证券代码：601665 证券简称：齐鲁银行 公告编号：2025-030 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： 证券停复牌情况：适用 因提前赎回"齐鲁转债",齐鲁银行股份有限公司（以下简称"公司"）的相 关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113065 | 齐鲁转债 | 可转债债券停牌 | 2025/8/11 | | | | 截至 2025 年 7 月 11 日收市后，距离 2025 年 8 月 8 日（"齐鲁转债"最后交 易日）仅剩 20 个交易日，2025 年 8 月 8 日为"齐鲁转债"最后一个交易日。 最后转股日：2025 年 8 月 13 日 损失。 赎回登记日：2025 年 8 月 13 日 赎回价格： ...

Market Overview - The A-share market showed an overall upward trend on July 11, with the Shanghai Composite Index rising by 1.05%, the Shenzhen Component Index increasing by 0.94%, and the ChiNext Index gaining 1.19% [1][2] - The total market turnover reached 1.03 trillion yuan, indicating a significant increase compared to the previous day [2] Key Sectors - The financial sector performed strongly, with major financial stocks leading the market rally [2] - The rare earth sector experienced a "blowout" performance, with significant gains in related stocks such as Northern Rare Earth and Baotou Steel, both hitting the daily limit [6][7] - Other sectors like CRO, fintech, and lithium extraction from salt lakes also saw upward movement, while education, photovoltaic, and circuit board sectors faced corrections [2] Rare Earth Sector - Rare earth and rare earth permanent magnet stocks surged, with Northern Rare Earth and Baotou Steel both reaching their daily limit [6] - The price of rare earth concentrate for related transactions was adjusted to 19,109 yuan per ton (excluding tax), a 1.5% increase from the previous quarter [8] - Demand for rare earth materials is expected to grow, with projections indicating that global demand for praseodymium and neodymium oxide will reach 117,000 tons and 126,900 tons in 2025 and 2026, respectively, with year-on-year growth rates of 9.7% and 8.4% [9] Fintech Sector - Fintech stocks saw significant gains, with companies like Guoao Technology and Anshuo Information rising over 14% [11] - Major state-owned banks also reached new highs, contributing to the overall positive sentiment in the fintech sector [13] Hong Kong Market - The Hong Kong stock market mirrored the gains in the A-share market, with the Hang Seng Index rising by 1.9% and the Hang Seng Technology Index increasing by 2.08% [4] - Chinese brokerage stocks surged, with Zhongzhou Securities experiencing a rise of over 75% at one point during the trading session [15]

Core Viewpoint - The banking sector is experiencing a strong resurgence, with major banks such as Industrial and Commercial Bank of China (ICBC), China Construction Bank, and Agricultural Bank of China reaching new highs, while regional banks like Qilu Bank, Beijing Bank, and Hangzhou Bank are also seeing upward movement [1] Group 1 - Industrial and Commercial Bank of China (601398) has reached a new high [1] - China Construction Bank (601939) has reached a new high [1] - Agricultural Bank of China (601288) has reached a new high [1] Group 2 - Qilu Bank (601665) is showing an upward trend [1] - Beijing Bank is also experiencing gains [1] - Hangzhou Bank (600926) is on the rise [1]

Core Viewpoint - The recent strong performance of bank stocks has led to multiple convertible bonds triggering mandatory redemption clauses, which can alleviate repayment pressure and enhance core tier 1 capital for banks [1][2][3]. Group 1: Mandatory Redemption of Convertible Bonds - Qilu Bank has decided to exercise its early redemption rights for its convertible bonds due to a significant increase in its stock price, which has risen nearly 70% since the beginning of 2024 [1]. - Other banks, such as Hangzhou Bank and Nanjing Bank, have also seen their convertible bonds trigger mandatory redemption clauses due to their stock prices exceeding the required thresholds for consecutive trading days [2]. - The mandatory redemption of convertible bonds is becoming a trend among banks, with several already completing this process in 2024 [2][3]. Group 2: Impact on Capital Structure - The triggering of mandatory redemption clauses is expected to facilitate the conversion of bonds into equity, thereby effectively supplementing banks' core tier 1 capital [1][4]. - The unique property of convertible bonds allows banks to optimize their capital structure, making them an increasingly important option for capital supplementation [4][5]. - The redemption process sends a positive signal to the market regarding the financial health and stability of banks, potentially attracting more investors [5]. Group 3: Market Dynamics and Future Outlook - The banking sector has shown strong performance in the secondary market, with the Shenwan Primary Bank Industry Index rising over 17.77% year-to-date, ranking second among 31 primary industry indices [3]. - A decrease in the issuance of new convertible bonds has led to a rapid decline in the market's existing convertible bond scale, creating favorable conditions for mandatory redemptions [3]. - Analysts predict that the ongoing trend of mandatory redemptions will further highlight the supply-demand imbalance in the convertible bond market, providing support for their valuations [3].

