Core Insights - The integration of finance and the real economy in the bearing industry is exemplified by Qilu Bank's innovative financial product "Bearing Village Loan," which has been recognized as a typical case of financial support reaching grassroots levels [1][9]. Group 1: Industry Overview - Yantian Town, known as the "Bearing Capital of China," hosts over 5,400 bearing-related enterprises and more than 6,600 individual businesses, employing over 70,000 people and generating an annual transaction volume exceeding 20 billion yuan, accounting for over 10% of the national bearing transaction total [1]. - The majority of enterprises in Yantian Town are small and micro businesses that face challenges in accessing timely financing for equipment upgrades and working capital [2][3]. Group 2: Financial Challenges - Many small enterprises struggle with financing, as traditional loan approval processes are slow, leading to missed opportunities in fluctuating markets, such as steel price changes [2][3]. - The need for rapid loan access is critical due to the close relationship between production cycles and raw material price fluctuations, with high-end equipment requiring investments in the millions that traditional small loans cannot meet [3]. Group 3: Financial Solutions - Qilu Bank has implemented a tailored financial strategy for the bearing industry, introducing the "Bearing Village Loan" to address financing difficulties for small and micro enterprises and facilitate their transition to high-end manufacturing [4][9]. - The bank's "Three Special, Three Fast" service model offers loan amounts up to 3 million yuan, rapid approval processes within three working days, and targeted services for the bearing industry supply chain [5]. Group 4: Innovative Service Models - Qilu Bank has established a "Bearing Financial Service Team" that combines on-the-ground visits and big data analysis to create dynamic credit profiles for hundreds of enterprises, streamlining the loan approval process [6]. - The "First Loan Cultivation Action" targets new enterprises, allowing them to secure initial loans with minimal documentation through an online pre-approval system [7]. Group 5: Impact and Outcomes - The "Bearing Village Loan" has successfully disbursed 712 million yuan to support 642 enterprises, enhancing R&D investments and increasing the proportion of high-end products in the market [9]. - The financial support has enabled companies like Pinwei Bearing to expand from small workshops to modern factories, significantly improving production precision and reducing costs, thereby facilitating access to high-end markets [9][10]. - The initiative has also contributed to local employment, with over 40,000 jobs created, and has fostered a positive cycle of financial support revitalizing the local economy and promoting the upgrade of family workshops to standardized production facilities [10].

Core Viewpoint - Qilu Bank is actively exploring innovative paths in green finance to support the low-carbon transformation of traditional industries in Shandong, aligning with the national "dual carbon" strategy [1] Group 1: Green Finance Initiatives - Qilu Bank has launched a "sustainable development-linked loan" that ties loan interest rates to pre-set sustainable development performance targets (SPT) of enterprises, promoting a win-win situation for economic and environmental benefits [1][2] - The key performance indicators (KPI) for this loan cover various areas such as energy efficiency, greenhouse gas reduction, waste reduction, renewable energy utilization, water conservation, sustainable procurement, circular economy, biodiversity protection, and ESG assessments [1] Group 2: Loan Implementation and Impact - The first sustainable development-linked loan was issued to a leading NMP supplier, utilizing hydrogen recovery as a key performance indicator, marking a significant milestone in Qilu Bank's financial transformation efforts [2][3] - If the enterprise meets the hydrogen recovery target in 2025, the loan interest rate will be reduced by 5 basis points; otherwise, no discount will be applied, creating a market-driven incentive for low-carbon transformation [2][3] Group 3: Innovations and Breakthroughs - The loan program represents several breakthroughs, including the innovative linkage of hydrogen recovery to loan rates, addressing financing challenges in the chemical manufacturing sector, and establishing a market-based incentive mechanism [3] - A dynamic evaluation mechanism is introduced to ensure that fund usage aligns with emission reduction goals, effectively preventing "greenwashing" risks [3] Group 4: Demonstrated Benefits and Future Outlook - The loan has led to an estimated annual reduction of 2,000 tons of CO2 emissions for the enterprise, enhancing production efficiency and market competitiveness [4] - As of Q1 2025, Qilu Bank's green loan balance reached 40 billion yuan, reflecting a growth of 6.4 billion yuan and a 19% increase from the beginning of the year, indicating a strong commitment to green finance [4]

