Core Viewpoint - Qingdao Rural Commercial Bank is announcing the judicial auction of shares held by minority shareholders, specifically Balong International Group and Balong International Construction Group, due to their holdings being below 5% [1][2]. Group 1: Shareholder Auction Details - The auction will take place from May 26, 2025, to May 27, 2025, on the JD Judicial Auction platform [1]. - Balong International Group will auction 30 million shares, representing 0.54% of the bank's total shares, while Balong International Construction Group will auction 60 million shares, representing 1.08% [1]. Group 2: Shareholding Information - As of the announcement date, both Balong International Group and Balong International Construction Group collectively hold less than 5% of the bank's shares [2]. - Both groups had previously committed to notifying the bank in writing about any intended share reductions, following legal and regulatory procedures [2]. Group 3: Auction Uncertainty - The auction is currently in the public notice phase, and there may be subsequent stages involving bidding, potential failure to sell, payment, and changes in shareholding, with the success of the auction remaining uncertain [2].

| 证券代码：002958 | 证券简称：青农商行 | 公告编号：2025-018 | | --- | --- | --- | | 转债代码：128129 | 转债简称：青农转债 | | 青岛农村商业银行股份有限公司 关于持股 5%以下股东股份将被司法拍卖的提示性公告 截至本公告披露日，巴龙集团及巴龙建设合计持有本行5%以下的股份。巴龙集 团及巴龙建设在本行上市时作为持有本行5%以上股份的股东做出如下承诺"在青岛农 商银行首次公开发行的境内人民币普通股股票在证券交易所上市后，如本公司确定减 持所持青岛农商银行股份的，将通过证券交易所大宗交易系统或集中竞价交易系统等 1 股东名称 是否为控股股 东或第一大股 东及其一致行 动人 本次拍卖股 份数量 占本行总股 本比例 是否为限 售股及限 售类型 起始日 到期日 拍卖人 原因 巴龙集团 否 30,000,000 0.54% 否 2025年5月 26日 2025年5月 27日 青岛市市南区 人民法院 债务问 题 巴龙建设 否 60,000,000 1.08% 否 2025年5月 26日 2025年5月 27日 青岛市市南区 人民法院 债务问 题 一、股东股份被司法拍 ...

Investment Rating - The report indicates a cautious outlook for the banking sector, with expected revenue and net profit growth rates for listed banks in 2025 projected at approximately -1% and 0% respectively [3][9]. Core Insights - The overall revenue and net profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2% year-on-year, reflecting a decline compared to Q4 2024 [3][9]. - The performance of different types of banks varied significantly, with city and rural commercial banks leading in growth due to improved scale and net interest margin, while state-owned banks showed weaker performance [3][10]. - The net interest margin for listed banks in Q1 2025 was 1.37%, a decrease of 13 basis points year-on-year, but the decline was less severe than in the previous year [3][9]. Summary by Sections Revenue and Profit Overview - Listed banks experienced a decline in revenue and net profit growth rates, with Q1 2025 figures at -1.7% and -1.2% respectively, marking a drop of 1.8 percentage points and 3.5 percentage points from Q4 2024 [3][9]. - The decline in net interest income was attributed to a narrowing interest margin and challenges in volume compensating for price [9]. Asset Quality and Provisioning - The asset quality remained stable, with a decrease in non-performing loan ratios and a reduction in provisioning pressure, as banks continued to report lower provisions in a challenging income environment [3][9]. - The provision coverage ratio for listed banks decreased to 238% in Q1 2025, reflecting a trend of reduced provisioning amid stable asset quality [3][9]. Investment Recommendations - The report suggests that the banking sector's configuration value is enhanced by both fundamental and liquidity factors, with a focus on key index-weighted stocks such as China Merchants Bank and Industrial and Commercial Bank of China [3][9]. - The report highlights the potential for mid-sized banks to attract capital for growth, particularly in the context of capital replenishment and profitability [3][9].

