融券方面，齐鲁银行11月14日融券偿还2500.00股，融券卖出700.00股，按当日收盘价计算，卖出金额 4340.00元；融券余量49.66万股，融券余额307.89万元，低于近一年40%分位水平，处于较低位。 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59.83%，个人银行业务22.81%，资金营运业务16.05%，其他1.31%。 11月14日，齐鲁银行跌0.64%，成交额2.30亿元。两融数据显示，当日齐鲁银行获融资买入额2283.33万 元，融资偿还4091.42万元，融资净买入-1808.08万元。截至11月14日，齐鲁银行融资融券余额合计 14.00亿元。 截至9月30日，齐鲁银行股东户数5.61万，较上期增加30.16%；人均流通股109647股，较上期减少 7.07%。2025年1月-9月，齐鲁银行实现营业收入0.00元；归母净利润39.63亿元，同比增长15.14%。 融资方面，齐鲁银行当日融资买入2283.3 ...

信风统计发现，A股42家上市银行中，前三季度利润增速突破15%的机构仅有2家，齐鲁银行正是其中之一。 下行周期中持续发酵的县域金融业务，正在成为银行业绩新的价值锚地。 前三季度，齐鲁银行录得营收、归母净利99.24亿元、39.63亿元，同比增幅分别为4.63%、15.14%。 尽管从更长时间回溯，该行近五年营收、净利增速已处于下行通道，4.63%的营收增幅甚至创下历史新低； 但与同业横向比较，两位数的利润增速在上市银行中已较为鲜见。 如今的稳健表现，很大程度上可追溯至六年前的前瞻性布局。 当同业普遍聚焦城市业务时，齐鲁银行曾将县域金融确立为全行核心战略； 如今其县域存贷款占比均已达到全行约三成，广阔的下沉市场不仅为其提供了差异化的竞争优势，亦成为其穿越周期、实现稳健增长的重要支柱。 收入结构上，该行利息、中收、投资收益对营收的贡献率分别为78.24%、10.44%、14.82%。 支柱业务传统信贷的量价齐增，支撑其利息净收入增长17.31%，成为营收向好的关键。 一方面，是齐鲁银行仍维持了较高的扩表速度： 前三季度，资产、负债分别较年初增长12.93%、13.22%，大幅领先行业整体水平； 其中贷款、存款增幅 ...

Investment Rating - The report does not explicitly state an investment rating for the banking sector, but it provides detailed insights into dividend yields and distribution processes, which can inform investment decisions. Core Insights - The report outlines the latest dividend yields and mid-term dividend processes for A and H shares of listed banks, emphasizing the importance of accurately calculating dynamic dividend yields to avoid discrepancies across periods [1][2]. - It details the two processes for mid-term dividends following the 2023 revision of the regulatory guidelines, highlighting the conventional and simplified processes for implementing mid-term dividends [2]. - The report provides a comprehensive overview of key dates related to dividend distribution for both A and H shares, including the importance of purchasing shares before the ex-dividend date to qualify for dividends [3][4]. Summary by Sections Dynamic Dividend Yield Calculation - A simplified yet accurate method for calculating dynamic dividend yield is introduced, defined as "rolling 12-month EPS * cash dividend rate / share price," which helps avoid issues related to overlapping or missing annual and mid-term dividends [1]. - The report calculates the cash dividend rate using a standardized approach across different banks, resulting in a clear comparison of dividend yields as of November 13, 2025 [1]. Mid-Term Dividend Processes - The report explains the two processes for mid-term dividends: the conventional process requiring shareholder approval and a simplified process allowing for quicker implementation [2]. - The simplified process is designed to enhance flexibility for companies in distributing mid-term dividends, thereby improving shareholder returns [2]. Dividend Distribution Key Dates - For A shares, investors must purchase shares before the ex-dividend date to receive dividends on the same day, while H shares typically see a delay of about one month for dividend payments [3][4]. - The report outlines the differences in the dividend distribution timeline between A and H shares, emphasizing the need for investors to be aware of these timelines to maximize their returns [3][4]. Mid-Term Dividend Progress - As of November 13, 2025, 31 A-share banks have confirmed mid-term dividends, while 11 H-share banks have also confirmed their dividend distributions [9][11]. - The report categorizes banks based on their dividend status, detailing those that have implemented dividends, those that are pending, and those that have opted not to distribute dividends [9][10][11]. - It highlights that the end of 2025 and early 2026 is expected to be a peak period for mid-term dividend distributions, suggesting potential investment opportunities for dividend-seeking investors [11].

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-078 本期债券的募集资金将全部用于发放小型微型企业贷款，为小微企业提供金融服务，且优先用于投向科 技创新类企业的贷款项目，加大对科技创新的支持力度。 特此公告。 齐鲁银行股份有限公司 齐鲁银行股份有限公司 关于2025年小型微型企业贷款专项金融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。 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年小型微型企业贷款专项金融债券"（以下简称"本期债券"）。 本期债券于2025年11月11日簿记建档，并于2025年11月13日发行完毕。本期债券发行规模为人民币40亿 元，为3年期固定利率品种，票面利率为1.83%。 董事会 2025年11月13日 ...

