Core Viewpoint - The financial indicators and asset quality of the six disclosed banks are generally stable in the first quarter, with a positive outlook for the banking sector driven by increased market volatility and the sector's stable returns and index weight advantages [1][9]. Summary by Sections Financial Performance - Six listed banks have disclosed their Q1 2025 performance, showing overall stability but continued differentiation in earnings. For instance, Minsheng Bank reported a net interest margin improvement and a revenue increase of over 7% year-on-year, while Ping An, Chongqing Rural Commercial Bank, and Changshu Bank reported revenue changes of -13.05%, +1.35%, and +10.05% respectively [2]. - The divergence in earnings performance is attributed to the impact of last year's net interest margin decline and the effects of fair value changes in Q1 [2]. Credit Growth - The banks demonstrated strong expansion momentum, with Shanghai Pudong Development Bank's total loans increasing by 254.58 billion (5.02%) year-on-year, marking a recent quarterly high. Minsheng Bank also reported stable growth in deposits and loans, while Ping An Bank's loans grew by 1.1% [3]. - Overall, the credit growth and expansion are positive, aligning with marginal improvements in social financing growth, with significant focus on real credit issuance and investment in interest-bearing bonds [3]. Asset Quality - Asset quality remains stable, with non-performing loan ratios for Ping An, Chongqing Rural, and Changshu banks remaining flat or slightly improved. The provision coverage ratios for these banks are still at solid levels, indicating a cautious approach to provisioning [4]. - The banks are intensifying efforts to recognize and manage problem assets, particularly in retail lending, with future asset quality changes dependent on the recovery of household balance sheets [4]. Market Performance - The banking sector showed optimistic performance last week, with the A/H bank index rising by 4.23%, outperforming the broader market. Notable gainers included Chongqing Bank (8.8%) and Shanghai Pudong Development Bank (7.4%) [6]. - The influx of incremental funds into the banking sector is evident, with significant net inflows into stock ETFs and increased holdings by southbound funds in Hong Kong [7]. Investment Outlook - The banking sector is recommended for active allocation due to its defensive attributes and relative value, especially in the context of ongoing U.S.-China trade tensions. The sector is expected to maintain robust fundamentals compared to most industries [9]. - Specific stock recommendations focus on banks with stable profitability, attractive dividend yields, and potential for valuation recovery [9].

Core Viewpoint - The performance of 14 out of 17 listed city commercial banks in China for 2024 shows resilience and growth despite challenges in the banking sector, with many banks leveraging regional advantages and differentiated business strategies to achieve notable results [1][2]. Revenue and Profit Growth - The average revenue growth rate for the 14 listed city commercial banks reached 5.31% year-on-year, with Nanjing Bank leading at 11.32% growth [2][3]. - Jiangsu Bank and Ningbo Bank achieved over 8% revenue growth despite a high base, supported by quality credit resources in the Jiangsu and Zhejiang regions [2][3]. Performance Summary of Listed City Commercial Banks - Jiangsu Bank: Revenue of 808.15 billion, up 8.78%; Net profit of 318.43 billion, up 10.76% [3]. - Beijing Bank: Revenue of 699.17 billion, up 4.81%; Net profit of 258.31 billion, up 0.81% [3]. - Ningbo Bank: Revenue of 666.31 billion, up 8.19%; Net profit of 271.27 billion, up 6.23% [3]. - Nanjing Bank: Revenue of 502.71 billion, up 11.32%; Net profit of 201.77 billion, up 9.05% [3]. - Zhengzhou Bank: Revenue decreased by 5.78% to 128.77 billion, attributed to weak corporate loan growth [3][4]. Asset Quality and Risk Management - Zhengzhou Bank reported a non-performing loan (NPL) ratio of 1.79%, higher than the average for city commercial banks, indicating a need for improvement in asset quality management [7]. - All 14 listed city commercial banks maintained a provision coverage ratio above the regulatory minimum of 150%, with Hangzhou Bank and Ningbo Bank showing exceptional performance [8][9]. Differentiated Business Strategies - City commercial banks are encouraged to adopt differentiated development strategies based on regional characteristics to enhance their business models [10]. - Ningbo Bank focuses on risk management in exchange rate and interest rate, achieving a 20.15% increase in institutional deposits [11]. - Beijing Bank plans to leverage digital products and services to enhance its business model in a low-interest environment [11].

