青岛银行股份有限公司 内幕信息知情人和外部信息使用人管理办法 （2026 年 2 月修订） 第一章 总则 第一条 为规范青岛银行股份有限公司（以下简称"本行"） 内幕信息管理，加强内幕信息保密工作，维护信息披露的公平 原则，保护广大投资者的合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司信息披露管理办 法》《上市公司监管指引第 5 号——上市公司内幕信息知情人 登记管理制度》《深圳证券交易所股票上市规则》《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《深圳证券交易所上市公司自律监管指引第 5 号——信 息披露事务管理》、香港《证券及期货条例》《香港联合交易 所有限公司证券上市规则》等相关法律、法规及其他规范性文 件（以下简称"法律法规"），以及《青岛银行股份有限公司 章程》（以下简称"本行章程"）、《青岛银行股份有限公司 信息披露事务管理办法》（以下简称"《信息披露事务管理办 法》"）的有关规定，结合本行实际情况，制定本办法。 第二条 本行董事会需按照中国证券监督管理委员会（以 下简称"中国证监会"）以及证券交易所相关规则要求及时登 记和报送内幕信息知情 ...

第三条 本行董事和高级管理人员所持本行股份，是指 登记在其名下和利用他人账户持有的所有本行股份。 青岛银行股份有限公司董事和高级管理人员 所持本行股份及其变动管理办法 （2026 年 2 月修订） 第一章 总 则 第一条 为加强对青岛银行股份有限公司（以下简称"本 行"）董事和高级管理人员所持本行股份及其变动的管理，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股东减持股份管理暂行办法》《上市公司董事和高级 管理人员所持本公司股份及其变动管理规则》《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第 10 号——股份变动管理》《深圳证券交易所上市公司 自律监管指引第 18 号——股东及董事、高级管理人员减持 股份》《证券及期货条例》（香港法例第 571 章）、《香港 联合交易所有限公司证券上市规则》等法律、法规、规章、 其他规范性文件（以下简称"法律法规"）及《青岛银行股份 有限公司章程》（以下简称"本行章程"）的规定，制定本办 法。 第二条 本办法适用于本行的董事和高级管理人员持 有及买卖本行股份行为的管理、披 ...

青岛银行股份有限公司 信息披露事务管理办法（A+H 股） （2026 年 2 月修订） 第一章 总 则 第一条 为规范青岛银行股份有限公司（以下简称"本行"） 及相关信息披露义务人的信息披露行为，加强信息披露事务管 理，保证本行真实、准确、完整、及时地披露信息，提高信息 披露的质量和透明度，维护本行及股东、债权人及其他利益相 关人的合法权益，依据《中华人民共和国公司法》《中华人民 共和国商业银行法》《中华人民共和国证券法》（以下简称"《证 券法》"）、国家金融监督管理总局《银行保险机构公司治理 准则》《商业银行信息披露办法》、中国证券监督管理委员会 （以下简称"中国证监会"）《上市公司信息披露管理办法》《上 市公司信息披露暂缓与豁免管理规定》、《深圳证券交易所股 票上市规则》（以下简称"《深交所上市规则》"）、香港《证 券及期货条例》《香港联合交易所有限公司证券上市规则》（以 下简称"《联交所上市规则》"）及《青岛银行股份有限公司章 程》（以下简称"本行章程"）和其他相关法律、法规和规范性 法律文件，结合本行实际情况，特制定本办法。 第二条 本办法所称"信息"是指所有可能对本行证券及 其衍生品种的交易价格产生 ...

