Core Viewpoint - Qilu Bank has recently increased its registered capital from approximately 4.71 billion to about 6.15 billion yuan, indicating a significant capital expansion [1] Group 1 - The registered capital of Qilu Bank has been raised by approximately 29.2% [1] - The new registered capital stands at around 6.15 billion yuan [1] - The previous registered capital was approximately 4.71 billion yuan [1]

Core Insights - The report maintains a strong market rating for the banking sector, highlighting structural opportunities amid a new economic starting point in 2026 [3][5] - The macroeconomic environment is expected to support credit growth, with fiscal policies becoming more proactive and monetary policies remaining moderately accommodative [3][4] - The banking sector is anticipated to experience a stabilization in net interest margins, with a narrowing space of less than 5 basis points expected in 2026 [4][40] Macroeconomic Fundamentals - The GDP growth target for 2026 is projected to remain stable at around 5%, supported by structural improvements in financing demand from enterprises and households [12][14] - The fiscal deficit rate is expected to increase from 4% in 2025, with proactive fiscal policies aimed at stabilizing growth and expectations [14][16] - Monetary policy will continue to be moderately accommodative, with social financing growth expected to maintain above 8% [16][17] Industry Core Policy Guidance - Regulatory bodies are focusing on protecting net interest margins, with measures in place to guide banks in pricing management and alleviate margin pressures [25][26] - New supportive policies, including interest subsidies for personal consumption loans, are expected to create favorable asset deployment scenarios for banks [27][28] - Capital supplementation policies are being optimized to enhance banks' credit expansion capabilities and risk resilience [28][29] 2026 Profitability Outlook - Corporate loan growth is expected to be a key driver of credit expansion, while retail credit improvements will depend on policy support for income and consumption [4][34] - The net interest margin is projected to stabilize, with a potential bottoming out in 2026, supported by regulatory measures and market conditions [40][41] - Fee income is anticipated to recover, particularly for city commercial banks, as market sentiment improves [42][43] 2026 Asset Quality Outlook - The overall asset quality of the banking sector is expected to stabilize, with non-performing loan ratios remaining low for corporate lines, while retail lines may still face risks [4][20] - The trend of provisioning coverage is expected to improve, providing banks with more flexibility in managing their asset quality [20][21] 2026 Industry Landscape Outlook - Differentiation among banks is likely to become a dominant theme, with larger banks expected to see more stable revenue growth compared to smaller banks facing complex operating environments [4][5] - Regional economic vitality will significantly influence the performance of local banks, with areas of strong economic growth presenting better investment opportunities [5][6] Investment Recommendations - The insurance sector is projected to see over 2 trillion yuan in new market funds in 2026, increasing demand for high-dividend assets [5] - Focus on state-owned banks with stable operations, such as Industrial and Commercial Bank of China and China Construction Bank, as attractive investment targets [5] - Attention should be given to regional banks in economically vibrant areas, such as Jiangsu Bank and Chongqing Bank, which are expected to perform well [5][6]

Core Viewpoint - The company announces a share buyback plan by certain directors, supervisors, and senior management, which has been successfully completed with a total investment exceeding the initial target [2][5]. Group 1: Buyback Plan Overview - The buyback plan is set to occur from September 16, 2025, to December 31, 2025, with a minimum investment of RMB 3.5 million [2][4]. - The buyback is conducted through the Shanghai Stock Exchange using a centralized bidding method [4]. Group 2: Implementation Results - As of December 31, 2025, the buyback resulted in the acquisition of 771,000 shares, totaling an investment of RMB 4.4822 million, which is 128% of the planned amount [5]. - Post-implementation, the total shares held by the buyback participants increased to 2.2113 million, representing 0.04% of the company's total share capital [5]. Group 3: Participants' Background - The buyback participants include certain directors, supervisors, senior management, and key personnel from the head office and branches [3]. - Before the buyback, these participants collectively held 1.4403 million shares, accounting for 0.02% of the company's total share capital [3]. Group 4: Compliance and Regulations - The implementation of the buyback plan complies with relevant laws, regulations, and the rules of the Shanghai Stock Exchange [6].