Core Viewpoint - Qingdao Bank held its 2024 performance briefing on April 9, showcasing its commitment to high-quality development and strategic planning for the future [1][2] Group 1: Performance and Strategy - The bank aims to complete its three-year strategic plan by 2025 and initiate a new three-year strategic planning process [1] - Qingdao Bank emphasizes enhancing its capabilities in five areas: professionalization, digital intelligence, systematization, differentiation, and specialization [1] Group 2: Management and Communication - Chairman Jing Zailun expressed gratitude to stakeholders and highlighted the bank's focus on political and people-oriented financial work [1] - President Wu Xianming provided a comprehensive summary of the bank's operational performance, customer base, business structure, asset quality, and group synergy [2] - The event facilitated in-depth communication between investors, media, and the bank's management, enhancing the understanding and recognition of Qingdao Bank [2]

Group 1: Company Performance - China Life reported a net profit of 106.935 billion yuan for 2024, representing a year-on-year increase of 108.9% [3] - China Life's operating revenue for 2024 reached 528.567 billion yuan, up 30.5% compared to the previous year [3] - Aluminum Corporation of China announced a net profit of 12.4 billion yuan for 2024, reflecting an 85.38% year-on-year growth [4] - Broadcom Electric's net profit surged by 411.28% in 2024, with a proposed dividend of 0.70 yuan per 10 shares [10] - China Pacific Insurance's net profit for 2024 increased by 64.9%, with a proposed dividend of 10.8 yuan per 10 shares [10] Group 2: Corporate Actions - Naxin Micro announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and diversify financing channels [7] - Xunji Technology is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics, leading to a significant asset restructuring [5] - Nasda announced the sale of its 100% stake in Lexmark International for an estimated price between 75 million and 150 million USD, significantly lower than the historical investment of 1.385 billion USD [8] - General Shares announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [9] Group 3: Market Impact - The inclusion of Southwest Design, a subsidiary of Electric Science and Technology, on the U.S. Department of Commerce's Entity List may affect its operations, although the company claims no substantial impact on business [6] - The stock of General Shares will be suspended due to potential changes in control, which may affect investor sentiment [9]

Financial Performance - Net interest income for 2024 reached RMB 9,873,824 thousand, an increase of 6.38% compared to RMB 9,281,969 thousand in 2023[7] - Non-interest income rose to RMB 3,540,867 thousand, reflecting a growth of 10.67% from RMB 3,199,382 thousand in the previous year[7] - Total operating income for 2024 was RMB 13,414,691 thousand, up 7.48% from RMB 12,481,351 thousand in 2023[7] - The pre-tax profit increased by 26.99% to RMB 4,995,129 thousand, compared to RMB 3,933,397 thousand in 2023[7] - Net profit attributable to shareholders reached RMB 4,264,120 thousand, marking a 20.16% increase from RMB 3,548,599 thousand in the previous year[7] - Basic earnings per share for 2024 were RMB 0.69, a 21.05% increase compared to RMB 0.57 in 2023[7] - In 2024, the company's net profit reached RMB 4.405 billion, an increase of RMB 733 million, representing a growth of 19.97% compared to the previous year[24] - The company's operating income for 2024 was RMB 13.415 billion, an increase of RMB 933 million, reflecting a growth of 7.48% year-on-year[27] Asset and Liability Management - Total assets as of December 31, 2024, amounted to RMB 689,963,033 thousand, a growth of 13.48% from RMB 607,985,372 thousand at the end of 2023[8] - Total liabilities reached RMB 645,063,204 thousand, up 13.56% from RMB 568,046,129 thousand in the previous year[8] - Total customer deposits increased to RMB 432,024,006 thousand, representing an 11.91% growth from RMB 386,062,259 thousand in 2023[8] - The company's total deposits reached RMB 443.43 billion, an increase of RMB 47.96 billion or 12.13% compared to the end of 2023[78] - Customer deposits (excluding accrued interest) totaled RMB 432.02 billion, up RMB 45.96 billion or 11.91% year-over-year[79] - The company's borrowings from the central bank increased to RMB 28.24 billion, a rise of RMB 10.01 billion or 54.87% from the previous year, reflecting a strategy to diversify funding sources[81] - The total issued bonds amounted to RMB 98.75 billion, an increase of RMB 9.48 billion or 10.62% compared to the end of 2023, driven by the need for low-cost funding[82] Loan and Credit Quality - Customer loans totaled RMB 340,689,725 thousand, reflecting a 13.53% increase from RMB 300,089,541 