Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report analyzes 132 regional banks in the Sichuan-Chongqing area, highlighting the growth and structural changes in the banking sector [6][27] - The asset growth rates of major city commercial banks in the region are higher than those of listed city commercial banks, indicating a robust expansion [38] - Profitability metrics show that city commercial banks in the region have lower ROE compared to listed banks, while rural commercial banks outperform them [6][27] - Asset quality is slightly weaker in regional banks compared to listed banks, with higher non-performing loan ratios [6][27] Summary by Sections Economic Structure Analysis - Sichuan province is positioned as a key driver for western development, with a focus on enhancing the Chengdu-Chongqing economic circle [13][14] - In 2025, Chengdu's GDP is projected to account for 38.7% of the province's total, with significant growth in various sectors [15] Banking Sector Overview - The Sichuan-Chongqing region has 132 commercial banks, including 14 city commercial banks, 65 rural banks, and 51 rural commercial banks [27] - The asset growth rates for major city commercial banks in the region are 15.6% and 18.2%, surpassing the 14.2% growth of listed city commercial banks [38] Asset and Liability Structure - The proportion of loans to total assets has been increasing since 2016, with city commercial banks in Sichuan projected to have a loan ratio of 56.1% by 2024 [38][40] - The financial investment ratio for city commercial banks is on a downward trend, with a slight recovery noted in the first half of 2025 [40][46] Profitability and Asset Quality - The average ROE for city commercial banks in the region is 10.97%, lower than the 11.99% average for listed city commercial banks [6][27] - Non-performing loan ratios for city commercial banks in the region are higher than those of listed banks, indicating potential asset quality concerns [6][27] Capital Adequacy - Capital adequacy ratios for regional banks are comparable to those of listed banks, providing a safety margin for operations [6][27]

Core Insights - The "Top Ten Opinion Leaders of 2025" list has been announced, highlighting influential figures in the context of China's economic transformation and recovery [1][2] - The evaluation criteria for the selection included professionalism, influence, innovation, foresight, and activity level, with results based on a voting process and data analysis [2] Group 1: Opinion Leaders - Liu Xiaoshu, Chief Economist of Qingdao Bank, has been awarded the title of "Top Ten Opinion Leaders of 2025" [3] - Liu Xiaoshu's key viewpoints include a positive outlook on the Chinese capital market through the lens of dual-cycle resonance [3] - He emphasizes that short-term aggregates do not equate to long-term outcomes, advocating for a rational approach to economic stimulus [3] Group 2: Economic Perspectives - Liu Xiaoshu discusses asset allocation strategies, questioning whether to invest in gold or U.S. stocks [3] - He presents a rebalancing perspective on the Chinese economy, indicating a nuanced understanding of economic dynamics [3]

Core Viewpoint - The banking sector experienced a volatile afternoon with notable gains, particularly for several banks including Qingdao Bank, Qilu Bank, Nanjing Bank, Zijin Bank, Chongqing Rural Commercial Bank, and Agricultural Bank, which all saw increases in their stock prices [1] Group 1 - Qingdao Bank rose nearly 2% [1] - Qilu Bank, Nanjing Bank, Zijin Bank, Chongqing Rural Commercial Bank, and Agricultural Bank all increased by over 1% [1]

Group 1 - The A-share market saw a general rise in bank stocks, with notable increases in Qingdao Bank, Qilu Bank, Nanjing Bank, Zijin Bank, and Chongqing Rural Commercial Bank, all rising over 1% [1]