Group 1 - The banking sector is expected to see a stabilization in net interest margins in 2026, driven by a peak in deposit re-pricing and a favorable loan rate environment [6][70][75] - The overall banking index increased by 7% in 2025, with H-shares and state-owned banks leading the gains, although the banking index underperformed the Shanghai Composite Index by 11 percentage points [3][10][12] - Insurance capital has significantly increased its allocation to bank stocks, with a net increase of approximately 570 billion yuan in 2025, indicating strong future demand for bank equities [4][23][26] Group 2 - The growth of interest-earning assets is a key stabilizer for bank performance, contributing to an 8%-11% increase in earnings, while the negative impact of interest margins has been narrowing [5][45] - The profitability of banks is improving, with a notable recovery in fee income and investment returns, which have become significant growth drivers [41][45] - The performance of city commercial banks and state-owned banks has been particularly strong, with city commercial banks showing the highest profit growth due to reduced credit impairment provisions [48][49] Group 3 - The report highlights a favorable outlook for bank stock investments, focusing on high dividend yields and growth potential, with specific banks like Shanghai Pudong Development Bank and China Merchants Bank identified as beneficiaries [7] - Regulatory policies are evolving to enhance risk management and promote digital finance, which is expected to support the banking sector's stability and growth [51][54] - The macroeconomic environment is characterized by a weak recovery, with credit growth expected to slow down, impacting overall banking performance [6][63]

Group 1 - Qilu Bank announced a plan for certain directors, supervisors, senior management, and key personnel to increase their shareholding from September 16, 2025, to December 31, 2025, with a total investment of no less than RMB 3.5 million [1] - By December 31, 2025, the stakeholders had cumulatively increased their holdings by 771,000 shares, amounting to RMB 4.4822 million, which is 128% of the planned investment [1]

1月5日金融一线消息，齐鲁银行发布公告称，公司部分董事、监事、高级管理人员和总行部门、分行主 要负责人等计划自2025年9月16日至2025年12月31日期间通过上海证券交易所交易系统以集中竞价方式 增持公司股份，合计增持金额不低于人民币350万元。 截至2025年12月31日，公司部分董事、监事、高级管理人员和总行部门、分行主要负责人等通过上海证 券交易所交易系统以集中竞价方式累计增持公司股份77.10万股，累计增持金额448.22万元，为计划增持 金额的128%，本次增持计划实施完毕。 1月5日金融一线消息，齐鲁银行发布公告称，公司部分董事、监事、高级管理人员和总行部门、分行主 要负责人等计划自2025年9月16日至2025年12月31日期间通过上海证券交易所交易系统以集中竞价方式 增持公司股份，合计增持金额不低于人民币350万元。 截至2025年12月31日，公司部分董事、监事、高级管理人员和总行部门、分行主要负责人等通过上海证 券交易所交易系统以集中竞价方式累计增持公司股份77.10万股，累计增持金额448.22万元，为计划增持 金额的128%，本次增持计划实施完毕。 责任编辑：秦艺 责任编辑：秦艺 ...

截至2025年12月31日，公司部分董事、监事、高级管理人员和总行部门、分行主要负责人等通过上海证 券交易所交易系统以集中竞价方式累计增持公司股份77.10万股，累计增持金额448.22万元，为计划增持 金额的128%，本次增持计划实施完毕。 格隆汇1月5日丨齐鲁银行(601665.SH)公布，公司部分董事、监事、高级管理人员和总行部门、分行主 要负责人等计划自2025年9月16日至2025年12月31日期间通过上海证券交易所交易系统以集中竞价方式 增持公司股份，合计增持金额不低于人民币350万元。 ...

