Core Viewpoint - The banking sector has become a strong performer in the stock market post-Dragon Boat Festival, driven by high dividend yields, increased allocations from insurance funds, and public fund reforms, leading to a market capitalization exceeding 10 trillion yuan [1][7]. Group 1: Market Performance - On June 3, the banking sector saw a significant rise, with the Shanghai Rural Commercial Bank hitting its daily limit, leading to a collective increase in bank stocks, with many reaching new highs [3][4]. - The banking index rose by 2.5% on that day, closing with a 1.98% increase, making it the fourth-best performing sector among 31 industries [3][4]. - Year-to-date, the banking sector's market capitalization increased by approximately 630 billion yuan, with an overall rise of nearly 10% despite the broader market declining over 1% [7]. Group 2: Index Inclusion Impact - The strong performance of certain bank stocks is attributed to the inclusion of Shanghai Rural Commercial Bank and Chongqing Rural Commercial Bank in major market indices, which has sparked speculative trading [4][5]. - The adjustment of indices, effective June 16, is expected to attract significant passive fund inflows due to the large scale of ETFs linked to these indices [5][6]. Group 3: Long-term Trends and Investment Sentiment - The banking sector has been favored by investors due to its low valuations and high dividend yields, with many banks offering yields above 4% [11][12]. - The trend of insurance funds increasing their holdings in bank stocks is seen as a response to the "asset shortage" environment, with significant investments in H-shares of major banks [9][11]. - Analysts suggest that the current interest rate environment and asset scarcity will likely lead to a recovery in the price-to-book (PB) ratios of quality banks, potentially exceeding 1 [12][13]. Group 4: Caution Against Speculation - Despite the positive sentiment, analysts warn that the recent price increases may not be sustainable and emphasize the importance of returning to fundamental analysis for bank stock investments [1][12]. - The market's focus on index adjustments and speculative trading may not align with long-term investment strategies, highlighting the need for caution among individual investors [12].

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 6 月 3 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5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6月3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 | | | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The A-share banking sector has seen significant stock price increases, with several banks reaching new highs, indicating strong market performance and investor interest in bank stocks [1][3]. Group 1: Stock Performance - On June 3, the banking sector led the market with notable gains, including Shanghai Rural Commercial Bank reaching a price of 9.86 yuan per share, a 10.04% increase, marking a three-year high [1]. - The overall market saw the Shanghai Composite Index rise by 0.43%, with the banking index showing a substantial upward trend since the end of 2023, moving from a low of 2841.87 to over 4200 points [3]. - The influx of new capital from insurance funds, ETFs, and foreign investments has contributed to the upward momentum in bank stocks, as these investments favor the stable returns and high dividend yields offered by banks [4]. Group 2: Convertible Bonds - The rise in bank stock prices has led to an increase in warnings regarding convertible bonds, indicating a higher likelihood of conversion, which is beneficial for banks as it reduces financing costs and bolsters core Tier 1 capital ratios [1]. - Several banks, including Nanjing Bank and Hangzhou Bank, have issued announcements regarding the potential redemption of their convertible bonds, reflecting a trend of accelerating bond redemptions this year compared to the previous year [5][6]. - The scarcity of bank convertible bonds is becoming evident, with the total outstanding amount potentially decreasing from 170 billion yuan to around 100 billion yuan due to upcoming redemptions [7]. Group 3: Market Dynamics - The demand for bank convertible bonds remains strong among bond investors, driven by their defensive characteristics and the potential for absolute returns in a favorable market environment [8]. - The current market conditions suggest that if macroeconomic factors do not meet expectations, the performance of dividend stocks may improve, further enhancing the appeal of bank convertible bonds [8].

无需港股通，A股账户就能T+0买港股>> 港股内银股走强，中信银行（601998）、青岛银行（002948）涨超4%，工商银行（601398）、农业银 行（601288）、中国银行、建设银行（601939）等跟涨。 ...

