丨证券研究报告丨 公司研究丨点评报告丨青岛银行（002948.SZ） [Table_Title] 业绩增速领先，质效提升持续验证 ——2025 年中报点评 报告要点 [Table_Summary] 上半年营收增速 7.5%，归母净利润增速 16.0%，利润增速继续保持领先，质效提升逻辑得到 持续验证。利息净收入高增 12.2%，主要规模增速较快。上半年公司类贷款大幅增长，上半年 同比多增，一般对公较期初增长 11.3%。上半年净息差 1.72%，较 Q1 下降 5BP，较 2024 全 年小幅下降 1BP，其中负债成本加速下行。上半年末不良率 1.12%，环比-1BP，较期初-2BP， 拨备覆盖率 253%，环比+1pct，较期初+11pct，达到上市以来最佳水平。上半年不良净生成率 0.58%，保持优异，当前估值存在低估。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% [Table_Summary2] 事件描述 青岛银行上半年营收增速 7.5%（Q1 增 ...

证券代码：002948 证券简称：青岛银行 青岛银行股份有限公司投资者关系活动记录表 答："反内卷"是一次资源优化配置的过程，遏制低水 平价格战，鼓励差异化服务与竞争，有助于银行优化客群结 构，鼓励银行采取差异化竞争策略。这对于我行而言是机遇， 将促进我行进一步从规模驱动转向价值驱动，我行将依托自 身优势，深耕特定区域、行业或客群，发展综合金融服务能 力。 下一步，我行将坚定打造资本节约型银行目标，持续优 化业务结构，丰富产品货架，多元化拓展中间业务收入，大 力发展承销等投行类业务、托管类、基金保险等财富代理类 业务，做大国际业务，持续提升中收的创造能力。 3.零售信贷方面，如何在积极满足个人客户刚需和改善 性住房贷款需求的同时，有效控制信贷风险？未来零售信贷 业务的发展目标和规划是怎样的？ 答：在个人住房贷款方面，我行坚持严格把控项目准入， 优化按揭合作渠道结构，加强渠道中介等管理力度，构建区 域、渠道的精细化、差异化风险偏好，提升优质渠道市场份 额及业务占比；不断夯实公私联动、分支联动营销基础，建 立完善风险监测及管理体系，在保持资产质量稳定的同时， 更好满足刚性和改善性住房需求；持续加强贷款准入审核， ...

135只个股今日获机构买入型评级，17股机构首次关注。 | 002327 | 富安娜 | 1 | -0.14 | 29.02 | 纺织服饰 | | --- | --- | --- | --- | --- | --- | | 002422 | 科伦药业 | 1 | 3.41 | 32.22 | 医药生物 | | 002436 | 兴森科技 | 1 | 4.45 | 560.31 | 电子 | | 002461 | 珠江啤酒 | 1 | -0.47 | 19.32 | 食品饮料 | | 002484 | 江海股份 | 1 | 4.41 | 38.52 | 电子 | | 002487 | 大金重工 | 1 | 10.01 | 23.21 | 电力设备 | | 002517 | 恺英网络 | 1 | 4.1 1 | 25.64 | 传媒 | | 002555 | 三七互娱 | 1 | 3.32 | 16.00 | 传媒 | | 002594 | 比亚迪 | 1 | 3.13 | 31.52 | 汽车 | | 002609 | 捷顺科技 | 1 | 1.49 | 79.1 1 | 计算机 | | 002612 | 朗姿 ...

Investment Rating - The report maintains a positive outlook on the banking sector's allocation value, suggesting continued investment interest in the sector [4][10]. Core Viewpoints - The performance of listed banks in the first half of 2025 shows a marginal improvement in revenue and profit margins, with year-on-year growth of 1.0% in revenue and 0.8% in net profit attributable to shareholders [4][5]. - The recovery in the bond market during the second quarter has alleviated some of the pressures on bond investment returns, contributing to the overall performance improvement [4][5]. - The report anticipates that the banking sector's revenue and net profit growth will remain around 1% year-on-year for 2025, despite ongoing pressures on the banking fundamentals [4][10]. Summary by Sections Performance Overview - In the first half of 2025, listed banks experienced a year-on-year revenue growth of 1.0% and a net profit growth of 0.8%, with quarter-on-quarter improvements of 2.8 percentage points and 2 percentage points respectively [4][5]. - The growth in interest-earning assets was 9.7% year-on-year, with a stable credit growth of 8% and a significant increase in financial investments by 14.9% [4][11]. - The net interest margin for the first half of 2025 was 1.33%, showing a year-on-year decline of 13 basis points, which is less than the decline seen in the same period last year [4][5]. Non-Interest Income - Non-interest income showed a positive trend, with a year-on-year increase of 10.8% in other non-interest income and a 3.1% increase in fee income [4][5][10]. - The report highlights that the recovery in the capital market has contributed to the improvement in non-interest income [4][10]. Asset Quality - The report notes that while the non-performing loan ratio remains stable, there is an increase in the generation rate of overdue and non-performing loans, particularly in retail banking [4][10]. - The provision coverage ratio remained stable, with an increase in provisioning efforts during the first half of 2025 [4][10]. Future Outlook - The banking sector is expected to face continued pressure in 2025, but signs of a potential turning point are emerging, with improved net interest margins and non-interest income [4][10]. - The report suggests that the demand for bank stocks will increase from long-term funds, driven by favorable policies encouraging investment in the banking sector [4][10].