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"）部分董事、监事、高级管理 人员和总行部门、分行主要负责人等（以下合称"增持主体"），计划自 2025 年 9 月 16 日至 2025 年 12 月 31 日期间通过上海证券交易所交易系统以集中竞价方 式增持公司股份，合计增持金额不低于人民币 350 万元（以下简称"本次增持计 划"）。 截至 2025 年 12 月 31 日，增持主体通过上海证券交易所交易系统以集中 竞价方式累计增持公司股份 77.10 万股，累计增持金额 448.22 万元，为计划增持 金额的 128%，本次增持计划实施完毕。 证券代码：601665 证券简称：齐鲁银行 公告编号：2026-001 齐鲁银行股份有限公司 关于董事、监事、高级管理人员等自愿增持股份计划 实施完毕的公告 二、增持计划主要内容 一、增持主体基本情况 1、增持主体：部分董事、监事、高级管理人员和总行部门、分行主要负责 人等。 2、本次增持计划实施前，增持主体合计持有公司股份 14 ...

Market Overview - The city commercial bank sector increased by 0.26% on January 5, with Hangzhou Bank leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up by 1.38%, while the Shenzhen Component Index closed at 13828.63, up by 2.24% [1] Individual Bank Performance - Hangzhou Bank (600926) closed at 15.45, with a rise of 1.11% and a trading volume of 580,400 shares, amounting to a transaction value of 893 million yuan [1] - Chengdu Bank (601838) closed at 16.24, up by 0.74%, with a trading volume of 278,200 shares and a transaction value of 450 million yuan [1] - Beijing Bank (601169) closed at 5.52, increasing by 0.73%, with a trading volume of 1,428,800 shares and a transaction value of 787 million yuan [1] - Guizhou Bank (601997) closed at 5.91, up by 0.68%, with a trading volume of 255,700 shares and a transaction value of 151 million yuan [1] - Qindao Bank (002948) closed at 4.51, increasing by 0.67%, with a trading volume of 419,600 shares and a transaction value of 188 million yuan [1] - Jiangsu Bank (616009) closed at 10.46, up by 0.58%, with a trading volume of 1,271,800 shares and a transaction value of 1.331 billion yuan [1] - Xian Bank (600928) closed at 3.72, increasing by 0.54%, with a trading volume of 198,300 shares and a transaction value of 73.3 million yuan [1] - Zhengzhou Bank (002936) closed at 1.94, up by 0.52%, with a trading volume of 723,100 shares and a transaction value of 140 million yuan [1] - Lanzhou Bank (001227) closed at 2.33, increasing by 0.43%, with a trading volume of 290,200 shares and a transaction value of 67.5 million yuan [1] - Ningbo Bank (002142) closed at 28.15, up by 0.21%, with a trading volume of 271,700 shares and a transaction value of 764 million yuan [1] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 380 million yuan from main funds, while retail funds experienced a net outflow of 134 million yuan [2] - The main funds' net inflow and outflow for individual banks include: - Jiangsu Bank (600919) had a net inflow of 10.4 million yuan, with a 7.78% share of main funds [3] - Shanghai Bank (601229) had a net inflow of 87.04 million yuan, with a 13.64% share of main funds [3] - Hangzhou Bank (600926) had a net inflow of 79.04 million yuan, with an 8.86% share of main funds [3] - Nanjing Bank (600000) had a net inflow of 67.86 million yuan, with a 9.68% share of main funds [3] - Ningbo Bank (002142) had a net inflow of 58.14 million yuan, with a 7.61% share of main funds [3] - Qilu Bank (601665) had a net inflow of 57.72 million yuan, with a 14.60% share of main funds [3] - Qingdao Bank (002948) had a net inflow of 22.18 million yuan, with an 11.82% share of main funds [3] - Suzhou Bank (002966) had a net inflow of 6.29 million yuan, with a 2.71% share of main funds [3] - Xiamen Bank (601187) had a net inflow of 520,450 yuan, with a 5.25% share of main funds [3] - Xian Bank (600928) had a net inflow of 287,550 yuan, with a 3.92% share of main funds [3]

天眼查工商信息显示，近日，齐鲁银行（601665）发生工商变更，注册资本由约47.1亿人民币增至约 61.5亿人民币，增幅约31%。 来源：央视新闻 齐鲁银行股份有限公司成立于1996年6月，法定代表人为郑祖刚，经营范围为银行业务、公募证券投资 基金销售。股东信息显示，该公司由澳洲联邦银行、济南市国有资产运营有限公司、兖矿能源集团股份 有限公司等共同持股。 ...