Core Viewpoint - The announcement by Qilu Bank highlights the prevalence of illegal financial activities disguised as "high returns, low risk" in the booming financial consumer market, urging consumers to enhance their risk awareness and ability to identify and resist such illegal activities [1][6]. Group 1: Identification of Risks in Financial Consumption - Five major financial consumption areas are identified where illegal activities are prevalent, including: - **Private Investment Intermediaries**: Unapproved financial companies and platforms use popular concepts like "new energy" and "blockchain" to create fictitious investment projects, leading to significant financial losses for consumers [1]. - **Elderly Care Sector**: Scammers exploit the information asymmetry and lower risk awareness of the elderly, promising high returns through schemes like "retirement financial products" and "housing for elderly care," often resulting in fund misappropriation [2]. - **Agricultural Sector**: In rural areas, illegal financial activities appear under the guise of "agricultural cooperatives" and "poverty alleviation projects," targeting farmers' lack of financial knowledge and promising high returns [3]. - **Retail Market**: Some merchants lure consumers with "prepaid card rebates" and "shopping returns," leading to significant financial losses when businesses suddenly close [4]. - **Cultural and Tourism Sector**: Fraudsters use concepts like "tourism real estate" and "cultural digital currency" to package illegal fundraising projects, making it difficult for ordinary consumers to discern legitimacy [5]. Group 2: Consumer Protection Strategies - Four key strategies are recommended for consumers to enhance their self-protection: - **Maintain Rationality**: Consumers should reject offers of "high returns" and be cautious of promises like "capital preservation with high returns," as these often violate financial principles [4]. - **Verify Licensed Operations**: It is crucial for consumers to verify the qualifications of financial service providers and choose those with proper licenses issued by regulatory authorities [5]. - **Avoid Illegal Lending Channels**: Consumers are advised to refrain from clicking on unknown links or transferring money to unfamiliar accounts to avoid falling into illegal lending traps [5]. - **Strengthen Evidence Awareness**: Consumers should keep thorough records of transactions and evidence in case of suspected illegal financial activities, and report any losses to the authorities promptly [5].

Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Insights - The banking sector is transitioning from a "pro-cyclical" model to a "weak cyclical" model, indicating a shift in operational dynamics [2][4] - The report emphasizes the stability of bank dividend yields, which are expected to remain attractive even as risk-free interest rates decline [2][4] - The influx of non-freely circulating funds, such as from state-owned enterprises and insurance capital, is expected to provide a stable source of investment in bank stocks [2][4] Summary by Sections From the Perspective of Risk-Free Interest Rates - Bank dividend yields are characterized by strong certainty and sustainability, with interest margins expected to decline more slowly than risk-free rates [5][12] - The correlation between banks and fiscal policies has strengthened, providing a safety net for core assets [12] - If risk-free interest rates decline, the attractiveness of stable bank dividends will increase, especially in a context of economic weak recovery and asset scarcity [8][18] From the Perspective of Funding Allocation to Bank Stocks - Major funding sources for bank stocks include non-freely circulating funds from fiscal authorities, state-owned enterprises, and insurance capital [5][12] - Non-freely circulating market capitalization accounts for approximately 70% of the banking sector, providing a stabilizing effect [5][12] - Insurance capital is projected to significantly increase its allocation to bank stocks, with an estimated annual inflow exceeding 350 billion [5][12] Investment Recommendations - The report continues to recommend the banking sector, particularly focusing on banks with regional advantages and strong dividend yields [4][12] - Specific recommendations include regional banks in areas like Jiangsu, Shanghai, and Chengdu, as well as major banks such as Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China [4][12]