Group 1 - The city commercial bank sector experienced a decline of 0.37% on September 5, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key individual stock performances in the city commercial bank sector included Ningbo Bank rising by 1.74% and Chongqing Bank falling by 1.34% [1][2] Group 2 - The net outflow of main funds from the city commercial bank sector was 287 million yuan, while retail investors saw a net inflow of 141 million yuan [2] - The trading volume for Chongqing Bank was 107,400 shares, with a transaction amount of 103 million yuan [2] - The overall trading activity showed a mixed trend, with some banks experiencing slight declines while others saw minor gains [1][2]

【文/羽扇观金工作室】 区域经济支撑下，山东地方银行展现强劲发展动能。2025年中期业绩披露季落下帷幕，山东省12家城市商业银行交出了一份亮眼的成绩单。 数据显示，在区域经济韧性持续显现的背景下，这些地方法人金融机构在资产规模扩张、盈利能力提升、风险管控等多个维度均表现出色，为区域金融稳定 发展注入了强劲动力。 资产规模竞争激烈，头部银行优势凸显 从资产规模来看，山东城商行板块呈现出明显的梯队分化特征。截至2025年6月末，齐鲁银行以7513.05亿元的总资产规模稳居榜首，青岛银行紧随其后，达 到7430.28亿元，两家银行在资产规模上形成了"双雄并立"的竞争格局。 | 序号 | 银行名称 ◆ | 银行类型 ◆ | 总资产(亿元) | | --- | --- | --- | --- | | | | | 数值 ⇒ | | 1 | 齐鲁银行股份有限公司 601665.SH 发债 | 城商行 | 7.513.05 | | 2 | 青岛银行股份有限公司 002948.SZ 03866.HK 发债 | 城商行 | 7,430.28 | | 3 | 青岛农村商业银行股份有限公司 002958.SZ 发债 | 农商行 | ...

9月5日，A股市场呈现显著分化格局，固态电池再度全线走强，天宏锂电（873152.BJ）、天际股份 （002759.SZ）两连板，金银河（300619.SZ）、誉辰智能(688638.SH)等多股涨停，阳光电源 （300274.SZ）涨超10%创历史新高；而银行板块集体回调，银行板块方面，截至10时，除青岛银行 （002948.SZ）微涨0.76%外，其余银行股均现下跌，其中农业银行（601288.SH）、工商银行 （601398.SH）等权重股跌幅超1%。 除了技术端的突破外，设备企业订单需求也得到大幅提升。据深圳市高工锂电有限公司不完全统计， 2025年上半年，海目星（688559.SH）、赢合科技（300457.SZ）、利元亨（688499.SH）等多家头部设 备企业披露的新签及在手订单总额已超过300亿元，同比涨幅高达70%至80%。 事实上，机构研报也正在密集看多。中金公司最新研报表示，固态电池凭借其较高的安全性及能量密度 优势，在新能源车、低空及消费电子等领域具备广阔的应用前景。伴随2025年头部厂商中试线逐步落 地，2026年量产线建设将持续突破，其预计，固态电池产业链有望开启主线行情，相关布局 ...