Group 1 - The core viewpoint of the news is that financial institutions in Tai'an have effectively addressed the financing needs of 225 enterprises, providing a total of 33.47 billion yuan in funding this year [1][5]. - The establishment of a specialized service team by Hengfeng Bank to support the hydrogen energy project demonstrates a proactive approach to green finance, resulting in a 60% reduction in traditional credit approval time [2][5]. - The implementation of a "financial station" model by Qingdao Bank and the promotion of a grid-based approach to connect with small and micro enterprises have led to the successful approval of loans, such as a 3 million yuan technology loan within just three working days [4][5]. Group 2 - The Tai'an Municipal Finance Bureau has created a mechanism for financial resources to reach enterprises quickly, establishing a system where enterprises can submit financing requests that are then communicated to financial institutions [3][5]. - The innovative use of intangible assets, such as patents, as collateral by Tai'an Rural Commercial Bank has enabled companies to secure significant loans, exemplified by a 10 million yuan loan approved in just four days [5]. - The overall financial support system in Tai'an has been enhanced through a three-level financial service linkage mechanism, which has significantly improved the efficiency and effectiveness of financial services for enterprises [3][5].

Summary of Qingdao Bank Conference Call Company Overview - **Company**: Qingdao Bank - **Industry**: Banking, specifically city commercial banks in China Key Points and Arguments Financial Performance - Qingdao Bank has achieved better-than-expected performance in 2023, driven by structural adjustments and efficiency improvements rather than relying on loan scale expansion, aiming for continuous ROE growth [2][8] - The bank's net interest margin (NIM) has increased since 2023, benefiting from adjustments in asset and liability structures, focusing on mid-sized enterprises, and a lower decline in loan yields compared to peers [12][18] - The bank's non-performing loan (NPL) generation rate has significantly decreased to 0.52%, with an overall NPL ratio around 1.1%, indicating improving asset quality [15][20] Market Position and Growth Potential - Qingdao Bank's market share in local areas like Qingdao and Weihai is high, currently at 4% to 5%, but still has room for growth across Shandong province, where credit growth is above the national average [11][19] - The bank's focus on corporate loans, particularly in government infrastructure-related sectors (35% of total loans), provides a diversified and lower-risk credit structure [2][8] Competitive Advantages - The bank has a strong presence in all prefecture-level cities in Shandong, enhancing risk control and asset quality [4] - Qingdao Bank possesses various financial licenses, including wealth management and bond underwriting, which contribute to significant fee income advantages [5][14] - The governance structure is market-oriented with a mixed ownership model, combining local government resources and market advantages, which supports long-term development [6][16] Economic Environment - The stability and resilience of Shandong's state-owned economy provide a favorable environment for Qingdao Bank, with credit income growth outpacing the national average [7][19] - The overall valuation of city commercial banks is expected to rise, benefiting Qingdao Bank as it has no convertible bonds or refinancing arrangements that could suppress its stock price [4][19] Future Outlook - The bank is positioned for continued growth, leveraging its governance structure, shareholder advantages, and comprehensive financial licenses to enhance market share and maintain steady growth [16][20] - The current financial cycle is healthy, with improving ROE and profit growth, supported by declining NPL ratios and strong asset quality indicators [20] Additional Important Insights - The management team has extensive experience from larger banks, which is relatively uncommon in the industry, contributing to the bank's strong performance under the new leadership since 2022 [17] - The bank's fee income from wealth management and other services is a crucial factor in driving ROE above that of comparable banks, indicating a robust business model [14]

北京市金杜律师事务所 关于青岛银行股份有限公司 2024 年度股东大会 之法律意见书 致：青岛银行股份有限公司 北京市金杜律师事务所（以下简称本所）接受青岛银行股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中 华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以下 简称中国证监会）《上市公司股东会规则》（以下简称《股东会规则》）等中华人 民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港 特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法 规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公司 于 2025 年 5 月 28 日召开的 2024 年度股东大会（以下简称本次股东大会），并 就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 经公司 2023 年度股东大会审议通过的《青岛银行股份有限公司章程》 （以下简称《公司章程》）； 2. 公司于《中国证券报》《证券时报》《上海证券报》《证券日报》、巨 潮资讯网及深圳证券交易所（以下 ...