thousand in 2023[8] - The non-performing loan ratio improved to 1.14% in 2024, down from 1.18% in 2023, a decrease of 3.4%[9] - The provision coverage ratio increased to 241.32% in 2024, compared to 225.96% in 2023, an increase of 6.0%[9] - The total loan amount (excluding accrued interest and impairment provisions) as of the reporting period was RMB 340,689,725 thousand, with a non-performing loan (NPL) total of RMB 38,733 thousand, resulting in an NPL ratio of 1.14%[96] - The proportion of normal loans increased slightly to 98.30% in 2024 from 98.28% in 2023, while the NPL ratio decreased by 0.04 percentage points[98] - The company reported a total of RMB 9.35 billion in loan impairment provisions, an increase of RMB 1.35 billion or 16.88% compared to the previous year[111] - The loan provision coverage ratio improved to 241.32%, up by 15.36 percentage points from the previous year[111] Capital and Risk Management - The company's capital adequacy ratio reached 13.80% as of December 31, 2024, an increase of 1.01 percentage points from the previous year[119] - The core tier 1 capital ratio improved to 9.11%, up by 0.69 percentage points compared to the end of the previous year[119] - The company's net stable funding ratio was 120.31% and the liquidity coverage ratio was 203.02%, both meeting regulatory requirements[117] - The leverage ratio stood at 5.79%, above the regulatory requirement of 4%, but decreased by 0.04 percentage points from the previous year[124] - The company has established a comprehensive risk management system for group clients, focusing on unified credit management and real-time monitoring[113] - The company continues to enhance asset quality through proactive monitoring and management of key industry risks[112] Operational Efficiency and Strategy - The bank aims for high-quality, intensive development while adhering to regulatory requirements and enhancing risk management capabilities[12] - The company aims to enhance comprehensive operational capabilities and accelerate digital transformation as part of its 2023-2025 strategic plan[16] - The company plans to strengthen corporate business and deepen retail operations, focusing on small and medium-sized enterprises[16] - The company is focusing on digital innovation in retail business, enhancing customer experience through new tools and applications[200] - The company has implemented data governance actions to build a data quality control process and monitoring mechanism[200] Customer Engagement and Service - The bank's strategic focus includes enhancing customer service through retail banking, corporate banking, and financial markets[14] - The company's retail banking business generated revenue of RMB 3.63 billion, accounting for 27.07% of total revenue, showing growth from the previous year[89] - The number of retail customers reached 8.6993 million, with a year-on-year increase in new customer efficiency of 3.74%[176] - The bank achieved a net promoter score (NPS) of 80.57%, an increase of 0.08 percentage points year-over-year, reflecting high customer satisfaction[180] - The online customer base reached 1.4566 million monthly active users, enhancing customer engagement through digital channels[177] Awards and Recognition - The company was recognized as a "Top 500 Most Valuable Brands in China" with a brand value of CNY 30.296 billion, ranking 326th, an improvement of 9 positions from last year[20] - The company has been included in the "Asia's Top 500 Brands" list for the 8th consecutive year, ranking 415th[21] - The company received multiple awards in 2024, including the "Outstanding City Commercial Bank" and "Best Practice Case for Listed Company Board of Directors"[23] - The company’s subsidiary Qingyin Wealth Management won the "Bank Wealth Management Company Innovation Award" in 2024[23]

青岛银行股份有限公司 2024 年度监事会工作报告 2024年，青岛银行股份有限公司（以下简称"本行"）监事会严格按照法律法规、 监管规定和《青岛银行股份有限公司章程》（以下简称"《公司章程》"）的要求， 依法独立行使监事会职权，认真履行监督职责，有效维护本行、广大股东以及员工 的合法利益，为推动本行稳健高质量发展发挥积极作用。现将2024年监事会主要工 作情况及2025年工作计划报告如下： 一、2024年度监事会主要工作 （一）落实公司治理程序，依法合规履职 一是平稳有序完成监事会换届。2024年，本行第八届监事会任期届满。监事会 严格遵循外部法律法规和本行《公司章程》的相关规定，组织开展监事候选人的提 名推荐工作，经第八届监事会提名与考核委员会第八次会议、第八届监事会第二十 四次会议审议，监事会选举产生了第九届股东监事、外部监事候选人人选，并提交 股东大会审议通过。同时，监事会派员列席董事会换届会议，对董事会换届选举程 序进行全程监督，确保换届整体工作顺利进行和平稳过渡，为本行公司治理高效规 范运转奠定了良好基础。 二是组织召开监事会会议，有效开展常规监督。2024年，监事会共召开会议7 次，其中现场会议 ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 402685.71万股，累计占流通股比： 74.54%，较上期变化： 31.84万 股。 青岛银行:2024年报净利润42.64亿 同比增长20.15% 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | | 0.5700 | -100 | 0.4500 | | 每股净资产（元） | 0 | 5.61 | -100 | 5.05 | | 每股公积金(元) | 1.84 | 1.84 | 0 | 1.84 | | 每股未分配利润(元) | 1.15 | 0.86 | 33.72 | 0.66 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 134.98 | 124.72 | 8.23 | 116.44 | | 净利润(亿元) | 42.64 | 35.49 | 20.15 | 30.83 | | 净资产收益率(%) | | 10.71 ...

