Summary of Qilu Bank Conference Call Company Overview - **Company**: Qilu Bank - **Industry**: Banking, specifically regional commercial banking in Shandong Province, China Key Points Expansion Strategy - Qilu Bank is actively expanding its branch network with a goal to cover all counties in Shandong Province, currently achieving approximately 30% county coverage with a target of 100% [2][3] - The bank's strategy focuses on enhancing asset scale and competitiveness in low-cost deposits through branch expansion, particularly in county markets [2][3] Economic Environment - The economic structure of Shandong is stable, with a diverse industrial base and strong agricultural foundations, leading to economic growth rates that exceed the national average [2][4] - Shandong's overall social financing and credit growth rates are higher than the national average, providing opportunities for Qilu Bank to capture market share [4] Credit Growth Expectations - Qilu Bank anticipates maintaining a credit growth rate of 12%-13% in 2025, which is significantly higher than the national average of 6.5%-7% [2][5] - The bank's focus on seizing market share is expected to drive double-digit growth in credit [5][7] Loan Composition and Quality - The bank has a high proportion of corporate loans, with government-related loans in broad infrastructure accounting for approximately 42% [2][6] - Qilu Bank has minimal exposure to real estate loans, with only 1% of its loans in this category, contributing to its strong asset quality [6][9][10] - The bank's non-performing loan (NPL) generation rate has been declining, currently at 0.63%, indicating improving asset quality [9][10] Profitability and Margin - Qilu Bank's net interest margin is relatively low due to a higher proportion of financial investments compared to loans, but it maintains strong profitability due to low credit costs [8][11] - The bank's profit growth is primarily driven by declining credit costs and improving asset quality, with profit growth rates between 15%-17% expected [11][12] Investment Outlook - Qilu Bank's investment logic is supported by its branch expansion, focus on county markets, and improving asset quality, which are expected to enhance its market share and profitability [12][14] - The bank's capital adequacy ratio is approximately 10.5%, indicating no immediate capital pressure, and it is recommended for continued investment due to its growth potential [14] Additional Insights - The bank's conservative pricing strategy and low deposit interest rates compared to peers provide a competitive advantage [8] - The bank's focus on small and micro enterprises aligns with the economic structure of Shandong, enhancing its market relevance [6][12] This summary encapsulates the key insights from the Qilu Bank conference call, highlighting its strategic initiatives, economic context, credit growth expectations, loan quality, profitability, and investment outlook.

Core Viewpoint - Qilu Bank has demonstrated strong performance in recent years, with significant growth in net profit and total assets, attracting investor interest despite its relatively low profile in the industry [2][3][4]. Financial Performance - In 2024, Qilu Bank achieved operating income of 12.496 billion yuan, a year-on-year growth of 4.55%, while net profit attributable to shareholders reached 4.986 billion yuan, with a remarkable year-on-year growth of 17.77%, ranking 4th among 42 A-share listed banks [4][6]. - The bank's total assets amounted to 689.539 billion yuan, reflecting a year-on-year increase of 14.01% [4][5]. - For Q1 2024, the bank's net profit growth was 16.47%, placing it 2nd among listed banks [2][6]. Stock Performance - As of May 23, 2024, Qilu Bank's stock price closed at 6.55 yuan per share, with a cumulative increase of 19.96% year-to-date, significantly outperforming the banking sector's average increase of 7.26% [2][6]. Loan Structure and Asset Quality - The bank's loan structure shows a shift towards corporate loans, which accounted for 73.23% of total loans as of Q1 2024, while personal loans decreased to 23.37% [12][13]. - The non-performing loan (NPL) ratio stood at 1.19%, with a year-on-year improvement of 0.07 percentage points, indicating a positive trend in asset quality [4][16]. - The bank's corporate NPL ratio improved from 1.51% in 2022 to 0.95% in 2024, while the personal loan NPL ratio increased from 0.96% to 2.00% during the same period, highlighting a divergence in asset quality between loan types [16][17]. Market Position and Growth Potential - Qilu Bank, established in 1996 and listed in 2021, has positioned itself as a significant player in the Shandong region, benefiting from the economic growth of the area [3][4]. - The bank's total assets and profit growth are supported by strong market demand, indicating potential for further expansion in the future [3][4].

可转债代码：113065 可转债简称：齐鲁转债 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 23 日 (二)股东大会召开的地点：济南市历下区经十路 10817 号总行大厦四楼一会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-018 齐鲁银行股份有限公司 2024年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 | 1、出席会议的股东和代理人人数 | 277 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,080,775,638 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 69.7329 | | 总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采用现场投票和网络投票相结合的方式，符合《中华人民共和 国公司法》等国家相 ...