Core Insights - The banking sector is currently undergoing a trend of value reassessment, driven by expectations of fundamental stability, with banks' earnings resilience consistently exceeding expectations due to regulatory support and the establishment of risk bottom lines in key areas such as local government financing and real estate [4][8] - The current market rally is fundamentally a reflection of the stability of the banking sector rather than a reliance on macroeconomic recovery, marking a systematic value reassessment and correction of historically unreasonable low valuations [8][23] Summary by Sections Fundamental Outlook: Maintaining Earnings Stability - The net interest margin (NIM) is expected to stabilize as regulatory policies aim to maintain it by reducing banks' funding costs to offset the impact of loan interest rate cuts, with NIM currently at a low point [9][26] - Since 2022, multiple rounds of deposit rate cuts have been implemented, and as a significant amount of fixed-term deposits mature in 2025, the repricing of deposit costs will accelerate [9][26] - The overall non-performing loan (NPL) ratio of listed banks is expected to remain stable, supported by rapid asset expansion and write-offs, with a stable provision coverage ratio across most banks [9][37] Capital Market Dynamics: Increased Institutional Investment - Various capital entities, including state-owned enterprises and insurance companies, have been increasing their holdings in bank stocks, driven by the value reassessment of undervalued banks amid an asset scarcity environment [10][45] - The shift in investment strategy among active funds towards bank stocks is anticipated due to their significant index weight and long-standing underallocation, with a focus on quality banks with strong fundamentals [10][45] Investment Recommendations - The report recommends focusing on high-quality city commercial banks and dividend-paying banks, highlighting the investment value of state-owned banks listed in Hong Kong due to their lower valuations [11][10] - Specific banks recommended include Hangzhou Bank, Chengdu Bank, Jiangsu Bank, Qilu Bank, and Qingdao Bank, with a focus on their regional economic performance, asset quality, and growth rates [11][10]

Core Viewpoint - The article discusses the recent triggering of mandatory redemption for convertible bonds issued by Qilu Bank, highlighting the impact of rising bank stock prices on convertible bond mechanisms [1][2][3]. Summary by Sections Qilu Bank Convertible Bond Redemption - On July 4, Qilu Bank's stock price closed at 6.52 yuan per share, triggering the mandatory redemption of its convertible bond "Qilu Convertible Bond" due to the stock price exceeding the redemption conversion condition for five consecutive trading days [1][2]. - The bond's conversion price was adjusted to 5.00 yuan per share, and the stock price had to be at least 130% of this conversion price for the redemption to be triggered [2][4]. Stock Performance and Redemption Mechanism - Qilu Bank's stock has seen a significant increase of 22.08% year-to-date, which directly contributed to the triggering of the mandatory redemption mechanism for the convertible bonds [3][4]. - The bank's board approved the early redemption of the "Qilu Convertible Bond," with the redemption price set at 100.4932 yuan per bond, and the redemption date scheduled for July 7 [1][4]. Market Context and Trends - The article notes that several banks, including Chengdu Bank and Suzhou Bank, have also triggered mandatory redemptions of their convertible bonds, with a total issuance amount of 480 billion yuan involved [11]. - The trend of mandatory redemptions is attributed to the overall rise in A-share bank stocks since September of the previous year [11][12]. Capital Supplementation - Convertible bonds are seen as a favorable tool for banks to supplement their core Tier 1 capital, especially when stock prices are low [15]. - The article emphasizes that successful conversion of these bonds into equity is crucial for banks to count them towards their core capital, otherwise, they must repay the principal and interest at maturity [8][15].

Group 1 - The board of directors of Qilu Bank approved the early redemption of the "Qilu Convertible Bonds" during the 14th meeting of the 9th board session [1][2] - The early redemption was triggered as the stock price of Qilu Bank had closed above the conversion price for 15 trading days from June 3, 2025, to July 4, 2025 [2] - The resolution for the early redemption received unanimous approval from all 11 voting directors, with no votes against or abstentions [2] Group 2 - The company authorized senior management to handle all matters related to the redemption of the convertible bonds, including determining the redemption date and payment methods [2] - The independent directors expressed their agreement with the decision to redeem the bonds [2]

Core Viewpoint - Qilu Bank has announced the early redemption of its convertible bonds, "Qilu Convertible Bonds," due to the triggering of conditional redemption clauses based on stock price performance [1][5]. Group 1: Convertible Bond Overview - Qilu Bank issued convertible bonds with a total amount of RMB 8 billion, with a maturity of 6 years and a tiered interest rate structure starting from 0.20% in the first year to 3.00% in the sixth year [2][3]. - The initial conversion price was set at RMB 5.87 per share, which has been adjusted to RMB 5.00 per share as of June 12, 2025 [2][5]. Group 2: Redemption Terms and Trigger Conditions - The redemption clause allows the company to redeem the bonds if the stock price remains at or above 130% of the conversion price for at least 15 out of 30 consecutive trading days [3][4]. - The redemption was triggered as the stock price met the required threshold during the period from June 3, 2025, to July 4, 2025 [5]. Group 3: Decision on Early Redemption - The board of directors has approved the early redemption of the "Qilu Convertible Bonds," agreeing to redeem all bonds at face value plus accrued interest [1][5]. - Independent directors have expressed their agreement with the decision to redeem the bonds [5].