Core Viewpoint - The strong performance of bank stocks is accelerating the "exit" of bank convertible bonds from the market, with several banks triggering redemption mechanisms due to rising stock prices [2][3]. Group 1: Bank Convertible Bonds - Qilu Bank announced that its convertible bond, Qilu Convertible Bond, is expected to meet redemption conditions due to a significant increase in its stock price [2]. - Qilu Bank issued 80 billion yuan worth of convertible bonds on November 29, 2022, with a term of 6 years and conditional redemption clauses [2]. - The stock price of Qilu Bank has been above 130% of the conversion price for 10 out of the last 15 trading days, which could trigger the redemption mechanism if the trend continues [2][3]. Group 2: Market Trends - The overall bank sector has seen a rise of over 16% year-to-date, contributing to the triggering of redemption mechanisms for multiple bank convertible bonds [3]. - As of June 24, the conversion premium for Qilu Convertible Bond was negative, indicating strong motivation among holders to convert [3]. - The number of outstanding bank convertible bonds has decreased to 10, with a total balance of 148.63 billion yuan, and further reductions are expected by the end of the year [4]. Group 3: Capital Management - Banks are strongly motivated to convert convertible bonds into equity to supplement core Tier 1 capital and improve capital adequacy ratios [3]. - If convertible bonds do not convert successfully, banks face increased financial costs due to the obligation to pay principal and interest on maturing bonds [3]. - The successful triggering of redemption mechanisms will accelerate the conversion process, effectively supplementing core Tier 1 capital [3].

Core Viewpoint - The banking sector is experiencing a strong performance, leading to an accelerated conversion of convertible bonds into stocks this year, with several banks triggering redemption clauses for their convertible bonds [2][7]. Group 1: Convertible Bond Redemption - Qilu Bank announced that its stock price has been above 130% of the current conversion price for 10 out of the last 15 trading days, which may trigger the redemption clause for its convertible bonds [4]. - If Qilu Bank's stock price remains above 6.50 CNY (130% of the adjusted conversion price of 5.00 CNY) for 5 more trading days, the bank has the right to redeem the bonds at face value plus accrued interest [4][5]. - This year, five convertible bonds from various banks have exited the market due to triggering redemption clauses, including those from Suhang Bank, Chengyin Bank, Hangyin Bank, and Nanyin Bank [8]. Group 2: Market Trends and Implications - The continuous rise in bank stock prices has led to a significant reduction in the outstanding balance of Qilu convertible bonds, which currently stands at 60.87 billion CNY, with an unconverted ratio of 76.09% [4]. - The trend of convertible bonds exiting the market is expected to continue, with only seven remaining if Qilu's bonds are redeemed [8]. - Approximately 100 billion CNY of bank convertible bonds are anticipated to complete conversion this year due to rising stock prices [8]. Group 3: Capital Supplementation and Market Dynamics - Convertible bonds serve as a crucial tool for banks to supplement their core Tier 1 capital, with a strong incentive for banks to convert bonds into stocks to enhance capital adequacy [2][11]. - The adjustment of conversion prices, such as Qilu Bank's reduction from 5.14 CNY to 5.00 CNY, increases the likelihood of triggering redemption clauses [9]. - The acceleration of bond conversions, combined with a slow pace of new bond approvals and issuances, may lead to irrational price increases for remaining high-quality convertible bonds in the market [11].

Core Viewpoint - Qilu Bank's convertible bonds may trigger redemption clauses due to the stock price remaining above 130% of the conversion price for a significant number of trading days, indicating strong market performance and potential capital strengthening for the bank [1][4][6]. Group 1: Convertible Bond Redemption - Qilu Bank announced that its stock price has been above 130% of the convertible bond's conversion price for 10 out of the last 15 trading days, which could lead to the triggering of redemption clauses if this trend continues [1][4]. - The conversion price for Qilu's bonds was adjusted from 5.14 CNY to 5.00 CNY, making the new threshold for triggering redemption 6.50 CNY [4][10]. - If the redemption clause is triggered, Qilu Bank has the right to redeem all or part of the unconverted bonds at face value plus accrued interest [5][6]. Group 2: Market Trends and Implications - This year, several bank convertible bonds have triggered strong redemption, with five bonds exiting the market, highlighting a trend of increasing bond scarcity [2][9]. - The rising stock prices of banks have led to a significant number of convertible bonds potentially triggering redemption, with estimates suggesting around 100 billion CNY in bank convertible bonds may convert this year [10][12]. - The adjustment of conversion prices by banks is aimed at increasing the likelihood of triggering redemption, thereby enhancing their capital positions [10][12].

（以下简称"《募集说明书》"） 有条件赎回条款的相关约定，公司有权决定按照债券面值加当期应计利息的价格 赎回全部或部分未转股的"齐鲁转债"。 一、可转债发行上市概况 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-023 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"齐鲁转债"预计满足赎回条件的提示性公告 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： ? 齐鲁银行股份有限公司（以下简称"公司"）股票自 2025 年 6 月 3 日至 债"当期转股价格（自 2025 年 6 月 12 日起转股价格由 5.14 元/股调整为 5.00 元 /股）的 130%（含 130%）。若在未来 15 个交易日内，公司股票仍有 5 个交易日 的收盘价格不低于"齐鲁转债"当期转股价格 5.00 元/股的 130%（含 130%）， 即 6.50 元/股，将触发"齐鲁转债"的赎回条款。届时，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》 IA=B×i×t/36 ...

