Core Insights - In 2024, three listed city commercial banks in Shandong presented differentiated performance, with Qingdao Bank leading in net profit growth at 20.16%, while Weihai Bank had the highest net interest margin at 1.77% [1][2]. - Qilu Bank achieved the largest net profit of 4.986 billion yuan, followed by Qingdao Bank at 4.264 billion yuan and Weihai Bank at 1.992 billion yuan [1]. Financial Performance - Qingdao Bank ranked first in revenue with 13.498 billion yuan, followed by Qilu Bank at 12.496 billion yuan and Weihai Bank at 9.316 billion yuan, with Qingdao Bank also showing a revenue growth of 8.22% [3]. - Qilu Bank led in asset scale growth at 14.01%, with Qingdao Bank and Weihai Bank at 13.48% and 12.65% respectively [4]. Asset Quality - Qilu Bank had the highest return on equity (ROE) at 12.52%, while Qingdao Bank followed at 11.51% and Weihai Bank at 8.47% [6]. - Weihai Bank reported the highest non-performing loan (NPL) ratio at 1.41%, with Qilu Bank and Qingdao Bank at 1.14% and 1.19% respectively [7]. Business Structure - Qilu Bank's corporate banking business accounted for over 56% of its revenue, while Qingdao Bank's retail banking contributed significantly, with 27.61% of its revenue [8]. - Weihai Bank had the highest proportion of corporate banking business at 62.45%, while Qingdao Bank excelled in retail banking [8]. Loan and Deposit Growth - Qingdao Bank's total loans reached 340.69 billion yuan, growing by 12.53%, while Qilu Bank's loans were 337.14 billion yuan, growing by 12.31% [3]. - All three banks maintained double-digit growth in loans and deposits, although deposit growth rates showed a decline compared to the previous year [3].

Industry Investment Rating - The investment rating for the banking industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The recent round of deposit rate cuts is expected to have a positive impact on net interest margins for listed banks, with a static assessment indicating that a 10 basis point (BP) reduction in the Loan Prime Rate (LPR) and deposit rate cuts would affect net interest margins by -6.15 BP and +8.33 BP respectively [4][15][19] - The report emphasizes the importance of maintaining reasonable net interest margins to better serve the real economy, suggesting that a reasonable margin could be around 1.45% if the provision coverage ratio is lowered to 150% [5][24][26] - Future regulatory measures may include self-discipline mechanisms to standardize deposit and loan pricing, and to control the average repricing cycle of deposits [6][27] Summary by Sections 1. Impact of New Deposit Rate Cuts - The new round of deposit rate adjustments began on May 20, with various rates reduced by 5 to 25 BP across different terms [14][16] - The expected positive impact on net interest margins is based on the assumption that 80% of term deposits are within a 2-year period [15] 2. Importance of Protecting Bank Interest Margins - Protecting interest margins is crucial for banks to maintain stable operations and support the real economy [5][24] - The report calculates that if the provision coverage ratio is adjusted to 150%, the reasonable interest margin would be approximately 1.45% [26] 3. Future Regulatory and Asset-Liability Management Outlook - The report outlines potential future actions, including self-regulation to avoid excessive competition in deposit and loan pricing [6][27] - It highlights the importance of matching the repricing cycles of loans and deposits to stabilize interest rates [27] 4. Investment Recommendations - The report suggests focusing on state-owned banks like Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications due to their expected performance in a declining interest rate environment [36] - It also recommends regional banks such as Chongqing Bank and Chengdu Bank, which may benefit from fiscal policy support [36]

