大金融配置方向展望 20250609 摘要 银行基本面稳健：通过地方政府化债和财政注资，地产城投风险逐步化 解，银行资本得到补充，息差压力因监管压低存款利率而改善，尤其定 期存款到期导致付息率下降，小型银行息差企稳，大型银行边际企稳。 资金面推动银行股上涨：高股息红利逻辑持续，被动指数基金推动国有 大行上涨。2025 年 5 月起，主动基金加仓银行股，加速板块上涨，预 计这种趋势将持续一两年，优质头部城商行有望突破一倍 PB 估值。 头部城商行估值修复潜力：头部城商行如杭州银行、江苏银行、成都银 行，股息率预计超过 4%，资产质量优良，以政府类业务为主，资产质 量压力小，机构配置行为推动估值提升。 银行业未来发展趋势：监管层对系统重要性金融行业的保护被低估，行 业基本面超预期。高股息红利逻辑、被动指数基金及主动机构加仓将推 动板块上涨，选股将从低估值转向高 ROE、高业绩增速及长期区域优势。 银行股市场认可度提升：市场对银行股的全面认可体现在交易层面，估 值上升刚开始。优质头部城商行资产估值修复至 1.2 倍 PB 可期，推荐 招商银行、港股大行以及杭州银行、成都银行等头部城商行。 Q&A 银行股近期表现及估 ...

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 - 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 ...

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-022 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根据 2024 年度利润分配 方案调整可转换公司债券转股价格的公告 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： 1 / 2 调整前转股价格：5.14 元/股 调整后转股价格：5.00 元/股 本次转股价格调整实施日期：2025 年 6 月 12 日 证券停复牌情况：适用 年度权益分派实施公告》。公司 2024 年度权益分派实施后，将依据《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》"）发行条款及相关规定对"齐鲁转债"的转股价格进行调整。 二、转股价格调整公式与调整结果 因实施 2024 年度权益分派，齐鲁银行股份有限公司（以下简称"公司"）的 相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | ...

Group 1 - The signing ceremony between Dezhou Market Supervision Administration and Qilu Bank aims to enhance financial services for individual businesses and small enterprises, addressing their operational challenges [1][2] - Individual businesses and small enterprises are described as vital components of the market economy, acting as drivers for consumption, employment stability, and public welfare [1] - The initiative is part of a three-year special action plan focused on nurturing individual businesses, with a goal to improve their financing, operating environment, and development quality [3] Group 2 - Qilu Bank has established itself as a key player in supporting the local economy, with significant deposit and loan balances, ranking among the top banks in Dezhou [2] - The bank has provided over 15 billion yuan in funding to more than 60,000 individual businesses, with an average loan amount of approximately 250,000 yuan per business [2] - The "Hui Shang Cluster Loan" financial scheme is introduced to enhance credit support and services for individual businesses, reflecting a commitment to continuous financial assistance [3]

Core Viewpoint - Qilu Bank's stock price increased by 1.37% to 6.64 yuan as of May 30, 2025, with a total market capitalization of 32.105 billion yuan, ranking 11th among city commercial banks and 439th in the A-share market [1] Company Announcements - The company announced a cash dividend distribution of 2.66 yuan per 10 shares (including tax) for the fiscal year 2024, representing a 20.91% increase compared to the previous year [1] - A notice was issued regarding the suspension of the conversion of "Qilu Convertible Bonds" during the dividend distribution period, from June 5, 2025, until the record date for the dividend distribution [1] - The 2024 annual general meeting approved the profit distribution plan, which will be based on the total number of ordinary shares registered on the record date, with a cash dividend of 1.39 yuan per 10 shares (including tax) [1] - The company will disclose the implementation announcement of the 2024 dividend distribution and the adjustment of the conversion price for "Qilu Convertible Bonds" on June 6, 2025 [1]

Core Viewpoint - The announcement details the suspension of the conversion of "Qilu Convertible Bonds" during the implementation of the 2024 annual equity distribution by Qilu Bank, with specific dates and dividend amounts outlined [1][2][3]. Group 1: Equity Distribution Plan - The 2024 annual profit distribution plan was approved on May 23, 2025, with a cash dividend of RMB 1.39 per 10 shares (tax included) to be distributed to all shareholders, totaling RMB 2.66 per 10 shares for the year, which is an increase of 20.91% compared to the previous year [3]. - The actual cash dividend amount for the "Qilu Convertible Bonds" will be determined based on the total share capital registered on the equity distribution record date [3]. Group 2: Suspension of Conversion - The "Qilu Convertible Bonds" will suspend conversion from June 5, 2025, until the equity distribution record date, with resumption of conversion on the first trading day after the record date [2][4]. - Holders of "Qilu Convertible Bonds" wishing to benefit from the equity distribution must convert their bonds by June 4, 2025 [4]. Group 3: Communication and Disclosure - The company will disclose the implementation announcement and the adjustment of the conversion price for "Qilu Convertible Bonds" on June 6, 2025, through various financial news outlets and the Shanghai Stock Exchange website [4].

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-020 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实施 2024 年度权益分派 时"齐鲁转债"停止转股的提示性公告 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： 证券停复牌情况：适用 因实施 2024 年度权益分派,齐鲁银行股份有限公司（以下简称"公司"）的 相关证券停复牌情况如下：自 2024 年度权益分派实施公告前一交易日（2025 年 6 月 5 日）至本次权益分派股权登记日期间，"齐鲁转债"将停止转股；本次权 益分派股权登记日后的第一个交易日起，"齐鲁转债"恢复转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113065 | 齐鲁转债 | 可转债转股停牌 | 2025/6/5 | | | | 注：停牌终止日及复牌日可在公司后续发布的"齐鲁转债"转股价格调 ...

Core Insights - Qilu Bank has positioned itself as a key player in providing financial services to technology-driven SMEs in the Jinan region, with a credit balance of 67.1 billion yuan for innovation enterprises as of March 2025, serving over 3,870 companies [1] - The bank's "Research Loan" product addresses the financing challenges faced by technology companies, particularly those with long R&D cycles and insufficient collateral [2][3] Group 1: Financial Products and Services - The "Research Loan" product offers a maximum credit term of 10 years and supports various flexible collateral options, including credit and intellectual property pledges, covering ten categories of funding uses [2] - Qilu Bank has disbursed over 4 billion yuan through the "Research Loan" product, with 30% of these being medium to long-term loans, significantly reducing the capital turnover costs for enterprises [3] Group 2: Industry Impact and Collaboration - The establishment of the "Qilu Investment and Loan Cooperation Alliance" aims to provide comprehensive services for innovation enterprises by integrating resources from various stakeholders [3] - Other financial institutions, such as the Bank of Communications and Jinan Rural Commercial Bank, have introduced their own specialized products, creating a differentiated competitive landscape in the technology finance sector [3] Group 3: Regional Development and Future Outlook - The Jinan region has been recognized as the first national pilot area for technology finance reform, with local financial institutions actively exploring new financing pathways for technology enterprises [1][2] - Future efforts will focus on enhancing support for financial institutions in Jinan to deepen their understanding of the value of innovation enterprises and continuously improve financial products and services [2]