关于"齐鲁转债"预计满足赎回条件的提示性公告 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： 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-023 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 齐鲁银行股份有限公司（以下简称"公司"）股票自 2025 年 6 月 3 日至 2025 年 6 月 23 日的 15 个交易日中已有 10 个交易日的收盘价格不低于"齐鲁转 债"当期转股价格（自 2025 年 6 月 12 日起转股价格由 5.14 元/股调整为 5.00 元 /股）的 130%（含 130%）。若在未来 15 个交易日内，公司股票仍有 5 个交易日 的收盘价格不低于"齐鲁转债"当期转股价格 5.00 元/股的 130%（含 130%）， 即 6.50 元/股，将触发"齐鲁转债"的赎回条款。届时，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》（以下简称"《募集说明书》"） 有条件赎回条款的相关约定，公司有权决定按照债券面值加当期应计利息的 ...

银行板块短线跳水，长沙银行（601577）、苏农银行（603323）跌超2%，中信银行（601998）、西安 银行（600928）、齐鲁银行（601665）、青岛银行（002948）纷纷下挫。 ...

Group 1 - The core message highlights the importance of personalized financial services, particularly for clients with special needs, as demonstrated by the home service provided by Qilu Bank [1][4] - Qilu Bank's South Suburban Branch has adopted a customer-centric service philosophy, focusing on understanding and addressing the specific needs of clients, especially the elderly and disabled [4] - The branch has successfully completed over ten home service visits for special clients this year, showcasing its commitment to meeting diverse and personalized customer demands [4] Group 2 - The bank's proactive approach in offering home services breaks traditional service limitations, providing timely and compassionate financial assistance [4] - The positive feedback from clients, including expressions of gratitude, reflects the effectiveness and warmth of the bank's service initiatives [4] - Qilu Bank aims to continue enhancing its service processes and innovate service methods to fulfill its social responsibility and contribute to a harmonious financial service environment [4]

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core View The report analyzes the situation of bank convertible bonds shrinking in the convertible bond market and explores possible bottom - position allocation ideas for convertible bond funds and other types of funds after the reduction of bank convertible bonds as large - cap bottom - position varieties. It provides suggestions for investors on how to choose bottom - position varieties based on the characteristics of convertible bond bottom - position varieties and market conditions [13]. Summary by Relevant Catalogs 1. Convertible Bond Bottom - Position Variety Overview - Pan - fixed - income + funds have a certain demand for convertible bonds. Convertible bond funds have an average convertible bond position of about 78%, and the convertible bond positions of first/second - level bond funds, balanced hybrid, and partial - debt hybrid funds are mostly maintained above 10% [1][15]. - At the industry level, public funds generally use convertible bonds from industries such as banks and power equipment as bottom - position varieties. Bank convertible bonds account for a large proportion in the convertible bond bottom - position varieties of public funds at all times, but the bottom - position varieties change with factors such as bond balance and market conditions [19][21]. 2. Overview of Bank Convertible Bonds - the "Major Holders" of Convertible Bond Bottom - Positions - **Purpose of Issuance**: Issuing convertible bonds is an important way for commercial banks to supplement core tier - 1 capital, and they need to achieve this through continuous conversion. Some bank convertible bonds have seen large shareholders convert at a premium to seize the opportunity to supplement core tier - 1 capital [2][28]. - **Characteristics**: Bank convertible bonds have high safety, can be pledged, and have high dividend yields of underlying stocks, almost no default risk, and strong anti - risk ability. They are also an important income - enhancement channel for stable accounts [2][33]. - **Scale Trend**: In recent years, there have been few bank convertible bond issuances, but the delisting rhythm has accelerated significantly. There are currently no new bank convertible bond issuances in the short term, and there are no new bank convertible bond pre - plans after the refinancing regulations [40][43]. 3. How to Allocate Subsequent Bottom - Position Varieties? - **Characteristics of Convertible Bond Bottom - Position Varieties**: Most bottom - position varieties have high ratings (AA and above), large market values (nearly 90% have a convertible bond balance of over 2 billion), and good anti - decline performance [3][46]. - **Analysis of "Possible Bottom - Position Varieties"**: - **Substituting with Other High - Rating Large - Cap Varieties**: Such as photovoltaic convertible bonds. Although there are relatively limited eligible targets, and photovoltaic convertible bonds have been increasingly favored by funds in recent quarters, whether each high - rating large - cap bond can be used as a bottom - position still needs comprehensive consideration [52][56]. - **Comparing with Public Fund Benchmarks**: Considering currently under - allocated varieties. However, in practice, most public funds' performance benchmarks do not contain convertible bond - related indices, and the conversion premium rate may be a significant interference factor [57][62]. - **Idea for Bottom - Position Selection**: - **For Convertible Bond Funds**: Consider individual bonds with a positive YTM and good credit quality of underlying stocks. Also, construct a convertible bond portfolio with low or negative correlations among some individual bonds [66][67]. - **For Non - Convertible Bond Funds**: When it is difficult to find suitable bottom - position varieties in the convertible bond market, consider switching to other types of bonds [71][72].