Market Overview - A-shares opened higher but quickly entered a downward trend, with the Shanghai Composite Index up 0.17% and the Shenzhen Component down 0.13% by the afternoon close [1] - Total trading volume in the A-share market was 13,260 billion yuan, a decrease of 149 billion yuan from the previous day [1] Banking Sector Performance - The banking sector saw a collective rise, with Shanghai Bank, Pudong Development Bank, and Jiangsu Bank reaching historical highs [2] - The banking sector overall rose by 1.64%, ranking third among industry sectors for the day, with a weekly increase of 1.59% [2] - All 42 constituent stocks in the banking sector experienced gains, with Chongqing Bank rising over 4% and several others, including Shanghai Bank and Pudong Development Bank, increasing over 3% [2] Financial Indicators - In Q1, 42 banks reported a total net profit of 5,639.79 billion yuan, with the four major state-owned banks accounting for over 52% of this profit [3] - Analysts expect the banking sector to stabilize by 2025, with reduced net interest margin pressure and improved asset-liability management [3] Shipping and Port Sector - The shipping sector experienced significant gains, with the shipping index (European line) futures rising over 10% at the open and closing up 5.79% [4] - The shipping concept sector overall rose by 2.51%, ranking second among industry concepts for the day, with notable gains in stocks like Guohang Ocean and Huaguang Source Sea [4] Economic and Trade Relations - Recent U.S.-China trade talks showed signs of easing tensions, positively impacting financial and shipping trade sentiments [5] - The reduction of tariffs and supportive financial policies are expected to enhance corporate profitability and market sentiment in the short term, while promoting high-quality economic development in the long term [5]

Core Viewpoint - Bank stocks have shown resilience and have risen against the market trend, with the China Securities Bank Index reaching a new high since February 2018, driven by multiple favorable policies and market conditions [1][2][3]. Market Performance - On May 13, the China Securities Bank Index rose by 1.53% to close at 7629.55 points, marking a new high since February 2018, with many individual stocks hitting historical highs [1][2]. - Over the last five trading days, the bank sector has increased by 5.76%, outperforming the Shanghai Composite Index, which rose by 1.77% [2]. - Notable individual stock performances include Chongqing Bank and Shanghai Bank, both rising over 3%, with Chongqing Bank leading with a 10.9% increase [2]. Policy Impact - Recent monetary policies, including interest rate cuts and reserve requirement ratio reductions, are expected to have a neutral impact on banks' net interest margins, with adjustments on the liability side helping to mitigate pressures [1][6][7]. - The establishment of Financial Asset Investment Companies (AIC) is seen as a significant opportunity for banks to enhance their comprehensive benefits and support technology enterprises [3][4][5]. Earnings and Profitability - Despite the pressure on profitability, bank stocks remain attractive due to their stability and dividend yields, especially as regulatory measures encourage long-term capital inflows [3][4]. - The average net interest margin for listed banks is projected to be 1.52% by the end of 2024, continuing a five-year decline, with a notable decrease in interest income reported for the previous year [6][8]. Strategic Adjustments - Banks are adapting to the low-interest-rate environment by diversifying their income sources and optimizing their operational structures to maintain profitability [8][9]. - The focus on non-interest income generation is becoming increasingly critical for banks to navigate the challenges posed by a shrinking net interest margin [8][9].

Investment Rating - The report rates the banking industry as "Outperform" [1] Core Insights - Recent monetary policy adjustments, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point decrease in policy interest rates, are expected to stabilize market expectations and provide approximately 1 trillion yuan in long-term liquidity [2][3] - The establishment of financial asset investment companies by three joint-stock banks aims to enhance their ability to serve the real economy, although it may put pressure on their capital and asset quality [4][5] - The banking sector is viewed positively, with a focus on high dividend investment opportunities, particularly in undervalued banks such as China Merchants Bank and Agricultural Bank of China [1] Summary by Sections Monetary Policy - The People's Bank of China has implemented a series of policies to support market stability, including lowering the reserve requirement ratio and interest rates [2][3] - Specific measures include reducing the LPR by approximately 0.1 percentage points and adjusting various structural monetary policy tool rates [2] Financial Asset Investment Companies - Three joint-stock banks are in the process of establishing financial asset investment companies to enhance their service capabilities for the real economy [4] - This move is seen as a response to the slowing credit growth among joint-stock banks and aims to optimize corporate capital structures [5] Market Performance - The banking sector index increased by 1.88% this week, while the overall A-share index rose by 2.74%, indicating a slight underperformance of the banking sector [12] - Among different types of banks, joint-stock banks showed a notable increase of 3.79%, while state-owned banks experienced a decline of 0.89% [12][19] Individual Bank Performance - All A-share banks saw an increase in stock prices, with joint-stock banks leading the gains, particularly Shanghai Pudong Development Bank and China Merchants Bank [19][21] - The average price-to-book (P/B) ratio for state-owned banks is 0.67X, while joint-stock banks have a lower average P/B of 0.54X [21] Bond Market and Financing - The bond market saw a total financing of 1.749 trillion yuan this week, with net financing increasing significantly compared to the previous week [44] - The issuance of interbank certificates of deposit reached 857.9 billion yuan, reflecting a substantial increase in issuance volume [59]

