Core Viewpoint - The strong performance of bank stocks has led to multiple bank convertible bonds triggering mandatory redemption clauses, resulting in a reduction of available convertible bonds in the market [1][2]. Group 1: Convertible Bonds and Redemption - Qilu Bank announced that August 8 is the last trading day for Qilu convertible bonds, with mandatory redemption occurring on August 14 [1]. - This year, four bank convertible bonds have already been delisted due to triggering strong redemption clauses, with Qilu and Pudong Development Bank bonds set to exit the market soon [1][2]. - As of August 7, Qilu convertible bonds were trading at 123.69 yuan, with an unconverted balance of 453 million yuan, representing 5.67% of the total [2]. Group 2: Bank Performance and Market Trends - Qilu Bank reported a 5.76% year-on-year increase in operating income for the first half of 2025, totaling 6.782 billion yuan, and a 16.48% increase in net profit, amounting to 2.734 billion yuan [2]. - The banking sector has seen significant stock price increases, with the Shenwan first-level bank index rising over 14% this year, and several banks, including Pudong Development Bank and Qingdao Bank, experiencing gains of nearly 40% and over 36%, respectively [2]. - The supply of bank convertible bonds is decreasing, which is changing market dynamics and prompting institutional investors to seek alternative assets to fill the gap left by reduced convertible bond allocations [3].

Core Points - The announcement details the redemption and delisting of "Qilu Convertible Bonds" (齐鲁转债) by Qilu Bank, with the last trading day set for August 8, 2025 [2][14] - The last conversion date for the bonds is August 13, 2025, after which the bonds will be delisted from the Shanghai Stock Exchange [4][15] - The redemption price is set at RMB 100.7068 per bond, which includes accrued interest [9][10] Redemption Details - The redemption registration date is August 13, 2025, and the redemption payment date is August 14, 2025 [9][13] - The bonds will be forcibly redeemed at the face value plus accrued interest if not converted by the last conversion date [4][18] - The accrued interest is calculated based on a 1.00% annual interest rate for 258 days, resulting in RMB 0.7068 per bond [10] Conditions for Redemption - The conditional redemption clause was triggered as the stock price of Qilu Bank exceeded 130% of the conversion price for 15 trading days within the specified period [6][8] - The bonds will be frozen and cease trading after the registration date if not converted [18] Investor Guidance - Investors are advised to convert or sell their bonds before the last trading day to avoid potential losses [5][17] - The current market price of the bonds is significantly higher than the redemption price, indicating a potential loss for investors who do not act in time [18]

Core Points - Qilu Bank's convertible bond (Qilu Convertible Bond) will be redeemed early, with the last trading day on August 8 and delisting on August 14 [1][2] - As of August 7, the market price of Qilu Convertible Bond was 123.69 CNY per share, significantly higher than the redemption price of 100.71 CNY per share, indicating a potential loss of approximately 19% for investors who do not convert or sell in time [1][2] - The bond was originally set to mature in 2028 but triggered the early redemption clause due to the underlying stock price rising above 130% of the conversion price for 15 trading days [2][3] Company Summary - Qilu Bank's stock price has increased nearly 16% year-to-date as of August 7, contributing to the bond's early redemption [2][3] - The unconverted balance of Qilu Convertible Bond is 453 million CNY, with an unconverted ratio of 5.67% [2] - The bank has warned investors about the significant potential losses if they fail to convert or sell their bonds within the specified timeframe [2] Industry Context - This year, five bank convertible bonds have triggered early redemption clauses, indicating a trend in the banking sector [3] - The Shanghai Securities Index for the banking sector has risen over 14% this year, with several banks experiencing substantial stock price increases, such as Pudong Development Bank (40%) and Agricultural Bank (30%) [3] - Convertible bonds are viewed as an important tool for banks to supplement core Tier 1 capital, with advantages including easier issuance and lower financing costs [3][4]