青岛银行股份有限公司董事会决议公告 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。 青岛银行股份有限公司（以下简称"本行"）于2026年1月29日以电子邮件方 式向董事发出关于召开第九届董事会第二十五次会议的通知，会议于2026年2月4 日在青岛银行总行以现场会议方式召开，应出席董事14名，实际出席董事14名（其 中，委托出席的董事1名。因工作原因，谭丽霞女士委托周云杰先生出席会议并 代为行使表决权）。本次会议由景在伦董事长主持，本行董事会秘书及其他相关 人员列席会议。本次会议召开符合《中华人民共和国公司法》《深圳证券交易所 股票上市规则》和《青岛银行股份有限公司章程》的规定。会议审议通过了以下 议案： 一、审议通过了《关于修订<青岛银行股份有限公司董事和高级管理人员所 持本行股份及其变动管理办法>的议案》 本议案同意票 14 票，反对票 0 票，弃权票 0 票。 证券代码：002948 证券简称：青岛银行 公告编号：2026-003 本议案同意票 14 票，反对票 0 票，弃权票 0 票。 本行董事会同意对《青岛银行股份有限公司内幕信息知情人和外部信息使用 人管 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][38] Core Viewpoints - The industry is experiencing profound changes in funding structure, leading to a shift towards reallocation rather than trading. The continuous expansion of passive indices has brought stable capital inflows, and the high dividend yield of the banking sector, currently averaging 4.50%, is attracting long-term funds such as insurance capital. Regulatory measures aimed at guiding long-term capital into the market are expected to sustain the attractiveness of dividend allocation value [2][10] - The 2025 annual performance reports indicate a recovery in revenue and profit, with asset quality showing steady improvement. As of the end of January, ten banks reported their 2025 performance, with most showing a year-on-year increase in revenue and profit. Notably, Qingdao Bank, Nanjing Bank, and Shanghai Pudong Development Bank maintained high growth rates in net profit and revenue, with growth rates of 21.7%, 8.1%, and 10.5% respectively [3][6][7] Summary by Sections Performance Overview - Revenue and profit are recovering, with asset quality improving. The average year-on-year growth rate of net profit for the ten banks is 7.2%, with a quarter-on-quarter increase of 0.6 percentage points. The average non-performing loan (NPL) ratio decreased by 2 basis points to 0.94% [6][7][8] - The average loan growth rate for the ten banks increased from 10.1% in the first three quarters of 2025 to 15.5% for the full year, indicating a positive loan issuance trend [6][7] Market Trends - In January 2026, the banking sector declined by 6.18%, underperforming the CSI 300 index by 7.83 percentage points, ranking last among 30 sectors [14] - Individual bank performances varied, with Qingdao Bank, Ningbo Bank, and Hangzhou Bank showing increases of 16.5%, 10.2%, and 5.8% respectively [15] Macro and Liquidity Tracking - The manufacturing PMI for January was 49.30%, a decrease of 0.80 percentage points from the previous month. The CPI for December was 0.80% year-on-year, while the PPI was -1.90% [25][22] - In January, the one-year and five-year LPR remained stable at 3.0% and 3.50% respectively. The interbank lending rates for 7D, 14D, and 3M changed to 1.61%, 1.68%, and 1.78% respectively [28][26] Credit and Social Financing Data - In December 2025, new RMB loans increased by 910 billion, a year-on-year decrease of 80 billion, with a balance growth rate of 6.40%. Corporate loans increased by 1.07 trillion, while household loans decreased by 91.6 billion [29][32] - The social financing scale increased by 2.21 trillion in December, with a year-on-year growth rate of 8.30% [32]

Group 1 - The city commercial bank sector increased by 1.9% on February 4, with Ningbo Bank leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key individual stock performances included Ningbo Bank at 31.70 with a rise of 3.26%, Xiamen Bank at 7.21 with a rise of 3.15%, and Qingdao Bank at 5.52 with a rise of 2.79% [1] Group 2 - The net inflow of main funds in the city commercial bank sector was 128 million yuan, while retail funds saw a net inflow of 67.65 million yuan [1] - The table of fund flows indicated that Ningbo Bank had a main fund net inflow of 1.15 billion yuan, while retail funds experienced a net outflow of 1.34 billion yuan [2] - Jiangsu Bank had a main fund net inflow of 38.95 million yuan, but retail funds saw a net outflow of 73.94 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for Qingdao Bank [9] Core Viewpoints - Qingdao Bank's performance in 2025 exceeded expectations, achieving over 20% profit growth for two consecutive years, with a strong outlook for 2026 [2][6] - The bank's asset quality has significantly surpassed expectations, indicating underestimated risk management capabilities [2] - The bank has effectively reduced its asset quality burden since 2019 and has centralized credit approval processes to unify risk preferences across branches [2] - Future credit cost rates are expected to improve further, with a projected provision coverage ratio exceeding 300% [2] - The bank's return on equity (ROE) is anticipated to continue rising, and its current valuation remains undervalued from a price-to-book (PB) and price-to-earnings (PE) perspective [2] Summary by Relevant Sections Performance Overview - Qingdao Bank's 2025 net profit growth reached 21.7%, with a significant quarterly increase of 47.8% in Q4 [12] - The bank's loan growth is projected to maintain double-digit rates, driven primarily by corporate lending [12] - The net interest margin is expected to face slight downward pressure, but overall interest income is forecasted to grow robustly [12] Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased significantly to 0.97% in Q4 2025, with a provision coverage ratio rising to 292% [12] - The bank's credit cost is estimated to be around 1% for 2025, with potential to decrease to 0.7% in the future [12] - Continuous provisioning for non-credit assets has contributed to profit growth, indicating strong risk management practices [12] Strategic Outlook - The bank's three-year strategic plan has been successfully executed, with a compound annual growth rate (CAGR) of 15.4% for total assets and 18.9% for profits from 2023 to 2025 [12] - The economic resilience of Shandong province, where the bank operates, is expected to support continued growth, with the province projected to surpass a GDP of 10 trillion yuan by 2025 [12] - Qingdao Bank's market share in Shandong is currently low at 2.3%, suggesting significant room for growth compared to other regional banks [12]