Core Viewpoint - The recent performance of the China Securities Dividend Low Volatility 100 Index and its associated ETF indicates a growing interest in stable dividend-paying stocks, particularly in the coal sector, amidst market volatility and changing economic policies [4][5]. Group 1: Index and ETF Performance - As of May 21, 2025, the China Securities Dividend Low Volatility 100 Index rose by 0.66%, with key stocks like Shaanxi Coal and China Shenhua showing significant gains of 4.90% and 2.86% respectively [3]. - The Dividend Low Volatility 100 ETF (159307) has seen a price increase of 0.57%, marking its third consecutive rise, with a latest price of 1.06 yuan [3]. - The ETF's trading volume reached 504.55 million yuan, with a turnover rate of 0.54% during the session [3]. Group 2: Market Sentiment and Investment Trends - Recent U.S. tariff policies have impacted market sentiment, leading investors to seek stable assets, particularly in the coal sector where inventory levels are decreasing and coal prices are stabilizing [4]. - Several state-owned coal enterprises have initiated share buybacks and asset injection plans, reflecting confidence in the coal industry's growth and stability [4]. Group 3: Fund Flows and Performance Metrics - The Dividend Low Volatility 100 ETF recorded a net inflow of 1,050.77 million yuan, with nine out of the last ten trading days showing positive net inflows totaling 2,189.61 million yuan [5]. - The ETF has achieved a 6.54% increase in net value over the past year, ranking first among comparable funds [6]. - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.032%, indicating strong performance relative to its benchmark [6]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the index include Jizhong Energy, Daqin Railway, and Xiamen International Trade, collectively accounting for 19.66% of the index [7].

Core Viewpoint - Multiple banks are actively responding to investor concerns regarding credit business, asset quality, and strategic planning, indicating a proactive approach to stabilize market expectations and enhance investor confidence [1] Group 1: Credit Business - Banks are aligning their credit support with national policies, focusing on private enterprises and inclusive finance as key areas for lending in 2025 [2] - Qilu Bank plans to increase support for new manufacturing, infrastructure, technology innovation, green finance, and rural revitalization, while maintaining steady growth in corporate credit [2] - Shanghai Rural Commercial Bank has set a credit increment target of 50 billion yuan for the year, with a growth rate of 6% to 7%, emphasizing support for the real economy and private sector [3] Group 2: Asset Quality - The overall asset quality of the banking industry remains stable, with Qilu Bank reporting a non-performing loan (NPL) ratio of 1.17%, down 0.02 percentage points from the beginning of the year [4] - Hangzhou Bank maintains a NPL ratio of 0.76% and a provision coverage ratio of 530.07%, indicating strong asset quality management [4][5] Group 3: Business Strategy Planning - Banks are adopting differentiated development paths, with Lanzhou Bank focusing on its "1363" strategic layout and preparing for future strategic planning [6] - Jiangsu Bank emphasizes a balanced approach to cost reduction and growth, while expanding non-interest income through various services [7] - Chengdu Bank is advancing digital transformation to enhance operational efficiency and drive high-quality development [7] Group 4: Market Opportunities - The banking sector is presented with opportunities due to policy support for green and technology finance, as well as structural monetary policy tools that optimize funding costs [7] - Leading banks can leverage resource advantages to expand wealth management and non-interest income, while regional banks should focus on local industries to build competitive advantages [7]

Investment Rating - The report indicates a cautious outlook for the banking sector, with expected revenue and net profit growth rates for listed banks in 2025 projected at approximately -1% and 0% respectively [3][9]. Core Insights - The overall revenue and net profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2% year-on-year, reflecting a decline compared to Q4 2024 [3][9]. - The performance of different types of banks varied significantly, with city and rural commercial banks leading in growth due to improved scale and net interest margin, while state-owned banks showed weaker performance [3][10]. - The net interest margin for listed banks in Q1 2025 was 1.37%, a decrease of 13 basis points year-on-year, but the decline was less severe than in the previous year [3][9]. Summary by Sections Revenue and Profit Overview - Listed banks experienced a decline in revenue and net profit growth rates, with Q1 2025 figures at -1.7% and -1.2% respectively, marking a drop of 1.8 percentage points and 3.5 percentage points from Q4 2024 [3][9]. - The decline in net interest income was attributed to a narrowing interest margin and challenges in volume compensating for price [9]. Asset Quality and Provisioning - The asset quality remained stable, with a decrease in non-performing loan ratios and a reduction in provisioning pressure, as banks continued to report lower provisions in a challenging income environment [3][9]. - The provision coverage ratio for listed banks decreased to 238% in Q1 2025, reflecting a trend of reduced provisioning amid stable asset quality [3][9]. Investment Recommendations - The report suggests that the banking sector's configuration value is enhanced by both fundamental and liquidity factors, with a focus on key index-weighted stocks such as China Merchants Bank and Industrial and Commercial Bank of China [3][9]. - The report highlights the potential for mid-sized banks to attract capital for growth, particularly in the context of capital replenishment and profitability [3][9].

