Group 1 - The People's Bank of China has established a 500 billion yuan re-lending program to support service consumption and elderly care, aiming to guide financial institutions to increase credit investment in key sectors such as accommodation, catering, cultural and entertainment, education, resident services, and tourism [1] - Financial institutions have reported nearly 60 billion yuan in applications for the service consumption and elderly care re-lending, involving nearly 4,000 operating entities and over 5,700 loans [1] - A separate re-lending program for technological innovation and technological transformation was set up with an initial 500 billion yuan in April 2024, which has been expanded to 800 billion yuan this year to encourage banks to support credit for key equipment upgrade projects [1] Group 2 - In the first half of this year, the technological innovation and technological transformation re-lending supported nearly 100 projects in accommodation, catering, cultural education, and tourism sectors, with loan contracts signed amounting to approximately 11.9 billion yuan [1]

人民财讯9月16日电，商务部等9部门印发《关于扩大服务消费的若干政策措施》，其中提出，综合运用 货币信贷等政策工具，支持金融机构扩大服务消费领域信贷投放，加大对服务消费领域经营主体信贷投 放力度，合理确定贷款利率水平，可持续支持服务消费。支持金融机构针对服务消费经营主体特点和融 资需求，创新开发特色金融产品和服务。鼓励金融机构加强对多元化服务消费场景、集聚区和相关重点 项目建设支持。 ...

财政部部长蓝佛安：财政与货币政策协同，形成政策合力。今年专门发行5000亿元特别国债，为大型商业银行注入资本金，预计可撬动信贷投放约6万亿元。外汇交易员 (@myfxtrader):财政部部长蓝佛安：财政政策统筹考虑防风险和促发展，始终留有后手，未来财政政策发力空间依然充足。 ...

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 9月11日，青岛银行接待了申万宏源、长信基金、华安基金、华夏基金、长盛基金、牧鑫资产等6家机构 的特定对象调研。以下为本次调研的详细情况： 调研基础信息投资者活动关系类别：特定对象调研时间：2025年9月11日（星期四）14:00 - 15:00地点： 青岛银行股份有限公司总行6楼会议室参与单位名称：申万宏源林颖颖、冯思远；长信基金吴廷华；华 安基金郭昶皓；华夏基金晏屹江；长盛基金王欣；牧鑫资产汪晨曦上市公司接待人员姓名：本行相关部 门工作人员 调研核心内容信贷投放方向：2025年，青岛银行持续优化资产负债结构，稳步扩大资产规模，大力增加 贷款投放。截至20 ...

Group 1: Loan Growth and Structure - As of mid-2025, the total customer loans of Qingdao Bank reached CNY 368.406 billion, an increase of CNY 27.716 billion from the end of the previous year, representing a growth of 8.14% [2] - The loan-to-asset ratio is 49.58%, up by 0.2 percentage points compared to the end of the previous year [2] - The bank plans to continue increasing credit investment to support the real economy, with a focus on eight key sectors including technology finance and rural revitalization [2][3] Group 2: Net Interest Margin Performance - The annualized net interest margin for the first half of 2025 is 1.72%, a slight decrease of 0.01 percentage points from the full year of 2024 [4] - The bank has implemented various measures to address the pressure of narrowing interest margins, including optimizing asset structure and increasing loan investments [4] - On the liability side, the bank aims to reduce costs by optimizing the structure of major liabilities and managing deposit costs effectively [4]

Investment Rating - The report indicates a positive outlook for the banking industry, with overall revenue and net profit growth rates turning positive in the first half of 2025, at 1.0% and 0.8% respectively, showing improvements from the previous quarter [4]. Core Insights - The banking sector's net interest margin for the first half of 2025 is reported at 1.42%, a decrease of 10 basis points compared to the previous year, but the decline is narrowing due to improved cost management on the liability side [5]. - Non-interest income, particularly from fees and commissions, has increased by 3.1% year-on-year, driven by a recovery in wealth management and a more active market environment [5]. - The asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 239%, indicating a solid credit environment [5]. Summary by Sections Financial Performance Overview - The overall revenue and net profit growth for listed banks in the first half of 2025 were 1.0% and 0.8%, respectively, with both metrics showing improvement from the first quarter [4][22]. - The total assets of listed banks reached 321.3 trillion yuan, growing by 6.35% year-to-date, with loans and advances totaling 179.4 trillion yuan, accounting for 55.84% of total assets [21][24]. Income Sources - Net interest income decreased by 1.3% year-on-year, but the decline rate has slowed, reflecting better management of funding costs [5]. - Fee and commission income grew by 3.1% year-on-year, benefiting from a recovering market and the gradual impact of regulatory changes [5]. - Other non-interest income saw a significant increase of 10.7%, primarily due to favorable market conditions in the bond market [5]. Asset Quality and Management - The non-performing loan ratio remained stable at 1.23%, with a provision coverage ratio of 239%, indicating a robust asset quality [5]. - The credit cost for the first half of 2025 was 0.81%, a decrease of 5 basis points year-on-year, suggesting manageable credit risks [5]. Loan Growth and Composition - Loan growth was primarily driven by corporate lending, with significant contributions from infrastructure and manufacturing sectors [20]. - Personal loan growth was weaker, with a year-on-year increase of only 3.6%, reflecting a cautious approach to consumer lending amid rising risks [20]. Investment and Market Conditions - The investment asset proportion decreased to 34% as banks adjusted their strategies in response to market volatility [20]. - The overall yield on bonds fluctuated significantly, prompting banks to engage in tactical trading to enhance returns [20].

