◎记者 黄坤 截至8月6日，已有浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行等6家A股上市银 行发布了2025年半年度业绩快报，营收净利均实现正增长，其中5家银行归母净利润同比增幅达两位 数。 6家银行业绩报喜 6家A股上市银行率先披露半年度业绩快报，关键业绩指标浮出水面。 在保持稳健扩表的情况下，上半年，浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行 的营收、归母净利润均实现同比正增长。 归母净利润方面，常熟银行同比增幅为13.55%，杭州银行、齐鲁银行、青岛银行均超16%，浦发银行为 10.19%，宁波银行为8.23%。 齐鲁银行同步披露了营业收入的具体情况，其中利息净收入同比增长13.57%；手续费及佣金净收入同 比增长13.64%。 齐鲁银行在半年度业绩快报中提到，该行净息差企稳回升。杭州银行近日在投资者关系活动记录表中透 露，预计今年息差整体降幅将好于2024年。 上述头部券商银行业分析师说，虽然净息差整体仍在下降，但得益于存款利率下调，息差压力趋缓。 银行板块景气度上行 基本面企稳向好，支撑了银行股上涨、估值显著修复。截至8月6日，申万银行板块指数年内累计涨幅达 16.1 ...

银行板块指数日K线图 范雨露 制图 ◎记者 黄坤 截至8月6日，已有浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行等6家A股上市银 行发布了2025年半年度业绩快报，营收净利均实现正增长，其中5家银行归母净利润同比增幅达两位 数。 一家头部券商银行业分析师表示，上市银行一季度业绩整体疲软，主要是因为债市调整带来的其他非息 收入增速大幅下滑。二季度债市回暖、息差压力减轻，推动半年度业绩有所好转。 天风证券银行业首席分析师刘杰表示，一方面，信贷供需矛盾缓和，贷款利率下行趋缓，同时高息定期 存款集中到期，存款成本改善红利释放，有望推动净息差边际企稳；另一方面，非息收入有望持续改 善，低基数叠加理财回暖下中收降幅有望收窄，二季度债市行情修复后，其他非息收入降幅有望收窄。 在保持稳健扩表的情况下，上半年，浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行 的营收、归母净利润均实现同比正增长。 归母净利润方面，常熟银行同比增幅为13.55%，杭州银行、齐鲁银行、青岛银行均超16%，浦发银行为 10.19%，宁波银行为8.23%。 齐鲁银行同步披露了营业收入的具体情况，其中利息净收入同比增长13.57% ...

Core Points - The announcement details the redemption and delisting of "Qilu Convertible Bonds" by Qilu Bank, with the last trading day set for August 8, 2025 [2][14] - The last conversion date for the bonds is August 13, 2025, after which the bonds will be delisted from the Shanghai Stock Exchange [3][15] - The redemption price is set at RMB 100.7068 per bond, which includes accrued interest [4][9] Redemption Details - The redemption registration date is August 13, 2025, and the redemption payment date is August 14, 2025 [9][13] - The bonds will be forcibly redeemed at the face value plus accrued interest if not converted by the last conversion date [4][18] - The accrued interest is calculated based on a 1.00% annual interest rate over 258 days, resulting in an interest of RMB 0.7068 per bond [10] Conditions for Redemption - The conditional redemption clause was triggered as the stock price of Qilu Bank exceeded 130% of the conversion price for 15 trading days [6][8] - If the total amount of unconverted bonds is less than RMB 30 million, the company has the right to redeem all unconverted bonds [7] Investor Guidance - Investors are advised to convert or sell their bonds within the specified timeframe to avoid potential losses [5][18] - The last trading day is August 8, 2025, and the last conversion day is August 13, 2025 [14][17]

自7月以来，上市银行"中报季"逐步拉开帷幕。截至记者发稿前，已有5家上市银行率先"交卷"，发布了 2025年半年度业绩快报。 总体来看，今年上半年，5家上市银行资产规模增长稳健，营业收入和归母净利润均实现同比增长，还 有银行实现营收、净利润"双升"。 5家上市银行业绩报喜 《金融时报》记者梳理数据时发现，截至发稿前，已有杭州银行（600926）、常熟银行（601128）、宁 波银行（002142）、齐鲁银行（601665）、青岛银行（002948）共5家A股上市银行发布了2025年中期 业绩快报。 从资产规模来看，今年上半年，5家上市银行总资产均实现正增长，同比增速均超过5%，但也呈现出梯 队差异。 在归母净利润方面，宁波银行、杭州银行超100亿元，分别为147.72亿元、116.62亿元。杭州银行、齐鲁 银行、青岛银行归母净利润均实现超16%的高速增长。 值得一提的是，作为首家披露中期业绩快报的A股上市农商行，常熟银行也是目前唯一一家营收、净利 双双实现两位数增长的上市银行。该行上半年实现营业收入60.62亿元，同比增长10.10%；归母净利润 为19.69亿元，同比增长13.55%。 上半年，5家上市银行 ...

