Core Viewpoint - The article highlights the significant increase in cash dividends among listed banks in 2024, with state-owned banks leading in both total dividend amounts and payout ratios, reflecting a strong commitment to shareholder returns [2][7]. Summary by Sections Dividend Distribution Overview - As of April 8, 2024, 23 A-share listed banks have disclosed their annual reports, collectively distributing cash dividends of 56.8862 billion yuan, an increase of over 10.1887 billion yuan year-on-year [2][3]. - The six major state-owned banks are identified as the primary contributors, proposing a total cash dividend exceeding 420 billion yuan, with payout ratios consistently above 30% [7][8]. Individual Bank Performance - Industrial and Commercial Bank of China (ICBC) leads with a cash dividend of 109.773 billion yuan, followed by China Construction Bank and Agricultural Bank of China with 100.754 billion yuan and 84.661 billion yuan respectively [3][8]. - Among joint-stock banks, China Merchants Bank stands out with a dividend payout ratio of 35.32%, distributing over 50 billion yuan [4][9]. Trends in Dividend Frequency and Ratios - The article notes a shift in dividend frequency for state-owned banks to twice a year, enhancing their attractiveness to investors [8][9]. - In contrast, city commercial banks and rural commercial banks generally exhibit lower dividend scales and ratios, with Zhengzhou Bank having the lowest payout ratio at 9.69% [5][9]. Market Valuation and Investor Sentiment - The banking sector is currently experiencing a comprehensive decline in valuation, with an overall price-to-book (PB) ratio below 1, indicating a potential undervaluation of bank stocks [5][17]. - Over 20 banks have announced valuation enhancement plans in response to prolonged low valuations, aiming to improve investor returns and confidence [16][19]. Regulatory and Strategic Considerations - Regulatory bodies have been encouraging listed companies to increase dividend distributions, which has influenced the banks' decisions to enhance their payout strategies [7][12]. - The article emphasizes the importance of maintaining a balance between dividend payouts and capital retention for risk management and growth [10][19].

Core Viewpoint - The A-share listed banks are experiencing significant changes in their business structures, particularly in the consumer loan sector, amidst a challenging macroeconomic environment and tightening interest margins [1][2]. Group 1: Consumer Loan Growth - The total consumer loan balance has surged by nearly 750 billion yuan, with most banks reporting substantial increases in their consumer loan portfolios [3][5]. - Among 23 listed banks, only six reported a decrease in consumer loan balances for 2024, with Ping An Bank seeing the largest reduction of 70.63 billion yuan [5]. - Major banks like Postal Savings Bank, China Construction Bank, and Agricultural Bank of China have reported double-digit growth in consumer loans, with increases of 17.88%, 26.21%, and 38.03% respectively [6][7]. Group 2: Risk Management Concerns - Industry insiders express concerns about rising non-performing loans (NPLs) in the consumer loan sector, indicating that banks must tighten risk controls as economic cycles fluctuate [2][12]. - Several banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, have reported increases in their consumer loan NPL ratios, highlighting the need for enhanced risk management strategies [12][13]. - The rapid growth of consumer loans has raised alarms about potential risks, with banks emphasizing the importance of maintaining asset quality and effective post-loan management [12][14]. Group 3: Regulatory Changes and Market Dynamics - In March, regulatory changes extended the repayment period for consumer loans from five to seven years and increased the maximum loan amount, aiming to support consumer spending [10]. - Following these changes, banks quickly halted low-interest consumer loans to prevent a price war that could lead to increased risks [12]. - The competitive landscape for consumer loans is shifting, with banks focusing on the relatively lower costs and stable returns associated with consumer lending compared to corporate lending [9].

Group 1 - The retail non-performing loan (NPL) ratio of 23 listed banks continues to rise, with a slight decrease in overall NPL ratio to 1.25% as of Q4 2024, down 2bps from Q4 2023. However, retail loan NPL ratios have generally increased, with state-owned banks seeing an average rise of 29bps compared to Q4 2023 [1][2][3] - The average retail credit cost for listed banks in 2024 is 1.24%, a decrease of 3bps year-on-year. State-owned banks have a lower average retail credit cost of 0.99%, attributed to a higher proportion of lower-risk personal housing loans [2][3] - Looking ahead, banks are expected to manage retail loan risks by tightening customer eligibility and employing various asset disposal strategies, with the impact on asset quality being relatively controllable [4] Group 2 - The report highlights that the retail loan structure of banks has shifted, with personal housing loans making up an average of 60.9% of the total retail loans for state-owned banks, which is 17.6 percentage points higher than the sample average [2][16] - Specific banks such as Ping An Bank and Everbright Bank have seen a decrease in retail credit costs, with Ping An Bank's credit cost dropping by 34bps year-on-year, largely due to a reduction in credit card NPLs [3][4] - The report suggests that banks like Postal Savings Bank have improved their asset quality, with a notable decrease in consumer loan NPLs by 12.2 billion yuan, resulting in a NPL ratio decline of 47bps to 1.34% [4][8]

