Core Viewpoint - The city commercial bank sector experienced a slight decline of 0.11% on November 6, with Xiamen Bank leading the drop, while the overall market indices showed positive movements with the Shanghai Composite Index up by 0.97% and the Shenzhen Component Index up by 1.73% [1][2]. Group 1: Market Performance - The closing price of Xiamen Bank was 7.16, reflecting a decrease of 2.59% with a trading volume of 539,700 shares and a transaction value of 387 million yuan [2]. - Other notable banks included Changsha Bank, which closed at 9.98 with a rise of 0.91%, and Qilu Bank, which closed at 6.17 with an increase of 0.82% [1]. - The city commercial bank sector saw a net outflow of 608 million yuan from major funds, while retail investors contributed a net inflow of 473 million yuan [2][3]. Group 2: Individual Bank Performance - Beijing Bank had a net inflow from major funds of 20.80 million yuan, while it experienced a net outflow from retail investors of 30.79 million yuan [3]. - Chongqing Bank recorded a net inflow of 11.91 million yuan from major funds but faced a net outflow of 12.20 million yuan from retail investors [3]. - Jiangsu Bank had a net inflow of 202.55 million yuan from major funds, while retail investors contributed a net inflow of 3.33 million yuan [3].

Core Viewpoint - Qingdao Bank's Q3 2025 report shows a slight decline in quarterly revenue, contrasting with overall growth in the first three quarters, highlighting challenges in non-interest income and management adjustments [1][2][5]. Financial Performance - For Q3 2025, Qingdao Bank reported revenue of 3.35 billion yuan, a minor decrease of 0.22% year-on-year, while total revenue for the first three quarters reached 11.01 billion yuan, up 5.03% [4][5]. - Net profit attributable to shareholders for Q3 was 927.18 million yuan, reflecting a 13.90% increase, and for the first three quarters, it was 3.99 billion yuan, up 15.54% [4][6]. - The bank's interest income for the first three quarters was 17.22 billion yuan, a year-on-year increase of 5.89%, while interest expenses decreased by 2.83 billion yuan [6]. Non-Interest Income Challenges - Non-interest income for the first three quarters was 2.87 billion yuan, down 10.72% year-on-year, primarily due to declines in investment income and fees from wealth management [5][6]. - The bank's reliance on non-interest income from the bond market and wealth management services exposes it to market fluctuations, indicating a lack of diversification in revenue sources [5][6]. Asset Quality and Capital Adequacy - As of September 30, 2025, the non-performing loan ratio was 1.10%, a decrease of 0.04 percentage points from the end of the previous year, with a provision coverage ratio of 269.97% [7][8]. - The capital adequacy ratio stood at 13.14%, below the industry average of approximately 15.8%, indicating a need for improved capital strength [8][9]. Management and Governance Changes - Qingdao Guoxin Group plans to increase its stake in Qingdao Bank to 19.99%, enhancing state-owned capital's influence in governance [9][10]. - Recent management changes include key personnel shifts across the bank's headquarters and branches, aimed at revitalizing operations and addressing challenges in non-interest income [10][11]. Wealth Management Performance - Qingyin Wealth Management has faced declining performance, with assets under management dropping from 2 trillion yuan in 2024 to 1.89 trillion yuan by mid-2025, alongside significant decreases in revenue and net profit [12][13].

Core Viewpoint - Qingdao Bank's Q3 2025 report shows a slight decline in quarterly revenue, contrasting with overall growth in the first three quarters, highlighting challenges in non-interest income and management adjustments [1][2][6]. Financial Performance - In Q3 2025, Qingdao Bank reported revenue of 3.35 billion yuan, a minor decrease of 0.22% year-on-year, while the first three quarters saw total revenue of 11.01 billion yuan, up 5.03% [4][6]. - Net profit attributable to shareholders for Q3 was 927.18 million yuan, an increase of 13.90%, with a year-to-date net profit of 3.99 billion yuan, reflecting a 15.54% rise [4][8]. - The bank's interest income reached 17.22 billion yuan in the first three quarters, up 5.89%, while interest expenses decreased by 2.83 billion yuan [8]. Non-Interest Income Challenges - Non-interest income for the first three quarters was 2.87 billion yuan, down 10.72% year-on-year, primarily due to declines in investment income and fees from wealth management [7][8]. - The bank's reliance on non-interest income from bond markets and wealth management exposes it to market fluctuations, indicating a need for diversification in revenue sources [7][8]. Asset Quality and Capital Adequacy - As of September 30, 2025, the non-performing loan ratio was 1.10%, down 0.04 percentage points from the previous year, with a provision coverage ratio of 269.97%, up 28.65 percentage points [9][10]. - The capital adequacy ratio stood at 13.14%, below the industry average of approximately 15.8%, indicating a need for capital strengthening [12][13]. Shareholder and Management Changes - Qingdao Guoxin Group plans to increase its stake in Qingdao Bank to 19.99%, enhancing state-owned capital's influence in governance [13][14]. - Recent management changes include key personnel shifts across the bank's headquarters and branches, aimed at revitalizing operations and addressing challenges in non-interest income [13][14][15]. Wealth Management Performance - Qingyin Wealth Management has faced declining performance, with assets under management dropping from 2,081.22 billion yuan in 2023 to below 2,000 billion yuan in 2024, and a significant decrease in revenue and net profit [16].