证券代码：002958 证券简称：青农商行 青岛农村商业银行股份有限公司投资者关系活动记录表 编号：2025-06 | 投资者关系活动类 | 特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 ☑其他：2025 年青岛辖区上市公司投资者网上 | | | 集体接待日活动 | | 参与单位名称及人 | 投资者网上提问 | | 员姓名 | | | 时间 | 年 月 日下午 2025 5 12 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待人员 | 董事会秘书朱光远先生 | | 姓名 | | | | 1、请问目前建筑业和房地产业占总贷款的比重是否已经下来了，相比 | | | 年前？ 3 | | | 答：感谢您的提问。近年来，我行坚持"支农支小"市场定位，聚焦 | | | "五篇大文章"，大力支持普惠金融、绿色金融、科技金融、养老金融。 | | | 建筑业和房地产业贷款占比与 3 年前相比有所下降。 | | | 2、请问公司建 ...

Core Viewpoint - The recent surge in A-share bank stocks is attributed to a series of supportive financial policies, including interest rate cuts and reserve requirement ratio reductions, which enhance the stability and profitability of banks [1][2]. Group 1: Financial Policies Impact - On May 7, the People's Bank of China announced a package of financial measures, including a 0.1 percentage point reduction in policy interest rates and a 0.5 percentage point decrease in the reserve requirement ratio [2]. - The introduction of 500 billion yuan for consumer and pension re-loans is expected to further stimulate bank lending and improve asset quality [2]. - Analysts believe that these policies will lead to a stable credit supply and manageable asset quality pressures for banks [2]. Group 2: Market Performance - On May 8, bank stocks continued to perform strongly, with Shanghai Pudong Development Bank reaching a new high of 11.69 yuan per share, and Jiangsu Bank closing up 2.46% at 10.41 yuan per share, pushing its market capitalization above 191 billion yuan [1]. - Other banks, such as Qingnong Commercial Bank and Qingdao Bank, also saw significant gains, with increases exceeding 3% [1]. - Bank-related ETFs also performed well, with several ETFs showing gains of over 1% [1]. Group 3: Institutional Investment - Insurance funds have shown a strong preference for bank stocks, holding 27.82 billion shares valued at 265.78 billion yuan as of the end of the first quarter, making banks the top holdings [3]. - The trend of institutional investment in bank stocks is expected to accelerate, enhancing the dividend value of the banking sector [3]. - Analysts suggest that the high dividend yield characteristic of bank stocks makes them attractive for long-term investors, reinforcing their strategic value in both short and long-term portfolios [3].

| 证券代码：002958 | 证券简称：青农商行 | 公告编号：2025-017 | | --- | --- | --- | | 转债代码：128129 | 转债简称：青农转债 | | 青岛农村商业银行股份有限公司 关于参加 2025 年青岛辖区上市公司投资者 网上集体接待日活动的公告 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。 青岛农村商业银行股份有限公司董事会 2025 年 5 月 8 日 1 特此公告。 为进一步加强与投资者的互动交流，青岛农村商业银行股份有限公司（以下简称 本行）将参加由青岛证监局指导，青岛市上市公司协会与深圳市全景网络有限公司联 合举办的"2025 年青岛辖区上市公司投资者网上集体接待日活动"，现将相关事项公告 如下： 本次活动将采用网络远程的方式举行，投资者可登录 " 全 景 路 演 "网 站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP, 参与本次互动交流。活动时间为 2025 年 5 月 12 日（周一）15:00-17:00。届时本行高 管将以在线交流形式就公司治理、发展 ...

| | | 2024年末，不良贷款率为1.79%，较上年末下降0.02个百分点；拨备覆盖率250.53%，较上年末提高 12.57个百分点。 截至2024年末，青农商行员工总数达5832人，较上年增长332人。 | 序号 | 姓名 | 职务 | 性别 | 年龄 | 任职状态 | 从本行获得的税 | 是否在本行关联 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 前薪酬总额 | 方获取报酬 | | 1 | 王锡峰 | 执行董事、 重事长 | 男 | રેતે | 现任 | 195.84 | 否 | | | | 执行重事、 | | | | | | | 2 | 于丰星 | 行长 | 男 | 56 | 现任 | 164.80 | 否 | | ﺯﺭﺍ | 丁明来 | 执行重事、 副行长 | तेने | 28 | 现任 | 130.17 | 合 | | 4 | 杨延亮 | 非执行重事 | ਜੇਤੇ | રેક | 现任 | . | 否 | | 5 | 刘冰冰 | 非执行重事 | ਜੇਤੇ | 46 | 现任 | 9.00 | 是 | | ...