2024 601665 〇 | 会议议程 1 | | | --- | --- | | 会议须知 3 | | | 议案一：2024 年度董事会工作报告 | 6 | | 议案二：2024 年度监事会工作报告 | 13 | | 年度财务决算报告及 议案三：2024 2025 年度财务预算方案...19 | | | 议案四：2024 年度利润分配方案 | 22 | | 议案五：关于聘请 2025 年度会计师事务所的议案 24 | | | 议案六：2024 年度关联交易情况报告 | 29 | | 议案七：关于 2025 年度日常关联交易预计额度的议案 34 | | | 议案八：关于发行金融债券的议案 | 59 | | 议案九：关于选举第九届董事会非执行董事的议案 63 | | | 议案十：关于收购章丘齐鲁村镇银行设立分支机构的议案 65 | | | 议案十一：关于 年度大股东相关情况的评估报告 67 2024 | | | 议案十二：独立董事 2024 年度述职报告 | 73 | 会议主持人：董事长郑祖刚先生 一、宣布会议开始 1 会议时间：2025 年 5 月 23 日（星期五）9:30 会议地点：总行大厦四楼一会议室 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights that the overall operating income, pre-provision profit, and net profit attributable to shareholders of listed banks for 2024 are expected to grow at rates of 0.08%, -0.72%, and 2.35% respectively. In Q1 2025, these growth rates are projected to decline to -1.72%, -2.15%, and -1.20%, indicating a downward trend in performance due to the impact of interest rate adjustments and market fluctuations [3][10][13] - The report emphasizes that the non-interest income growth of banks has slowed down due to market volatility, which has affected trading positions and overall performance [4][10] - The asset quality of listed banks is showing slight improvement, with the non-performing loan ratio decreasing from 1.24% in 2024 to 1.23% in Q1 2025, and the overall provision coverage ratio remaining stable around 239.91% in 2024 and 237.92% in Q1 2025 [4][10][13] Summary by Sections 1. Impact of Repricing and Market Fluctuations - The report notes that the combination of repricing impacts and market volatility has led to a decline in performance for Q1 2025, with significant drops in revenue and profit growth rates compared to 2024 [3][10] - The performance of city commercial banks has been notably better than other types of banks, with positive revenue growth in both 2024 and Q1 2025 [10][13] 2. Growth of Interest-Generating Assets - The growth rate of interest-generating assets for listed banks was 0.44% in 2024, with a slight increase to 0.79% in Q1 2025. However, the growth in deposits remained stable at 5.59% in 2024 and 6.22% in Q1 2025 [4][10] 3. Interest Margin Performance - The report indicates that both the yield on interest-generating assets and the cost of interest-bearing liabilities have decreased significantly in Q1 2025, affecting the interest margin performance across banks [4][10] 4. Non-Interest Income Growth - Non-interest income growth for listed banks was 6.71% in 2024, but it fell to -1.87% in Q1 2025, primarily due to the impact of market conditions on fee income and other non-interest revenues [4][10] 5. Asset Quality Improvement - The report highlights a slight improvement in asset quality, with a marginal decrease in the non-performing loan ratio and stable provision coverage ratios, indicating a cautious but positive trend in credit quality [4][10][13] 6. Investment Recommendations - The report suggests focusing on major state-owned banks such as Industrial and Commercial Bank of China, China Construction Bank, and Bank of Communications, as well as regional banks like Chongqing Bank and Chengdu Bank, which may benefit from supportive fiscal policies [5][10]

编 辑丨巫燕玲 5月1 5日，A股震荡回调，但银行板块整体表现仍相对强势， 农业银行、浦发银行等多只银行 股创历史新高。银行板块总市值突破1 0万亿元大关，再创历史新高 。 市场有观点认为，这背后或与公募和险资抢筹银行股有关。 其逻辑之一是部分银行股息率高企，引发险资抢筹配置需求。 另外一部分逻辑，则与5月7日发布的《推动公募基金高质量发展行动方案》（下称《行动方 案》）有关。有市场人士称，在《行动方案》中，基金经理薪酬与业绩挂钩。主动权益基金 通 常 会 选 取 沪 深 3 0 0 等 代 表 性 宽 基 指 数 作 为 业 绩 基 准 ， 而 沪 深 3 0 0 指 数 中 银 行 板 块 权 重 高 达 1 3 . 6 7%。因此，为了不让净值与业绩比较基准偏离太多，基金在加速回补低配的银行股，才 导致了金融板块的抢货潮。 银行股创新高 截自5月1 5日，申万一级银行指数今年以来上涨8 . 0 2%，重庆银行、渝农商行、青岛银行、上 海银行、齐鲁银行等更是暴涨逾2 0%。 作 者丨庞华玮 工商银行、建设银行、农业银行、中国银行等四大行，以及浦发银行、光大银行、上海银行 等股份制银行和城商行也均在近期创出 ...