北京大成（济南）律师事务所 关于齐鲁银行股份有限公司 2024 年度股东大会法律意见书 致：齐鲁银行股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公 司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求，北京大成 （济南）律师事务所（以下简称"本所"）接受齐鲁银行股份有限公司（以下简称"公司"） 的委托，指派律师参加公司 2024 年度股东大会（以下简称"本次股东大会"）。 山东省济南市历下区龙奥北路 8 号 北京大成（济南）律师事务所 玉兰广场 4 号楼 7-8 层 邮编：250101 7-8/F, Building 4 Yulan Plaza No.8, LongAo north Road Lixia District 250101,Jinan,Shandong,China dacheng.com dentons.cn 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员资格、 召集人资格、表决程序及表决结果发表法律意见，并不对本次股东大会所审议的议案、 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-019 可转债代码：113065 可转债简称：齐鲁转债 齐鲁银行股份有限公司 第九届董事会第十三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 齐鲁银行股份有限公司（以下简称"公司"）第九届董事会第十三次会议通 知于 2025 年 5 月 20 日以电子邮件方式发出，会议于 2025 年 5 月 23 日在济南市 历下区经十路 10817 号总行大厦四楼二会议室以现场方式召开。会议应出席董事 12 名，实际出席董事 12 名。公司股东重庆华宇集团有限公司股权质押比例超过 50%，根据监管规定对其提名的蒋宇董事的表决权予以限制。会议由董事长郑祖 刚主持，监事列席了会议。会议的召开符合《中华人民共和国公司法》等法律、 行政法规、部门规章、规范性文件及公司章程的有关规定。 2025 年 5 月 23 日 表决结果：同意 11 票，反对 0 票，弃权 0 票。 （二）关于考核激励机制调优的方案 表决结果：同意 11 票，反对 0 票，弃权 0 票。 本议案 ...

Core Insights - In 2024, three listed city commercial banks in Shandong presented differentiated performance, with Qingdao Bank leading in net profit growth at 20.16%, while Weihai Bank had the highest net interest margin at 1.77% [1][2]. - Qilu Bank achieved the largest net profit of 4.986 billion yuan, followed by Qingdao Bank at 4.264 billion yuan and Weihai Bank at 1.992 billion yuan [1]. Financial Performance - Qingdao Bank ranked first in revenue with 13.498 billion yuan, followed by Qilu Bank at 12.496 billion yuan and Weihai Bank at 9.316 billion yuan, with Qingdao Bank also showing a revenue growth of 8.22% [3]. - Qilu Bank led in asset scale growth at 14.01%, with Qingdao Bank and Weihai Bank at 13.48% and 12.65% respectively [4]. Asset Quality - Qilu Bank had the highest return on equity (ROE) at 12.52%, while Qingdao Bank followed at 11.51% and Weihai Bank at 8.47% [6]. - Weihai Bank reported the highest non-performing loan (NPL) ratio at 1.41%, with Qilu Bank and Qingdao Bank at 1.14% and 1.19% respectively [7]. Business Structure - Qilu Bank's corporate banking business accounted for over 56% of its revenue, while Qingdao Bank's retail banking contributed significantly, with 27.61% of its revenue [8]. - Weihai Bank had the highest proportion of corporate banking business at 62.45%, while Qingdao Bank excelled in retail banking [8]. Loan and Deposit Growth - Qingdao Bank's total loans reached 340.69 billion yuan, growing by 12.53%, while Qilu Bank's loans were 337.14 billion yuan, growing by 12.31% [3]. - All three banks maintained double-digit growth in loans and deposits, although deposit growth rates showed a decline compared to the previous year [3].

Industry Investment Rating - The investment rating for the banking industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The recent round of deposit rate cuts is expected to have a positive impact on net interest margins for listed banks, with a static assessment indicating that a 10 basis point (BP) reduction in the Loan Prime Rate (LPR) and deposit rate cuts would affect net interest margins by -6.15 BP and +8.33 BP respectively [4][15][19] - The report emphasizes the importance of maintaining reasonable net interest margins to better serve the real economy, suggesting that a reasonable margin could be around 1.45% if the provision coverage ratio is lowered to 150% [5][24][26] - Future regulatory measures may include self-discipline mechanisms to standardize deposit and loan pricing, and to control the average repricing cycle of deposits [6][27] Summary by Sections 1. Impact of New Deposit Rate Cuts - The new round of deposit rate adjustments began on May 20, with various rates reduced by 5 to 25 BP across different terms [14][16] - The expected positive impact on net interest margins is based on the assumption that 80% of term deposits are within a 2-year period [15] 2. Importance of Protecting Bank Interest Margins - Protecting interest margins is crucial for banks to maintain stable operations and support the real economy [5][24] - The report calculates that if the provision coverage ratio is adjusted to 150%, the reasonable interest margin would be approximately 1.45% [26] 3. Future Regulatory and Asset-Liability Management Outlook - The report outlines potential future actions, including self-regulation to avoid excessive competition in deposit and loan pricing [6][27] - It highlights the importance of matching the repricing cycles of loans and deposits to stabilize interest rates [27] 4. Investment Recommendations - The report suggests focusing on state-owned banks like Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications due to their expected performance in a declining interest rate environment [36] - It also recommends regional banks such as Chongqing Bank and Chengdu Bank, which may benefit from fiscal policy support [36]