Core Viewpoint - The A-share market has seen a significant number of convertible bonds delisted this year, primarily due to mandatory redemptions triggered by rising stock prices, indicating a strong bullish trend in the market [2][4]. Group 1: Convertible Bond Market Dynamics - As of August 6, 2023, a total of 71 convertible bonds have been delisted from the A-share market this year, with 51 of these delistings resulting from redemptions, accounting for approximately 71% of the total [2][4]. - The average price increase of A-shares has been 25.9% year-to-date, which has led to a surge in mandatory redemptions of convertible bonds as stock prices meet the conditions for forced redemption [2][5]. - The strong performance of underlying stocks is driving companies to redeem convertible bonds to reduce interest costs and optimize capital structure [2][5]. Group 2: Specific Cases of Redemption - The "Qilu Convertible Bond" will have its last conversion day on August 13, 2023, with a redemption price of 100.7086 CNY per bond, while its closing price was 124.498 CNY as of August 6, 2023 [3]. - The Qilu Bank's stock has risen by 16.83% this year, contributing to the bond's forced redemption, with at least four bank convertible bonds triggering mandatory redemptions this year [3][4]. - Other companies, such as Feilu Co. and Wenzhou Hongfeng, have also announced upcoming mandatory redemptions due to strong stock performance, with some stocks seeing increases of over 60% this year [4][5]. Group 3: Market Supply and Demand - The issuance of new convertible bonds has slowed, with fewer than 30 issued this year, leading to a significant decrease in the total supply of convertible bonds in the market [5][6]. - The demand for convertible bonds remains high due to institutional investors' rigid allocation needs and declining pure bond yields, creating a supply-demand imbalance [5][6]. - The Wind Convertible Bond Index has increased by 16.5% year-to-date, outperforming major stock indices, indicating a robust market for convertible bonds despite the declining supply [5][6]. Group 4: Investment Trends - The convertible bond market is experiencing a rotation similar to the stock market, with sectors like TMT and innovative pharmaceuticals showing high activity [6]. - Institutions are increasingly favoring convertible bonds in sectors with high growth potential, such as electronics, chemicals, and pharmaceuticals, as traditional bank bonds become scarcer [6]. - The scarcity of high-quality convertible bonds is pushing up their valuation levels, making investment in this space more challenging [6].

Core Viewpoint - The A-share market has seen a significant increase in the number of convertible bonds being redeemed and delisted, primarily due to the strong performance of underlying stocks, which has triggered mandatory redemption mechanisms for these bonds [1][3]. Group 1: Convertible Bond Redemption - A total of 71 convertible bonds have been delisted in the A-share market this year, with 51 of these being due to redemption, accounting for approximately 71% of the total [1]. - The average increase in A-share stocks has been 25.9% year-to-date, which has led to a surge in mandatory redemptions of convertible bonds [1][3]. - Companies are opting for mandatory redemptions to encourage bond conversion, thereby reducing interest costs and optimizing their capital structure [1]. Group 2: Specific Cases of Redemption - The "Qilu Convertible Bond" will have its last conversion day on August 13, with a redemption price of 100.7086 yuan per bond, while its market price was 124.498 yuan as of August 6 [2]. - The stock price of Qilu Bank has increased by 16.83% this year, contributing to the triggering of the bond's mandatory redemption [2]. - At least four bank convertible bonds have triggered mandatory redemption this year, with the "Pudong Development Bank Convertible Bond" set to mature on October 28, totaling 500 billion yuan [2]. Group 3: Market Dynamics - The issuance of new convertible bonds has slowed, with fewer than 30 issued this year, leading to a significant decrease in the total market size and number of outstanding bonds [4]. - The Wind Convertible Bond Index has risen by 16.5% this year, reaching a historical high of 226.55 points as of August 6, outperforming major stock indices [4]. - The scarcity of high-quality convertible bonds, combined with strong institutional demand for fixed-income products, has created a supply-demand imbalance in the market [5]. Group 4: Investment Trends - The convertible bond market has seen a rotation similar to the stock market, with sectors like TMT and innovative pharmaceuticals gaining traction [5]. - Institutions are increasingly focusing on high-growth sectors such as electronics, chemicals, and pharmaceuticals for convertible bond investments, as traditional bank bonds become less available [5]. - The overall valuation of convertible bonds is currently high due to the supply-demand imbalance, making investment in this space more challenging [5].

