Group 1 - Qilu Bank has successfully issued "Qilu Bank Co., Ltd. 2025 Technology Innovation Bond" with approval from the People's Bank of China [1] - The bond was recorded on September 8, 2025, and completed issuance on September 10, 2025, with a total issuance scale of RMB 2 billion [1] - This bond has a fixed interest rate of 1.84% and a maturity period of 5 years [1] Group 2 - The funds raised from this bond will be directed towards the technology innovation sector as outlined in the "Five Major Articles of Finance" statistical system [1] - Specific uses of the funds include issuing technology loans and investing in bonds issued by technology innovation enterprises [1]

证券日报网讯 9月10日晚间，齐鲁银行发布公告称，经中国人民银行核准，齐鲁银行股份有限公司在全 国银行间债券市场成功发行"齐鲁银行股份有限公司2025年科技创新债券"（以下简称"本期债券"）。本 期债券于2025年9月8日簿记建档，并于2025年9月10日发行完毕。 （编辑 楚丽君） ...

本期债券的募集资金将投向《金融"五篇大文章"总体统计制度(试行)》中规定的科创领域，包括发放科 技贷款、投资科技创新企业发行的债券等，专项支持科技创新领域业务。 格隆汇9月10日丨齐鲁银行(601665.SH)公布，经中国人民银行核准，齐鲁银行股份有限公司在全国银行 间债券市场成功发行"齐鲁银行股份有限公司2025年科技创新债券"(以下简称"本期债券")。 本期债券于2025年9月8日簿记建档，并于2025年9月10日发行完毕。本期债券发行规模为人民币20亿 元，为5年期固定利率品种，票面利率为1.84%。 ...

经中国人民银行核准，齐鲁银行股份有限公司在全国银行间债券市场成功发 行"齐鲁银行股份有限公司 2025 年科技创新债券"（以下简称"本期债券"）。 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-067 齐鲁银行股份有限公司 关于2025年科技创新债券发行完毕的公告 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。 本期债券于 2025 年 9 月 8 日簿记建档，并于 2025 年 9 月 10 日发行完毕。 本期债券发行规模为人民币 20 亿元，为 5 年期固定利率品种，票面利率为 1.84%。 本期债券的募集资金将投向《金融"五篇大文章"总体统计制度（试行）》 中规定的科创领域，包括发放科技贷款、投资科技创新企业发行的债券等，专项 支持科技创新领域业务。 特此公告。 齐鲁银行股份有限公司董事会 2025 年 9 月 10 日 1 / 1 ...

Group 1 - Qilu Bank successfully issued "Qilu Bank Co., Ltd. 2025 Technology Innovation Bond" with approval from the People's Bank of China [1] - The bond was recorded on September 8, 2025, and completed issuance on September 10, 2025 [1] - The total issuance scale of the bond is RMB 2 billion, with a fixed interest rate of 1.84% over a 5-year term [1] Group 2 - The raised funds will be directed towards the technology innovation sector as outlined in the "Five Major Articles of Finance" statistical system [1] - Specific uses of the funds include issuing technology loans and investing in bonds issued by technology innovation enterprises [1]

资金流向方面，主力资金净流入1860.65万元，特大单买入6493.97万元，占比16.79%，卖出3900.03万 元，占比10.09%；大单买入9686.82万元，占比25.05%，卖出1.04亿元，占比26.95%。 齐鲁银行今年以来股价涨7.63%，近5个交易日跌0.35%，近20日跌6.22%，近60日跌11.98%。 资料显示，齐鲁银行股份有限公司位于山东省济南市历下区经十路10817号，成立日期1996年6月5日， 上市日期2021年6月18日，公司主营业务涉及公司银行业务、个人银行业务及资金业务等。主营业务收 入构成为：公司银行业务56.00%，个人银行业务24.50%，资金营运业务18.25%，其他业务1.25%。 齐鲁银行所属申万行业为：银行-城商行Ⅱ-城商行Ⅲ。所属概念板块包括：长期破净、破净股、低市盈 率、低价、金融科技等。 9月9日，齐鲁银行盘中上涨2.14%，截至14:06，报5.73元/股，成交3.87亿元，换手率1.11%，总市值 352.62亿元。 分红方面，齐鲁银行A股上市后累计派现48.72亿元。近三年，累计派现32.05亿元。 机构持仓方面，截止2025年6月30日，齐 ...