Core Points - Qilu Bank has successfully issued a special financial bond for small and micro enterprises, approved by the People's Bank of China [1] - The bond issuance size is RMB 4 billion, with a fixed interest rate of 1.83% and a maturity of 3 years [1] - The funds raised will be exclusively used for providing loans to small and micro enterprises, with a focus on supporting technology innovation projects [1]

Core Insights - Recent surge in share buybacks by multiple A-share listed banks indicates a strong confidence from various funding sources in the banking sector [1] Group 1: Share Buybacks by Bank Executives - Local commercial banks' board members and senior management have become the main force behind the share buybacks, demonstrating confidence in their own banks [2] - Qilu Bank disclosed that its board and senior management plan to buy back shares from September 16 to December 31, with a total buyback amount of approximately 3.15 million yuan, accounting for 90% of the planned buyback amount [2] Group 2: Significant Share Purchases by Major Shareholders - Xiamen Bank announced that its board and senior management have cumulatively bought back 254,400 shares for a total of 1.6857 million yuan, completing their buyback plan [5] - Qingdao Bank's major shareholder, Guoxin Chanin Holdings, increased its stake by acquiring 243 million H-shares from September 15 to November 5, amounting to 957 million yuan, thus becoming the largest shareholder with a 19.17% stake [5][6] Group 3: Insurance Capital Involvement - Insurance funds have significantly increased their allocation to the banking sector since the third quarter, with Ping An Life raising its stake in Postal Savings Bank to 16.01% after investing approximately 7.068 million HKD [8] - China Ping An also announced an increase in its holdings of Postal Savings Bank H-shares, raising its stake from 6.09% to 17.01% after investing about 3.441 million HKD [8] - Other insurance companies have also made notable investments in various banks, indicating a trend of insurance capital favoring the banking sector due to its high dividend characteristics [9]

Group 1 - Qilu Bank has successfully issued "Qilu Bank Co., Ltd. 2025 Special Financial Bonds for Small and Micro Enterprises" approved by the People's Bank of China [1] - The bond issuance was completed on November 13, 2025, with a total scale of RMB 4 billion [1] - This is a 3-year fixed-rate bond with a coupon rate of 1.83% [1] Group 2 - The funds raised from this bond will be exclusively used for issuing loans to small and micro enterprises [1] - Priority will be given to loan projects aimed at technology innovation enterprises, enhancing support for technological innovation [1]

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Viewpoints - The overall operating income, pre-provision profit, and net profit growth rates for listed banks in the first three quarters of 2025 are 0.91%, 0.56%, and 1.48% respectively, indicating a recovery in performance driven by scale and an ongoing improvement in fee income [4][12] - The growth rate of interest-earning assets for listed banks is 9.40% year-on-year, with loans and debt investments increasing by 7.83% and 13.94% respectively [4][5] - The net interest margin for listed banks is stable at 1.35%, with a slight decline in state-owned banks, while other types of banks have stabilized [5] - Non-interest income has increased by 5.02% year-on-year, although it has seen a quarter-on-quarter decline due to adjustments in the bond market [5] - The asset quality is improving, with the non-performing loan ratio at 1.23%, showing a slight decrease from the previous half-year [5] Summary by Sections 1. Performance Recovery Driven by Scale and Fee Improvement - In the first three quarters of 2025, listed banks showed a growth in operating income, pre-provision profit, and net profit, with respective growth rates of 0.91%, 0.56%, and 1.48% [12] - City commercial banks outperformed other types of banks, while state-owned banks also showed positive growth [12] 2. Growth of Interest-Earning Assets and Slower Expansion of Liabilities - The year-on-year growth rate of interest-earning assets for listed banks is 9.40%, with loans and debt investments increasing by 7.83% and 13.94% respectively [4][5] 3. Stabilization of Net Interest Margin - The net interest margin for listed banks is stable at 1.35%, with a slight decline in state-owned banks [5] 4. Non-Interest Income Performance Affected by Bond Market Adjustments - Non-interest income increased by 5.02% year-on-year, but saw a quarter-on-quarter decline due to bond market adjustments [5] 5. Improvement in Asset Quality and Declining Credit Costs - The non-performing loan ratio for listed banks is 1.23%, showing a slight decrease from the previous half-year, with a significant decline in credit costs [5][12] 6. Investment Recommendations - Focus on banks with significant deposit maturities and potential for interest margin improvement, such as Chongqing Bank, China Merchants Bank, and Bank of Communications [6] - Attention to city commercial banks that will benefit from improvements in fixed asset investment, such as Jiangsu Bank, Qilu Bank, and Qingdao Bank [6]

本期债券于 2025 年 11 月 11 日簿记建档，并于 2025 年 11 月 13 日发行完毕。 本期债券发行规模为人民币 40 亿元，为 3 年期固定利率品种，票面利率为 1.83%。 本期债券的募集资金将全部用于发放小型微型企业贷款，为小微企业提供金 融服务，且优先用于投向科技创新类企业的贷款项目，加大对科技创新的支持力 度。 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-078 齐鲁银行股份有限公司关于2025年 小型微型企业贷款专项金融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。 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 年小型微型企业贷款专项金融债券"（以下简称 "本期债券"）。 特此公告。 齐鲁银行股份有限公司董事会 2025 年 11 月 13 日 1 / 1 ...

Group 1 - Qilu Bank has successfully issued "Qilu Bank Co., Ltd. 2025 Special Financial Bonds for Small and Micro Enterprises Loans" approved by the People's Bank of China [1] - The bond issuance was completed on November 13, 2025, with a total scale of RMB 4 billion and a fixed interest rate of 1.83% for a 3-year term [1] - The funds raised from this bond will be exclusively used for providing loans to small and micro enterprises, with a priority on projects related to technological innovation [1]