Core Viewpoint - The bond market's volatility has significantly impacted the non-interest income and overall revenue growth of listed banks in China during the first three quarters of the year [1][3][7]. Group 1: Non-Interest Income Decline - Among 42 A-share listed banks, 24 reported a year-on-year decline in non-interest income, with 8 banks experiencing a drop in net investment income [1][2]. - For instance, China Merchants Bank reported a 4.23% decrease in non-interest net income, primarily due to reduced bond and fund investment returns [3][4]. - Ping An Bank's revenue fell by 9.8%, influenced by declining loan rates and market volatility affecting non-interest income [3]. Group 2: Fair Value Changes - The significant drop in fair value changes has also been a major factor in revenue growth decline, with China Merchants Bank reporting a cumulative loss of 8.827 billion yuan in fair value changes for the first three quarters [4]. - Other banks like Everbright Bank and Huaxia Bank also reported losses in fair value changes, amounting to 4.982 billion yuan and 4.505 billion yuan, respectively [4]. - Analysts noted that fair value changes are highly influenced by bond market fluctuations, with smaller banks being more affected due to a higher proportion of FVTPL assets [4]. Group 3: Future Outlook and Central Bank Actions - The People's Bank of China announced the resumption of government bond trading operations, which is expected to help lower bond yields and benefit banks' non-interest income [11][12]. - Some bank executives expressed uncertainty about future non-interest income growth due to ongoing market volatility, suggesting that the bond market may remain in a fluctuating state [9][10]. - Analysts believe that the resumption of government bond trading will provide a safety net for the bond market, potentially stabilizing yields and supporting both bond and equity markets in the long term [12][13].

Core Insights - Green finance has transitioned from an optional choice to a mandatory requirement for the banking industry, serving as a new engine for strategic transformation and a blue ocean market for future growth [1] - The balance of green financing at Industrial Bank has reached nearly 2.5 trillion yuan, with green loans exceeding 1 trillion yuan and a non-performing loan rate of only 0.57% [1] - The People's Bank of China and other departments have issued a unified policy framework for green finance, effective from October 1, 2025, to standardize various financial products [2] Group 1: Green Credit Growth - As of the end of 2024, the total balance of green credit among 42 A-share listed banks exceeded 27 trillion yuan, reflecting a year-on-year growth of approximately 20% [3] - State-owned banks dominate the green credit market, with the six major state-owned banks accounting for over 21 trillion yuan, representing 77.6% of the total [3] - Industrial Bank's green loan balance has risen to 1.08 trillion yuan, joining the "trillion club" [3] Group 2: Performance and Sector Focus - The average growth rate of green credit for A-share listed banks in 2024 was 20.6%, a slowdown from approximately 28% in 2023, yet leading institutions maintained strong growth [4] - The focus of green credit issuance is concentrated in four key areas: clean energy, green transportation, energy conservation and environmental protection, and green buildings [4] - The Yangtze River Delta, Guangdong-Hong Kong-Macau Greater Bay Area, and Chengdu-Chongqing Economic Circle are identified as core regions for green credit [4] Group 3: Product Innovation - A-share listed banks are deepening innovation in green financial products, creating a multi-dimensional product system that includes loans, bonds, asset securitization, insurance, and carbon finance [5] - Sustainable Development Linked Loans (SLL), carbon emission rights pledge financing, and environmental rights collateral loans are gaining traction [5] - Industrial Bank has launched the first green loan with biodiversity protection insurance, while Bohai Bank introduced a green loan linked to data center energy efficiency [6] Group 4: Broader Financial Tools - The issuance of green bonds has expanded, with the cumulative issuance of labeled green bonds in 2024 surpassing 4 trillion yuan [6] - Banks are actively participating in green wealth management and fund products, enhancing investor engagement through innovative offerings [6] - Carbon finance tools are transitioning from pilot programs to broader applications, with various banks introducing carbon emission rights pledge financing products [6] Group 5: Future Directions - The banking industry is expected to continue innovating green financial products to support sustainable economic development, moving beyond traditional green credit [7] - The development of ESG-linked loans and financing models using carbon emission rights as collateral will be explored [7] - These innovations will not only assist in achieving national carbon reduction goals but also cultivate new growth momentum for banks [7]

