自7月以来，上市银行"中报季"逐步拉开帷幕。截至记者发稿前，已有5家上市银行率先"交卷"，发布了 2025年半年度业绩快报。 总体来看，今年上半年，5家上市银行资产规模增长稳健，营业收入和归母净利润均实现同比增长，还 有银行实现营收、净利润"双升"。 5家上市银行业绩报喜 《金融时报》记者梳理数据时发现，截至发稿前，已有杭州银行（600926）、常熟银行（601128）、宁 波银行（002142）、齐鲁银行（601665）、青岛银行（002948）共5家A股上市银行发布了2025年中期 业绩快报。 从资产规模来看，今年上半年，5家上市银行总资产均实现正增长，同比增速均超过5%，但也呈现出梯 队差异。 在归母净利润方面，宁波银行、杭州银行超100亿元，分别为147.72亿元、116.62亿元。杭州银行、齐鲁 银行、青岛银行归母净利润均实现超16%的高速增长。 值得一提的是，作为首家披露中期业绩快报的A股上市农商行，常熟银行也是目前唯一一家营收、净利 双双实现两位数增长的上市银行。该行上半年实现营业收入60.62亿元，同比增长10.10%；归母净利润 为19.69亿元，同比增长13.55%。 上半年，5家上市银行 ...

Core Viewpoint - The A-share market has seen a significant number of convertible bonds delisted this year, primarily due to mandatory redemptions triggered by rising stock prices, indicating a strong bullish trend in the market [2][4]. Group 1: Convertible Bond Market Dynamics - As of August 6, 2023, a total of 71 convertible bonds have been delisted from the A-share market this year, with 51 of these delistings resulting from redemptions, accounting for approximately 71% of the total [2][4]. - The average price increase of A-shares has been 25.9% year-to-date, which has led to a surge in mandatory redemptions of convertible bonds as stock prices meet the conditions for forced redemption [2][5]. - The strong performance of underlying stocks is driving companies to redeem convertible bonds to reduce interest costs and optimize capital structure [2][5]. Group 2: Specific Cases of Redemption - The "Qilu Convertible Bond" will have its last conversion day on August 13, 2023, with a redemption price of 100.7086 CNY per bond, while its closing price was 124.498 CNY as of August 6, 2023 [3]. - The Qilu Bank's stock has risen by 16.83% this year, contributing to the bond's forced redemption, with at least four bank convertible bonds triggering mandatory redemptions this year [3][4]. - Other companies, such as Feilu Co. and Wenzhou Hongfeng, have also announced upcoming mandatory redemptions due to strong stock performance, with some stocks seeing increases of over 60% this year [4][5]. Group 3: Market Supply and Demand - The issuance of new convertible bonds has slowed, with fewer than 30 issued this year, leading to a significant decrease in the total supply of convertible bonds in the market [5][6]. - The demand for convertible bonds remains high due to institutional investors' rigid allocation needs and declining pure bond yields, creating a supply-demand imbalance [5][6]. - The Wind Convertible Bond Index has increased by 16.5% year-to-date, outperforming major stock indices, indicating a robust market for convertible bonds despite the declining supply [5][6]. Group 4: Investment Trends - The convertible bond market is experiencing a rotation similar to the stock market, with sectors like TMT and innovative pharmaceuticals showing high activity [6]. - Institutions are increasingly favoring convertible bonds in sectors with high growth potential, such as electronics, chemicals, and pharmaceuticals, as traditional bank bonds become scarcer [6]. - The scarcity of high-quality convertible bonds is pushing up their valuation levels, making investment in this space more challenging [6].