| 601860 | 紫金银行 | -0.66 | 1.78 | -778.68 | | --- | --- | --- | --- | --- | | 600036 | 招商银行 | -0.29 | 0.21 | -666.17 | | 002807 | 江阴银行 | -0.83 | 0.70 | -583.01 | | 601825 | 沪农商行 | -0.53 | 0.16 | -572.73 | | 002948 | 青岛银行 | 0.99 | 1.24 | -410.70 | | 601963 | 重庆银行 | -0.48 | 0.50 | -306.36 | | 600000 | 浦发银行 | 0.29 | 0.28 | -259.69 | | 601187 | 厦门银行 | 0.00 | 1.63 | -242.53 | | 600928 | 西安银行 | 0.26 | 0.59 | -97.37 | | 600908 | 无锡银行 | -0.49 | 0.59 | -37.20 | | 603323 | 苏农银行 | -0.73 | 0.99 | 378.64 | | 002958 | 青农商 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-051 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 关于实施"齐鲁转债"赎回暨摘牌的 第十八次提示性公告 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： 截至 2025 年 8 月 6 日收市后，距离 2025 年 8 月 8 日（"齐鲁转债"最后交 易日）仅剩 2 个交易日，2025 年 8 月 8 日为"齐鲁转债"最后一个交易日。 敬请广大投资者详细了解可转债有关规定，理性决策，注意投资风险。 根据《齐鲁银行股份有限公司公开发行 A 股可转换公司债券募集说明书》 1 / 5 赎回登记日：2025 年 8 月 13 日 赎回价格：100.7068 元/张 赎回款发放日：2025 年 8 月 14 日 最后交易日：2025 年 8 月 8 日 （以下简称"《募集说明书》"）的约定，自 2025 年 6 月 3 日至 2025 年 7 月 4 日期间，齐鲁银行股份有限公司（以下简称"公司"）股票已有 15 个交易日收 盘价不 ...

Core Viewpoint - The forced redemption of convertible bonds is accelerating, leading to a significant reduction in the total outstanding amount of convertible bonds in the market [1][4]. Group 1: Market Dynamics - As of August 5, 2023, 71 convertible bonds have been delisted from exchanges this year, with 51 of these delistings attributed to forced redemptions [2][3]. - The total outstanding amount of convertible bonds has decreased by 80.564 billion yuan to 653.058 billion yuan [4]. - The current market environment, characterized by a recovering equity market and declining financing costs, is contributing to the acceleration of forced redemptions [1][3]. Group 2: Supply and Demand - The issuance of new convertible bonds has been limited, with only 26 new bonds issued this year, totaling 40.579 billion yuan, which is still significantly lower than peak years like 2022 [5][6]. - The tightening of refinancing regulations by the China Securities Regulatory Commission has further restricted the issuance of new convertible bonds, leading to a slowdown in the market [6][7]. - The expected issuance of convertible bonds in the second half of the year is projected to be less than 20 billion yuan, while over 40 billion yuan of convertible bonds are set to mature [7]. Group 3: Investor Sentiment and Market Trends - Despite the reduction in supply, demand for convertible bonds remains high, particularly among institutional investors seeking "fixed income plus" products [8]. - The increasing number of forced redemptions is making investors more cautious, as it compresses the selection space for bonds and amplifies trading demand [8]. - The current market conditions are likely to maintain a high premium rate for convertible bonds, as the overall supply continues to decline [8].

Core Points - The announcement details the early redemption of "Qilu Convertible Bonds" and the subsequent delisting from the Shanghai Stock Exchange on August 14, 2025 [1][2][7] - The redemption price is set at RMB 100.7068 per bond, which includes accrued interest [5][8] - The last trading day for the bonds is August 8, 2025, and the last conversion day is August 13, 2025 [6][7] Redemption Details - The redemption registration date is August 13, 2025, and the redemption payment date is August 14, 2025 [1][6] - The bonds will be forcibly redeemed at the face value plus accrued interest if not converted or sold by the last trading day [2][9] - The conditional redemption clause was triggered as the company's stock price exceeded 130% of the conversion price for 15 trading days [2][5] Investor Guidance - Investors are advised to convert or sell their bonds within the specified timeframe to avoid potential losses [2][9] - The accrued interest calculation is based on a 1.00% annual coupon rate over 258 days [5][8] - The actual redemption amount for individual investors will be subject to a 20% tax on interest income, resulting in a net amount of RMB 100.5654 per bond [8]