Summary of Conference Call on Banking Sector Outlook Industry Overview - The conference focused on the banking sector, specifically discussing the performance and outlook of 11 listed banks in China for the year 2025 and beyond [1][6]. Key Points and Arguments 1. Overall Performance of Banks - The performance of the 11 banks exceeded expectations, indicating a robust resilience in the banking sector [1][6]. - The net interest margin (NIM) showed signs of stabilization, with a narrowing year-on-year decline contributing significantly to interest income and revenue growth [1][2]. 2. Sensitivity of Interest Income - Interest income is highly sensitive to changes in NIM; a decrease of 10 basis points (BP) in NIM could reduce net interest income growth by 7 percentage points, while a 5 BP decrease would result in a 3.5 percentage point reduction [2]. 3. Fee Income Recovery - There has been a recovery in fee income due to improved capital market conditions and asset allocation by residents, leading to a continuous improvement in bank fees [2][4]. 4. Potential for Old Bond Gains - The banks hold significant unrealized gains on old bonds, which presents a substantial opportunity for realization [3]. 5. Positive Outlook for 2026 - The overall judgment is that the situation in 2026 will be better than in 2025, driven by stable basis points, improving fees, and gains from old bonds [3]. 6. Investment Perspective - The investment strategy focuses on absolute returns, targeting a return on equity (ROE) of around 13% and a price-to-book (PB) ratio of 0.67 times, indicating a reasonable pricing range [3][4]. - The recommendation is to select stocks based on high growth and high dividend yield, particularly in regions like Jiangsu, Nanjing, and Qilu [4][5]. 7. Performance of Specific Banks - Notable banks such as China Merchants Bank and Industrial Bank showed positive revenue growth, with some banks transitioning from negative to positive growth [6][7]. - City commercial banks like Nanjing Bank and Qingdao Bank reported double-digit revenue growth, indicating strong performance [7][10]. 8. Asset Quality and Non-Performing Loans (NPLs) - The asset quality remains stable, with many banks reporting a decrease in NPL ratios. For instance, Qingdao Bank's NPL ratio dropped significantly [10][11]. - The overall trend suggests a gradual improvement in asset quality, with expectations for continued stability in 2026 [11][12]. 9. Credit Growth and Demand - Credit growth is expected to remain strong, particularly in major provinces like Sichuan and Jiangsu, which reported credit growth rates above 8% [12][13]. - The demand for corporate loans remains robust, while retail loan demand is weaker [12]. 10. Future Risks and Projections - There are concerns regarding the potential exposure of retail loans, particularly in mortgage and consumer credit segments, but the overall increase in NPLs is expected to be limited [16][17]. - Projections for 2025 indicate a slight increase in NPL ratios for retail loans, but overall asset quality is expected to remain stable [17][18]. 11. Revenue Growth Expectations - The banking sector is projected to achieve a revenue growth rate of approximately 1.2% year-on-year, with city commercial banks leading in net profit growth [19][20]. 12. Stock Selection Strategy - The stock selection strategy emphasizes high ROE and high dividend yield, with recommendations for both Hong Kong and A-share listed banks [20][21]. Additional Important Insights - The conference highlighted the importance of wealth management in driving fee income, with expectations for continued positive contributions to revenue [19]. - The overall sentiment is optimistic regarding the banking sector's ability to navigate challenges and capitalize on growth opportunities in the coming years [22].

近日，在中国人民银行山东省分行主办的"2025年山东省跨境人民币业务竞赛"中，青岛银行凭借过硬的 业务实力与优异的综合表现，从全省70余家参赛银行机构中脱颖而出，成功斩获"团体一等奖"，成为本 次竞赛中唯一获此殊荣的省内城市商业银行。 立足企业实际需求，青岛银行以CIPS系统为依托，持续创新跨境金融服务场景，为不同类型企业量身 定制智能化综合服务方案。针对集团企业多头开户、资金管理分散的痛点，该行创新推出"CIPS跨行账 户集中可视服务"，实现"一个平台、一套标准"的集团账户全景可视化管理，助力企业集中掌握跨银行 账户的基础信息、资金余额及交易明细，大幅提升集团资金管理效率与风险管控能力，为企业跨境资金 运营提供专业解决方案。 心系民生显担当 开通跨境捐款"绿色通道" 金融有温度，服务暖人心。2025年11月香港大埔火灾发生后，青岛银行第一时间开通跨境人民币捐 款"绿色通道"，全力支援香港大埔火灾的人员搜救、伤员救治及善后安抚工作。该通道实现爱心款项汇 付"免审核、秒到账，零费用、速支援"，为社会各界向香港灾区传递爱心搭建便捷高效的金融桥梁，以 实际行动践行地方法人银行的社会责任与使命担当。 此次获奖，是监管 ...

