Core Viewpoint - Shandong Province aims to reform and restructure rural commercial banks and village banks while deepening internal control and risk management actions in urban commercial banks, highlighting the importance of a well-distributed financial service network for regional economic vitality and development potential [2]. Financial Institutions Overview - As of now, Shandong Province has a total of 219 banking legal entities, including 170 first-level branches and 250 second-level branches, with a total of 639 headquarters and branches, supported by 14,700 other outlets [2]. - The core components of Shandong's banking industry include joint-stock banks, urban commercial banks, and rural commercial banks, which work collaboratively to outline a clear regional banking landscape [2]. Joint-Stock Banks - Joint-stock banks play a pivotal role in Shandong's banking sector, characterized by a "leading head, focused core, and precise efforts" strategy, connecting national financial markets with local economies [3][4]. - As of September 2025, Hengfeng Bank, the only national joint-stock commercial bank with independent legal status in Shandong, has total assets of 1.568726 trillion yuan, nearing the 1.6 trillion yuan mark [4]. - National joint-stock banks have established 25 first-level branches and 119 second-level branches in Shandong, with a notable presence in Jinan, Qingdao, and Yantai [4]. Urban Commercial Banks - Urban commercial banks are essential local financial institutions in Shandong, leveraging geographical and service advantages to empower local economies and improve livelihoods [5][6]. - Shandong has 14 local urban commercial banks, including Qilu Bank and Qingdao Bank, along with branches from three non-local urban commercial banks, forming a comprehensive service matrix across the province [5]. Rural Commercial Banks - Rural commercial banks are the most numerous banking entities in Shandong, with 110 institutions focused on serving rural areas and supporting agricultural development [7][8]. - These banks provide a full range of financial services, effectively addressing issues of financing difficulties in rural regions [7]. - Additionally, 91 village banks complement rural commercial banks by extending financial services to remote areas, creating a multi-layered and comprehensive rural financial service system [8]. Future Outlook - Despite facing challenges such as smaller scales and weaker risk resistance, rural commercial banks in Shandong are deepening reforms and enhancing service capabilities, with asset quality steadily improving [8]. - Experts suggest that the three banking groups—joint-stock banks, urban commercial banks, and rural commercial banks—should continue to leverage their strengths and address development challenges to support high-quality economic growth and rural revitalization in Shandong [8].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 163 regional banks in Zhejiang Province, highlighting their asset and liability structures, profitability, and asset quality [6][20] - The asset growth rate for major city commercial banks in Zhejiang is 9.4%, which is lower than the 14.2% growth rate of listed city commercial banks, while major rural commercial banks show an asset growth rate of 8.0%, exceeding the 6.7% growth rate of listed rural commercial banks [6][25] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 55.5% in 2024, an increase of 95 basis points year-on-year, while rural commercial banks will see a decrease to 59.3%, down 19 basis points [31] - Profitability metrics show that the average Return on Assets (ROA) for city commercial banks in Zhejiang is 0.78%, slightly above the average of listed city commercial banks, while rural commercial banks have an average ROA of 0.82%, which is below the average of listed rural commercial banks [6][31] - The asset quality of regional banks in Zhejiang is reported to be better than that of listed banks, with non-performing loan ratios lower by 16 basis points for city commercial banks and 9 basis points for rural commercial banks compared to their listed counterparts [6][31] Summary by Sections Section 1: Economic Structure of Zhejiang Province - Zhejiang Province is focused on high-quality development and aims to become a model for common prosperity [13] - The province's GDP is heavily concentrated in cities like Hangzhou, Ningbo, and Wenzhou, with Hangzhou accounting for 24.3% of the total GDP in 2025 [15] Section 2: Overview of 163 Regional Banks - The report categorizes the banks into city commercial banks, rural banks, and others, with a total of 163 banks in the region [20] - The distribution of registered capital among these banks is relatively balanced, with 63 banks having over 500 million yuan in registered capital [22] Section 3: Asset and Liability Structure - The asset growth of major city and rural commercial banks has been declining since 2019, with city banks showing a growth rate of 9.4% in the first half of 2025 [25] - The liability structure indicates that customer deposits account for 77.5% of liabilities for city commercial banks, which is higher than the 66.2% for listed city banks [44] Section 4: Profitability and Asset Quality - The average ROE for city commercial banks in Zhejiang is 11.98%, slightly lower than the average of listed city banks [6][31] - The report highlights that the non-performing loan ratio for city commercial banks is lower than that of listed banks, indicating better asset quality [6][31]

青岛银行股份有限公司 境内同步披露公告 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。 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。 特此公告。 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 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 青岛银行股份有限公司董事会 2026 年 2 月 3 日 FF301 公司名稱: 青島銀行股份有限公司 呈交日期: 2026年2月3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 | | | --- | --- | --- | --- | --- | --- | --- | ...