Core Points - Qilu Bank's convertible bond (Qilu Convertible Bond) will be delisted from the Shanghai Stock Exchange on August 14, following its last trading day on August 8 and last conversion day on August 13 [2][3] - As of August 7, the market price of Qilu Convertible Bond was 123.69 CNY per share, significantly higher than the redemption price of 100.71 CNY per share, indicating a potential loss of approximately 19% for investors who do not convert or sell in time [2][3] - The bond was originally set to mature in 2028 but was triggered for early redemption due to the underlying stock price rising, with the stock closing above 130% of the conversion price for 15 trading days between June 3 and July 4 [3] Market Context - This year, five bank convertible bonds have triggered early redemption clauses, reflecting a broader trend in the banking sector [4] - The Shenwan Primary Bank Index has risen over 14% this year, with several banks, including Pudong Development Bank and Agricultural Bank, seeing significant stock price increases [4] - Two bank convertible bonds are set to mature this year, with the Citic Convertible Bond already delisted in March and the Pudong Convertible Bond expected to be delisted in October [5] Capital Implications - Bank convertible bonds are viewed as an important tool for capital replenishment, offering advantages such as easier issuance and lower financing costs [5] - Following the conversion of Qilu Convertible Bond, it is estimated that Qilu Bank's core Tier 1 capital adequacy ratio will reach 11.62% by 2025, an increase of 0.87 percentage points from 2024 [5]

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-052 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 第十九次提示性公告 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： 截至 2025 年 8 月 7 日收市后，距离 2025 年 8 月 8 日（"齐鲁转债"最后交 易日）仅剩 1 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 截至 2025 年 8 月 7 日收市后，距离 2025 年 8 月 13 日（"齐鲁转债"最后 转股日）仅剩 4 个交易日，2025 年 8 月 13 日为"齐鲁转债"最后一个转股日。 本次提前赎回完成后，"齐鲁转债"将自 2025 年 8 月 14 日起在上海证 券交易所摘牌。 投资者所持"齐鲁转债"除在规定时限内通过二级市场继续交易或按 5.00 元/股的转股价格进行转股外，仅能选择以 100 元/张的票面价格加当期应计利息 （合计人民币 1 ...

Group 1 - Public fund research enthusiasm has increased in the second half of the year, with 178 public funds conducting research on 463 listed companies as of August 6 [1] - The telecommunications equipment industry has become a focal point for public funds, with DingTong Technology, ZhongJi XuChuang, and XinYiSheng receiving attention from 75, 71, and 63 public funds respectively, ranking as the top three [3] - Other notable companies in the top ten for public fund research include Jianghe Group from the construction decoration industry and ShiJia GuangZi from the telecommunications equipment sector, with over 40 public funds researching them [3] Group 2 - Notable fund managers participated in the research activities, such as Zhu Hongyu from China Merchants Fund, who focused on GuoJi JingGong's main business and future acquisition plans [3] - Xie ZhiYu from XingZheng Global Fund researched AiEr Eye Hospital, discussing the company's overseas business layout and strategies against industry competition [4] - Zhu ShaoXing from FuGuo Fund and Fu PengBo from RuiYuan Fund also conducted research on QiLu Bank and YiYuan Communication respectively, indicating a diverse interest in various sectors [4]

Group 1 - Bank stocks experienced a morning rally on August 7, with the Tianhong Bank ETF (515290) rising by 0.58% and a trading volume exceeding 36.15 million yuan [1] - Six banks have reported positive half-year performance forecasts, with five banks showing a year-on-year net profit growth of double digits [1] - The Tianhong Bank ETF closely tracks the CSI Bank Index, which consists of up to 50 bank stocks from the CSI All Share Index, reflecting the overall performance of the banking sector [1] Group 2 - Future expectations indicate that with the gradual implementation of public fund reform plans, the constraint of performance benchmarks will strengthen, leading to increased holdings in banks by active funds [2] - The current under-allocation of bank stocks is estimated to be around 5%-7%, suggesting that the mid-term market for banks is likely not over yet [2]

◎记者 黄坤 截至8月6日，已有浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行等6家A股上市银 行发布了2025年半年度业绩快报，营收净利均实现正增长，其中5家银行归母净利润同比增幅达两位 数。 6家银行业绩报喜 6家A股上市银行率先披露半年度业绩快报，关键业绩指标浮出水面。 在保持稳健扩表的情况下，上半年，浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行 的营收、归母净利润均实现同比正增长。 归母净利润方面，常熟银行同比增幅为13.55%，杭州银行、齐鲁银行、青岛银行均超16%，浦发银行为 10.19%，宁波银行为8.23%。 齐鲁银行同步披露了营业收入的具体情况，其中利息净收入同比增长13.57%；手续费及佣金净收入同 比增长13.64%。 齐鲁银行在半年度业绩快报中提到，该行净息差企稳回升。杭州银行近日在投资者关系活动记录表中透 露，预计今年息差整体降幅将好于2024年。 上述头部券商银行业分析师说，虽然净息差整体仍在下降，但得益于存款利率下调，息差压力趋缓。 银行板块景气度上行 基本面企稳向好，支撑了银行股上涨、估值显著修复。截至8月6日，申万银行板块指数年内累计涨幅达 16.1 ...

