银行板块短线跳水，长沙银行（601577）、苏农银行（603323）跌超2%，中信银行（601998）、西安 银行（600928）、齐鲁银行（601665）、青岛银行（002948）纷纷下挫。 ...

Group 1 - The core message highlights the importance of personalized financial services, particularly for clients with special needs, as demonstrated by the home service provided by Qilu Bank [1][4] - Qilu Bank's South Suburban Branch has adopted a customer-centric service philosophy, focusing on understanding and addressing the specific needs of clients, especially the elderly and disabled [4] - The branch has successfully completed over ten home service visits for special clients this year, showcasing its commitment to meeting diverse and personalized customer demands [4] Group 2 - The bank's proactive approach in offering home services breaks traditional service limitations, providing timely and compassionate financial assistance [4] - The positive feedback from clients, including expressions of gratitude, reflects the effectiveness and warmth of the bank's service initiatives [4] - Qilu Bank aims to continue enhancing its service processes and innovate service methods to fulfill its social responsibility and contribute to a harmonious financial service environment [4]

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core View The report analyzes the situation of bank convertible bonds shrinking in the convertible bond market and explores possible bottom - position allocation ideas for convertible bond funds and other types of funds after the reduction of bank convertible bonds as large - cap bottom - position varieties. It provides suggestions for investors on how to choose bottom - position varieties based on the characteristics of convertible bond bottom - position varieties and market conditions [13]. Summary by Relevant Catalogs 1. Convertible Bond Bottom - Position Variety Overview - Pan - fixed - income + funds have a certain demand for convertible bonds. Convertible bond funds have an average convertible bond position of about 78%, and the convertible bond positions of first/second - level bond funds, balanced hybrid, and partial - debt hybrid funds are mostly maintained above 10% [1][15]. - At the industry level, public funds generally use convertible bonds from industries such as banks and power equipment as bottom - position varieties. Bank convertible bonds account for a large proportion in the convertible bond bottom - position varieties of public funds at all times, but the bottom - position varieties change with factors such as bond balance and market conditions [19][21]. 2. Overview of Bank Convertible Bonds - the "Major Holders" of Convertible Bond Bottom - Positions - **Purpose of Issuance**: Issuing convertible bonds is an important way for commercial banks to supplement core tier - 1 capital, and they need to achieve this through continuous conversion. Some bank convertible bonds have seen large shareholders convert at a premium to seize the opportunity to supplement core tier - 1 capital [2][28]. - **Characteristics**: Bank convertible bonds have high safety, can be pledged, and have high dividend yields of underlying stocks, almost no default risk, and strong anti - risk ability. They are also an important income - enhancement channel for stable accounts [2][33]. - **Scale Trend**: In recent years, there have been few bank convertible bond issuances, but the delisting rhythm has accelerated significantly. There are currently no new bank convertible bond issuances in the short term, and there are no new bank convertible bond pre - plans after the refinancing regulations [40][43]. 3. How to Allocate Subsequent Bottom - Position Varieties? - **Characteristics of Convertible Bond Bottom - Position Varieties**: Most bottom - position varieties have high ratings (AA and above), large market values (nearly 90% have a convertible bond balance of over 2 billion), and good anti - decline performance [3][46]. - **Analysis of "Possible Bottom - Position Varieties"**: - **Substituting with Other High - Rating Large - Cap Varieties**: Such as photovoltaic convertible bonds. Although there are relatively limited eligible targets, and photovoltaic convertible bonds have been increasingly favored by funds in recent quarters, whether each high - rating large - cap bond can be used as a bottom - position still needs comprehensive consideration [52][56]. - **Comparing with Public Fund Benchmarks**: Considering currently under - allocated varieties. However, in practice, most public funds' performance benchmarks do not contain convertible bond - related indices, and the conversion premium rate may be a significant interference factor [57][62]. - **Idea for Bottom - Position Selection**: - **For Convertible Bond Funds**: Consider individual bonds with a positive YTM and good credit quality of underlying stocks. Also, construct a convertible bond portfolio with low or negative correlations among some individual bonds [66][67]. - **For Non - Convertible Bond Funds**: When it is difficult to find suitable bottom - position varieties in the convertible bond market, consider switching to other types of bonds [71][72].