Investment Rating - The report maintains a "Recommended" rating for Qilu Bank, with a target price corresponding to a 0.73 times PB valuation for 2025 [5]. Core Views - Qilu Bank's revenue growth has improved quarter-on-quarter, with a 5.8% year-on-year increase in revenue to 6.78 billion yuan and a 16.5% increase in net profit to 2.73 billion yuan in the first half of 2025 [1][2]. - The bank's asset quality continues to improve, with a non-performing loan ratio of 1.09% and a provision coverage ratio of 343.2% as of June 2025 [4]. - The bank's net interest margin has stabilized and increased slightly to 1.53%, supported by improved loan growth and reduced funding costs [3][4]. Summary by Sections Financial Performance - In the first half of 2025, Qilu Bank achieved a revenue of 67.8 billion yuan, up 5.8% year-on-year, and a net profit of 27.3 billion yuan, up 16.5% year-on-year [1][2]. - The annualized weighted average ROE was 12.8%, an increase of 0.22 percentage points year-on-year [1]. - The bank's net interest income grew by 13.3% year-on-year, with a significant quarter-on-quarter increase of 5.4 percentage points [2]. Asset Quality - As of June 2025, the non-performing loan balance was 4.05 billion yuan, with a non-performing loan ratio of 1.09%, down 8 basis points from the previous quarter [4]. - The provision coverage ratio improved by 19.2 percentage points to 343.2% [4]. Loan and Deposit Growth - Total assets and loans grew by 16.0% and 13.7% year-on-year, respectively, with loan growth outpacing the average growth rate of financial institutions in Shandong province [3]. - Corporate loans increased by 15.7%, while retail loans decreased by 4.4% [3]. Future Outlook - The report forecasts net profit growth rates of 16.9%, 15.2%, and 14.9% for 2025, 2026, and 2027, respectively, with corresponding BVPS of 7.64, 8.70, and 9.93 yuan per share [5].

Core Viewpoint - The overall asset quality of the banking industry has remained stable and improved, with a focus on risk management and control in the second half of the year [1][2]. Group 1: Asset Quality Overview - As of mid-year, the overall asset quality of the banking industry is stable and has further improved, with 20 A-share listed banks showing a decrease in non-performing loan (NPL) ratios compared to the beginning of the year [2][3]. - Among the listed banks, Xian Bank, Qilu Bank, and Chongqing Bank reported the most significant reductions in NPL ratios, with decreases of 12, 10, and 8 basis points, respectively [4][5]. - Conversely, some banks, including Guizhou Bank and Minsheng Bank, experienced increases in their NPL ratios compared to the beginning of the year [6]. Group 2: Sector-Specific Risks - There is a notable upward trend in NPL ratios in specific sectors, particularly in corporate real estate and retail personal loans [7][8]. - Qingnong Bank reported a significant increase in its real estate NPL ratio, rising by 14.15 percentage points to 21.32%, with real estate NPLs now comprising 61.54% of its total NPLs [8]. - Guizhou Bank also saw a rise in its real estate NPL ratio, which increased by 70 basis points to 1.75% [8]. Group 3: Retail Credit Concerns - In the retail credit sector, there has been an increase in NPL ratios for personal consumption loans and credit cards, with 8 out of 14 banks reporting higher NPL ratios for credit card receivables compared to the beginning of the year [9][10]. - Chongqing Bank's credit card NPL ratio increased by 1.15 percentage points to 4.19%, while Lanzhou Bank's rose by 1.06 percentage points to 2.85% [9]. - Among 12 banks disclosing personal consumption loan NPL ratios, 7 reported increases, with notable rises from China Merchants Bank and Lanzhou Bank [10]. Group 4: Risk Management Strategies - Banks are increasingly prioritizing risk management, with several executives emphasizing the need for enhanced risk control measures and digital risk management capabilities [11][12]. - Beijing Bank plans to strengthen its provisioning efforts and improve the management of new NPLs, while ICBC expects a slowdown in the deterioration of personal consumption loans due to supportive economic policies [11]. - Industry leaders, including those from Industrial Bank and China Merchants Bank, are focusing on risk mitigation in real estate and credit card sectors, indicating a shift from high incidence to a more controlled environment [12].

Investment Rating - The report maintains an "Increase" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - In the first half of 2025, the contribution of financial asset disposal gains from AC and OCI accounts to revenue reached 5.2%, an increase of 2.9 percentage points compared to 2024 [1][2]. - The investment income growth rate for 42 listed banks was 23.6%, with AC, OCI, and TPL gains showing year-on-year growth rates of 134.7%, 79.0%, and -8.4% respectively [1]. - The report highlights that the increase in disposal gains does not necessarily indicate a significant increase in asset disposal scale, as market conditions and strategies vary among banks [2]. Financial Asset Disposal Gains - The contribution of AC and OCI financial asset disposal gains to revenue was 5.2%, up 2.9 percentage points from 2024, with AC asset disposal gains contributing 2.6% [2]. - Among different types of banks, rural commercial banks had the highest contribution from AC and OCI disposal gains, reaching 11.0%, an increase of 6.2 percentage points from 2024 [2]. - Specific banks such as Jiangyin Bank, Sunong Bank, and Zijin Bank had high disposal gain ratios relative to their revenue, at 28.9%, 26.7%, and 22.7% respectively [2]. OCI Floating Profit Situation - The overall OCI floating profit decreased compared to the end of the previous year, accounting for 12.6% of the estimated profit for 2025 [3]. - Major state-owned banks like CCB and ABC reported significant OCI floating profits, with balances exceeding 30 billion [3]. - The average contribution of OCI floating profits to profits for city and rural commercial banks was notably high, with Ningbo Bank's ratio reaching 35% [3][6]. Sector Trends - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate and consumer spending [7]. - The report suggests a focus on banks with improving fundamentals, such as Ningbo Bank, and those with dividend strategies like Jiangsu Bank and Chengdu Bank [7]. - Attention is also drawn to banks with potential convertible bond conversion expectations, including Shanghai Bank and Industrial Bank [7].

证券日报网讯9月5日晚间，齐鲁银行（601665）发布公告称，公司召开第九届董事会第十七次会议，同 意提名董彦岭先生为第九届董事会独立董事候选人。 ...