Core Viewpoint - The A-share market has seen a significant increase in the number of convertible bonds being redeemed and delisted, primarily due to the strong performance of underlying stocks, which has triggered mandatory redemption mechanisms for these bonds [1][3]. Group 1: Convertible Bond Redemption - A total of 71 convertible bonds have been delisted in the A-share market this year, with 51 of these being due to redemption, accounting for approximately 71% of the total [1]. - The average increase in A-share stocks has been 25.9% year-to-date, which has led to a surge in mandatory redemptions of convertible bonds [1][3]. - Companies are opting for mandatory redemptions to encourage bond conversion, thereby reducing interest costs and optimizing their capital structure [1]. Group 2: Specific Cases of Redemption - The "Qilu Convertible Bond" will have its last conversion day on August 13, with a redemption price of 100.7086 yuan per bond, while its market price was 124.498 yuan as of August 6 [2]. - The stock price of Qilu Bank has increased by 16.83% this year, contributing to the triggering of the bond's mandatory redemption [2]. - At least four bank convertible bonds have triggered mandatory redemption this year, with the "Pudong Development Bank Convertible Bond" set to mature on October 28, totaling 500 billion yuan [2]. Group 3: Market Dynamics - The issuance of new convertible bonds has slowed, with fewer than 30 issued this year, leading to a significant decrease in the total market size and number of outstanding bonds [4]. - The Wind Convertible Bond Index has risen by 16.5% this year, reaching a historical high of 226.55 points as of August 6, outperforming major stock indices [4]. - The scarcity of high-quality convertible bonds, combined with strong institutional demand for fixed-income products, has created a supply-demand imbalance in the market [5]. Group 4: Investment Trends - The convertible bond market has seen a rotation similar to the stock market, with sectors like TMT and innovative pharmaceuticals gaining traction [5]. - Institutions are increasingly focusing on high-growth sectors such as electronics, chemicals, and pharmaceuticals for convertible bond investments, as traditional bank bonds become less available [5]. - The overall valuation of convertible bonds is currently high due to the supply-demand imbalance, making investment in this space more challenging [5].

Market Overview - The Shanghai Composite Index rose by 0.45% on August 6, with 24 out of the 28 sectors experiencing gains. The top-performing sectors were defense and military industry, and machinery equipment, with increases of 3.07% and 1.98% respectively [1] - The banking sector saw a decline of 0.14% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 9.652 billion yuan, with seven sectors experiencing net inflows. The machinery equipment sector led with a net inflow of 4.367 billion yuan, followed closely by the defense and military industry with a net inflow of 4.283 billion yuan [1] - The pharmaceutical and biological industry had the largest net outflow, totaling 9.049 billion yuan, followed by the telecommunications sector with a net outflow of 2.949 billion yuan [1] Banking Sector Performance - In the banking sector, there were 42 stocks, with 11 rising and 26 falling. The sector experienced a net outflow of 1.067 billion yuan [2] - The top three banks with the highest net outflow were Minsheng Bank, China Construction Bank, and Industrial and Commercial Bank of China, with outflows of 263.15 million yuan, 213.00 million yuan, and 174.41 million yuan respectively [2][3] - The individual stock performance showed that Changshu Bank had the highest net inflow of 41.12 million yuan, followed by Hangzhou Bank and Chongqing Rural Commercial Bank with inflows of 32.14 million yuan and 22.64 million yuan respectively [2][3]

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-051 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 第十八次提示性公告 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 6 日收市后，距离 2025 年 8 月 8 日（"齐鲁转债"最后交 易日）仅剩 2 个交易日，2025 年 8 月 8 日为"齐鲁转债"最后一个交易日。 敬请广大投资者详细了解可转债有关规定，理性决策，注意投资风险。 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》 1 / 5 赎回登记日：2025 年 8 月 13 日 赎回价格：100.7068 元/张 赎回款发放日：2025 年 8 月 14 日 最后交易日：2025 年 8 月 8 日 （以下简称"《募集说明书》"）的约定，自 2025 年 6 月 3 日至 2025 年 7 月 4 日期间，齐鲁银行股份有限公司（以下简称"公司"）股票已有 15 个交易日收 盘价不 ...

Core Viewpoint - The forced redemption of convertible bonds is accelerating, leading to a significant reduction in the total outstanding amount of convertible bonds in the market [1][4]. Group 1: Market Dynamics - As of August 5, 2023, 71 convertible bonds have been delisted from exchanges this year, with 51 of these delistings attributed to forced redemptions [2][3]. - The total outstanding amount of convertible bonds has decreased by 80.564 billion yuan to 653.058 billion yuan [4]. - The current market environment, characterized by a recovering equity market and declining financing costs, is contributing to the acceleration of forced redemptions [1][3]. Group 2: Supply and Demand - The issuance of new convertible bonds has been limited, with only 26 new bonds issued this year, totaling 40.579 billion yuan, which is still significantly lower than peak years like 2022 [5][6]. - The tightening of refinancing regulations by the China Securities Regulatory Commission has further restricted the issuance of new convertible bonds, leading to a slowdown in the market [6][7]. - The expected issuance of convertible bonds in the second half of the year is projected to be less than 20 billion yuan, while over 40 billion yuan of convertible bonds are set to mature [7]. Group 3: Investor Sentiment and Market Trends - Despite the reduction in supply, demand for convertible bonds remains high, particularly among institutional investors seeking "fixed income plus" products [8]. - The increasing number of forced redemptions is making investors more cautious, as it compresses the selection space for bonds and amplifies trading demand [8]. - The current market conditions are likely to maintain a high premium rate for convertible bonds, as the overall supply continues to decline [8].