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 截至月份: 2026年1月31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 本月底法定/註冊股本總額： RMB 5,820,354,724 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 03866 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 2,291,945,474 0 2,291,945,474 增加 / 減少 (-) 本月底結存 2,291,945,474 0 2,291,945,474 足夠公眾持股量的確認(註4) 呈交日期: 2026年2月3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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 831.03%, Zhejiang Shibao (01057) at 349.11%, and Sinopec Oilfield Service (01033) at 287.64% [1] - The bottom three AH premium rates are recorded by CATL (03750) at -13.68%, China Merchants Bank (03968) at -2.20%, and WuXi AppTec (02359) at 2.64% [1] - The highest deviation values are seen in Andeli Juice (02218) at 23.04%, Dongpeng Beverage (09980) at 20.81%, and Goldwind Technology (02208) at 14.41% [1] Group 2 - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) at 270.81% and Beijing Mechanical and Electrical (00187) at 255.83% [1] - The bottom ten AH stocks by premium rate include companies like Hengrui Medicine (01276) at 2.75% and Weichai Power (02338) at 7.14% [1] - The top ten AH stocks by deviation value also feature Qingdao Bank (03866) at 13.73% and CanSino Biologics (06185) at 13.21% [1]

Core Viewpoint - The article highlights the ongoing institutional research on listed banks in January, focusing on credit issuance, net interest margin, asset quality trends, and bond investment strategies during the peak marketing season [1][2][7]. Group 1: Institutional Research and Credit Issuance - A total of 373 institutions conducted research on 11 A-share listed banks, with 49 research instances recorded by January 31 [1][7]. - The banks under review include Nanjing Bank, Ningbo Bank, Shanghai Bank, and others, with Nanjing Bank being the most favored, receiving 76 institutional inquiries [2][8]. - Institutions are particularly focused on credit issuance during the marketing peak, with many banks reporting better performance compared to the same period in 2025 [2][8]. - Key areas for credit issuance include manufacturing, infrastructure construction, and green low-carbon transformation projects [3][9]. Group 2: Net Interest Margin Stability - Net interest margin (NIM) is a critical indicator of banking performance, with banks focusing on stabilizing NIM through asset and liability management [4][11]. - Shanghai Bank anticipates a slight decline in NIM due to the expected decrease in loan market quotation rates (LPR) and competitive pressures on deposit pricing [11][12]. - Qilu Bank is optimizing its asset portfolio and enhancing low-cost deposit acquisition to stabilize NIM [11][12]. Group 3: Bond Investment Strategies - The bond market has been volatile since 2025, affecting the bond investment returns of regional small and medium-sized banks [6][12]. - Shanghai Bank expects bond rates to remain in a fluctuating range in 2026, with limited potential for a trend reversal [6][13]. - Hu Nong Bank plans to focus on bond investment for asset allocation while employing risk management strategies, including the use of derivatives [6][13]. Group 4: Asset Quality Management - Banks are implementing measures to maintain stable asset quality, including improving the quality of new loans and increasing efforts to manage non-performing loans [6][13].

Group 1 - In January, 11 A-share listed banks were surveyed by 373 institutions, with a total of 49 survey instances, focusing on credit issuance, net interest margin, asset quality trends, and bond investment strategies during the peak marketing season [1] - The surveyed banks include Nanjing Bank, Ningbo Bank, Shanghai Bank, Hangzhou Bank, Suzhou Bank, Qingdao Bank, Qilu Bank, Xiamen Bank, Hu Nong Bank, Qing Nong Bank, and Zijin Bank, with six banks experiencing stock price increases, led by Qingdao Bank with over 16% growth [2] - Nanjing Bank was the most favored by institutions, receiving 76 surveys, while Shanghai Bank received 75 surveys, indicating strong interest in their credit issuance during the marketing peak [2] Group 2 - The focus of the credit issuance during the peak marketing season is on corporate credit, with banks reporting better performance compared to the same period in 2025, emphasizing manufacturing, infrastructure, and green transformation projects [2][3] - Shanghai Bank anticipates a continued decline in the Loan Prime Rate (LPR) in 2026, which may lead to a slight decrease in net interest margin due to competitive market factors [4] - Qilu Bank aims to stabilize its net interest margin by optimizing asset management and expanding low-cost deposits while managing liabilities effectively [4] Group 3 - The overall pressure on net interest margin for listed banks is expected to ease in 2026, with a narrowing decline anticipated, supported by improvements in funding costs [5] - Shanghai Bank predicts that bond yields will continue to fluctuate within a range in 2026, with low likelihood of a trend reversal [5] - Hu Nong Bank plans to focus on bond investments primarily for allocation, while also employing advanced technologies for trading and risk management [6]