本次指数发布是青岛银行积极践行金融服务实体经济、助力海洋强国建设的重要举措。未来，青岛银行 将深入贯彻落实中央金融工作会议精神，紧跟政府工作部署，紧紧围绕科技金融、绿色金融、普惠金 融、养老金融、数字金融 "五篇大文章"，持续深化与各方的海洋经济主题合作。通过完善海洋经济金 融服务体系，积极探索蓝色金融创新发展路径，为推动海洋经济高质量发展、助力金融强国建设贡献更 多力量 。 9月3日，青岛银行联合上海清算所，正式向市场发布"上海清算所海洋经济优选债券指数"（指数代码： SCH00933）。作为国内首只聚焦海洋经济的债券指数，该指数不仅填补了海洋经济领域债券指数的空 白，更以专业金融工具为纽带，为海洋强国战略落地注入强劲金融动能。? 近年来，我国海洋经济持续保持稳健增长态势，已成为国民经济的重要组成部分。青岛银行立足区域特 色，充分发挥在海洋金融领域的专业优势，与上海清算所深度合作，共同推动这一创新指数的编制工 作。 上海清算所海洋经济优选债券指数聚焦海洋经济领域，精选信用资质良好的债券发行主体，以经营范围 涉及海洋渔业、海洋油气、海洋电力、海洋运输、海洋工程、港口等海洋经济产业的发行主体所发行债 券及蓝色债 ...

随着财富管理市场进入新发展阶段，客户的投资需求已从单一产品购买转向综合资产配置与长期投资陪伴。青 岛银行与国联民生证券敏锐捕捉这一趋势，率先在省内地方法人金融机构中落地基金投顾服务，力争通过专业 投资和陪伴服务，进一步提升双方的金融服务质效，形成优势互补，实现"1+1>2"联动效能。 基金投顾的核心优势在于其极致的透明度、专业的动态管理和以客户为中心的服务理念。国联民生证券的相关 负责人介绍，基金投顾的底层资产是持牌机构严选的一篮子公募基金，实现分散投资风险，且持仓高度公开透 明，投资者在买入次日即可查看持仓明细。同时，持牌机构会根据市场变化进行调仓，力求优化组合表现。对 于高净值客户，还可提供专属的定制化组合方案。此外，该服务高度重视成本控制，通过费率优惠压降交易成 本，确保实现投资者与机构收益的双赢。 8月29日上午，青岛银行与国联民生证券携手推出的公募基金投顾业务正式启动上线，这是双方战略合作的重 要里程碑，至此青岛银行也成为全省首家推出基金投顾业务的地方法人银行。此次双方合作旨在响应财富管理 市场高质量发展的新课题，为客户提供更加专业化、个性化以及周期性陪伴式的资产配置服务。 青岛银行从成立以来，深耕 ...

Core Insights - The financial reports of 64 listed companies in Qingdao show overall stable performance, with 40 companies achieving revenue growth and 29 companies achieving both revenue and net profit growth in the first half of the year [1][15] - Haier Smart Home leads in both revenue and profit among Qingdao listed companies, reporting revenue of 156.49 billion yuan and net profit of 12.03 billion yuan [1][9] - Emerging industries such as new-generation information technology and artificial intelligence are highlighted as key growth areas, supported by policies like "old-for-new" [3][20] Industry Performance - New-generation information technology and artificial intelligence are prioritized industries in Qingdao, with companies like Hisense achieving revenue of 27.23 billion yuan, a 6.95% increase, and net profit of 1.06 billion yuan, a 26.63% increase [3][16] - The logistics sector shows strong performance, with companies like LeCang Logistics achieving a revenue increase of 20% and a net profit increase of 898.4% [13][12] - The automotive market continues to thrive, with companies like Sanxiang Technology reporting revenue of 5.29 billion yuan, a 22.3% increase, and net profit of 0.39 billion yuan, an 88.9% increase [6][20] Emerging Industries - 36 out of 64 listed companies are involved in emerging industries such as smart connected new energy vehicles, green energy, and intelligent equipment, accounting for over 56% of the total [20] - In the green energy sector, companies like Teruid achieve revenue of 6.255 billion yuan, a 16.72% increase, and net profit of 0.327 billion yuan, a 69.32% increase [7][21] Advantageous Industries - The three main advantageous industries in Qingdao are smart home appliances, high-end chemicals and new materials, and modern light industry, which show strong resilience and stability [8][22] - The smart home appliance sector benefits from the "old-for-new" policy, with Haier Smart Home's overseas business growing significantly in regions like South Asia and the Middle East [9][22] Service Sector - The service sector contributes nearly 60% to Qingdao's economic growth, with financial and logistics industries maintaining growth, while the retail sector undergoes significant adjustments [12][13] - Qingdao Bank reports a net profit of 3.152 billion yuan, a 16.25% increase, reflecting stable growth in a complex market environment [12][13]