Core Viewpoint - The convertible bond market is experiencing a significant reduction in supply, leading to increased scarcity and heightened interest from investors, particularly in bank convertible bonds [1][2][3]. Group 1: Market Dynamics - Since July, there has been a concentrated redemption and conversion of bank convertible bonds, resulting in a shrinking asset pool. As of July 10, the total market for convertible bonds has decreased to 668.08 billion yuan, down 65.54 billion yuan from the beginning of the year [1]. - The current market is undergoing a period of intensive adjustment, with 456 convertible bonds entering redemption and conversion phases, representing 95.36% of the total market size [1]. - The convertible bond market has shown strong upward momentum this year, with the Wind convertible bond index rising by 18.17% year-to-date as of July 10 [2]. Group 2: Performance of Bank Convertible Bonds - Bank convertible bonds are particularly attractive due to the strong credit quality of the issuing banks and the performance of bank stocks, which have seen significant increases due to institutional investments [2][3]. - Several bank convertible bonds have successfully triggered mandatory redemption and conversion, achieving high conversion rates, such as Chengdu Bank and Suzhou Bank with rates of 99.94% and 99.93% respectively [3]. Group 3: Investor Sentiment and Strategy - There is a growing concern among investors regarding the high valuation of convertible bonds, with some analysts suggesting that entering the market at this stage may not be wise [2][4]. - Despite the high valuations, there remains a demand for convertible bonds, particularly from institutional investors seeking to enhance their fixed-income portfolios [5][6]. - Investment strategies are shifting, with a preference for large-cap convertible bonds linked to major stocks, especially in sectors like banking, photovoltaic, and agriculture [6].

Core Viewpoint - The article provides a comparative analysis of Qilu Bank and Qingdao Bank, two leading city commercial banks in Shandong province, highlighting their financial performance, operational strategies, and market positioning. Group 1: Background and Ownership - Both Qilu Bank and Qingdao Bank were established in 1996, evolving from local credit cooperatives into city commercial banks, with name changes occurring in 2008 and 2009 respectively [3]. - The largest shareholders of both banks are foreign banks, with Qilu Bank's largest shareholder being the Commonwealth Bank of Australia (15.43% stake) and Qingdao Bank's largest shareholder being the Italian bank Unione di Banche Italiane (17.50% stake) [4]. Group 2: Capital Market and Regional Distribution - Qingdao Bank was the first to enter the capital market, listing on the Hong Kong and Shenzhen stock exchanges in December 2015 and January 2019, respectively, while Qilu Bank listed on the New Third Board in 2015 and transitioned to the Shanghai Stock Exchange in 2021 [5]. - As of February 2025, Qingdao Bank has established branches in all 16 cities within Shandong province, while Qilu Bank has not yet achieved full coverage, lacking branches in Jining and Zaozhuang but has a branch in Tianjin [5]. Group 3: Financial Performance - As of 2024, Qingdao Bank's total assets are approximately 689.96 billion, slightly higher than Qilu Bank's 689.54 billion. However, Qilu Bank's net profit of 49.86 billion exceeds Qingdao Bank's 42.64 billion by 7.22 billion [8][11][13]. - Both banks have a loan-to-asset ratio below 50%, with company loans making up about 71% of total loans for both banks [9]. - Qingdao Bank has a slightly lower non-performing loan (NPL) ratio of 1.14% compared to Qilu Bank's 1.19%, but its overdue loan ratio is higher [10][21]. Group 4: Cost Management and Employee Compensation - Qingdao Bank's cost-to-income ratio is higher at 34.95% compared to Qilu Bank's 27.41%, indicating more efficient cost management at Qilu Bank [24]. - In 2024, Qingdao Bank's business and management expenses reached 4.717 billion, significantly higher than Qilu Bank's 3.413 billion, with a notable difference in employee compensation, where Qingdao Bank's employee salary expenses were 2.509 billion compared to Qilu Bank's 1.938 billion despite having fewer employees [26].

