Core Viewpoint - The peak period for cash dividend distribution among listed banks has arrived, with a significant increase in total cash dividends for 2024 compared to the previous year [1][2][3]. Summary by Sections Cash Dividend Distribution - As of June 27, 2024, 26 banks have implemented their cash dividend distribution plans, totaling 427.38 billion yuan [2][4]. - The total cash dividends for A-share listed banks are projected to reach 631.96 billion yuan in 2024, an increase of nearly 20 billion yuan from the previous year, representing a growth rate of 3.03% [3]. Dividend Increase - Nearly half of the A-share listed banks have advanced their dividend actions, with 14 banks completing both mid-term and year-end dividends by June 27 [4]. - A total of 39 out of 42 listed banks are expected to increase their cash dividends in 2024, with an overall increase of 18.6 billion yuan [5]. Major Contributors - The six major state-owned banks are the primary contributors to the dividend payouts, with total dividends exceeding 420 billion yuan [5]. - Industrial and Commercial Bank of China and China Construction Bank each have cash dividends exceeding 100 billion yuan, at 109.77 billion yuan and 100.75 billion yuan respectively [5][6]. Dividend Ratios - 14 banks have a cash dividend ratio exceeding 30% for 2024, with a slight decrease in the number of banks compared to 2023 [10]. - Notably, Ningbo Bank's cash dividend ratio increased by 6.3 percentage points to 21.91%, while Hu'nong Commercial Bank's ratio rose from 30.10% to 33.91% [10]. Mid-term Dividends - 23 A-share listed banks have implemented mid-term dividend plans, distributing a total of 257.71 billion yuan [8]. - Some banks, like Hu'nong Commercial Bank, have already proposed mid-term dividend plans for 2025 [9]. Challenges - Despite the increase in dividend frequency and ratios, the banking industry faces challenges such as narrowing interest margins and slowing revenue growth [12].

截至2025年6月27日收盘，齐鲁银行(601665)报收于6.44元，下跌3.01%，换手率2.85%，成交量138.48万 手，成交额9.04亿元。 当日关注点 交易信息汇总 齐鲁银行股份有限公司关于"齐鲁转债"转股数量累计达到转股前公司已发行股份总额10%暨股份变动的 公告 截至2025年6月26日，累计共有人民币2650263000元"齐鲁转债"转为齐鲁银行A股普通股股票，累计转 股股数为504517591股，占"齐鲁转债"转股前公司已发行A股普通股股份总额的11.0137%。尚未转股 的"齐鲁转债"金额为人民币5349737000元，占发行总量的66.8717%。齐鲁银行于2022年11月29日公开发 行了8000万张A股可转换公司债券，每张面值人民币100元，发行总额人民币80亿元，期限6年。经上海 证券交易所同意，80亿元可转债于2022年12月19日起在上海证券交易所挂牌交易。根据相关规定，"齐 鲁转债"自2023年6月5日起可转换为公司A股普通股股票，初始转股价格为5.87元/股，目前转股价格为 5.00元/股。自2025年4月1日至2025年6月26日，共有人民币1254727000元"齐 ...

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for bank stocks despite recent short-term corrections [4]. Core Insights - The banking sector is expected to maintain its performance due to the relative advantage of dividend yields, stable earnings, and predictable dividends. The average dividend yield for major state-owned banks is 4.07%, with a significant spread of 2.42% over the 10-year government bond yield, placing it in the 49.10th percentile over the past decade [1][17]. - The report highlights that the insurance sector is likely to increase its allocation to high-dividend bank stocks, especially with anticipated reductions in preset interest rates for insurance products [1]. - The report anticipates a stable profit growth for banks, with a projected profit growth rate of 2.35% for listed banks in 2024, supported by substantial unrealized gains from self-owned bonds and a robust provisioning coverage ratio of 238% as of Q1 2025 [3][7]. Summary by Sections Section 1: Market Performance - The banking index experienced a nearly 3% decline on June 27, 2025, but the overall market sentiment remains positive due to the sector's dividend yield advantages and stable earnings [1]. Section 2: Fund Flows - Since the beginning of 2025, southbound funds have significantly increased their allocation to Hong Kong bank stocks, with a net inflow of approximately 680 billion yuan, of which 146.2 billion yuan is directed towards bank stocks [2]. Section 3: Earnings Stability - Historical data indicates that the banking sector has low earnings volatility, with profits showing stable positive growth. The report emphasizes the importance of unrealized gains from bond investments and strong provisioning as key factors supporting profit stability [3][7][8]. Section 4: Sector Outlook - The report suggests that while short-term export impacts may arise from tariff policies, long-term domestic policies aimed at stabilizing the real estate market and boosting consumption will benefit the banking sector. Specific banks such as Ningbo Bank, Postal Savings Bank, and China Merchants Bank are highlighted as potential investment opportunities [9]. Section 5: Key Data Tracking - The report includes various financial metrics, such as the average daily trading volume of stocks at 14,868.42 billion yuan and a margin balance of 1.83 trillion yuan, indicating active market engagement [10].

