Core Viewpoint - Qilu Bank's stock price has shown fluctuations, with a current price of 5.73 CNY per share and a market capitalization of 35.26 billion CNY, reflecting a year-to-date increase of 7.63% and a recent decline over the past 20 days [1] Group 1: Stock Performance - On December 18, Qilu Bank's stock rose by 2.14%, with a trading volume of 173 million CNY and a turnover rate of 0.50% [1] - The stock has experienced a 1.06% increase over the last five trading days, a 5.91% decrease over the last 20 days, and a 2.87% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Qilu Bank reported operating revenue of 9.92 billion CNY, representing a year-on-year growth of 4.63%, and a net profit attributable to shareholders of 3.96 billion CNY, reflecting a year-on-year increase of 15.14% [2] - Cumulatively, Qilu Bank has distributed dividends totaling 4.87 billion CNY since its A-share listing, with 3.21 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of September 30, 2025, Qilu Bank had 56,100 shareholders, an increase of 30.16% from the previous period, with an average of 109,647 circulating shares per shareholder, a decrease of 7.07% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 128 million shares, which is a decrease of 876,500 shares compared to the previous period [3] Group 4: Business Overview - Qilu Bank, established on June 5, 1996, and listed on June 18, 2021, is headquartered in Jinan, Shandong Province, and its main business segments include corporate banking (59.83%), personal banking (22.81%), and fund operations (16.05%) [1]

Core Viewpoint - The A-share market has seen a broad increase in bank stocks, indicating positive market sentiment towards the banking sector [1] Group 1: Stock Performance - Suzhou Bank, Xiamen Bank, Shanghai Bank, Hangzhou Bank, Jiangyin Bank, China Construction Bank, and Chongqing Rural Commercial Bank all experienced gains exceeding 2% [1] - Zhangjiagang Bank, Nanjing Bank, Jiangsu Bank, Qilu Bank, Changsha Bank, Qingdao Bank, and Chongqing Bank saw increases close to 2% [1]

Core Viewpoint - The article announces the launch of the "Top Ten Outstanding Chairmen of City Commercial Banks for 2025" list by a well-known financial media platform, focusing on the comprehensive performance of major city commercial banks in China and highlighting key figures from these institutions [1]. Group 1: List of Outstanding Chairmen - The list includes the following chairmen: - Ge Renyu from Jiangsu Bank - Gu Jianzhong from Shanghai Bank - Xie Ning from Nanjing Bank - Guo Hao from Zhongyuan Bank - Zhao Xiaozhong from Changsha Bank - Yang Xiuming from Chongqing Bank - Yu Jianzhong from Tianjin Bank - Zheng Zugang from Qilu Bank - Zhou Zerong from Guangdong Huaxing Bank - Hong Pipa from Xiamen Bank [2][3]. Group 2: Evaluation Criteria - The evaluation for the list considered multiple factors, including the annual revenue, net profit, and performance scale of the banks for 2025, as well as the significant contributions and achievements of the executives [3]. - The rankings are not absolute and do not serve any commercial purpose; they aim to recognize outstanding companies and their leaders for their performance in 2025 [3].

Investment Rating - The industry investment rating is "Increase" (maintained) [2][21] Core Insights - The external environment and major power competition remain important starting points for policy, with increased confidence in addressing internal and external issues [4][11] - Fiscal policy will maintain a stable and more proactive stance, with a focus on domestic demand and innovation [4][12] - Monetary policy will continue to be moderately loose, emphasizing flexible decision-making and policy efficiency [4][12] - The regulatory approach for small and medium financial institutions has shifted from "risk resolution" to "quality improvement" [4][18] Summary by Sections Overall Thoughts - The report emphasizes that the external environment and major power competition are crucial for economic policy, with a more confident outlook on both internal and external challenges [4][11] Fiscal Policy - The fiscal policy will continue to be more proactive, focusing on maintaining stability. The emphasis will be on domestic demand and innovation, with a potential tightening of tax incentives and subsidies [4][12][18] Monetary Policy - The monetary policy will remain moderately loose, with a focus on flexible and efficient decision-making. The use of various policy tools, including adjustments to reserve requirements and interest rates, will be prioritized [4][12][18] Financial Regulation - The regulatory focus for small and medium financial institutions has transitioned to enhancing quality rather than merely resolving risks, indicating a shift towards reform and consolidation in the sector [4][18] Investment Recommendations - Investment strategies for bank stocks have shifted from "pro-cyclical" to "weak-cyclical," with a focus on high-dividend stability during economic downturns. Recommendations include regional banks with strong certainty and large banks with high dividends [4][20]

2025年12月12日，齐鲁银行（601665）发布公告称，为了向您提供更优质的金融服务，齐鲁银行对《齐 鲁银行信用卡现金分期业务条款及细则》进行修订，取消现金分期业务转入分期款项的借记卡账户必须 为"一类账户"的限制要求。新版业务协议自2025年12月15日起生效。如您对协议的内容有任何疑问，敬 请拨打齐鲁银行信用卡客服专线4001096588垂询。 ...

