billion or 27.91% from the previous year, with a share of 48.81% of total deposits[125] - Corporate deposits reached 197.23 billion yuan, a year-on-year increase of 3.6 billion yuan, with a growth rate of 1.86%[133] Risk Management and Asset Quality - The non-performing loan ratio improved to 1.18%, a decrease of 0.03 percentage points compared to the end of the previous year[11] - The company maintains a loan provision coverage ratio of 225.96%, reflecting strong risk management practices[6] - The company reported a credit impairment loss of RMB 4.01 billion, a decrease from RMB 4.29 billion in the previous year[50] - The coverage ratio for provisions reached 225.96%, up by 6.19 percentage points from the previous year[89] - The company has strengthened its control over credit asset quality, leading to stable growth in credit assets[79] Digital Transformation and Innovation - The bank's digital transformation strategy focuses on online, mobile, and intelligent services to enhance customer experience and operational efficiency[13] - The company launched the mobile banking 8.0 version, enhancing user experience and introducing new features for wealth management[151] - The company initiated 55 new fintech projects and successfully launched 78 projects, a year-on-year increase of 44.44%[149] - The company has established a comprehensive network security risk management system, achieving a change success rate of 99.82%[152] Corporate Governance and Compliance - The company strictly adhered to the corporate governance code as per the Hong Kong Stock Exchange listing rules during the reporting period[178] - There were significant changes in the board of directors, including the appointment of Wu Xianming as the new executive director and president on March 20, 2023[181] - The company confirmed compliance with the standards for securities trading by directors and supervisors during the reporting period[179] Future Outlook and Strategic Focus - In 2024, the economic recovery in China is expected to continue, with policies promoting demand recovery and infrastructure acceleration, contributing to a stable banking environment[172] - The company aims to deepen strategic execution and optimize mechanisms, focusing on high-quality development in Shandong Province and Qingdao City[173] - Key areas of focus for 2024 include solidifying customer bases, enriching product structures, and expanding inclusive finance business scale[175]

股 票 研 究 [Table_industryInfo] 商业银行 [ Table_Main[青I Tnaf 岛bol]e 银_Ti行tle]（ 3866） [评Tab级le_：Inv est] 增持 当前价格（港元）： 2.08 业务结构优化，财富管理特色突出 2024.03.27 海 ——青岛银行首次覆盖报告 [ 交Ta易bl数e_M据a rket] 外 刘源(分析师) 钟昌静(研究助理) 52周内股价区间（港元） 1.84-2.83 当前股本（百万股） 5,820 公 021-38677818 010-83939787 当前市值（百万港元） 12,106 司 liuyuan023804@gtjas.com zhongchangjing028678@gtjas.com 证书编号 S0880521060001 S0880123070141 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 青岛银行扎根山东半岛，资产负债结构优化，财富管理业务特色突出，同时资产质量 国 青岛银行 恒生指数 明显改善，未来发展可期，首次覆盖给予“增持评级”。 香 11% 摘要： 港 4% [T ab ...

青岛银行股份有限公司 境内同步披露公告 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根据《香港联合交易所有限公司证券上市规则》规定， 已在香港联合交易所有限公司披露易网站（https://www.hkexnews.hk/）披露后附 公告。 根据《深圳证券交易所股票上市规则》关于上市公司在境内外证券交易所同 步披露公告的规定，特将该公告在深圳证券交易所网站（http://www.szse.cn/）同 步披露，供参阅。 截至月份: 2023年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 青島銀行股份有限公司 特此公告。 青岛银行股份有限公司董事会 2023 年 12 月 4 日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2023年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | -- ...