Core Viewpoint - Qilu Bank Binzhou Branch has achieved significant growth and development over the past eight years, focusing on serving local residents, small and medium-sized enterprises, and contributing to the local economy [1][2][3]. Group 1: Financial Performance - As of the first quarter of this year, the bank's deposit scale reached 11 billion, and loan scale reached 14.1 billion, with both deposit and loan growth rates ranking among the top in the city [1]. - Cumulatively, the bank has issued various loans totaling 86.2 billion, serving over 840 corporate clients and 120,000 individual clients [1]. - The bank's green loan balance is 1.3 billion, reflecting a 42% increase since the beginning of the year [4]. Group 2: Innovation and Services - The bank has developed innovative credit products and financial services to support the real economy, with a focus on "specialized, refined, distinctive, and innovative" enterprises [3]. - The bank's technology-enabled loans for specialized enterprises have exceeded 2.1 billion, providing services to 154 technology companies [3]. - The bank has launched various inclusive financial products, including "Grain Loan" and "Kitchenware Loan," to support rural revitalization [6]. Group 3: Social Responsibility and Community Engagement - The bank has actively participated in public welfare initiatives, including the issuance of social security cards and the launch of the "Social Security Convenience Loan" product [7]. - It has established partnerships with local government departments to enhance communication and improve service efficiency for enterprises [6]. - The bank has conducted various community activities, such as financial literacy programs and support for underprivileged families, enhancing its reputation as a "citizen bank" [7]. Group 4: Future Outlook - The bank aims to continue its commitment to financial service and local economic development, focusing on providing precise, efficient, and high-quality financial services [8].

Core Viewpoint - Qilu Bank is actively promoting financial knowledge and consumer protection through various initiatives, aiming to safeguard customer rights and enhance financial literacy among specific groups, particularly the elderly and new citizens [1][2][3][4][5][6] Group 1: Financial Knowledge Promotion - Qilu Bank has established a financial knowledge promotion area in its branches, displaying materials such as "Elderly Fraud Prevention Guide" and "Understanding Suitability Management" to educate customers [2] - The bank's staff actively engage with customers, focusing on common scams targeting the elderly and new citizens, using simple language to explain fraud tactics [2][4] - Interactive sessions like "Financial Knowledge Q&A" are organized to reinforce understanding of key principles such as not transferring money easily and not disclosing personal information [2] Group 2: Integration of Education and Service - Financial education is integrated into daily services, with lobby managers conducting "micro-lectures" on topics like account and payment security while customers wait [3] - Counter staff provide fraud reminders during transactions, promoting a security mindset among customers [3][5] Group 3: Social Responsibility and Community Engagement - On June 9, 2025, Qilu Bank organized a community outreach event for sanitation workers, providing them with essential supplies and educating them on financial fraud prevention [4] - The initiative combines financial education with community support, enhancing the financial risk awareness of frontline workers [4] Group 4: Employee Training and Capability Building - The bank promotes a "Weekly Learning" initiative to enhance staff understanding of consumer rights protection and fraud detection [5] - Staff training includes practical simulations to improve skills in identifying fraudulent practices and communicating risks to customers [5] Group 5: Long-term Mechanism and Commitment to Financial Literacy - Qilu Bank emphasizes the importance of continuous financial education as a means to protect customer rights and uphold its commitment to financial service [6] - Future plans include refining the educational approach and expanding outreach to cover more target groups, ensuring that financial safety concepts are integrated into customers' daily lives [6]

Summary of Key Points from Conference Call Records Industry Overview - **Banking Sector Stability**: The banking sector is experiencing a stable fundamental environment due to local government debt resolution and fiscal injections, which are gradually alleviating risks in real estate and city investment. This has led to capital replenishment for banks, with improved interest margins as regulatory measures have lowered deposit rates, particularly benefiting small banks and stabilizing large banks' margins [1][2][5]. Core Insights and Arguments - **Stock Performance and Valuation Recovery**: Since May 2025, the banking sector has seen accelerated stock price increases, driven by high dividend yields and passive index fund investments. Active funds have begun increasing their positions in bank stocks, which is expected to continue for one to two years, particularly benefiting high-quality city commercial banks that may exceed a price-to-book (PB) ratio of 1.0 [1][2][5][6]. - **Potential for Valuation Recovery in Leading City Commercial Banks**: Leading city commercial banks such as Hangzhou Bank, Jiangsu Bank, and Chengdu Bank are projected to have dividend yields exceeding 4%, supported by strong asset quality primarily from government-related businesses. This positions them well for valuation recovery beyond a PB of 1.0 [1][4][6]. - **Future Trends in Banking**: The regulatory support for systemically important financial institutions is underestimated, leading to better-than-expected fundamentals in the banking sector. The focus of stock selection is shifting from low valuation to high return on equity (ROE), high growth rates, and long-term regional advantages [1][5]. - **Market Recognition of Bank Stocks**: There is a growing market recognition of bank stocks, reflected in trading activity and initial valuation increases. The expectation is that leading city commercial banks could see their asset valuations recover to 1.2 times PB [6]. Additional Important Insights - **Investment Strategy in Real Estate**: The focus in the real estate sector is on stable cash flow and potential high dividend yield companies, including comprehensive developers and pure commercial real estate firms. The emphasis is on dividend rates, free cash flow stability, and the quality of non-self-owned business assets [3][7][9]. - **Selection Logic for Light Asset Companies**: The selection criteria for light asset companies include static dividend yields between 5% and 10%, growth potential, and the pricing of excess cash. Companies with strong free cash flow relative to market capitalization are prioritized [3][12][13]. - **Market Environment and Investment Focus**: In the current uncertain market environment, there is a heightened interest in assets with stable cash flows and improving dividend capabilities. These assets are considered scarce and are expected to attract more investor attention [14]. - **Impact of Stablecoin Developments**: The recent approval of a stablecoin scheme in Hong Kong is anticipated to increase demand for local currency stablecoins, particularly as the market for stablecoins continues to grow in Asia and Europe [15][16]. This summary encapsulates the key points from the conference call records, highlighting the banking sector's stability, valuation recovery potential, and strategic investment insights across various sectors.

