丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨青岛银行（002948.SZ） [Table_Title] 资产质量比利润高增更超预期 ——2026 年度经营展望 报告要点 [Table_Summary] 青岛银行 2025 年业绩超预期，在 2024 年高基数下高增长，连续两年 20%+增速，三年战略圆满 收官后。资产质量显著超预期，风险管控能力被低估。2019 年以来加速出清存量资产质量包袱， 同时严格上收分支机构的授信审批权限，统一全行风险偏好。我们测算未来信用成本率仍存在进一 步改善的空间，同时实现拨备覆盖率向 300%以上提升。业绩连续超预期后，青岛银行已经充分验 证战略优势和治理效率，我们预计 ROE 将持续抬升。从 PB-ROE 角度，目前估值依然低估，长期 重点推荐，维持"买入"评级。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg ...

Group 1 - The Boao Forum for Asia is an important platform for government, business, and academic leaders to create more cooperation opportunities and promote common development [1] - The Riyadh meeting of the Boao Forum will be held on December 26-27, 2025, in Saudi Arabia, with over 300 guests from more than 10 countries and regions discussing topics such as regional economic resilience, energy transition, and sustainable development [1] - The Riyadh meeting is seen as a significant opportunity to enhance cooperation among Asian countries and to showcase opportunities in Saudi Arabia, particularly in the petrochemical sector [1] Group 2 - The Saudi Basic Industries Corporation (SABIC) has been operating in the Chinese market for over 40 years and is one of the first large multinational companies to enter China [2] - SABIC emphasizes that its cooperation with China goes beyond mere trade, focusing on collaborative partnerships that involve knowledge exchange, technology sharing, joint innovation, and providing market solutions [2] - The company recognizes China's efforts to optimize the business environment and is committed to actively participating in China's economic development in the future [2]

Group 1 - The Boao Forum for Asia Riyadh Conference 2025 opened in Riyadh, Saudi Arabia on November 27, focusing on the theme of "Transforming to Promote Regional Economic Diversification and Sustainable Development" [1] - The conference will host two sub-forums addressing topics such as regional economic resilience, energy transition, and sustainable development [1]

Core Insights - The article highlights the strong development momentum of local banks in Shandong, showcasing impressive performance in asset scale expansion, profitability improvement, and risk management amid regional economic resilience [1][4]. Group 1: Asset Scale and Competition - As of June 2025, Qilu Bank leads with total assets of 751.305 billion, followed closely by Qingdao Bank at 743.028 billion, establishing a "dual-hero" competitive landscape [2][3]. - Linyi Commercial Bank exhibited remarkable asset growth, increasing by 13.04% compared to the end of 2024, marking it as the fastest-growing bank [3]. Group 2: Profitability and Revenue Structure - Qingdao Bank reported revenue of 7.662 billion, ranking first, while Qilu Bank followed with 6.782 billion, reinforcing their revenue dominance [5]. - Yantai Bank showed the highest revenue growth at 17.35%, with Jining Bank and Tai'an Bank achieving 15.89% and 13.02% growth, respectively [5]. - Qingdao Bank's net profit reached 3.152 billion, maintaining its leading position, while Qilu Bank's net profit was 2.727 billion [5]. Group 3: Income Sources and Asset Quality - Interest income remains a crucial revenue source, with Yantai Bank's interest income surging by 28.85%, leading the growth [6]. - Investment income for Qingdao Bank soared to 1.509 billion, a 93.96% increase, becoming a significant driver of non-interest income growth [7]. - Most Shandong city commercial banks maintain a low non-performing loan ratio between 1%-2%, indicating stable asset quality [7]. Group 4: Regional Economic Support and Future Outlook - Shandong's GDP grew by 6.2% in the first half of 2025, surpassing the national average, indicating a stable economic environment that supports banking growth [8]. - The article notes a differentiated development pattern among banks, with Qilu and Qingdao banks leveraging scale and brand, while others like Jining and Weifang banks show rapid growth potential [9]. - Future challenges include deepening interest rate marketization and increasing regulatory demands, necessitating banks to optimize income structures and enhance digital service capabilities [9].