Core Viewpoint - The recent performance of the China Securities Dividend Low Volatility 100 Index and its associated ETF indicates a growing interest in stable dividend-paying stocks, particularly in the coal sector, amidst market volatility and changing economic policies [4][5]. Group 1: Index and ETF Performance - As of May 21, 2025, the China Securities Dividend Low Volatility 100 Index rose by 0.66%, with key stocks like Shaanxi Coal and China Shenhua showing significant gains of 4.90% and 2.86% respectively [3]. - The Dividend Low Volatility 100 ETF (159307) has seen a price increase of 0.57%, marking its third consecutive rise, with a latest price of 1.06 yuan [3]. - The ETF's trading volume reached 504.55 million yuan, with a turnover rate of 0.54% during the session [3]. Group 2: Market Sentiment and Investment Trends - Recent U.S. tariff policies have impacted market sentiment, leading investors to seek stable assets, particularly in the coal sector where inventory levels are decreasing and coal prices are stabilizing [4]. - Several state-owned coal enterprises have initiated share buybacks and asset injection plans, reflecting confidence in the coal industry's growth and stability [4]. Group 3: Fund Flows and Performance Metrics - The Dividend Low Volatility 100 ETF recorded a net inflow of 1,050.77 million yuan, with nine out of the last ten trading days showing positive net inflows totaling 2,189.61 million yuan [5]. - The ETF has achieved a 6.54% increase in net value over the past year, ranking first among comparable funds [6]. - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.032%, indicating strong performance relative to its benchmark [6]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the index include Jizhong Energy, Daqin Railway, and Xiamen International Trade, collectively accounting for 19.66% of the index [7].

Core Viewpoint - Multiple banks are actively responding to investor concerns regarding credit business, asset quality, and strategic planning, indicating a proactive approach to stabilize market expectations and enhance investor confidence [1] Group 1: Credit Business - Banks are aligning their credit support with national policies, focusing on private enterprises and inclusive finance as key areas for lending in 2025 [2] - Qilu Bank plans to increase support for new manufacturing, infrastructure, technology innovation, green finance, and rural revitalization, while maintaining steady growth in corporate credit [2] - Shanghai Rural Commercial Bank has set a credit increment target of 50 billion yuan for the year, with a growth rate of 6% to 7%, emphasizing support for the real economy and private sector [3] Group 2: Asset Quality - The overall asset quality of the banking industry remains stable, with Qilu Bank reporting a non-performing loan (NPL) ratio of 1.17%, down 0.02 percentage points from the beginning of the year [4] - Hangzhou Bank maintains a NPL ratio of 0.76% and a provision coverage ratio of 530.07%, indicating strong asset quality management [4][5] Group 3: Business Strategy Planning - Banks are adopting differentiated development paths, with Lanzhou Bank focusing on its "1363" strategic layout and preparing for future strategic planning [6] - Jiangsu Bank emphasizes a balanced approach to cost reduction and growth, while expanding non-interest income through various services [7] - Chengdu Bank is advancing digital transformation to enhance operational efficiency and drive high-quality development [7] Group 4: Market Opportunities - The banking sector is presented with opportunities due to policy support for green and technology finance, as well as structural monetary policy tools that optimize funding costs [7] - Leading banks can leverage resource advantages to expand wealth management and non-interest income, while regional banks should focus on local industries to build competitive advantages [7]

行 业 研 究 DONGXING SECURITIES 其他非息拖累盈利，息差下行压力趋缓 ——上市银行25Q1业绩总结 | 分析师 | 林瑾璐 | 联系方式：021-25102905 | 执业证书编号：S1480519070002 | | --- | --- | --- | --- | | 分析师 | 田馨宇 | 联系方式：010-66554013 | 执业证书编号：S1480521070003 | 东兴银行团队 2025年5月16日 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 摘要 业绩概览：营收净利润增速总体转负，优质城农商行业绩领跑。25Q1上市银行营收、净利润同比分别-1.7%、-1.2%，增速较24A下滑1.8pct、3.5pct。盈利边际走弱， 主要拖累是债市调整带来的其他非息收入增速大幅下滑，以及拨备反哺力度减弱。好的方面是，净息差降幅收窄；资产增速相对稳定；低基数下中收降幅收窄。各类银 行表现分化：城农商行领跑，整体实现正增长，主要得益于规模增速提升，息差降幅收窄，以及中收增速转正。国有行相对偏弱，主要是规模增速放缓、息差降幅偏大， 净利息收入降幅扩大。股份行盈利表现最弱 ...