Group 1 - The core viewpoint of the article highlights the positive performance of the banking sector, with the China Securities Bank Index rising by 1.38% and several constituent banks showing significant gains, such as Ningbo Bank up by 3.29% and Xiamen Bank up by 2.86% [1] - The People's Bank of China conducted a reverse repurchase operation of 800 billion yuan with a three-month term, marking the first increase in this type of operation in four months, indicating a proactive approach to maintain liquidity in the banking system [1] - Market analysts believe that this operation will inject medium-term liquidity into the market, effectively alleviating short-term liquidity pressure for banks and supporting a stable financial market at the beginning of the year [1] Group 2 - China Galaxy suggests that the current positive fiscal policy and stable monetary policy will support bank performance and valuation recovery, making the banking sector an attractive investment opportunity [1]

Core Viewpoint - The banking sector is experiencing a strong performance, with significant increases in stock prices and positive sentiment regarding credit issuance during the marketing peak season [1] Group 1: Market Performance - The China Securities Bank Index (399986) rose by 1.09%, with notable increases in individual bank stocks such as Ningbo Bank (002142) up by 3.16%, Xiamen Bank (601187) up by 2.72%, and Qingdao Bank (002948) up by 2.05% [1] - The Bank ETF Huaxia (515020) increased by 0.92%, with the latest price reported at 1.65 yuan [1] Group 2: Credit Issuance and Marketing Season - The current period is identified as the marketing peak season for banks, with institutions actively researching the credit issuance situation during this time [1] - Several banks reported that credit issuance during the marketing peak is better than the same period in 2025, indicating a positive trend in corporate credit issuance [1] Group 3: Asset Quality and Net Interest Margin - Institutions are focusing on banks' asset allocation and liability costs, with net interest margin being a key indicator of the banking sector's operational status [1] - Banks indicated that asset quality is expected to remain stable in 2026 through measures such as improving the quality of new loans and increasing the disposal of non-performing loans [1] - A researcher from Postal Savings Bank (601658) noted that improvements in liability costs will support a slowdown in the pressure on net interest margins for listed banks in 2026, suggesting a potential stabilization in the industry [1]

Core Viewpoint - The A-share banking sector has experienced a significant decline of 5.8% year-to-date, contrasting with a 1.1% increase in H-share Chinese banks, indicating a divergence in market performance [1] Group 1: Market Performance - The banking sector's performance has been weak, ranking last among 35 industries in the Wind secondary industry classification [1] - Despite the overall downturn, certain banks like Qingdao Bank and Ningbo Bank have shown strong performance, with increases of 19.87% and 9.29% respectively in January [2] - The average dividend yield for A-share banks remains at approximately 4.5%, which is higher than the 0.5%-2.0% returns of various risk-free assets, making bank stocks attractive for long-term investors [3] Group 2: Fund Flow and Market Sentiment - Since October 2025, there has been a cautious approach from funds towards the banking sector, leading to a period of consolidation [5] - Significant outflows have been recorded, with estimates showing that around 10% of the trading volume has been affected by net outflows from bank-related ETFs, totaling approximately 9111 billion yuan [6] - Despite short-term pressures, there is a belief that the fundamentals of the banking sector are improving, as indicated by increased institutional interest in bank credit issuance [6][9] Group 3: Long-term Opportunities - The banking sector is expected to see internal differentiation, with regional banks like Qingdao Bank and Ningbo Bank performing well against the backdrop of overall sector weakness [7] - Analysts predict that Qingdao Bank will maintain double-digit profit growth in 2026, supported by strong loan issuance capabilities and stable asset quality [8] - The demand for high-dividend assets remains strong, with expectations that insurance funds will inject over 2 trillion yuan into the market in 2026, further supporting bank stocks [9][10] Group 4: Investment Strategies - The current market adjustment reflects short-term fund disturbances, but the long-term outlook remains positive due to improving fundamentals [9] - Institutions are focusing on banks with strong asset quality and those that are improving their cost of liabilities and non-interest income [10] - The banking sector is anticipated to benefit from a stable dividend profile and recovery trading logic, especially as credit issuance continues to grow [10]