2024 年度股东大会决议公告 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。 特别提示： 1.本次股东大会无否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 证券代码：002948 证券简称：青岛银行 公告编号：2025-019 青岛银行股份有限公司 二、会议出席情况 1 （一）召开时间 1.现场会议召开时间：2025年5月28日（星期三） 2.网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 28 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过互联网投票系统投票的时 间为 2025 年 5 月 28 日 9:15-15:00。 （二）会议地点：山东省青岛市崂山区秦岭路 6 号青岛银行总行 （三）召开方式：采取现场投票与网络投票相结合的方式 （四）召集人：青岛银行股份有限公司（以下简称"本行"）董事会 （五）主持人：本行董事长景在伦先生 （六）本次股东大会的召开符合《中华人民共和国公司法》等有关法律、行 政法规、部门规章及《青岛银行股份有限公司章程》（以下简 ...

Core Viewpoint - The competition in consumer loans among banks has shifted from a focus on low interest rates to enhancing loan limits and extending loan terms, as banks seek to adapt to changing market conditions and regulatory guidance [1][11][15] Consumer Loan Growth - In 2024, the total consumer loan balance of 40 A-share listed banks increased by over 950 billion yuan, with some banks experiencing growth rates exceeding 90% compared to the previous year [1][3] - The consumer loan balance for these banks reached approximately 6.06 trillion yuan by the end of 2024, marking an increase of 957.85 billion yuan from the previous year [3][4] Interest Rate Trends - Consumer loan interest rates dropped to the "2" range, with some banks offering rates as low as 1.88% for select customers, but this trend has reversed with many banks raising rates to no less than 3% by April 2024 [1][9][10] - The shift back to "3" range interest rates is aimed at preventing excessive competition and potential financial risks associated with low-rate loans [10][11] Bank Strategies - Banks are now focusing on enhancing consumer loan products by increasing limits and extending terms, responding to government initiatives to boost consumption [11][12] - Various banks have begun to raise loan limits and extend repayment periods, with some institutions increasing the maximum loan amount from 300,000 yuan to 500,000 yuan and extending terms from five to seven years [12][16] Market Segmentation - The consumer loan market is showing significant differentiation, with some banks rapidly expanding their loan portfolios through low-rate strategies, while others are contracting due to concerns over rising non-performing loan rates [5][10] - Banks are increasingly targeting specific consumer scenarios, such as home renovations and electric vehicle purchases, to drive loan growth [15][16] Risk Management - The rise in consumer loan balances has led to an increase in non-performing loans, prompting banks to enhance their risk management practices and focus on quality customer segments [9][10][14] - Regulatory bodies are emphasizing the need for banks to monitor the flow of consumer loan funds to mitigate systemic risks [14]

Investment Rating - The report maintains a "Positive" investment rating for the banking sector, particularly favoring high-quality city commercial banks [11]. Core Insights - In the current macroeconomic environment, government leverage expansion is the clearest direction for bank operations, with state-owned banks and city commercial banks focusing on government-related business as a core strategy for balance sheet expansion [2][7]. - Leading city commercial banks are accelerating their market share acquisition, with their performance growth consistently outpacing the banking industry, driven primarily by relatively high-speed balance sheet expansion [6][10]. - The asset quality of city commercial banks, primarily engaged in government-related business, is currently the most stable, with expectations for a decline in the net generation rate of non-performing loans this year [2][9]. Summary by Sections Macroeconomic Environment - The current macroeconomic environment favors government-related business, with city commercial banks focusing on local government, urban construction, and local state-owned enterprises [7]. - The demand for government-led financing continues to expand in key economic regions, such as the Chengdu-Chongqing area and Shandong province, despite concerns about export pressures in the Yangtze River Delta [7][8]. Competitive Landscape - The competitive dynamics between state-owned banks and leading city commercial banks are evolving, with state-owned banks experiencing a significant increase in credit market share due to macro policy guidance [8]. - Regulatory measures are being implemented to protect the net interest margins of state-owned banks, indirectly slowing their loan issuance and creating a more favorable competitive environment for city commercial banks [8][9]. Asset Quality and Loan Performance - City commercial banks have maintained low non-performing loan rates due to their focus on government-related loans, which have seen reduced risk following recent debt restructuring efforts [9]. - The tightening of risk control and loan issuance in retail banking is expected to lead to a slight decrease in the net generation rate of non-performing loans this year [9]. Investment Outlook - The report is optimistic about city commercial banks becoming the core focus for institutional investors in the banking sector, with expectations for their valuations to rise above 1x PB [10]. - Specific banks, such as Hangzhou Bank, are anticipated to lead in valuation increases due to their regional economic strength, asset quality, and performance growth [10].