Group 1 - A-shares of bank stocks weakened, with notable declines in several banks including Shanghai Pudong Development Bank, which fell over 3% [1] - Qilu Bank experienced a decline of 2%, while other banks such as Chongqing Rural Commercial Bank, Chengdu Bank, and others saw drops exceeding 1% [1] - The overall market performance for these banks indicates a bearish trend in the banking sector [1] Group 2 - Shanghai Pudong Development Bank reported a decline of 3.68%, with a total market capitalization of 414.8 billion [2] - Qilu Bank's stock decreased by 2.07%, with a market value of 35 billion [2] - Other banks like Chongqing Rural Commercial Bank and Chengdu Bank also reported declines of 1.81% and 1.67% respectively, with market capitalizations of 73.8 billion and 77.6 billion [2]

Group 1 - The core point of the announcement is that Qilu Bank has successfully issued the "2025 Technology Innovation Bonds" with a total issuance size of 2 billion RMB [1] - The bonds were issued on September 10, 2025, with a fixed interest rate of 1.84% and a maturity period of 5 years [1] - The raised funds will be allocated to support technology innovation sectors as outlined in the "Financial Five Major Articles Overall Statistical System (Trial)" [1]

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]

Group 1 - The core point of the article is that Qilu Bank has successfully issued "Qilu Bank Co., Ltd. 2025 Technology Innovation Bonds" in the national interbank bond market, approved by the People's Bank of China [1] - The bond was recorded on September 8, 2025, and completed its issuance on September 10, 2025 [1]

Core Points - Qilu Bank has successfully issued "Qilu Bank Co., Ltd. 2025 Technology Innovation Bonds" approved by the People's Bank of China [1] - The bond issuance was completed on September 10, 2025, with a total scale of RMB 2 billion [1] - The bonds have a fixed interest rate of 1.84% and a maturity period of 5 years [1] - The raised funds will be directed towards the technology innovation sector as outlined in the "Five Major Articles of Finance" [1] Summary by Category Bond Issuance - Qilu Bank issued bonds with a total scale of RMB 2 billion [1] - The bonds are fixed-rate with a maturity of 5 years and an interest rate of 1.84% [1] Use of Proceeds - Funds raised will support technology innovation, including technology loans and investments in bonds issued by technology innovation enterprises [1]

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].