Core Insights - The financial reports of 23 A-share listed banks for 2024 show stable revenue and profit, with total revenue at 5.04 trillion yuan and net profit at 1.93 trillion yuan, reflecting a slight year-on-year decline of 0.6% in revenue and a growth of 1.88% in profit [1][2][3] Revenue and Profit Analysis - Total revenue for the 23 listed banks in 2024 is 5.04 trillion yuan, down 0.6% from the previous year [2] - The six major state-owned banks reported a total revenue of 3.52 trillion yuan, a decrease of 94.25 billion yuan from last year [2] - Among the state-owned banks, Construction Bank and Industrial and Commercial Bank experienced revenue declines of 2.54% and 2.52%, respectively [2] - In contrast, most city and rural commercial banks showed revenue growth, with eight banks reporting increases, including Ruifeng Bank and Changshu Bank, which grew by 15.29% and 10.53% respectively [2] Net Profit Performance - The net profit for the 23 listed banks totaled 1.93 trillion yuan, marking a year-on-year increase of 1.88% [3] - State-owned banks achieved a combined net profit of 1.42 trillion yuan, with Agricultural Bank leading the growth at 4.76% [3] - Among the listed joint-stock banks, three reported declines in net profit, with Minsheng Bank experiencing a notable drop of 9.07% [3] Net Interest Margin Trends - The average net interest margin for the 23 listed banks in 2024 was 1.65%, down from 1.83% in 2023, reflecting a decrease of 19 basis points [5][6] - The net interest margin for major state-owned banks is generally below 1.5%, with only Postal Savings Bank exceeding this threshold at 1.87% [6][7] Asset Quality and Risks - Overall asset quality among listed banks is improving, with most banks reporting a decline in non-performing loan (NPL) ratios [9] - However, there are structural risks, particularly in personal operating loans, which have seen a significant increase in both scale and NPL ratios, averaging 1.81% across ten banks, up 29 basis points from 2023 [9][10] - The total balance of personal operating loans across 19 banks reached 8.32 trillion yuan, a 40.8% increase from the previous year [9][10]

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating a positive outlook compared to the broader market [1]. Core Insights - The report highlights that the net profit of listed banks is expected to grow by 1.8% year-on-year for 2024, with a notable increase in growth rate compared to the first three quarters [4][10]. - Revenue decline is narrowing, with a projected revenue growth rate of -0.6% for 2024, an improvement from -1.6% in the previous quarters [11][14]. - The report emphasizes the importance of domestic economic recovery and the impact of recent growth-stabilizing policies on banking performance [14]. Summary by Sections 1. Profitability Breakdown - The net interest income for listed banks is expected to decline by 2.3% in 2024, an improvement from a 3.2% decline in the first three quarters [11][12]. - Non-interest income, particularly from investment gains, is projected to increase by 28% due to falling bond yields, partially offsetting revenue pressures [11][12]. - The report notes that the cost-to-income ratio has increased to 32.8%, reflecting a 0.5 percentage point rise year-on-year [7]. 2. Operational Analysis - Asset growth for listed banks has decreased to 7.2%, with loan growth at 7.7%, indicating stable overall growth despite a slight decline [22][23]. - The annualized net interest margin is projected to decrease to 1.43%, primarily due to asset pricing pressures [24]. - The report indicates that the quality of assets remains stable, with non-performing loan ratios showing slight fluctuations but overall stability [7][22]. 3. Dividend and Investment Recommendations - The report highlights a stable dividend payout ratio, with 9 banks increasing their dividend rates compared to the previous year [7]. - Investment recommendations focus on "pro-cyclical and high dividend" strategies, with an average dividend yield of 4.3% for the sector, which remains attractive compared to risk-free rates [7][8]. - Specific banks recommended for investment include Chengdu Bank, Suzhou Bank, and Ningbo Bank, which are expected to benefit from regional economic recovery [8][14].

青岛银行股份有限公司 境内同步披露公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 青岛银行股份有限公司根据《香港联合交易所有限公司证券上市规则》规定， 已在香港联合交易所有限公司披露易网站（https://www.hkexnews.hk/）披露后附 公告。 根据《深圳证券交易所股票上市规则》关于上市公司在境内外证券交易所同 步披露公告的规定，特将该公告在深圳证券交易所网站（http://www.szse.cn/）同 步披露，供参阅。 特此公告。 青岛银行股份有限公司董事会 2025 年 4 月 1 日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 青島銀行股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The company, Qingdao Bank, will hold its 2024 annual performance briefing to enhance communication with investors and provide a comprehensive understanding of its operations [1][2] - The briefing is scheduled for April 9, 2025, from 15:00 to 16:30, and will be attended by key executives including the Chairman and CEO [2] - The meeting will be conducted via live streaming, and investors can participate through the designated online platform [3] Group 2 - Investors are encouraged to submit questions related to the 2024 operating performance via email by April 8, 2025, to facilitate a focused Q&A session during the briefing [3] - Contact information for the company's board office is provided for further inquiries, including a dedicated email address [4] - Post-meeting, investors can access the briefing content on the company's official website [4]