国海证券研报指出，青岛银行2025年利润同比增速超20%，不良率大幅改善。2025年公司实现营业收入 145.73亿元，同比增长7.97%；归母净利润51.88亿元，同比增长21.66%。公司盈利能力显著提升，资产 质量迈上新台阶，展现出"规模提速、盈利高增、质效双优"的良好发展态势，总资产、贷款、存款增速 均超16%，资产质量持续优化，拨备覆盖充足，具备较强的抗风险能力和增长韧性。维持对公司的"买 入"评级。 ...

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential for stabilization and improvement in operational pressures for banks in 2026 [2][5]. Core Insights - The banking sector has shown a "double opening red" phenomenon in both deposits and loans, with a structural difference in credit allocation. The signs of "deposit migration" are not significant, suggesting a stable deposit base [2][5]. - The total assets of the banking industry reached 471 trillion yuan by the end of 2025, reflecting an 8.0% year-on-year growth. Major banks, joint-stock banks, city commercial banks, and rural commercial banks reported asset growth rates of 11.0%, 4.7%, 9.7%, and 5.2%, respectively [3][14]. - The overall net interest margin is expected to decline further, but at a slower pace, indicating some relief in operational pressures. The banks have passed the phase of accelerated risk exposure and are nearing a "stock digestion period" [5][6]. Summary by Sections Regulatory Dynamics - The Financial Regulatory Bureau released data on the total assets and liabilities of the banking sector for 2025, showing a total asset growth of 8.0% year-on-year [3][14]. Industry Dynamics - Qingdao Bank and Xiamen Bank reported their 2025 performance, with Qingdao Bank achieving a net profit growth of 21.66% and an asset quality improvement, while Xiamen Bank also reported significant growth in total assets and loans [15][16]. Market Dynamics - The overall A-share market saw a decline of 1.59%, while the banking sector increased by 0.86%, indicating a defensive characteristic of the banking stocks [2][18]. Data Overview - The report highlights the central bank's net injection of 0.4 trillion yuan and the mixed movement of interest rates across different maturities, with short-term rates showing slight declines and long-term rates experiencing mixed trends [4][21][23].

Core Viewpoint - The overall performance of the banking industry shows a steady improvement in asset scale expansion, profitability, and risk management as ten listed banks report their preliminary performance for 2025 [1] Group 1: Asset Scale Expansion - Ten banks achieved steady growth in total asset scale, with some banks reaching new milestones; for instance, China Merchants Bank's total assets exceeded 13 trillion yuan for the first time, reaching 13.07 trillion yuan, an increase of 918.49 billion yuan or 7.56% year-on-year [3][5] - CITIC Bank and Shanghai Pudong Development Bank both surpassed the 10 trillion yuan mark in total assets, indicating a significant expansion in their asset scale [5][4] - By the end of 2025, the total assets of CITIC Bank reached 10.13 trillion yuan, growing by 6.28%, while Shanghai Pudong Development Bank's total assets reached 10.08 trillion yuan, increasing by 6.55% [5][6] Group 2: Profitability Performance - Nine banks reported both revenue and net profit growth, with notable performances from Hangzhou Bank, Shanghai Pudong Development Bank, and Qingdao Bank, which achieved double-digit growth in net profit [8] - In 2025, Hangzhou Bank's operating income was 38.80 billion yuan, a year-on-year increase of 1.09%, with net profit attributable to shareholders reaching 19.03 billion yuan, up 12.05% [8] - Shanghai Pudong Development Bank's operating income was 173.96 billion yuan, an increase of 1.88%, while net profit attributable to shareholders rose by 10.52% to 50.02 billion yuan [9][10] Group 3: Risk Management - Half of the banks reported a decline in non-performing loan (NPL) ratios, indicating effective risk management; for example, CITIC Bank's NPL ratio was 1.15%, down by 0.01 percentage points [12][11] - The overall NPL ratio for the ten banks remained stable, with five banks showing a decrease, while others maintained their ratios, reflecting strong asset quality management [12][11] - The provision coverage ratio for eight banks decreased, but remained at sufficient levels to absorb potential risks, with Shanghai Pudong Development Bank and Qingdao Bank being the exceptions, as their ratios increased [15][14]