Core Viewpoint - Six A-share listed banks reported positive growth in revenue and net profit for the first half of 2025, with five banks achieving double-digit year-on-year growth in net profit [3][4]. Group 1: Financial Performance - The six banks, including Shanghai Pudong Development Bank, Hangzhou Bank, Changshu Bank, Ningbo Bank, Qilu Bank, and Qingdao Bank, all achieved year-on-year growth in revenue and net profit [3]. - Changshu Bank reported a year-on-year net profit increase of 13.55%, while Hangzhou Bank, Qilu Bank, and Qingdao Bank all exceeded 16%. Shanghai Pudong Development Bank's net profit grew by 10.19%, and Ningbo Bank's by 8.23% [3][4]. - Qilu Bank disclosed specific revenue figures, with net interest income increasing by 13.57% and net fee and commission income rising by 13.64% [3]. Group 2: Asset Quality - The asset quality of the six banks showed a steady improvement, with Hangzhou Bank, Ningbo Bank, and Changshu Bank maintaining a non-performing loan (NPL) ratio of 0.76%. The NPL ratios for these banks remained stable compared to the end of 2024, while Changshu Bank's ratio decreased by 0.01 percentage points [3][4]. - Other banks reported a decline in NPL ratios compared to the end of 2024, with Qilu Bank at 1.09% (down 0.1 percentage points), Shanghai Pudong Development Bank at 1.31% (down 0.05 percentage points), and Qingdao Bank at 1.12% (down 0.02 percentage points) [3]. Group 3: Market Conditions - The positive performance of the banks is attributed to alleviated pressure on net interest margins and improved non-interest income. Analysts noted that the first quarter was weak due to a downturn in the bond market, but the second quarter saw a recovery, leading to better performance [4]. - Factors contributing to this improvement include a stabilization in credit supply and demand, a slowdown in loan interest rate declines, and the expiration of high-interest fixed-term deposits, which improved deposit costs [4]. - The banking sector's overall sentiment is improving, with the Shenwan Banking Index showing a year-to-date increase of 16.12%, ranking among the top in 31 industries [5]. Group 4: Stock Performance - All 42 A-share listed banks have seen their stock prices rise this year, with Shanghai Pudong Development Bank, Qingdao Bank, and Agricultural Bank of China leading with increases of 38.08%, 35.89%, and 29.54%, respectively [5]. - Agricultural Bank of China's A-share market capitalization has reached 2.11 trillion yuan, surpassing Industrial and Commercial Bank of China, making it the largest in A-shares [5]. - Several banks have experienced significant shareholder increases, indicating strong confidence in the sector, with notable increases from Nanjing Bank and Qingdao Bank [5].

Core Points - The announcement details the redemption and delisting of "Qilu Convertible Bonds" by Qilu Bank, with the last trading day set for August 8, 2025 [2][14] - The last conversion date for the bonds is August 13, 2025, after which the bonds will be delisted from the Shanghai Stock Exchange [3][15] - The redemption price is set at RMB 100.7068 per bond, which includes accrued interest [4][9] Redemption Details - The redemption registration date is August 13, 2025, and the redemption payment date is August 14, 2025 [9][13] - The bonds will be forcibly redeemed at the face value plus accrued interest if not converted by the last conversion date [4][18] - The accrued interest is calculated based on a 1.00% annual interest rate over 258 days, resulting in an interest of RMB 0.7068 per bond [10] Conditions for Redemption - The conditional redemption clause was triggered as the stock price of Qilu Bank exceeded 130% of the conversion price for 15 trading days [6][8] - If the total amount of unconverted bonds is less than RMB 30 million, the company has the right to redeem all unconverted bonds [7] Investor Guidance - Investors are advised to convert or sell their bonds within the specified timeframe to avoid potential losses [5][18] - The last trading day is August 8, 2025, and the last conversion day is August 13, 2025 [14][17]