Core Viewpoint - Qilu Bank's management expressed concerns about the downward pressure on net interest margins while outlining plans for credit growth and increased dividend frequency [1][2][4]. Group 1: Net Interest Margin - As of mid-2023, Qilu Bank's net interest margin was 1.53%, an increase of 2 basis points year-on-year [2]. - The management attributed the improvement to optimized asset-liability management and cost control, but acknowledged ongoing downward pressure from factors like loan repricing and intensified competition [2][3]. - The bank plans to enhance market interest rate assessments and manage deposit costs to stabilize net interest margins [2]. Group 2: Credit Growth Strategy - Qilu Bank's total loans reached 371.41 billion yuan, a year-on-year increase of 10.16%, with corporate loans growing by 15.72% [3]. - The bank aims for balanced credit growth in 2023, focusing on corporate lending, particularly in advanced manufacturing, infrastructure, and green finance [3]. - Additionally, the bank will support consumer loans, aligning with national strategies to boost consumption [3]. Group 3: Dividend Policy - Qilu Bank plans to increase the frequency of dividends, moving from annual to semi-annual distributions [4]. - The bank's 2024 interim dividend proposal included a cash dividend of 1.27 yuan per share, totaling 614 million yuan, representing 27.57% of net profit [4]. - The management indicated that the board will determine the 2025 interim dividend based on regulatory requirements and overall financial health [4][5].

21世纪经济报道见习记者 冯紫彤 9月3日，齐鲁银行举办2025年半年度业绩说明会，齐鲁银行党委副书记、副董事长、行长张华就下半年 信贷投放问题回答21世纪经济报道记者。 半年报数据显示，截至6月末，齐鲁银行资产总额达7513.05亿元，较上年末增长8.96%，增速较2024年 同期提升；贷款总额3714.10亿元，较上年末增长10.16%，信贷投放力度显著。 张华表示，下半年齐鲁银行将积极应对市场变化，紧跟国家和省市战略部署，持之以恒抓好贷款投放， 预计全年信贷投放保持均衡增长，实现同比多增。 截至6月末，齐鲁银行公司贷款余额 2780.61亿元，较上年末增长 15.72%；其中，科技、绿色贷款增速 分别达到 17.60%、30.03%，均高于贷款平均增速；以行业划分，齐鲁银行公司贷款主要集中在租赁和 商务服务业、批发和零售业、制造业，分别占贷款总额的 23.88%、11.30%、9.67%，各行业占比相对稳 定，制造业占比稳步提升。个人贷款余额 826.35 亿元，较上年末下降 4.38%。 张华还介绍了两个信贷投放发力点：一是继续夯实对公业务战略支柱作用，深入推进对公产业专精研 究，加大对先进制造业、重 ...

证券研究报告 南京银行 (601009 CH) 信贷有力投放，业绩稳步提升 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 14.79 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 李润凌* 联系人 SAC No. S0570123090022 lirunling@htsc.com 蒲葭依 联系人 SAC No. S0570123070039 SFC No. BVL774 pujiayi@htsc.com +(86) 755 8249 2388 基本数据 | 目标价 (人民币) | 14.79 | | --- | --- | | 收盘价 (人民币 截至 8 月 28 日) | 11.28 | | 市值 (人民币百万) | 139,461 | | 6 个月平均日成交额 (人民币百万) | 604.63 | | 52 周价格范围 (人民币) | 9.67-12.15 | | BVPS (人民币) | 16.71 | 股价走势图 (6) 5 15 26 36 Aug ...

Group 1: Core Insights - In 2021, several banks reported record high credit growth, with Industrial and Commercial Bank of China (ICBC) adding 2.12 trillion yuan in domestic RMB loans, an increase of 243.3 billion yuan year-on-year [2] - For 2022, banks are targeting a loan growth rate of over 10%, focusing on sectors such as manufacturing, technological innovation, inclusive small and micro enterprises, and green industries [1][3] - The overall credit growth in early 2022 has been strong, supporting the real economy, with China Bank reporting a balance of 74.816 trillion yuan in domestic RMB broad corporate loans as of February 2022, an increase of 368.9 billion yuan from the beginning of the year [2] Group 2: Loan Structure and Focus Areas - Banks are emphasizing the optimization of loan structures while maintaining total loan growth, with a focus on supporting small and micro enterprises, technological innovation, and green development [3] - Agricultural Bank of China plans to support the construction of affordable rental housing and ordinary commodity housing for first-time buyers, while also managing risks in real estate lending [4][5] - Minsheng Bank aims to adhere to the principle of "housing is for living, not for speculation," focusing on stable project financing and enhancing efficiency in loan processing [5]