Core Viewpoint - The central financial work conference emphasizes the importance of developing "five major articles" in finance, including technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance support for key areas such as technological innovation and green transformation [2] Group 1: Technology Loans - Listed banks have significantly increased their lending to technology enterprises in 2024, with many reporting substantial growth in technology loan balances [2][4] - Major state-owned banks like China Construction Bank, Industrial and Commercial Bank of China, and Bank of China have technology loan balances exceeding 1 trillion yuan, with China Construction Bank leading at over 3.5 trillion yuan [4][5] - Qingdao Bank and Qilu Bank reported technology loan growth rates exceeding 46%, indicating strong demand in the sector [3][6] Group 2: Strategic Emerging Industries - The loan balances for strategic emerging industries among major banks have surpassed 20 trillion yuan, with Industrial and Commercial Bank of China exceeding 3.1 trillion yuan [8][9] - Growth rates for strategic emerging industry loans have increased by over 25% for banks like Huaxia Bank and China Construction Bank [8] Group 3: Specialized and Innovative Loans - China Bank leads in specialized and innovative loans with a balance of 603.42 billion yuan, followed by Minsheng Bank and Everbright Bank, each exceeding 100 billion yuan [12][14] - The growth rate for specialized and innovative loans at China Bank and Zhangjiagang Bank has exceeded 50%, reflecting a robust demand for these financial products [12] Group 4: Regulatory Support and Policy Initiatives - Regulatory bodies have introduced multiple policies since 2025 to support the development of technology finance, aiming to enhance financial services for high-quality economic development [17] - Banks are exploring new financial service models to empower technological innovation and support the modern industrial system [18]

Core Viewpoint - The value of data as a resource is gradually being released, with various industries moving towards incorporating data resources into their financial statements since the implementation of the interim regulations by the Ministry of Finance in 2024 [1] Group 1: Data Resource Incorporation - Various banks are beginning to recognize data resources as intangible assets, with institutions like Hengfeng Bank being the first to do so in August 2023 [2] - As of 2024, banks such as Citic Bank, Everbright Bank, and Ningbo Bank have also started to incorporate some data resources into their financial statements, although the overall number remains limited [2] - The value of data resources recognized by banks is relatively small, with Citic Bank reporting a net value of RMB 494,000 for its data resources as of the end of 2024 [2] Group 2: Potential and Challenges - Large and medium-sized banks possess rich data resources and have a solid foundation for data governance, indicating significant potential for data resource extraction [3] - Some banks are actively working on data asset inventory, rights confirmation, and valuation, with Qilu Bank elevating data governance to a strategic level [3] - However, many smaller banks are still in the data governance phase, with data quality needing improvement before they can effectively create value from data assets [3] Group 3: Ownership and Valuation Issues - The definition and ownership of data assets in banks remain ambiguous, with no standardized definition available for the industry to follow [4] - The challenges of defining data assets stem from the need to clarify data ownership and establish pricing based on that ownership [5] - Questions arise regarding the ownership of customer data collected during business transactions, particularly concerning the bank's rights to classify such data as assets without customer authorization [6]

Core Viewpoint - Qilu Bank has announced an adjustment to the conversion price of its convertible bonds following the approval of its 2024 profit distribution plan, which includes a cash dividend of RMB 1.39 per 10 shares [1][2][3]. Group 1: Conversion Price Adjustment - The initial conversion price of Qilu Bank's convertible bonds was RMB 5.87 per share, which has been adjusted to RMB 5.14 per share, and will further be adjusted to RMB 5.00 per share effective June 12, 2025 [1][5]. - The adjustment is based on the cash dividend distribution of RMB 0.139 per share, which will be deducted from the conversion price [3][5]. Group 2: Profit Distribution Details - The total cash dividend to be distributed amounts to RMB 675,158,490.18, based on a total share capital of 4,857,255,325 shares [9]. - The total cash dividend for the year 2024, including the mid-year distribution, is RMB 1,289,203,251.80, representing a 20.91% increase compared to the previous year [9]. - The cash dividend distribution will be executed on June 12, 2025, with the record date set for June 11, 2025 [2][9].

重要内容提示： 每股分配比例 A 股每股现金红利0.139元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/11 | － | 2025/6/12 | 2025/6/12 | 差异化分红送转： 否 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-021 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 2024年度权益分派实施公告 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。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经齐鲁银行股份有限公司（以下简称"公司"）2025 年 5 月 23 日召开的2024年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东 ...