Investment Rating - The industry rating is "Buy" [4] Core Views - The trade return ratio has turned positive again, and the service trade deficit has significantly narrowed [16][18] - The cross-border capital flow is expected to gradually return, positively impacting domestic liquidity [5][19] - The service trade deficit for December 2025 was 966 billion CNY, a year-on-year decrease of 466 billion CNY, with a full-year deficit of 13,760 billion CNY, down 2,544 billion CNY, approximately 16% [18] Summary by Sections 1. Current Observation - The State Administration of Foreign Exchange (SAFE) released data on China's international balance of payments for December 2025, indicating a potential impact on the central bank's willingness to settle foreign exchange [16] - The trade return ratio is at a historical high, with a monthly unconverted trade net outflow of 447 billion CNY, a year-on-year increase of 1,392 billion CNY [17] 2. Arbitrage Trading Returns - The arbitrage trading return rate for 10Y US Treasury bonds in CNY has dropped significantly to -1.77%, indicating a shift in cross-border capital dynamics [17] 3. Service Trade Deficit - The service trade deficit has narrowed significantly, with major contributions from improved policies for foreign visitors, reduced international shipping costs, and enhanced competitiveness in high-tech services [18] 4. Cross-Border Liquidity Outlook - Despite the recent appointment of Kevin Warsh as the next Federal Reserve Chair, the trend of cross-border capital return is expected to continue, influenced by the Fed's monetary policy stance [19][21] - The short-term liquidity in the US remains tight, with limited space for balance sheet reduction, while long-term prospects depend on economic performance [20][21]

机构：长江证券 研究员：马祥云/盛悦菲 1、信贷规模扩张不及预期；2、资产质量出现明显波动。 事件描述 青岛银行2025 年业绩超预期，在2024 年高基数下高增长，利润连续两年20%+增速。三年战略圆满收官 后，我们预计2026 年起新三年规划将继续保持业绩领先，ROE 逐步抬升。 事件评论 三年业绩全面验证治理效率和区域经济韧性。1）2022 年新一届管理层履新以来，强调质效提升，随着 三年战略圆满收官，2023-2025 年总资产的年化复合增速15.4%，利润增速高达18.9%，ROE 稳步回升。 如果假设2027 年总资产站上万亿规模，则未来两年规模增速至少达到11%以上，保持成长属性。2）山 东经济增长韧性持续被低估，2025 年成为全国第3 个GDP 破十万亿的省份（仅次于广东和江苏）， 2025 年末全省信贷增速达8.2%，持续领先于全国（6.2%）。作为全省布局的城商行，青岛银行2025 年 上半年在山东省内的信贷市占率仅2.3%，对比其他头部城商行仍有较大提升空间。 营收超预期，近年来息差管控明显优于同业。1）2025 年贷款同比高增长16.5%，预计主要对公信贷拉 动，零售贷款本身占比不足 ...

Core Insights - Qingdao Bank has launched an innovative online digital credit brand "Qingyi Rong" to enhance consumer spending and improve living standards, aiming to become a new financial engine for regional consumption and livelihood improvement [1][4]. Group 1: Product Features - "Qingyi Rong" focuses on two core scenarios: personal consumption and small micro-enterprise operations, offering a diverse product system including consumer loans, business loans, individual tax loans, merchant loans, farmer loans, and chain loans [1][4]. - The product operates on a pure credit model, utilizing an "online application + system automatic approval" process that allows users to complete applications in just five steps, with a fully online borrowing and repayment process available 24/7 [1][4]. - The service leverages big data and artificial intelligence to create a comprehensive intelligent risk control system throughout the loan lifecycle, ensuring efficient operations while maintaining risk control and business stability [1][4]. Group 2: Market Impact - "Qingyi Rong" addresses various consumer needs, from large expenditures like home renovations and education to daily small purchases, while also providing up to 500,000 yuan in operational funding for small business owners and individual entrepreneurs [2][5]. - The product supports the procurement of production materials and upgrades in agricultural facilities, thereby enhancing the entire production process and extending its services across consumption, operations, agriculture, and supply chains [2][5]. Group 3: Performance Metrics - As of December 2025, "Qingyi Rong" has served over 166,000 customers and has disbursed loans exceeding 3.85 billion yuan [3][6].

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之內容概不負責，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 賴該等內容而引致之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） 公告 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。 青島銀行股份有限公司 (1) 董事會決議公告 (2) 投資者關係管理辦法（2026年2月修訂） (3) 信息披露事務管理辦法（A+H股）（2026年2月修訂） (4) 內幕信息知情人和外部信息使用人管理辦法（2026年2月修訂） (5) 董事和高級管理人員所持本行股份及其變動管理辦法（2026年2月修訂） 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2月4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 ...