Core Viewpoint - The credit rating agency maintains the credit rating of Qilu Bank, indicating strong safety for the repayment of its bonds and a stable outlook for its credit quality in the coming months [2][3]. Group 1: Company Overview - Qilu Bank has a diversified shareholder structure, including foreign strategic investors, state-owned enterprises, private enterprises, and the public, which provides substantial support in business technology and risk control [1][2]. - The bank has a significant market share in Jinan, with a relatively high influence in Shandong province [1][2]. - As of the end of 2024, Qilu Bank's total assets reached 689.54 billion, with a year-on-year growth of 14.01% [11]. Group 2: Financial Performance - The bank's total loans and advances amounted to 337.14 billion, reflecting a growth rate of 12.31% [11]. - Qilu Bank's net profit for 2024 was 4.94 billion, showing an increase of 15.83% compared to the previous year [11]. - The bank's interest income growth has slowed down due to market interest rate declines and intensified competition [11]. Group 3: Market Environment - The macroeconomic environment is expected to remain stable, with ongoing adjustments in domestic economic structure and interest rate reforms [2][4]. - The banking sector faces challenges such as narrowing interest margins and increased credit risk management pressures due to economic adjustments [4][6]. - The overall asset quality of commercial banks is under pressure, with a slight increase in the proportion of non-performing loans [4][6]. Group 4: Regional Economic Context - Shandong province has maintained a growth trend in GDP, with a total GDP of 9.86 trillion in 2024, reflecting a growth rate of 5.7% [8][10]. - The province's industrial structure is transitioning, with a focus on high-tech industries and new energy materials, while traditional heavy industries face challenges [8][10]. - Qilu Bank's operations are concentrated in Shandong, benefiting from the province's economic stability and growth potential [11][12].

Core Points - The company maintains a "AAA" credit rating for both its entity and the convertible bond "Qilu Convertible Bond" with a stable outlook [1][2] - The latest credit rating report was issued by Shanghai New Century Credit Rating Agency on June 26, 2025, confirming no changes from the previous rating [2] Summary by Sections Credit Rating - The previous credit rating for the company and the "Qilu Convertible Bond" was "AAA" with a stable outlook [2] - The current credit rating remains "AAA" for both the company and the bond, with the outlook still stable [1][2] Bond Characteristics - The "Qilu Convertible Bond" is still eligible for use as collateral in bond repurchase transactions [1][2]

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-024 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"齐鲁转债"转股数量累计达到转股前公司 已发行股份总额10%暨股份变动的公告 经上海证券交易所自律监管决定书〔2022〕342 号文同意，公司 80 亿元可 转债于 2022 年 12 月 19 日起在上海证券交易所挂牌交易，债券简称"齐鲁转债"， 债券代码"113065"。 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： ? 累计转股情况：截至 2025 年 6 月 26 日，累计共有人民币 2,650,263,000 元"齐鲁转债"转为齐鲁银行股份有限公司（以下简称"公司"）A 股普通股股 票，累计转股股数为 504,517,591 股，占"齐鲁转债"转股前公司已发行 A 股普 通股股份总额的 11.0137%。 ? 未转股可转债情况：截至 2025 年 6 月 26 日，尚未转股的"齐鲁转债" 金额为人民币 5,349,737,000 元，占"齐鲁转债"发行总量 ...