Core Viewpoint - Qilu Bank has triggered the conditional redemption clause for its convertible bonds, indicating a strong performance in its stock price, which has implications for investors holding these bonds [1][3]. Summary by Sections Qilu Bank's Convertible Bonds - Qilu Bank announced on July 4 that its "Qilu Convertible Bonds" have triggered the conditional redemption clause, allowing the bank to exercise its early redemption rights [1]. - The stock price of Qilu Bank has been above 130% of the adjusted conversion price of 5.00 CNY per share for 15 trading days, leading to this decision [1][3]. Investor Options and Market Context - Investors holding "Qilu Convertible Bonds" can either trade them in the secondary market or convert them at the price of 5.00 CNY per share, but those who hold until forced redemption may face significant losses [3]. - The recent strength in the A-share banking sector has led to multiple banks' convertible bonds triggering forced redemptions, including those of Hangzhou Bank and Nanjing Bank [3][4]. Broader Market Trends - The banking sector has shown strong performance in the secondary market, with the Shenwan Primary Bank Index rising over 17.77% year-to-date, ranking second among 31 primary industry indices [4]. - The downward adjustment of conversion prices has made it easier for bank convertible bonds to trigger redemption clauses, further enhancing expectations for forced redemptions [5]. Capital Structure and Investor Sentiment - Convertible bonds are increasingly seen as a means for banks to optimize their capital structure and enhance capital strength, with early redemption signaling good financial health and stability [6]. - The completion of conversions from convertible bonds can significantly improve a bank's core Tier 1 capital adequacy ratio, reducing the urgency for refinancing [6].

7月8日，齐鲁银行公告称，公司今日收到《山东金融监管局关于吴睿智齐鲁银行董事任职资格的批 复》，国家金融监督管理总局山东监管局已核准吴睿智公司董事任职资格。 值得注意的是：这位"80后"董事有着多家银行机构的任职经历，并在产业资本有任职经历。 "80后"董事 董事会人事更迭 2025年4月24日，齐鲁银行董事会收到殷光伟先生的辞呈。 当时公告披露：因工作调整， 殷光伟申请辞去公司第九届董事会非执行董事、董事会相关委员会委员 职务。殷光伟先生确认与公司董事会无不同意见， 亦无任何其他事项需要知会公司股东及债权人。 公 司董事会对殷光伟先生在任职期间做出的贡献表示衷心感谢！ 同一天，齐鲁银行董事会审议通过了关于提名第九届董事会非执行董事候选人的议案， 同意提名吴睿 智先生为第九届董事会非执行董事候选人， 同意将本议案提交股东大会审议。 结合上文提及的监管批复，吴睿智的就职程序正式完成。 风险提示及免责条款 公开资料显示：吴睿智是1983年出生，研究生学历，硕士学位。 吴睿智现任济南城市投资集团有限公司党委委员、副总经理。 他历任戈尔特西斯科技（济南）有限公司数据分析师，兴业银行济南分行公司客户经理，天津银行济南 ...

齐鲁银行股份有限公司（以下简称"公司"）今日收到《山东金融监管局关 于吴睿智齐鲁银行董事任职资格的批复》（鲁金复〔2025〕267 号），国家金融 监督管理总局山东监管局已核准吴睿智先生公司董事任职资格。 吴睿智先生简历详见公司在上海证券交易所网站（www.sse.com.cn）披露的 《齐鲁银行股份有限公司第九届董事会第十二次会议决议公告》。 特此公告。 齐鲁银行股份有限公司董事会 2025 年 7 月 8 日 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-029 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 关于董事任职资格获得核准的公告 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。 ...

（文章来源：证券时报网） | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600000 | 浦发银行 | -2.53 | 0.38 | -19700.48 | | 601665 | 齐鲁银行 | 1.26 | 3.23 | -18282.90 | | 600919 | 江苏银行 | -1.12 | 0.74 | -17052.23 | | 600016 | 民生银行 | 0.19 | 0.65 | -12874.55 | | 601328 | 交通银行 | -0.12 | 0.26 | -8469.05 | | 601658 | 邮储银行 | 0.88 | 0.28 | -7940.16 | | 601916 | 浙商银行 | -0.80 | 1.40 | -6271.07 | | 601398 | 工商银行 | 0.39 | 0.07 | -5184.41 | | 601988 | 中国银行 | -0.35 | 0.09 | -4536.02 | | 601818 | 光大银行 | -0.68 ...