Financial Performance - Net interest income for 2024 reached RMB 9,873,824 thousand, an increase of 6.38% compared to RMB 9,281,969 thousand in 2023[18] - Non-interest income increased by 13.58% to RMB 3,623,710 thousand in 2024 from RMB 3,190,307 thousand in 2023[18] - Total operating income for 2024 was RMB 13,497,534 thousand, reflecting an 8.22% growth from RMB 12,472,276 thousand in 2023[18] - Net profit for 2024 was RMB 4,404,721 thousand, a 19.97% increase from RMB 3,671,420 thousand in 2023[18] - The total assets as of December 31, 2024, amounted to RMB 689,963,033 thousand, up 13.48% from RMB 607,985,372 thousand at the end of 2023[18] - Customer loans totaled RMB 340,689,725 thousand, representing a 13.53% increase from RMB 300,089,541 thousand in 2023[18] - Customer deposits reached RMB 432,024,006 thousand, an increase of 11.91% compared to RMB 386,062,259 thousand in 2023[19] - The non-performing loan ratio improved to 1.14% in 2024 from 1.18% in 2023[19] - The core tier 1 capital adequacy ratio increased to 9.11% in 2024 from 8.42% in 2023[19] - The cash flow from operating activities surged by 126.42% to RMB 22,951,593 thousand in 2024 from RMB 10,136,930 thousand in 2023[18] Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements, which are based on current plans and estimates[4] - The company has established a comprehensive risk management system, enhancing asset quality and ensuring effective risk identification and management[50] - The company has enhanced its risk management for group clients, establishing a unified credit management system and a comprehensive risk monitoring framework[158] - The company has implemented strict control over restructured loans, ensuring that they account for only 0.04% of the total loan amount[160] - The provision coverage ratio improved to 241.32%, an increase of 15.36 percentage points, enhancing the bank's risk management capabilities[35] Strategic Focus and Future Plans - The company aims to maintain strategic focus and enhance value creation capabilities while navigating opportunities and challenges in 2025[32] - The bank aims to enhance its capabilities in five areas: professionalization, digital empowerment, system optimization, differentiation, and specialization by 2025[41] - The bank's strategic plan for 2023-2025 focuses on structural adjustment, strengthening customer base, optimizing collaboration, and enhancing capabilities[43] Corporate Governance and Compliance - The board of directors and senior management have confirmed the accuracy and completeness of the annual report[3] - The company has been recognized for its compliance and governance, receiving the highest rating of A for information disclosure from the Shenzhen Stock Exchange for four consecutive years[51] Investment and Asset Management - The company reported a total investment in securities amounting to CNY 199,568,131 thousand, with government and central bank bonds accounting for 27.92% of the total[181] - The company's financial investments measured at fair value and recognized in profit or loss amounted to CNY 63.99 billion, up CNY 5.72 billion, a growth of 9.81%[104] - The company's investment activities generated a net cash outflow of RMB 13.28 billion, an improvement of RMB 3.77 billion compared to a net outflow of RMB 17.05 billion in 2023[127] Customer and Market Position - The company issued over RMB 400 billion in new corporate loans in 2024, with significant growth in manufacturing, technology, and green loans, all exceeding 40%[36] - The company's bond underwriting scale ranked second in Shandong Province, indicating a strong position in the financial market[36] - The company's total equity reached RMB 44.90 billion, a 12.42% increase from RMB 39.94 billion in 2023, primarily due to retained earnings and other comprehensive income[124] Operational Efficiency - The company is advancing its digital transformation strategy, focusing on building a unified digital product management platform to enhance operational efficiency[50] - The average balance of interest-earning assets in 2024 was CNY 569.21 billion, an increase of CNY 61.68 billion or 12.15% compared to 2023[62] Loan and Deposit Trends - The total customer loan