Core Points - The announcement details the early redemption of "Qilu Convertible Bonds" and the subsequent delisting from the Shanghai Stock Exchange on August 14, 2025 [1][2][7] - The redemption price is set at RMB 100.7068 per bond, which includes accrued interest [5][8] - The last trading day for the bonds is August 8, 2025, and the last conversion day is August 13, 2025 [6][7] Redemption Details - The redemption registration date is August 13, 2025, and the redemption payment date is August 14, 2025 [1][6] - The bonds will be forcibly redeemed at the face value plus accrued interest if not converted or sold by the last trading day [2][9] - The conditional redemption clause was triggered as the company's stock price exceeded 130% of the conversion price for 15 trading days [2][5] Investor Guidance - Investors are advised to convert or sell their bonds within the specified timeframe to avoid potential losses [2][9] - The accrued interest calculation is based on a 1.00% annual coupon rate over 258 days [5][8] - The actual redemption amount for individual investors will be subject to a 20% tax on interest income, resulting in a net amount of RMB 100.5654 per bond [8]

（文章来源：证券日报） 证券日报网讯 8月5日晚间，齐鲁银行发布公告称，特提醒"齐鲁转债"持有人注意在限期内实施转股或 卖出交易，以避免可能面临的投资损失。 ...

Group 1 - The core viewpoint of the article highlights the positive performance of several listed banks in the first half of 2025, with both operating income and net profit showing growth [1][3] - Ningbo Bank and Hangzhou Bank reported outstanding operating income, exceeding 20 billion yuan, with Ningbo Bank's operating income at 37.16 billion yuan, a year-on-year increase of 7.91%, and Hangzhou Bank's at 20.09 billion yuan, up 3.89% [3] - All five banks achieved year-on-year growth in net profit, with Ningbo Bank and Hangzhou Bank both exceeding 10 billion yuan in net profit, at 14.77 billion yuan and 11.66 billion yuan respectively [3] Group 2 - Ningbo Bank and Hangzhou Bank have total assets exceeding 1 trillion yuan, with Ningbo Bank's total assets reaching 3.47 trillion yuan, a growth of 11.04% year-on-year, and Hangzhou Bank's at 2.24 trillion yuan, up 5.83% [1][3] - Qilu Bank and Qingdao Bank have total assets in the range of 700 billion to 800 billion yuan, while Changshu Bank's total assets surpassed 400 billion yuan, reaching 401.25 billion yuan [1] - Qilu Bank reported a year-on-year increase in net interest income of 13.57% and net commission income of 13.64%, indicating a stable recovery in net interest margin [3] Group 3 - The banks are focusing on credit allocation to key sectors such as small and micro enterprises, manufacturing, and consumer services, with Ningbo Bank emphasizing support for these areas [4] - Qilu Bank has increased support for advanced manufacturing, infrastructure, and technological innovation, maintaining steady growth in credit issuance [4] - Hangzhou Bank has already exceeded 50% of its annual credit issuance target by mid-year and plans to optimize its customer structure in response to macroeconomic changes [4]

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-050 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 第十七次提示性公告 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。 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 100.7068 元/张）被强制赎回。若被强制赎回，可能面临较大投资 损失。 特提醒"齐鲁转债"持有人注意在限期内实施转股或卖出交易，以避免 可能面临的投资损失。 敬请广大投资者详细了解可转债有关规定，理性决策，注意投资风险。 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》 1 / 5 赎回登记日：2025 年 8 月 13 日 赎回价格：100.7068 元/张 赎回款发放日：2025 年 8 月 14 日 最后交易日：2025 年 8 月 8 日 （以下简称"《募集说明书》"）的约定，自 2025 ...