一、业绩说明会安排 （一）召开时间：2025年4月9日（星期三）15:00-16:30 （二）出席人员：本行董事长景在伦先生、行长吴显明先生、部分高级管理层 成员、独立董事代表等。如有特殊情况，参会人员可能调整。 证券代码：002948 证券简称：青岛银行 公告编号：2025-013 青岛银行股份有限公司 关于召开 2024 年度业绩说明会的公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏。 青岛银行股份有限公司（以下简称"本行"）已披露本行2024年年度报告，为加 强与投资者的沟通交流，使投资者更加全面、深入地了解本行，本行拟通过网络直 播的方式举行2024年度业绩说明会，欢迎广大投资者积极参与。 电子邮箱：ir@qdbankchina.com 四、其他事项 投资者可于会后在本行官网（https://www.qdccb.com）"投资者关系"专栏查看 本次业绩说明会相关内容。 （三）会议召开方式：网络直播（直播地址：http://ir.p5w.net） 二、投资者参加方式 （一）投资者可于2025年4月9日（星期三）15:00-16:30登陆全景网"投资者 关 ...

事件评论 事件描述 青岛银行2024 全年营收同比增速8.2%（前三季度增速8.1%，Q4 单季增速8.5%），归母净利润同比增速 20.2%（前三季度增速15.6%，Q4 单季增速45%）。全年利息净收入增速6.4%。 年末不良率环比下降3BP 至1.14%，拨备覆盖率环比下降4pct 至241%，较期初上升15pct。 年末拨备覆盖率较期初上升15pct，2020 年以来拨备持续上行，风险抵补能力继续夯实。 投资建议：盈利增速预计领跑行业，质效提升逻辑加速印证。2024 全年利润增速超预期，营收保持较 高增速，扩表提质增效；近年息差管控卓有成效，息差绝对水平和降幅相对同业均具备明显优势，负债 成本加速改善，资产质量各项指标继续向好，不良净生成率继续回落，拨备继续上行。预计2025 年业 绩继续保持较高增速，资产质量延续改善趋势，目前估值0.59x2025PB，具备低估值、低持仓优势，持 续推荐，维持"买入"评级。 风险提示 1、信贷规模扩张不及预期；2、资产质量出现明显波动。 业绩：盈利增速显著超预期，利息净收入增速上行。全年营收保持较高增长，利息净收入增速加速增 长，源于净息差保持相对稳定+规模较快增长 ...

Investment Rating - The investment rating for Qingdao Bank is "Buy" and is maintained [9]. Core Views - The bank's revenue growth for 2024 is expected to be 8.2% year-on-year, with a net profit growth of 20.2%, indicating a leading profit growth rate in the industry [2][6]. - Interest income is projected to grow by 6.4% for the year, with a net interest margin of 1.73%, showing a slight year-on-year decline of 10 basis points but maintaining an advantageous position in the industry [2][6]. - Asset quality indicators are improving, with a non-performing loan ratio of 1.14% at year-end, down 3 basis points from the previous quarter, and a provision coverage ratio increasing by 15 percentage points to 241% [2][6]. Summary by Sections Performance - The bank's total revenue is expected to grow by 8.2% year-on-year, with a net profit growth of 20.2%, significantly exceeding expectations. The growth in interest income is attributed to stable net interest margins and rapid scale growth. Non-interest income is projected to grow by 13.6%, driven by a 32% increase in investment income [12][6]. Scale - Total loans increased by 13.5% year-on-year, with corporate loans growing by 20.1%. The bank continues to support key sectors such as manufacturing and inclusive finance, with respective growth rates of 46% and 33% [12][6]. Interest Margin - The net interest margin is 1.73%, with a slight decline of 10 basis points year-on-year. The bank has effectively managed its interest margin, with a significant improvement in deposit costs [12][6]. Asset Quality - The non-performing loan ratio decreased by 4 basis points year-on-year, with a net generation rate of 0.52%, indicating a continued improvement in asset quality. The provision coverage ratio has increased, enhancing the bank's risk mitigation capabilities [12][6]. Investment Recommendation - The bank is expected to lead the industry in profit growth, with a continued focus on quality and efficiency improvements. The current valuation is 0.59 times the 2025 price-to-book ratio, indicating undervaluation and a low holding advantage, thus maintaining a "Buy" recommendation [12][6].