amount reached CNY 340.69 billion, up CNY 40.60 billion, reflecting a growth of 13.53% year-over-year[98] - The company's deposits from retail customers increased to CNY 2,197.98 billion, up CNY 31.35 billion, a growth of 16.64%[116] - The company's total liabilities were CNY 645.06 billion, an increase of CNY 77.02 billion, representing a growth of 13.56% year-over-year[114] Recognition and Awards - The company was awarded the "2024 Outstanding Urban Commercial Bank" by the 21st Century Economic Report in December 2024[52] - The company was recognized as one of the "Top 500 Most Valuable Brands in China" with a brand value of 30.296 billion RMB, ranking 326th, an improvement of 9 positions from the previous year[51]

Investment Rating - The investment rating for Qingdao Bank is "Buy" with a target price of HK$4.15 per share, indicating a potential upside of 27% from the current price of HK$3.27 [4][11]. Core Views - Qingdao Bank is characterized as a growth-oriented city commercial bank deeply rooted in Shandong, with debt reduction efforts expected to improve risk assessments and support strong profit growth [1][10]. - The bank's asset quality is on an improving trend, with a non-performing loan (NPL) ratio of 1.17% as of Q3 2024, slightly above the industry average, but showing a significant decrease from previous years [3][9]. - The bank's return on equity (ROE) has been gradually improving, driven by an expansion in interest margins and operational cost reductions [2][33]. Company Profile - Qingdao Bank was established in 1996 through the merger of 21 urban credit cooperatives and has grown to a total asset size of approximately 669 billion yuan, positioning it at the median level among city commercial banks [19][22]. - The bank has a diversified ownership structure, with major shareholders including Haier Group and the Italian bank Intesa Sanpaolo, which enhances its governance and operational capabilities [28][29]. Financial Analysis - Since 2021, Qingdao Bank's net interest margin has improved, reaching 1.77% in H1 2024, which is 15 basis points higher than the average for city commercial banks [35][37]. - The bank's asset yield was 4.07% in H1 2024, outperforming the average by 4 basis points, while its cost of liabilities was 2.25%, 6 basis points higher than the average [35][37]. - The bank's NPL generation rate has decreased significantly, with a TTM NPL generation rate of 0.64% in H1 2024, down 172 basis points from 2019 [3][10]. Investment Logic - The debt reduction policy is expected to enhance regional risk assessments, with limited impact on credit growth and a favorable outlook for interest margins [10][11]. - The expansion of branch networks has been a key driver for sustained growth, with the number of branches increasing to 196 by H1 2024, providing significant room for loan growth [11][22]. Profit Forecast and Valuation - The projected growth rates for Qingdao Bank's net profit from 2024 to 2026 are 20.16%, 10.38%, and 11.36%, respectively, with corresponding book values per share of 6.45, 6.97, and 7.67 yuan [11][13].

Financial Performance - Total operating income for 2024 reached RMB 13,497.53 million, an increase of 8.22% compared to 2023[2] - Net profit attributable to shareholders of the parent company was RMB 4,264.12 million, reflecting a growth of 20.16% year-on-year[2] - Basic earnings per share rose to RMB 0.69, representing a 21.05% increase compared to 2023[2] - The weighted average return on equity improved to 11.51%, an increase of 0.80 percentage points year-on-year[2] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 689,963.03 million, up 13.48% from the previous year[2] - Total liabilities increased to RMB 645,063 million, reflecting a growth of 13.56% from the previous year[5] Loan and Deposit Growth - Customer loans totaled RMB 340,690 million, marking a growth of 13.53% year-on-year[5] - Customer deposits reached RMB 432,024 million, an increase of 11.91% from the previous year[5] Credit Quality - The non-performing loan ratio improved to 1.14%, a decrease of 0.04 percentage points from the end of 2023[6] - The provision coverage ratio increased to 241.32%, up by 15.36 percentage points compared to the previous year[6]