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-028 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 关于提前赎回"齐鲁转债"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。 重要内容提示： 齐鲁银行股份有限公司（以下简称"公司"）股票自 2025 年 6 月 3 日至 2025 年 7 月 4 日期间，已有 15 个交易日收盘价不低于"齐鲁转债"当期转股价 格（自 2025 年 6 月 12 日起转股价格由 5.14 元/股调整为 5.00 元/股）的 130%（含 130%）。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》（以下简称"《募集说明书》"）的约定，已触发"齐鲁转债"的有条件赎 回条款。 公司于 2025 年 7 月 4 日召开第九届董事会第十四次会议审议通过《关于 提前赎回"齐鲁转债"的议案》，决定行使"齐鲁转债"的提前赎回权，对赎回 登记日登记在册的"齐鲁转债"按债券面值加当期应计利息的价格全部赎回。公 司独立董事发表了同意的独立意见。 投 ...

中信建投证券股份有限公司关于齐鲁银行股份有限公司 提前赎回"齐鲁转债"的核查意见 中信建投证券股份有限公司作为齐鲁银行股份有限公司（以下简称"齐鲁 银行"或"公司"）公开发行A股可转换公司债券的保荐人，根据《证券发行 上市保荐业务管理办法》《上海证券交易所股票上市规则》《可转换公司债券 管理办法》《上海证券交易所上市公司自律监管指引第1号——规范运作》《上 海证券交易所上市公司自律监管指引第12号——可转换公司债券》等相关法律、 法规和规范性文件的规定，对齐鲁银行提前赎回"齐鲁转债"的情况进行了核 查，核查情况如下： 一、 "齐鲁转债"的发行上市情况 （一）发行上市情况 经中国证券监督管理委员会《关于核准齐鲁银行股份有限公司公开发行可 转换公司债券的批复》（证监许可〔2022〕2069号）核准，齐鲁银行于2022年 11月29日公开发行8,000万张可转换公司债券，每张面值人民币100元，按面值 发行，发行总额人民币80亿元，期限6年，票面利率为第一年0.20%、第二年 0.40%、第三年1.00%、第四年1.60%、第五年2.40%、第六年3.00%。经上海证 券交易所（以下简称"上交所"）自律监管决定书〔 ...

齐鲁银行股份有限公司（以下简称"公司"）第九届董事会第十四次会议通 知于 2025 年 7 月 4 日以电子邮件方式发出，会议于 2025 年 7 月 4 日以书面传签 方式召开。会议应参与表决董事 11 名，实际表决董事 11 名。公司股东重庆华宇 集团有限公司股权质押比例超过 50%，根据监管规定对其提名的蒋宇董事的表决 权予以限制。会议的召开符合《中华人民共和国公司法》等法律、行政法规、部 门规章、规范性文件及公司章程的有关规定。 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-027 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 第九届董事会第十四次会议决议公告 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。 特此公告。 齐鲁银行股份有限公司董事会 1 / 2 2025 年 7 月 4 日 2 / 2 会议审议通过了《关于提前赎回"齐鲁转债"的议案》。 自 2025 年 6 月 3 日至 2025 年 7 月 4 日期间，公司股票已有 15 个交易日收 盘价不低于"齐鲁转债"（债 ...

Core Viewpoint - The surge in institutional research on listed banks in the first half of the year indicates a significant increase in market interest in bank stocks, particularly focusing on credit issuance, dividend plans, and asset quality [1][2]. Group 1: Institutional Research Trends - In the first half of the year, 19 A-share listed banks received over 1,000 institutional research visits, with Ningbo Bank, Changshu Bank, and Hangzhou Bank being the most popular [1][2]. - The focus of institutional research has been on key operational areas of banks, especially credit allocation and dividend strategies [2][3]. Group 2: Credit Issuance and Dividend Plans - Ningbo Bank, Changshu Bank, and Hangzhou Bank were the top three banks in terms of research visits, with 235, 192, and 153 visits respectively [2]. - Hangzhou Bank reported that its credit issuance has improved compared to the previous year, with a focus on strategic sectors such as technology and manufacturing [2]. - Chongqing Bank has maintained a high cash dividend level for 11 consecutive years since its H-share listing, with plans for a sustainable dividend strategy [3][4]. Group 3: Asset Quality and Net Interest Margin - Many banks expressed confidence in maintaining stable asset quality throughout the year, with measures in place to enhance risk management [5][6]. - Suzhou Bank reported a net interest margin of 1.34% at the end of Q1, which is a slight decrease compared to the end of 2024, but better than the industry average [6]. - The overall expectation is for a marginal improvement in asset quality, supported by policy measures and digital risk management [5][6].