Core Viewpoint - The recent surge in bank stocks has made them a prominent feature in the A-share market, driven by high dividends, low valuations, and their safe-haven characteristics amid uncertainty [2][4]. Group 1: Market Performance - The China Securities Bank Index reached a high of 7751.80 points on May 15, 2023, following a nearly 7% increase over the previous six trading days [2]. - The total market capitalization of A-share banks surpassed 10 trillion yuan, increasing by 600 billion yuan from the beginning of the year [3]. - Year-to-date, the bank sector has risen over 8%, ranking fifth among all primary industries, with several banks experiencing gains exceeding 20% [5]. Group 2: Investment Drivers - Recent policy changes, including interest rate cuts and the expansion of financial asset investment companies, have contributed to the positive sentiment towards bank stocks [6][7]. - The new public fund assessment mechanism is expected to increase the allocation of funds to bank stocks, as active equity funds are likely to reduce their deviation from benchmark indices [8]. Group 3: Institutional Buying - Insurance funds have been actively increasing their holdings in bank stocks, with significant purchases noted in several banks this year [9]. - High dividend yields remain a key attraction for insurance investors, with many bank stocks offering yields above 4% [9]. Group 4: Risks and Challenges - Despite the positive outlook, there are concerns regarding the sustainability of bank stock performance, as factors such as narrowing interest margins and asset quality issues in retail lending pose risks [11][12]. - The overall non-performing loan ratio is rising, particularly in personal loans, indicating potential stress in the banking sector [12].

Group 1 - The integration of Eastern wisdom and financial collaboration in Jinan is fostering a significant industrial transformation, with a focus on nurturing technology innovation and enhancing the financing ecosystem for startups [1] - Jinan has been recognized as the first city in China to be approved as a pilot zone for technology finance reform, implementing a "six specialties and four values" financial service mechanism to support technological innovation [1][4] - The financial system plays a crucial role in supporting technology enterprises, with policies designed to facilitate a smooth financing process throughout the entire lifecycle of these companies [1][4] Group 2 - Beicheng Environment, an environmental engineering company, successfully transformed from a small operation to a significant player in the industry, achieving 100 million yuan in revenue after initial funding of 200,000 yuan [2][3] - The company utilized a combination of loans and equity financing to support its growth, including a 10 million yuan investment from Shandong Shanke Innovation Equity Investment Co., Ltd. and China Bank Jinan Branch [2][4] - The success of Beicheng Environment highlights the importance of clear communication with banks and understanding financial needs to secure funding [3] Group 3 - The establishment of supportive policies has enabled companies like Beicheng Environment to connect with capital markets effectively, with government initiatives focusing on direct financing for technology enterprises [4] - The introduction of innovative financing models, such as equity pledge loans, has provided new avenues for companies facing challenges in securing traditional loans [4][6] - The development of specialized financial products, like the "Research Loan" from Qilu Bank, addresses the unique needs of technology enterprises, allowing for longer loan terms and various collateral options [6] Group 4 - The financial landscape for technology companies in Jinan is evolving, with institutions like Jinan Rural Commercial Bank providing tailored financial services to meet the specific needs of these enterprises [8][9] - The introduction of talent-based financing products, such as "Talent Loans," has enhanced access to funding for companies with high-level talent, thereby increasing their creditworthiness [8][9] - Financial institutions are increasingly focusing on the evaluation of intangible assets, such as intellectual property, to support technology companies in securing loans [9] Group 5 - The launch of digital platforms like "Yuanqu Tong" and "Quanrong Tong" is enhancing the efficiency of financial services for technology enterprises, utilizing big data and cloud computing to streamline processes [11][12] - These platforms facilitate data sharing and collaboration among various stakeholders, improving access to financing and support for technology companies [12][13] - The integration of multiple data sources and the development of intelligent evaluation models are key features of these platforms, enabling better decision-making for both enterprises and financial institutions [12][13]