青岛银行11月5日晚间公告，本行于2025年11月5日收到青岛国信产融控股（集团）有限公司（下称"国 信产融控股"）出具的《关于增持青岛银行股份有限公司股份的告知函》。国信产融控股于2025年11月4 日通过港股通渠道增持本行H股股份49,000,000股，占本行股份总数的0.84%，资金来源为自有资金。本 次增持后，国信产融控股持股比例从13.55%增加至14.39%，国信产融控股及其一致行动人合计持股比 例从17.29%增加至18.13%。 ...

国信产融控股于2025年11月4日通过港股通渠道增持青岛银行H股股份4900万股，占该行股份总数的 0.84%，资金来源为自有资金。本次增持后，国信产融控股持有青岛银行股份从约7.89亿股增加至约 8.38亿股，占该行股份总数比例从13.55%增加至14.39%，国信产融控股及其一致行动人合计持有该行股 份从约10.06亿股增加至约10.55亿股，占该行股份总数比例从17.29%增加至18.13%。 北京商报讯(记者宋亦桐)11月5日，青岛银行（002948）发布公告指出，该行于2025年11月5日收到青岛 国信产融控股(集团)有限公司(以下简称"国信产融控股")出具的《关于增持青岛银行股份有限公司股份 的告知函》。 ...

本次增持后，国信产融控股持有该行股份从7.89亿股增加至8.38亿股，占该行股份总数比例从13.55%增 加至14.39%，国信产融控股及其一致行动人合计持有该行股份从10.06亿股增加至10.55亿股，占该行股 份总数比例从17.29%增加至18.13%。 智通财经APP讯，青岛银行(03866)发布公告，该行于2025年11月5日收到青岛国信产融控股(集团)有限 公司(国信产融控股)出具的《关于增持青岛银行股份有限公司股份的告知函》。国信产融控股于2025年 11月4日通过港股通渠道增持该行H股股份4900万股，占该行股份总数的0.84%，资金来源为自有资金。 ...

本次增持后，国信产融控股持有该行股份从7.89亿股增加至8.38亿股，占该行股份总数比例从13.55%增 加至14.39%，国信产融控股及其一致行动人合计持有该行股份从10.06亿股增加至10.55亿股，占该行股 份总数比例从17.29%增加至18.13%。 青岛银行（002948）(03866)发布公告，该行于2025年11月5日收到青岛国信产融控股(集团)有限公司(国 信产融控股)出具的《关于增持青岛银行股份有限公司股份的告知函》。国信产融控股于2025年11月4日 通过港股通渠道增持该行H股股份4900万股，占该行股份总数的0.84%，资金来源为自有资金。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 特此公告。 承董事會命 青島銀行股份有限公司* 景在倫 董事長 Bank of Qingdao Co., Ltd.* 青 島 銀 行 股 份 有 限 公 司 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （H股股份代號：3866） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於深圳證券交易所網站刊登，僅供參閱。 中國山東省青島市 2025年11月5日 於本公告日期，董事會包括執行董事景在倫先生、吳顯明先生、陳霜女士及劉 鵬先生；非執行董事周雲傑先生、Rosario Strano先生、譚麗霞女士、Giamberto Giraldo先生及鄧友成先生；獨立非執行董事邢樂成先生、張旭先生、張文礎先 生、杜寧先生及范學軍先生。 * 青島銀行股份有限公司並非一家根據銀行業條例（香港法例第155章）之認可機構，並不受 限於 ...