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report indicates that the total social financing (社融) in November increased by 2.49 trillion yuan, which is 159.7 billion yuan more than the same period last year, exceeding the consensus expectation of 2.02 trillion yuan [5][8] - The cumulative social financing for the first eleven months shows a year-on-year growth of 8.5%, maintaining the same growth rate as in October [5][8] - The report highlights a structural differentiation in financing, with trust loans, bond financing, and unendorsed bank acceptance bills showing significant year-on-year increases, while credit and government bonds experienced declines [5][9] Summary by Sections Social Financing Situation - In November, social financing increased by 2.49 trillion yuan, with a year-on-year increase of 159.7 billion yuan, surpassing expectations [5][8] - The cumulative social financing for the first eleven months shows an 8.5% year-on-year increase, consistent with October's growth rate [5][8] Credit Situation - The report notes that the credit supply is lower than in previous years, with November's new RMB loans amounting to 405.3 billion yuan, which is 116.3 billion yuan less than the same month last year [5][12] - The credit balance grew by 6.4% year-on-year, with a slight decline in growth rate compared to the previous month [12] Liquidity and Deposit Situation - The report indicates that M1 growth has slowed, while M2 and M1's differential has slightly expanded [19] - In November, RMB deposits increased by 1.4 trillion yuan, which is 760 billion yuan less than the same period last year, with a year-on-year growth rate of 7.7% [21] Investment Recommendations - The report suggests a shift in the investment logic for bank stocks from "pro-cyclical" to "weak-cyclical," indicating that during periods of economic stagnation, high dividend yields from bank stocks will remain attractive [24] - Two main investment lines are recommended: regional banks with strong certainty and large banks with high dividend yields [24]

Core Points - The city commercial bank sector experienced a decline of 0.23% on December 12, with Hangzhou Bank leading the drop [1] - The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1] Summary by Category Stock Performance - Hangzhou Bank closed at 15.12, down 0.92% with a trading volume of 543,600 shares and a transaction value of 824 million yuan [2] - Qilu Bank closed at 5.63, down 0.71% with a trading volume of 1,165,000 shares and a transaction value of 657 million yuan [2] - Qingdao Bank closed at 4.58, down 0.65% with a trading volume of 370,100 shares and a transaction value of 169 million yuan [2] - Chongqing Bank closed at 10.84, down 0.64% with a trading volume of 118,200 shares and a transaction value of 129 million yuan [2] - Chengdu Bank closed at 16.35, down 0.49% with a trading volume of 390,900 shares and a transaction value of 642 million yuan [2] - Lanzhou Bank closed at 2.32, down 0.43% with a trading volume of 529,700 shares and a transaction value of 123 million yuan [2] - Xiamen Bank closed at 7.56, down 0.26% with a trading volume of 358,000 shares and a transaction value of 270 million yuan [2] - Ningbo Bank closed at 27.72, down 0.25% with a trading volume of 215,400 shares and a transaction value of 596 million yuan [2] - Changsha Bank closed at 9.48, down 0.21% with a trading volume of 321,800 shares and a transaction value of 306 million yuan [2] - Jiangsu Bank closed at 10.39, down 0.19% with a trading volume of 1,989,400 shares and a transaction value of 2.066 billion yuan [2] Capital Flow - The city commercial bank sector saw a net outflow of 9.0898 million yuan from institutional investors, while retail investors contributed a net inflow of 230 million yuan [4] - Speculative funds experienced a net outflow of 2.21 billion yuan [4]

给您带来的不便，敬请谅解。如有疑问，请致电齐鲁银行客服4006096588。 2025年12月10日，齐鲁银行（601665）发布公告称，为进一步提升业务服务能力，齐鲁银行将于2025年 12月17日晚对营销短信平台进行升级。升级后，齐鲁银行原营销短信的通道码号"10683519096588"变更 为"10693359096588"（主通道码号）、"10683019096588"（备用通道码号），其它短信通道码号不变。 如需退订或拒收营销短信，您可向10693359096588、10683019096588任一通道码号发送"R"退订，或拨 打4006096588退订，敬请知晓。 ...

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].