Core Insights - The recent announcement of the "2025 Good Financial Products" list highlights Qilu Bank's innovative financial solutions, with three of its cases and products recognized for their contributions to sustainable development, green finance, and digital finance [1] Group 1: Financial Products and Innovations - Qilu Bank's "Bearing Village Loan" targets small and micro enterprises in the bearing industry, providing flexible loan conditions and favorable interest rates to address funding gaps [4][5] - The "Sustainable Development Linked Loan" product ties loan interest rates to borrowers' sustainability performance, encouraging companies to meet predefined sustainability goals [6][7] - As of Q1 2025, Qilu Bank's outstanding loans for small and micro enterprises reached 759 billion yuan, reflecting its commitment to inclusive finance [5] Group 2: Industry Impact - The bearing industry in Linqing, Shandong, is significant, with over 5,400 related enterprises and an annual transaction volume exceeding 20 billion yuan, accounting for over 10% of the national bearing market [3] - Qilu Bank's financial support has enabled companies like Shandong Pinwei Bearing Manufacturing Co., Ltd. to expand production and improve technology, achieving a tenfold increase in product precision [3][4] Group 3: Digital Transformation - Qilu Bank has implemented a financial data foundation and application service system based on lake-warehouse integration technology, enhancing data processing efficiency and flexibility [9][10] - The bank's digital transformation strategy includes a focus on customer management, operational efficiency, and technology empowerment, with plans for over 110 transformation tasks [10][11] - The bank's digital initiatives have led to a 50% reduction in data storage and a 70% improvement in response time, significantly enhancing operational efficiency [10]

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-024 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"齐鲁转债"转股数量累计达到转股前公司 已发行股份总额10%暨股份变动的公告 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： 累计转股情况：截至 2025 年 6 月 26 日，累计共有人民币 2,650,263,000 元"齐鲁转债"转为齐鲁银行股份有限公司（以下简称"公司"）A 股普通股股 票，累计转股股数为 504,517,591 股，占"齐鲁转债"转股前公司已发行 A 股普 通股股份总额的 11.0137%。 未转股可转债情况：截至 2025 年 6 月 26 日，尚未转股的"齐鲁转债" 金额为人民币 5,349,737,000 元，占"齐鲁转债"发行总量的比例为 66.8717%。 一、可转债发行上市概况 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，公司于 2022 年 11 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-025 可转债代码：113065 可转债简称：齐鲁转债 评级机构上海新世纪在对公司经营状况、行业情况等进行综合分析与评估的 基础上，于 2025 年 6 月 26 日出具了《齐鲁银行股份有限公司及其发行的公开发 行债券定期跟踪评级报告》（以下简称"本次评级报告"），本次公司主体信用评 级维持"AAA"，评级展望维持"稳定"，"齐鲁转债"的信用评级维持"AAA"。 本次评级结果较前次没有变化，"齐鲁转债"仍可作为债券质押式回购交易的质 押券。 本次评级报告详见上海证券交易所网站（www.sse.com.cn）。 齐鲁银行股份有限公司 关于A股可转换公司债券2025年跟踪评级结果的公告 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： 根据本次评级结果，齐鲁银行股份有限公司（以下简称"公司"）A 股 可转换公司债券（简称"齐鲁转债"，代码"113065"）仍可作为债券质押式回 购交易的质押券。 根据《上市公司证券发行注册管理办法》《公司债券发行与交易管理 ...

除因本次评级事项使本评级机构与评级对象构成委托关系外,本评级机构、评级人员与评级对象不存在任何影 响评级行为独立、客观、公正的关联关系。 内部编号:2025060130 齐鲁银行股份有限公司 及其发行的公开发行债券 定期跟踪评级报告 项目负责人： 何泳萱 项目组成员： 官 晨 1551 inter hyx@shxsj.com 13, 90 gongchen@shxs j. com 评级总监: 熊荣萍 1238 联系电话:(021)63501349 联系地址:上海市黄浦区汉口路 398 号华盛大厦 14 层 公司网站：www.shxsj.com 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 评级声明 本评级机构与评级人员履行了调查和诚信义务,所出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断,未因评级对象和其他任 何组织或个人的不当影响改变评级意见。 本次跟踪评级依据评级对象及其相关方提供或已经正式对外公布的信息,相关信息的 ...